Merger Arbitrage Mondays – September 16, 2013

Bookmark and Share

September 16, 2013 | Merger Arbitrage | | Author Asif

Merger activity decreased last week with three new deals announced and one 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 112
Total Number of Deals Not Completed in 2013 2
Total Number of Pending Deals
Cash Deals 55
Stock Deals 19
Stock & Cash Deals 7
Total Number of Pending Deals 81
Total Deal Size $337.99 billion

New Deals:

  1. The acquisition of Molex Incorporated (MOLX) by Koch Industries for $7.2 billion or $38.50 per share in cash.
  2. The acquisition of Tower Financial Corporation (TOFC) by Old National Bancorp (ONB) for $107.7 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Tower Financial Corporation will receive 1.20 shares of Old National Bancorp common stock and $6.75 in cash for each share of Tower Financial common stock. The exchange ratio is subject to adjustment (calculated prior to closing) in the event shareholders’ equity of Tower Financial Corporation is below a specified amount.
  3. The acquisition of Sterling Financial Corporation (STSA) by Umpqua Holdings Corporation (UMPQ) for $2 billion in a cash plus stock deal. Under the terms of the agreeement, shareholders of Sterling Financial Corporation will receive 1.671 shares of Umpqua common stock and $2.18 cash for each share of Sterling common stock.

Closed Deals:

  1. The acquisition of STEC, Inc. (STEC) by Western Digital Corporation (WDC) on September 12, 2013. It took 80 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

NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) $7.50 $5.03 09/30/2013 49.11% 1280.25%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.67 12/31/2013 19.85% 68.35%
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 $4.95 09/30/2013 18.18% 474.03%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $46.59 $41.82 12/31/2013 11.42% 39.31%
EVAC 08/19/2013 Atlas Copco Group (N/A) $10.50 $9.91 03/31/2014 5.95% 11.09%
MFLR 05/14/2013 Independent Bank Corp. (INDB) $20.22 $19.16 12/31/2013 5.54% 19.07%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $33.22 12/31/2013 5.36% 18.45%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $10.00 $9.51 09/30/2013 5.15% 134.33%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $9.41 $9.03 01/31/2014 4.16% 11.08%
BCSB 06/14/2013 F.N.B. Corporation (FNB) $25.17 $24.19 12/31/2013 4.04% 13.92%

List of all pending deals:

  Symbol Announced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
Volume Closing
Date
Profit Annu.
Profit
+ NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $5.03 11,956 09/30/2013 49.11% 1280.25%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.67 6,678 12/31/2013 19.85% 68.35%
+ 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 $4.95 165,992 09/30/2013 18.18% 474.03%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $46.59 $41.82 1,112,761 12/31/2013 11.42% 39.31%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $9.91 23,915 03/31/2014 5.95% 11.09%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $20.22 $19.16 3,753 12/31/2013 5.54% 19.07%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $33.22 542,145 12/31/2013 5.36% 18.45%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.51 1,000 09/30/2013 5.15% 134.33%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.41 $9.03 3,082,659 01/31/2014 4.16% 11.08%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $25.17 $24.19 2,060 12/31/2013 4.04% 13.92%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.55 73,882 09/30/2013 3.90% 101.58%
+ RUE 05/23/2013 Apax Partners (N/A) All Cash $1.1 billion $42.00 $40.58 1,197,184 12/31/2013 3.50% 12.05%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $11.89 $11.49 2,586,213 03/31/2014 3.47% 6.46%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $32.25 482,935 12/31/2013 3.10% 10.68%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $29.58 $28.80 2,253,416 06/30/2014 2.72% 3.46%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $23.26 $22.68 35,428 03/31/2014 2.57% 4.78%
+ SHFL 07/16/2013 Bally Technologies, Inc. (BYI) All Cash $1.3 billion $23.25 $22.71 1,404,523 06/15/2014 2.38% 3.19%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.29 462,827 09/30/2013 2.34% 61.11%
+ TPGI 09/05/2013 Parkway Properties Inc. (PKY) All Stock $1.2 billion $6.29 $6.16 521,748 12/31/2013 2.06% 7.11%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $11.54 $11.31 1,818,572 12/31/2013 2.03% 7.01%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.49 21,699 12/31/2013 1.79% 6.17%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $74.74 1,085,100 01/31/2014 1.69% 4.49%
+ GCOM 08/26/2013 an affiliate of Wasserstein & Co. (N/A) All Cash $340 million $14.15 $13.93 70,773 12/31/2013 1.58% 5.44%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $15.68 $15.45 3,614,353 12/31/2013 1.46% 5.03%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $21.93 $21.63 9,973 01/01/2014 1.40% 4.77%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.18 $17.94 8,062 03/31/2014 1.34% 2.49%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $11.10 $10.95 8,469 12/31/2013 1.33% 4.58%
+ MPG 04/25/2013 Affiliate of Brookfield Office Properties Inc. (N/A) All Cash N/A $3.15 $3.11 74,270 09/30/2013 1.29% 33.53%
+ ONXX 08/25/2013 Amgen Inc. (AMGN) All Cash $10.4 billion $125.00 $123.58 1,209,432 10/31/2013 1.15% 9.32%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $47.46 210,921 09/30/2013 1.14% 29.66%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $15.74 $15.57 12,726 09/30/2013 1.12% 29.09%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.03 92,889 03/31/2014 1.09% 2.03%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.50 1,414,716 03/31/2014 1.06% 1.98%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $13.12 $12.98 60,016 12/31/2013 1.06% 3.64%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.13 599,023 09/30/2013 0.91% 23.83%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $18.53 $18.36 29,438 06/30/2013 0.90% 0.00%
+ SKS 07/29/2013 Hudson's Bay Company (N/A) All Cash $2.9 billion $16.00 $15.88 1,198,040 12/31/2013 0.76% 2.60%
+ MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.20 76,158 09/30/2013 0.71% 18.62%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.41 23,511 12/31/2013 0.62% 2.15%
+ NAFC 07/22/2013 Spartan Stores Inc. (SPTN) All Stock $1.3 billion $25.67 $25.52 13,590 12/31/2013 0.58% 2.00%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $21.69 $21.57 1,696,762 12/31/2013 0.58% 1.99%
+ CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $3.02 $3.00 10,915 09/30/2013 0.56% 14.63%
+ ROCM 09/04/2013 C. R. Bard (N/A) All Cash $262 million $20.00 $19.89 112,164 12/31/2013 0.55% 1.90%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.86 197,152 12/31/2013 0.54% 1.86%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $4.12 $4.10 22,773 09/30/2013 0.49% 12.75%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.15 386,400 12/31/2013 0.47% 1.61%
+ TGX 08/05/2013 Juniper Investment Company, LLC (N/A) All Cash N/A $2.20 $2.19 38,659 12/31/2013 0.46% 1.57%
+ NTSC 08/16/2013 Aurora Capital Group (N/A) All Cash N/A $23.00 $22.90 396,935 12/31/2013 0.44% 1.50%
+ TMS 08/26/2013 The Pritzger Organization (N/A) All Cash $1 billion $17.50 $17.43 28,573 12/31/2013 0.40% 1.38%
+ CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) All Stock $8.6 billion $22.39 $22.32 481,183 09/30/2013 0.31% 7.99%
+ MFB 07/24/2013 Hanesbrands Inc. (HBI) All Cash $575 million $23.50 $23.45 43,386 12/31/2013 0.21% 0.73%
+ VHS 06/24/2013 Tenet Healthcare Corp. (THC) All Cash $4.3 billion $21.00 $20.96 322,803 12/31/2013 0.19% 0.66%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $21.71 $21.68 20,162 06/30/2014 0.15% 0.19%
+ FIRE 07/23/2013 Cisco Systems, Inc. (CSCO) All Cash $2.7 billion $76.00 $75.89 312,488 12/31/2013 0.14% 0.50%
+ VLTR 08/15/2013 Maxim Integrated Products, Inc. (MXIM) All Cash $605 million $23.00 $22.97 807,338 10/31/2013 0.13% 1.06%
+ FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.99 N/A 06/30/2013 0.10% 0.00%
+ BKR 07/29/2013 Integrated Mission Solutions LLC (N/A) All Cash $391.6 million $40.50 $40.50 64,468 10/31/2013 0.00% 0.00%
+ DOLE 08/12/2013 David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A) All Cash $1.6 billion $13.50 $13.50 1,151,210 12/31/2013 0.00% 0.00%
+ KDN 09/05/2013 AB SKF (N/A) All Cash $1.25 billion $35.50 $35.50 266,412 12/31/2013 0.00% 0.00%
+ IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $10.01 2,670,974 06/30/2013 -0.10% 0.00%
+ BMC 05/06/2013 Bain Capital and Golden Gate Capital (N/A) All Cash $6.9 billion $46.25 $46.30 N/A 12/31/2013 -0.11% -0.37%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.53 242,817 09/30/2013 -0.35% -9.17%
+ MOLX 09/09/2013 Koch Industries, Inc. (N/A) All Cash $7.2 billion $38.50 $38.65 1,249,394 12/31/2013 -0.39% -1.34%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $42.97 $43.21 297,816 12/31/2013 -0.55% -1.89%
+ 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 $13.75 $13.85 10,194,828 09/15/2013 -0.72% 263.54%
+ SFD 05/29/2013 Shuanghui International (N/A) All Cash $7.1 billion $34.00 $34.25 3,024,534 12/31/2013 -0.73% -2.51%
+ TSRX 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $707 million $13.50 $13.63 N/A 12/31/2013 -0.95% -3.28%
+ ASTX 09/05/2013 Otsuka Pharmaceutical Co., Ltd. (N/A) All Cash $886 million $8.50 $8.62 2,319,256 11/15/2013 -1.39% -8.47%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.96 5,164,296 12/31/2013 -1.50% -5.18%
+ CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $24.41 $24.82 102,924 09/30/2013 -1.65% -43.12%
+ ALCS 07/25/2013 Argonne Capital Group LLC (N/A) All Cash $47 million $14.00 $14.26 7,374 12/31/2013 -1.82% -6.28%
+ ASI 06/03/2013 Fairfax Financial Holdings Limited (N/A) All Cash $306 million $29.25 $30.16 39,664 12/31/2013 -3.02% -10.39%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $15.61 389,291 03/31/2014 -3.91% -7.28%
+ 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 $9.15 315 06/30/2013 -8.20% 38.36%
+ LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $12.66 N/A 09/30/2013 -10.51% -273.89%
+ LVB 07/01/2013 Kohlberg & Company (N/A) All Cash $438 million $35.00 $39.97 74,203 09/30/2013 -12.43% -324.18%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $39.35 $45.08 309,461 09/30/2013 -12.71% -331.39%
+ OPTR 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $535 million $10.75 $12.67 1,107,263 12/31/2013 -15.15% -52.18%
+ MEAD 05/17/2013 Jinghua Optics & Electronics Co., Ltd. (N/A) All Cash $4.5 million $3.45 $4.52 N/A 09/30/2013 -23.67% -617.18%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.32 $1.85 500 03/31/2013 -28.64% 61.85%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 65.99%



Subscribe to Free Newsletter


Share this Post

Comments are closed.