Merger Arbitrage Mondays – September 30, 2013

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September 30, 2013 | Merger Arbitrage | | Author Asif

Merger activity heated up last week with nine new deals announced.

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 117
Total Number of Deals Not Completed in 2013 2
Total Number of Pending Deals
Cash Deals 62
Stock Deals 19
Stock & Cash Deals 8
Total Number of Pending Deals 89
Total Deal Size $348.62 billion

New Deals:

  1. The acquisition of Official Payments Holdings (OPAY) by ACI Worldwide (ACIW) for $109 million or $8.35 per share in cash.
  2. The acquisition of Blackberry Limited (BBRY) by a consortium led by Fairfax Financial Holdings Limited for $4.7 billion or $9.00 per share in cash. A letter of intent has been signed by Blackberry and Fairfax and a definitive merger agreement is expected to be signed around November 4, 2013 after the consortium completes its due diligence.
  3. The acquisition of Greenway Medical Technologies (GWAY) by Vitera Healthcare Solutions for $644 million or $20.35 per share in cash.
  4. The acquisition of Yongye International (YONG) by Full Alliance International Limited for $339 million or $6.69 per share in cash.
  5. The acquisition of Zoltek Companies (ZOLT) by Toray Industries for $584 million or $16.75 per share in cash.
  6. The acquisition of Home Federal Bancorp (HOME) by Banner Corporation (BANR) for $197 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Home Federal Bancorp will receive $6.04 in cash and 0.20 shares of Banner common stock per share held, subject to a collar.
  7. The acquisition of Eastern Insurance Holdings (EIHI) by ProAssurance Corporation (PRA) for $205 million or $24.50 per share in cash.
  8. The acquisition of MAKO Surgical (MAKO) by Stryker Corporation (SYK) for $1.65 billion or $30.00 per share in cash.
  9. The acquisition of Flow International Corporation (FLOW) by American Industrial Partners for $200 million or $4.05 per share in cash.

Top 10 deals with the 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 $4.80 09/30/2013 56.25% 0.00%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.11 12/31/2013 51.66% 204.95%
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 $4.89 09/30/2013 19.63% 0.00%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $30.67 12/31/2013 14.12% 56.01%
BBRY 09/23/2013 Fairfax Financial Holdings Limited (N/A) $9.00 $8.03 12/31/2013 12.08% 47.92%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $46.79 $41.95 12/31/2013 11.53% 45.76%
CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) $2.05 $1.90 01/15/2014 7.89% 26.93%
YONG 09/23/2013 Full Alliance International Limited (N/A) $6.69 $6.24 03/31/2014 7.21% 14.46%
HOME 09/24/2013 Banner Corporation (BANR) $13.56 $12.66 03/31/2014 7.14% 14.32%
RUE 05/23/2013 Apax Partners (N/A) $42.00 $39.32 12/31/2013 6.82% 27.04%

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 $4.80 17,400 09/30/2013 56.25% 0.00%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.11 85,932 12/31/2013 51.66% 204.95%
+ 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 $4.89 279,456 09/30/2013 19.63% 0.00%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $30.67 1,360,589 12/31/2013 14.12% 56.01%
+ BBRY 09/23/2013 Fairfax Financial Holdings Limited (N/A) All Cash $4.7 billion $9.00 $8.03 24,421,444 12/31/2013 12.08% 47.92%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $46.79 $41.95 1,026,301 12/31/2013 11.53% 45.76%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.90 54,490 01/15/2014 7.89% 26.93%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.24 523,545 03/31/2014 7.21% 14.46%
+ HOME 09/24/2013 Banner Corporation (BANR) Cash Plus Stock $197 million $13.56 $12.66 319,564 03/31/2014 7.14% 14.32%
+ RUE 05/23/2013 Apax Partners (N/A) All Cash $1.1 billion $42.00 $39.32 1,018,400 12/31/2013 6.82% 27.04%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $9.85 13,161 03/31/2014 6.60% 13.23%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $20.18 $19.19 1,300 12/31/2013 5.14% 20.39%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $25.13 $24.27 12,612 12/31/2013 3.53% 14.00%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.42 $9.12 4,189,248 01/31/2014 3.27% 9.70%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.64 304,086 09/30/2013 3.09% 0.00%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $19.50 $18.98 2,370 03/31/2014 2.74% 5.49%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $12.25 $11.95 857,763 03/31/2014 2.53% 5.07%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $23.71 $23.13 8,626 03/31/2014 2.49% 4.99%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $29.20 $28.58 145,692 06/30/2014 2.17% 2.90%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.46 2,600 12/31/2013 2.11% 8.39%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.42 300,319 09/30/2013 1.91% 0.00%
+ MAKO 09/25/2013 Stryker Corporation (SYK) All Cash $1.65 billion $30.00 $29.48 6,504,227 12/31/2013 1.76% 7.00%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $3.98 4,140,286 01/31/2014 1.76% 5.22%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $74.91 805,544 01/31/2014 1.46% 4.32%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $12.72 $12.55 837,245 12/31/2013 1.38% 5.49%
+ TPGI 09/05/2013 Parkway Properties Inc. (PKY) All Stock $1.2 billion $6.73 $6.64 50,926 12/31/2013 1.31% 5.18%
+ SHFL 07/16/2013 Bally Technologies, Inc. (BYI) All Cash $1.3 billion $23.25 $22.97 825,252 06/15/2014 1.22% 1.72%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $15.61 $15.42 16,679 09/30/2013 1.22% 0.00%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.39 117,963 03/31/2014 1.17% 2.35%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $22.71 $22.46 24,414 01/01/2014 1.12% 4.39%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.05 60,504 03/31/2014 1.05% 2.10%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $19.03 $18.85 24,136 06/30/2013 0.94% 0.00%
+ TGX 08/05/2013 Juniper Investment Company, LLC (N/A) All Cash N/A $2.20 $2.18 38,418 12/31/2013 0.92% 3.64%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.14 279,275 09/30/2013 0.84% 0.00%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.57 1,595,593 03/31/2014 0.76% 1.53%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $11.17 $11.09 4,658 12/31/2013 0.75% 2.99%
+ CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $3.04 $3.02 42,478 09/30/2013 0.72% 0.00%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $15.70 $15.59 25,125,308 12/31/2013 0.68% 2.69%
+ GCOM 08/26/2013 an affiliate of Wasserstein & Co. (N/A) All Cash $340 million $14.15 $14.06 95,605 12/31/2013 0.64% 2.54%
+ MPG 04/25/2013 Affiliate of Brookfield Office Properties Inc. (N/A) All Cash N/A $3.15 $3.13 59,428 09/30/2013 0.64% 0.00%
+ NTSC 08/16/2013 Aurora Capital Group (N/A) All Cash N/A $23.00 $22.88 28,773 12/31/2013 0.52% 2.08%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.95 100 09/30/2013 0.50% 0.00%
+ VRNM 09/20/2013 BASF Corporation (N/A) All Cash N/A $4.00 $3.98 58,357 12/31/2013 0.50% 1.99%
+ OPAY 09/23/2013 ACI Worldwide, Inc. (ACIW) All Cash $109 million $8.35 $8.31 21,973 12/31/2013 0.48% 1.91%
+ ROCM 09/04/2013 C. R. Bard (N/A) All Cash $262 million $20.00 $19.91 84,575 12/31/2013 0.45% 1.79%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.16 430,827 12/31/2013 0.45% 1.78%
+ SKS 07/29/2013 Hudson’s Bay Company (N/A) All Cash $2.9 billion $16.00 $15.94 1,382,407 12/31/2013 0.38% 1.49%
+ EIHI 09/24/2013 ProAssurance Corporation (PRA) All Cash $205 million $24.50 $24.41 19,414 01/01/2014 0.37% 1.45%
+ ASTX 09/05/2013 Otsuka Pharmaceutical Co., Ltd. (N/A) All Cash $886 million $8.50 $8.47 5,345,469 11/15/2013 0.35% 2.81%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.91 128,438 12/31/2013 0.35% 1.38%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.70 9,388,090 01/31/2014 0.30% 0.89%
+ ONXX 08/25/2013 Amgen Inc. (AMGN) All Cash $10.4 billion $125.00 $124.70 923,670 10/31/2013 0.24% 2.83%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.48 184,473 09/30/2013 0.24% 0.00%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.72 3,645,634 12/31/2013 0.22% 0.87%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $33.18 1,283,777 12/31/2013 0.21% 0.84%
+ CLP 06/03/2013 Mid-America Apartment Communities Inc. (MAA) All Stock $8.6 billion $22.74 $22.69 929,075 09/30/2013 0.21% 0.00%
+ TMS 08/26/2013 The Pritzger Organization (N/A) All Cash $1 billion $17.50 $17.47 78,313 12/31/2013 0.17% 0.68%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.44 15,156 12/31/2013 0.16% 0.62%
+ VLTR 08/15/2013 Maxim Integrated Products, Inc. (MXIM) All Cash $605 million $23.00 $22.97 150,319 10/31/2013 0.13% 1.54%
+ NAFC 07/22/2013 Spartan Stores Inc. (SPTN) All Stock $1.3 billion $26.65 $26.62 4,471 12/31/2013 0.12% 0.48%
+ MOLX 09/09/2013 Koch Industries, Inc. (N/A) All Cash $7.2 billion $38.50 $38.46 554,869 12/31/2013 0.10% 0.41%
+ 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 $20.98 414,617 12/31/2013 0.10% 0.38%
+ MFB 07/24/2013 Hanesbrands Inc. (HBI) All Cash $575 million $23.50 $23.48 40,617 12/31/2013 0.09% 0.34%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $4.11 $4.11 2,148 09/30/2013 0.08% 0.00%
+ BKR 07/29/2013 Integrated Mission Solutions LLC (N/A) All Cash $391.6 million $40.50 $40.47 11,433 10/31/2013 0.07% 0.87%
+ FIRE 07/23/2013 Cisco Systems, Inc. (CSCO) All Cash $2.7 billion $76.00 $75.96 232,281 12/31/2013 0.05% 0.21%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $21.90 $21.89 18,796 06/30/2014 0.04% 0.06%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $13.64 $13.63 45,475 12/31/2013 0.04% 0.15%
+ ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $48.00 1,301,033 09/30/2013 0.00% 0.00%
+ ALCS 07/25/2013 Argonne Capital Group LLC (N/A) All Cash $47 million $14.00 $14.00 3,024 12/31/2013 0.00% 0.00%
+ KDN 09/05/2013 AB SKF (N/A) All Cash $1.25 billion $35.50 $35.51 552,359 12/31/2013 -0.03% -0.11%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $23.09 $23.11 5,905,052 12/31/2013 -0.10% -0.38%
+ 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 $13.78 15,788,146 09/15/2013 -0.22% 5.30%
+ CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $24.67 $24.75 43,004 09/30/2013 -0.34% 0.00%
+ BZ 09/16/2013 Packaging Corporation of America (PKG) All Cash $1.995 billion $12.55 $12.60 3,397,048 12/31/2013 -0.40% -1.57%
+ GWAY 09/23/2013 Vitera Healthcare Solutions (N/A) All Cash $644 million $20.35 $20.44 499,976 12/31/2013 -0.44% -1.75%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $43.89 $44.20 21,308 12/31/2013 -0.70% -2.77%
+ DOLE 08/12/2013 David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A) All Cash $1.6 billion $13.50 $13.62 731,553 12/31/2013 -0.88% -3.50%
+ TSRX 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $707 million $13.50 $13.63 N/A 12/31/2013 -0.95% -3.78%
+ ASI 06/03/2013 Fairfax Financial Holdings Limited (N/A) All Cash $306 million $29.25 $30.21 25,349 12/31/2013 -3.18% -12.61%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $15.82 719,142 03/31/2014 -5.18% -10.40%
+ 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 $9.16 N/A 06/30/2013 -8.30% 32.92%
+ LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $12.66 N/A 09/30/2013 -10.51% 0.00%
+ OPTR 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $535 million $10.75 $12.63 5,803,526 12/31/2013 -14.89% -59.06%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $36.38 $43.14 626,609 09/30/2013 -15.68% 0.00%
+ 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% 0.00%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.39 $1.89 1,130 03/31/2013 -26.24% 52.34%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 60.94%



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