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Merger Arbitrage Mondays – March 3, 2014

  • March 3, 2014

Merger Activity decreased last week with two 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 201429
Total Number of Pending Deals
Cash Deals43
Stock Deals15
Stock & Cash Deals11
Total Number of Pending Deals69
Total Deal Size$214.67 billion

New Deals:

  1. The acquisition of TriQuint Semiconductor (TQNT) by RF Micro Devices (RFMD) for $1.6 billion in an all stock deal. Under the terms of the agreement, shareholders of TriQuint Semiconductor will receive 1.675 shares of RF Micro Devices common stock per share held. This is a merger of equals deal where TQNT shareholders will receive 1.675 shares of a newly formed post-merger company and RFMD shareholders will receive 1 share. Since RFMD shareholders will receive one share of the new company for each share they hold, we are treating this merger as TQNT shareholders receiving 1.675 shares of RFMD to calculate the spread.
  2. The acquisition of Coastal Contacts (COA) by Essilor International for $430 million or $11.21 per share in cash.

Closed Deals:

  1. The acquisition of Tufco Technologies (TFCO) by Tufco Holdings, LLC on February 24, 2014. It took 66 days for this deal to be completed.
  2. The acquisition of Given Imaging (GIVN) by Covidien (COV) on February 27, 2014. It took 81 days for this deal to be completed.
  3. The acquisition of American Pacific Corporation (APFC) by H.I.G. Capital, LLC on February 27, 2014. It took 48 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%-287.51%
CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)$6.92$6.0506/30/201414.42%44.24%
SYNM12/17/2013Renewable Energy Group, Inc. (REGI)$4.45$3.9903/31/201411.41%148.69%
HOME10/23/2013Cascade Bancorp (CACB)$16.52$15.0903/31/20149.50%123.83%
TWGP01/06/2014ACP Re Ltd. (N/A)$3.00$2.7606/30/20148.70%26.67%
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$5.0709/30/20137.50%-17.76%
TWC02/13/2014Comcast Corporation (CMCSA)$148.61$140.3512/31/20145.88%7.09%
HWG06/05/2013Hallwood Financial Limited (N/A)$13.00$12.3709/30/20135.09%-12.07%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.7003/31/20144.71%61.34%
TBOW12/10/2013Trunkbow Merger Group Limited (N/A)$1.46$1.4103/31/20143.55%46.23%

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$2.159,08112/31/201348.84%0.00%
+CAFI10/10/2013Huntington Bancshares Incorporated (HBAN)All Stock$97 million$6.92$6.0574,53306/30/201414.42%44.24%
+SYNM12/17/2013Renewable Energy Group, Inc. (REGI)All StockN/A$4.45$3.99212,82303/31/201411.41%148.69%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$16.52$15.09108,83703/31/20149.50%123.83%
+TWGP01/06/2014ACP Re Ltd. (N/A)All Cash$172.1$3.00$2.762,527,12106/30/20148.70%26.67%
+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$5.0743,45509/30/20137.50%0.00%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$148.61$140.353,424,06612/31/20145.88%7.09%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$13.00$12.3711009/30/20135.09%0.00%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.70159,39703/31/20144.71%61.34%
+TBOW12/10/2013Trunkbow Merger Group Limited (N/A)All CashN/A$1.46$1.41262,56803/31/20143.55%46.23%
+NINE01/29/2014Ninetowns Holdings Limited (“Parent”) (N/A)All CashN/A$1.80$1.7423,82006/30/20143.45%10.58%
+JFBI01/23/2014HomeTrust Bancshares, Inc. (HTBI)All Cash$51.2 million$8.00$7.75283,34406/30/20143.23%9.89%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$9.80$9.502,791,44601/31/20143.13%0.00%
+CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)All CashN/A$3.51$3.4124,02406/30/20142.93%8.99%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$18.06138,74206/30/20142.44%7.47%
+FWLT02/13/2014AMEC PLC (AMCBF)Cash Plus Stock$3.3 billion$32.87$32.121,128,65012/31/20142.34%2.82%
+CEDU12/31/2013ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A)All CashN/A$7.00$6.8512,90506/30/20142.19%6.72%
+BRD12/16/2013Primero Mining Corp. (PPP)All StockN/A$1.13$1.112,031,46203/31/20142.16%28.19%
+NOVB01/21/2014TriCo Bancshares (TCBK)All Stock$178.4 million$23.57$23.1322,10906/30/20141.92%5.88%
+TSH01/13/2014IberiaBank Corp. (IBKC)All Stock$161 million$76.20$74.798,95306/30/20141.89%5.80%
+CNOB01/21/2014Center Bancorp, Inc. (CNBC)All Stock$243 million$48.39$47.5026,36109/30/20141.87%3.23%
+EQU12/09/2013Petroflow Energy Corporation (N/A)All Cash$230 million$5.43$5.34415,06503/31/20141.69%21.97%
+GENT12/19/2013Jazz Pharmaceuticals Public Limited Company (JAZZ)All Cash$1 billion$57.00$56.117,93203/31/20141.59%20.68%
+YONG09/23/2013Full Alliance International Limited (N/A)All Cash$339 million$6.69$6.591,176,83403/31/20141.52%19.78%
+FRX02/18/2014Actavis plc (ACT)Cash Plus Stock$25 billion$99.04$97.573,789,61206/30/20141.51%4.63%
+NICK12/18/2013an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A)All Cash$340 million$16.00$15.7819,08004/30/20141.39%8.77%
+PACT10/17/2013Blackstone (N/A)All Cash$625 million$7.30$7.20754,92403/31/20141.39%18.11%
+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$19.2567,06812/31/20141.30%1.56%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$18.64$18.4234,42706/30/20141.18%3.61%
+ESC02/20/2014Brookdale Senior Living Inc. (BKD)All Stock$2.8 billion$31.87$31.531,072,37109/30/20141.09%1.88%
+PVR10/10/2013Regency Energy Partners LP (RGP)Cash Plus Stock$5.6 billion$27.09$26.84437,32103/31/20140.91%11.90%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$17.74$17.6150,96806/30/20140.75%2.31%
+KFN12/16/2013Kohlberg Kravis Roberts & Co. L.P. (KKR)All Stock$2.6 billion$12.31$12.22605,05006/30/20140.75%2.29%
+VIFL12/06/2013Sterigenics International LLC (N/A)All CashN/A$7.23$7.181,71803/31/20140.70%9.08%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$23.59$23.434,32203/31/20140.67%8.68%
+BEAM01/13/2014Suntory Holdings Limited (N/A)All Cash$16 billion$83.50$82.965,391,95806/30/20140.65%2.00%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$31.87$31.67145,98506/30/20140.64%1.97%
+TXI01/28/2014Martin Marietta Materials Inc. (MLM)All Stock$2.7 billion$85.39$84.90276,61706/30/20140.57%1.76%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$14.78$14.701,593,61103/31/20140.56%7.32%
+LSI12/16/2013Avago Technologies Limited (AVGO)All Cash$6.6 billion$11.15$11.095,669,92506/30/20140.54%1.66%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.9915,02903/31/20140.50%6.55%
+CIS09/18/2013Camelot Employee Scheme Inc. (N/A)All CashN/A$2.05$2.04116,96801/15/20140.49%0.00%
+XRTX12/23/2013Seagate Technology Public Limited Company (STX)All Cash$374 million$13.25$13.19710,53006/30/20140.45%1.40%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.2250003/31/20140.42%5.42%
+BRE12/19/2013Essex Property Trust Inc. (ESS)Cash Plus Stock$15.4 billion$62.02$61.771,377,64703/31/20140.40%5.28%
+JNY12/19/2013Sycamore Partners (N/A)All Cash$1.2 billion$15.00$14.94442,71406/30/20140.40%1.23%
+PACR01/06/2014XPO Logistics, Inc. (XPO)All Cash$296 million$9.00$8.97881,38706/30/20140.33%1.03%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.36122,11703/31/20140.32%4.21%
+MASC01/09/2014Zink Acquisition Holdings Inc. (N/A)All Cash$139 million$12.75$12.7111,81705/15/20140.31%1.57%
+VTNC12/30/2013TransForce Inc. (N/A)All Cash$136 million$6.50$6.4872,48803/15/20140.31%9.39%
+SUPX02/10/2014Microchip Technology Inc. (MCHP)All Cash$394 million$33.00$32.9355,93606/30/20140.21%0.65%
+ACCL01/30/2014Dassault Syst�mes (N/A)All Cash$750 million$12.50$12.48377,49606/30/20140.16%0.49%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%0.00%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$23.64$23.6056,36006/30/20140.15%0.47%
+ZOLT09/26/2013Toray Industries, Inc. (N/A)All Cash$584 million$16.75$16.73N/A03/30/20140.12%1.62%
+MKTG12/20/2013Oracle Corporation (ORCL)All Cash$1.5 billion$27.00$26.98N/A06/30/20140.07%0.23%
+CADX02/11/2014Mallinckrodt plc (MNK)All Cash$1.3 billion$14.00$13.992,033,76003/31/20140.07%0.93%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$18.30$18.306,46403/31/20140.00%0.00%
+ARTC02/03/2014Smith & Nephew (N/A)All Cash$1.7 billion$48.25$48.25571,57106/30/20140.00%0.00%
+ATMI02/04/2014Entegris, Inc. (ENTG)All Cash$1.15 billion$34.00$34.01205,44406/30/2014-0.03%-0.09%
+UNS12/11/2013Fortis, Inc. (N/A)All Cash$4.3 billion$60.25$60.51282,05612/31/2014-0.43%-0.52%
+COA02/27/2014Essilor International (N/A)All Cash$430 million$11.21$11.271,085,07406/30/2014-0.53%-1.63%
+VSB01/27/2014Yadkin Financial Corporation (YDKN)All Stock$299 million$6.00$6.0427,58406/30/2014-0.66%-2.03%
+LCAV02/13/2014PhotoMedex, Inc. (PHMD)All Cash$106.4 million$5.37$5.4495,70206/30/2014-1.29%-3.95%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$16.02$16.26N/A01/31/2014-1.50%17.68%
+TQNT02/24/2014RF Micro Devices Inc. (RFMD)All Stock$1.6 billion$11.86$12.245,910,32612/31/2014-3.11%-3.75%
+ZLC02/19/2014Signet Jewelers Limited (SIG)All Cash$1.4 billion$21.00$21.731,276,65206/30/2014-3.36%-10.30%
+ACO02/12/2014Imerys S.A. (N/A)All Cash$1.6 billion$41.00$44.38193,88406/30/2014-7.62%-23.36%
+LEAP07/12/2013AT&T, Inc. (T)All Cash$1.19 billion$15.00$17.52703,60403/31/2014-14.38%-187.50%

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