×

Subscribe Today

Get our free articles delivered directly to your email!

Continue reading

Merger Arbitrage Mondays – April 7, 2014

  • April 7, 2014

Merger Activity increased last week with three 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 201444
Total Number of Pending Deals
Cash Deals39
Stock Deals13
Stock & Cash Deals12
Total Number of Pending Deals64
Total Deal Size$227.02 billion

New Deals:

  1. The acquisition of SWS Group (SWS) by Hilltop Holdings (HTH) for $260 million in a cash plus stock deal. Under the terms of the agreement, shareholders of SWS Group will receive per share consideration of 0.2496 shares of Hilltop common stock and $1.94 of cash.
  2. The acquisition of DFC Global Corp (DLLR) by an affiliate of Lone Star Funds for $1.3 billion or $9.50 per share in cash.
  3. The acquisition of Noah Education Holdings (NED) by Rainbow Education Holding Limited in a ‘going private’ transaction for $2.85 per share in cash.

Closed Deals:

  1. The acquisition of Xyratex Ltd. (XRTX) by Seagate Technology Public Limited Company (STX) on March 31, 2014. It took 98 days for this deal to be completed.
  2. The acquisition of BRE Properties (BRE) by Essex Property Trust (ESS) on April 1, 2014. It took 103 days for this deal to be completed.
  3. The acquisition of Supertex (SUPX) by Microchip Technology (MCHP) on April 2, 2014. It took 51 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$4.4303/31/201422.57%-1177.04%
WH02/21/2013WSP OCTG GROUP Ltd. (N/A)$3.20$2.7805/31/201415.11%102.12%
SYNM12/17/2013Renewable Energy Group, Inc. (REGI)$4.46$3.8803/31/201415.06%-785.03%
TWGP01/06/2014ACP Re Ltd. (N/A)$3.00$2.6106/30/201414.94%64.93%
HOME10/23/2013Cascade Bancorp (CACB)$17.65$15.5103/31/201413.78%-718.60%
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$5.0409/30/20138.13%-15.71%
HWG06/05/2013Hallwood Financial Limited (N/A)$13.00$12.2504/30/20146.12%97.16%
LIN03/22/2014Media General, Inc. (MEG)$27.82$26.2803/31/20155.86%5.97%
SWY03/06/2014AB Acquisition LLC (N/A)$40.00$37.9612/31/20145.37%7.32%
RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)$18.50$17.7406/30/20144.28%18.62%

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$4.43131,79203/31/201422.57%0.00%
+WH02/21/2013WSP OCTG GROUP Ltd. (N/A)All Cash$893.6 million$3.20$2.7845,53605/31/201415.11%102.12%
+SYNM12/17/2013Renewable Energy Group, Inc. (REGI)All StockN/A$4.46$3.8839,79503/31/201415.06%0.00%
+TWGP01/06/2014ACP Re Ltd. (N/A)All Cash$172.1$3.00$2.61857,09706/30/201414.94%64.93%
+HOME10/23/2013Cascade Bancorp (CACB)Cash Plus Stock$265.7 million$17.65$15.5136,31803/31/201413.78%0.00%
+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$5.0481,18509/30/20138.13%0.00%
+HWG06/05/2013Hallwood Financial Limited (N/A)All CashN/A$13.00$12.253,15004/30/20146.12%97.16%
+LIN03/22/2014Media General, Inc. (MEG)All Cash$2.6 billion$27.82$26.28411,27903/31/20155.86%5.97%
+SWY03/06/2014AB Acquisition LLC (N/A)All CashN/A$40.00$37.964,794,02512/31/20145.37%7.32%
+RDA11/11/2013Tsinghua Unigroup Ltd. (N/A)All Cash$910 million$18.50$17.74117,18106/30/20144.28%18.62%
+FWLT02/13/2014AMEC PLC (AMCBF)Cash Plus Stock$3.3 billion$34.67$33.31833,77512/31/20144.09%5.56%
+GA03/16/2014Giant Investment Limited (�Parent�) and Giant Merger Limited (N/A)All Cash$3 billion$12.00$11.552,002,17212/31/20143.90%5.31%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$144.27$139.172,910,71512/31/20143.66%4.99%
+NDZ03/28/2014Sterigenics (N/A)All Cash$727 million$11.75$11.352,070,79812/31/20143.52%4.80%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.13$9.793,447,05712/31/20143.47%4.73%
+CHC01/13/2014CPT Wyndham Holdings Ltd. (N/A)All CashN/A$3.51$3.4039,03806/30/20143.24%14.06%
+NINE01/29/2014Ninetowns Holdings Limited (“Parent”) (N/A)All CashN/A$1.80$1.74817,29206/30/20142.97%12.93%
+JFBI01/23/2014HomeTrust Bancshares, Inc. (HTBI)All Cash$51.2 million$8.00$7.786,39006/30/20142.83%12.29%
+VCBI01/30/2013United Bankshares Inc. (UBSI)All Stock$490.6 million$16.72$16.26N/A01/31/20142.82%0.00%
+NTS10/21/2013Tower Three Partners LLC (N/A)All Cash$83 million$2.00$1.9521,48103/31/20142.56%0.00%
+NED04/02/2014Rainbow Education Holding Limited (N/A)All CashN/A$2.85$2.7853,31108/15/20142.52%7.07%
+TSH01/13/2014IberiaBank Corp. (IBKC)All Stock$161 million$80.27$78.506306/30/20142.26%9.80%
+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$19.0769,52412/31/20142.25%3.07%
+FRX02/18/2014Actavis plc (ACT)Cash Plus Stock$25 billion$92.59$90.562,286,18506/30/20142.25%9.76%
+TBOW12/10/2013Trunkbow Merger Group Limited (N/A)All CashN/A$1.46$1.43439,68003/31/20142.10%0.00%
+HAST03/17/2014Affiliate of Joel Weinshanker (N/A)All Cash$21.4 million$3.00$2.9518,54506/30/20141.69%7.36%
+ICH10/28/2013RCS Capital Corporation (N/A)All Cash$52.5 million$7.25$7.147,00003/31/20141.54%0.00%
+NICK12/18/2013an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A)All Cash$340 million$16.00$15.7633,23604/30/20141.52%24.17%
+ESC02/20/2014Brookdale Senior Living Inc. (BKD)All Stock$2.8 billion$31.72$31.28554,77309/30/20141.41%2.92%
+SWS04/01/2014Hilltop Holdings Inc. (HTH)Cash Plus Stock$260 million$8.05$7.941,124,42412/31/20141.39%1.89%
+EPL03/12/2014Energy XXI (Bermuda) Limited (EXXI)Cash Plus Stock$2.3 billion$38.83$38.32742,04806/30/20141.33%5.77%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.766,20103/31/20141.14%0.00%
+JOSB03/11/2014The Men’s Wearhouse, Inc. (MW)All Cash$1.8 billion$65.00$64.37695,15006/30/20140.98%4.25%
+LSI12/16/2013Avago Technologies Limited (AVGO)All Cash$6.6 billion$11.15$11.075,454,72206/30/20140.72%3.14%
+CEDU12/31/2013ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A)All CashN/A$7.00$6.9541,96906/30/20140.72%3.13%
+TXI01/28/2014Martin Marietta Materials Inc. (MLM)All Stock$2.7 billion$89.39$88.81238,97306/30/20140.65%2.84%
+FBMI08/15/2013Mercantile Bank Corp. (MBWM)Cash Plus Stock$151.5 million$18.83$18.711,88606/30/20140.64%2.79%
+CNOB01/21/2014Center Bancorp, Inc. (CNBC)All Stock$243 million$49.17$48.865,93109/30/20140.63%1.30%
+UNS12/11/2013Fortis, Inc. (N/A)All Cash$4.3 billion$60.25$59.90439,92712/31/20140.58%0.80%
+LCAV02/13/2014PhotoMedex, Inc. (PHMD)All Cash$106.4 million$5.37$5.3440,64206/30/20140.56%2.44%
+SGK03/17/2014Matthews International Corporation (MATW)Cash Plus Stock$577 million$20.51$20.4090,43809/30/20140.55%1.14%
+KFN12/16/2013Kohlberg Kravis Roberts & Co. L.P. (KKR)All Stock$2.6 billion$12.06$12.00707,36806/30/20140.51%2.23%
+PACR01/06/2014XPO Logistics, Inc. (XPO)All Cash$296 million$9.00$8.96N/A06/30/20140.45%1.94%
+WBCO10/23/2013Heritage Financial Corp. (HFWA)Cash Plus Stock$265.1 million$17.90$17.8429,23406/30/20140.32%1.41%
+HITK08/27/2013Akorn, Inc. (AKRX)All Cash$640 million$43.50$43.37140,09503/31/20140.30%0.00%
+JNY12/19/2013Sycamore Partners (N/A)All Cash$1.2 billion$15.00$14.961,540,24106/30/20140.27%1.16%
+UBNK11/15/2013Rockville Financial Inc. (RCKB)All Stock$369 million$18.31$18.2636,10706/30/20140.27%1.15%
+BEAM01/13/2014Suntory Holdings Limited (N/A)All Cash$16 billion$83.50$83.282,253,03806/30/20140.26%1.15%
+DLLR04/02/2014affiliate of Lone Star Funds (N/A)All Cash$1.3 billion$9.50$9.483,517,20609/30/20140.21%0.44%
+ARTC02/03/2014Smith & Nephew (N/A)All Cash$1.7 billion$48.25$48.16548,45906/30/20140.19%0.81%
+ATMI02/04/2014Entegris, Inc. (ENTG)All Cash$1.15 billion$34.00$33.94377,74706/30/20140.18%0.77%
+ACCL01/30/2014Dassault Syst�mes (N/A)All Cash$750 million$12.50$12.48247,47206/30/20140.16%0.70%
+ANLY08/28/2013ACS Motion Control, Ltd. (ACSEF)All Cash$35 million$6.45$6.44N/A12/31/20130.16%0.00%
+STSA09/11/2013Umpqua Holdings Corporation (UMPQ)Cash Plus Stock$2.0 billion$33.29$33.26134,24906/30/20140.10%0.44%
+NOVB01/21/2014TriCo Bancshares (TCBK)All Stock$178.4 million$23.79$23.776,84106/30/20140.08%0.37%
+MKTG12/20/2013Oracle Corporation (ORCL)All Cash$1.5 billion$27.00$26.98N/A06/30/20140.07%0.32%
+ACO03/06/2014Minerals Technologies Inc. (MTX)All Cash$1.7 billion$45.75$45.74406,02604/30/20140.02%0.35%
+ZLC02/19/2014Signet Jewelers Limited (SIG)All Cash$1.4 billion$21.00$21.00664,42106/30/20140.00%0.00%
+TAYC07/15/2013MB Financial Inc. (MBFI)Cash Plus Stock$680 million$23.68$23.6956,27206/30/2014-0.04%-0.16%
+CSE07/22/2013PacWest Bancorp (PACW)Cash Plus Stock$2.3 billion$15.57$15.581,924,81004/07/2014-0.06%0.00%
+TOFC09/10/2013Old National Bancorp. (ONB)Cash Plus Stock$107.7 million$24.41$24.501,77103/31/2014-0.35%18.30%
+COA02/27/2014Essilor International (N/A)All Cash$430 million$11.21$11.28193,14406/30/2014-0.62%-2.70%
+TQNT02/24/2014RF Micro Devices Inc. (RFMD)All Stock$1.6 billion$12.57$12.757,028,63212/31/2014-1.40%-1.91%
+VSB01/27/2014Yadkin Financial Corporation (YDKN)All Stock$299 million$6.46$6.8879,27906/30/2014-6.16%-26.76%

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

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