Merger Arbitrage Mondays – November 4, 2013

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November 4, 2013 | Merger Arbitrage | | Author Asif

Merger activity dropped sharply last week with one new deal announced and two 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 146
Total Number of Deals Not Completed in 2013 3
Total Number of Pending Deals
Cash Deals 45
Stock Deals 17
Stock & Cash Deals 11
Total Number of Pending Deals 73
Total Deal Size $372.07 billion

New Deals:

  1. The acquisition of Investors Capital Holdings (ICH) by RCS Capital Corporation (RCAP) for $52.5 million or $7.25 per share in cash or stock. We are considering this deal as an all cash deal as the cash consideration will be 60% of the total cash.

Deal Updates:

  1. On October 30, 2013, ALCO Stores (ALCS) announced that the company terminated its merger agreement as the proposal to adopt the merger agreement failed to receive required shareholder vote.

Closed Deals:

  1. The acquisition of Dell (DELL) by Michael Dell, Dell’s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake on October 29, 2013. It took 266 days for this deal to be completed.
  2. The acquisition of Sterling Bancorp (STL) by Provident New York Bancorp on November 1, 2013. It took 211 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 $2.17 12/31/2013 47.47% 303.95%
CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $25.93 12/31/2013 34.98% 223.99%
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% -179.73%
BBRY 09/23/2013 Fairfax Financial Holdings Limited (N/A) $9.00 $7.77 12/31/2013 15.83% 101.37%
NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $50.42 $44.46 11/04/2013 13.40% 0.00%
HOME 10/23/2013 Cascade Bancorp (CACB) $16.99 $15.52 03/31/2014 9.49% 23.57%
ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) $20.49 $19.05 11/30/2013 7.56% 106.14%
YONG 09/23/2013 Full Alliance International Limited (N/A) $6.69 $6.28 03/31/2014 6.53% 16.21%
CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) $2.05 $1.95 01/15/2014 5.13% 26.00%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $9.40 $8.96 01/31/2014 4.94% 20.51%

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 $2.17 82,161 12/31/2013 47.47% 303.95%
+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $25.93 1,823,149 12/31/2013 34.98% 223.99%
+ 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 $4.99 103,513 09/30/2013 17.23% 0.00%
+ BBRY 09/23/2013 Fairfax Financial Holdings Limited (N/A) All Cash $4.7 billion $9.00 $7.77 31,254,688 12/31/2013 15.83% 101.37%
+ NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $50.42 $44.46 1,176,385 11/04/2013 13.40% 0.00%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $16.99 $15.52 58,282 03/31/2014 9.49% 23.57%
+ ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $20.49 $19.05 48,529 11/30/2013 7.56% 106.14%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.28 186,450 03/31/2014 6.53% 16.21%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.95 44,572 01/15/2014 5.13% 26.00%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.40 $8.96 8,795,264 01/31/2014 4.94% 20.51%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $10.06 104,371 03/31/2014 4.37% 10.86%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.43 $6.19 9,418 06/30/2014 3.80% 5.82%
+ MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $19.88 $19.15 1,703 12/31/2013 3.79% 24.30%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.60 173,694 09/30/2013 3.45% 0.00%
+ COLE 10/23/2013 American Realty Capital Properties, Inc. (ARCP) All Stock $11.2 billion $14.54 $14.08 6,474,211 06/30/2014 3.24% 4.96%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.08 1,057,361 03/31/2014 3.11% 7.72%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $24.25 $23.54 1,400 03/31/2014 3.00% 7.45%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.04 14,400 03/31/2014 2.98% 7.41%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $19.66 $19.15 6,977 03/31/2014 2.66% 6.61%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.95 625,311 03/31/2014 2.56% 6.37%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $25.90 $25.28 1,928 12/31/2013 2.44% 15.60%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $29.55 $28.98 363,783 06/30/2014 1.97% 3.02%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.48 1,500 12/31/2013 1.90% 12.16%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $3.99 266,392 01/31/2014 1.50% 6.24%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.57 320,023 09/30/2013 1.41% 0.00%
+ CGX 10/24/2013 R.R. Donnelley & Sons Company (RRD) Cash Plus Stock $620 million $65.10 $64.21 82,620 03/31/2014 1.38% 3.44%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $13.25 $13.10 1,228,335 03/31/2014 1.17% 2.91%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.06 52,970 03/31/2014 1.02% 2.54%
+ TPGI 09/05/2013 Parkway Properties Inc. (PKY) All Stock $1.2 billion $6.90 $6.84 130,258 12/31/2013 0.91% 5.85%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $17.19 $17.04 285,827 06/30/2014 0.91% 1.39%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $75.37 851,906 01/31/2014 0.84% 3.47%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $17.12 $17.00 10,876,065 12/31/2013 0.72% 4.60%
+ GCOM 08/26/2013 an affiliate of Wasserstein & Co. (N/A) All Cash $340 million $14.15 $14.06 135,096 12/31/2013 0.64% 4.10%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $47.73 $47.45 121,773 12/31/2013 0.59% 3.78%
+ MAKO 09/25/2013 Stryker Corporation (SYK) All Cash $1.65 billion $30.00 $29.83 934,396 12/31/2013 0.57% 3.65%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $23.03 $22.90 61,631 06/30/2014 0.55% 0.84%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $26.10 $25.96 411,646 03/31/2014 0.52% 1.30%
+ TUC 10/15/2013 CSC ServiceWorks, Inc. (N/A) All Cash $524 million $21.25 $21.14 70,709 06/30/2014 0.52% 0.80%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $23.30 $23.19 113,790 01/01/2014 0.46% 2.87%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.46 52,958 03/31/2014 0.42% 1.05%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.20 605,945 10/16/2013 0.38% 0.00%
+ EDG 10/01/2013 Sumitomo Corporation of America, Inc. (N/A) All Cash N/A $12.00 $11.96 279,739 12/31/2013 0.33% 2.14%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.02 $15.97 76,041 09/30/2013 0.32% 0.00%
+ NTSC 08/16/2013 Aurora Capital Group (N/A) All Cash N/A $23.00 $22.93 96,012 12/31/2013 0.31% 1.95%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.71 1,240,706 12/31/2013 0.29% 1.87%
+ SHFL 07/16/2013 Bally Technologies, Inc. (BYI) All Cash $1.3 billion $23.25 $23.19 346,419 06/15/2014 0.26% 0.42%
+ VRNM 09/20/2013 BASF Corporation (N/A) All Cash N/A $4.00 $3.99 N/A 12/31/2013 0.25% 1.60%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.71 281,287 01/31/2014 0.24% 0.99%
+ GWAY 09/23/2013 Vitera Healthcare Solutions (N/A) All Cash $644 million $20.35 $20.31 199,961 12/31/2013 0.20% 1.26%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.44 N/A 12/31/2013 0.16% 0.99%
+ ACTV 09/30/2013 Vista Equity Partners (N/A) All Cash $1.05 billion $14.50 $14.48 2,571,116 12/31/2013 0.14% 0.88%
+ OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $15.52 $15.50 2,678,981 12/31/2013 0.14% 0.88%
+ OPAY 09/23/2013 ACI Worldwide, Inc. (ACIW) All Cash $109 million $8.35 $8.34 231,849 12/31/2013 0.12% 0.77%
+ ROCM 09/04/2013 C. R. Bard (N/A) All Cash $262 million $20.00 $19.98 56,804 12/31/2013 0.10% 0.64%
+ EIHI 09/24/2013 ProAssurance Corporation (PRA) All Cash $205 million $24.50 $24.48 47,815 01/01/2014 0.08% 0.51%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.37 1,041,227 12/31/2013 0.02% 0.13%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $10.00 100 09/30/2013 0.00% 0.00%
+ SKS 07/29/2013 Hudson’s Bay Company (N/A) All Cash $2.9 billion $16.00 $16.00 946,968 12/31/2013 0.00% 0.00%
+ TLAB 10/21/2013 Marlin Equity Partners (N/A) All Cash $891 million $2.45 $2.45 3,480,044 12/31/2013 0.00% 0.00%
+ PNG 10/22/2013 Plains All American Pipeline, L.P. (PAA) All Stock $2 billion $22.66 $22.67 47,448 12/31/2013 -0.03% -0.17%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.77 1,719,601 03/31/2014 -0.08% -0.21%
+ MOLX 09/09/2013 Koch Industries, Inc. (N/A) All Cash $7.2 billion $38.50 $38.54 1,320,312 12/31/2013 -0.10% -0.66%
+ LSE 05/28/2013 American Realty Capital Properties, Inc. (ARCP) All Cash $2.2 billion $8.50 $8.51 305,361 12/02/2013 -0.12% -1.53%
+ SYMM 10/21/2013 Microsemi Corporation (MSCC) All Cash $230 million $7.18 $7.20 269,116 12/29/2013 -0.28% -1.84%
+ NAFC 07/22/2013 Spartan Stores Inc. (SPTN) All Stock $1.3 billion $28.44 $28.55 43,070 12/31/2013 -0.39% -2.47%
+ CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $12.01 $12.06 6,924 12/31/2013 -0.45% -2.89%
+ TSRX 07/30/2013 Cubist Pharmaceuticals Inc. (CBST) All Cash $707 million $13.50 $13.63 N/A 12/31/2013 -0.95% -6.11%
+ DOLE 08/12/2013 David H. Murdock, Dole�s Chairman and Chief Executive Officer (N/A) All Cash $1.6 billion $13.50 $13.65 18,213,904 12/31/2013 -1.10% -7.04%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $34.47 1,438,063 12/31/2013 -3.54% -22.66%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $16.22 956,660 03/31/2014 -7.52% -18.68%
+ HOME 09/24/2013 Banner Corporation (BANR) Cash Plus Stock $197 million $13.65 $15.52 58,282 03/31/2014 -12.05% -29.92%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $41.51 $48.75 1,407,211 09/30/2013 -14.85% 154.82%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.31 $1.58 N/A 03/31/2013 -16.96% 28.40%



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