Merger Arbitrage Mondays – December 16, 2013

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December 16, 2013 | Merger Arbitrage | | Author Asif

Merger Activity increased last week with five 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 169
Total Number of Deals Not Completed in 2013 5
Total Number of Pending Deals
Cash Deals 41
Stock Deals 11
Stock & Cash Deals 10
Total Number of Pending Deals 62
Total Deal Size $381.34 billion

New Deals:

  1. The acquisition of Equal Energy (EQU) by Petroflow Energy Corporation for $230 million or $5.43 per share in cash.
  2. The acquisition of Trunkbow International Holdings (TBOW) for $1.46 per share in cash in a “going private” transaction.
  3. The acquisition of Given Imaging (GIVN) by Covidien (COV) for $860 million or $30.00 per share in cash.
  4. The acquisition of Vitran Corp (VTNC) by Manitoulin Transport for $128 million or $6.00 per share in cash.
  5. The acquisition of UNS Energy Corporation (UNS) by Fortis for $4.3 billion or $60.25 per share in cash.

Deal Updates:

  1. On December 13, 2013, Union Steelworks struck a deal regarding the Cooper plants (CTB) that have been a focus of the Delaware Supreme Court conflict over Cooper’s $2.5 billion merger with ApolloTyres.

Closed Deals:

  1. The acquisition of Roma Financial (ROMA) by Investors Bancorp (ISBC) on December 9, 2013. It took 355 days for this deal to be completed.
  2. The acquisition of Molex Incorporated (MOLX) by Koch Industries on December 9, 2013. It took 91 days for this deal to be completed.
  3. The acquisition of Globecomm Systems (GCOM) by an affiliate of Wasserstein & Co. on December 11, 2013. It took 107 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

CTB 06/12/2013 Apollo Tyres Ltd (N/A) $35.00 $22.76 12/31/2013 53.78% 1308.61%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.759 12/31/2013 15.98% 388.95%
HOME 10/23/2013 Cascade Bancorp (CACB) $17.11 $15.10 03/31/2014 13.32% 46.29%
TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) $1.46 $1.33 03/31/2014 9.77% 33.98%
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) $5.45 $5.01 09/30/2013 8.78% -41.63%
RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) $18.50 $17.35 06/30/2014 6.63% 12.34%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.67 03/31/2014 6.59% 22.90%
CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) $2.05 $1.94 01/15/2014 5.67% 68.99%
CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) $6.80 $6.45 06/30/2014 5.41% 10.08%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $10.00 $9.52 09/30/2013 5.04% -23.90%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ CTB 06/12/2013 Apollo Tyres Ltd (N/A) All Cash $2.5 billion $35.00 $22.76 1,729,323 12/31/2013 53.78% 1308.61%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.759 1,006 12/31/2013 15.98% 388.95%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $17.11 $15.10 28,482 03/31/2014 13.32% 46.29%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.33 79,499 03/31/2014 9.77% 33.98%
+ 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 $5.45 $5.01 47,260 09/30/2013 8.78% 0.00%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $17.35 132,175 06/30/2014 6.63% 12.34%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.67 27,100 03/31/2014 6.59% 22.90%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.94 258,344 01/15/2014 5.67% 68.99%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.80 $6.45 42,531 06/30/2014 5.41% 10.08%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.52 N/A 09/30/2013 5.04% 0.00%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.41 95,459 03/31/2014 4.37% 15.18%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $6.995 134,833 03/31/2014 4.36% 15.16%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.56 $9.16 2,810,381 01/31/2014 4.35% 34.51%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $10.17 8,201 03/31/2014 3.24% 11.28%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.95 201,155 03/31/2014 2.56% 8.91%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $58.94 1,560,754 12/31/2014 2.22% 2.13%
+ BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.9 billion $49.38 $48.61 1,236,545 01/31/2014 1.57% 12.49%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $19.14 $18.85 46,166 06/30/2014 1.56% 2.90%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.35 472,643 03/31/2014 1.50% 5.20%
+ VIFL 12/06/2013 Sterigenics International LLC (N/A) All Cash N/A $7.23 $7.13 4,775 03/31/2014 1.40% 4.88%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $3.995 226,091 01/31/2014 1.38% 10.92%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $25.42 $25.08 N/A 12/31/2013 1.35% 32.75%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $25.27 $24.94 256,986 03/31/2014 1.32% 4.59%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $24.65 $24.36 3,719 03/31/2014 1.21% 4.20%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.32 $18.12 4,686 03/31/2014 1.10% 3.84%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $17.07 $16.90 168,286 01/31/2014 1.02% 8.05%
+ SCR 08/28/2013 Simcere Holding Limited (N/A) All Cash $495 million $9.66 $9.57 11,757 12/31/2013 0.94% 22.88%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.14 105,954 03/31/2014 0.83% 2.90%
+ CGX 10/24/2013 R.R. Donnelley & Sons Company (RRD) Cash Plus Stock $620 million $65.78 $65.24 41,370 03/31/2014 0.82% 2.86%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $32.78 $32.53 213,726 06/30/2014 0.76% 1.41%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $14.29 $14.18 791,545 03/31/2014 0.75% 2.60%
+ SPRD 07/12/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $1.78 billion $31.00 $30.80 1,097,525 09/30/2013 0.65% 0.00%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $17.85 $17.74 13,235 06/30/2014 0.64% 1.19%
+ COLE 10/23/2013 American Realty Capital Properties, Inc. (ARCP) All Stock $11.2 billion $13.88 $13.80 4,472,550 06/30/2014 0.58% 1.08%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.21 5,994 03/31/2014 0.55% 1.93%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $23.69 $23.56 17,837 01/01/2014 0.53% 12.13%
+ VPHM 11/11/2013 Shire plc (SHPG) All Cash $4.2 billion $50.00 $49.74 875,078 03/31/2014 0.52% 1.82%
+ TPGI 09/05/2013 Parkway Properties Inc. (PKY) All Stock $1.2 billion $6.62 $6.59 18,305 12/31/2013 0.51% 12.38%
+ HPOL 11/25/2013 Nielsen Holdings N.V. (NLSN) All Cash $117 million $2.00 $1.99 126,265 03/31/2014 0.50% 1.75%
+ MSPD 11/05/2013 M/A-Com Technology Solutions Holdings, Inc. (MTSI) All Cash N/A $5.05 $5.025 2,244,925 12/31/2013 0.50% 12.11%
+ PNG 10/22/2013 Plains All American Pipeline, L.P. (PAA) All Stock $2 billion $21.60 $21.50 69,932 12/31/2013 0.49% 11.86%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $75.64 N/A 01/31/2014 0.48% 3.78%
+ ANEN 11/04/2013 an affiliate of The Veritas Capital Fund IV, L.P. (N/A) All Cash $381 million $28.00 $27.88 17,160 03/31/2014 0.43% 1.50%
+ STEI 05/29/2013 Service Corp. International (SCI) All Cash $1.4 billion $13.25 $13.20 967,009 10/16/2013 0.38% 0.00%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.70 478,582 12/31/2013 0.36% 8.88%
+ GIVN 12/08/2013 Covidien plc (COV) All Cash $860 million $30.00 $29.90 455,502 03/31/2014 0.33% 1.16%
+ NVE 05/29/2013 MidAmerican Energy Holdings Company (N/A) All Cash $10 billion $23.75 $23.69 2,014,666 03/31/2014 0.25% 0.88%
+ SNTS 11/07/2013 Salix Pharmaceuticals Ltd. (SLXP) All Cash $2.6 billion $32.00 $31.94 1,542,895 01/01/2014 0.19% 4.29%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.44 N/A 12/31/2013 0.16% 3.78%
+ ELN 07/29/2013 Perrigo Company (PRGO) Cash Plus Stock $8.6 billion $17.84 $17.82 12,769,237 12/31/2013 0.13% 3.14%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.73 87,946 01/31/2014 0.12% 0.95%
+ EIHI 09/24/2013 ProAssurance Corporation (PRA) All Cash $205 million $24.50 $24.48 6,099 01/01/2014 0.08% 1.86%
+ PSE 08/12/2013 Pioneer Natural Resources Company (PXD) All Stock $1.46 billion $41.79 $41.76 47,331 12/31/2013 0.08% 1.86%
+ MAKO 09/25/2013 Stryker Corporation (SYK) All Cash $1.65 billion $30.00 $29.99 539,107 12/31/2013 0.03% 0.81%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.37 670,835 12/31/2013 0.02% 0.49%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $12.01 553,609 12/31/2013 -0.08% -2.03%
+ TUC 10/15/2013 CSC ServiceWorks, Inc. (N/A) All Cash $524 million $21.25 $21.29 21,556 06/30/2014 -0.19% -0.35%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.60 53,207 03/31/2014 -1.04% -3.62%
+ VTNC 12/09/2013 Manitoulin Transport Inc. (N/A) All Cash $128 million $6.00 $6.17 22,416 03/31/2014 -2.76% -9.58%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $23.67 $24.72 32,402 06/30/2014 -4.23% -7.87%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $35.69 849,694 12/31/2013 -6.84% -166.36%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $17.15 N/A 03/31/2014 -12.54% -43.58%

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria




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