Merger Arbitrage Mondays – October 14, 2013

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October 13, 2013 | Merger Arbitrage | | Author Asif

Merger activity increased last week with two new deals announced and four 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 132
Total Number of Deals Not Completed in 2013 2
Total Number of Pending Deals
Cash Deals 51
Stock Deals 18
Stock & Cash Deals 8
Total Number of Pending Deals 77
Total Deal Size $355.36 billion

New Deals:

  1. The acquisition of Camco Financial (CAFI) by Huntington Bancshares (HBAN) for $97 million in a stock or cash deal. Under the terms of the agreement, shareholders of Camco Financial will receive 0.7264 shares of Huntngton bancshares, or $6.00 in cash, for each share of Camco Financial common stock, subject to proration provisions specified in the merger agreement. Since the targeted aggregate split of total consideration is 80% common stock and 20% cash, we are treating this as an all stock deal.
  2. The acquisition of PVR Partners (PVR) by Regency Energy Partners (RGP) for $5.6 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of PVR Partners will receive 1.02 shares of Regency Energy Partners common stock and approximately $0.31 per share in cash per share held.

Deal Updates:

  1. On October 10, 2013, Intercontinental Exchange (ICE) and NYSE Euronext (NYX) established a closing date of November 4, 2013 for their previously announced transaction. The November 4, 2013 closing date is predicated upon the receipt by IntercontinentalExchange and NYSE Euronext of remaining European regulatory approvals prior to such date, and may be extended to a later date by further public announcement should any necessary approvals remain outstanding at such date.

Closed Deals:

  1. The acquisition of Maidenform Brands (MFB) by Hanesbrands (HBI) on October 7, 2013. It took 75 days for this deal to be completed.
  2. The acquisition of Crestwood Midstream Partners (CMLP) by Inergy Midstream on October 7, 2013. It took 154 days for this deal to be completed.
  3. The acquisition of Sourcefire (FIRE) by Cisco Systems (CSCO) on October 7, 2013. It took 76 days for this deal to be completed.
  4. The acquisition of rue2 (RUE) by Apax Partners on October 10, 2013. It took 140 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

WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.11 12/31/2013 51.66% 241.74%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $25.81 12/31/2013 35.61% 166.62%
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% -443.21%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $50.25 $44.38 11/04/2013 13.22% 229.77%
BBRY 09/23/2013 Fairfax Financial Holdings Limited (N/A) $9.00 $8.07 12/31/2013 11.52% 53.93%
CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) $2.05 $1.90 01/15/2014 7.89% 30.98%
HOME 09/24/2013 Banner Corporation (BANR) $13.69 $12.79 03/31/2014 7.07% 15.36%
MFLR 05/14/2013 Independent Bank Corp. (INDB) $20.74 $19.56 12/31/2013 6.01% 28.12%
YONG 09/23/2013 Full Alliance International Limited (N/A) $6.69 $6.36 03/31/2014 5.19% 11.27%
EVAC 08/19/2013 Atlas Copco Group (N/A) $10.50 $10.07 03/31/2014 4.27% 9.28%

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 $2.11 6,404 12/31/2013 51.66% 241.74%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $25.81 2,316,062 12/31/2013 35.61% 166.62%
+ 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 99,611 09/30/2013 17.00% 0.00%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $50.25 $44.38 851,045 11/04/2013 13.22% 229.77%
+ BBRY 09/23/2013 Fairfax Financial Holdings Limited (N/A) All Cash $4.7 billion $9.00 $8.07 13,305,277 12/31/2013 11.52% 53.93%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.90 50,276 01/15/2014 7.89% 30.98%
+ HOME 09/24/2013 Banner Corporation (BANR) Cash Plus Stock $197 million $13.69 $12.79 37,993 03/31/2014 7.07% 15.36%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $20.74 $19.56 20,824 12/31/2013 6.01% 28.12%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.36 275,678 03/31/2014 5.19% 11.27%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $10.07 117,653 03/31/2014 4.27% 9.28%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.60 65,295 09/30/2013 3.45% 0.00%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.16 $5.96 206,889 06/30/2014 3.29% 4.64%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.62 $9.34 5,874,579 01/31/2014 2.97% 9.94%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $25.79 $25.05 9,400 12/31/2013 2.96% 13.86%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $26.99 $26.30 1,801,521 03/31/2014 2.64% 5.73%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $30.02 $29.28 736,812 06/30/2014 2.52% 3.56%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $13.50 $13.24 1,708,174 12/31/2013 1.99% 9.32%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.51 $18.16 8,128 03/31/2014 1.93% 4.19%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.48 100 12/31/2013 1.90% 8.89%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.47 458,584 09/30/2013 1.74% 0.00%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $19.24 $18.91 14,585 11/30/2013 1.72% 13.37%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $12.98 $12.76 3,334,528 03/31/2014 1.69% 3.67%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $3.985 597,441 01/31/2014 1.63% 5.46%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $74.96 1,115,113 01/31/2014 1.39% 4.65%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $24.09 $23.81 10,671 03/31/2014 1.18% 2.55%
+ TPGI 09/05/2013 Parkway Properties Inc. (PKY) All Stock $1.2 billion $6.74 $6.66 75,523 12/31/2013 1.17% 5.49%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $12.39 $12.25 129,543 12/31/2013 1.13% 5.31%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $24.35 $24.09 52,004 01/01/2014 1.07% 4.94%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $4.22 $4.18 30,076 10/12/2013 1.01% 0.00%
+ TGX 08/05/2013 Juniper Investment Company, LLC (N/A) All Cash N/A $2.20 $2.18 83,120 12/31/2013 0.92% 4.29%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.11 87,419 03/31/2014 0.90% 1.97%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $16.15 $16.01 13,652,524 12/31/2013 0.85% 3.96%
+ GCOM 08/26/2013 an affiliate of Wasserstein & Co. (N/A) All Cash $340 million $14.15 $14.04 223,650 12/31/2013 0.78% 3.67%
+ ACTV 09/30/2013 Vista Equity Partners (N/A) All Cash $1.05 billion $14.50 $14.40 1,636,882 12/31/2013 0.69% 3.25%
+ ALCS 07/25/2013 Argonne Capital Group LLC (N/A) All Cash $47 million $14.00 $13.91 N/A 12/31/2013 0.65% 3.03%
+ NTSC 08/16/2013 Aurora Capital Group (N/A) All Cash N/A $23.00 $22.87 14,384 12/31/2013 0.57% 2.66%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $13.99 $13.91 98,317 12/31/2013 0.56% 2.64%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.45 38,752 03/31/2014 0.53% 1.15%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.21 $16.13 45,361 09/30/2013 0.51% 0.00%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.95 N/A 09/30/2013 0.50% 0.00%
+ VRNM 09/20/2013 BASF Corporation (N/A) All Cash N/A $4.00 $3.98 172,268 12/31/2013 0.50% 2.35%
+ MAKO 09/25/2013 Stryker Corporation (SYK) All Cash $1.65 billion $30.00 $29.85 987,587 12/31/2013 0.50% 2.35%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.20 957,925 10/16/2013 0.38% 69.13%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $33.13 1,041,175 12/31/2013 0.36% 1.69%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.47 870,737 12/02/2013 0.35% 2.64%
+ NAFC 07/22/2013 Spartan Stores Inc. (SPTN) All Stock $1.3 billion $27.20 $27.11 20,997 12/31/2013 0.35% 1.62%
+ SHFL 07/16/2013 Bally Technologies, Inc. (BYI) All Cash $1.3 billion $23.25 $23.17 767,733 06/15/2014 0.35% 0.52%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.71 841,602 12/31/2013 0.29% 1.37%
+ OPAY 09/23/2013 ACI Worldwide, Inc. (ACIW) All Cash $109 million $8.35 $8.33 78,986 12/31/2013 0.24% 1.12%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.72 781,117 01/31/2014 0.18% 0.60%
+ EDG 10/01/2013 Sumitomo Corporation of America, Inc. (N/A) All Cash N/A $12.00 $11.98 123,767 12/31/2013 0.17% 0.78%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.30 1,398,821 12/31/2013 0.16% 0.76%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.44 3,900 12/31/2013 0.16% 0.73%
+ VLTR 08/15/2013 Maxim Integrated Products, Inc. (MXIM) All Cash $605 million $23.00 $22.97 N/A 10/31/2013 0.13% 2.80%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.72 2,989,902 03/31/2014 0.13% 0.27%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $23.01 $22.99 39,690 06/30/2014 0.10% 0.14%
+ BKR 07/29/2013 Integrated Mission Solutions LLC (N/A) All Cash $391.6 million $40.50 $40.47 35,057 10/31/2013 0.07% 1.59%
+ ASTX 09/05/2013 Otsuka Pharmaceutical Co., Ltd. (N/A) All Cash $886 million $8.50 $8.495 N/A 11/15/2013 0.06% 0.67%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $26.00 603,944 12/31/2013 0.00% 0.00%
+ TMS 08/26/2013 The Pritzger Organization (N/A) All Cash $1 billion $17.50 $17.50 83,786 12/31/2013 0.00% 0.00%
+ MPG 04/25/2013 Affiliate of Brookfield Office Properties Inc. (N/A) All Cash N/A $3.15 $3.15 237,375 10/15/2013 0.00% 0.00%
+ ROCM 09/04/2013 C. R. Bard (N/A) All Cash $262 million $20.00 $20.00 90,926 12/31/2013 0.00% 0.00%
+ EIHI 09/24/2013 ProAssurance Corporation (PRA) All Cash $205 million $24.50 $24.50 209,703 01/01/2014 0.00% 0.00%
+ KDN 09/05/2013 AB SKF (N/A) All Cash $1.25 billion $35.50 $35.52 426,610 12/31/2013 -0.06% -0.26%
+ MOLX 09/09/2013 Koch Industries, Inc. (N/A) All Cash $7.2 billion $38.50 $38.62 1,158,588 12/31/2013 -0.31% -1.45%
+ SKS 07/29/2013 Hudson’s Bay Company (N/A) All Cash $2.9 billion $16.00 $16.06 2,590,321 12/31/2013 -0.37% -1.75%
+ GWAY 09/23/2013 Vitera Healthcare Solutions (N/A) All Cash $644 million $20.35 $20.47 63,567 12/31/2013 -0.59% -2.74%
+ BZ 09/16/2013 Packaging Corporation of America (PKG) All Cash $1.995 billion $12.55 $12.63 905,144 12/31/2013 -0.63% -2.96%
+ 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 6,497,213 11/01/2013 -0.72% -14.64%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $45.34 $45.68 92,199 12/31/2013 -0.75% -3.51%
+ TSRX 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $707 million $13.50 $13.63 N/A 12/31/2013 -0.95% -4.46%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $22.67 $22.93 N/A 12/31/2013 -1.12% -5.23%
+ 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 2,153,014 12/31/2013 -1.17% -5.48%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $15.91 569,961 03/31/2014 -5.72% -12.43%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.35 $1.55 3,931 03/31/2013 -12.71% 23.55%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $37.66 $43.77 242,685 09/30/2013 -13.95% 363.79%
+ OPTR 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $535 million $10.75 $12.74 2,527,956 12/31/2013 -15.62% -73.09%



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