Merger Arbitrage Mondays – January 6, 2014

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January 6, 2014 | Merger Arbitrage | | Author Asif

Merger Activity decreased last week with with one new merger announced, two deals falling apart and five 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 2014 6
Total Number of Pending Deals
Cash Deals 44
Stock Deals 9
Stock & Cash Deals 10
Total Number of Pending Deals 63
Total Deal Size $105.60 billion

New Deals:

  1. The acquisition of ChinaEdu Corporation (CEDU) by ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) in a going private transaction for $7.00 per share in cash.

Deal Updates:

  1. On December 30, 2013, Cooper Tire & Rubber (CTBterminated its merger agreement with Apollo Tyres.
  2. On December 30, 2013, Vitran Corp (VTNCterminated its merger agreement with Manitoulin Transport and agreed to be acquired by TransForce Inc.

Closed Deals:

  1. The acquisition of StellarOne Corporation (STEL) by Union First Market Bankshares Corporation (UBSH) on January 1, 2014. It took 205 days for this deal to be completed.
  2. The acquisition of PAA Natural Gas Storage (PNG) by Plains All American Pipeline (PAA) on January 2, 2014. It took 72 days for this deal to be completed.
  3. The acquisition of Lender Processing Services (LPS) by Fidelity National Financial (FNF) on January 2, 2014. It took 219 days for this deal to be completed.
  4. The acquisition of Santarus (SNTS) by Salix Pharmaceuticals (SLXP) on January 3, 2014. It took 57 days for this deal to be completed.
  5. The acquisition of Eastern Insurance Holdings (EIHI) by ProAssurance Corporation (PRA) on January 3, 2014. It took 101 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

SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $4.49 $3.44 03/31/2014 30.55% 132.73%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.46 12/31/2013 30.08% -1829.95%
HOME 10/23/2013 Cascade Bancorp (CACB) $17.11 $15.06 03/31/2014 13.62% 59.17%
TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) $1.46 $1.33 03/31/2014 9.77% 42.47%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.67 03/31/2014 6.59% 28.62%
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 $5.12 09/30/2013 6.45% -24.01%
CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) $6.97 $6.60 06/30/2014 5.66% 11.80%
YONG 09/23/2013 Full Alliance International Limited (N/A) $6.69 $6.42 03/31/2014 4.21% 18.27%
RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) $18.50 $17.88 06/30/2014 3.47% 7.23%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $9.68 $9.36 01/31/2014 3.43% 50.09%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $4.49 $3.44 59,660 03/31/2014 30.55% 132.73%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.46 187,859 12/31/2013 30.08% 0.00%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $17.11 $15.06 15,596 03/31/2014 13.62% 59.17%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.33 42,036 03/31/2014 9.77% 42.47%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.67 29,197 03/31/2014 6.59% 28.62%
+ 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 $5.12 33,028 09/30/2013 6.45% 0.00%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.97 $6.60 42,876 06/30/2014 5.66% 11.80%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.42 346,490 03/31/2014 4.21% 18.27%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $17.88 565,010 06/30/2014 3.47% 7.23%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.68 $9.36 3,127,837 01/31/2014 3.43% 50.09%
+ EVAC 08/19/2013 Atlas Copco Group (N/A) All Cash $1.6 billion $10.50 $10.18 1,921 03/31/2014 3.14% 13.66%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.72 1,351 09/30/2013 2.88% 0.00%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.11 279,016 03/31/2014 2.67% 11.61%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.95 2,072 03/31/2014 2.56% 11.14%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $2.00 72,611 01/15/2014 2.50% 101.39%
+ CEDU 12/31/2013 ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A) All Cash N/A $7.00 $6.84 10,140 06/30/2014 2.34% 4.88%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.31 196,609 03/31/2014 2.26% 9.82%
+ VIFL 12/06/2013 Sterigenics International LLC (N/A) All Cash N/A $7.23 $7.08 10,165 03/31/2014 2.12% 9.21%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $12.85 $12.60 3,378,536 06/30/2014 2.00% 4.17%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.71 290,960 04/30/2014 1.85% 5.91%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $24.99 $24.66 27,816 03/31/2014 1.34% 5.81%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $18.17 $17.95 40,728 06/30/2014 1.25% 2.60%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $59.55 388,203 12/31/2014 1.18% 1.20%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.03 18,930,164 06/30/2014 1.09% 2.27%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $19.25 $19.08 4,692 03/31/2014 0.89% 3.87%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $19.01 $18.85 30,027 06/30/2014 0.84% 1.76%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.19 4,493 03/31/2014 0.83% 3.63%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $26.75 $26.53 228,184 03/31/2014 0.82% 3.58%
+ VTNC 12/30/2013 TransForce Inc. (N/A) All Cash $136 million $6.50 $6.45 1,246,820 03/15/2014 0.78% 4.16%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $14.21 $14.12 607,205 03/31/2014 0.63% 2.75%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $25.90 $25.75 2,300 12/31/2013 0.57% 0.00%
+ CGX 10/24/2013 R.R. Donnelley & Sons Company (RRD) Cash Plus Stock $620 million $67.06 $66.70 45,581 03/31/2014 0.55% 2.37%
+ BRD 12/16/2013 Primero Mining Corp. (PPP) All Stock N/A $0.83 $0.827 708,555 03/31/2014 0.51% 2.23%
+ HPOL 11/25/2013 Nielsen Holdings N.V. (NLSN) All Cash $117 million $2.00 $1.99 21,562 03/31/2014 0.50% 2.18%
+ COLE 10/23/2013 American Realty Capital Properties, Inc. (ARCP) All Stock $11.2 billion $14.11 $14.04 2,261,221 06/30/2014 0.49% 1.03%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.93 1,344,704 06/30/2014 0.47% 0.98%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.31 33,565 03/31/2014 0.44% 1.91%
+ ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.95 983,273 12/31/2013 0.42% 0.00%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.94 $16.87 32,900 01/31/2014 0.39% 5.67%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $56.36 $56.16 756,179 03/31/2014 0.35% 1.53%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $33.46 $33.37 90,734 06/30/2014 0.27% 0.57%
+ DRCO 12/23/2013 Engility Holdings, Inc. (EGL) All Cash $120.9 million $11.50 $11.47 133,658 03/31/2014 0.26% 1.14%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $4.04 265,355 01/31/2014 0.25% 3.61%
+ INOC 11/15/2013 an affiliate of Sterling Partners (N/A) All Cash N/A $8.20 $8.18 2,840 03/31/2014 0.24% 1.06%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $75.82 1,023,400 01/31/2014 0.24% 3.47%
+ VPHM 11/11/2013 Shire plc (SHPG) All Cash $4.2 billion $50.00 $49.89 341,390 03/31/2014 0.22% 0.96%
+ ANEN 11/04/2013 an affiliate of The Veritas Capital Fund IV, L.P. (N/A) All Cash $381 million $28.00 $27.94 31,819 03/31/2014 0.21% 0.93%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.72 149,748 01/31/2014 0.18% 2.62%
+ TFCO 12/20/2013 Tufco Holdings, LLC (N/A) All Cash N/A $6.07 $6.06 25,656 03/31/2014 0.17% 0.72%
+ 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%
+ CCIX 12/20/2013 Southwire Company (N/A) All Cash $786 million $26.25 $26.21 177,864 03/31/2014 0.15% 0.66%
+ GIVN 12/08/2013 Covidien plc (COV) All Cash $860 million $30.00 $29.98 66,055 03/31/2014 0.07% 0.29%
+ TUC 10/15/2013 CSC ServiceWorks, Inc. (N/A) All Cash $524 million $21.25 $21.24 15,826 06/30/2014 0.05% 0.10%
+ HTSI 07/09/2013 The Kroger Co. (KR) All Cash $2.5 billion $49.38 $49.36 213,185 12/31/2013 0.04% 0.00%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.50 52,844 03/31/2014 0.00% 0.00%
+ GENT 12/19/2013 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1 billion $57.00 $57.00 95,969 03/31/2014 0.00% 0.00%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.27 642,899 06/30/2014 -0.15% -0.31%
+ VCI 12/18/2013 Harland Clarke Holdings Corp. (N/A) All Cash $1.84 billion $34.04 $34.13 321,870 03/31/2014 -0.26% -1.15%
+ SLTM 12/16/2013 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $250 million $2.92 $2.94 1,201,265 03/31/2014 -0.68% -2.96%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $24.33 $24.85 132,310 06/30/2014 -2.09% -4.36%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $27.60 1,161,990 06/30/2014 -2.17% -4.53%
+ PATH 12/16/2013 Endo Health Solutions Inc. (ENDP) All Cash $105 million $2.85 $3.24 147,291 01/31/2014 -12.04% -175.74%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $17.43 262,356 03/31/2014 -13.94% -60.58%

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




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