Merger Arbitrage Mondays – February 10, 2014

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February 10, 2014 | Merger Arbitrage | | Author Asif

Merger Activity decreased last week with two new mergers announced, 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 20
Total Number of Pending Deals
Cash Deals 43
Stock Deals 14
Stock & Cash Deals 9
Total Number of Pending Deals 66
Total Deal Size $131.17 billion

New Deals:

  1. The acquisition of ArthroCare Corporation (ARTC) by Smith & Nephew for $1.7 billion or $48.25 per share in cash.
  2. The acquisition of ATMI (ATMI) by Entegris (ENTG) for $1.15 billion or $34.00 per share in cash.

Closed Deals:

  1. The acquisition of Life Technologies Corporation (LIFE) by Thermo Fisher Scientific (TMO) on February 3, 2014. It took 294 days for this deal to be completed.
  2. The acquisition of Dynamics Research Corporation (DRCO) by Engility Holdings (EGL) on February 3, 2014. It took 42 days for this deal to be completed.
  3. The acquisition of Harris Interactive (HPOL) by Nielsen Holdings N.V. (NLSN) on February 3, 2014. It took 70 days for this deal to be completed.
  4. The acquisition of Cornerstone Therapeutics (CRTX) by Chiesi Farmaceutici on February 4, 2014. It took 141 days for this deal to be completed.
  5. The acquisition of Valassis Communications (VCI) by Harland Clarke Holdings on February 4, 2014. It took 48 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 $2.25 12/31/2013 42.22% -375.88%
HOME 10/23/2013 Cascade Bancorp (CACB) $15.87 $14.24 03/31/2014 11.44% 85.23%
TWGP 01/06/2014 ACP Re Ltd. (N/A) $3.00 $2.70 06/30/2014 11.11% 28.97%
SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $3.94 $3.55 03/31/2014 10.94% 81.52%
TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) $1.46 $1.351 03/31/2014 8.07% 60.10%
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 $5.18 09/30/2013 5.21% -14.30%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.7164 03/31/2014 3.71% 27.60%
CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) $3.51 $3.39 06/30/2014 3.54% 9.23%
NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) $1.80 $1.74 06/30/2014 3.45% 8.99%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $9.50 $9.18 01/31/2014 3.44% -125.40%

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 $2.25 7,062 12/31/2013 42.22% 0.00%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $15.87 $14.24 92,785 03/31/2014 11.44% 85.23%
+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $3.00 $2.70 1,084,888 06/30/2014 11.11% 28.97%
+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $3.94 $3.55 159,467 03/31/2014 10.94% 81.52%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.351 7,507 03/31/2014 8.07% 60.10%
+ 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 $5.18 75,370 09/30/2013 5.21% 0.00%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.7164 11,450 03/31/2014 3.71% 27.60%
+ CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) All Cash N/A $3.51 $3.39 240,646 06/30/2014 3.54% 9.23%
+ NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) All Cash N/A $1.80 $1.74 11,447 06/30/2014 3.45% 8.99%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.50 $9.18 2,831,928 01/31/2014 3.44% 0.00%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.26 164,095 03/31/2014 3.23% 24.07%
+ TSH 01/13/2014 IberiaBank Corp. (IBKC) All Stock $161 million $74.95 $72.65 8,834 06/30/2014 3.16% 8.25%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.99 2,070 01/15/2014 3.02% 0.00%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.73 810 09/30/2013 2.77% 0.00%
+ JFBI 01/23/2014 HomeTrust Bancshares, Inc. (HTBI) All Cash $51.2 million $8.00 $7.79 31,830 06/30/2014 2.70% 7.03%
+ COLE 10/23/2013 American Realty Capital Properties, Inc. (ARCP) All Stock $11.2 billion $15.29 $14.98 N/A 06/30/2014 2.07% 5.39%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.56 $6.43 33,126 06/30/2014 2.01% 5.25%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.70 113,278 04/30/2014 1.91% 8.83%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.17 1,534,508 03/31/2014 1.81% 13.51%
+ CEDU 12/31/2013 ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A) All Cash N/A $7.00 $6.881 907 06/30/2014 1.73% 4.51%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $22.79 $22.42 11,091 06/30/2014 1.65% 4.30%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $18.21 123,906 06/30/2014 1.59% 4.15%
+ PACR 01/06/2014 XPO Logistics, Inc. (XPO) All Cash $296 million $9.00 $8.86 269,912 06/30/2014 1.58% 4.12%
+ VSB 01/27/2014 Yadkin Financial Corporation (YDKN) All Stock $299 million $5.82 $5.73 49,505 06/30/2014 1.49% 3.90%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.81 1,217,968 06/30/2014 1.28% 3.34%
+ TXI 01/28/2014 Martin Marietta Materials Inc. (MLM) All Stock $2.7 billion $78.78 $77.83 349,746 06/30/2014 1.22% 3.18%
+ VIFL 12/06/2013 Sterigenics International LLC (N/A) All Cash N/A $7.23 $7.15 2,587 03/31/2014 1.12% 8.33%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.98 86,099 03/31/2014 1.01% 7.52%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $17.45 $17.28 42,929 06/30/2014 0.96% 2.51%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.63 535,862 03/31/2014 0.90% 6.74%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.06 6,229,250 06/30/2014 0.81% 2.12%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $22.95 $22.77 413 03/31/2014 0.79% 5.89%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $17.35 $17.21 56,034 06/30/2014 0.79% 2.06%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $27.78 $27.57 626,877 03/31/2014 0.76% 5.64%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $13.78 $13.68 929,915 03/31/2014 0.74% 5.51%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $12.33 $12.25 996,416 06/30/2014 0.63% 1.63%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $24.34 $24.19 303 12/31/2013 0.60% 0.00%
+ ATMI 02/04/2014 Entegris, Inc. (ENTG) All Cash $1.15 billion $34.00 $33.80 1,993,605 06/30/2014 0.59% 1.54%
+ BRD 12/16/2013 Primero Mining Corp. (PPP) All Stock N/A $1.00 $0.99 849,532 03/31/2014 0.58% 4.33%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $17.49 $17.41 4,578 03/31/2014 0.46% 3.42%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.19 355,871 06/30/2014 0.45% 1.19%
+ CNOB 01/21/2014 Center Bancorp, Inc. (CNBC) All Stock $243 million $44.36 $44.17 10,124 09/30/2014 0.42% 0.66%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $60.01 248,016 12/31/2014 0.40% 0.45%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.33 72,826 03/31/2014 0.39% 2.92%
+ VTNC 12/30/2013 TransForce Inc. (N/A) All Cash $136 million $6.50 $6.48 269,716 03/15/2014 0.31% 3.41%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $31.14 $31.06 136,741 06/30/2014 0.25% 0.66%
+ MASC 01/09/2014 Zink Acquisition Holdings Inc. (N/A) All Cash $139 million $12.75 $12.73 21,493 05/15/2014 0.16% 0.61%
+ 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%
+ APFC 01/10/2014 H.I.G. Capital, LLC (N/A) All Cash $392.0 million $46.50 $46.44 91,197 03/31/2014 0.13% 0.96%
+ BEAM 01/13/2014 Suntory Holdings Limited (N/A) All Cash $16 billion $83.50 $83.40 1,557,743 06/30/2014 0.12% 0.31%
+ ANEN 11/04/2013 an affiliate of The Veritas Capital Fund IV, L.P. (N/A) All Cash $381 million $28.00 $27.97 79,786 03/31/2014 0.11% 0.80%
+ GENT 12/19/2013 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1 billion $57.00 $56.94 5,535 03/31/2014 0.11% 0.78%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $26.98 N/A 06/30/2014 0.07% 0.19%
+ CEC 01/16/2014 An affiliate of Apollo Global Management, LLC (APO) All Cash $1.3 billion $54.00 $53.96 286,957 03/31/2014 0.07% 0.55%
+ GIVN 12/08/2013 Covidien plc (COV) All Cash $860 million $30.00 $29.99 165,685 03/31/2014 0.03% 0.25%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.75 307,246 03/30/2014 0.00% 0.00%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.25 3,723 03/31/2014 0.00% 0.00%
+ CCIX 12/20/2013 Southwire Company (N/A) All Cash $786 million $26.25 $26.25 41,684 03/31/2014 0.00% 0.00%
+ ACCL 01/30/2014 Dassault Syst�mes (N/A) All Cash $750 million $12.50 $12.50 2,246,064 06/30/2014 0.00% 0.00%
+ TFCO 12/20/2013 Tufco Holdings, LLC (N/A) All Cash N/A $6.07 $6.08 1,000 03/31/2014 -0.16% -1.23%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $61.47 $61.65 777,932 03/31/2014 -0.30% -2.21%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.17 $16.26 N/A 01/31/2014 -0.56% 20.61%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $22.10 $22.27 39,159 06/30/2014 -0.77% -2.00%
+ ARTC 02/03/2014 Smith & Nephew (N/A) All Cash $1.7 billion $48.25 $49.53 880,493 06/30/2014 -2.58% -6.74%
+ PATH 12/16/2013 Teva Pharmaceutical Industries (TEVA) All Cash $105 million $3.65 $4.18 362,038 01/31/2014 -12.68% 462.80%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $17.62 374,891 03/31/2014 -14.87% -110.76%

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




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