Merger Arbitrage Mondays – February 24, 2014

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February 24, 2014 | Merger Arbitrage | | Author Asif

Merger Activity decreased last week with four new mergers announced, 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 2014 26
Total Number of Pending Deals
Cash Deals 45
Stock Deals 14
Stock & Cash Deals 11
Total Number of Pending Deals 70
Total Deal Size $212.64 billion

New Deals:

  1. The acquisition of Forest Laboratories (FRX) by Actavis (ACT) for $25 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Forest Laboratories will receive $26.04 in cash and 0.3306 Actavis shares for each share of Forest common stock.
  2. The acquisition of Chindex International (CHDX) by a buyer consortium consisting of an affiliate of private equity firm TPG, an affiliate of Shanghai Fosun Pharmaceutical  and Ms. Roberta Lipson, the CEO of the Company for $369 million or $19.50 per share in cash.
  3. The acquisition of Zale Corporation (ZLC) by Signet Jewelers Limited (SIG) for $1.4 billion or $21.00 per share in cash.
  4. The acquisition of Emeritus (ESC) by Brookdale Senior Living (BKD) for $2.8 billion in an all stock deal. Under the terms of the agreement, shareholders of Emeritus will receive 0.95 shares of Brookdale common stock in exchange for each share of their Emeritus common stock.

Closed Deals:

  1. The acquisition of Anaren (ANEN) by an affiliate of The Veritas Capital Fund IV, L.P. on February 18, 2014. It took 106 days for this deal to be completes.
  2. The acquisition of CEC Entertainment (CEC) by an affiliate of Apollo Global Management, LLC (APO) on February 21, 2014. It took 36 days for this deal to be completed.
  3. The acquisition of NuPathe (PATH) by Teva Pharmaceutical Industries (TEVA) on February 22, 2014. It took 68 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% -280.20%
SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $4.29 $3.70 03/31/2014 16.02% 167.07%
HOME 10/23/2013 Cascade Bancorp (CACB) $16.34 $14.64 03/31/2014 11.60% 121.02%
TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) $1.46 $1.34 03/31/2014 8.96% 93.39%
TWGP 01/06/2014 ACP Re Ltd. (N/A) $3.00 $2.76 06/30/2014 8.70% 25.19%
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 $5.14 09/30/2013 6.03% -14.98%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $13.00 $12.30 09/30/2013 5.69% -14.13%
CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) $6.62 $6.30 06/30/2014 5.04% 14.60%
TWC 02/13/2014 Comcast Corporation (CMCSA) $146.77 $140.54 12/31/2014 4.43% 5.22%
CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) $3.51 $3.38 06/30/2014 3.85% 11.14%

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 6,680 12/31/2013 42.22% 0.00%
+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $4.29 $3.70 42,130 03/31/2014 16.02% 167.07%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $16.34 $14.64 94,523 03/31/2014 11.60% 121.02%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.34 13,059 03/31/2014 8.96% 93.39%
+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $3.00 $2.76 1,405,407 06/30/2014 8.70% 25.19%
+ 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 $5.14 17,327 09/30/2013 6.03% 0.00%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $13.00 $12.30 14 09/30/2013 5.69% 0.00%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.62 $6.30 81,997 06/30/2014 5.04% 14.60%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $146.77 $140.54 5,471,026 12/31/2014 4.43% 5.22%
+ CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) All Cash N/A $3.51 $3.38 43,443 06/30/2014 3.85% 11.14%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.54 $9.22 3,662,963 01/31/2014 3.45% 0.00%
+ NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) All Cash N/A $1.80 $1.74 N/A 06/30/2014 3.45% 9.99%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $33.05 $32.04 1,267,236 12/31/2014 3.16% 3.72%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.73 54,291 03/31/2014 2.89% 30.14%
+ CNOB 01/21/2014 Center Bancorp, Inc. (CNBC) All Stock $243 million $45.60 $44.47 16,316 09/30/2014 2.55% 4.27%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $18.04 110,176 06/30/2014 2.55% 7.39%
+ JFBI 01/23/2014 HomeTrust Bancshares, Inc. (HTBI) All Cash $51.2 million $8.00 $7.81 6,120 06/30/2014 2.43% 7.05%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $23.44 $22.91 31,913 06/30/2014 2.32% 6.71%
+ 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 15,286 06/30/2014 2.19% 6.34%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $2.01 60,554 01/15/2014 1.99% 0.00%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.18 303,505 03/31/2014 1.67% 17.43%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.59 332,317 03/31/2014 1.52% 15.82%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.35 193,628 03/31/2014 1.50% 15.59%
+ FRX 02/18/2014 Actavis plc (ACT) Cash Plus Stock $25 billion $98.25 $96.88 5,102,277 06/30/2014 1.41% 4.09%
+ CHDX 02/17/2014 a buyer consortium (the “Buyer Consortium”) of an affiliate of TPG (together with its affiliates, “TPG”), an affiliate of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (“Fosun”), and Ms. Roberta Lipson, the CEO of the Company (N/A) All Cash $369 million $19.50 $19.25 95,669 12/31/2014 1.30% 1.53%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $22.83 $22.54 2,073 03/31/2014 1.29% 13.42%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $28.04 $27.70 400,851 03/31/2014 1.24% 12.94%
+ PACR 01/06/2014 XPO Logistics, Inc. (XPO) All Cash $296 million $9.00 $8.90 200,979 06/30/2014 1.12% 3.25%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.17 3 03/31/2014 1.12% 11.64%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.83 24,261 04/30/2014 1.07% 6.03%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.98 182,570 03/31/2014 1.01% 10.53%
+ TXI 01/28/2014 Martin Marietta Materials Inc. (MLM) All Stock $2.7 billion $82.10 $81.29 207,813 06/30/2014 0.99% 2.87%
+ VIFL 12/06/2013 Sterigenics International LLC (N/A) All Cash N/A $7.23 $7.17 2,582 03/31/2014 0.84% 8.73%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $17.72 $17.59 98,851 06/30/2014 0.71% 2.07%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $12.23 $12.15 662,871 06/30/2014 0.66% 1.90%
+ GENT 12/19/2013 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1 billion $57.00 $56.63 11,516 03/31/2014 0.65% 6.81%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.08 3,793,587 06/30/2014 0.63% 1.83%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $13.76 $13.67 1,799,747 03/31/2014 0.63% 6.53%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $18.26 $18.15 37,299 06/30/2014 0.62% 1.80%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $30.22 $30.08 301,261 06/30/2014 0.46% 1.34%
+ TSH 01/13/2014 IberiaBank Corp. (IBKC) All Stock $161 million $72.44 $72.15 1,487 06/30/2014 0.40% 1.16%
+ BRD 12/16/2013 Primero Mining Corp. (PPP) All Stock N/A $1.17 $1.17 581,682 03/31/2014 0.36% 3.79%
+ BEAM 01/13/2014 Suntory Holdings Limited (N/A) All Cash $16 billion $83.50 $83.23 1,449,700 06/30/2014 0.32% 0.94%
+ VTNC 12/30/2013 TransForce Inc. (N/A) All Cash $136 million $6.50 $6.48 16,295 03/15/2014 0.31% 5.93%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.96 1,361,228 06/30/2014 0.27% 0.77%
+ MASC 01/09/2014 Zink Acquisition Holdings Inc. (N/A) All Cash $139 million $12.75 $12.72 6,780 05/15/2014 0.24% 1.08%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.41 $18.37 7,377 03/31/2014 0.22% 2.27%
+ APFC 01/10/2014 H.I.G. Capital, LLC (N/A) All Cash $392.0 million $46.50 $46.41 43,415 03/31/2014 0.19% 2.02%
+ 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%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.23 91,076 06/30/2014 0.15% 0.44%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $61.56 $61.47 406,668 03/31/2014 0.15% 1.57%
+ CADX 02/11/2014 Mallinckrodt plc (MNK) All Cash $1.3 billion $14.00 $13.98 1,565,233 03/31/2014 0.14% 1.49%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.44 71,574 03/31/2014 0.14% 1.44%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.73 216,674 03/30/2014 0.12% 1.28%
+ ACCL 01/30/2014 Dassault Syst�mes (N/A) All Cash $750 million $12.50 $12.49 477,421 06/30/2014 0.08% 0.23%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $26.98 N/A 06/30/2014 0.07% 0.21%
+ GIVN 12/08/2013 Covidien plc (COV) All Cash $860 million $30.00 $29.98 80,988 03/31/2014 0.07% 0.70%
+ ESC 02/20/2014 Brookdale Senior Living Inc. (BKD) All Stock $2.8 billion $29.02 $29.01 15,720,853 09/30/2014 0.04% 0.07%
+ TFCO 12/20/2013 Tufco Holdings, LLC (N/A) All Cash N/A $6.07 $6.07 215 03/31/2014 0.00% 0.00%
+ ATMI 02/04/2014 Entegris, Inc. (ENTG) All Cash $1.15 billion $34.00 $34.00 294,654 06/30/2014 0.00% 0.00%
+ SUPX 02/10/2014 Microchip Technology Inc. (MCHP) All Cash $394 million $33.00 $33.03 116,062 06/30/2014 -0.09% -0.26%
+ ZLC 02/19/2014 Signet Jewelers Limited (SIG) All Cash $1.4 billion $21.00 $21.04 5,850,710 06/30/2014 -0.19% -0.55%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $22.70 $22.79 72,378 06/30/2014 -0.38% -1.10%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $60.50 522,721 12/31/2014 -0.41% -0.49%
+ ARTC 02/03/2014 Smith & Nephew (N/A) All Cash $1.7 billion $48.25 $48.54 466,991 06/30/2014 -0.60% -1.73%
+ VSB 01/27/2014 Yadkin Financial Corporation (YDKN) All Stock $299 million $5.98 $6.03 30,105 06/30/2014 -0.91% -2.64%
+ LCAV 02/13/2014 PhotoMedex, Inc. (PHMD) All Cash $106.4 million $5.37 $5.50 147,576 06/30/2014 -2.36% -6.85%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $15.47 $16.26 N/A 01/31/2014 -4.85% 73.74%
+ ACO 02/12/2014 Imerys S.A. (N/A) All Cash $1.6 billion $41.00 $45.54 385,070 06/30/2014 -9.97% -28.88%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $17.56 595,156 03/31/2014 -14.58% -152.03%

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




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