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Merger Arbitrage Mondays – January 6, 2014

  • January 6, 2014

Merger Activity decreased last week with with one new merger announced, two deals falling apart and five 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 20146
Total Number of Pending Deals
Cash Deals44
Stock Deals9
Stock & Cash Deals10
Total Number of Pending Deals63
Total Deal Size$105.60 billion

New Deals:

  1. The acquisition of ChinaEdu Corporation (CEDU) by ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) in a going private transaction for $7.00 per share in cash.

Deal Updates:

  1. On December 30, 2013, Cooper Tire & Rubber (CTBterminated its merger agreement with Apollo Tyres.
  2. On December 30, 2013, Vitran Corp (VTNCterminated its merger agreement with Manitoulin Transport and agreed to be acquired by TransForce Inc.

Closed Deals:

  1. The acquisition of StellarOne Corporation (STEL) by Union First Market Bankshares Corporation (UBSH) on January 1, 2014. It took 205 days for this deal to be completed.
  2. The acquisition of PAA Natural Gas Storage (PNG) by Plains All American Pipeline (PAA) on January 2, 2014. It took 72 days for this deal to be completed.
  3. The acquisition of Lender Processing Services (LPS) by Fidelity National Financial (FNF) on January 2, 2014. It took 219 days for this deal to be completed.
  4. The acquisition of Santarus (SNTS) by Salix Pharmaceuticals (SLXP) on January 3, 2014. It took 57 days for this deal to be completed.
  5. The acquisition of Eastern Insurance Holdings (EIHI) by ProAssurance Corporation (PRA) on January 3, 2014. It took 101 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

SYNM12/17/2013Renewable Energy Group, Inc. (REGI)$4.49$3.4403/31/201430.55%132.73%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.4612/31/201330.08%-1829.95%
HOME10/23/2013Cascade Bancorp (CACB)$17.11$15.0603/31/201413.62%59.17%
TBOW12/10/2013Trunkbow Merger Group Limited (N/A)$1.46$1.3303/31/20149.77%42.47%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.6703/31/20146.59%28.62%
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$5.1209/30/20136.45%-24.01%
CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)$6.97$6.6006/30/20145.66%11.80%
YONG09/23/2013Full Alliance International Limited (N/A)$6.69$6.4203/31/20144.21%18.27%
RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)$18.50$17.8806/30/20143.47%7.23%
HCBK08/27/2012M&T Bank Corporation (MTB)$9.68$9.3601/31/20143.43%50.09%

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

+SYNM12/17/2013Renewable Energy Group, Inc. (REGI)All StockN/A$4.49$3.4459,66003/31/201430.55%132.73%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.46187,85912/31/201330.08%0.00%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$17.11$15.0615,59603/31/201413.62%59.17%
+TBOW12/10/2013Trunkbow Merger Group Limited (N/A)All CashN/A$1.46$1.3342,03603/31/20149.77%42.47%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.6729,19703/31/20146.59%28.62%
+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$5.1233,02809/30/20136.45%0.00%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.97$6.6042,87606/30/20145.66%11.80%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.42346,49003/31/20144.21%18.27%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$17.88565,01006/30/20143.47%7.23%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.68$9.363,127,83701/31/20143.43%50.09%
+EVAC08/19/2013Atlas Copco Group (N/A)All Cash$1.6 billion$10.50$10.181,92103/31/20143.14%13.66%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.721,35109/30/20132.88%0.00%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.11279,01603/31/20142.67%11.61%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.952,07203/31/20142.56%11.14%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$2.0072,61101/15/20142.50%101.39%
+CEDU12/31/2013ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A)All CashN/A$7.00$6.8410,14006/30/20142.34%4.88%
+EQU12/09/2013Petroflow Energy Corporation (N/A)All Cash$230 million$5.43$5.31196,60903/31/20142.26%9.82%
+VIFL12/06/2013Sterigenics International LLC (N/A)All CashN/A$7.23$7.0810,16503/31/20142.12%9.21%
+KFN12/16/2013Kohlberg Kravis Roberts & Co. L.P. (KKR)All Stock$2.6 billion$12.85$12.603,378,53606/30/20142.00%4.17%
+NICK12/18/2013an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A)All Cash$340 million$16.00$15.71290,96004/30/20141.85%5.91%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$24.99$24.6627,81603/31/20141.34%5.81%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$18.17$17.9540,72806/30/20141.25%2.60%
+UNS12/11/2013Fortis, Inc. (N/A)All Cash$4.3 billion$60.25$59.55388,20312/31/20141.18%1.20%
+LSI12/16/2013Avago Technologies Limited (AVGO)All Cash$6.6 billion$11.15$11.0318,930,16406/30/20141.09%2.27%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$19.25$19.084,69203/31/20140.89%3.87%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$19.01$18.8530,02706/30/20140.84%1.76%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.194,49303/31/20140.83%3.63%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$26.75$26.53228,18403/31/20140.82%3.58%
+VTNC12/30/2013TransForce Inc. (N/A)All Cash$136 million$6.50$6.451,246,82003/15/20140.78%4.16%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$14.21$14.12607,20503/31/20140.63%2.75%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$25.90$25.752,30012/31/20130.57%0.00%
+CGX10/24/2013R.R. Donnelley & Sons Company (RRD)Cash Plus Stock$620 million$67.06$66.7045,58103/31/20140.55%2.37%
+BRD12/16/2013Primero Mining Corp. (PPP)All StockN/A$0.83$0.827708,55503/31/20140.51%2.23%
+HPOL11/25/2013Nielsen Holdings N.V. (NLSN)All Cash$117 million$2.00$1.9921,56203/31/20140.50%2.18%
+COLE10/23/2013American Realty Capital Properties, Inc. (ARCP)All Stock$11.2 billion$14.11$14.042,261,22106/30/20140.49%1.03%
+JNY12/19/2013Sycamore Partners (N/A)All Cash$1.2 billion$15.00$14.931,344,70406/30/20140.47%0.98%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.3133,56503/31/20140.44%1.91%
+ASIA05/13/2013CITIC Capital Partners (N/A)All Cash$890 million$12.00$11.95983,27312/31/20130.42%0.00%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$16.94$16.8732,90001/31/20140.39%5.67%
+BRE12/19/2013Essex Property Trust Inc. (ESS)Cash Plus Stock$15.4 billion$56.36$56.16756,17903/31/20140.35%1.53%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$33.46$33.3790,73406/30/20140.27%0.57%
+DRCO12/23/2013Engility Holdings, Inc. (EGL)All Cash$120.9 million$11.50$11.47133,65803/31/20140.26%1.14%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$4.04265,35501/31/20140.25%3.61%
+INOC11/15/2013an affiliate of Sterling Partners (N/A)All CashN/A$8.20$8.182,84003/31/20140.24%1.06%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$75.821,023,40001/31/20140.24%3.47%
+VPHM11/11/2013Shire plc (SHPG)All Cash$4.2 billion$50.00$49.89341,39003/31/20140.22%0.96%
+ANEN11/04/2013an affiliate of The Veritas Capital Fund IV, L.P. (N/A)All Cash$381 million$28.00$27.9431,81903/31/20140.21%0.93%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.72149,74801/31/20140.18%2.62%
+TFCO12/20/2013Tufco Holdings, LLC (N/A)All CashN/A$6.07$6.0625,65603/31/20140.17%0.72%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%0.00%
+CCIX12/20/2013Southwire Company (N/A)All Cash$786 million$26.25$26.21177,86403/31/20140.15%0.66%
+GIVN12/08/2013Covidien plc (COV)All Cash$860 million$30.00$29.9866,05503/31/20140.07%0.29%
+TUC10/15/2013CSC ServiceWorks, Inc. (N/A)All Cash$524 million$21.25$21.2415,82606/30/20140.05%0.10%
+HTSI07/09/2013The Kroger Co. (KR)All Cash$2.5 billion$49.38$49.36213,18512/31/20130.04%0.00%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.5052,84403/31/20140.00%0.00%
+GENT12/19/2013Jazz Pharmaceuticals Public Limited Company (JAZZ)All Cash$1 billion$57.00$57.0095,96903/31/20140.00%0.00%
+XRTX12/23/2013Seagate Technology Public Limited Company (STX)All Cash$374 million$13.25$13.27642,89906/30/2014-0.15%-0.31%
+VCI12/18/2013Harland Clarke Holdings Corp. (N/A)All Cash$1.84 billion$34.04$34.13321,87003/31/2014-0.26%-1.15%
+SLTM12/16/2013Valeant Pharmaceuticals International, Inc. (VRX)All Cash$250 million$2.92$2.941,201,26503/31/2014-0.68%-2.96%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$24.33$24.85132,31006/30/2014-2.09%-4.36%
+MKTG12/20/2013Oracle Corporation (ORCL)All Cash$1.5 billion$27.00$27.601,161,99006/30/2014-2.17%-4.53%
+PATH12/16/2013Endo Health Solutions Inc. (ENDP)All Cash$105 million$2.85$3.24147,29101/31/2014-12.04%-175.74%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$17.43262,35603/31/2014-13.94%-60.58%

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