Merger Arbitrage Mondays – January 20, 2014

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January 20, 2014 | Merger Arbitrage | | Author Asif

Merger Activity increased last week with with four new mergers announced, and one deal 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 2014 10
Total Number of Pending Deals
Cash Deals 46
Stock Deals 10
Stock & Cash Deals 10
Total Number of Pending Deals 66
Total Deal Size $123.71 billion

New Deals:

  1. The acquisition of Teche Holding Company (TSH) by IberiaBank (IBKC) for $161 million in an all stock deal. Under the terms of the agreement, shareholders of Teche Holding Company will receive 1.162 shares of IBKC common stock for each share of Teche common stock outstanding, subject to certain market price adjustments provided for in the merger agreement.
  2. The acquisition of Beam (BEAM) by Suntory Holdings Limited for $16 billion or $83.50 per share in cash.
  3. The acquisition of China Hydroelectric Corporation (CHC) by CPT Wyndham Holdings, which is an affiliate of the private equity firm NewQuest capital partners. Upon completion of the merger, shareholders of China Hydroelectric will receive $3.51 per share in cash per ADR.
  4. The acquisition of CEC Entertainment (CEC) by an affiliate of Apollo Global Management (APO) for $1.3 billion or $54.00 per share in cash.

Closed Deals:

  1. The acquisition of AsiaInfo-Linkage (ASIA) by CITIC Capital Partners on January 15, 2014. It took 247 days for this deal to be completed.

Top 10 deals with largest deals:

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 $2.15 12/31/2013 48.84% -891.28%
TWGP 01/06/2014 ACP Re Ltd. (N/A) $3.00 $2.62 06/30/2014 14.50% 32.88%
SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $4.14 $3.65 03/31/2014 13.54% 70.60%
HOME 10/23/2013 Cascade Bancorp (CACB) $16.47 $14.88 03/31/2014 10.71% 55.83%
TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) $1.46 $1.32 03/31/2014 10.61% 55.30%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.69 03/31/2014 5.33% 27.77%
CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) $7.00 $6.65 06/30/2014 5.19% 11.77%
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 $5.21 09/30/2013 4.61% -15.01%
CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) $3.51 $3.36 06/30/2014 4.46% 10.12%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $10.00 $9.60 09/30/2013 4.17% -13.58%

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 $2.15 9,211 12/31/2013 48.84% 0.00%
+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $3.00 $2.62 1,122,488 06/30/2014 14.50% 32.88%
+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $4.14 $3.65 123,604 03/31/2014 13.54% 70.60%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $16.47 $14.88 36,497 03/31/2014 10.71% 55.83%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.32 144,619 03/31/2014 10.61% 55.30%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.69 14,614 03/31/2014 5.33% 27.77%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $7.00 $6.65 33,920 06/30/2014 5.19% 11.77%
+ 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 $5.21 61,373 09/30/2013 4.61% 0.00%
+ CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) All Cash N/A $3.51 $3.36 129,041 06/30/2014 4.46% 10.12%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.60 2 09/30/2013 4.17% 0.00%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.41 $9.08 9,708,899 01/31/2014 3.64% 120.78%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.26 167,465 03/31/2014 3.23% 16.85%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.94 108,064 03/31/2014 3.09% 16.13%
+ TSH 01/13/2014 IberiaBank Corp. (IBKC) All Stock $161 million $72.37 $70.25 3,133 06/30/2014 3.02% 6.84%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.11 520,259 03/31/2014 2.67% 13.93%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $18.08 150,774 06/30/2014 2.32% 5.27%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $2.01 13,725 01/15/2014 1.99% 0.00%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.57 346,457 03/31/2014 1.83% 9.52%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.73 122,717 04/30/2014 1.72% 6.27%
+ VIFL 12/06/2013 Sterigenics International LLC (N/A) All Cash N/A $7.23 $7.11 6,090 03/31/2014 1.69% 8.80%
+ BRD 12/16/2013 Primero Mining Corp. (PPP) All Stock N/A $0.96 $0.94 1,606,450 03/31/2014 1.65% 8.60%
+ CEDU 12/31/2013 ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A) All Cash N/A $7.00 $6.90 7,575 06/30/2014 1.45% 3.29%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.00 11,285,849 06/30/2014 1.36% 3.09%
+ PACR 01/06/2014 XPO Logistics, Inc. (XPO) All Cash $296 million $9.00 $8.88 733,512 06/30/2014 1.35% 3.06%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $59.48 263,914 12/31/2014 1.29% 1.37%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.72 $18.51 8,167 03/31/2014 1.13% 5.92%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.86 1,507,317 06/30/2014 0.94% 2.14%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $19.12 $18.94 35,661 06/30/2014 0.93% 2.12%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $13.12 $13.00 985,277 06/30/2014 0.90% 2.04%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $14.57 $14.45 833,754 03/31/2014 0.81% 4.22%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $18.75 $18.62 42,594 06/30/2014 0.71% 1.61%
+ CGX 10/24/2013 R.R. Donnelley & Sons Company (RRD) Cash Plus Stock $620 million $67.54 $67.07 140,971 03/31/2014 0.70% 3.67%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.20 1,435 03/31/2014 0.69% 3.62%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $26.23 $26.05 100 12/31/2013 0.69% 0.00%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $26.84 $26.67 275,318 03/31/2014 0.64% 3.33%
+ MASC 01/09/2014 Zink Acquisition Holdings Inc. (N/A) All Cash $139 million $12.75 $12.67 153,040 05/15/2014 0.63% 2.00%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $24.10 $23.96 231 03/31/2014 0.59% 3.09%
+ TFCO 12/20/2013 Tufco Holdings, LLC (N/A) All Cash N/A $6.07 $6.04 5,100 03/31/2014 0.50% 2.59%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $4.03 103,099 01/31/2014 0.50% 16.47%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.30 $16.24 27,900 01/31/2014 0.36% 12.01%
+ COLE 10/23/2013 American Realty Capital Properties, Inc. (ARCP) All Stock $11.2 billion $14.94 $14.89 11,339,857 06/30/2014 0.34% 0.76%
+ VTNC 12/30/2013 TransForce Inc. (N/A) All Cash $136 million $6.50 $6.48 153,231 03/15/2014 0.31% 2.09%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.37 31,032 03/31/2014 0.30% 1.56%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $57.85 $57.70 569,090 03/31/2014 0.26% 1.34%
+ ANEN 11/04/2013 an affiliate of The Veritas Capital Fund IV, L.P. (N/A) All Cash $381 million $28.00 $27.94 39,187 03/31/2014 0.21% 1.12%
+ BEAM 01/13/2014 Suntory Holdings Limited (N/A) All Cash $16 billion $83.50 $83.34 5,023,997 06/30/2014 0.19% 0.44%
+ DRCO 12/23/2013 Engility Holdings, Inc. (EGL) All Cash $120.9 million $11.50 $11.48 29,016 03/31/2014 0.17% 0.91%
+ ANLY 08/28/2013 ACS Motion Control, Ltd. (ACSEF) All Cash $35 million $6.45 $6.44 N/A 12/31/2013 0.16% 0.00%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.34 590,774 12/31/2013 0.08% 0.00%
+ CCIX 12/20/2013 Southwire Company (N/A) All Cash $786 million $26.25 $26.23 436,981 03/31/2014 0.08% 0.40%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.24 344,067 06/30/2014 0.08% 0.17%
+ GIVN 12/08/2013 Covidien plc (COV) All Cash $860 million $30.00 $29.98 117,601 03/31/2014 0.07% 0.35%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.74 87,715 01/31/2014 0.06% 1.98%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $75.96 1,936,049 01/31/2014 0.05% 1.75%
+ GENT 12/19/2013 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1 billion $57.00 $56.97 1,324,147 03/31/2014 0.05% 0.27%
+ VPHM 11/11/2013 Shire plc (SHPG) All Cash $4.2 billion $50.00 $49.99 616,655 03/31/2014 0.02% 0.10%
+ SLTM 12/16/2013 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $250 million $2.92 $2.92 1,066,671 03/31/2014 0.00% 0.00%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $32.93 $32.93 127,432 06/30/2014 -0.01% -0.02%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $27.02 406,229 06/30/2014 -0.07% -0.17%
+ VCI 12/18/2013 Harland Clarke Holdings Corp. (N/A) All Cash $1.84 billion $34.04 $34.11 406,776 03/31/2014 -0.21% -1.07%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $23.58 $23.72 41,623 06/30/2014 -0.60% -1.35%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.63 32,104 03/31/2014 -1.35% -7.04%
+ CEC 01/16/2014 An affiliate of Apollo Global Management, LLC (APO) All Cash $1.3 billion $54.00 $54.78 1,081,312 03/31/2014 -1.42% -7.42%
+ HPOL 11/25/2013 Nielsen Holdings N.V. (NLSN) All Cash $117 million $2.00 $2.05 961,165 03/31/2014 -2.44% -12.72%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $17.49 275,761 03/31/2014 -14.24% -74.23%
+ PATH 12/16/2013 Endo Health Solutions Inc. (ENDP) All Cash $105 million $2.85 $4.38 219,326 01/31/2014 -34.93% -1159.09%

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




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