Merger Arbitrage Mondays – February 18, 2013

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February 17, 2013 | Merger Arbitrage | | Author Asif

Merger activity decreased last week with two new deals 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 2013 19
Total Number of Pending Deals
Cash Deals 46
Stock Deals 16
Stock & Cash Deals 5
Total Number of Pending Deals 67
Total Deal Size $170.52 billion

New Deals:

  1. The acquisition of H.J. Heinz Company (HNZ) by an investment consortium comprised of Berkshire Hathaway and 3G Capital for $28 billion or $72.50 per share in cash
  2. The acquisition of Artio Global Investors (ART) by Aberdeen Asset Management for $2.75 per share in cash.

Closed Deals:

  1. The acquisition of Shaw Group (SHAW) by Chicago Bridge & Iron Company (CBI) on February 13, 2013.
  2. The acquisition of Warnaco Group (WRC) by PVH Corp (PVH) on February 14, 2013.
  3. The acquisition of White River Capital (RVR) by Parthenon Capital Partners on February 14, 2013.
  4. The acquisition of TNS Inc. (TNS) by an Affiliate of Siris Capital Group on February 15, 2013.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.82 $6.22 06/30/2013 9.64% 26.64%
FMCN 12/19/2012 Giovanna Parent Limited (N/A) $27.50 $25.46 06/30/2013 8.01% 22.16%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $40.38 $37.58 12/31/2013 7.46% 8.61%
ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) $15.83 $14.81 03/31/2013 6.91% 61.49%
HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) $13.50 $12.77 03/31/2013 5.72% 50.89%
VCBI 01/30/2013 United Bankshares Inc. (UBSI) $14.14 $13.46 09/30/2013 5.08% 8.28%
WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) $24.92 $23.82 03/31/2013 4.60% 40.98%
SSRX 02/08/2013 Decade Sunshine Limited (N/A) $15.40 $14.80 06/30/2013 4.05% 11.21%
WMS 01/31/2013 Scientific Games Corporation (SGMS) $26.00 $25.00 12/31/2013 4.00% 4.62%
BXG 11/14/2011 BFC Financial Corporation (BFCF) $10.00 $9.63 03/31/2013 3.84% 34.20%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.82 $6.22 5,900 06/30/2013 9.64% 26.64%
+ FMCN 12/19/2012 Giovanna Parent Limited (N/A) All Cash $3.7 billion $27.50 $25.46 341,937 06/30/2013 8.01% 22.16%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $40.38 $37.58 2,262,698 12/31/2013 7.46% 8.61%
+ ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) All Stock $51.6 million $15.83 $14.81 1,500 03/31/2013 6.91% 61.49%
+ HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $12.77 183,167 03/31/2013 5.72% 50.89%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $14.14 $13.46 132,076 09/30/2013 5.08% 8.28%
+ WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) All Stock $506 million $24.92 $23.82 38,595 03/31/2013 4.60% 40.98%
+ SSRX 02/08/2013 Decade Sunshine Limited (N/A) All Cash $340 million $15.40 $14.80 280,689 06/30/2013 4.05% 11.21%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.00 561,792 12/31/2013 4.00% 4.62%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Cash $150 million $10.00 $9.63 44,958 03/31/2013 3.84% 34.20%
+ OUTD 11/16/2012 InterMedia Outdoors Holdings, LLC (N/A) All Cash N/A $8.00 $7.71 31,470 03/31/2013 3.76% 33.49%
+ JEF 11/12/2012 Leucadia National Corp. (LUK) All Stock $3.59 billion $21.92 $21.15 1,028,821 03/31/2013 3.63% 32.35%
+ CPNO 01/29/2013 Kinder Morgan Energy Partners, L.P. (KMP) All Stock $5 billion $39.96 $38.60 434,283 09/30/2013 3.52% 5.73%
+ SHP 12/21/2012 ShangPharma Holdings Limited (N/A) All Cash $173 million $9.00 $8.721 7,500 06/30/2013 3.20% 8.85%
+ CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $103.55 $100.66 379,781 06/30/2013 2.87% 7.94%
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.31 897 06/30/2013 2.60% 7.19%
+ FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $14.08 $13.73 57,324 09/30/2013 2.58% 4.20%
+ SOMH 01/29/2013 Lakeland Bancorp Inc. (LBAI) All Stock $64.4 million $11.29 $11.01 36,860 09/30/2013 2.56% 4.18%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.90 456,400 03/31/2013 2.35% 20.88%
+ ANNB 10/23/2012 F.N.B. Corporation (FNB) All Stock $51 million $13.76 $13.49 N/A 04/30/2013 2.01% 10.35%
+ FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.82 28,200 06/30/2013 1.83% 5.07%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $15.69 $15.43 45,565 06/30/2013 1.67% 4.62%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.15 $1.13 N/A 03/31/2013 1.59% 14.18%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $21.14 $20.83 363,885 06/30/2013 1.48% 4.10%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.81 $8.70 2,711,158 03/31/2013 1.25% 11.14%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.90 352,567 06/30/2013 1.01% 2.79%
+ GNOM 09/17/2012 BGI-Shenzhen (N/A) All Cash $117.6 million $3.15 $3.12 117,187 01/25/2013 0.96% 0.00%
+ ALTE 12/19/2012 Markel Corp. (MKL) Cash Plus Stock $3.13 billion $31.23 $30.97 356,612 06/30/2013 0.82% 2.28%
+ ALNC 10/08/2012 NBT Bancorp Inc. (NBTB) All Stock $233.4 million $45.56 $45.19 7,775 06/30/2013 0.82% 2.27%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.53 810,951 02/18/2013 0.79% 0.00%
+ ORCC 01/31/2013 ACI Worldwide, Inc. (ACIW) All Cash $263 million $3.85 $3.82 82,058 03/31/2013 0.79% 6.99%
+ PVSW 01/28/2013 an affiliate of Actian Corporation (N/A) All Cash $161.9 million $9.20 $9.13 39,283 06/30/2013 0.77% 2.12%
+ CASC 10/22/2012 Toyota Industries Corporation (N/A) All Cash $759 million $65.00 $64.52 434,221 02/28/2013 0.74% 27.15%
+ ART 02/14/2013 Aberdeen Asset Management PLC (N/A) All Cash N/A $2.75 $2.73 2,049,399 08/15/2013 0.73% 1.50%
+ BCDS 12/26/2012 Diodes Incorporated (DIOD) All Cash $151 million $8.00 $7.95 34,913 03/31/2013 0.63% 5.60%
+ PRWT 10/30/2012 AmericanWest Bank (N/A) All Cash $16.6 million $1.65 $1.64 38,016 06/30/2013 0.61% 1.69%
+ PXP 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) Cash Plus Stock $6.9 billion $47.88 $47.64 964,523 06/30/2013 0.51% 1.42%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $46.41 $46.19 1,205,717 06/30/2013 0.49% 1.34%
+ ZZ 09/27/2012 Tempur-Pedic International Inc. (TPX) All Cash $1.3 billion $2.20 $2.19 306,938 06/30/2013 0.46% 1.26%
+ ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.38 258,428 09/30/2013 0.45% 0.74%
+ KSWS 01/17/2013 E. Land (N/A) All Cash $170 million $4.75 $4.73 259,288 06/30/2013 0.42% 1.17%
+ MAPP 01/22/2013 Allergan Inc. (AGN) All Cash $958 million $25.00 $24.91 332,828 06/30/2013 0.36% 1.00%
+ HNZ 02/14/2013 Berkshire Hathaway and 3G Capital (N/A) All Cash $28 billion $72.50 $72.28 23,700,756 09/30/2013 0.30% 0.50%
+ BIOC 01/30/2013 a holding company controlled by JLL Partners, Inc. (N/A) All Cash $123 million $7.25 $7.23 52,347 03/31/2013 0.28% 2.46%
+ KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.74 4,293,047 06/30/2013 0.27% 0.74%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $27.43 6,953,279 03/02/2013 0.26% 7.76%
+ SEH 10/24/2012 PolyOne Corporation (POL) Cash Plus Stock $393 million $9.98 $9.96 115,637 03/31/2013 0.20% 1.74%
+ EPOC 01/07/2013 athenahealth, Inc. (ATHN) All Cash $293 million $11.75 $11.73 72,502 04/30/2013 0.17% 0.88%
+ BOX 01/22/2013 Ontario Teachers’ Pension Plan (N/A) All Cash $467 million $23.00 $22.97 212,427 06/30/2013 0.13% 0.36%
+ PSSI 10/25/2012 McKesson Corporation (MCK) All Cash $2.1 billion $29.00 $28.97 524,367 03/31/2013 0.10% 0.92%
+ ZIP 01/02/2013 Avis Budget Group, Inc. (CAR) All Cash $500 million $12.25 $12.24 617,236 04/30/2013 0.08% 0.42%
+ 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 $15.54 140,924 06/30/2013 0.06% 0.18%
+ EPHC 12/06/2012 TD Bank Group (N/A) All Cash $668 million $28.00 $28.00 41,166 06/30/2013 0.00% 0.00%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $2.98 $2.98 1,900 02/28/2013 -0.04% -1.53%
+ APKT 02/04/2013 Oracle Corporation (ORCL) All Cash $1.7 billion $29.25 $29.31 1,897,440 06/30/2013 -0.20% -0.57%
+ ES 01/07/2013 a subsidiary of Energy Capital Partners II, LLC (N/A) All Cash $1.1 billion $3.75 $3.76 1,444,466 06/30/2013 -0.27% -0.74%
+ MUSA 02/06/2013 Reliance Steel & Aluminum Co. (RS) All Cash $1.2 billion $20.65 $20.71 279,485 06/30/2013 -0.29% -0.80%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.29 26,093 06/30/2013 -0.44% -1.23%
+ KYAK 11/08/2012 priceline.com Incorporated (PCLN) All Cash $1.65 billion $40.00 $40.25 27,121 03/31/2013 -0.62% -5.53%
+ DELL 02/05/2013 Michael Dell, Dell�s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake (N/A) All Cash $24.4 billion $13.65 $13.81 20,486,662 07/31/2013 -1.16% -2.59%
+ FCAL 11/06/2012 PacWest Bancorp (PACW) All Cash $231 million $8.00 $8.19 43,339 03/31/2013 -2.32% -20.65%
+ CXS 01/31/2013 Annaly Capital Management, Inc. (NLY) All Cash $1 billion $13.00 $13.32 333,015 04/30/2013 -2.40% -12.35%
+ KBW 11/05/2012 Stifel Financial Corp. (SF) All Cash $575 million $15.50 $16.40 N/A 03/31/2013 -5.49% -48.85%
+ CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $2.97 $3.16 2,907,831 03/31/2013 -6.01% -53.53%
+ SOMX 12/11/2012 Pernix Therapeutics Holdings, Inc. (PTX) All Cash $25 million $2.78 $3.01 17,323 06/30/2013 -7.64% -21.13%
+ MMR 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) All Cash 3.4 billion $14.75 $16.05 1,614,395 06/30/2013 -8.10% -22.40%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% -272.02%



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