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Merger Arbitrage Mondays – November 25, 2013

  • November 25, 2013

There were no new deals announced last week. Three pending deals closed.

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 2013160
Total Number of Deals Not Completed in 20135
Total Number of Pending Deals
Cash Deals39
Stock Deals14
Stock & Cash Deals10
Total Number of Pending Deals63
Total Deal Size$375.64 billion

Closed Deals:

  1. The acquisition of Nash Finch (NAFC) by Spartan Stores (SPTN) on November 19, 2013. It took 120 days for this deal to be completed.
  2. The acquisition of Edgen Group (EDG) by Sumitomo Corporation of America on November 20, 2013. It took 50 days for this deal to be completed.
  3. The acquisition of National Technical Systems (NTSC) by Aurora Capital Group on November 22, 2013. It took 98 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$24.4012/31/201343.44%440.46%
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$5.0009/30/201317.00%-110.80%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.7712/31/201315.52%157.39%
HOME10/23/2013Cascade Bancorp (CACB)$16.86$15.2103/31/201410.84%31.41%
YONG09/23/2013Full Alliance International Limited (N/A)$6.69$6.2803/31/20146.53%18.91%
CITZ05/13/2013First Merchants Corporation (FRME)$13.23$12.5212/31/20135.65%57.29%
CIS09/18/2013Camelot Employee Scheme Inc. (N/A)$2.05$1.9501/15/20145.13%36.70%
HCBK08/27/2012M&T Bank Corporation (MTB)$9.75$9.3001/31/20144.86%26.46%
CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)$6.64$6.3606/30/20144.39%7.39%
ROMA12/19/2012Investors Bancorp Inc. (ISBC)$20.61$19.7511/30/20134.36%318.41%

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$24.4010012/31/201343.44%440.46%
+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$5.00N/A09/30/201317.00%0.00%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.77N/A12/31/201315.52%157.39%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$16.86$15.21N/A03/31/201410.84%31.41%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.28N/A03/31/20146.53%18.91%
+CITZ05/13/2013First Merchants Corporation (FRME)All Stock114.7 million$13.23$12.52N/A12/31/20135.65%57.29%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$1.95N/A01/15/20145.13%36.70%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.75$9.30N/A01/31/20144.86%26.46%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.64$6.36N/A06/30/20144.39%7.39%
+ROMA12/19/2012Investors Bancorp Inc. (ISBC)All Stock$113.5 million$20.61$19.75N/A11/30/20134.36%318.41%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.0620003/31/20143.40%9.85%
+BRY02/21/2013LinnCo, LLC (LNCO)All Stock$4.9 billion$52.85$51.12N/A01/31/20143.39%18.47%
+EVAC08/19/2013Atlas Copco Group (N/A)All Cash$1.6 billion$10.50$10.18N/A03/31/20143.14%9.11%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.03N/A03/31/20143.13%9.07%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$17.98N/A06/30/20132.89%0.00%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.67N/A09/30/20132.83%0.00%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.96N/A03/31/20142.04%5.91%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$19.80$19.42N/A06/30/20131.98%0.00%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$26.44$25.93N/A12/31/20131.95%19.82%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$25.45$25.00N/A03/31/20141.81%5.25%
+SCR08/28/2013Simcere Holding Limited (N/A)All Cash$495 million$9.66$9.49N/A12/31/20131.79%18.16%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$25.17$24.76N/A03/31/20141.66%4.80%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$19.37$19.14N/A03/31/20141.20%3.48%
+COLE10/23/2013American Realty Capital Properties, Inc. (ARCP)All Stock$11.2 billion$14.28$14.12N/A06/30/20141.16%1.96%
+TPGI09/05/2013Parkway Properties Inc. (PKY)All Stock$1.2 billion$6.90$6.82N/A12/31/20131.15%11.70%
+VPHM11/11/2013Shire plc (SHPG)All Cash$4.2 billion$50.00$49.49N/A03/31/20141.03%2.99%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$17.59$17.41N/A06/30/20141.01%1.70%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.90N/A09/30/20131.01%0.00%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$31.94$31.63N/A06/30/20140.98%1.65%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$17.10$16.96N/A09/30/20130.85%0.00%
+CGX10/24/2013R.R. Donnelley & Sons Company (RRD)Cash Plus Stock$620 million$63.02$62.53N/A03/31/20140.78%2.26%
+SPRD07/12/2013Tsinghua Unigroup Ltd. (N/A)All Cash$1.78 billion$31.00$30.76N/A09/30/20130.78%0.00%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$4.02N/A01/31/20140.75%4.07%
+ELN07/29/2013Perrigo Company (PRGO)Cash Plus Stock$8.6 billion$18.17$18.041,11312/31/20130.72%7.34%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$14.05$13.95N/A03/31/20140.70%2.03%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.29N/A03/31/20140.49%1.41%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$75.68N/A01/31/20140.42%2.30%
+TLAB10/21/2013Marlin Equity Partners (N/A)All Cash$891 million$2.45$2.449,18512/31/20130.41%4.16%
+MSPD11/05/2013M/A-Com Technology Solutions Holdings, Inc. (MTSI)All CashN/A$5.05$5.032,00012/31/20130.40%4.03%
+ANEN11/04/2013an affiliate of The Veritas Capital Fund IV, L.P. (N/A)All Cash$381 million$28.00$27.89N/A03/31/20140.39%1.14%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.6946101/31/20140.36%1.96%
+GCOM08/26/2013an affiliate of Wasserstein & Co. (N/A)All Cash$340 million$14.15$14.11N/A12/31/20130.28%2.87%
+STEL06/10/2013Union First Market Bankshares Corporation (UBSH)All Stock$445.1 million$24.41$24.34N/A01/01/20140.27%2.67%
+SHFL07/16/2013Bally Technologies, Inc. (BYI)All Cash$1.3 billion$23.25$23.19N/A06/15/20140.26%0.47%
+MAKO09/25/2013Stryker Corporation (SYK)All Cash$1.65 billion$30.00$29.93N/A12/31/20130.23%2.37%
+STEI05/29/2013Service Corp. International (SCI)All Cash$1.4 billion$13.25$13.22N/A10/16/20130.23%0.00%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$24.32$24.27N/A06/30/20140.22%0.38%
+BLC06/13/2013Gannett Co., Inc. (GCI)All Cash$2.2 billion$13.75$13.72N/A12/31/20130.22%2.22%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.48N/A03/31/20140.21%0.61%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%1.57%
+TUC10/15/2013CSC ServiceWorks, Inc. (N/A)All Cash$524 million$21.25$21.22N/A06/30/20140.14%0.24%
+SNTS11/07/2013Salix Pharmaceuticals Ltd. (SLXP)All Cash$2.6 billion$32.00$31.97N/A03/31/20140.09%0.27%
+EIHI09/24/2013ProAssurance Corporation (PRA)All Cash$205 million$24.50$24.49N/A01/01/20140.04%0.40%
+SYMM10/21/2013Microsemi Corporation (MSCC)All Cash$230 million$7.18$7.18N/A12/29/20130.00%0.00%
+PNG10/22/2013Plains All American Pipeline, L.P. (PAA)All Stock$2 billion$23.12$23.12N/A12/31/2013-0.01%-0.10%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.42N/A12/31/2013-0.08%-0.82%
+MOLX09/09/2013Koch Industries, Inc. (N/A)All Cash$7.2 billion$38.50$38.57N/A12/31/2013-0.18%-1.84%
+NVE05/29/2013MidAmerican Energy Holdings Company (N/A)All Cash$10 billion$23.75$23.83N/A03/31/2014-0.34%-0.97%
+TSRX07/30/2013Cubist Pharmaceuticals Inc. (CBST)All Cash$707 million$13.50$13.63N/A12/31/2013-0.95%-9.67%
+PSE08/12/2013Pioneer Natural Resources Company (PXD)All Stock$1.46 billion$42.57$43.261,00012/31/2013-1.59%-16.15%
+LPS05/28/2013Fidelity National Financial, Inc. (FNF)All Cash$2.9 billion$33.25$34.57N/A12/31/2013-3.82%-38.71%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$16.44N/A03/31/2014-8.76%-25.37%
+VRTA05/31/2012Vestin Realty Mortgage II, Inc. (VRTB)All StockN/A$1.48$1.62N/A03/31/2013-8.89%13.58%