Merger Arbitrage Mondays – October 7, 2013

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October 6, 2013 | Merger Arbitrage | | Author Asif

Merger activity dropped last week with one new deal announced and six 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 127
Total Number of Deals Not Completed in 2013 2
Total Number of Pending Deals
Cash Deals 54
Stock Deals 17
Stock & Cash Deals 8
Total Number of Pending Deals 79
Total Deal Size $349.67 billion

New Deals:

  1. The acquisition of The Active Network (ACTV) by Vista Equity Partners for $1.05 billion or $14.50 per share in cash.

Deal Updates:

  1. On September 30, 2013, NTS Realty Holdings Limited Partnership (NLP) announced that the special committee of the board of directors of NTS Realty Capital, Inc., received a letter from NTS Merger Parent, LLC and NTS Merger Sub that it will terminate the deal if the facility contemplated by the Commitment Letter does not for any reason close by September 30, 2013. Since the CEO has not raised the necessary capital to complete this deal and the termination date was September 30, 2013, we are updating this deal as not completed.
  2. In an unusual turn of events Cooper Tire & Rubber (CTB) has filed a lawsuit against Apollo Tyres in an attempt to expedite the consummation of the merger.

Closed Deals:

  1. The acquisition of Arbitron (ARB) by Nielsen Holdings N.V. (NLSN) on September 30, 2013. It took 286 days for this deal to be completed.
  2. The acquisition of MOD-PAC Corp. (MPAC) by Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company on September 30, 2013. It took 172 days for this deal to be completed.
  3. The acquisition of Vanguard Health Systems (VHS) by Tenet Healthcare (THC) on October 1, 2013. It took 99 days for this deal to be completed.
  4. The acquisition of Colonial Properties Trust (CLP) by Mid-America Apartment Communities (MAA) on October 1, 2013. It took 120 days for this deal to be completed.
  5. The acquisition of Onyx Pharmaceuticals (ONXX) by Amgen (AMGN) on October 1, 2013. It took 37 days for this deal to be completed.
  6. The acquisition of Crimson Exploration (CXPO) by Contango Oil & Gas Company (MCF) on October 2, 2013. It took 155 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 $2.04 12/31/2013 56.86% 244.18%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $29.51 12/31/2013 18.60% 79.89%
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 $4.99 09/30/2013 17.23% -898.65%
BBRY 09/23/2013 Fairfax Financial Holdings Limited (N/A) $9.00 $7.69 12/31/2013 17.04% 73.15%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $49.98 $44.16 12/31/2013 13.18% 56.60%
HOME 09/24/2013 Banner Corporation (BANR) $13.48 $12.25 03/31/2014 10.01% 20.87%
CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) $2.05 $1.90 01/15/2014 7.89% 28.82%
YONG 09/23/2013 Full Alliance International Limited (N/A) $6.69 $6.24 03/31/2014 7.21% 15.04%
EVAC 08/19/2013 Atlas Copco Group (N/A) $10.50 $10.01 03/31/2014 4.90% 10.21%
MFLR 05/14/2013 Independent Bank Corp. (INDB) $20.22 $19.30 12/31/2013 4.77% 20.50%

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 $2.04 14,063 12/31/2013 56.86% 244.18%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $29.51 4,024,247 12/31/2013 18.60% 79.89%
+ 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 $4.99 63,421 09/30/2013 17.23% 0.00%
+ BBRY 09/23/2013 Fairfax Financial Holdings Limited (N/A) All Cash $4.7 billion $9.00 $7.69 15,373,794 12/31/2013 17.04% 73.15%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $49.98 $44.16 2,627,798 12/31/2013 13.18% 56.60%
+ HOME 09/24/2013 Banner Corporation (BANR) Cash Plus Stock $197 million $13.48 $12.25 289,927 03/31/2014 10.01% 20.87%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.90 100,371 01/15/2014 7.89% 28.82%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.24 326,107 03/31/2014 7.21% 15.04%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $10.01 160,194 03/31/2014 4.90% 10.21%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $20.22 $19.30 100 12/31/2013 4.77% 20.50%
+ RUE 05/23/2013 Apax Partners (N/A) All Cash $1.1 billion $42.00 $40.22 1,544,038 12/31/2013 4.43% 19.00%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.51 191,752 09/30/2013 4.26% 0.00%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $24.90 $24.06 1,800 12/31/2013 3.48% 14.95%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $12.51 $12.20 2,241,098 03/31/2014 2.52% 5.25%
+ WCRX 05/20/2013 Actavis, Inc. (ACT) All Stock $8.5 billion $23.50 $22.93 N/A 12/31/2013 2.50% 10.75%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.48 $9.25 3,004,479 01/31/2014 2.50% 7.86%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $12.89 $12.60 912,254 12/31/2013 2.26% 9.72%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $23.55 $23.05 1,663 03/31/2014 2.17% 4.52%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $19.15 $18.75 7,691 11/30/2013 2.13% 14.39%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $29.65 $29.04 608,736 06/30/2014 2.10% 2.89%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $3.97 586,590 01/31/2014 2.02% 6.34%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.41 413,771 09/30/2013 1.94% 0.00%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.50 1,550 12/31/2013 1.68% 7.23%
+ TPGI 09/05/2013 Parkway Properties Inc. (PKY) All Stock $1.2 billion $6.56 $6.46 25,050 12/31/2013 1.58% 6.81%
+ MAKO 09/25/2013 Stryker Corporation (SYK) All Cash $1.65 billion $30.00 $29.56 1,527,839 12/31/2013 1.49% 6.39%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.37 131,530 03/31/2014 1.39% 2.89%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.49 $18.24 15,038 03/31/2014 1.37% 2.86%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $75.08 1,665,486 01/31/2014 1.23% 3.86%
+ GCOM 08/26/2013 an affiliate of Wasserstein & Co. (N/A) All Cash $340 million $14.15 $13.98 300,346 12/31/2013 1.22% 5.22%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $22.77 $22.50 243,303 01/01/2014 1.20% 5.09%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $15.65 $15.50 40,231 09/30/2013 0.98% 0.00%
+ ACTV 09/30/2013 Vista Equity Partners (N/A) All Cash $1.05 billion $14.50 $14.36 1,572,522 12/31/2013 0.97% 4.19%
+ TGX 08/05/2013 Juniper Investment Company, LLC (N/A) All Cash N/A $2.20 $2.18 19,270 12/31/2013 0.92% 3.94%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.11 65,565 03/31/2014 0.90% 1.89%
+ NTSC 08/16/2013 Aurora Capital Group (N/A) All Cash N/A $23.00 $22.80 20,280 12/31/2013 0.88% 3.77%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $11.63 $11.54 14,212 12/31/2013 0.77% 3.29%
+ SHFL 07/16/2013 Bally Technologies, Inc. (BYI) All Cash $1.3 billion $23.25 $23.08 376,004 06/15/2014 0.74% 1.07%
+ MPG 04/25/2013 Affiliate of Brookfield Office Properties Inc. (N/A) All Cash N/A $3.15 $3.13 258,957 10/15/2013 0.64% 29.15%
+ PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $4.08 $4.05 642 10/12/2013 0.64% 46.48%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.60 1,984,101 03/31/2014 0.64% 1.33%
+ STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $13.82 $13.75 55,304 12/31/2013 0.54% 2.32%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.95 15,069 09/30/2013 0.50% 0.00%
+ VRNM 09/20/2013 BASF Corporation (N/A) All Cash N/A $4.00 $3.98 43,976 12/31/2013 0.50% 2.16%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.42 24,188 12/31/2013 0.47% 2.01%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.16 636,839 12/31/2013 0.45% 1.92%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $16.10 $16.04 8,939,501 12/31/2013 0.40% 1.72%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.20 453,019 10/16/2013 0.38% 15.36%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.71 1,140,039 12/31/2013 0.29% 1.25%
+ ROCM 09/04/2013 C. R. Bard (N/A) All Cash $262 million $20.00 $19.95 72,612 12/31/2013 0.25% 1.08%
+ EIHI 09/24/2013 ProAssurance Corporation (PRA) All Cash $205 million $24.50 $24.44 37,029 01/01/2014 0.25% 1.04%
+ OPAY 09/23/2013 ACI Worldwide, Inc. (ACIW) All Cash $109 million $8.35 $8.33 313,894 12/31/2013 0.24% 1.03%
+ WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.94 102,811 12/31/2013 0.23% 0.99%
+ TMS 08/26/2013 The Pritzger Organization (N/A) All Cash $1 billion $17.50 $17.47 54,782 12/31/2013 0.17% 0.74%
+ ALCS 07/25/2013 Argonne Capital Group LLC (N/A) All Cash $47 million $14.00 $13.98 2,932 12/31/2013 0.14% 0.61%
+ VLTR 08/15/2013 Maxim Integrated Products, Inc. (MXIM) All Cash $605 million $23.00 $22.97 N/A 10/31/2013 0.13% 1.99%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $33.21 436,694 12/31/2013 0.12% 0.52%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.49 378,754 12/02/2013 0.12% 0.77%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $22.42 $22.40 28,049 06/30/2014 0.09% 0.13%
+ BKR 07/29/2013 Integrated Mission Solutions LLC (N/A) All Cash $391.6 million $40.50 $40.47 24,573 10/31/2013 0.07% 1.13%
+ FIRE 07/23/2013 Cisco Systems, Inc. (CSCO) All Cash $2.7 billion $76.00 $75.96 522,098 12/31/2013 0.05% 0.23%
+ MFB 07/24/2013 Hanesbrands Inc. (HBI) All Cash $575 million $23.50 $23.50 818,846 12/31/2013 0.00% 0.00%
+ KDN 09/05/2013 AB SKF (N/A) All Cash $1.25 billion $35.50 $35.50 301,183 12/31/2013 0.00% 0.00%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.75 676,952 01/31/2014 0.00% 0.00%
+ MOLX 09/09/2013 Koch Industries, Inc. (N/A) All Cash $7.2 billion $38.50 $38.53 657,503 12/31/2013 -0.08% -0.33%
+ SKS 07/29/2013 Hudson’s Bay Company (N/A) All Cash $2.9 billion $16.00 $16.02 20,352,304 12/31/2013 -0.12% -0.54%
+ NAFC 07/22/2013 Spartan Stores Inc. (SPTN) All Stock $1.3 billion $26.45 $26.49 24,227 12/31/2013 -0.16% -0.68%
+ CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $25.88 $26.00 135,879 10/07/2013 -0.48% 0.00%
+ ASTX 09/05/2013 Otsuka Pharmaceutical Co., Ltd. (N/A) All Cash $886 million $8.50 $8.55 3,077,646 11/15/2013 -0.58% -5.47%
+ 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 $13.84 9,116,683 11/01/2013 -0.65% -9.49%
+ DOLE 08/12/2013 David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A) All Cash $1.6 billion $13.50 $13.59 545,516 12/31/2013 -0.66% -2.84%
+ TSRX 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $707 million $13.50 $13.63 N/A 12/31/2013 -0.95% -4.10%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $46.81 $47.33 230,927 12/31/2013 -1.09% -4.68%
+ BZ 09/16/2013 Packaging Corporation of America (PKG) All Cash $1.995 billion $12.55 $12.69 1,734,865 12/31/2013 -1.10% -4.74%
+ GWAY 09/23/2013 Vitera Healthcare Solutions (N/A) All Cash $644 million $20.35 $20.59 155,468 12/31/2013 -1.17% -5.01%
+ ASI 06/03/2013 Fairfax Financial Holdings Limited (N/A) All Cash $306 million $29.25 $30.25 N/A 12/31/2013 -3.31% -14.20%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $15.82 952,483 03/31/2014 -5.18% -10.81%
+ OPTR 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $535 million $10.75 $12.59 4,203,371 12/31/2013 -14.61% -62.76%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $37.31 $43.89 409,211 09/30/2013 -14.99% 781.43%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.30 $1.87 156 03/31/2013 -30.28% 58.17%



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