Merger Arbitrage Mondays – February 25, 2013

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February 24, 2013 | Merger Arbitrage | | Author Asif

Merger activity increased last week with six new deals announced and two 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 23
Total Number of Pending Deals
Cash Deals 45
Stock Deals 19
Stock & Cash Deals 5
Total Number of Pending Deals 69
Total Deal Size $178.69 billion

New Deals:

  1. The acquisition of OfficeMax Incorporated (OMX) by Office Depot (ODP) for $1.17 billion in an all stock deal. Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.
  2. The acquisition of PVF Capital Corp (PVFC) by F.N.B. Corporation (FNB) for $106.4 million in an all stock deal. Under the terms of the agreement, PVF Capital Corp. will receive 0.3405 shares of F.N.B. Corporation common stock for each common share of PVF Capital Corp.
  3. The acquisition of Netspend Holdings (NTSP) by Total System Services (TSS) for $1.4 billion or $16.00 per share in cash.
  4. The acquisition of First Financial Holdings (FFCH) by SCBT Financial Corporation (SCBT) for $302.4 million in an all stock deal. Under the terms of the agreement, shareholders of First Financial will receive 0.4237 shares of SCBT common stock for each share of FFCH common stock.
  5. The acquisition of WSP Holdings (WH) by WSP OCTG Group Ltd. for $893.6 million or $3.20 per share in cash.
  6. The acquisition of Berry Petroleum (BRY) by Linn Energy (LINE) for $4.3 billion in an all stock deal. Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry.

Closed Deals:

  1. The acquisition of Robbins & Myers (RBN) by National Oilwell Varco (NOV) on February 20, 2013
  2. The acquisition of Outdoor Channel Holdings (OUTD) by InterMedia Outdoors Holdings, LLC on February 22, 2013.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.93 06/30/2013 9.22% 26.91%
FMCN 12/19/2012 Giovanna Parent Limited (N/A) $27.50 $25.19 06/30/2013 9.17% 26.78%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.72 $6.21 06/30/2013 8.28% 24.17%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $40.26 $37.48 12/31/2013 7.41% 8.76%
ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) $15.98 $14.95 03/31/2013 6.86% 73.60%
PVFC 02/19/2013 F.N.B. Corporation (FNB) $3.98 $3.73 09/30/2013 6.62% 11.14%
HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) $13.50 $12.80 03/31/2013 5.47% 58.71%
WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) $24.94 $23.73 03/31/2013 5.10% 54.78%
VCBI 01/30/2013 United Bankshares Inc. (UBSI) $14.23 $13.55 09/30/2013 5.02% 8.45%
SSRX 02/08/2013 Decade Sunshine Limited (N/A) $15.40 $14.69 06/30/2013 4.83% 14.11%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.93 370,200 06/30/2013 9.22% 26.91%
+ FMCN 12/19/2012 Giovanna Parent Limited (N/A) All Cash $3.7 billion $27.50 $25.19 523,294 06/30/2013 9.17% 26.78%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.72 $6.21 3,800 06/30/2013 8.28% 24.17%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $40.26 $37.48 1,745,928 12/31/2013 7.41% 8.76%
+ ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) All Stock $51.6 million $15.98 $14.95 400 03/31/2013 6.86% 73.60%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $3.98 $3.73 1,277,496 09/30/2013 6.62% 11.14%
+ HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $12.80 129,003 03/31/2013 5.47% 58.71%
+ WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) All Stock $506 million $24.94 $23.73 33,475 03/31/2013 5.10% 54.78%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $14.23 $13.55 106,584 09/30/2013 5.02% 8.45%
+ SSRX 02/08/2013 Decade Sunshine Limited (N/A) All Cash $340 million $15.40 $14.69 267,885 06/30/2013 4.83% 14.11%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.04 547,796 12/31/2013 3.83% 4.53%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Cash $150 million $10.00 $9.69 27,402 03/31/2013 3.20% 34.34%
+ CPNO 01/29/2013 Kinder Morgan Energy Partners, L.P. (KMP) All Stock $5 billion $39.49 $38.28 454,127 09/30/2013 3.17% 5.33%
+ JEF 11/12/2012 Leucadia National Corp. (LUK) All Stock $3.59 billion $22.81 $22.12 2,517,737 03/31/2013 3.12% 33.47%
+ FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $14.14 $13.72 53,652 09/30/2013 3.02% 5.09%
+ CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $102.41 $99.42 155,756 06/30/2013 3.01% 8.79%
+ SHP 12/21/2012 ShangPharma Holdings Limited (N/A) All Cash $173 million $9.00 $8.78 10,067 06/30/2013 2.51% 7.32%
+ BRY 02/21/2013 Linn Energy, LLC (LINE) All Stock $4.3 billion $48.11 $46.95 3,531,736 06/30/2013 2.48% 7.23%
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.32 1,355 06/30/2013 2.46% 7.18%
+ SOMH 01/29/2013 Lakeland Bancorp Inc. (LBAI) All Stock $64.4 million $11.41 $11.14 18,228 09/30/2013 2.44% 4.10%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.92 597,971 03/31/2013 2.30% 24.71%
+ FFCH 02/20/2013 SCBT Financial Corporation (SCBT) All Stock $302.4 million $19.99 $19.60 176,117 09/30/2013 2.01% 3.38%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $15.57 $15.28 46,484 06/30/2013 1.88% 5.48%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $20.69 $20.36 195,644 06/30/2013 1.61% 4.69%
+ ANNB 10/23/2012 F.N.B. Corporation (FNB) All Stock $51 million $13.35 $13.16 5,800 04/30/2013 1.45% 8.24%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.80 $8.68 1,689,354 03/31/2013 1.39% 14.90%
+ FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.87 17,065 06/30/2013 1.32% 3.85%
+ GNOM 09/17/2012 BGI-Shenzhen (N/A) All Cash $117.6 million $3.15 $3.11 104,957 01/25/2013 1.29% 0.00%
+ PRWT 10/30/2012 AmericanWest Bank (N/A) All Cash $16.6 million $1.65 $1.63 28,416 06/30/2013 1.23% 3.58%
+ ART 02/14/2013 Aberdeen Asset Management PLC (N/A) All Cash N/A $2.75 $2.72 1,486,820 08/15/2013 1.10% 2.35%
+ ZZ 09/27/2012 Tempur-Pedic International Inc. (TPX) All Cash $1.3 billion $2.20 $2.18 734,188 06/30/2013 0.92% 2.68%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.91 120,323 06/30/2013 0.91% 2.65%
+ BCDS 12/26/2012 Diodes Incorporated (DIOD) All Cash $151 million $8.00 $7.93 60,890 03/31/2013 0.88% 9.48%
+ ALTE 12/19/2012 Markel Corp. (MKL) Cash Plus Stock $3.13 billion $31.22 $30.98 188,358 06/30/2013 0.78% 2.27%
+ CASC 10/22/2012 Toyota Industries Corporation (N/A) All Cash $759 million $65.00 $64.50 37,094 02/28/2013 0.78% 94.32%
+ ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.30 391,046 09/30/2013 0.76% 1.28%
+ KSWS 01/17/2013 E. Land (N/A) All Cash $170 million $4.75 $4.72 59,761 06/30/2013 0.64% 1.86%
+ PXP 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) Cash Plus Stock $6.9 billion $46.19 $45.91 1,624,551 06/30/2013 0.62% 1.80%
+ KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.73 1,808,801 06/30/2013 0.54% 1.57%
+ ORCC 01/31/2013 ACI Worldwide, Inc. (ACIW) All Cash $263 million $3.85 $3.83 75,901 03/31/2013 0.52% 5.61%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $45.78 $45.56 1,289,860 06/30/2013 0.49% 1.44%
+ PVSW 01/28/2013 an affiliate of Actian Corporation (N/A) All Cash $161.9 million $9.20 $9.16 13,537 06/30/2013 0.44% 1.28%
+ SEH 10/24/2012 PolyOne Corporation (POL) Cash Plus Stock $393 million $9.80 $9.76 55,666 03/31/2013 0.37% 3.93%
+ ALNC 10/08/2012 NBT Bancorp Inc. (NBTB) All Stock $233.4 million $45.63 $45.48 2,285 06/30/2013 0.32% 0.94%
+ NTSP 02/19/2013 Total System Services, Inc. (TSS) All Cash $1.4 billion $16.00 $15.95 3,163,657 06/30/2013 0.31% 0.92%
+ PSSI 10/25/2012 McKesson Corporation (MCK) All Cash $2.1 billion $29.00 $28.92 1,800 03/31/2013 0.28% 2.97%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $27.43 6,286,255 03/02/2013 0.26% 18.63%
+ MAPP 01/22/2013 Allergan Inc. (AGN) All Cash $958 million $25.00 $24.94 427,616 06/30/2013 0.24% 0.70%
+ BOX 01/22/2013 Ontario Teachers’ Pension Plan (N/A) All Cash $467 million $23.00 $22.95 116,267 06/30/2013 0.22% 0.64%
+ EPOC 01/07/2013 athenahealth, Inc. (ATHN) All Cash $293 million $11.75 $11.73 44,511 04/30/2013 0.17% 0.97%
+ BIOC 01/30/2013 a holding company controlled by JLL Partners, Inc. (N/A) All Cash $123 million $7.25 $7.24 5,437 03/31/2013 0.14% 1.48%
+ APKT 02/04/2013 Oracle Corporation (ORCL) All Cash $1.7 billion $29.25 $29.21 3,538,224 06/30/2013 0.14% 0.40%
+ KYAK 11/08/2012 priceline.com Incorporated (PCLN) All Cash $1.65 billion $40.00 $39.96 25,455 03/31/2013 0.10% 1.07%
+ ZIP 01/02/2013 Avis Budget Group, Inc. (CAR) All Cash $500 million $12.25 $12.24 118,345 04/30/2013 0.08% 0.47%
+ EPHC 12/06/2012 TD Bank Group (N/A) All Cash $668 million $28.00 $28.00 35,499 06/30/2013 0.00% 0.00%
+ 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 $15.55 346,371 06/30/2013 0.00% 0.00%
+ HNZ 02/14/2013 Berkshire Hathaway and 3G Capital (N/A) All Cash $28 billion $72.50 $72.66 9,234,405 09/30/2013 -0.22% -0.37%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.22 28,613 06/30/2013 -0.34% -0.98%
+ MUSA 02/06/2013 Reliance Steel & Aluminum Co. (RS) All Cash $1.2 billion $20.65 $20.73 125,742 06/30/2013 -0.39% -1.13%
+ ES 01/07/2013 a subsidiary of Energy Capital Partners II, LLC (N/A) All Cash $1.1 billion $3.75 $3.78 741,565 06/30/2013 -0.79% -2.32%
+ FCAL 11/06/2012 PacWest Bancorp (PACW) All Cash $231 million $8.00 $8.11 30,685 03/31/2013 -1.36% -14.56%
+ 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 $13.92 20,823,456 07/31/2013 -1.94% -4.54%
+ CXS 01/31/2013 Annaly Capital Management, Inc. (NLY) All Cash $1 billion $13.00 $13.33 540,375 04/30/2013 -2.48% -14.12%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.05 $1.10 15,500 03/31/2013 -4.58% -49.19%
+ CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $2.97 $3.13 1,851,476 03/31/2013 -5.11% -54.88%
+ SOMX 12/11/2012 Pernix Therapeutics Holdings, Inc. (PTX) All Cash $25 million $2.78 $2.95 27,812 06/30/2013 -5.76% -16.83%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $11.32 $12.27 8,282,343 12/31/2013 -7.70% -9.10%
+ MMR 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) All Cash 3.4 billion $14.75 $16.22 691,927 06/30/2013 -9.06% -26.46%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% -328.02%



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Comments

  1. jp
    February 25th, 2013

    BRY merger is a 2.69 stock exchange with LNCO not LINE

  2. Asif
    February 25th, 2013

    You are right. I have updated the tool to reflect that LinnCo (LNCO) will be issuing 1.25 common shares for each share of BRY. Thanks for bringing it to my attention.

    Where did you get the 2.69 exchange number from?

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