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Merger Arbitrage Mondays – September 1, 2014

  • September 1, 2014

Merger Activity stayed flat 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 2014114
Total Number of Deals Not Completed in 20142
Total Number of Pending Deals
Cash Deals21
Stock Deals19
Stock & Cash Deals14
Special Conditions7
Total Number of Pending Deals61
Total Deal Size$477.29 billion

New Deals:

  1. The acquisition of InterMune (ITMN) by Roche for $8.3 billion or $74.00 per share in cash.
  2. The acquisition of Cobra Electronics (COBR) by Monomoy Capital Partners for $4.30 per share in cash.

Closed Deals:

  1. The acquisition of The Hillshire Brands Company (HSH) by Tyson Foods (TSN) on August 28, 2014. It took 57 days for this deal to be completed.
  2. The acquisition of iSoftStone Holdings Limited (ISS) by Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and China AMC Capital Management Limited on August 29, 2014. It took 449 days for this deal to be completed.
  3. The acquisition of Susser Holdings Corporation (SUSS) by Energy Transfer Partners (ETP) on August 29, 2014. It took 123 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$2.0111/15/201424.38%118.64%
LO07/15/2014Reynolds American Inc. (RAI)$67.51$59.7006/30/201513.08%15.81%
LIN03/22/2014Media General, Inc. (MEG)$25.97$23.3203/31/201511.36%19.66%
COV06/15/2014Medtronic, Inc. (MDT)$96.23$86.8301/31/201510.83%26.00%
DTV05/18/2014AT&T, Inc. (T)$95.00$86.4505/31/20159.89%13.27%
OABC04/29/2014Southside Bancshares Inc. (SBSI)$28.44$25.9612/31/20149.56%28.84%
FFKY04/22/2014Community Bank Shares of Indiana Inc. (CBIN)$3.99$3.6509/19/20149.20%186.47%
IGT07/16/2014GTECH S.p.A. (GTKYY)$18.25$16.8606/30/20158.24%9.96%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.6709/30/20146.59%82.90%
TWC02/13/2014Comcast Corporation (CMCSA)$157.32$147.9312/31/20146.35%19.15%

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

+TWGP01/06/2014ACP Re Ltd. (N/A)All Cash$172.1$2.50$2.01564,44811/15/201424.38%118.64%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$67.51$59.702,220,27106/30/201513.08%15.81%
+LIN03/22/2014Media General, Inc. (MEG)Special Conditions$2.6 billion$25.97$23.32122,36103/31/201511.36%19.66%
+COV06/15/2014Medtronic, Inc. (MDT)Cash Plus Stock$42.9 billion$96.23$86.832,547,15101/31/201510.83%26.00%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$86.451,952,35505/31/20159.89%13.27%
+OABC04/29/2014Southside Bancshares Inc. (SBSI)Cash Plus Stock$307 million$28.44$25.9618,63812/31/20149.56%28.84%
+FFKY04/22/2014Community Bank Shares of Indiana Inc. (CBIN)All Stock$17.9 million$3.99$3.651,06009/19/20149.20%186.47%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$16.862,145,82006/30/20158.24%9.96%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.6717,77809/30/20146.59%82.90%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$157.32$147.93876,99812/31/20146.35%19.15%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.39$9.871,162,61012/31/20145.25%15.85%
+MONT06/11/2014Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A)All Cash$693 million$22.60$21.48305,41309/30/20145.21%65.63%
+BYI08/01/2014Scientific Games Corporation (SGMS)All Cash$5.1 billion$83.30$79.29574,12101/31/20155.06%12.14%
+QRE07/24/2014Breitburn Energy Partners L.P. (BBEP)All Stock$3 billion$22.55$21.63343,88501/31/20154.26%10.22%
+SWY03/06/2014AB Acquisition LLC (N/A)Special ConditionsN/A$36.15$34.781,117,59012/31/20143.94%11.88%
+OVRL05/15/2014Sphere 3D Corporation (ANY)All Stock$81.13 million$3.58$3.4621,80609/30/20143.45%43.38%
+TRLA07/28/2014Zillow, Inc. (Z)All Stock$3.5 billion$63.70$61.63406,36503/31/20153.35%5.80%
+FRNK07/15/2014Towne Bank (TOWN)All Stock$275 million$20.52$19.8618,25012/31/20143.34%10.09%
+KMP08/10/2014Kinder Morgan, Inc. (KMI)Cash Plus StockN/A$99.06$96.381,695,49712/31/20142.79%8.40%
+SPBC05/05/2014Green Bank (N/A)All Cash$46.2 million$29.55$28.7580009/30/20142.78%35.02%
+EPB08/10/2014Kinder Morgan, Inc. (KMI)Cash Plus StockN/A$42.70$41.561,569,84712/31/20142.74%8.27%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$69.71$67.89211,86706/30/20152.68%3.24%
+KMR08/10/2014Kinder Morgan, Inc. (KMI)All StockN/A$100.04$97.72459,26812/31/20142.38%7.17%
+FUBC05/08/2014Valley National Bancorp (VLY)All Stock$312 million$8.90$8.7035,69110/31/20142.30%13.98%
+PTEK04/30/2014Multimedia Games, Inc. (N/A)All CashN/A$1.35$1.323,15612/31/20142.27%6.86%
+CHRM05/19/2014Engadin Parent Limited (N/A)Special ConditionsN/A$4.70$4.6062,00909/30/20142.17%27.36%
+GECR06/23/2014State Bank Financial Corporation (STBZ)Special Conditions$82 million$22.35$21.904,29103/31/20152.05%3.55%
+FFCO04/14/2014CB Financial Services, Inc. (CBFV)All Stock54.5 million$22.31$21.9020011/15/20141.88%9.13%
+IMCB07/23/2014Columbia Banking System Inc. (COLB)Cash Plus Stock$121.5 million$19.01$18.67N/A12/31/20141.81%5.45%
+NBTF08/04/2014Peoples Bancorp Inc. (PEBO)Cash Plus Stock$109 million$30.09$29.601,08203/31/20151.65%2.85%
+THRD06/04/2014National Penn Bancshares Inc. (NPBC)All Stock$138 million$42.20$41.551,14612/31/20141.56%4.72%
+IRF08/20/2014Infineon Technologies AG (IFNNY)All Cash$2.4 billion$40.00$39.402,024,33801/31/20151.52%3.66%
+ENVE06/30/2014Consolidated Communications Holdings Inc. (CNSL)All Stock$350 million$18.05$17.7924,69912/31/20141.44%4.34%
+FRF08/12/2014Tiptree Financial Inc. (TIPT)All Cash$218 million$10.00$9.8782,82001/31/20151.32%3.16%
+PEOP08/05/2014Independent Bank Corp. (INDB)All Stock$130.6 million$20.33$20.073,82203/31/20151.30%2.24%
+HCT06/02/2014Ventas, Inc. (VTR)All Stock$2.6 billion$11.10$10.971,477,53012/31/20141.22%3.68%
+FWLT02/13/2014AMEC PLC (AMCBF)Cash Plus Stock$3.3 billion$33.01$32.64301,58112/31/20141.12%3.38%
+TWTC06/16/2014Level 3 Communications, Inc. (LVLT)Cash Plus Stock$7.3 billion$41.47$41.04392,15312/31/20141.05%3.18%
+TQNT02/24/2014RF Micro Devices Inc. (RFMD)All Stock$1.6 billion$20.89$20.675,903,88612/31/20141.05%3.17%
+PL06/03/2014Dai-ichi Life Insurance Company (N/A)All Cash$5.7 billion$70.00$69.40251,04501/31/20150.86%2.08%
+KOG07/13/2014Whiting Petroleum Corp. (WLL)All Stock$6 billion$16.40$16.273,512,66512/31/20140.80%2.43%
+ITMN08/24/2014Roche (N/A)All Cash$8.3 billion$74.00$73.456,523,52112/31/20140.75%2.26%
+COBR08/28/2014Monomoy Capital Partners II, L.P. (N/A)All CashN/A$4.30$4.27242,59812/31/20140.70%2.12%
+PIKE08/04/2014Court Square Capital Partners & J. Eric Pike, the Company�s Chairman and Chief Executive Officer (N/A)All CashN/A$12.00$11.92480,91512/31/20140.67%2.02%
+GFIG07/30/2014CME Group (N/A)All CashN/A$4.55$4.52419,71101/31/20150.66%1.59%
+LSBI06/04/2014Old National Bancorp. (ONB)Cash Plus Stock$66.7 million$40.33$40.1550012/31/20140.45%1.36%
+PSMI08/22/2014Murata Electronics North America, Inc. (N/A)All Cash$471 million$12.50$12.45274,40501/31/20150.40%0.96%
+NOVB01/21/2014TriCo Bancshares (TCBK)All Stock$178.4 million$21.08$21.0012,94509/30/20140.39%4.96%
+OBAF04/08/2014F.N.B. Corporation (FNB)All Stock$94 million$22.01$21.941,20009/30/20140.33%4.20%
+URS07/13/2014AECOM Technology Corporation (ACM)Cash Plus Stock$6 billion$60.77$60.58189,35010/31/20140.32%1.95%
+MDCI06/25/2014Owens & Minor, Inc. (OMI)All Cash$208 million$13.80$13.7637,82912/31/20140.29%0.88%
+ROC07/15/2014Albemarle Corporation (ALB)Cash Plus Stock$6.2 billion$81.19$80.98559,20703/31/20150.26%0.44%
+MEAS06/18/2014TE Connectivity Ltd. (TEL)All Cash$1.7 billion$86.00$85.8276,90312/31/20140.21%0.63%
+DFZ05/02/2014Mill Road Capital (N/A)All Cash$215 million$19.00$18.9752,99809/30/20140.16%1.99%
+MCRS06/23/2014Oracle Corporation (ORCL)All Cash$4.6 billion$68.00$67.971,181,43112/31/20140.04%0.13%
+ARX05/20/2014Cobham plc (N/A)All Cash$1.46 billion$10.50$10.56103,66209/30/2014-0.57%-7.15%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.561,045,31909/30/2015-1.12%-1.04%
+SWS04/01/2014Hilltop Holdings Inc. (HTH)Cash Plus Stock$260 million$7.22$7.47203,84312/31/2014-3.29%-9.93%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$79.83596,32801/31/2015-6.68%-16.03%
+AUXL06/26/2014QLT Inc. (QLTI)All StockN/A$17.22$18.60406,78612/31/2014-7.44%-22.44%
+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$23.9154,36612/31/2014-18.44%-55.64%

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

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