×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

Merger Arbitrage Mondays – December 30, 2013

  • December 30, 2013

Merger Activity decreased last week with with two new mergers announced last week and three 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 2013179
Total Number of Deals Not Completed in 20135
Total Number of Pending Deals
Cash Deals48
Stock Deals11
Stock & Cash Deals10
Total Number of Pending Deals69
Total Deal Size$413.45 billion

New Deals:

  1. The acquisition of Xyratex (XRTX) by Seagate Technology Public Limited Company (STX) for $374 million or $13.25 per share in cash.
  2. The acquisition of Dynamics Research Corporation (DRCO) by Engility Holdings (EGL) for $120.9 million or $11.50 per share in cash.

Closed Deals:

  1. The acquisition of Stewart Enterprises (STEI) by Service Corp. International (SCI) on December 23, 2013. It took 208 days for this deal to be completed.
  2. The acquisition of Simcere Pharmaceutical Group (SCR) by Simcere Holding Limited on December 23, 2013. It took 117 days for this deal to be completed.
  3. The acquisition of Spreadtrum Communications (SPRD) by Tsinghua Unigroup on December 23, 2013. It took 84 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$24.2012/31/201344.63%16289.26%
SYNM12/17/2013Renewable Energy Group, Inc. (REGI)$4.58$3.5003/31/201430.92%124.02%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.7412/31/201316.79%6127.74%
HOME10/23/2013Cascade Bancorp (CACB)$16.94$14.9003/31/201413.71%54.99%
TBOW12/10/2013Trunkbow Merger Group Limited (N/A)$1.46$1.3203/31/201410.61%42.54%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.6603/31/20147.23%29.00%
ISS06/06/2013Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A)$5.45$5.1509/30/20135.83%-23.36%
CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)$6.96$6.5906/30/20145.60%11.23%
YONG09/23/2013Full Alliance International Limited (N/A)$6.69$6.4103/31/20144.37%17.52%
HCBK08/27/2012M&T Bank Corporation (MTB)$9.78$9.3901/31/20144.10%46.79%

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$24.206,542,45312/31/201344.63%16289.26%
+SYNM12/17/2013Renewable Energy Group, Inc. (REGI)All StockN/A$4.58$3.50117,73303/31/201430.92%124.02%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.7410,16112/31/201316.79%6127.74%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$16.94$14.9025,51903/31/201413.71%54.99%
+TBOW12/10/2013Trunkbow Merger Group Limited (N/A)All CashN/A$1.46$1.32171,62503/31/201410.61%42.54%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.6663,31203/31/20147.23%29.00%
+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$5.45$5.1544,85909/30/20135.83%0.00%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.96$6.5957,95206/30/20145.60%11.23%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.41295,90303/31/20144.37%17.52%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.78$9.391,731,53301/31/20144.10%46.79%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.6430009/30/20133.73%0.00%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$17.90928,44606/30/20143.35%6.72%
+EVAC08/19/2013Atlas Copco Group (N/A)All Cash$1.6 billion$10.50$10.195,92203/31/20143.04%12.20%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$1.99190,38101/15/20143.02%68.78%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.10547,67703/31/20142.82%11.30%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$3.96192,95801/31/20142.27%25.92%
+EQU12/09/2013Petroflow Energy Corporation (N/A)All Cash$230 million$5.43$5.32600,55603/31/20142.07%8.29%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.9632,54503/31/20142.04%8.19%
+VIFL12/06/2013Sterigenics International LLC (N/A)All CashN/A$7.23$7.105,48403/31/20141.83%7.34%
+NICK12/18/2013an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A)All Cash$340 million$16.00$15.7444,49404/30/20141.65%4.98%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$25.28$24.897,52703/31/20141.56%6.25%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$17.96$17.6919,94906/30/20141.53%3.06%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.1530003/31/20141.40%5.61%
+KFN12/16/2013Kohlberg Kravis Roberts & Co. L.P. (KKR)All Stock$2.6 billion$12.24$12.091,520,47806/30/20141.24%2.49%
+LSI12/16/2013Avago Technologies Limited (AVGO)All Cash$6.6 billion$11.15$11.028,560,24506/30/20141.18%2.37%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$27.10$26.79530,26403/31/20141.14%4.57%
+CGX10/24/2013R.R. Donnelley & Sons Company (RRD)Cash Plus Stock$620 million$68.45$67.9463,07003/31/20140.75%3.01%
+INOC11/15/2013an affiliate of Sterling Partners (N/A)All CashN/A$8.20$8.159,06703/31/20140.61%2.46%
+UNS12/11/2013Fortis, Inc. (N/A)All Cash$4.3 billion$60.25$59.92476,66112/31/20140.55%0.55%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$14.35$14.27555,41503/31/20140.55%2.21%
+HPOL11/25/2013Nielsen Holdings N.V. (NLSN)All Cash$117 million$2.00$1.9995,96703/31/20140.50%2.02%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$19.09$19.0026,12806/30/20140.47%0.95%
+DRCO12/23/2013Engility Holdings, Inc. (EGL)All Cash$120.9 million$11.50$11.4693,57803/31/20140.35%1.40%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.96992,89112/31/20130.33%122.07%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$75.751,128,46901/31/20140.33%3.76%
+STEL06/10/2013Union First Market Bankshares Corporation (UBSH)All Stock$445.1 million$23.95$23.8710,96301/01/20140.33%59.79%
+VPHM11/11/2013Shire plc (SHPG)All Cash$4.2 billion$50.00$49.85845,99503/31/20140.30%1.21%
+PNG10/22/2013Plains All American Pipeline, L.P. (PAA)All Stock$2 billion$23.13$23.0634,38612/31/20130.29%105.50%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$17.21$17.16107,93101/31/20140.28%3.16%
+JNY12/19/2013Sycamore Partners (N/A)All Cash$1.2 billion$15.00$14.964,091,91806/30/20140.27%0.54%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.3921,46903/31/20140.25%1.02%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$34.16$34.0989,77006/30/20140.21%0.43%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.4834,54203/31/20140.21%0.85%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%56.68%
+TUC10/15/2013CSC ServiceWorks, Inc. (N/A)All Cash$524 million$21.25$21.2211,26106/30/20140.14%0.28%
+SNTS11/07/2013Salix Pharmaceuticals Ltd. (SLXP)All Cash$2.6 billion$32.00$31.97558,96601/01/20140.09%17.13%
+EIHI09/24/2013ProAssurance Corporation (PRA)All Cash$205 million$24.50$24.481,97201/01/20140.08%14.91%
+CCIX12/20/2013Southwire Company (N/A)All Cash$786 million$26.25$26.23146,69903/31/20140.08%0.31%
+BLC06/13/2013Gannett Co., Inc. (GCI)All Cash$2.2 billion$13.75$13.74N/A12/31/20130.07%26.56%
+ANEN11/04/2013an affiliate of The Veritas Capital Fund IV, L.P. (N/A)All Cash$381 million$28.00$27.9921,85103/31/20140.04%0.14%
+BRE12/19/2013Essex Property Trust Inc. (ESS)Cash Plus Stock$15.4 billion$55.04$55.03353,66503/31/20140.03%0.10%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.37377,10012/31/20130.02%7.39%
+GIVN12/08/2013Covidien plc (COV)All Cash$860 million$30.00$30.0154,65703/31/2014-0.03%-0.13%
+BRD12/16/2013Primero Mining Corp. (PPP)All StockN/A$0.78$0.781571,06303/31/2014-0.06%-0.26%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$19.62$19.6410,96903/31/2014-0.10%-0.41%
+XRTX12/23/2013Seagate Technology Public Limited Company (STX)All Cash$374 million$13.25$13.28325,01106/30/2014-0.23%-0.45%
+GENT12/19/2013Jazz Pharmaceuticals Public Limited Company (JAZZ)All Cash$1 billion$57.00$57.13149,68503/31/2014-0.23%-0.91%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.791,607,20401/31/2014-0.24%-2.72%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$26.33$26.4470012/31/2013-0.41%-147.99%
+TFCO12/20/2013Tufco Holdings, LLC (N/A)All CashN/A$6.07$6.1025,99203/31/2014-0.49%-1.97%
+VCI12/18/2013Harland Clarke Holdings Corp. (N/A)All Cash$1.84 billion$34.04$34.31526,57103/31/2014-0.79%-3.16%
+COLE10/23/2013American Realty Capital Properties, Inc. (ARCP)All Stock$11.2 billion$13.89$14.022,811,39906/30/2014-0.92%-1.85%
+SLTM12/16/2013Valeant Pharmaceuticals International, Inc. (VRX)All Cash$250 million$2.92$2.99643,80803/31/2014-2.34%-9.39%
+MKTG12/20/2013Oracle Corporation (ORCL)All Cash$1.5 billion$27.00$27.781,486,38106/30/2014-2.81%-5.63%
+VTNC12/09/2013Manitoulin Transport Inc. (N/A)All Cash$128 million$6.00$6.461,911,51803/31/2014-7.12%-28.56%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$24.72$26.7482,67506/30/2014-7.57%-15.17%
+LPS05/28/2013Fidelity National Financial, Inc. (FNF)All Cash$2.9 billion$33.25$37.421,074,13712/31/2013-11.14%-4067.48%
+PATH12/16/2013Endo Health Solutions Inc. (ENDP)All Cash$105 million$2.85$3.28111,32001/31/2014-13.11%-149.53%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$17.35150,48403/31/2014-13.54%-54.33%

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria