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Merger Arbitrage Mondays – February 17, 2014

  • February 17, 2014

Merger Activity increased last week with six new mergers 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:

Total Number of Deals Closed in 201422
Total Number of Pending Deals
Cash Deals46
Stock Deals14
Stock & Cash Deals10
Total Number of Pending Deals70
Total Deal Size$183.08 billion

New Deals:

  1. The acquisition of Supertex (SUPX) by Microchip Technology (MCHP) for $394 million or $33.00 per share in cash.
  2. The acquisition of Cadence Pharmaceuticals (CADX) by Mallinckrodt (MNK) for $1.3 billion or $14.00 per share in cash.
  3. The acquisition of AMCOL International Corporation (ACO) by Imerys S.A. for $1.6 billion or $41.00 per share in cash.
  4. The acquisition of Time Warner Cable (TWC) by Comcast Corporation (CMCSA) for $45.2 billion in an all stock deal. Under the terms of the agreement, shareholders of Time Warner Cable will receive 2.875 shares of CMCSA.
  5. The acquisition of LCA-Vision (LCAV) by PhotoMedex (PHMD) for $106.4 million or $5.37 per share in cash.
  6. The acquisition of Foster Wheeler (FWLT) by Amec plc (AMEC.L) for $3.3 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Foster Wheeler will receive 0.8998 shares of AMEC stock and $16.00 per share in cash.Separately, Foster Wheeler expects to pay a one-time dividend of $0.40 per share prior to, and not conditional on, the closing of the offer.

Closed Deals:

  1. The acquisition of Coleman Cable (CCIX) by Southwire Company on February 10, 2014. It took 52 days for this deal to be completed.
  2. The acquisition of Cole Real Estate Investments (COLE) by American Realty Capital Properties (ARCP) on February 11, 2014. It took 111 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

WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.2412/31/201342.86%-325.89%
HOME10/23/2013Cascade Bancorp (CACB)$16.42$14.3703/31/201414.29%124.15%
SYNM12/17/2013Renewable Energy Group, Inc. (REGI)$4.18$3.6903/31/201413.24%115.04%
TWGP01/06/2014ACP Re Ltd. (N/A)$3.00$2.7506/30/20149.09%24.95%
TBOW12/10/2013Trunkbow Merger Group Limited (N/A)$1.46$1.3603/31/20147.35%63.90%
HWG06/05/2013Hallwood Financial Limited (N/A)$13.00$12.2209/30/20136.38%-16.64%
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$5.14509/30/20135.93%-15.46%
TWC02/13/2014Comcast Corporation (CMCSA)$154.39$146.0012/31/20145.74%6.61%
NINE01/29/2014Ninetowns Holdings Limited (“Parent”) (N/A)$1.80$1.7406/30/20143.45%9.46%
HCBK08/27/2012M&T Bank Corporation (MTB)$9.58$9.2701/31/20143.39%-72.83%

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$2.244,05712/31/201342.86%0.00%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$16.42$14.37122,65503/31/201414.29%124.15%
+SYNM12/17/2013Renewable Energy Group, Inc. (REGI)All StockN/A$4.18$3.6991,35803/31/201413.24%115.04%
+TWGP01/06/2014ACP Re Ltd. (N/A)All Cash$172.1$3.00$2.751,529,81706/30/20149.09%24.95%
+TBOW12/10/2013Trunkbow Merger Group Limited (N/A)All CashN/A$1.46$1.3628,66003/31/20147.35%63.90%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$13.00$12.221,56109/30/20136.38%0.00%
+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$5.14533,67009/30/20135.93%0.00%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$154.39$146.008,340,47412/31/20145.74%6.61%
+NINE01/29/2014Ninetowns Holdings Limited (“Parent”) (N/A)All CashN/A$1.80$1.74105,30006/30/20143.45%9.46%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.58$9.271,153,31101/31/20143.39%0.00%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.62$6.418,95006/30/20143.35%9.20%
+JFBI01/23/2014HomeTrust Bancshares, Inc. (HTBI)All Cash$51.2 million$8.00$7.7623,32906/30/20143.09%8.49%
+CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)All CashN/A$3.51$3.41111,00506/30/20142.93%8.05%
+TSH01/13/2014IberiaBank Corp. (IBKC)All Stock$161 million$75.96$74.004,78206/30/20142.65%7.27%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.739919,03103/31/20142.30%20.03%
+CNOB01/21/2014Center Bancorp, Inc. (CNBC)All Stock$243 million$44.56$43.603,57609/30/20142.21%3.59%
+FWLT02/13/2014AMEC PLC (AMCBF)Cash Plus Stock$3.3 billion$32.51$31.813,018,43712/31/20142.20%2.54%
+CEDU12/31/2013ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A)All CashN/A$7.00$6.853,99506/30/20142.19%6.01%
+VSB01/27/2014Yadkin Financial Corporation (YDKN)All Stock$299 million$6.12$5.9925,74206/30/20142.10%5.76%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$2.01121,57301/15/20141.99%0.00%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$25.15$24.68N/A12/31/20131.89%0.00%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$18.17175,81806/30/20141.82%4.98%
+NOVB01/21/2014TriCo Bancshares (TCBK)All Stock$178.4 million$23.31$22.9035,96506/30/20141.79%4.90%
+NICK12/18/2013an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A)All Cash$340 million$16.00$15.7765,88304/30/20141.46%7.39%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.20238,42703/31/20141.39%12.07%
+EQU12/09/2013Petroflow Energy Corporation (N/A)All Cash$230 million$5.43$5.36331,07503/31/20141.31%11.35%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$27.37$27.04620,74803/31/20141.22%10.63%
+VIFL12/06/2013Sterigenics International LLC (N/A)All CashN/A$7.23$7.1512,30003/31/20141.12%9.72%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.172,70303/31/20141.12%9.70%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$13.74$13.591,462,84703/31/20141.11%9.68%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.9830003/31/20141.01%8.78%
+KFN12/16/2013Kohlberg Kravis Roberts & Co. L.P. (KKR)All Stock$2.6 billion$12.31$12.19311,78406/30/20141.00%2.73%
+TXI01/28/2014Martin Marietta Materials Inc. (MLM)All Stock$2.7 billion$82.94$82.19940,58606/30/20140.91%2.49%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$17.97$17.8116,04406/30/20140.89%2.45%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.635535,68303/31/20140.83%7.20%
+PACR01/06/2014XPO Logistics, Inc. (XPO)All Cash$296 million$9.00$8.93191,95006/30/20140.78%2.15%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$30.77$30.60101,14706/30/20140.56%1.53%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.2654,45103/31/20140.55%4.82%
+LSI12/16/2013Avago Technologies Limited (AVGO)All Cash$6.6 billion$11.15$11.091,561,12306/30/20140.54%1.48%
+JNY12/19/2013Sycamore Partners (N/A)All Cash$1.2 billion$15.00$14.92651,56306/30/20140.54%1.47%
+VTNC12/30/2013TransForce Inc. (N/A)All Cash$136 million$6.50$6.47130,85703/15/20140.46%6.51%
+XRTX12/23/2013Seagate Technology Public Limited Company (STX)All Cash$374 million$13.25$13.19488,84706/30/20140.45%1.25%
+ATMI02/04/2014Entegris, Inc. (ENTG)All Cash$1.15 billion$34.00$33.88605,97206/30/20140.35%0.97%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$17.54$17.4816,78606/30/20140.35%0.95%
+BRE12/19/2013Essex Property Trust Inc. (ESS)Cash Plus Stock$15.4 billion$61.71$61.50298,82903/31/20140.33%2.90%
+BEAM01/13/2014Suntory Holdings Limited (N/A)All Cash$16 billion$83.50$83.281,889,92906/30/20140.26%0.72%
+APFC01/10/2014H.I.G. Capital, LLC (N/A)All Cash$392.0 million$46.50$46.4163,18903/31/20140.19%1.69%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$18.24$18.213,78303/31/20140.16%1.43%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%0.00%
+SUPX02/10/2014Microchip Technology Inc. (MCHP)All Cash$394 million$33.00$32.95225,57106/30/20140.15%0.42%
+MKTG12/20/2013Oracle Corporation (ORCL)All Cash$1.5 billion$27.00$26.98N/A06/30/20140.07%0.20%
+ANEN11/04/2013an affiliate of The Veritas Capital Fund IV, L.P. (N/A)All Cash$381 million$28.00$27.9836,86203/31/20140.07%0.62%
+GIVN12/08/2013Covidien plc (COV)All Cash$860 million$30.00$29.98131,42703/31/20140.07%0.58%
+UNS12/11/2013Fortis, Inc. (N/A)All Cash$4.3 billion$60.25$60.21291,33712/31/20140.07%0.08%
+CEC01/16/2014An affiliate of Apollo Global Management, LLC (APO)All Cash$1.3 billion$54.00$53.98N/A03/31/20140.04%0.32%
+GENT12/19/2013Jazz Pharmaceuticals Public Limited Company (JAZZ)All Cash$1 billion$57.00$56.9816,53003/31/20140.04%0.31%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.7594,87603/30/20140.00%0.00%
+MASC01/09/2014Zink Acquisition Holdings Inc. (N/A)All Cash$139 million$12.75$12.756,50505/15/20140.00%0.00%
+CADX02/11/2014Mallinckrodt plc (MNK)All Cash$1.3 billion$14.00$14.002,278,21203/31/20140.00%0.00%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$22.88$22.915003/31/2014-0.14%-1.21%
+ACCL01/30/2014Dassault Syst�mes (N/A)All Cash$750 million$12.50$12.541,193,34606/30/2014-0.32%-0.88%
+TFCO12/20/2013Tufco Holdings, LLC (N/A)All CashN/A$6.07$6.101,30003/31/2014-0.49%-4.27%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$22.81$22.9411,13006/30/2014-0.58%-1.60%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$16.15$16.26N/A01/31/2014-0.70%15.00%
+BRD12/16/2013Primero Mining Corp. (PPP)All StockN/A$1.18$1.191,862,44303/31/2014-0.74%-6.39%
+ARTC02/03/2014Smith & Nephew (N/A)All Cash$1.7 billion$48.25$48.67820,20106/30/2014-0.86%-2.37%
+LCAV02/13/2014PhotoMedex, Inc. (PHMD)All Cash$106.4 million$5.37$5.445,009,39106/30/2014-1.29%-3.53%
+ACO02/12/2014Imerys S.A. (N/A)All Cash$1.6 billion$41.00$45.271,671,48506/30/2014-9.43%-25.89%
+PATH12/16/2013Teva Pharmaceutical Industries (TEVA)All Cash$105 million$3.65$4.15136,89201/31/2014-12.05%258.68%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$17.61163,24803/31/2014-14.82%-128.80%

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