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Merger Arbitrage Mondays – February 3, 2014

  • February 3, 2014

Merger Activity increased last week 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 201412
Total Number of Pending Deals
Cash Deals48
Stock Deals14
Stock & Cash Deals10
Total Number of Pending Deals72
Total Deal Size$128.32 billion

New Deals:

  1. The acquisition of VantageSouth Bancshares (VSB) by Yadkin Financial Corporation (YDKN) for $299 million in an all stock deal. Under the terms of the agreement, shareholders of VantageSouth Bancshares will receive 0.3125 shares of Yadkin Financial Corporation common stock for each share of VantageSouth Bancshares common stock.
  2. The acquisition of Texas Industries (TXI) by Martin Marietta Materials (MLM) for $2.7 billion. Under the terms of the agreement, shareholders of Texas Industries will receive 0.700 Martin Marietta shares for each share of Texas Industries common stock they own at closing.
  3. The acquisition of Ninetowns Internet Technology Group Company Limited (NINE) for $1.80 per share in cash in a going private transaction.
  4. The acquisition of Accelrys (ACCL) by Dassault Systèmes for $750 million or $12.50 per share in cash.

Deal Updates:

  1. On January 17, 2014, Nielsen Holdings N.V. (NLSNannounced that the offer price for all outstanding shares of common stock of Harris Interactive (HPOL) has been increased from $2.00 to $2.04 per share pursuant to the terms of the merger agreement announced on November 25, 2013.

Closed Deals:

  1. The acquisition of Harris Teeter Supermarkets (HTSI) by The Kroger Co. (KR) on January 30, 2014. It took 205 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$2.1512/31/201348.84%-524.28%
TWGP01/06/2014ACP Re Ltd. (N/A)$3.00$2.5006/30/201420.00%49.66%
SYNM12/17/2013Renewable Energy Group, Inc. (REGI)$3.81$3.3503/31/201413.82%90.05%
HOME10/23/2013Cascade Bancorp (CACB)$16.42$14.5003/31/201413.26%86.43%
TBOW12/10/2013Trunkbow Merger Group Limited (N/A)$1.46$1.3603/31/20147.35%47.93%
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%-13.34%
CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)$3.51$3.3706/30/20144.15%10.32%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.7103/31/20144.09%26.68%
NINE01/29/2014Ninetowns Holdings Limited (“Parent”) (N/A)$1.80$1.7306/30/20144.05%10.05%
HCBK08/27/2012M&T Bank Corporation (MTB)$9.37$9.0401/31/20143.65%-444.39%

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$2.151,82912/31/201348.84%0.00%
+TWGP01/06/2014ACP Re Ltd. (N/A)All Cash$172.1$3.00$2.50542,26806/30/201420.00%49.66%
+SYNM12/17/2013Renewable Energy Group, Inc. (REGI)All StockN/A$3.81$3.3522,71003/31/201413.82%90.05%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$16.42$14.5041,41103/31/201413.26%86.43%
+TBOW12/10/2013Trunkbow Merger Group Limited (N/A)All CashN/A$1.46$1.3612,00003/31/20147.35%47.93%
+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$5.21152,21809/30/20134.61%0.00%
+CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)All CashN/A$3.51$3.3774,47006/30/20144.15%10.32%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.7151,00503/31/20144.09%26.68%
+NINE01/29/2014Ninetowns Holdings Limited (“Parent”) (N/A)All CashN/A$1.80$1.738,96006/30/20144.05%10.05%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.37$9.042,468,82201/31/20143.65%0.00%
+JFBI01/23/2014HomeTrust Bancshares, Inc. (HTBI)All Cash$51.2 million$8.00$7.736,83206/30/20143.49%8.67%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$1.994,97901/15/20143.02%0.00%
+EQU12/09/2013Petroflow Energy Corporation (N/A)All Cash$230 million$5.43$5.28291,02703/31/20142.84%18.52%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.59$6.4221,73106/30/20142.62%6.51%
+PACR01/06/2014XPO Logistics, Inc. (XPO)All Cash$296 million$9.00$8.81547,13206/30/20142.16%5.35%
+TSH01/13/2014IberiaBank Corp. (IBKC)All Stock$161 million$76.51$74.952,39906/30/20142.08%5.16%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$18.13139,86106/30/20142.04%5.07%
+CEDU12/31/2013ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A)All CashN/A$7.00$6.8654706/30/20142.04%5.07%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.161,161,87703/31/20141.96%12.74%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.57166,66003/31/20141.83%11.90%
+VSB01/27/2014Yadkin Financial Corporation (YDKN)All Stock$299 million$5.84$5.7435,97406/30/20141.81%4.49%
+JNY12/19/2013Sycamore Partners (N/A)All Cash$1.2 billion$15.00$14.751,253,04606/30/20141.69%4.21%
+KFN12/16/2013Kohlberg Kravis Roberts & Co. L.P. (KKR)All Stock$2.6 billion$12.30$12.101,827,54206/30/20141.62%4.02%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.9710,40003/31/20141.52%9.93%
+TXI01/28/2014Martin Marietta Materials Inc. (MLM)All Stock$2.7 billion$76.31$75.22815,13506/30/20141.45%3.59%
+NICK12/18/2013an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A)All Cash$340 million$16.00$15.7863,57904/30/20141.39%5.92%
+VIFL12/06/2013Sterigenics International LLC (N/A)All CashN/A$7.23$7.1541903/31/20141.12%7.29%
+LSI12/16/2013Avago Technologies Limited (AVGO)All Cash$6.6 billion$11.15$11.036,325,58806/30/20141.09%2.70%
+CNOB01/21/2014Center Bancorp, Inc. (CNBC)All Stock$243 million$46.15$45.675,76809/30/20141.05%1.61%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$10.00$9.9040009/30/20131.01%0.00%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$23.55$23.332,58303/31/20140.94%6.15%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$17.89$17.7354,63806/30/20140.91%2.25%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$28.29$28.04259,12103/31/20140.89%5.78%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$13.85$13.73739,17403/31/20140.87%5.66%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$18.01$17.886,99203/31/20140.73%4.74%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$17.91$17.7965,94206/30/20140.66%1.63%
+MASC01/09/2014Zink Acquisition Holdings Inc. (N/A)All Cash$139 million$12.75$12.6723,95005/15/20140.63%2.28%
+UNS12/11/2013Fortis, Inc. (N/A)All Cash$4.3 billion$60.25$59.88533,15712/31/20140.62%0.68%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.26176,98203/31/20140.55%3.62%
+HPOL11/25/2013Nielsen Holdings N.V. (NLSN)All Cash$117 million$2.04$2.0372,17403/31/20140.49%3.21%
+BRE12/19/2013Essex Property Trust Inc. (ESS)Cash Plus Stock$15.4 billion$59.38$59.10894,90603/31/20140.48%3.11%
+VTNC12/30/2013TransForce Inc. (N/A)All Cash$136 million$6.50$6.47146,94503/15/20140.46%4.23%
+XRTX12/23/2013Seagate Technology Public Limited Company (STX)All Cash$374 million$13.25$13.21188,97406/30/20140.30%0.75%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.70308,92801/31/20140.30%0.00%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.237,04803/31/20140.28%1.80%
+FLOW09/25/2013American Industrial Partners (N/A)All Cash$200 million$4.05$4.04301,57301/31/20140.25%0.00%
+BEAM01/13/2014Suntory Holdings Limited (N/A)All Cash$16 billion$83.50$83.304,259,84006/30/20140.24%0.60%
+CRTX09/16/2013Chiesi Farmaceutici (N/A)All CashN/A$9.50$9.48166,16703/31/20140.21%1.38%
+ANEN11/04/2013an affiliate of The Veritas Capital Fund IV, L.P. (N/A)All Cash$381 million$28.00$27.9579,52603/31/20140.18%1.17%
+GIVN12/08/2013Covidien plc (COV)All Cash$860 million$30.00$29.95180,09203/31/20140.17%1.09%
+TFCO12/20/2013Tufco Holdings, LLC (N/A)All CashN/A$6.07$6.0635,12903/31/20140.17%1.08%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%0.00%
+APFC01/10/2014H.I.G. Capital, LLC (N/A)All Cash$392.0 million$46.50$46.4395,24303/31/20140.15%0.98%
+CGX10/24/2013R.R. Donnelley & Sons Company (RRD)Cash Plus Stock$620 million$64.93$64.84823,20003/31/20140.14%0.94%
+GENT12/19/2013Jazz Pharmaceuticals Public Limited Company (JAZZ)All Cash$1 billion$57.00$56.9325,35503/31/20140.12%0.80%
+VCI12/18/2013Harland Clarke Holdings Corp. (N/A)All Cash$1.84 billion$34.04$34.004,783,44403/31/20140.12%0.77%
+NOVB01/21/2014TriCo Bancshares (TCBK)All Stock$178.4 million$23.36$23.3319,18406/30/20140.11%0.28%
+VPHM11/11/2013Shire plc (SHPG)All Cash$4.2 billion$50.00$49.96N/A03/31/20140.08%0.52%
+CEC01/16/2014An affiliate of Apollo Global Management, LLC (APO)All Cash$1.3 billion$54.00$53.96458,64003/31/20140.07%0.48%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$31.52$31.50162,25406/30/20140.07%0.18%
+CCIX12/20/2013Southwire Company (N/A)All Cash$786 million$26.25$26.2451,93403/31/20140.04%0.25%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$16.27$16.26215,34001/31/20140.04%0.00%
+DRCO12/23/2013Engility Holdings, Inc. (EGL)All Cash$120.9 million$11.50$11.503,14203/31/20140.00%0.00%
+BRD12/16/2013Primero Mining Corp. (PPP)All StockN/A$0.98$0.982449,13503/31/2014-0.03%-0.17%
+MKTG12/20/2013Oracle Corporation (ORCL)All Cash$1.5 billion$27.00$27.011,087,51006/30/2014-0.04%-0.09%
+LIFE04/15/2013Thermo Fisher Scientific, Inc. (TMO)All Cash$13.6 billion$76.00$76.078,446,63001/31/2014-0.09%11.20%
+COLE10/23/2013American Realty Capital Properties, Inc. (ARCP)All Stock$11.2 billion$15.13$15.154,712,96606/30/2014-0.16%-0.40%
+ACCL01/30/2014Dassault Syst�mes (N/A)All Cash$750 million$12.50$12.582,625,08206/30/2014-0.64%-1.58%
+BCSB06/14/2013F.N.B. Corporation (FNB)All Stock$79 million$24.63$24.812,70212/31/2013-0.74%7.91%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$22.07$22.3351,41506/30/2014-1.15%-2.85%
+PATH12/16/2013Teva Pharmaceutical Industries (TEVA)All Cash$105 million$3.65$4.23257,95401/31/2014-13.71%1668.24%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$17.55777,34603/31/2014-14.53%-94.70%

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