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Merger Arbitrage Mondays – December 2, 2013

  • December 2, 2013

Merger activity increased last week with one new deal 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 2013 165
Total Number of Deals Not Completed in 2013 5
Total Number of Pending Deals
Cash Deals 37
Stock Deals 12
Stock & Cash Deals 10
Total Number of Pending Deals 59
Total Deal Size $375.76 billion

New Deals:

  1. The acquisition of Harris Interactive (HPOL) by Nielsen Holdings N.V. (NLSN) for $117 million or $2.00 per share in cash. This price is subject to adjustment based on Harris Interactive’s average cash calculated during a 10-day period before and after a reference date expected to occur approximately 20 business days after commencement of the offer.

Deal Updates:

  1. On November 29, 2013, United Bankshares (UBSI) and Virginia Commerce Bancorp (VCBI) announced that they have entered into a joint waiver and agreement with respect to the Agreement and Plan of Reorganization, dated as of January 29, 2013 to extend the termination date for merger from November 30, 2013 to January 31, 2014.

Closed Deals:

  1. The acquisition of SHFL entertainment (SHFL) by Bally Technologies (BYI) on November 25, 2013. It took 132 days for this deal to be completed.
  2. The acquisition of Symmetricom (SYMM) by Microsemi Corporation (MSCC) on November 26, 2013. It took 36 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $24.60 12/31/2013 42.28% 532.10%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.84 12/31/2013 12.68% 159.54%
HOME 10/23/2013 Cascade Bancorp (CACB) $16.86 $15.28 03/31/2014 10.33% 31.70%
ISS 06/06/2013 Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A) $5.45 $5.02 09/30/2013 8.57% -49.63%
YONG 09/23/2013 Full Alliance International Limited (N/A) $6.69 $6.31 03/31/2014 6.02% 18.47%
RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) $18.50 $17.62 06/30/2014 4.99% 8.68%
ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) $20.83 $19.85 11/30/2013 4.93% -898.96%
CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) $2.05 $1.96 01/15/2014 4.59% 38.09%
CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) $6.66 $6.39 06/30/2014 4.24% 7.37%
BRY 02/21/2013 LinnCo, LLC (LNCO) $52.38 $50.32 01/31/2014 4.10% 24.93%

List of all pending deals:

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


Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $24.60 184,018 12/31/2013 42.28% 532.10%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.84 21,700 12/31/2013 12.68% 159.54%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $16.86 $15.28 13,186 03/31/2014 10.33% 31.70%
+ ISS 06/06/2013 Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A) All Cash N/A $5.45 $5.02 82,030 09/30/2013 8.57% 0.00%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.31 63,547 03/31/2014 6.02% 18.47%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $17.62 713,447 06/30/2014 4.99% 8.68%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $20.83 $19.85 4,576 11/30/2013 4.93% 0.00%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.96 120,580 01/15/2014 4.59% 38.09%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.66 $6.39 12,599 06/30/2014 4.24% 7.37%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.9 billion $52.38 $50.32 229,713 01/31/2014 4.10% 24.93%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.69 $9.34 844,914 01/31/2014 3.79% 23.04%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.04 73,800 03/31/2014 3.69% 11.33%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.67 51,840 12/31/2013 2.83% 35.59%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $10.22 6,572 03/31/2014 2.74% 8.40%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $20.28 $19.84 3,604 03/31/2014 2.22% 6.80%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.10 3,280 03/31/2014 2.11% 6.48%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.96 67,706 03/31/2014 2.04% 6.26%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $25.18 $24.70 241,910 03/31/2014 1.93% 5.93%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $20.10 $19.73 32,519 06/30/2014 1.88% 3.26%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $25.41 $24.96 N/A 03/31/2014 1.80% 5.53%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.61 359,088 09/30/2013 1.27% 0.00%
+ TPGI 09/05/2013 Parkway Properties Inc. (PKY) All Stock $1.2 billion $6.99 $6.91 24,375 12/31/2013 1.16% 14.65%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.56 165 12/31/2013 1.05% 13.17%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $26.44 $26.17 N/A 12/31/2013 1.02% 12.83%
+ VPHM 11/11/2013 Shire plc (SHPG) All Cash $4.2 billion $50.00 $49.51 718,187 03/31/2014 0.99% 3.04%
+ PNG 10/22/2013 Plains All American Pipeline, L.P. (PAA) All Stock $2 billion $22.95 $22.73 54,231 12/31/2013 0.96% 12.11%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $17.66 $17.50 17,584 01/31/2014 0.91% 5.54%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $32.94 $32.65 57,888 06/30/2014 0.90% 1.56%
+ CGX 10/24/2013 R.R. Donnelley & Sons Company (RRD) Cash Plus Stock $620 million $64.98 $64.41 21,823 03/31/2014 0.89% 2.73%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $4.02 127,299 01/31/2014 0.75% 4.54%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $18.06 $17.94 32,526 06/30/2014 0.66% 1.14%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $14.14 $14.06 261,410 03/31/2014 0.58% 1.78%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.65 2,553,770 03/31/2014 0.42% 1.30%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $18.15 $18.08 2,848,710 12/31/2013 0.41% 5.13%
+ MSPD 11/05/2013 M/A-Com Technology Solutions Holdings, Inc. (MTSI) All Cash N/A $5.05 $5.03 212,074 12/31/2013 0.40% 5.00%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $75.70 398,698 01/31/2014 0.40% 2.41%
+ ANEN 11/04/2013 an affiliate of The Veritas Capital Fund IV, L.P. (N/A) All Cash $381 million $28.00 $27.89 86,008 03/31/2014 0.39% 1.21%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $41.33 $41.20 140,684 12/31/2013 0.31% 3.88%
+ GCOM 08/26/2013 an affiliate of Wasserstein & Co. (N/A) All Cash $340 million $14.15 $14.11 214,870 12/31/2013 0.28% 3.57%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $24.97 $24.91 14,291 06/30/2014 0.26% 0.45%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.43 24,685 03/31/2014 0.16% 0.49%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.44 N/A 12/31/2013 0.16% 1.95%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.73 242,448 12/31/2013 0.15% 1.83%
+ MAKO 09/25/2013 Stryker Corporation (SYK) All Cash $1.65 billion $30.00 $29.96 480,171 12/31/2013 0.13% 1.68%
+ COLE 10/23/2013 American Realty Capital Properties, Inc. (ARCP) All Stock $11.2 billion $14.33 $14.31 2,254,008 06/30/2014 0.13% 0.22%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.73 89,028 01/31/2014 0.12% 0.73%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.49 29,160 03/31/2014 0.11% 0.32%
+ EIHI 09/24/2013 ProAssurance Corporation (PRA) All Cash $205 million $24.50 $24.49 7,886 01/01/2014 0.04% 0.50%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.25 439,543 10/16/2013 0.00% 0.00%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $10.00 549 09/30/2013 0.00% 0.00%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.38 267,348 12/31/2013 0.00% 0.00%
+ TLAB 10/21/2013 Marlin Equity Partners (N/A) All Cash $891 million $2.45 $2.45 1,300,960 12/31/2013 0.00% 0.00%
+ TUC 10/15/2013 CSC ServiceWorks, Inc. (N/A) All Cash $524 million $21.25 $21.30 14,655 06/30/2014 -0.23% -0.41%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $25.14 $25.22 20,265 01/01/2014 -0.33% -4.04%
+ MOLX 09/09/2013 Koch Industries, Inc. (N/A) All Cash $7.2 billion $38.50 $38.64 243,943 12/31/2013 -0.36% -4.56%
+ HPOL 11/25/2013 Nielsen Holdings N.V. (NLSN) All Cash $117 million $2.00 $2.01 39,159 03/31/2014 -0.50% -1.53%
+ SNTS 11/07/2013 Salix Pharmaceuticals Ltd. (SLXP) All Cash $2.6 billion $32.00 $32.18 370,725 01/01/2014 -0.56% -6.81%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $35.11 750,836 12/31/2013 -5.30% -66.68%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $16.61 176,259 03/31/2014 -9.69% -29.73%