Merger Arbitrage Mondays – January 14, 2013

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January 13, 2013 | Merger Arbitrage | | Author Asif

Merger activity increased last week with two new deals 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 2013 3
Total Number of Pending Deals
Cash Deals 45
Stock Deals 13
Stock & Cash Deals 8
Total Number of Pending Deals 66
Total Deal Size $106.02 billion

New Deals:

  1. The acquisition of Energy Solutions (ES) by Energy Capital Partners for $1.1 billion or $3.75 per share in cash.
  2. The acquisition of Epocrates (EPOC) by athenahealth (ATHN) for $293 million or $11.75 per share in cash.

Updated Deals:

  1. On January 9, 2013, DISH Network (DISH) offered $3.30 per Share for Clearwire (CLWR)
  2. On January 11, 2013, BGI-Shenzhen announced that it has extended its all cash tender offer (the “Offer”) to purchase all outstanding shares of common stock of Complete Genomics (GNOM) to January 18, 2013.

Closed Deals:

  1. The acquisition of Sunrise Senior Living (SRZ) by Health Care REIT (HCN) on January 9, 2013.
  2. The acquisition of LML Payment Systems (LMLP) by Digital River (DRIV) on January 10, 2013.
  3. The acquisition of Community Financial (CFFC) by City Holding Company (CHCO) on January 11, 2013.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

SOMX 12/11/2012 Pernix Therapeutics Holdings, Inc. (PTX) $3.48 $3.01 06/30/2013 15.61% 34.13%
ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) $16.15 $15.05 03/31/2013 7.33% 35.18%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.38 $6.00 06/30/2013 6.37% 13.91%
FMCN 12/19/2012 Giovanna Parent Limited (N/A) $27.50 $25.94 06/30/2013 6.01% 13.14%
OUTD 11/16/2012 InterMedia Outdoors Holdings, LLC (N/A) $8.00 $7.56 03/31/2013 5.82% 27.95%
HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) $13.50 $12.85 03/31/2013 5.06% 24.29%
BCDS 12/26/2012 Diodes Incorporated (DIOD) $8.00 $7.67 03/31/2013 4.30% 20.66%
JEF 11/12/2012 Leucadia National Corp. (LUK) $19.59 $18.80 03/31/2013 4.22% 20.28%
NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) $7.50 $7.21 06/30/2013 4.02% 8.79%
KCG 12/19/2012 GETCO Holding Company (N/A) $3.75 $3.62 06/30/2013 3.59% 7.85%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ SOMX 12/11/2012 Pernix Therapeutics Holdings, Inc. (PTX) All Cash $25 million $3.48 $3.01 21,396 06/30/2013 15.61% 34.13%
+ ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) All Stock $51.6 million $16.15 $15.05 34,052 03/31/2013 7.33% 35.18%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.38 $6.00 2,580 06/30/2013 6.37% 13.91%
+ FMCN 12/19/2012 Giovanna Parent Limited (N/A) All Cash $3.7 billion $27.50 $25.94 1,329,173 06/30/2013 6.01% 13.14%
+ OUTD 11/16/2012 InterMedia Outdoors Holdings, LLC (N/A) All Cash N/A $8.00 $7.56 59,578 03/31/2013 5.82% 27.95%
+ HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $12.85 225,831 03/31/2013 5.06% 24.29%
+ BCDS 12/26/2012 Diodes Incorporated (DIOD) All Cash $151 million $8.00 $7.67 269,209 03/31/2013 4.30% 20.66%
+ JEF 11/12/2012 Leucadia National Corp. (LUK) All Stock $3.59 billion $19.59 $18.80 1,095,184 03/31/2013 4.22% 20.28%
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.21 12,516 06/30/2013 4.02% 8.79%
+ KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.62 810,180 06/30/2013 3.59% 7.85%
+ SHP 12/21/2012 ShangPharma Holdings Limited (N/A) All Cash $173 million $9.00 $8.70 3,252 06/30/2013 3.45% 7.54%
+ CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $95.25 $92.19 246,749 06/30/2013 3.31% 7.25%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Cash $150 million $10.00 $9.68 56,622 03/31/2013 3.31% 15.88%
+ FCAL 11/06/2012 PacWest Bancorp (PACW) All Cash $231 million $8.00 $7.79 46,392 03/31/2013 2.70% 12.95%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.84 437,707 03/31/2013 2.48% 11.89%
+ FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.76 62,325 06/30/2013 2.46% 5.37%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.28 $1.25 N/A 03/31/2013 2.34% 11.22%
+ ANNB 10/23/2012 F.N.B. Corporation (FNB) All Stock $51 million $12.46 $12.18 400 04/30/2013 2.29% 7.88%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $20.58 $20.14 246,388 06/30/2013 2.17% 4.75%
+ RVR 11/15/2012 Parthenon Capital Partners (N/A) All Cash $79.5 million $21.93 $21.48 700 03/31/2013 2.09% 10.06%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $33.39 $32.73 2,938,803 12/31/2013 2.01% 2.09%
+ PRWT 10/30/2012 AmericanWest Bank (N/A) All Cash $16.6 million $1.65 $1.62 3,319 06/30/2013 1.85% 4.05%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $27.01 6,170,099 03/31/2013 1.81% 8.71%
+ YMI 12/12/2012 Gilead Sciences Inc. (GILD) All Cash $510 million $2.95 $2.90 1,932,555 03/31/2013 1.72% 8.28%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $15.71 $15.48 38,061 06/30/2013 1.51% 3.30%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.88 1,381,545 06/30/2013 1.21% 2.65%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.68 $8.58 5,591,595 03/31/2013 1.11% 5.33%
+ ALTE 12/19/2012 Markel Corp. (MKL) Cash Plus Stock $3.13 billion $29.81 $29.49 792,962 06/30/2013 1.09% 2.38%
+ CASC 10/22/2012 Toyota Industries Corporation (N/A) All Cash $759 million $65.00 $64.47 89,484 01/24/2013 0.82% 30.01%
+ ALNC 10/08/2012 NBT Bancorp Inc. (NBTB) All Stock $233.4 million $44.91 $44.55 3,568 06/30/2013 0.80% 1.76%
+ SEH 10/24/2012 PolyOne Corporation (POL) Cash Plus Stock $393 million $9.65 $9.57 214,082 03/31/2013 0.80% 3.86%
+ CYBI 10/17/2012 UM Holdings, Ltd. (N/A) All Cash N/A $2.55 $2.53 154,002 03/31/2013 0.79% 3.80%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.59 443,499 02/18/2013 0.69% 7.18%
+ PXP 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) Cash Plus Stock $6.9 billion $47.86 $47.54 1,892,612 06/30/2013 0.67% 1.46%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $44.99 $44.70 318,205 06/30/2013 0.65% 1.41%
+ WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) All Stock $506 million $23.01 $22.86 86,372 03/31/2013 0.64% 3.06%
+ EPOC 01/07/2013 athenahealth, Inc. (ATHN) All Cash $293 million $11.75 $11.68 1,344,397 04/30/2013 0.60% 2.06%
+ RTLX 11/28/2012 NCR Corp. (NCR) All Cash $660 million $30.00 $29.83 50,572 03/31/2013 0.57% 2.74%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $47.08 $46.85 656,178 03/31/2013 0.50% 2.39%
+ ZIP 01/02/2013 Avis Budget Group, Inc. (CAR) All Cash $500 million $12.25 $12.19 799,894 04/30/2013 0.49% 1.69%
+ ZZ 09/27/2012 Tempur-Pedic International Inc. (TPX) All Cash $1.3 billion $2.20 $2.19 379,464 06/30/2013 0.46% 1.00%
+ HLYS 12/10/2012 Sequential Brands Group, Inc. (N/A) All Cash $63.2 million $2.25 $2.24 23,825 03/31/2013 0.45% 2.14%
+ TNS 12/11/2012 an Affiliate of Siris Capital Group (N/A) All Cash $862 million $21.00 $20.92 275,300 03/31/2013 0.38% 1.84%
+ WRC 10/31/2012 PVH Corp. (PVH) Cash Plus Stock $2.9 billion $73.15 $72.88 255,545 03/31/2013 0.37% 1.80%
+ GNOM 09/17/2012 BGI-Shenzhen (N/A) All Cash $117.6 million $3.15 $3.14 1,109,401 01/18/2013 0.32% 29.06%
+ PSSI 10/25/2012 McKesson Corporation (MCK) All Cash $2.1 billion $29.00 $28.91 1,484,182 03/31/2013 0.31% 1.50%
+ WWAY 12/20/2012 EQT Infrastructure II (N/A) All Cash $419 million $6.70 $6.68 17,397 03/31/2013 0.30% 1.44%
+ KBW 11/05/2012 Stifel Financial Corp. (SF) All Cash $575 million $15.50 $15.46 102,475 03/31/2013 0.26% 1.24%
+ EPHC 12/06/2012 TD Bank Group (N/A) All Cash $668 million $28.00 $27.95 31,828 06/30/2013 0.18% 0.39%
+ RAH 11/27/2012 ConAgra Foods, Inc. (CAG) All Cash $6.8 billion $90.00 $89.87 1,604,897 03/31/2013 0.14% 0.69%
+ CBOU 12/17/2012 Joh. A. Benckiser Group (N/A) All Cash $340 millon $16.00 $15.98 1,193,502 03/31/2013 0.13% 0.60%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.92 47,230 03/31/2013 0.12% 0.59%
+ SBX 08/28/2012 Enstar Group Limited (ESGR) All Cash $249 million $11.11 $11.10 123,635 03/31/2013 0.09% 0.43%
+ YDNT 12/04/2012 affiliate of Linden Capital Partners (N/A) All Cash $314 million $39.50 $39.48 9,307 03/31/2013 0.05% 0.24%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $35.77 $35.75 171,206 03/31/2013 0.04% 0.21%
+ ELOQ 12/20/2012 Oracle Corporation (ORCL) All Cash $871 million $23.50 $23.49 133,756 06/30/2013 0.04% 0.09%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $2.92 $2.93 N/A 02/28/2013 -0.26% -2.08%
+ DUF 12/30/2012 a consortium comprising controlled affiliates of or funds managed by The Carlyle Group, Stone Point Capital LLC, Pictet & Cie and Edmond de Rothschild Group (N/A) All Cash $665.5 million $15.55 $15.67 630,134 06/30/2013 -0.77% -1.67%
+ KYAK 11/08/2012 priceline.com Incorporated (PCLN) All Cash $1.65 billion $40.00 $40.32 4,107 03/31/2013 -0.79% -3.81%
+ ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.83 552,699 09/30/2013 -1.23% -1.73%
+ ARCT 09/06/2012 Realty Income Corp. (O) All Stock $2.95 billion $12.33 $12.59 4,852,078 03/31/2013 -2.07% -9.94%
+ ES 01/07/2013 a subsidiary of Energy Capital Partners II, LLC (N/A) All Cash $1.1 billion $3.75 $3.88 1,414,034 06/30/2013 -3.35% -7.32%
+ CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $2.97 $3.15 16,398,339 03/31/2013 -5.71% -27.44%
+ MMR 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) All Cash 3.4 billion $14.75 $16.04 1,133,291 06/30/2013 -8.04% -17.58%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $48.30 2,000 03/31/2013 -18.22% -87.50%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.25 N/A 03/31/2013 -20.00% -96.05%

Voluntary Disclosure: I hold a long position in CYBI.




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