Merger Arbitrage Mondays – January 20, 2014

  • January 20, 2014

Merger Activity increased last week with with four new mergers announced, and one deal 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 201410
Total Number of Pending Deals
Cash Deals46
Stock Deals10
Stock & Cash Deals10
Total Number of Pending Deals66
Total Deal Size$123.71 billion

New Deals:

  1. The acquisition of Teche Holding Company (TSH) by IberiaBank (IBKC) for $161 million in an all stock deal. Under the terms of the agreement, shareholders of Teche Holding Company will receive 1.162 shares of IBKC common stock for each share of Teche common stock outstanding, subject to certain market price adjustments provided for in the merger agreement.
  2. The acquisition of Beam (BEAM) by Suntory Holdings Limited for $16 billion or $83.50 per share in cash.
  3. The acquisition of China Hydroelectric Corporation (CHC) by CPT Wyndham Holdings, which is an affiliate of the private equity firm NewQuest capital partners. Upon completion of the merger, shareholders of China Hydroelectric will receive $3.51 per share in cash per ADR.
  4. The acquisition of CEC Entertainment (CEC) by an affiliate of Apollo Global Management (APO) for $1.3 billion or $54.00 per share in cash.

Closed Deals:

  1. The acquisition of AsiaInfo-Linkage (ASIA) by CITIC Capital Partners on January 15, 2014. It took 247 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

WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.1512/31/201348.84%-891.28%
TWGP01/06/2014ACP Re Ltd. (N/A)$3.00$2.6206/30/201414.50%32.88%
SYNM12/17/2013Renewable Energy Group, Inc. (REGI)$4.14$3.6503/31/201413.54%70.60%
HOME10/23/2013Cascade Bancorp (CACB)$16.47$14.8803/31/201410.71%55.83%
TBOW12/10/2013Trunkbow Merger Group Limited (N/A)$1.46$1.3203/31/201410.61%55.30%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.6903/31/20145.33%27.77%
CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)$7.00$6.6506/30/20145.19%11.77%
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$5.2109/30/20134.61%-15.01%
CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)$3.51$3.3606/30/20144.46%10.12%
HWG06/05/2013Hallwood Financial Limited (N/A)$10.00$9.6009/30/20134.17%-13.58%

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

+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.159,21112/31/201348.84%0.00%
+TWGP01/06/2014ACP Re Ltd. (N/A)All Cash$172.1$3.00$2.621,122,48806/30/201414.50%32.88%
+SYNM12/17/2013Renewable Energy Group, Inc. (REGI)All StockN/A$4.14$3.65123,60403/31/201413.54%70.60%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$16.47$14.8836,49703/31/201410.71%55.83%
+TBOW12/10/2013Trunkbow Merger Group Limited (N/A)All CashN/A$1.46$1.32144,61903/31/201410.61%55.30%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.6914,61403/31/20145.33%27.77%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$7.00$6.6533,92006/30/20145.19%11.77%
+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$5.2161,37309/30/20134.61%0.00%
+CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)All CashN/A$3.51$3.36129,04106/30/20144.46%10.12%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.60209/30/20134.17%0.00%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.41$9.089,708,89901/31/20143.64%120.78%
+EQU12/09/2013Petroflow Energy Corporation (N/A)All Cash$230 million$5.43$5.26167,46503/31/20143.23%16.85%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.94108,06403/31/20143.09%16.13%
+TSH01/13/2014IberiaBank Corp. (IBKC)All Stock$161 million$72.37$70.253,13306/30/20143.02%6.84%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.11520,25903/31/20142.67%13.93%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$18.08150,77406/30/20142.32%5.27%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$2.0113,72501/15/20141.99%0.00%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.57346,45703/31/20141.83%9.52%
+NICK12/18/2013an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A)All Cash$340 million$16.00$15.73122,71704/30/20141.72%6.27%
+VIFL12/06/2013Sterigenics International LLC (N/A)All CashN/A$7.23$7.116,09003/31/20141.69%8.80%
+BRD12/16/2013Primero Mining Corp. (PPP)All StockN/A$0.96$0.941,606,45003/31/20141.65%8.60%
+CEDU12/31/2013ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A)All CashN/A$7.00$6.907,57506/30/20141.45%3.29%
+LSI12/16/2013Avago Technologies Limited (AVGO)All Cash$6.6 billion$11.15$11.0011,285,84906/30/20141.36%3.09%
+PACR01/06/2014XPO Logistics, Inc. (XPO)All Cash$296 million$9.00$8.88733,51206/30/20141.35%3.06%
+UNS12/11/2013Fortis, Inc. (N/A)All Cash$4.3 billion$60.25$59.48263,91412/31/20141.29%1.37%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$18.72$18.518,16703/31/20141.13%5.92%
+JNY12/19/2013Sycamore Partners (N/A)All Cash$1.2 billion$15.00$14.861,507,31706/30/20140.94%2.14%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$19.12$18.9435,66106/30/20140.93%2.12%
+KFN12/16/2013Kohlberg Kravis Roberts & Co. L.P. (KKR)All Stock$2.6 billion$13.12$13.00985,27706/30/20140.90%2.04%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$14.57$14.45833,75403/31/20140.81%4.22%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$18.75$18.6242,59406/30/20140.71%1.61%
+CGX10/24/2013R.R. Donnelley & Sons Company (RRD)Cash Plus Stock$620 million$67.54$67.07140,97103/31/20140.70%3.67%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.201,43503/31/20140.69%3.62%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$26.23$26.0510012/31/20130.69%0.00%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$26.84$26.67275,31803/31/20140.64%3.33%
+MASC01/09/2014Zink Acquisition Holdings Inc. (N/A)All Cash$139 million$12.75$12.67153,04005/15/20140.63%2.00%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$24.10$23.9623103/31/20140.59%3.09%
+TFCO12/20/2013Tufco Holdings, LLC (N/A)All CashN/A$6.07$6.045,10003/31/20140.50%2.59%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$4.03103,09901/31/20140.50%16.47%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$16.30$16.2427,90001/31/20140.36%12.01%
+COLE10/23/2013American Realty Capital Properties, Inc. (ARCP)All Stock$11.2 billion$14.94$14.8911,339,85706/30/20140.34%0.76%
+VTNC12/30/2013TransForce Inc. (N/A)All Cash$136 million$6.50$6.48153,23103/15/20140.31%2.09%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.3731,03203/31/20140.30%1.56%
+BRE12/19/2013Essex Property Trust Inc. (ESS)Cash Plus Stock$15.4 billion$57.85$57.70569,09003/31/20140.26%1.34%
+ANEN11/04/2013an affiliate of The Veritas Capital Fund IV, L.P. (N/A)All Cash$381 million$28.00$27.9439,18703/31/20140.21%1.12%
+BEAM01/13/2014Suntory Holdings Limited (N/A)All Cash$16 billion$83.50$83.345,023,99706/30/20140.19%0.44%
+DRCO12/23/2013Engility Holdings, Inc. (EGL)All Cash$120.9 million$11.50$11.4829,01603/31/20140.17%0.91%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%0.00%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.34590,77412/31/20130.08%0.00%
+CCIX12/20/2013Southwire Company (N/A)All Cash$786 million$26.25$26.23436,98103/31/20140.08%0.40%
+XRTX12/23/2013Seagate Technology Public Limited Company (STX)All Cash$374 million$13.25$13.24344,06706/30/20140.08%0.17%
+GIVN12/08/2013Covidien plc (COV)All Cash$860 million$30.00$29.98117,60103/31/20140.07%0.35%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.7487,71501/31/20140.06%1.98%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$75.961,936,04901/31/20140.05%1.75%
+GENT12/19/2013Jazz Pharmaceuticals Public Limited Company (JAZZ)All Cash$1 billion$57.00$56.971,324,14703/31/20140.05%0.27%
+VPHM11/11/2013Shire plc (SHPG)All Cash$4.2 billion$50.00$49.99616,65503/31/20140.02%0.10%
+SLTM12/16/2013Valeant Pharmaceuticals International, Inc. (VRX)All Cash$250 million$2.92$2.921,066,67103/31/20140.00%0.00%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$32.93$32.93127,43206/30/2014-0.01%-0.02%
+MKTG12/20/2013Oracle Corporation (ORCL)All Cash$1.5 billion$27.00$27.02406,22906/30/2014-0.07%-0.17%
+VCI12/18/2013Harland Clarke Holdings Corp. (N/A)All Cash$1.84 billion$34.04$34.11406,77603/31/2014-0.21%-1.07%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$23.58$23.7241,62306/30/2014-0.60%-1.35%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.6332,10403/31/2014-1.35%-7.04%
+CEC01/16/2014An affiliate of Apollo Global Management, LLC (APO)All Cash$1.3 billion$54.00$54.781,081,31203/31/2014-1.42%-7.42%
+HPOL11/25/2013Nielsen Holdings N.V. (NLSN)All Cash$117 million$2.00$2.05961,16503/31/2014-2.44%-12.72%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$17.49275,76103/31/2014-14.24%-74.23%
+PATH12/16/2013Endo Health Solutions Inc. (ENDP)All Cash$105 million$2.85$4.38219,32601/31/2014-34.93%-1159.09%

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