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Merger Arbitrage Mondays – November 11, 2013

  • November 11, 2013

Merger activity increased last week with four new deals announced and six deals closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2013153
Total Number of Deals Not Completed in 20134
Total Number of Pending Deals
Cash Deals43
Stock Deals16
Stock & Cash Deals10
Total Number of Pending Deals69
Total Deal Size$375.13 billion

New Deals:

  1. The acquisition of Anaren (ANEN) by an affiliate of The Veritas Capital Fund IV, L.P. for $381 million or $28.00 per share in cash.
  2. The acquisition of Mindspeed Technologies (MSPD) by M/A-Com Technology Solutions Holdings (MTSI) for $5.05 per share in cash.
  3. The acquisition of Santarus (SNTS) by Salix Pharmaceuticals (SLXP) for $2.6 billion or $32.00 per share in cash.
  4. The acquisition of Costa (ATX) by Essilor International for $270 million or $21.50 per share in cash.

Deal Updates:

  1. On November 4, 2013, LinnCo (LNCO) and Berry Petroleum (BRY) amended their merger agreement. Under the amended terms of the agreement, LinnCo has agreed to increase the number of common shares it is issuing to 1.68 common shares from 1.25 common shares, for each common share of Berry outstanding prior to the merger for total consideration of approximately $4.9 billion

Closed Deals:

  1. The acquisition of Greenway Medical Technologies (GWAY) by Vitera Healthcare Solutions on November 4, 2013. It took 42 days for this deal to be completed.
  2. The acquisition of Verenium Corporation (VRNM) by BASF Corporation on November 4, 2013. It took 45 days for this deal to be completed.
  3. The acquisition of CapLease (LSE) by American Realty Capital Properties (ARCP) on November 5, 2013. It took 161 days for this deal to be completed.
  4. The acquisition of Official Payments Holdings (OPAY) by ACI Worldwide (ACIW) on November 5, 2013. It took 43 days for this deal to be completed.
  5. The acquisition of OfficeMax Incorporated (OMX) by Office Depot (ODP) on November 6, 2013. It took 259 days for this deal to be completed.
  6. The acquisition of Saks Incorporated (SKS) by Hudson’s Bay Company on November 6, 2013. It took 100 days for this deal to be completed.

Top 10 deals with largest deals:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

CTB06/12/2013Apollo Tyres Ltd (N/A)$35.00$23.8212/31/201346.94%342.63%
BBRY09/23/2013Fairfax Financial Holdings Limited (N/A)$9.00$6.5612/31/201337.20%271.52%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.4212/31/201332.23%235.29%
ISS06/06/2013Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A)$5.85$4.9609/30/201317.94%-155.94%
NYX12/20/2012IntercontinentalExchange, Inc. (ICE)$52.70$46.0311/04/201314.50%-756.03%
HOME10/23/2013Cascade Bancorp (CACB)$17.13$15.3103/31/201411.87%30.95%
CIS09/18/2013Camelot Employee Scheme Inc. (N/A)$2.05$1.9301/15/20146.22%34.91%
ROMA12/19/2012Investors Bancorp Inc. (ISBC)$20.77$19.6011/30/20135.96%114.40%
YONG09/23/2013Full Alliance International Limited (N/A)$6.69$6.3203/31/20145.85%15.26%
MFLR05/14/2013Independent Bank Corp. (INDB)$20.37$19.4112/31/20134.94%36.04%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.


SymbolAnnounced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

VolumeClosing

Date

ProfitAnnu.

Profit

+CTB06/12/2013Apollo Tyres Ltd (N/A)All Cash$2.5 billion$35.00$23.826,378,75612/31/201346.94%342.63%
+BBRY09/23/2013Fairfax Financial Holdings Limited (N/A)All Cash$4.7 billion$9.00$6.5614,722,67512/31/201337.20%271.52%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.4214,39012/31/201332.23%235.29%
+ISS06/06/2013Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A)All CashN/A$5.85$4.9645,72209/30/201317.94%0.00%
+NYX12/20/2012IntercontinentalExchange, Inc. (ICE)All Stock$8.2 billion$52.70$46.03688,03211/04/201314.50%0.00%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$17.13$15.3141,09603/31/201411.87%30.95%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$1.935,21701/15/20146.22%34.91%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$20.77$19.6035,44311/30/20135.96%114.40%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.32120,86203/31/20145.85%15.26%
+MFLR05/14/2013Independent Bank Corp. (INDB)All Stock$37.2 million$20.37$19.412,12712/31/20134.94%36.04%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.55$6.2735,87706/30/20144.50%7.11%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.9 billion$53.09$50.89549,88801/31/20144.32%19.46%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.57$9.187,431,25701/31/20144.23%19.07%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$6.981,40003/31/20143.87%10.08%
+EVAC08/19/2013Atlas Copco Group (N/A)All Cash$1.6 billion$10.50$10.117,22803/31/20143.86%10.06%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.60207,44709/30/20133.45%0.00%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.101,426,56003/31/20142.82%7.34%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$25.95$25.29689,65603/31/20142.62%6.83%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$26.73$26.101,80012/31/20132.41%17.56%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$25.10$24.594,19003/31/20142.07%5.39%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.9631,40003/31/20142.04%5.32%
+COLE10/23/2013American Realty Capital Properties, Inc. (ARCP)All Stock$11.2 billion$13.75$13.4811,627,69506/30/20141.99%3.15%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$31.12$30.53222,17806/30/20141.94%3.06%
+SCR08/28/2013Simcere Holding Limited (N/A)All Cash$495 million$9.66$9.488,51312/31/20131.90%13.86%
+SPRD07/12/2013Tsinghua Unigroup Ltd. (N/A)All Cash$1.78 billion$31.00$30.49691,19509/30/20131.67%0.00%
+CGX10/24/2013R.R. Donnelley & Sons Company (RRD)Cash Plus Stock$620 million$62.54$61.5498,78403/31/20141.62%4.24%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$20.04$19.735,02103/31/20141.57%4.10%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$3.99111,55901/31/20141.50%6.78%
+TPGI09/05/2013Parkway Properties Inc. (PKY)All Stock$1.2 billion$6.63$6.5535,10412/31/20131.30%9.47%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$17.41$17.19113,98406/30/20141.27%2.01%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$13.74$13.58711,08603/31/20141.21%3.15%
+MAKO09/25/2013Stryker Corporation (SYK)All Cash$1.65 billion$30.00$29.701,758,49912/31/20131.01%7.37%
+ELN07/29/2013Perrigo Company (PRGO)Cash Plus Stock$8.6 billion$17.61$17.462,666,57212/31/20130.85%6.21%
+MSPD11/05/2013M/A-Com Technology Solutions Holdings, Inc. (MTSI)All CashN/A$5.05$5.011,357,53012/31/20130.80%5.83%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.2438,32503/31/20140.60%1.57%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$75.591,397,04301/31/20140.54%2.44%
+ANEN11/04/2013an affiliate of The Veritas Capital Fund IV, L.P. (N/A)All Cash$381 million$28.00$27.8548,56603/31/20140.54%1.40%
+PSE08/12/2013Pioneer Natural Resources Company (PXD)All Stock$1.46 billion$44.14$43.91145,21212/31/20130.51%3.75%
+GCOM08/26/2013an affiliate of Wasserstein & Co. (N/A)All Cash$340 million$14.15$14.0866,40012/31/20130.50%3.63%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$23.73$23.6262,78406/30/20140.48%0.75%
+SHFL07/16/2013Bally Technologies, Inc. (BYI)All Cash$1.3 billion$23.25$23.14351,70206/15/20140.48%0.80%
+STEL06/10/2013Union First Market Bankshares Corporation (UBSH)All Stock$445.1 million$24.26$24.1625,93501/01/20140.41%2.96%
+TLAB10/21/2013Marlin Equity Partners (N/A)All Cash$891 million$2.45$2.442,669,21712/31/20130.41%2.99%
+PNG10/22/2013Plains All American Pipeline, L.P. (PAA)All Stock$2 billion$22.56$22.47146,72512/31/20130.41%2.97%
+TUC10/15/2013CSC ServiceWorks, Inc. (N/A)All Cash$524 million$21.25$21.1775,27706/30/20140.38%0.60%
+NTSC08/16/2013Aurora Capital Group (N/A)All CashN/A$23.00$22.9250,00412/31/20130.35%2.55%
+EDG10/01/2013Sumitomo Corporation of America, Inc. (N/A)All CashN/A$12.00$11.96116,98412/31/20130.33%2.44%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.4734,67703/31/20140.32%0.83%
+NAFC07/22/2013Spartan Stores Inc. (SPTN)All Stock$1.3 billion$27.68$27.6050,90912/31/20130.30%2.22%
+STEI05/29/2013Service Corp. International (SCI)All Cash$1.4 billion$13.25$13.21151,97710/16/20130.30%0.00%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.70148,63501/31/20140.30%1.35%
+EIHI09/24/2013ProAssurance Corporation (PRA)All Cash$205 million$24.50$24.459,90801/01/20140.20%1.46%
+SNTS11/07/2013Salix Pharmaceuticals Ltd. (SLXP)All Cash$2.6 billion$32.00$31.9545,217,76803/31/20140.16%0.41%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%1.13%
+BLC06/13/2013Gannett Co., Inc. (GCI)All Cash$2.2 billion$13.75$13.73460,42212/31/20130.15%1.06%
+SYMM10/21/2013Microsemi Corporation (MSCC)All Cash$230 million$7.18$7.171,257,29512/29/20130.14%1.06%
+ACTV09/30/2013Vista Equity Partners (N/A)All Cash$1.05 billion$14.50$14.48305,26312/31/20130.14%1.01%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$16.76$16.7434,74009/30/20130.10%0.00%
+ROCM09/04/2013C. R. Bard (N/A)All Cash$262 million$20.00$19.9934,22212/31/20130.05%0.37%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$10.00N/A09/30/20130.00%0.00%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$12.58$12.588,40412/31/2013-0.02%-0.15%
+ATX11/08/2013Essilor International (N/A)All Cash$270 million$21.50$21.51832,12401/31/2014-0.05%-0.21%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.421,033,18312/31/2013-0.08%-0.59%
+MOLX09/09/2013Koch Industries, Inc. (N/A)All Cash$7.2 billion$38.50$38.60743,55312/31/2013-0.26%-1.89%
+NVE05/29/2013MidAmerican Energy Holdings Company (N/A)All Cash$10 billion$23.75$23.822,296,06103/31/2014-0.29%-0.77%
+TSRX07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$707 million$13.50$13.63N/A12/31/2013-0.95%-6.96%
+LPS05/28/2013Fidelity National Financial, Inc. (FNF)All Cash$2.9 billion$33.25$34.08307,90212/31/2013-2.44%-17.78%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$16.15420,58903/31/2014-7.12%-18.56%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.39$1.5570003/31/2013-10.59%17.19%