Merger Arbitrage Mondays – September 23, 2013

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September 23, 2013 | Merger Arbitrage | | Author Asif

Merger activity increased last week with four new deals announced and three 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 116
Total Number of Deals Not Completed in 2013 2
Total Number of Pending Deals
Cash Deals 54
Stock Deals 19
Stock & Cash Deals 7
Total Number of Pending Deals 80
Total Deal Size $339.99 billion

New Deals:

  1. The acquisition of Boise (BZ) by Packaging Corporation of America (PKG) for $1.995 billion or $12.55 per share in cash.
  2. The acquisition of Cornerstone Therapeutics (CRTX) by Chiesi Farmaceutici for $9.50 per share in cash.
  3. The acquisition of Camelot Information Systems (CIS) by Camelot Employee Scheme (Parent) for $2.05 per American Depositary Shares, each representing four (4) Shares (an “ADS”).
  4. The acquisition of Metrocorp Bancshares (MCBI) by East West Bancorp (EWBC) for $273 million. Under the terms of the definitive agreement, East West will acquire the outstanding shares of MetroCorp for the lesser of $14.60 per share and 1.72 times the per share tangible equity, as adjusted, for an aggregate purchase price of approximately $273 million based on the 18,699,638 shares currently outstanding. The shareholders of MetroCorp will receive two thirds of the merger consideration in shares of East West common stock and the remainder in cash. The exchange ratio for determining the number of shares of East West common stock deliverable to shareholders of MetroCorp will be based on the weighted average closing price of East West’s common stock over a 60 trading day measurement period ending five days prior to the closing.

Closed Deals:

  1. The acquisition of Intermec (IN) by Honeywell International (HON) on September 17, 2013. It took 281 days for this deal to be completed.
  2. The acquisition of MEMSIC, Inc. (MEMS) by IDG-Accel China Capital II, L.P. on September 17, 2013.  It took 147 days for this deal to be completed.
  3. The acquisition of Steinway Musical Instruments (LVB) by Kohlberg & Company on September 19, 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 $4.65 09/30/2013 61.29% 3195.85%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.66 12/31/2013 20.30% 74.85%
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 $5.00 09/30/2013 17.00% 886.43%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $30.94 12/31/2013 13.12% 48.38%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $47.01 $42.03 12/31/2013 11.84% 43.66%
CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) $2.05 $1.91 01/15/2014 7.33% 23.47%
EVAC 08/19/2013 Atlas Copco Group (N/A) $10.50 $9.91 03/31/2014 5.95% 11.50%
MFLR 05/14/2013 Independent Bank Corp. (INDB) $20.31 $19.30 12/31/2013 5.24% 19.33%
STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) $29.22 $28.18 06/30/2014 3.68% 4.80%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $9.37 $9.055 01/31/2014 3.50% 9.83%

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 $4.65 10,470 09/30/2013 61.29% 3195.85%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.66 7,400 12/31/2013 20.30% 74.85%
+ 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 $5.00 561,844 09/30/2013 17.00% 886.43%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $30.94 1,428,550 12/31/2013 13.12% 48.38%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $47.01 $42.03 2,178,270 12/31/2013 11.84% 43.66%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.91 533,977 01/15/2014 7.33% 23.47%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $9.91 1,734 03/31/2014 5.95% 11.50%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $20.31 $19.30 358 12/31/2013 5.24% 19.33%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $29.22 $28.18 1,430,435 06/30/2014 3.68% 4.80%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.37 $9.055 4,207,820 01/31/2014 3.50% 9.83%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $12.14 $11.77 5,216,442 03/31/2014 3.15% 6.09%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.64 240,860 09/30/2013 3.09% 161.27%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $23.62 $22.92 39,034 03/31/2014 3.06% 5.91%
+ RUE 05/23/2013 Apax Partners (N/A) All Cash $1.1 billion $42.00 $40.86 865,236 12/31/2013 2.79% 10.29%
+ SHFL 07/16/2013 Bally Technologies, Inc. (BYI) All Cash $1.3 billion $23.25 $22.65 1,301,202 06/15/2014 2.65% 3.65%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.75 3,690 09/30/2013 2.56% 133.70%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $11.15 $10.88 9,936 12/31/2013 2.52% 9.28%
+ TPGI 09/05/2013 Parkway Properties Inc. (PKY) All Stock $1.2 billion $6.60 $6.45 377,505 12/31/2013 2.28% 8.39%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.45 67,896 12/31/2013 2.22% 8.19%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.33 326,312 09/30/2013 2.21% 115.19%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $25.25 $24.72 2,260 12/31/2013 2.15% 7.92%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $11.49 $11.28 3,507,119 12/31/2013 1.83% 6.74%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $74.91 2,090,378 01/31/2014 1.46% 4.09%
+ GCOM 08/26/2013 an affiliate of Wasserstein & Co. (N/A) All Cash $340 million $14.15 $13.95 397,732 12/31/2013 1.43% 5.29%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.38 198,800 03/31/2014 1.28% 2.47%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $22.53 $22.25 68,747 01/01/2014 1.24% 4.53%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $15.79 $15.60 3,738,966 12/31/2013 1.24% 4.57%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $15.57 $15.38 88,909 09/30/2013 1.23% 64.27%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.00 245,537 03/31/2014 1.16% 2.25%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.49 3,674,709 03/31/2014 1.11% 2.14%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $32.89 1,025,124 12/31/2013 1.09% 4.04%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $4.13 $4.09 14,080 09/30/2013 1.07% 55.67%
+ MPG 04/25/2013 Affiliate of Brookfield Office Properties Inc. (N/A) All Cash N/A $3.15 $3.12 575,838 09/30/2013 0.96% 50.14%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.13 674,931 09/30/2013 0.91% 47.66%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $19.13 $18.96 24,276 06/30/2013 0.91% 0.00%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $13.42 $13.30 377,271 12/31/2013 0.91% 3.34%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $47.60 1,480,192 09/30/2013 0.84% 43.82%
+ NAFC 07/22/2013 Spartan Stores Inc. (SPTN) All Stock $1.3 billion $26.62 $26.45 77,682 12/31/2013 0.63% 2.31%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.45 1,246,874 09/30/2013 0.59% 30.85%
+ CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) All Stock $8.6 billion $22.82 $22.69 1,387,493 09/30/2013 0.57% 29.97%
+ TMS 08/26/2013 The Pritzger Organization (N/A) All Cash $1 billion $17.50 $17.41 133,417 12/31/2013 0.52% 1.91%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.15 922,515 12/31/2013 0.47% 1.73%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.42 12,768 12/31/2013 0.47% 1.72%
+ TGX 08/05/2013 Juniper Investment Company, LLC (N/A) All Cash N/A $2.20 $2.19 57,522 12/31/2013 0.46% 1.68%
+ ROCM 09/04/2013 C. R. Bard (N/A) All Cash $262 million $20.00 $19.91 104,557 12/31/2013 0.45% 1.67%
+ ONXX 08/25/2013 Amgen Inc. (AMGN) All Cash $10.4 billion $125.00 $124.49 2,423,509 10/31/2013 0.41% 3.94%
+ CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $25.00 $24.90 88,319 09/30/2013 0.39% 20.52%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.90 371,188 12/31/2013 0.39% 1.42%
+ CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $3.05 $3.04 69,177 09/30/2013 0.38% 19.97%
+ SKS 07/29/2013 Hudson’s Bay Company (N/A) All Cash $2.9 billion $16.00 $15.94 3,056,181 12/31/2013 0.38% 1.39%
+ NTSC 08/16/2013 Aurora Capital Group (N/A) All Cash N/A $23.00 $22.92 81,152 12/31/2013 0.35% 1.29%
+ BZ 09/16/2013 Packaging Corporation of America (PKG) All Cash $1.995 billion $12.55 $12.53 2,025,760 12/31/2013 0.16% 0.59%
+ FIRE 07/23/2013 Cisco Systems, Inc. (CSCO) All Cash $2.7 billion $76.00 $75.88 914,997 12/31/2013 0.16% 0.58%
+ BKR 07/29/2013 Integrated Mission Solutions LLC (N/A) All Cash $391.6 million $40.50 $40.44 50,734 10/31/2013 0.15% 1.43%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $21.88 $21.85 100,646 06/30/2014 0.14% 0.18%
+ VLTR 08/15/2013 Maxim Integrated Products, Inc. (MXIM) All Cash $605 million $23.00 $22.97 292,460 10/31/2013 0.13% 1.25%
+ SFD 05/29/2013 Shuanghui International (N/A) All Cash $7.1 billion $34.00 $33.96 7,705,833 12/31/2013 0.12% 0.43%
+ 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%
+ VHS 06/24/2013 Tenet Healthcare Corp. (THC) All Cash $4.3 billion $21.00 $20.98 480,669 12/31/2013 0.10% 0.35%
+ MFB 07/24/2013 Hanesbrands Inc. (HBI) All Cash $575 million $23.50 $23.48 164,949 12/31/2013 0.09% 0.31%
+ KDN 09/05/2013 AB SKF (N/A) All Cash $1.25 billion $35.50 $35.50 1,247,486 12/31/2013 0.00% 0.00%
+ ASTX 09/05/2013 Otsuka Pharmaceutical Co., Ltd. (N/A) All Cash $886 million $8.50 $8.52 4,104,715 11/15/2013 -0.23% -1.62%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.55 $18.65 14,430 03/31/2014 -0.54% -1.04%
+ MOLX 09/09/2013 Koch Industries, Inc. (N/A) All Cash $7.2 billion $38.50 $38.71 1,961,289 12/31/2013 -0.54% -2.00%
+ ALCS 07/25/2013 Argonne Capital Group LLC (N/A) All Cash $47 million $14.00 $14.09 3,932 12/31/2013 -0.64% -2.35%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $42.49 $42.83 48,274 12/31/2013 -0.80% -2.95%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.87 5,394,153 12/31/2013 -0.87% -3.19%
+ 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 $13.88 14,528,172 09/15/2013 -0.94% 42.73%
+ TSRX 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $707 million $13.50 $13.63 N/A 12/31/2013 -0.95% -3.52%
+ DOLE 08/12/2013 David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A) All Cash $1.6 billion $13.50 $13.66 1,241,190 12/31/2013 -1.17% -4.32%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $21.68 $22.06 3,878,926 12/31/2013 -1.72% -6.35%
+ ASI 06/03/2013 Fairfax Financial Holdings Limited (N/A) All Cash $306 million $29.25 $30.15 146,841 12/31/2013 -2.99% -11.01%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $15.78 1,999,902 03/31/2014 -4.94% -9.55%
+ 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 1,194 06/30/2013 -8.20% 35.20%
+ LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $12.66 N/A 09/30/2013 -10.51% -547.79%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $36.30 $42.56 574,474 09/30/2013 -14.71% -766.95%
+ OPTR 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $535 million $10.75 $12.71 1,910,122 12/31/2013 -15.42% -56.85%
+ 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% -1234.36%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.43 $1.90 4,266 03/31/2013 -24.91% 51.65%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 63.37%



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Comments

  1. Colly Cappelli
    November 1st, 2013

    trying to find companys that want to merge and haven yet

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