Merger Arbitrage Mondays – October 21, 2013

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October 20, 2013 | Merger Arbitrage | | Author Asif

There was no change in the merger activity last week with two new deals announced and three 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 138
Total Number of Deals Not Completed in 2013 2
Total Number of Pending Deals
Cash Deals 48
Stock Deals 17
Stock & Cash Deals 8
Total Number of Pending Deals 73
Total Deal Size $356.51 billion

New Deals:

  1. The acquisition of Mac-Gray (TUC) by CSC ServiceWorks for $524 million or $21.25 per share in cash.
  2. The acquisition of Pactera Technology International (PACT) by Blackstone for $625 million or $7.30 per share in cash.

Closed Deals:

  1. The acquisition of Berry Petroleum (BRY) by LinnCo (LNCO) on October 15, 2013. It took 236 days for this deal to be completed.
  2. The acquisition of TMS International (TMS) by The Pritzger Organization on October 16, 2013. It took 51 days for this deal to be completed.
  3. The acquisition of Kaydon Corporation (KDN) by AB SKF on October 16, 2013. It took 41 days for this deal to be competed.

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 $2.08 12/31/2013 53.85% 276.81%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $24.64 12/31/2013 42.05% 216.15%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $51.16 $45.00 11/04/2013 13.69% 356.92%
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 $5.27 09/30/2013 11.01% -191.29%
HOME 09/24/2013 Banner Corporation (BANR) $13.71 $12.75 03/31/2014 7.56% 17.14%
BBRY 09/23/2013 Fairfax Financial Holdings Limited (N/A) $9.00 $8.38 12/31/2013 7.40% 38.03%
MFLR 05/14/2013 Independent Bank Corp. (INDB) $20.94 $19.85 12/31/2013 5.49% 28.20%
YONG 09/23/2013 Full Alliance International Limited (N/A) $6.69 $6.35 03/31/2014 5.35% 12.14%
EVAC 08/19/2013 Atlas Copco Group (N/A) $10.50 $10.09 03/31/2014 4.06% 9.21%
CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) $2.05 $1.97 01/15/2014 4.06% 17.24%

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 $2.08 22,359 12/31/2013 53.85% 276.81%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $24.64 3,741,443 12/31/2013 42.05% 216.15%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $51.16 $45.00 1,410,208 11/04/2013 13.69% 356.92%
+ 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 $5.27 321,584 09/30/2013 11.01% 0.00%
+ HOME 09/24/2013 Banner Corporation (BANR) Cash Plus Stock $197 million $13.71 $12.75 39,317 03/31/2014 7.56% 17.14%
+ BBRY 09/23/2013 Fairfax Financial Holdings Limited (N/A) All Cash $4.7 billion $9.00 $8.38 15,691,371 12/31/2013 7.40% 38.03%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $20.94 $19.85 5,437 12/31/2013 5.49% 28.20%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.35 490,155 03/31/2014 5.35% 12.14%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $10.09 30,155 03/31/2014 4.06% 9.21%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.97 289,374 01/15/2014 4.06% 17.24%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.46 $6.22 104,126 06/30/2014 3.94% 5.70%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.65 $9.30 8,149,847 01/31/2014 3.73% 13.34%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $26.21 $25.40 33,423 12/31/2013 3.18% 16.35%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $20.49 $19.88 23,616 03/31/2014 3.07% 6.96%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.67 372,280 09/30/2013 2.83% 0.00%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.10 2,320,276 03/31/2014 2.82% 6.39%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $4.29 $4.18 N/A 10/12/2013 2.64% 0.00%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $23.51 $22.93 N/A 12/31/2013 2.52% 12.94%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $29.90 $29.20 519,322 06/30/2014 2.40% 3.48%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $26.93 $26.32 787,806 03/31/2014 2.33% 5.27%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $24.59 $24.11 1,985 03/31/2014 2.01% 4.55%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.47 1,600 12/31/2013 2.01% 10.31%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $13.00 $12.75 1,869,510 03/31/2014 1.92% 4.36%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.54 501,681 09/30/2013 1.51% 0.00%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $3.99 773,286 01/31/2014 1.50% 5.38%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $19.73 $19.44 20,151 11/30/2013 1.49% 13.56%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $75.15 1,115,134 01/31/2014 1.13% 4.05%
+ TPGI 09/05/2013 Parkway Properties Inc. (PKY) All Stock $1.2 billion $7.04 $6.97 104,343 12/31/2013 1.06% 5.45%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $12.45 $12.33 61,811 12/31/2013 1.01% 5.17%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $25.04 $24.80 71,874 01/01/2014 0.96% 4.88%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $16.38 $16.24 6,668,972 12/31/2013 0.86% 4.40%
+ ACTV 09/30/2013 Vista Equity Partners (N/A) All Cash $1.05 billion $14.50 $14.38 1,495,946 12/31/2013 0.83% 4.29%
+ MAKO 09/25/2013 Stryker Corporation (SYK) All Cash $1.65 billion $30.00 $29.76 1,545,538 12/31/2013 0.81% 4.15%
+ TUC 10/15/2013 CSC ServiceWorks, Inc. (N/A) All Cash $524 million $21.25 $21.09 135,662 06/30/2014 0.76% 1.10%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.24 51,265 03/31/2014 0.60% 1.36%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.18 497,204 10/16/2013 0.53% 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 52,807 12/31/2013 0.50% 2.58%
+ NTSC 08/16/2013 Aurora Capital Group (N/A) All Cash N/A $23.00 $22.90 43,110 12/31/2013 0.44% 2.24%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $14.05 $14.00 150,700 12/31/2013 0.37% 1.90%
+ MPG 04/25/2013 Affiliate of Brookfield Office Properties Inc. (N/A) All Cash N/A $3.15 $3.14 N/A 10/15/2013 0.32% 0.00%
+ SHFL 07/16/2013 Bally Technologies, Inc. (BYI) All Cash $1.3 billion $23.25 $23.18 870,803 06/15/2014 0.30% 0.47%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.70 815,586 01/31/2014 0.30% 1.07%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.71 525,545 12/31/2013 0.29% 1.50%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $14.69 $14.65 1,286,060 12/31/2013 0.26% 1.31%
+ OPAY 09/23/2013 ACI Worldwide, Inc. (ACIW) All Cash $109 million $8.35 $8.33 88,324 12/31/2013 0.24% 1.23%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.48 363,559 12/02/2013 0.24% 2.05%
+ ALCS 07/25/2013 Argonne Capital Group LLC (N/A) All Cash $47 million $14.00 $13.97 4,040 12/31/2013 0.21% 1.10%
+ GCOM 08/26/2013 an affiliate of Wasserstein & Co. (N/A) All Cash $340 million $14.15 $14.12 60,075 12/31/2013 0.21% 1.09%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.70 1,375,147 03/31/2014 0.21% 0.48%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.48 67,106 03/31/2014 0.21% 0.48%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.28 433,674 12/31/2013 0.20% 1.04%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.26 $16.23 59,153 09/30/2013 0.16% 0.00%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.44 N/A 12/31/2013 0.16% 0.80%
+ NAFC 07/22/2013 Spartan Stores Inc. (SPTN) All Stock $1.3 billion $27.77 $27.73 32,927 12/31/2013 0.14% 0.70%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.98 N/A 12/31/2013 0.08% 0.40%
+ ROCM 09/04/2013 C. R. Bard (N/A) All Cash $262 million $20.00 $19.99 46,497 12/31/2013 0.05% 0.26%
+ TGX 08/05/2013 Juniper Investment Company, LLC (N/A) All Cash N/A $2.20 $2.20 28,680 12/31/2013 0.00% 0.00%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $23.06 $23.07 102,655 06/30/2014 -0.03% -0.04%
+ EDG 10/01/2013 Sumitomo Corporation of America, Inc. (N/A) All Cash N/A $12.00 $12.01 185,028 12/31/2013 -0.08% -0.43%
+ EIHI 09/24/2013 ProAssurance Corporation (PRA) All Cash $205 million $24.50 $24.53 22,510 01/01/2014 -0.12% -0.62%
+ BZ 09/16/2013 Packaging Corporation of America (PKG) All Cash $1.995 billion $12.55 $12.58 1,520,635 12/31/2013 -0.24% -1.23%
+ SKS 07/29/2013 Hudson’s Bay Company (N/A) All Cash $2.9 billion $16.00 $16.05 1,428,379 12/31/2013 -0.31% -1.60%
+ MOLX 09/09/2013 Koch Industries, Inc. (N/A) All Cash $7.2 billion $38.50 $38.64 661,901 12/31/2013 -0.36% -1.86%
+ GWAY 09/23/2013 Vitera Healthcare Solutions (N/A) All Cash $644 million $20.35 $20.43 93,238 12/31/2013 -0.39% -2.01%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $33.42 576,729 12/31/2013 -0.51% -2.62%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $52.30 $52.58 97,663 12/31/2013 -0.53% -2.73%
+ 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 $13.83 10,756,694 11/01/2013 -0.58% -19.19%
+ TSRX 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $707 million $13.50 $13.63 N/A 12/31/2013 -0.95% -4.90%
+ DOLE 08/12/2013 David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A) All Cash $1.6 billion $13.50 $13.73 1,702,294 12/31/2013 -1.68% -8.61%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $15.96 1,722,884 03/31/2014 -6.02% -13.64%
+ OPTR 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $535 million $10.75 $12.85 820,110 12/31/2013 -16.34% -84.01%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.32 $1.58 100 03/31/2013 -16.44% 29.42%



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