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Merger Arbitrage Mondays – November 17, 2014

  • November 16, 2014

Merger Activity decreased last week with two new mergers announced and four 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 2014142
Total Number of Deals Not Completed in 20142
Total Number of Pending Deals
Cash Deals31
Stock Deals22
Stock & Cash Deals19
Special Conditions8
Total Number of Pending Deals80
Total Deal Size$652.14 billion

New Deals:

  1. The acquisition of Susquehanna Bancshares (SUSQ) by BB&T Corporation (BBT) for $2.5 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Susquehanna Bancshares will receive 0.253 shares of BB&T common stock and $4.05 in cash for each share of Susquehanna common stock.
  2. The acquisition of Oiltanking Partners (OILT) by Enterprise Products Partners (EPD) in an all stock deal. Under the terms of the agreement, shareholders of Oiltanking Partners will receive 1.3 Enterprise common units for each Oiltanking Partners common unit.

Closed Deals:

  1. The acquisition of Athlon Energy (ATHL) by Encana Corporation (ECA) on November 13, 2014. It took 45 days for this deal to be completed.
  2. The acquisition of Ambit Biosciences Corporation (AMBI) by Daiichi Sankyo Company on November 13, 2014. It took 45 days for this deal to be completed.
  3. The acquisition of Foster Wheeler AG by AMEC PLC (AMCBF) on November 13, 2014. It took 273 days for this deal to be completed.
  4. The acquisition of Move (MOVE) by News Corp on November 14, 2014. It took 45 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

EDS12/02/2013Pan Long Company Limited (N/A)$1.78$1.5812/31/201412.66%105.01%
FFKY04/22/2014Community Bank Shares of Indiana Inc. (CBIN)$4.12$3.6610/30/201412.58%-255.02%
LO07/15/2014Reynolds American Inc. (RAI)$69.26$61.5906/30/201512.45%20.20%
TWC02/13/2014Comcast Corporation (CMCSA)$155.54$140.0112/31/201411.09%92.00%
DTV05/18/2014AT&T, Inc. (T)$95.00$87.5505/31/20158.51%15.93%
LIN03/22/2014Media General, Inc. (MEG)$25.97$24.0403/31/20158.03%21.87%
COV06/15/2014Medtronic, Inc. (MDT)$101.11$93.9801/31/20157.58%36.90%
IGT07/16/2014GTECH S.p.A. (GTKYY)$18.25$16.9706/30/20157.54%12.24%
CPWR09/02/2014Thoma Bravo, LLC (N/A)$10.92$10.1701/31/20157.37%35.89%
HCBK08/27/2012M&T Bank Corporation (MTB)$10.50$9.8212/31/20146.91%57.33%

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

+EDS12/02/2013Pan Long Company Limited (N/A)All Cash$60.1 million$1.78$1.589,70012/31/201412.66%105.01%
+FFKY04/22/2014Community Bank Shares of Indiana Inc. (CBIN)All Stock$17.9 million$4.12$3.669,10010/30/201412.58%0.00%
+LO07/15/2014Reynolds American Inc. (RAI)Cash Plus Stock$27.4 billion$69.26$61.591,241,04706/30/201512.45%20.20%
+TWC02/13/2014Comcast Corporation (CMCSA)All Stock$45.2 billion$155.54$140.012,982,66812/31/201411.09%92.00%
+DTV05/18/2014AT&T, Inc. (T)Special Conditions$48.5 billion$95.00$87.552,754,21805/31/20158.51%15.93%
+LIN03/22/2014Media General, Inc. (MEG)Special Conditions$2.6 billion$25.97$24.04128,80603/31/20158.03%21.87%
+COV06/15/2014Medtronic, Inc. (MDT)Cash Plus Stock$42.9 billion$101.11$93.983,032,44401/31/20157.58%36.90%
+IGT07/16/2014GTECH S.p.A. (GTKYY)Special Conditions$6.4 billion$18.25$16.971,817,52606/30/20157.54%12.24%
+CPWR09/02/2014Thoma Bravo, LLC (N/A)All Cash$2.5 billion$10.92$10.171,836,65201/31/20157.37%35.89%
+HCBK08/27/2012M&T Bank Corporation (MTB)All Stock$3.7 billion$10.50$9.821,179,94212/31/20146.91%57.33%
+HCT06/02/2014Ventas, Inc. (VTR)All Stock$2.6 billion$11.59$11.023,449,79312/31/20145.17%42.89%
+DRIV10/23/2014Siris Capital Group, LLC (N/A)All Cash$840 million$26.00$24.73138,86503/31/20155.14%13.99%
+WPZ10/27/2014Access Midstream Partners, L.P. (ACMP)All Stock$50 billion$54.10$51.801,060,33501/31/20154.44%21.61%
+PEOP08/05/2014Independent Bank Corp. (INDB)All Stock$130.6 million$22.43$21.521,09703/31/20154.22%11.50%
+TRLA07/28/2014Zillow, Inc. (Z)All Stock$3.5 billion$50.49$48.45771,88203/31/20154.20%11.45%
+CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$53.36357,91512/31/20153.77%3.36%
+SWY03/06/2014AB Acquisition LLC (N/A)Special ConditionsN/A$36.15$34.85936,53012/31/20143.73%30.94%
+DWSN10/09/2014TGC Industries Inc. (TGE)All StockN/A$16.47$15.9033,11003/31/20153.61%9.83%
+FRNK07/15/2014Towne Bank (TOWN)All Stock$275 million$20.80$20.1214,52612/31/20143.40%28.20%
+AUXL10/09/2014Endo International plc (ENDP)Special Conditions$2.6 billion$33.25$32.17555,56306/30/20153.36%5.45%
+MGAM09/08/2014Global Cash Access Holdings, Inc. (GCA)All Cash$1.2 billion$36.50$35.32411,57603/31/20153.34%9.10%
+APL10/13/2014Targa Resources Partners LP (NGLS)Cash Plus Stock$5.8 billion$34.22$33.13576,19803/31/20153.29%8.96%
+OABC04/29/2014Southside Bancshares Inc. (SBSI)Cash Plus Stock$307 million$28.42$27.5210,92812/31/20143.27%27.11%
+SIAL09/22/2014Merck KGaA (N/A)All Cash$17 billion$140.00$135.58555,15006/30/20153.26%5.29%
+TRW09/15/2014ZF Friedrichshafen AG (“ZF”) (N/A)All Cash$13.5 billion$105.60$102.27409,46906/30/20153.26%5.28%
+HBNK11/04/2014Berkshire Hills Bancorp Inc. (BHLB)All Stock$109 million$20.60$19.954,38505/15/20153.25%6.63%
+VIAS09/22/2014TTM Technologies Inc. (TTMI)Cash Plus Stock$927 million$16.15$15.674,85506/30/20153.08%4.99%
+CMSB09/25/2014Putnam County Savings Bank (N/A)All Cash$25.4 million$13.25$12.887806/30/20152.87%4.66%
+SUSQ11/12/2014BB&T Corporation (BBT)Cash Plus Stock$2.5 billion$13.52$13.158,508,56406/30/20152.81%4.56%
+APAGF10/03/2014Pluspetrol Resources Corporation (N/A)All Cash$427 million$14.50$14.1222,00112/31/20142.69%22.32%
+CFN10/05/2014Becton, Dickinson and Company (BDX)Cash Plus Stock$12.2 billion$59.04$57.571,353,36306/30/20152.55%4.14%
+AVIV10/31/2014Omega Healthcare Investors Inc. (OHI)All Stock$3 billion$33.84$33.04491,10103/31/20152.42%6.60%
+HVB11/05/2014Sterling Bancorp. (STL)All Stock$539 million$26.84$26.2481,48606/30/20152.29%3.72%
+ESBF10/29/2014WesBanco Inc. (WSBC)Cash Plus Stock$324.4 million$19.16$18.7380,08206/30/20152.29%3.72%
+OVRL05/15/2014Sphere 3D Corporation (ANY)All Stock$81.13 million$4.24$4.1691,01712/31/20142.02%16.80%
+CVD11/03/2014Laboratory Corp. of America Holdings (LH)Cash Plus Stock$5.6 billion$102.31$100.30750,57503/31/20152.00%5.45%
+BKYF09/08/2014BB&T Corporation (BBT)Cash Plus Stock$363 million$47.30$46.5132,01303/31/20151.70%4.64%
+DRC09/21/2014Siemens (N/A)All Cash$7.6 billion$83.00$81.63947,41006/30/20151.68%2.72%
+GTIV10/09/2014Kindred Healthcare Inc. (KND)Cash Plus Stock$1.8 billion$19.62$19.33114,63903/31/20151.50%4.08%
+ROC07/15/2014Albemarle Corporation (ALB)Cash Plus Stock$6.2 billion$80.30$79.193,720,52503/31/20151.41%3.83%
+TEG06/23/2014Wisconsin Energy Corp. (WEC)Cash Plus Stock$9.1 billion$72.52$71.58472,97406/30/20151.31%2.13%
+SAPE11/03/2014Publicis Groupe (N/A)All Cash$3.7 billion$25.00$24.682,234,36103/31/20151.30%3.53%
+TIBX09/29/2014Vista Equity Partners (N/A)All Cash$4.3 billion$24.00$23.721,106,54212/31/20141.18%9.79%
+ESYS11/04/2014Lindsay Corporation (LNN)All Cash$70.5 million$17.50$17.3245,68001/31/20151.04%5.06%
+BYI08/01/2014Scientific Games Corporation (SGMS)All Cash$5.1 billion$83.30$82.471,495,72701/31/20151.01%4.90%
+EPB08/10/2014Kinder Morgan, Inc. (KMI)Cash Plus StockN/A$41.86$41.452,894,15912/31/20140.99%8.18%
+XWES11/04/2014EnerNOC, Inc. (ENOC)All CashN/A$5.50$5.456,40901/15/20150.92%5.68%
+FRF08/12/2014Tiptree Financial Inc. (TIPT)All Cash$218 million$10.00$9.915,64401/31/20150.91%4.42%
+KMR08/10/2014Kinder Morgan, Inc. (KMI)All StockN/A$97.83$96.961,001,65712/31/20140.90%7.45%
+KMP08/10/2014Kinder Morgan, Inc. (KMI)Cash Plus StockN/A$97.11$96.255,358,08212/31/20140.90%7.43%
+BTUI10/22/2014Amtech Systems Inc. (ASYS)All StockN/A$3.26$3.234,30003/31/20150.87%2.37%
+PENX10/15/2014Ingredion Incorporated (INGR)All Cash$340 million$19.00$18.8425,00512/31/20140.85%7.04%
+PIKE08/04/2014Court Square Capital Partners & J. Eric Pike, the Company�s Chairman and Chief Executive Officer (N/A)All CashN/A$12.00$11.90155,85112/31/20140.84%6.97%
+GRT09/16/2014Washington Prime Group Inc. (WPG)Cash Plus Stock$4.3 billion$13.93$13.84435,23903/31/20150.67%1.82%
+NBTF08/04/2014Peoples Bancorp Inc. (PEBO)Cash Plus Stock$109 million$31.87$31.68N/A03/31/20150.59%1.61%
+TQNT02/24/2014RF Micro Devices Inc. (RFMD)All Stock$1.6 billion$22.73$22.602,557,95812/31/20140.57%4.76%
+CNQR09/18/2014SAP SE (SAP)All Cash$8.3 billion$129.00$128.28768,16003/31/20150.56%1.53%
+SMPL09/29/2014HomeStreet, Inc. (HMST)All StockN/A$16.67$16.5894,81103/31/20150.54%1.48%
+KOG07/13/2014Whiting Petroleum Corp. (WLL)All Stock$6 billion$10.01$9.962,850,66712/31/20140.51%4.26%
+MONT06/11/2014Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A)All Cash$693 million$22.60$22.50402,99511/06/20140.44%0.00%
+PL06/03/2014Dai-ichi Life Insurance Company (N/A)All Cash$5.7 billion$70.00$69.70330,93901/31/20150.43%2.09%
+CQB10/27/2014Cutrale-Safra group (N/A)All Cash$1.3 billion$14.50$14.44495,80401/31/20150.42%2.02%
+PSMI08/22/2014Murata Electronics North America, Inc. (N/A)All Cash$471 million$12.50$12.4680,44801/31/20150.32%1.56%
+IRF08/20/2014Infineon Technologies AG (IFNNY)All Cash$2.4 billion$40.00$39.881,201,95401/31/20150.30%1.46%
+LPDX09/25/2014Laboratory Corp. of America Holdings (LH)All Cash$85.3 million$5.25$5.24137,32512/31/20140.19%1.58%
+BOLT09/03/2014Teledyne Technologies Inc. (TDY)All Cash$171 million$22.00$21.9616,56412/31/20140.18%1.51%
+TAM09/11/2014Eastman Chemical Co. (EMN)All Cash$2.8 billion$26.00$25.97104,61612/31/20140.12%0.96%
+AMRE10/31/2014Edens Investment Trust (N/A)All CashN/A$26.55$26.53125,05603/31/20150.08%0.21%
+OILT11/12/2014Enterprise Products Partners L.P. (EPD)All StockN/A$48.40$48.42101,23003/31/2015-0.04%-0.12%
+QRE07/24/2014Breitburn Energy Partners L.P. (BBEP)All Stock$3 billion$15.33$15.34300,73801/31/2015-0.09%-0.44%
+POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$27.281,020,32009/30/2015-0.11%-0.13%
+SWS04/01/2014Hilltop Holdings Inc. (HTH)Cash Plus Stock$260 million$7.13$7.1482,37112/31/2014-0.12%-0.97%
+CNVR09/11/2014Alliance Data Systems Corporation (ADS)Special Conditions$2.3 billion$35.00$35.08511,43312/31/2014-0.23%-1.89%
+COBK09/10/2014Cape Bancorp, Inc. (CBNJ)All Stock$55 million$13.03$13.3511,84503/31/2015-2.38%-6.47%
+WMGI10/27/2014Tornier N.V. (TRNX)All Stock$1.72 billion$27.24$28.08840,19306/30/2015-3.00%-4.87%
+DRTX10/06/2014Actavis plc (ACT)All Cash$675 million$23.00$23.752,471,60001/31/2015-3.16%-15.37%
+FDO07/28/2014Dollar Tree, Inc. (DLTR)Special Conditions$9.2 billion$74.50$78.32375,22401/31/2015-4.88%-23.74%
+GFIG07/30/2014CME Group (N/A)All CashN/A$4.55$4.79137,48701/31/2015-5.01%-24.38%
+GECR06/23/2014State Bank Financial Corporation (STBZ)Special Conditions$82 million$22.35$23.8018,30803/31/2015-6.09%-16.60%
+ATLS10/13/2014Targa Resources Corp. (TRGP)Cash Plus Stock$1.9 billion$30.09$36.09500,38903/31/2015-16.64%-45.31%

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

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