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Merger Arbitrage Mondays – February 24, 2014

  • February 24, 2014

Merger Activity decreased last week with four new mergers announced, 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 201426
Total Number of Pending Deals
Cash Deals45
Stock Deals14
Stock & Cash Deals11
Total Number of Pending Deals70
Total Deal Size$212.64 billion

New Deals:

  1. The acquisition of Forest Laboratories (FRX) by Actavis (ACT) for $25 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Forest Laboratories will receive $26.04 in cash and 0.3306 Actavis shares for each share of Forest common stock.
  2. The acquisition of Chindex International (CHDX) by a buyer consortium consisting of an affiliate of private equity firm TPG, an affiliate of Shanghai Fosun Pharmaceutical  and Ms. Roberta Lipson, the CEO of the Company for $369 million or $19.50 per share in cash.
  3. The acquisition of Zale Corporation (ZLC) by Signet Jewelers Limited (SIG) for $1.4 billion or $21.00 per share in cash.
  4. The acquisition of Emeritus (ESC) by Brookdale Senior Living (BKD) for $2.8 billion in an all stock deal. Under the terms of the agreement, shareholders of Emeritus will receive 0.95 shares of Brookdale common stock in exchange for each share of their Emeritus common stock.

Closed Deals:

  1. The acquisition of Anaren (ANEN) by an affiliate of The Veritas Capital Fund IV, L.P. on February 18, 2014. It took 106 days for this deal to be completes.
  2. The acquisition of CEC Entertainment (CEC) by an affiliate of Apollo Global Management, LLC (APO) on February 21, 2014. It took 36 days for this deal to be completed.
  3. The acquisition of NuPathe (PATH) by Teva Pharmaceutical Industries (TEVA) on February 22, 2014. It took 68 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$2.2512/31/201342.22%-280.20%
SYNM12/17/2013Renewable Energy Group, Inc. (REGI)$4.29$3.7003/31/201416.02%167.07%
HOME10/23/2013Cascade Bancorp (CACB)$16.34$14.6403/31/201411.60%121.02%
TBOW12/10/2013Trunkbow Merger Group Limited (N/A)$1.46$1.3403/31/20148.96%93.39%
TWGP01/06/2014ACP Re Ltd. (N/A)$3.00$2.7606/30/20148.70%25.19%
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$5.1409/30/20136.03%-14.98%
HWG06/05/2013Hallwood Financial Limited (N/A)$13.00$12.3009/30/20135.69%-14.13%
CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)$6.62$6.3006/30/20145.04%14.60%
TWC02/13/2014Comcast Corporation (CMCSA)$146.77$140.5412/31/20144.43%5.22%
CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)$3.51$3.3806/30/20143.85%11.14%

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$2.256,68012/31/201342.22%0.00%
+SYNM12/17/2013Renewable Energy Group, Inc. (REGI)All StockN/A$4.29$3.7042,13003/31/201416.02%167.07%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$16.34$14.6494,52303/31/201411.60%121.02%
+TBOW12/10/2013Trunkbow Merger Group Limited (N/A)All CashN/A$1.46$1.3413,05903/31/20148.96%93.39%
+TWGP01/06/2014ACP Re Ltd. (N/A)All Cash$172.1$3.00$2.761,405,40706/30/20148.70%25.19%
+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$5.1417,32709/30/20136.03%0.00%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$13.00$12.301409/30/20135.69%0.00%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.62$6.3081,99706/30/20145.04%14.60%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$146.77$140.545,471,02612/31/20144.43%5.22%
+CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)All CashN/A$3.51$3.3843,44306/30/20143.85%11.14%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.54$9.223,662,96301/31/20143.45%0.00%
+NINE01/29/2014Ninetowns Holdings Limited (“Parent”) (N/A)All CashN/A$1.80$1.74N/A06/30/20143.45%9.99%
+FWLT02/13/2014AMEC PLC (AMCBF)Cash Plus Stock$3.3 billion$33.05$32.041,267,23612/31/20143.16%3.72%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.7354,29103/31/20142.89%30.14%
+CNOB01/21/2014Center Bancorp, Inc. (CNBC)All Stock$243 million$45.60$44.4716,31609/30/20142.55%4.27%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$18.04110,17606/30/20142.55%7.39%
+JFBI01/23/2014HomeTrust Bancshares, Inc. (HTBI)All Cash$51.2 million$8.00$7.816,12006/30/20142.43%7.05%
+NOVB01/21/2014TriCo Bancshares (TCBK)All Stock$178.4 million$23.44$22.9131,91306/30/20142.32%6.71%
+CEDU12/31/2013ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A)All CashN/A$7.00$6.8515,28606/30/20142.19%6.34%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$2.0160,55401/15/20141.99%0.00%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.18303,50503/31/20141.67%17.43%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.59332,31703/31/20141.52%15.82%
+EQU12/09/2013Petroflow Energy Corporation (N/A)All Cash$230 million$5.43$5.35193,62803/31/20141.50%15.59%
+FRX02/18/2014Actavis plc (ACT)Cash Plus Stock$25 billion$98.25$96.885,102,27706/30/20141.41%4.09%
+CHDX02/17/2014a buyer consortium (the “Buyer Consortium”) of an affiliate of TPG (together with its affiliates, “TPG”), an affiliate of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (“Fosun”), and Ms. Roberta Lipson, the CEO of the Company (N/A)All Cash$369 million$19.50$19.2595,66912/31/20141.30%1.53%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$22.83$22.542,07303/31/20141.29%13.42%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$28.04$27.70400,85103/31/20141.24%12.94%
+PACR01/06/2014XPO Logistics, Inc. (XPO)All Cash$296 million$9.00$8.90200,97906/30/20141.12%3.25%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.17303/31/20141.12%11.64%
+NICK12/18/2013an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A)All Cash$340 million$16.00$15.8324,26104/30/20141.07%6.03%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.98182,57003/31/20141.01%10.53%
+TXI01/28/2014Martin Marietta Materials Inc. (MLM)All Stock$2.7 billion$82.10$81.29207,81306/30/20140.99%2.87%
+VIFL12/06/2013Sterigenics International LLC (N/A)All CashN/A$7.23$7.172,58203/31/20140.84%8.73%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$17.72$17.5998,85106/30/20140.71%2.07%
+KFN12/16/2013Kohlberg Kravis Roberts & Co. L.P. (KKR)All Stock$2.6 billion$12.23$12.15662,87106/30/20140.66%1.90%
+GENT12/19/2013Jazz Pharmaceuticals Public Limited Company (JAZZ)All Cash$1 billion$57.00$56.6311,51603/31/20140.65%6.81%
+LSI12/16/2013Avago Technologies Limited (AVGO)All Cash$6.6 billion$11.15$11.083,793,58706/30/20140.63%1.83%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$13.76$13.671,799,74703/31/20140.63%6.53%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$18.26$18.1537,29906/30/20140.62%1.80%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$30.22$30.08301,26106/30/20140.46%1.34%
+TSH01/13/2014IberiaBank Corp. (IBKC)All Stock$161 million$72.44$72.151,48706/30/20140.40%1.16%
+BRD12/16/2013Primero Mining Corp. (PPP)All StockN/A$1.17$1.17581,68203/31/20140.36%3.79%
+BEAM01/13/2014Suntory Holdings Limited (N/A)All Cash$16 billion$83.50$83.231,449,70006/30/20140.32%0.94%
+VTNC12/30/2013TransForce Inc. (N/A)All Cash$136 million$6.50$6.4816,29503/15/20140.31%5.93%
+JNY12/19/2013Sycamore Partners (N/A)All Cash$1.2 billion$15.00$14.961,361,22806/30/20140.27%0.77%
+MASC01/09/2014Zink Acquisition Holdings Inc. (N/A)All Cash$139 million$12.75$12.726,78005/15/20140.24%1.08%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$18.41$18.377,37703/31/20140.22%2.27%
+APFC01/10/2014H.I.G. Capital, LLC (N/A)All Cash$392.0 million$46.50$46.4143,41503/31/20140.19%2.02%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%0.00%
+XRTX12/23/2013Seagate Technology Public Limited Company (STX)All Cash$374 million$13.25$13.2391,07606/30/20140.15%0.44%
+BRE12/19/2013Essex Property Trust Inc. (ESS)Cash Plus Stock$15.4 billion$61.56$61.47406,66803/31/20140.15%1.57%
+CADX02/11/2014Mallinckrodt plc (MNK)All Cash$1.3 billion$14.00$13.981,565,23303/31/20140.14%1.49%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.4471,57403/31/20140.14%1.44%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.73216,67403/30/20140.12%1.28%
+ACCL01/30/2014Dassault Syst�mes (N/A)All Cash$750 million$12.50$12.49477,42106/30/20140.08%0.23%
+MKTG12/20/2013Oracle Corporation (ORCL)All Cash$1.5 billion$27.00$26.98N/A06/30/20140.07%0.21%
+GIVN12/08/2013Covidien plc (COV)All Cash$860 million$30.00$29.9880,98803/31/20140.07%0.70%
+ESC02/20/2014Brookdale Senior Living Inc. (BKD)All Stock$2.8 billion$29.02$29.0115,720,85309/30/20140.04%0.07%
+TFCO12/20/2013Tufco Holdings, LLC (N/A)All CashN/A$6.07$6.0721503/31/20140.00%0.00%
+ATMI02/04/2014Entegris, Inc. (ENTG)All Cash$1.15 billion$34.00$34.00294,65406/30/20140.00%0.00%
+SUPX02/10/2014Microchip Technology Inc. (MCHP)All Cash$394 million$33.00$33.03116,06206/30/2014-0.09%-0.26%
+ZLC02/19/2014Signet Jewelers Limited (SIG)All Cash$1.4 billion$21.00$21.045,850,71006/30/2014-0.19%-0.55%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$22.70$22.7972,37806/30/2014-0.38%-1.10%
+UNS12/11/2013Fortis, Inc. (N/A)All Cash$4.3 billion$60.25$60.50522,72112/31/2014-0.41%-0.49%
+ARTC02/03/2014Smith & Nephew (N/A)All Cash$1.7 billion$48.25$48.54466,99106/30/2014-0.60%-1.73%
+VSB01/27/2014Yadkin Financial Corporation (YDKN)All Stock$299 million$5.98$6.0330,10506/30/2014-0.91%-2.64%
+LCAV02/13/2014PhotoMedex, Inc. (PHMD)All Cash$106.4 million$5.37$5.50147,57606/30/2014-2.36%-6.85%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$15.47$16.26N/A01/31/2014-4.85%73.74%
+ACO02/12/2014Imerys S.A. (N/A)All Cash$1.6 billion$41.00$45.54385,07006/30/2014-9.97%-28.88%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$17.56595,15603/31/2014-14.58%-152.03%

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