Merger Arbitrage Mondays – February 17, 2014

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February 17, 2014 | Merger Arbitrage | | Author Asif

Merger Activity increased last week with six new mergers announced, and two 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 22
Total Number of Pending Deals
Cash Deals 46
Stock Deals 14
Stock & Cash Deals 10
Total Number of Pending Deals 70
Total Deal Size $183.08 billion

New Deals:

  1. The acquisition of Supertex (SUPX) by Microchip Technology (MCHP) for $394 million or $33.00 per share in cash.
  2. The acquisition of Cadence Pharmaceuticals (CADX) by Mallinckrodt (MNK) for $1.3 billion or $14.00 per share in cash.
  3. The acquisition of AMCOL International Corporation (ACO) by Imerys S.A. for $1.6 billion or $41.00 per share in cash.
  4. The acquisition of Time Warner Cable (TWC) by Comcast Corporation (CMCSA) for $45.2 billion in an all stock deal. Under the terms of the agreement, shareholders of Time Warner Cable will receive 2.875 shares of CMCSA.
  5. The acquisition of LCA-Vision (LCAV) by PhotoMedex (PHMD) for $106.4 million or $5.37 per share in cash.
  6. The acquisition of Foster Wheeler (FWLT) by Amec plc (AMEC.L) for $3.3 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Foster Wheeler will receive 0.8998 shares of AMEC stock and $16.00 per share in cash.Separately, Foster Wheeler expects to pay a one-time dividend of $0.40 per share prior to, and not conditional on, the closing of the offer.

Closed Deals:

  1. The acquisition of Coleman Cable (CCIX) by Southwire Company on February 10, 2014. It took 52 days for this deal to be completed.
  2. The acquisition of Cole Real Estate Investments (COLE) by American Realty Capital Properties (ARCP) on February 11, 2014. It took 111 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 $2.24 12/31/2013 42.86% -325.89%
HOME 10/23/2013 Cascade Bancorp (CACB) $16.42 $14.37 03/31/2014 14.29% 124.15%
SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $4.18 $3.69 03/31/2014 13.24% 115.04%
TWGP 01/06/2014 ACP Re Ltd. (N/A) $3.00 $2.75 06/30/2014 9.09% 24.95%
TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) $1.46 $1.36 03/31/2014 7.35% 63.90%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $13.00 $12.22 09/30/2013 6.38% -16.64%
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 $5.145 09/30/2013 5.93% -15.46%
TWC 02/13/2014 Comcast Corporation (CMCSA) $154.39 $146.00 12/31/2014 5.74% 6.61%
NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) $1.80 $1.74 06/30/2014 3.45% 9.46%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $9.58 $9.27 01/31/2014 3.39% -72.83%

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 $2.24 4,057 12/31/2013 42.86% 0.00%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $16.42 $14.37 122,655 03/31/2014 14.29% 124.15%
+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $4.18 $3.69 91,358 03/31/2014 13.24% 115.04%
+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $3.00 $2.75 1,529,817 06/30/2014 9.09% 24.95%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.36 28,660 03/31/2014 7.35% 63.90%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $13.00 $12.22 1,561 09/30/2013 6.38% 0.00%
+ 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 $5.145 33,670 09/30/2013 5.93% 0.00%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $154.39 $146.00 8,340,474 12/31/2014 5.74% 6.61%
+ NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) All Cash N/A $1.80 $1.74 105,300 06/30/2014 3.45% 9.46%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.58 $9.27 1,153,311 01/31/2014 3.39% 0.00%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.62 $6.41 8,950 06/30/2014 3.35% 9.20%
+ JFBI 01/23/2014 HomeTrust Bancshares, Inc. (HTBI) All Cash $51.2 million $8.00 $7.76 23,329 06/30/2014 3.09% 8.49%
+ CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) All Cash N/A $3.51 $3.41 111,005 06/30/2014 2.93% 8.05%
+ TSH 01/13/2014 IberiaBank Corp. (IBKC) All Stock $161 million $75.96 $74.00 4,782 06/30/2014 2.65% 7.27%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.7399 19,031 03/31/2014 2.30% 20.03%
+ CNOB 01/21/2014 Center Bancorp, Inc. (CNBC) All Stock $243 million $44.56 $43.60 3,576 09/30/2014 2.21% 3.59%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $32.51 $31.81 3,018,437 12/31/2014 2.20% 2.54%
+ CEDU 12/31/2013 ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A) All Cash N/A $7.00 $6.85 3,995 06/30/2014 2.19% 6.01%
+ VSB 01/27/2014 Yadkin Financial Corporation (YDKN) All Stock $299 million $6.12 $5.99 25,742 06/30/2014 2.10% 5.76%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $2.01 121,573 01/15/2014 1.99% 0.00%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $25.15 $24.68 N/A 12/31/2013 1.89% 0.00%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $18.17 175,818 06/30/2014 1.82% 4.98%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $23.31 $22.90 35,965 06/30/2014 1.79% 4.90%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.77 65,883 04/30/2014 1.46% 7.39%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.20 238,427 03/31/2014 1.39% 12.07%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.36 331,075 03/31/2014 1.31% 11.35%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $27.37 $27.04 620,748 03/31/2014 1.22% 10.63%
+ VIFL 12/06/2013 Sterigenics International LLC (N/A) All Cash N/A $7.23 $7.15 12,300 03/31/2014 1.12% 9.72%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.17 2,703 03/31/2014 1.12% 9.70%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $13.74 $13.59 1,462,847 03/31/2014 1.11% 9.68%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.98 300 03/31/2014 1.01% 8.78%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $12.31 $12.19 311,784 06/30/2014 1.00% 2.73%
+ TXI 01/28/2014 Martin Marietta Materials Inc. (MLM) All Stock $2.7 billion $82.94 $82.19 940,586 06/30/2014 0.91% 2.49%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $17.97 $17.81 16,044 06/30/2014 0.89% 2.45%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.635 535,683 03/31/2014 0.83% 7.20%
+ PACR 01/06/2014 XPO Logistics, Inc. (XPO) All Cash $296 million $9.00 $8.93 191,950 06/30/2014 0.78% 2.15%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $30.77 $30.60 101,147 06/30/2014 0.56% 1.53%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.26 54,451 03/31/2014 0.55% 4.82%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.09 1,561,123 06/30/2014 0.54% 1.48%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.92 651,563 06/30/2014 0.54% 1.47%
+ VTNC 12/30/2013 TransForce Inc. (N/A) All Cash $136 million $6.50 $6.47 130,857 03/15/2014 0.46% 6.51%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.19 488,847 06/30/2014 0.45% 1.25%
+ ATMI 02/04/2014 Entegris, Inc. (ENTG) All Cash $1.15 billion $34.00 $33.88 605,972 06/30/2014 0.35% 0.97%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $17.54 $17.48 16,786 06/30/2014 0.35% 0.95%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $61.71 $61.50 298,829 03/31/2014 0.33% 2.90%
+ BEAM 01/13/2014 Suntory Holdings Limited (N/A) All Cash $16 billion $83.50 $83.28 1,889,929 06/30/2014 0.26% 0.72%
+ APFC 01/10/2014 H.I.G. Capital, LLC (N/A) All Cash $392.0 million $46.50 $46.41 63,189 03/31/2014 0.19% 1.69%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.24 $18.21 3,783 03/31/2014 0.16% 1.43%
+ 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%
+ SUPX 02/10/2014 Microchip Technology Inc. (MCHP) All Cash $394 million $33.00 $32.95 225,571 06/30/2014 0.15% 0.42%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $26.98 N/A 06/30/2014 0.07% 0.20%
+ ANEN 11/04/2013 an affiliate of The Veritas Capital Fund IV, L.P. (N/A) All Cash $381 million $28.00 $27.98 36,862 03/31/2014 0.07% 0.62%
+ GIVN 12/08/2013 Covidien plc (COV) All Cash $860 million $30.00 $29.98 131,427 03/31/2014 0.07% 0.58%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $60.21 291,337 12/31/2014 0.07% 0.08%
+ CEC 01/16/2014 An affiliate of Apollo Global Management, LLC (APO) All Cash $1.3 billion $54.00 $53.98 N/A 03/31/2014 0.04% 0.32%
+ GENT 12/19/2013 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1 billion $57.00 $56.98 16,530 03/31/2014 0.04% 0.31%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.75 94,876 03/30/2014 0.00% 0.00%
+ MASC 01/09/2014 Zink Acquisition Holdings Inc. (N/A) All Cash $139 million $12.75 $12.75 6,505 05/15/2014 0.00% 0.00%
+ CADX 02/11/2014 Mallinckrodt plc (MNK) All Cash $1.3 billion $14.00 $14.00 2,278,212 03/31/2014 0.00% 0.00%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $22.88 $22.91 50 03/31/2014 -0.14% -1.21%
+ ACCL 01/30/2014 Dassault Syst�mes (N/A) All Cash $750 million $12.50 $12.54 1,193,346 06/30/2014 -0.32% -0.88%
+ TFCO 12/20/2013 Tufco Holdings, LLC (N/A) All Cash N/A $6.07 $6.10 1,300 03/31/2014 -0.49% -4.27%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $22.81 $22.94 11,130 06/30/2014 -0.58% -1.60%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.15 $16.26 N/A 01/31/2014 -0.70% 15.00%
+ BRD 12/16/2013 Primero Mining Corp. (PPP) All Stock N/A $1.18 $1.19 1,862,443 03/31/2014 -0.74% -6.39%
+ ARTC 02/03/2014 Smith & Nephew (N/A) All Cash $1.7 billion $48.25 $48.67 820,201 06/30/2014 -0.86% -2.37%
+ LCAV 02/13/2014 PhotoMedex, Inc. (PHMD) All Cash $106.4 million $5.37 $5.44 5,009,391 06/30/2014 -1.29% -3.53%
+ ACO 02/12/2014 Imerys S.A. (N/A) All Cash $1.6 billion $41.00 $45.27 1,671,485 06/30/2014 -9.43% -25.89%
+ PATH 12/16/2013 Teva Pharmaceutical Industries (TEVA) All Cash $105 million $3.65 $4.15 136,892 01/31/2014 -12.05% 258.68%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $17.61 163,248 03/31/2014 -14.82% -128.80%

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




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