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Merger Arbitrage Mondays – March 24, 2014

  • March 24, 2014

Merger Activity increased last week with three 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 201437
Total Number of Pending Deals
Cash Deals40
Stock Deals13
Stock & Cash Deals13
Total Number of Pending Deals66
Total Deal Size$222.13 billion

New Deals:

  1. The acquisition of Schawk (SGK) by Matthews International Corporation (MATW) for $577 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Schawk will receive a combination of $11.80 in cash and 0.20582 shares of Matthews common stock.
  2. The acquisition of Hastings Entertainment (HAST) by an affiliate of Joel Weinshanker for $21.4 million or $3.00 per share in cash.
  3. The acquisition of Giant Interactive Group (GA) in a “going private” transaction for $3 billion or $12.00 per share in cash.

Deal Updates:

  1. On March 19, 2014, WSP Holdings Private Limited (WH) announced that the parties to the going private transaction of the Company have amended the Agreement and Plan of Merger (the “Merger Agreement”) to extend the termination date to May 31, 2014.

Closed Deals:

  1. The acquisition of Cadence Pharmaceuticals (CADX) by Mallinckrodt plc (MNK) on March 19, 2014. It took 36 days for this deal to be completed.
  2. The acquisition of Material Sciences Corporation (MASC) by Zink Acquisition Holdings on March 20, 2014. It took 70 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)$4.57$3.8103/31/201419.97%1041.21%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.7412/31/201316.79%-73.83%
EQU12/09/2013Petroflow Energy Corporation (N/A)$5.43$4.6603/31/201416.52%861.59%
HOME10/23/2013Cascade Bancorp (CACB)$17.78$15.6003/31/201413.99%729.23%
TSH01/13/2014IberiaBank Corp. (IBKC)$83.09$77.2506/30/20147.57%28.18%
HWG06/05/2013Hallwood Financial Limited (N/A)$13.00$12.1909/30/20136.64%-13.86%
TWGP01/06/2014ACP Re Ltd. (N/A)$3.00$2.8306/30/20146.01%22.37%
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$5.1509/30/20135.83%-12.15%
VCBI01/30/2013United Bankshares Inc. (UBSI)$17.20$16.2601/31/20145.76%-40.44%
SWY03/06/2014AB Acquisition LLC (N/A)$40.00$38.0112/31/20145.24%6.78%

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$4.57$3.81316,01303/31/201419.97%1041.21%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.7426,72412/31/201316.79%0.00%
+EQU12/09/2013Petroflow Energy Corporation (N/A)All Cash$230 million$5.43$4.66799,91303/31/201416.52%861.59%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$17.78$15.6064,81403/31/201413.99%729.23%
+TSH01/13/2014IberiaBank Corp. (IBKC)All Stock$161 million$83.09$77.252,22706/30/20147.57%28.18%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$13.00$12.191009/30/20136.64%0.00%
+TWGP01/06/2014ACP Re Ltd. (N/A)All Cash$172.1$3.00$2.831,543,73806/30/20146.01%22.37%
+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$5.15162,28009/30/20135.83%0.00%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$17.20$16.26N/A01/31/20145.76%0.00%
+SWY03/06/2014AB Acquisition LLC (N/A)All CashN/A$40.00$38.015,542,35012/31/20145.24%6.78%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$143.75$136.652,852,83512/31/20145.20%6.73%
+FRX02/18/2014Actavis plc (ACT)Cash Plus Stock$25 billion$95.26$91.005,842,11906/30/20144.68%17.43%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$28.69$27.44N/A03/31/20144.54%236.85%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$17.72116,33106/30/20144.40%16.39%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.18$9.796,368,86301/31/20143.97%0.00%
+TBOW12/10/2013Trunkbow Merger Group Limited (N/A)All CashN/A$1.46$1.4129,68603/31/20143.55%184.90%
+CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)All CashN/A$3.51$3.3943,88006/30/20143.54%13.18%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.72129,58803/31/20143.49%181.89%
+NINE01/29/2014Ninetowns Holdings Limited (“Parent”) (N/A)All CashN/A$1.80$1.742,91006/30/20143.45%12.84%
+GA03/16/2014Giant Investment Limited (�Parent�) and Giant Merger Limited (N/A)All Cash$3 billion$12.00$11.611,240,84812/31/20143.36%4.35%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.9555,95003/31/20142.56%133.70%
+JFBI01/23/2014HomeTrust Bancshares, Inc. (HTBI)All Cash$51.2 million$8.00$7.8222,06606/30/20142.30%8.57%
+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$19.07220,82912/31/20142.25%2.92%
+ESC02/20/2014Brookdale Senior Living Inc. (BKD)All Stock$2.8 billion$31.77$31.271,143,18509/30/20141.59%3.06%
+NICK12/18/2013an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A)All Cash$340 million$16.00$15.7735,77104/30/20141.46%14.39%
+CEDU12/31/2013ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A)All CashN/A$7.00$6.903,04206/30/20141.45%5.40%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.202,826,30203/31/20141.39%72.42%
+FWLT02/13/2014AMEC PLC (AMCBF)Cash Plus Stock$3.3 billion$32.33$31.921,983,43712/31/20141.29%1.67%
+EPL03/12/2014Energy XXI (Bermuda) Limited (EXXI)Cash Plus Stock$2.3 billion$39.17$38.681,997,08406/30/20141.26%4.69%
+CNOB01/21/2014Center Bancorp, Inc. (CNBC)All Stock$243 million$48.91$48.325,13409/30/20141.21%2.33%
+JOSB03/11/2014The Men’s Wearhouse, Inc. (MW)All Cash$1.8 billion$65.00$64.251,162,74706/30/20141.17%4.35%
+COA02/27/2014Essilor International (N/A)All Cash$430 million$11.21$11.1053,08806/30/20140.99%3.69%
+KFN12/16/2013Kohlberg Kravis Roberts & Co. L.P. (KKR)All Stock$2.6 billion$11.72$11.611,158,46506/30/20140.99%3.69%
+LSI12/16/2013Avago Technologies Limited (AVGO)All Cash$6.6 billion$11.15$11.0510,275,38106/30/20140.90%3.37%
+TXI01/28/2014Martin Marietta Materials Inc. (MLM)All Stock$2.7 billion$88.54$87.76149,67306/30/20140.89%3.32%
+NOVB01/21/2014TriCo Bancshares (TCBK)All Stock$178.4 million$24.32$24.1123,90506/30/20140.86%3.22%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$14.97$14.853,243,94903/31/20140.79%41.08%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.2061403/31/20140.69%36.21%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$24.22$24.07210,06606/30/20140.63%2.35%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$18.19$18.0836,26306/30/20140.62%2.30%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$34.05$33.86487,27806/30/20140.55%2.05%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$2.0421,02601/15/20140.49%0.00%
+PACR01/06/2014XPO Logistics, Inc. (XPO)All Cash$296 million$9.00$8.96732,49506/30/20140.45%1.66%
+SGK03/17/2014Matthews International Corporation (MATW)Cash Plus Stock$577 million$20.14$20.06114,48409/30/20140.42%0.80%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.32195,49503/31/20140.42%21.67%
+BEAM01/13/2014Suntory Holdings Limited (N/A)All Cash$16 billion$83.50$83.182,552,44906/30/20140.38%1.43%
+UNS12/11/2013Fortis, Inc. (N/A)All Cash$4.3 billion$60.25$60.04556,35612/31/20140.35%0.45%
+VTNC12/30/2013TransForce Inc. (N/A)All Cash$136 million$6.50$6.4849,10003/15/20140.31%0.00%
+XRTX12/23/2013Seagate Technology Public Limited Company (STX)All Cash$374 million$13.25$13.2287,51706/30/20140.23%0.85%
+JNY12/19/2013Sycamore Partners (N/A)All Cash$1.2 billion$15.00$14.97800,86306/30/20140.20%0.75%
+ACCL01/30/2014Dassault Syst�mes (N/A)All Cash$750 million$12.50$12.48269,82606/30/20140.16%0.60%
+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$32.96208,53306/30/20140.12%0.45%
+MKTG12/20/2013Oracle Corporation (ORCL)All Cash$1.5 billion$27.00$26.98N/A06/30/20140.07%0.28%
+BRE12/19/2013Essex Property Trust Inc. (ESS)Cash Plus Stock$15.4 billion$61.70$61.661,118,86703/31/20140.07%3.56%
+ATMI02/04/2014Entegris, Inc. (ENTG)All Cash$1.15 billion$34.00$33.98447,42606/30/20140.06%0.22%
+ZLC02/19/2014Signet Jewelers Limited (SIG)All Cash$1.4 billion$21.00$20.991,621,05306/30/20140.05%0.18%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$19.53$19.535,16803/31/20140.00%0.00%
+HAST03/17/2014Affiliate of Joel Weinshanker (N/A)All Cash$21.4 million$3.00$3.0035,52506/30/20140.00%0.00%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$24.67$24.682,92303/31/2014-0.06%-2.96%
+ARTC02/03/2014Smith & Nephew (N/A)All Cash$1.7 billion$48.25$48.28501,36206/30/2014-0.06%-0.23%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$18.69$18.71114,68006/30/2014-0.13%-0.48%
+ACO03/06/2014Minerals Technologies Inc. (MTX)All Cash$1.7 billion$45.75$45.83726,48804/30/2014-0.17%-1.72%
+LCAV02/13/2014PhotoMedex, Inc. (PHMD)All Cash$106.4 million$5.37$5.4026,48006/30/2014-0.56%-2.07%
+TQNT02/24/2014RF Micro Devices Inc. (RFMD)All Stock$1.6 billion$12.85$13.186,618,65412/31/2014-2.52%-3.27%
+VSB01/27/2014Yadkin Financial Corporation (YDKN)All Stock$299 million$6.84$7.15206,08706/30/2014-4.28%-15.95%

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