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Merger Arbitrage Mondays – April 28, 2014

  • April 28, 2014

Merger Activity increased last week with two 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 201451
Total Number of Pending Deals
Cash Deals40
Stock Deals15
Stock & Cash Deals11
Total Number of Pending Deals66
Total Deal Size$235.68 billion

New Deals:

  1. The acquisition of Cbeyond (CBEY) by Birch Communications for $323 million. Cbeyond stockholders will receive between $9.97 and $10.00 per share in cash. The exact amount will be determined based on stock transactions relating to previously granted stock awards to employees that occur after execution of the definitive agreement.
  2. The acquisition of First Financial Service (FFKY) by Community Bank Shares of Indiana (CBIN) for $17.9 million in an all stock deal. Upon completion of the merger, shareholders of First Financial Service will receive 0.153 shares of CBIN common stock. This exchange ratio is subject to adjustment based on conditions related to the book value of First Financial and the ability of the company to gain $3 million from specifically identified special assets.

Closed Deals:

  1. The acquisition of ChinaEdu Corporation (CEDU) by ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) on April 23, 2014. It took 113 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

EQU12/09/2013Petroflow Energy Corporation (N/A)$5.43$4.5403/31/201419.60%-255.55%
TWGP01/06/2014ACP Re Ltd. (N/A)$3.00$2.5306/30/201418.58%107.63%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.72105/31/201417.60%194.71%
SYNM12/17/2013Renewable Energy Group, Inc. (REGI)$4.37$3.7403/31/201416.92%-220.54%
LIN03/22/2014Media General, Inc. (MEG)$27.82$23.8603/31/201516.60%17.98%
QCOR04/07/2014Mallinckrodt plc (MNK)$91.96$79.0509/30/201416.34%38.47%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.6103/31/201410.56%-137.64%
FFKY04/22/2014Community Bank Shares of Indiana Inc. (CBIN)$3.93$3.5612/31/201410.32%15.26%
FFCO04/14/2014CB Financial Services, Inc. (CBFV)$24.05$21.9511/15/20149.56%17.37%
HOME10/23/2013Cascade Bancorp (CACB)$16.19$15.0303/31/20147.70%-100.43%

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

+EQU12/09/2013Petroflow Energy Corporation (N/A)All Cash$230 million$5.43$4.54205,50303/31/201419.60%0.00%
+TWGP01/06/2014ACP Re Ltd. (N/A)All Cash$172.1$3.00$2.53356,19406/30/201418.58%107.63%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.7211,08405/31/201417.60%194.71%
+SYNM12/17/2013Renewable Energy Group, Inc. (REGI)All StockN/A$4.37$3.7462,32403/31/201416.92%0.00%
+LIN03/22/2014Media General, Inc. (MEG)All Cash$2.6 billion$27.82$23.8694,40603/31/201516.60%17.98%
+QCOR04/07/2014Mallinckrodt plc (MNK)Cash Plus Stock$5.6 billion$91.96$79.053,963,79809/30/201416.34%38.47%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.6163,23303/31/201410.56%0.00%
+FFKY04/22/2014Community Bank Shares of Indiana Inc. (CBIN)All Stock$17.9 million$3.93$3.5611,41012/31/201410.32%15.26%
+FFCO04/14/2014CB Financial Services, Inc. (CBFV)All Stock54.5 million$24.05$21.9590011/15/20149.56%17.37%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$16.19$15.0318,46103/31/20147.70%0.00%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$13.00$12.2039304/30/20146.56%1196.72%
+SWY03/06/2014AB Acquisition LLC (N/A)All CashN/A$36.15$34.162,628,67712/31/20145.83%8.61%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$17.52224,96606/30/20145.59%32.41%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$148.64$140.953,587,51012/31/20145.45%8.06%
+NINE01/29/2014Ninetowns Holdings Limited (“Parent”) (N/A)All CashN/A$1.80$1.731,21906/30/20144.05%23.44%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.24$9.891,990,15112/31/20143.56%5.27%
+FWLT02/13/2014AMEC PLC (AMCBF)Cash Plus Stock$3.3 billion$35.03$33.881,080,95512/31/20143.40%5.02%
+CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)All CashN/A$3.51$3.40115,43806/30/20143.24%18.74%
+NED04/02/2014Rainbow Education Holding Limited (N/A)All CashN/A$2.85$2.7819,35908/15/20142.52%8.43%
+GA03/16/2014Giant Investment Limited (�Parent�) and Giant Merger Limited (N/A)All Cash$3 billion$12.00$11.73810,36412/31/20142.30%3.40%
+DLLR04/02/2014affiliate of Lone Star Funds (N/A)All Cash$1.3 billion$9.50$9.30990,13909/30/20142.15%5.06%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.101,80003/31/20142.11%0.00%
+OBAF04/08/2014F.N.B. Corporation (FNB)All Stock$94 million$22.24$21.79209/30/20142.09%4.91%
+JFBI01/23/2014HomeTrust Bancshares, Inc. (HTBI)All Cash$51.2 million$8.00$7.8432906/30/20142.04%11.82%
+FRX02/18/2014Actavis plc (ACT)Cash Plus Stock$25 billion$91.14$89.502,218,98906/30/20141.83%10.58%
+YONG04/09/2014Full Alliance International Limited (N/A)All Cash$339 million$7.10$6.98492,86809/30/20141.72%4.05%
+NICK12/18/2013an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A)All Cash$340 million$16.00$15.7324,37304/30/20141.72%313.25%
+AMAP04/11/2014affiliate of Alibaba Group Holding Limited (“Alibaba”) (N/A)All Cash$1.5 billion$21.00$20.651,038,01009/30/20141.69%3.99%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.9756,20503/31/20141.52%0.00%
+ESC02/20/2014Brookdale Senior Living Inc. (BKD)All Stock$2.8 billion$30.09$29.65308,04009/30/20141.47%3.47%
+CNOB01/21/2014Center Bancorp, Inc. (CNBC)All Stock$243 million$49.35$48.655,28609/30/20141.43%3.38%
+NDZ03/28/2014Sterigenics (N/A)All Cash$727 million$11.75$11.591,035,17512/31/20141.38%2.04%
+SWS04/01/2014Hilltop Holdings Inc. (HTH)Cash Plus Stock$260 million$7.67$7.57270,66612/31/20141.36%2.02%
+NOVB01/21/2014TriCo Bancshares (TCBK)All Stock$178.4 million$22.72$22.454,69406/30/20141.22%7.07%
+CBEY04/21/2014Birch Communications, Inc. (N/A)All Cash$323 million$9.97$9.851,285,86810/31/20141.22%2.39%
+HAST03/17/2014Affiliate of Joel Weinshanker (N/A)All Cash$21.4 million$3.00$2.976,32406/30/20141.01%5.85%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$17.40$17.234,22306/30/20140.99%5.72%
+JOSB03/11/2014The Men’s Wearhouse, Inc. (MW)All Cash$1.8 billion$65.00$64.42518,27306/30/20140.90%5.22%
+SGK03/17/2014Matthews International Corporation (MATW)Cash Plus Stock$577 million$20.14$19.98203,30809/30/20140.81%1.91%
+EPL03/12/2014Energy XXI (Bermuda) Limited (EXXI)Cash Plus Stock$2.3 billion$39.07$38.81688,20806/30/20140.68%3.94%
+TXI01/28/2014Martin Marietta Materials Inc. (MLM)All Stock$2.7 billion$81.82$81.44209,45506/30/20140.47%2.72%
+PACR01/06/2014XPO Logistics, Inc. (XPO)All Cash$296 million$9.00$8.96N/A06/30/20140.45%2.59%
+UNS12/11/2013Fortis, Inc. (N/A)All Cash$4.3 billion$60.25$60.00270,91812/31/20140.42%0.62%
+LCAV02/13/2014PhotoMedex, Inc. (PHMD)All Cash$106.4 million$5.37$5.351,266,75606/30/20140.37%2.17%
+TSH01/13/2014IberiaBank Corp. (IBKC)All Stock$161 million$73.64$73.389,72206/30/20140.35%2.02%
+ZIGO04/11/2014AMETEK, Inc. (AME)All Cash$280 million$19.25$19.19353,26606/30/20140.31%1.81%
+VOCS04/07/2014GTCR Valor Merger Sub, Inc., an affiliate of GTCR LLC (N/A)All Cash$446.5 million$18.00$17.95328,87906/30/20140.28%1.61%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$23.60$23.54N/A03/31/20140.25%0.00%
+ACCL01/30/2014Dassault Syst�mes (N/A)All Cash$750 million$12.50$12.48266,36906/30/20140.16%0.93%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$17.18$17.1520,84206/30/20140.16%0.91%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%0.00%
+LSI12/16/2013Avago Technologies Limited (AVGO)All Cash$6.6 billion$11.15$11.146,319,83006/30/20140.09%0.52%
+MKTG12/20/2013Oracle Corporation (ORCL)All Cash$1.5 billion$27.00$26.98N/A06/30/20140.07%0.43%
+KFN12/16/2013Kohlberg Kravis Roberts & Co. L.P. (KKR)All Stock$2.6 billion$11.84$11.83546,02806/30/20140.06%0.35%
+ATMI02/04/2014Entegris, Inc. (ENTG)All Cash$1.15 billion$34.00$33.98224,71906/30/20140.06%0.34%
+BEAM01/13/2014Suntory Holdings Limited (N/A)All Cash$16 billion$83.50$83.461,395,61606/30/20140.05%0.28%
+VSB01/27/2014Yadkin Financial Corporation (YDKN)All Stock$299 million$5.88$5.8831,28106/30/20140.02%0.12%
+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$5.45231,95709/30/20130.00%0.00%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$17.77$17.7835,10006/30/2014-0.06%-0.34%
+ACO03/06/2014Minerals Technologies Inc. (MTX)All Cash$1.7 billion$45.75$45.78245,00905/02/2014-0.07%-5.98%
+TQNT02/24/2014RF Micro Devices Inc. (RFMD)All Stock$1.6 billion$13.58$13.603,433,04712/31/2014-0.12%-0.17%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$21.85$21.9528,04606/30/2014-0.46%-2.69%
+ARTC02/03/2014Smith & Nephew (N/A)All Cash$1.7 billion$48.25$48.55522,83906/30/2014-0.62%-3.58%
+COA02/27/2014Essilor International (N/A)All Cash$430 million$11.21$11.2921,07206/30/2014-0.71%-4.11%
+ZLC02/19/2014Signet Jewelers Limited (SIG)All Cash$1.4 billion$21.00$21.27696,03206/30/2014-1.27%-7.35%
+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$23.68185,89912/31/2014-17.65%-26.08%

Voluntary Disclosure: I hold a long position in Safeway (SWY).

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria