Merger Arbitrage Mondays – November 24, 2014

Merger Activity decreased last week with five new mergers announced and five 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 2014 147
Total Number of Deals Not Completed in 2014 2
Total Number of Pending Deals
Cash Deals 28
Stock Deals 21
Stock & Cash Deals 21
Special Conditions 9
Total Number of Pending Deals 79
Total Deal Size $635.69 billion

New Deals:

  1. The acquisition of Valley Financial Corporation (VYFC) by BNC Bancorp (BNCN) for $101.3 million. Under the terms of the agreement, shareholders of Valley Financial Corporation will receive a fixed price of $20.50 for each share of Valley common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price (VWAP) of BNC common stock prior to the closing of the merger, subject to minimum and maximum exchange ratios. If the VWAP immediately prior to the merger is greater than or equal to $18.50 then each share of Valley common stock shall be converted into 1.1081 shares of BNC common stock. If the VWAP immediately prior to the merger is less than $14.25, then each share of Valley common stock shall be converted into 1.4386 shares of BNC common stock. We are categorizing this deal as a “special conditions” deal with a fixed price of $20.50.
  2. The acquisition of Baker Hughes Incorporated (BHI) by Halliburton Company (HAL) in a cash plus stock deal. Under the terms of the agreement, shareholders of Baker Hughes will receive 1.12 Haliburton shares plus $19.00 in cash for each share they own.
  3. The acquisition of ChyronHego (CHYR) by Vector Capital for $2.82 per share in cash.
  4. The acquisition of Allergan (AGN) by Actavis plc (ACT) in a cash plus stock deal. Under the terms of the agreement, shareholders of Allergan will receive $129.22 in cash and 0.3683 of an ordinary share of Actavis.
  5. The acquisition of Oplink Communications (OPLK) by Koch Industries for $445 million or $24.25 per share in cash.

Closed Deals:

  1. The acquisition of Durata Therapeutics (DRTX) by Actavis (ACT) on November 17, 2014. It took 42 days for this deal to be completed.
  2. The acquisition of Montage Technology Group Limited (MONT) by Shanghai Pudong Science and Technology Investment Co., Ltd. on November 19, 2014. It took 161 days for this deal to be completed.
  3. The acquisition of LipoScience (LPDX) by Laboratory Corp. of America Holdings (LH) on November 20, 2014. It took 56 days for this deal to be completed.
  4. The acquisition of Bolt Technology (BOLT) by Teledyne Technologies (TDY) on November 20, 2014. It took 78 days for this deal to be completed.
  5. The acquisition of QR Energy (QRE) by Breitburn Energy Partners (BBEP) on November 21, 2014. It took 120 days for this deal to be completed.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

BHI 11/16/2014 Halliburton Company (HAL) $75.71 $65.83 12/31/2015 15.00% 13.62%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.58 12/31/2014 12.66% 124.87%
LO 07/15/2014 Reynolds American Inc. (RAI) $69.49 $63.54 06/30/2015 9.37% 15.69%
LIN 03/22/2014 Media General, Inc. (MEG) $25.97 $23.80 03/31/2015 9.12% 26.20%
TWC 02/13/2014 Comcast Corporation (CMCSA) $155.48 $142.52 12/31/2014 9.09% 89.71%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $10.48 $9.63 12/31/2014 8.79% 86.75%
DTV 05/18/2014 AT&T, Inc. (T) $95.00 $87.43 05/31/2015 8.66% 16.81%
FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) $4.06 $3.75 10/30/2014 8.16% -119.15%
AGN 11/16/2014 Actavis plc (ACT) $224.89 $209.09 06/30/2015 7.55% 12.65%
HCT 06/02/2014 Ventas, Inc. (VTR) $11.77 $10.95 12/31/2014 7.48% 73.76%

List of all pending deals:

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


Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $75.71 $65.83 13,573,649 12/31/2015 15.00% 13.62%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.58 22,867 12/31/2014 12.66% 124.87%
+ LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $69.49 $63.54 2,519,383 06/30/2015 9.37% 15.69%
+ LIN 03/22/2014 Media General, Inc. (MEG) Special Conditions $2.6 billion $25.97 $23.80 157,078 03/31/2015 9.12% 26.20%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $155.48 $142.52 2,240,394 12/31/2014 9.09% 89.71%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.48 $9.63 3,418,488 12/31/2014 8.79% 86.75%
+ DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $87.43 3,048,642 05/31/2015 8.66% 16.81%
+ FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) All Stock $17.9 million $4.06 $3.75 100 10/30/2014 8.16% 0.00%
+ AGN 11/16/2014 Actavis plc (ACT) Cash Plus Stock N/A $224.89 $209.09 4,820,993 06/30/2015 7.55% 12.65%
+ HCT 06/02/2014 Ventas, Inc. (VTR) All Stock $2.6 billion $11.77 $10.95 5,490,622 12/31/2014 7.48% 73.76%
+ IGT 07/16/2014 GTECH S.p.A. (GTKYY) Special Conditions $6.4 billion $18.25 $17.11 2,290,370 06/30/2015 6.66% 11.16%
+ CPWR 09/02/2014 Thoma Bravo, LLC (N/A) All Cash $2.5 billion $10.92 $10.26 1,678,086 01/31/2015 6.43% 34.53%
+ COV 06/15/2014 Medtronic, Inc. (MDT) Cash Plus Stock $42.9 billion $104.49 $98.44 3,816,638 01/31/2015 6.15% 32.99%
+ WPZ 10/27/2014 Access Midstream Partners, L.P. (ACMP) All Stock $50 billion $56.91 $54.02 4,941,941 01/31/2015 5.35% 28.70%
+ VYFC 11/17/2014 BNC Bancorp (BNCN) Special Conditions $101.3 million $20.50 $19.74 22,802 06/30/2015 3.85% 6.45%
+ SWY 03/06/2014 AB Acquisition LLC (N/A) Special Conditions N/A $36.15 $34.82 1,069,878 12/31/2014 3.82% 37.68%
+ TRLA 07/28/2014 Zillow, Inc. (Z) All Stock $3.5 billion $51.05 $49.24 428,862 03/31/2015 3.68% 10.57%
+ HBNK 11/04/2014 Berkshire Hills Bancorp Inc. (BHLB) All Stock $109 million $20.53 $19.81 2,790 05/15/2015 3.61% 7.66%
+ PEOP 08/05/2014 Independent Bank Corp. (INDB) All Stock $130.6 million $21.76 $21.02 6,639 03/31/2015 3.50% 10.05%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $53.52 234,913 12/31/2015 3.46% 3.14%
+ ESBF 10/29/2014 WesBanco Inc. (WSBC) Cash Plus Stock $324.4 million $18.50 $17.90 30,881 06/30/2015 3.36% 5.63%
+ DRIV 10/23/2014 Siris Capital Group, LLC (N/A) All Cash $840 million $26.00 $25.18 249,709 03/31/2015 3.26% 9.36%
+ SUSQ 11/12/2014 BB&T Corporation (BBT) Cash Plus Stock $2.5 billion $13.54 $13.12 4,383,227 06/30/2015 3.20% 5.36%
+ CMSB 09/25/2014 Putnam County Savings Bank (N/A) All Cash $25.4 million $13.25 $12.84 500 06/30/2015 3.19% 5.35%
+ VIAS 09/22/2014 TTM Technologies Inc. (TTMI) Cash Plus Stock $927 million $16.11 $15.66 3,447 06/30/2015 2.87% 4.81%
+ BTUI 10/22/2014 Amtech Systems Inc. (ASYS) All Stock N/A $3.18 $3.10 14,505 03/31/2015 2.66% 7.64%
+ OABC 04/29/2014 Southside Bancshares Inc. (SBSI) Cash Plus Stock $307 million $27.48 $26.79 9,681 12/31/2014 2.59% 25.52%
+ AVIV 10/31/2014 Omega Healthcare Investors Inc. (OHI) All Stock $3 billion $33.77 $32.93 547,004 03/31/2015 2.54% 7.31%
+ HVB 11/05/2014 Sterling Bancorp. (STL) All Stock $539 million $25.63 $25.02 99,139 06/30/2015 2.45% 4.10%
+ TRW 09/15/2014 ZF Friedrichshafen AG (“ZF”) (N/A) All Cash $13.5 billion $105.60 $103.22 656,363 06/30/2015 2.31% 3.86%
+ BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $47.38 $46.40 27,134 03/31/2015 2.12% 6.09%
+ MGAM 09/08/2014 Global Cash Access Holdings, Inc. (GCA) All Cash $1.2 billion $36.50 $35.79 320,271 03/31/2015 1.98% 5.70%
+ DWSN 10/09/2014 TGC Industries Inc. (TGE) All Stock N/A $15.84 $15.54 41,399 03/31/2015 1.93% 5.55%
+ CVD 11/03/2014 Laboratory Corp. of America Holdings (LH) Cash Plus Stock $5.6 billion $102.74 $100.81 1,561,492 03/31/2015 1.92% 5.51%
+ APAGF 10/03/2014 Pluspetrol Resources Corporation (N/A) All Cash $427 million $14.50 $14.25 26,350 12/31/2014 1.75% 17.31%
+ NBTF 08/04/2014 Peoples Bancorp Inc. (PEBO) Cash Plus Stock $109 million $30.63 $30.12 8,072 03/31/2015 1.69% 4.85%
+ ROC 07/15/2014 Albemarle Corporation (ALB) Cash Plus Stock $6.2 billion $80.32 $79.06 1,067,274 03/31/2015 1.60% 4.59%
+ CFN 10/05/2014 Becton, Dickinson and Company (BDX) Cash Plus Stock $12.2 billion $59.13 $58.25 1,956,380 06/30/2015 1.51% 2.53%
+ SAPE 11/03/2014 Publicis Groupe (N/A) All Cash $3.7 billion $25.00 $24.66 993,094 03/31/2015 1.38% 3.96%
+ DRC 09/21/2014 Siemens (N/A) All Cash $7.6 billion $83.00 $81.89 1,142,864 06/30/2015 1.36% 2.27%
+ FRNK 07/15/2014 Towne Bank (TOWN) All Stock $275 million $20.31 $20.05 36,556 12/31/2014 1.32% 12.99%
+ GTIV 10/09/2014 Kindred Healthcare Inc. (KND) Cash Plus Stock $1.8 billion $19.81 $19.56 264,968 03/31/2015 1.28% 3.67%
+ ESYS 11/04/2014 Lindsay Corporation (LNN) All Cash $70.5 million $17.50 $17.32 9,610 01/31/2015 1.04% 5.58%
+ TIBX 09/29/2014 Vista Equity Partners (N/A) All Cash $4.3 billion $24.00 $23.76 2,110,336 12/31/2014 1.01% 9.96%
+ GRT 09/16/2014 Washington Prime Group Inc. (WPG) Cash Plus Stock $4.3 billion $13.86 $13.73 804,760 03/31/2015 0.95% 2.74%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $23.85 $23.63 3,359,885 12/31/2014 0.94% 9.27%
+ XWES 11/04/2014 EnerNOC, Inc. (ENOC) All Cash N/A $5.50 $5.45 15,822 01/15/2015 0.92% 6.44%
+ SWS 04/01/2014 Hilltop Holdings Inc. (HTH) Cash Plus Stock $260 million $7.07 $7.02 101,578 12/31/2014 0.67% 6.57%
+ OILT 11/12/2014 Enterprise Products Partners L.P. (EPD) All Stock N/A $51.40 $51.08 241,319 03/31/2015 0.63% 1.81%
+ KMP 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $97.95 $97.34 36,346,452 12/31/2014 0.62% 6.14%
+ EPB 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $42.22 $41.96 22,528,306 12/31/2014 0.61% 6.06%
+ SMPL 09/29/2014 HomeStreet, Inc. (HMST) All Stock N/A $16.55 $16.45 278,305 03/31/2015 0.61% 1.75%
+ FRF 08/12/2014 Tiptree Financial Inc. (TIPT) All Cash $218 million $10.00 $9.94 873 01/31/2015 0.60% 3.24%
+ PENX 10/15/2014 Ingredion Incorporated (INGR) All Cash $340 million $19.00 $18.89 9,868 12/31/2014 0.58% 5.74%
+ OPLK 11/19/2014 Koch Industries, Inc. (N/A) All Cash $445 million $24.25 $24.14 1,592,262 03/31/2015 0.46% 1.31%
+ KMR 08/10/2014 Kinder Morgan, Inc. (KMI) All Stock N/A $98.77 $98.33 1,781,566 12/31/2014 0.45% 4.46%
+ TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $73.42 $73.11 612,708 06/30/2015 0.43% 0.72%
+ PIKE 08/04/2014 Court Square Capital Partners & J. Eric Pike, the Company�s Chairman and Chief Executive Officer (N/A) All Cash N/A $12.00 $11.95 220,851 12/31/2014 0.42% 4.13%
+ PSMI 08/22/2014 Murata Electronics North America, Inc. (N/A) All Cash $471 million $12.50 $12.45 385,033 01/31/2015 0.40% 2.16%
+ CNQR 09/18/2014 SAP SE (SAP) All Cash $8.3 billion $129.00 $128.49 608,609 03/31/2015 0.40% 1.14%
+ PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) All Cash $5.7 billion $70.00 $69.73 465,692 01/31/2015 0.39% 2.08%
+ IRF 08/20/2014 Infineon Technologies AG (IFNNY) All Cash $2.4 billion $40.00 $39.85 720,308 01/31/2015 0.38% 2.02%
+ KOG 07/13/2014 Whiting Petroleum Corp. (WLL) All Stock $6 billion $10.52 $10.48 4,511,185 12/31/2014 0.37% 3.68%
+ CQB 10/27/2014 Cutrale-Safra group (N/A) All Cash $1.3 billion $14.50 $14.47 386,690 01/31/2015 0.21% 1.11%
+ APL 10/13/2014 Targa Resources Partners LP (NGLS) Cash Plus Stock $5.8 billion $35.72 $35.67 2,457,576 03/31/2015 0.15% 0.42%
+ TAM 09/11/2014 Eastman Chemical Co. (EMN) All Cash $2.8 billion $26.00 $25.97 322,844 12/31/2014 0.12% 1.14%
+ AMRE 10/31/2014 Edens Investment Trust (N/A) All Cash N/A $26.55 $26.53 84,282 03/31/2015 0.08% 0.22%
+ BYI 08/01/2014 Scientific Games Corporation (SGMS) All Cash $5.1 billion $83.30 $83.27 4,214,445 01/31/2015 0.04% 0.19%
+ CHYR 11/17/2014 Vector Capital (N/A) All Cash N/A $2.82 $2.82 183,072 03/31/2015 0.00% 0.00%
+ CNVR 09/11/2014 Alliance Data Systems Corporation (ADS) Special Conditions $2.3 billion $35.00 $35.07 593,507 12/31/2014 -0.20% -1.97%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $27.35 1,986,123 09/30/2015 -0.37% -0.43%
+ AUXL 10/09/2014 Endo International plc (ENDP) Special Conditions $2.6 billion $33.25 $33.50 1,689,160 06/30/2015 -0.75% -1.25%
+ OVRL 05/15/2014 Sphere 3D Corporation (ANY) All Stock $81.13 million $3.79 $3.90 162,504 12/31/2014 -2.71% -26.74%
+ COBK 09/10/2014 Cape Bancorp, Inc. (CBNJ) All Stock $55 million $12.88 $13.39 2,100 03/31/2015 -3.83% -11.00%
+ GECR 06/23/2014 State Bank Financial Corporation (STBZ) Special Conditions $82 million $22.35 $23.50 2,995 03/31/2015 -4.89% -14.06%
+ WMGI 10/27/2014 Tornier N.V. (TRNX) All Stock $1.72 billion $27.00 $28.45 736,394 06/30/2015 -5.10% -8.54%
+ FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $78.99 2,256,682 01/31/2015 -5.68% -30.51%
+ GFIG 07/30/2014 CME Group (N/A) All Cash N/A $4.55 $5.00 275,174 01/31/2015 -9.00% -48.31%
+ ATLS 10/13/2014 Targa Resources Corp. (TRGP) Cash Plus Stock $1.9 billion $31.29 $37.98 813,941 03/31/2015 -17.63% -50.66%

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

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

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