Merger Arbitrage Mondays – June 17, 2013

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June 16, 2013 | Merger Arbitrage | | Author Asif

Merger activity decreased last week with three new deals announced and two 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 77
Total Number of Deals Not Completed in 2013 1
Total Number of Pending Deals
Cash Deals 56
Stock Deals 18
Stock & Cash Deals 1
Total Number of Pending Deals 75
Total Deal Size $274.5 billion

New Deals:

  1. The acquisition of StellarOne Corporation (STEL) by Union First Market Bankshares Corporation (UBSH) for $445.1 million in an all stock deal. Upon completion of the merger, shareholders of StellarOne Corporation will receive 0.9739 shares of Union common stock for each share of StellarOne.
  2. The acquisition of Cooper Tire & Rubber (CTB) by Apollo Tyres for $2.5 billion or $35.00 per share in cash.
  3. The acquisition of Belo Corp (BLC) by Gannett (GCI) for $2.2 billion or $13.75 per share in cash.

Updated Deals:

  1. On June 11, 2013, Atlantic Coast Financial Corporation (ACFC) announced that the proposed merger with Bond Street Holdings failed to receive stockholder approval.

Closed Deals:

  1. The acquisition of Hot Topic (HOTT) by Sycamore Partners on June 12, 2013. It took 97 days for this deal to be completed.
  2. The acquisition of Asset Acceptance Capital (AACC) by Encore Capital Group (ECPG) on June 13, 2013. It took 99 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

ISS 06/06/2013 Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A) $5.85 $5.28 09/30/2013 10.80% 37.53%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $44.69 $40.48 12/31/2013 10.40% 19.27%
LEDR 05/08/2013 Trulia, Inc. (TRLA) $11.33 $10.48 09/30/2013 8.11% 28.19%
PBTH 04/24/2013 Opko Health, Inc. (OPK) $6.80 $6.30 12/31/2013 7.88% 14.60%
BRY 02/21/2013 LinnCo, LLC (LNCO) $46.08 $43.08 06/30/2013 6.95% 195.20%
CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) $24.50 $23.02 09/30/2013 6.43% 22.35%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $10.00 $9.53 09/30/2013 4.93% 17.14%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $33.40 12/31/2013 4.79% 8.88%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $3.06 06/30/2013 4.58% 128.46%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $8.61 $8.29 01/31/2014 3.91% 6.26%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ ISS 06/06/2013 Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and ChinaAMC Capital Management Limited (N/A) All Cash N/A $5.85 $5.28 248,601 09/30/2013 10.80% 37.53%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $44.69 $40.48 834,777 12/31/2013 10.40% 19.27%
+ LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $10.48 161,962 09/30/2013 8.11% 28.19%
+ PBTH 04/24/2013 Opko Health, Inc. (OPK) All Stock $480 million $6.80 $6.30 293,888 12/31/2013 7.88% 14.60%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $46.08 $43.08 589,272 06/30/2013 6.95% 195.20%
+ CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) All Cash $8.6 billion $24.50 $23.02 3,286,124 09/30/2013 6.43% 22.35%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.53 200 09/30/2013 4.93% 17.14%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $33.40 4,194,845 12/31/2013 4.79% 8.88%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $3.06 53,092 06/30/2013 4.58% 128.46%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.61 $8.29 3,205,453 01/31/2014 3.91% 6.26%
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.23 4,752 06/30/2013 3.73% 104.85%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $32.07 984,559 12/31/2013 3.68% 6.82%
+ SFD 05/29/2013 Shuanghui International (N/A) All Cash $7.1 billion $34.00 $32.80 5,521,791 12/31/2013 3.66% 6.78%
+ CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $25.27 $24.38 65,943 09/30/2013 3.63% 12.63%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.61 87,102 09/30/2013 3.36% 11.68%
+ MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.10 59,556 09/30/2013 3.17% 11.02%
+ MPR 04/22/2013 CECO Environmental Corp. (CECE) All Cash $210 million $13.75 $13.35 123,333 09/30/2013 3.00% 10.42%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $11.43 $11.11 1,096,275 12/31/2013 2.90% 5.38%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $13.64 $13.26 30,605 09/30/2013 2.85% 9.90%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $18.20 $17.70 300 12/31/2013 2.82% 5.22%
+ BMC 05/06/2013 Bain Capital and Golden Gate Capital (N/A) All Cash $6.9 billion $46.25 $45.11 1,364,757 12/31/2013 2.53% 4.68%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.82 160,903 09/30/2013 2.52% 8.76%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $74.16 1,172,831 01/31/2014 2.48% 3.97%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $19.72 $19.31 125,074 01/01/2014 2.13% 3.93%
+ PMTI 03/18/2013 Cynosure, Inc. (CYNO) All Cash $294 million $13.65 $13.37 63,806 09/30/2013 2.09% 7.28%
+ EBIX 05/03/2013 The Goldman Sachs Group, Inc. (GS) All Cash $820 milion $20.00 $19.60 577,020 09/30/2013 2.04% 7.09%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.49 645,128 12/31/2013 2.00% 3.71%
+ 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 $13.39 11,540,626 07/31/2013 1.94% 16.11%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $20.23 $19.90 2,135,411 12/31/2013 1.67% 3.09%
+ KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.69 704,720 06/30/2013 1.63% 45.65%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.04 2,126,836 09/30/2013 1.61% 5.60%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $3.78 $3.72 6,969 09/30/2013 1.51% 5.25%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $10.92 $10.78 11,204 12/31/2013 1.30% 2.41%
+ ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.20 180,627 09/30/2013 1.15% 3.98%
+ ASI 06/03/2013 Fairfax Financial Holdings Limited (N/A) All Cash $306 million $29.25 $28.93 48,812 12/31/2013 1.11% 2.05%
+ SVN 02/28/2013 Keystone Lodging Holdings Limited (N/A) All Cash $688 million $13.80 $13.65 119,083 12/31/2013 1.10% 2.04%
+ FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $15.05 $14.89 8,072 09/30/2013 1.06% 3.67%
+ JADE 03/22/2013 Flora Bloom Holdings & Flora Fragrance Holdings (N/A) All Cash N/A $2.00 $1.98 26,782 12/31/2013 1.01% 1.87%
+ HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $13.37 306,721 06/30/2013 0.97% 27.30%
+ TRLG 05/10/2013 TowerBrook Capital Partners L.P. (N/A) All Cash $835 million $32.00 $31.71 80,239 09/30/2013 0.91% 3.18%
+ BKI 04/24/2013 Georgia-Pacific LLC (N/A) All Cash $1.5 billion $37.50 $37.19 168,808 09/30/2013 0.83% 2.90%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.92 2,456,134 06/30/2013 0.81% 22.64%
+ OFI 05/15/2013 Bellisio Foods, Inc. (N/A) All Cash $80.9 million $5.00 $4.96 27,476 12/31/2013 0.81% 1.49%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.57 6,042,807 03/31/2013 0.76% 0.00%
+ CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $2.82 $2.80 33,510 09/30/2013 0.70% 2.43%
+ GDI 03/08/2013 Kohlberg Kravis Roberts & Co. L.P. (N/A) All Cash $3.9 billion $76.00 $75.48 247,286 09/30/2013 0.69% 2.39%
+ PWER 04/22/2013 ABB Ltd. (ABB) All Cash $1 billion $6.35 $6.31 591,945 12/31/2013 0.63% 1.17%
+ MBND 05/22/2013 Goodman Networks (N/A) All Cash $116 million $3.25 $3.23 94,347 09/30/2013 0.62% 2.15%
+ ALC 02/26/2013 TPG (N/A) All Cash $278 million $12.00 $11.93 122,800 06/30/2013 0.59% 16.47%
+ FFCH 02/20/2013 SCBT Financial Corporation (SCBT) All Stock $302.4 million $20.13 $20.01 35,787 09/30/2013 0.58% 2.01%
+ RUE 05/23/2013 Apax Partners (N/A) All Cash $1.1 billion $42.00 $41.76 314,721 12/31/2013 0.57% 1.06%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $11.32 $11.26 49,494 12/31/2013 0.57% 1.06%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $17.11 $17.04 3,955 06/30/2013 0.39% 11.04%
+ AQ 05/17/2013 Accenture plc (ACN) All Cash $316 million $13.00 $12.95 255,892 09/30/2013 0.39% 1.34%
+ ET 06/04/2013 salesforce.com, inc (CRM) All Cash $2.5 billion $33.75 $33.64 987,202 07/31/2013 0.33% 2.71%
+ NFP 04/15/2013 Madison Dearborn Partners, LLC (N/A) All Cash $1.3 billion $25.35 $25.28 169,779 09/30/2013 0.28% 0.96%
+ SDBT 05/20/2013 Genesys (N/A) All Cash $100.4 million $5.00 $4.99 35,351 07/31/2013 0.20% 1.66%
+ WRLS 04/29/2013 Avista Capital Partners (N/A) All Cash $253 million $12.61 $12.59 259,373 06/30/2013 0.16% 4.46%
+ ADY 03/04/2013 Diamond Infant Formula Holding Limited (N/A) All Cash $147 million $7.40 $7.39 18,058 06/30/2013 0.14% 3.80%
+ WBSN 05/20/2013 Vista Equity Partners (N/A) All Cash $907 million $24.75 $24.72 171,534 09/30/2013 0.12% 0.42%
+ FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.99 N/A 06/30/2013 0.10% 2.81%
+ FSCI 04/11/2013 Sinclair Broadcast Group Inc. (SBGI) All Cash $373.3 milliom $41.00 $40.96 11,890 09/30/2013 0.10% 0.34%
+ NTSP 02/19/2013 Total System Services, Inc. (TSS) All Cash $1.4 billion $16.00 $15.99 77,764 06/30/2013 0.06% 1.76%
+ LUFK 04/08/2013 General Electric Company (GE) All Cash $3.3 billion $88.50 $88.47 540,842 12/31/2013 0.03% 0.06%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.01 85,922 06/30/2013 -0.02% -0.43%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.52 1,263,847 09/30/2013 -0.23% -0.82%
+ MEAD 05/17/2013 Jinghua Optics & Electronics Co., Ltd. (N/A) All Cash $4.5 million $3.45 $3.4668 11,831 07/31/2013 -0.48% -4.02%
+ MPAC 04/11/2013 Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company (N/A) All Cash N/A $8.40 $8.46 100 06/30/2013 -0.71% -19.91%
+ AM 04/01/2013 Weiss Family (N/A) All Cash $878 million $18.20 $18.39 60,000 07/31/2013 -1.03% -8.57%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $14.01 12,116,867 12/31/2013 -1.86% -3.44%
+ NFSB 03/05/2013 SI Financial Group Inc. (SIFI) All Stock $61.3 million $16.73 $17.06 1,000 09/30/2013 -1.92% -6.67%
+ OMTH 05/28/2013 AstraZeneca PLC (AZN) All Cash $323 million $12.70 $13.20 1,451,209 09/30/2013 -3.79% -13.17%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.25 $1.66 7,900 03/31/2013 -24.42% 114.28%
+ CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $3.40 $4.63 13,134,957 03/31/2013 -26.57% 124.31%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 142.98%



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