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Merger Arbitrage Mondays – July 28, 2014

  • July 28, 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 201497
Total Number of Deals Not Completed in 20142
Total Number of Pending Deals
Cash Deals24
Stock Deals19
Stock & Cash Deals14
Special Conditions6
Total Number of Pending Deals63
Total Deal Size$447.86 billion

New Deals:

  1. The acquisition of Intermountain Community Bancorp (IMCB) by Columbia Banking System (COLB) for $121.5 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Intermountain Community Bancorp will receive 0.6426 shares of Columbia common stock and $2.2930 in cash for each share of Intermountain common stock. Subject to proration procedures, Intermountain shareholders can elect to receive consideration consisting of all stock, all cash or a combination of stock and cash.
  2. The acquisition of QR Energy (QRE) by Breitburn Energy Partners (BBEP) for $3 billion in an all stock deal. Under the terms of the agreement, shareholders of QR Energy will receive 0.9856 of a BBEP unit for each unit of QRE.

Closed Deals:

  1. The acquisition of Hittite Microwave Corporation (HITT) by Analog Devices (ADI) on July 22, 2013. It took 43 days for this deal to be completed.
  2. The acquisition of Fusion-io (FIO) by SanDisk (SNDK) on July 23, 2014. It took 37 days for this deal to be completed.
  3. The acquisition of OpenTable (OPEN) by The Priceline Group (PCLN) on July 24, 2014. It took 41 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

TWGP01/06/2014ACP Re Ltd. (N/A)$2.50$2.10511/15/201418.76%62.27%
LO07/15/2014Reynolds American Inc. (RAI)$67.04$60.7306/30/201510.39%11.25%
DTV05/18/2014AT&T, Inc. (T)$95.00$86.3005/31/201510.08%11.99%
COV06/15/2014Medtronic, Inc. (MDT)$95.32$87.7901/31/20158.58%16.75%
QRE07/24/2014Breitburn Energy Partners L.P. (BBEP)$21.48$20.1501/31/20156.58%12.85%
OABC04/29/2014Southside Bancshares Inc. (SBSI)$26.39$24.9012/31/20146.00%14.05%
MONT06/11/2014Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A)$22.60$21.3709/30/20145.76%32.83%
IGT07/16/2014GTECH S.p.A. (GTKYY)$18.25$17.3006/30/20155.49%5.95%
TWC02/13/2014Comcast Corporation (CMCSA)$156.37$148.3612/31/20145.40%12.63%
HCBK08/27/2012M&T Bank Corporation (MTB)$10.44$9.9412/31/20145.00%11.69%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.


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

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