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Merger Arbitrage Mondays – November 18, 2013

  • November 18, 2013

Merger activity decreased last week with two new deals announced and two 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:

If you are new to Merger Arbitrage or need a refresher, check out the section Merger Arbitrage and the Pfizer – Wyeth Deal from our March 2009 newsletter.

Total Number of Deals Closed in 2013155
Total Number of Deals Not Completed in 20135
Total Number of Pending Deals
Cash Deals42
Stock Deals15
Stock & Cash Deals10
Total Number of Pending Deals67
Total Deal Size$375.27 billion

New Deals:

  1. The acquisition of ViroPharma (VPHM) by Shire (SHPG) for $4.2 billion or $50.00 per share in cash.
  2. The acquisition of RDA Microelectronics (RDA) by Tsinghua Unigroup Ltd. for $910 million or $18.50 per share in cash.

Closed Deals:

  1. The acquisition of NYSE Euronext (NYX) by Intercontinental Exchange (ICE) on November 13, 2013. It took 328 days for this deal to be completed.
  2. The acquisition of Rochester Medical Corporation (ROCM) by C. R. Bard on November 14, 2013. It took 71 days for this deal to be completed.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

CTB06/12/2013Apollo Tyres Ltd (N/A)$35.00$23.8312/31/201346.87%397.88%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.7112/31/201318.08%153.48%
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$5.0409/30/201316.07%-119.72%
MFLR05/14/2013Independent Bank Corp. (INDB)$20.11$17.6012/31/201314.28%121.25%
HOME10/23/2013Cascade Bancorp (CACB)$16.76$15.1803/31/201410.40%28.53%
CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)$6.51$6.0506/30/20147.58%12.35%
YONG09/23/2013Full Alliance International Limited (N/A)$6.69$6.3103/31/20146.02%16.53%
CIS09/18/2013Camelot Employee Scheme Inc. (N/A)$2.05$1.9601/15/20144.59%28.90%
BRY02/21/2013LinnCo, LLC (LNCO)$53.44$51.2901/31/20144.19%20.68%
HCBK08/27/2012M&T Bank Corporation (MTB)$9.51$9.1401/31/20144.10%20.22%

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$23.831,382,38912/31/201346.87%397.88%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.7131,96412/31/201318.08%153.48%
+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$5.04146,40409/30/201316.07%0.00%
+MFLR05/14/2013Independent Bank Corp. (INDB)All Stock$37.2 million$20.11$17.604,95212/31/201314.28%121.25%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$16.76$15.1823,38703/31/201410.40%28.53%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.51$6.0538,90706/30/20147.58%12.35%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.31143,73803/31/20146.02%16.53%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$1.962,89801/15/20144.59%28.90%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.9 billion$53.44$51.29493,79301/31/20144.19%20.68%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.51$9.142,092,77801/31/20144.10%20.22%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$6.983,51203/31/20143.87%10.62%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$20.43$19.737,95711/30/20133.55%107.87%
+EVAC08/19/2013Atlas Copco Group (N/A)All Cash$1.6 billion$10.50$10.1713,45303/31/20143.24%8.91%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.65158,75809/30/20133.00%0.00%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.09508,60203/31/20142.96%8.13%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$17.991,019,18506/30/20132.83%0.00%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.95220,61303/31/20142.56%7.04%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$25.88$25.282,30012/31/20132.35%19.99%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$25.56$25.09499,02403/31/20141.85%5.09%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$24.73$24.2815303/31/20141.84%5.04%
+SCR08/28/2013Simcere Holding Limited (N/A)All Cash$495 million$9.66$9.493,70012/31/20131.79%15.21%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$12.71$12.52N/A12/31/20131.55%13.15%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$30.87$30.44109,07106/30/20141.42%2.31%
+CGX10/24/2013R.R. Donnelley & Sons Company (RRD)Cash Plus Stock$620 million$62.82$61.96134,15803/31/20141.39%3.81%
+SPRD07/12/2013Tsinghua Unigroup Ltd. (N/A)All Cash$1.78 billion$31.00$30.60749,18309/30/20131.31%0.00%
+TPGI09/05/2013Parkway Properties Inc. (PKY)All Stock$1.2 billion$6.70$6.6156,54912/31/20131.30%11.06%
+COLE10/23/2013American Realty Capital Properties, Inc. (ARCP)All Stock$11.2 billion$14.52$14.346,192,77306/30/20141.29%2.10%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$4.00364,12901/31/20141.25%6.17%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$17.25$17.0534,53406/30/20141.16%1.89%
+VPHM11/11/2013Shire plc (SHPG)All Cash$4.2 billion$50.00$49.493,026,69203/31/20141.03%2.83%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$13.56$13.44970,65703/31/20140.91%2.50%
+PNG10/22/2013Plains All American Pipeline, L.P. (PAA)All Stock$2 billion$23.24$23.05138,21012/31/20130.83%7.08%
+PSE08/12/2013Pioneer Natural Resources Company (PXD)All Stock$1.46 billion$45.23$44.9049,65612/31/20130.74%6.29%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$19.28$19.1412,13703/31/20140.73%2.01%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$75.491,541,13601/31/20140.68%3.33%
+MSPD11/05/2013M/A-Com Technology Solutions Holdings, Inc. (MTSI)All CashN/A$5.05$5.02235,59312/31/20130.60%5.07%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$23.46$23.3221,63806/30/20140.58%0.95%
+STEI05/29/2013Service Corp. International (SCI)All Cash$1.4 billion$13.25$13.18195,97410/16/20130.53%0.00%
+GCOM08/26/2013an affiliate of Wasserstein & Co. (N/A)All Cash$340 million$14.15$14.081,375,63512/31/20130.50%4.22%
+TUC10/15/2013CSC ServiceWorks, Inc. (N/A)All Cash$524 million$21.25$21.1581,26706/30/20140.47%0.77%
+ELN07/29/2013Perrigo Company (PRGO)Cash Plus Stock$8.6 billion$17.94$17.868,007,30912/31/20130.46%3.95%
+ANEN11/04/2013an affiliate of The Veritas Capital Fund IV, L.P. (N/A)All Cash$381 million$28.00$27.8872,57603/31/20140.43%1.18%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.3242,47303/31/20140.42%1.14%
+SHFL07/16/2013Bally Technologies, Inc. (BYI)All Cash$1.3 billion$23.25$23.16333,43906/15/20140.39%0.68%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.4734,68503/31/20140.32%0.87%
+MAKO09/25/2013Stryker Corporation (SYK)All Cash$1.65 billion$30.00$29.911,102,76312/31/20130.30%2.55%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$16.54$16.5031,35109/30/20130.26%0.00%
+BLC06/13/2013Gannett Co., Inc. (GCI)All Cash$2.2 billion$13.75$13.72912,16712/31/20130.22%1.86%
+TLAB10/21/2013Marlin Equity Partners (N/A)All Cash$891 million$2.45$2.4454,624,04212/31/20130.20%1.74%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.72223,19901/31/20140.18%0.89%
+NTSC08/16/2013Aurora Capital Group (N/A)All CashN/A$23.00$22.9622,49912/31/20130.17%1.48%
+EDG10/01/2013Sumitomo Corporation of America, Inc. (N/A)All CashN/A$12.00$11.9869,93412/31/20130.17%1.42%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%1.32%
+EIHI09/24/2013ProAssurance Corporation (PRA)All Cash$205 million$24.50$24.487,04501/01/20140.08%0.68%
+ACTV09/30/2013Vista Equity Partners (N/A)All Cash$1.05 billion$14.50$14.49538,15012/31/20130.07%0.59%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$10.0018,24109/30/20130.00%0.00%
+SYMM10/21/2013Microsemi Corporation (MSCC)All Cash$230 million$7.18$7.18218,29112/29/20130.00%0.00%
+STEL06/10/2013Union First Market Bankshares Corporation (UBSH)All Stock$445.1 million$23.67$23.6731,00501/01/2014-0.02%-0.15%
+NAFC07/22/2013Spartan Stores Inc. (SPTN)All Stock$1.3 billion$28.18$28.2029,48712/31/2013-0.09%-0.72%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.47312,46912/31/2013-0.18%-1.54%
+NVE05/29/2013MidAmerican Energy Holdings Company (N/A)All Cash$10 billion$23.75$23.82962,52903/31/2014-0.29%-0.81%
+SNTS11/07/2013Salix Pharmaceuticals Ltd. (SLXP)All Cash$2.6 billion$32.00$32.101,621,27903/31/2014-0.31%-0.85%
+MOLX09/09/2013Koch Industries, Inc. (N/A)All Cash$7.2 billion$38.50$38.631,535,59912/31/2013-0.34%-2.86%
+TSRX07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$707 million$13.50$13.63N/A12/31/2013-0.95%-8.10%
+LPS05/28/2013Fidelity National Financial, Inc. (FNF)All Cash$2.9 billion$33.25$34.39319,66812/31/2013-3.31%-28.14%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$16.14428,47203/31/2014-7.06%-19.38%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.35$1.60N/A03/31/2013-15.44%24.29%