Merger Arbitrage Mondays – December 30, 2013

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December 30, 2013 | Merger Arbitrage | | Author Asif

Merger Activity decreased last week with with two new mergers announced last week 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 179
Total Number of Deals Not Completed in 2013 5
Total Number of Pending Deals
Cash Deals 48
Stock Deals 11
Stock & Cash Deals 10
Total Number of Pending Deals 69
Total Deal Size $413.45 billion

New Deals:

  1. The acquisition of Xyratex (XRTX) by Seagate Technology Public Limited Company (STX) for $374 million or $13.25 per share in cash.
  2. The acquisition of Dynamics Research Corporation (DRCO) by Engility Holdings (EGL) for $120.9 million or $11.50 per share in cash.

Closed Deals:

  1. The acquisition of Stewart Enterprises (STEI) by Service Corp. International (SCI) on December 23, 2013. It took 208 days for this deal to be completed.
  2. The acquisition of Simcere Pharmaceutical Group (SCR) by Simcere Holding Limited on December 23, 2013. It took 117 days for this deal to be completed.
  3. The acquisition of Spreadtrum Communications (SPRD) by Tsinghua Unigroup on December 23, 2013. It took 84 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 $24.20 12/31/2013 44.63% 16289.26%
SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $4.58 $3.50 03/31/2014 30.92% 124.02%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.74 12/31/2013 16.79% 6127.74%
HOME 10/23/2013 Cascade Bancorp (CACB) $16.94 $14.90 03/31/2014 13.71% 54.99%
TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) $1.46 $1.32 03/31/2014 10.61% 42.54%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.66 03/31/2014 7.23% 29.00%
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 $5.15 09/30/2013 5.83% -23.36%
CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) $6.96 $6.59 06/30/2014 5.60% 11.23%
YONG 09/23/2013 Full Alliance International Limited (N/A) $6.69 $6.41 03/31/2014 4.37% 17.52%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $9.78 $9.39 01/31/2014 4.10% 46.79%

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 $24.20 6,542,453 12/31/2013 44.63% 16289.26%
+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $4.58 $3.50 117,733 03/31/2014 30.92% 124.02%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.74 10,161 12/31/2013 16.79% 6127.74%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $16.94 $14.90 25,519 03/31/2014 13.71% 54.99%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.32 171,625 03/31/2014 10.61% 42.54%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.66 63,312 03/31/2014 7.23% 29.00%
+ 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 $5.15 44,859 09/30/2013 5.83% 0.00%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.96 $6.59 57,952 06/30/2014 5.60% 11.23%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.41 295,903 03/31/2014 4.37% 17.52%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.78 $9.39 1,731,533 01/31/2014 4.10% 46.79%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.64 300 09/30/2013 3.73% 0.00%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $17.90 928,446 06/30/2014 3.35% 6.72%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $10.19 5,922 03/31/2014 3.04% 12.20%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.99 190,381 01/15/2014 3.02% 68.78%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.10 547,677 03/31/2014 2.82% 11.30%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $3.96 192,958 01/31/2014 2.27% 25.92%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.32 600,556 03/31/2014 2.07% 8.29%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.96 32,545 03/31/2014 2.04% 8.19%
+ VIFL 12/06/2013 Sterigenics International LLC (N/A) All Cash N/A $7.23 $7.10 5,484 03/31/2014 1.83% 7.34%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.74 44,494 04/30/2014 1.65% 4.98%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $25.28 $24.89 7,527 03/31/2014 1.56% 6.25%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $17.96 $17.69 19,949 06/30/2014 1.53% 3.06%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.15 300 03/31/2014 1.40% 5.61%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $12.24 $12.09 1,520,478 06/30/2014 1.24% 2.49%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.02 8,560,245 06/30/2014 1.18% 2.37%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $27.10 $26.79 530,264 03/31/2014 1.14% 4.57%
+ CGX 10/24/2013 R.R. Donnelley & Sons Company (RRD) Cash Plus Stock $620 million $68.45 $67.94 63,070 03/31/2014 0.75% 3.01%
+ INOC 11/15/2013 an affiliate of Sterling Partners (N/A) All Cash N/A $8.20 $8.15 9,067 03/31/2014 0.61% 2.46%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $59.92 476,661 12/31/2014 0.55% 0.55%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $14.35 $14.27 555,415 03/31/2014 0.55% 2.21%
+ HPOL 11/25/2013 Nielsen Holdings N.V. (NLSN) All Cash $117 million $2.00 $1.99 95,967 03/31/2014 0.50% 2.02%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $19.09 $19.00 26,128 06/30/2014 0.47% 0.95%
+ DRCO 12/23/2013 Engility Holdings, Inc. (EGL) All Cash $120.9 million $11.50 $11.46 93,578 03/31/2014 0.35% 1.40%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.96 992,891 12/31/2013 0.33% 122.07%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $75.75 1,128,469 01/31/2014 0.33% 3.76%
+ STEL 06/10/2013 Union First Market Bankshares Corporation (UBSH) All Stock $445.1 million $23.95 $23.87 10,963 01/01/2014 0.33% 59.79%
+ VPHM 11/11/2013 Shire plc (SHPG) All Cash $4.2 billion $50.00 $49.85 845,995 03/31/2014 0.30% 1.21%
+ PNG 10/22/2013 Plains All American Pipeline, L.P. (PAA) All Stock $2 billion $23.13 $23.06 34,386 12/31/2013 0.29% 105.50%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $17.21 $17.16 107,931 01/31/2014 0.28% 3.16%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.96 4,091,918 06/30/2014 0.27% 0.54%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.39 21,469 03/31/2014 0.25% 1.02%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $34.16 $34.09 89,770 06/30/2014 0.21% 0.43%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.48 34,542 03/31/2014 0.21% 0.85%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.44 N/A 12/31/2013 0.16% 56.68%
+ TUC 10/15/2013 CSC ServiceWorks, Inc. (N/A) All Cash $524 million $21.25 $21.22 11,261 06/30/2014 0.14% 0.28%
+ SNTS 11/07/2013 Salix Pharmaceuticals Ltd. (SLXP) All Cash $2.6 billion $32.00 $31.97 558,966 01/01/2014 0.09% 17.13%
+ EIHI 09/24/2013 ProAssurance Corporation (PRA) All Cash $205 million $24.50 $24.48 1,972 01/01/2014 0.08% 14.91%
+ CCIX 12/20/2013 Southwire Company (N/A) All Cash $786 million $26.25 $26.23 146,699 03/31/2014 0.08% 0.31%
+ BLC 06/13/2013 Gannett Co., Inc. (GCI) All Cash $2.2 billion $13.75 $13.74 N/A 12/31/2013 0.07% 26.56%
+ ANEN 11/04/2013 an affiliate of The Veritas Capital Fund IV, L.P. (N/A) All Cash $381 million $28.00 $27.99 21,851 03/31/2014 0.04% 0.14%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $55.04 $55.03 353,665 03/31/2014 0.03% 0.10%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.37 377,100 12/31/2013 0.02% 7.39%
+ GIVN 12/08/2013 Covidien plc (COV) All Cash $860 million $30.00 $30.01 54,657 03/31/2014 -0.03% -0.13%
+ BRD 12/16/2013 Primero Mining Corp. (PPP) All Stock N/A $0.78 $0.781 571,063 03/31/2014 -0.06% -0.26%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $19.62 $19.64 10,969 03/31/2014 -0.10% -0.41%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.28 325,011 06/30/2014 -0.23% -0.45%
+ GENT 12/19/2013 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1 billion $57.00 $57.13 149,685 03/31/2014 -0.23% -0.91%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.79 1,607,204 01/31/2014 -0.24% -2.72%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $26.33 $26.44 700 12/31/2013 -0.41% -147.99%
+ TFCO 12/20/2013 Tufco Holdings, LLC (N/A) All Cash N/A $6.07 $6.10 25,992 03/31/2014 -0.49% -1.97%
+ VCI 12/18/2013 Harland Clarke Holdings Corp. (N/A) All Cash $1.84 billion $34.04 $34.31 526,571 03/31/2014 -0.79% -3.16%
+ COLE 10/23/2013 American Realty Capital Properties, Inc. (ARCP) All Stock $11.2 billion $13.89 $14.02 2,811,399 06/30/2014 -0.92% -1.85%
+ SLTM 12/16/2013 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $250 million $2.92 $2.99 643,808 03/31/2014 -2.34% -9.39%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $27.78 1,486,381 06/30/2014 -2.81% -5.63%
+ VTNC 12/09/2013 Manitoulin Transport Inc. (N/A) All Cash $128 million $6.00 $6.46 1,911,518 03/31/2014 -7.12% -28.56%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $24.72 $26.74 82,675 06/30/2014 -7.57% -15.17%
+ LPS 05/28/2013 Fidelity National Financial, Inc. (FNF) All Cash $2.9 billion $33.25 $37.42 1,074,137 12/31/2013 -11.14% -4067.48%
+ PATH 12/16/2013 Endo Health Solutions Inc. (ENDP) All Cash $105 million $2.85 $3.28 111,320 01/31/2014 -13.11% -149.53%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $17.35 150,484 03/31/2014 -13.54% -54.33%

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




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