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Merger Arbitrage Mondays – September 8, 2014

  • September 7, 2014

Merger Activity continued to stay flat 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 2014115
Total Number of Deals Not Completed in 20142
Total Number of Pending Deals
Cash Deals22
Stock Deals19
Stock & Cash Deals14
Special Conditions7
Total Number of Pending Deals62
Total Deal Size$479.96 billion

New Deals:

  1. The acquisition of Compuware Corporation (CPWR) by Thoma Bravo for $2.5 billion or approximately $10.92 per share in cash. The number is approximate because it includes an estimated payment $0.67 per Compuware share related to distribution of Covisint (COVS) shares owned by Compuware.
  2. The acquisition of Bolt Technology (BOLT) by Teledyne Technologies (TDY) for $171 million or $22.00 per share in cash.

Deal Updates:

  1. On September 5, 2014, Family Dollar Stores (FDO) announced that its Board of Directors unanimously rejected the revised, non-binding proposal made by Dollar General Corporation (DG) on September 2, 2014, on the basis of antitrust regulatory considerations.

Closed Deals:

  1. The acquisition of R.G. Barry Corporation (DFZ) by Mill Road Capital on September 4, 2014. It took 125 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$1.9811/15/201426.26%140.97%
LO07/15/2014Reynolds American Inc. (RAI)$67.65$59.8006/30/201513.13%16.25%
FFKY04/22/2014Community Bank Shares of Indiana Inc. (CBIN)$3.99$3.6009/19/201410.71%355.46%
IGT07/16/2014GTECH S.p.A. (GTKYY)$18.25$16.6206/30/20159.81%12.13%
LIN03/22/2014Media General, Inc. (MEG)$25.97$23.6803/31/20159.67%17.30%
COV06/15/2014Medtronic, Inc. (MDT)$96.67$88.4401/31/20159.31%23.43%
DTV05/18/2014AT&T, Inc. (T)$95.00$87.2605/31/20158.87%12.22%
OABC04/29/2014Southside Bancshares Inc. (SBSI)$27.31$25.5912/31/20146.74%21.56%
TWC02/13/2014Comcast Corporation (CMCSA)$160.14$150.2012/31/20146.62%21.18%
MONT06/11/2014Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A)$22.60$21.3809/30/20145.71%94.67%

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$1.981,212,67311/15/201426.26%140.97%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$67.65$59.801,626,72306/30/201513.13%16.25%
+FFKY04/22/2014Community Bank Shares of Indiana Inc. (CBIN)All Stock$17.9 million$3.99$3.601,71609/19/201410.71%355.46%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$16.624,632,27906/30/20159.81%12.13%
+LIN03/22/2014Media General, Inc. (MEG)Special Conditions$2.6 billion$25.97$23.68258,07403/31/20159.67%17.30%
+COV06/15/2014Medtronic, Inc. (MDT)Cash Plus Stock$42.9 billion$96.67$88.442,778,81601/31/20159.31%23.43%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$87.262,684,97405/31/20158.87%12.22%
+OABC04/29/2014Southside Bancshares Inc. (SBSI)Cash Plus Stock$307 million$27.31$25.5927,33112/31/20146.74%21.56%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$160.14$150.201,724,21712/31/20146.62%21.18%
+MONT06/11/2014Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A)All Cash$693 million$22.60$21.38373,75309/30/20145.71%94.67%
+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.693,10009/30/20145.33%88.35%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.46$9.981,020,83712/31/20144.81%15.40%
+TRLA07/28/2014Zillow, Inc. (Z)All Stock$3.5 billion$60.92$58.27516,99603/31/20154.54%8.13%
+QRE07/24/2014Breitburn Energy Partners L.P. (BBEP)All Stock$3 billion$22.30$21.38385,26601/31/20154.32%10.88%
+SWY03/06/2014AB Acquisition LLC (N/A)Special ConditionsN/A$36.15$34.70834,86112/31/20144.18%13.38%
+PTEK04/30/2014Multimedia Games, Inc. (N/A)All CashN/A$1.35$1.3033,00012/31/20143.85%12.31%
+BYI08/01/2014Scientific Games Corporation (SGMS)All Cash$5.1 billion$83.30$80.39198,51101/31/20153.62%9.11%
+FFCO04/14/2014CB Financial Services, Inc. (CBFV)All Stock54.5 million$22.60$21.90N/A11/15/20143.20%17.17%
+FRNK07/15/2014Towne Bank (TOWN)All Stock$275 million$20.45$19.8913,55812/31/20142.84%9.08%
+CPWR09/02/2014Thoma Bravo, LLC (N/A)All Cash$2.5 billion$10.92$10.637,390,74001/31/20152.73%6.87%
+NBTF08/04/2014Peoples Bancorp Inc. (PEBO)Cash Plus Stock$109 million$30.14$29.4410003/31/20152.39%4.28%
+EPB08/10/2014Kinder Morgan, Inc. (KMI)Cash Plus StockN/A$41.80$40.851,003,80012/31/20142.33%7.46%
+KMP08/10/2014Kinder Morgan, Inc. (KMI)Cash Plus StockN/A$96.98$94.871,931,24112/31/20142.22%7.12%
+FUBC05/08/2014Valley National Bancorp (VLY)All Stock$312 million$8.94$8.7571,05210/31/20142.22%15.31%
+GECR06/23/2014State Bank Financial Corporation (STBZ)Special Conditions$82 million$22.35$21.8727503/31/20152.19%3.93%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$69.98$68.50267,16006/30/20152.16%2.68%
+IMCB07/23/2014Columbia Banking System Inc. (COLB)Cash Plus Stock$121.5 million$19.12$18.7235112/31/20142.12%6.78%
+THRD06/04/2014National Penn Bancshares Inc. (NPBC)All Stock$138 million$42.58$41.781,27812/31/20141.91%6.13%
+SPBC05/05/2014Green Bank (N/A)All Cash$46.2 million$29.55$29.001,90009/30/20141.90%31.47%
+PEOP08/05/2014Independent Bank Corp. (INDB)All Stock$130.6 million$20.48$20.1022,98203/31/20151.89%3.38%
+KMR08/10/2014Kinder Morgan, Inc. (KMI)All StockN/A$97.68$95.91614,05512/31/20141.85%5.91%
+OVRL05/15/2014Sphere 3D Corporation (ANY)All Stock$81.13 million$3.41$3.3518,37509/30/20141.81%30.10%
+CHRM05/19/2014Engadin Parent Limited (N/A)Special ConditionsN/A$4.70$4.623,18509/30/20141.73%28.73%
+IRF08/20/2014Infineon Technologies AG (IFNNY)All Cash$2.4 billion$40.00$39.401,567,45901/31/20151.52%3.83%
+HCT06/02/2014Ventas, Inc. (VTR)All Stock$2.6 billion$11.14$10.982,500,16212/31/20141.46%4.69%
+ENVE06/30/2014Consolidated Communications Holdings Inc. (CNSL)All Stock$350 million$18.02$17.7650,40112/31/20141.44%4.62%
+FRF08/12/2014Tiptree Financial Inc. (TIPT)All Cash$218 million$10.00$9.8782,05701/31/20151.32%3.32%
+NOVB01/21/2014TriCo Bancshares (TCBK)All Stock$178.4 million$22.35$22.087,98309/30/20141.21%20.05%
+TQNT02/24/2014RF Micro Devices Inc. (RFMD)All Stock$1.6 billion$20.62$20.414,704,71112/31/20141.03%3.28%
+FWLT02/13/2014AMEC PLC (AMCBF)Cash Plus Stock$3.3 billion$32.47$32.15217,03012/31/20140.98%3.15%
+KOG07/13/2014Whiting Petroleum Corp. (WLL)All Stock$6 billion$15.52$15.372,642,07012/31/20140.95%3.04%
+TWTC06/16/2014Level 3 Communications, Inc. (LVLT)Cash Plus Stock$7.3 billion$41.94$41.60339,17612/31/20140.82%2.62%
+PL06/03/2014Dai-ichi Life Insurance Company (N/A)All Cash$5.7 billion$70.00$69.51401,98301/31/20150.70%1.77%
+ITMN08/24/2014Roche (N/A)All Cash$8.3 billion$74.00$73.492,986,43712/31/20140.69%2.22%
+ROC07/15/2014Albemarle Corporation (ALB)Cash Plus Stock$6.2 billion$81.25$80.71303,63603/31/20150.67%1.21%
+LSBI06/04/2014Old National Bancorp. (ONB)Cash Plus Stock$66.7 million$40.56$40.3510012/31/20140.52%1.65%
+PSMI08/22/2014Murata Electronics North America, Inc. (N/A)All Cash$471 million$12.50$12.44195,94201/31/20150.48%1.21%
+COBR08/28/2014Monomoy Capital Partners II, L.P. (N/A)All CashN/A$4.30$4.2846,67112/31/20140.47%1.50%
+BOLT09/03/2014Teledyne Technologies Inc. (TDY)All Cash$171 million$22.00$21.91579,83112/31/20140.41%1.32%
+PIKE08/04/2014Court Square Capital Partners & J. Eric Pike, the Company�s Chairman and Chief Executive Officer (N/A)All CashN/A$12.00$11.96225,02612/31/20140.33%1.07%
+MEAS06/18/2014TE Connectivity Ltd. (TEL)All Cash$1.7 billion$86.00$85.7359,48112/31/20140.31%1.01%
+URS07/13/2014AECOM Technology Corporation (ACM)Cash Plus Stock$6 billion$60.43$60.37202,25810/31/20140.10%0.68%
+MCRS06/23/2014Oracle Corporation (ORCL)All Cash$4.6 billion$68.00$67.99294,22712/31/20140.01%0.05%
+MDCI06/25/2014Owens & Minor, Inc. (OMI)All Cash$208 million$13.80$13.8024,36312/31/20140.00%0.00%
+GFIG07/30/2014CME Group (N/A)All CashN/A$4.55$4.551,061,27101/31/20150.00%0.00%
+ARX05/20/2014Cobham plc (N/A)All Cash$1.46 billion$10.50$10.53129,89609/30/2014-0.28%-4.73%
+OBAF04/08/2014F.N.B. Corporation (FNB)All Stock$94 million$22.53$22.617,05009/30/2014-0.36%-5.90%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.491,261,44609/30/2015-0.87%-0.82%
+SWS04/01/2014Hilltop Holdings Inc. (HTH)Cash Plus Stock$260 million$7.10$7.29165,17812/31/2014-2.62%-8.38%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$79.116,121,90001/31/2015-5.83%-14.67%
+AUXL06/26/2014QLT Inc. (QLTI)All StockN/A$18.44$20.15725,75612/31/2014-8.49%-27.19%
+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$23.8899,96912/31/2014-18.34%-58.73%

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

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