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Merger Arbitrage Mondays – October 27, 2014

  • October 26, 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 2014132
Total Number of Deals Not Completed in 20142
Total Number of Pending Deals
Cash Deals28
Stock Deals18
Stock & Cash Deals20
Special Conditions8
Total Number of Pending Deals74
Total Deal Size$582.38 billion

New Deals:

  1. The acquisition of Cleco Corporation (CNL) by a group of investors led by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC), together with John Hancock Financial and other investors for $4.7 billion or $55.37 per share in cash.
  2. The acquisition of BTU International (BTUI) by Amtech Systems (ASYS) in an all stock deal. Under the terms of the agreement, shareholders of BTU International will receive 0.3291 shares of Amtech common stock for every share of BTU common stock.

Deal Updates:

  1. On October 22, 2014, Interdealer broker BGC Partners (BGCP) went ahead with the formal launch of its hostile $675 million bid for rival GFI Group Inc (GFIG) after talks between the two companies reached a deadlock. GFI said a special committee would review the offer and make its position known by Nov. 4.

Closed Deals:

  1. The acquisition of SP Bancorp (SPBC) by Green Bancorp (GNBC) on October 20, 2014. It took 168 days for this deal to be completed.
  2. The acquisition of Annie’s (BNNY) by General Mills (GIS) on October 22, 2014. It took 44 days for this deal to be completed.
  3. The acquisition of TF Financial Corporation (THRD) by National Penn Bancshares (NPBC) on October 24, 2014. It took 142 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

FFKY04/22/2014Community Bank Shares of Indiana Inc. (CBIN)$4.05$3.56110/30/201413.86%1686.11%
DTV05/18/2014AT&T, Inc. (T)$95.00$84.1505/31/201512.89%21.79%
LO07/15/2014Reynolds American Inc. (RAI)$68.40$60.6706/30/201512.75%18.92%
LIN03/22/2014Media General, Inc. (MEG)$25.97$23.1803/31/201512.04%28.34%
IGT07/16/2014GTECH S.p.A. (GTKYY)$18.25$16.3306/30/201511.76%17.45%
COV06/15/2014Medtronic, Inc. (MDT)$98.82$89.6401/31/201510.24%38.94%
EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.6209/30/20149.88%-133.52%
TWC02/13/2014Comcast Corporation (CMCSA)$156.00$142.9812/31/20149.10%51.12%
CPWR09/02/2014Thoma Bravo, LLC (N/A)$10.92$10.0401/31/20158.76%33.33%
BTUI10/22/2014Amtech Systems Inc. (ASYS)$3.34$3.1003/31/20157.86%18.51%

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