Merger Arbitrage Mondays – February 3, 2014

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February 3, 2014 | Merger Arbitrage | | Author Asif

Merger Activity increased last week 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 12
Total Number of Pending Deals
Cash Deals 48
Stock Deals 14
Stock & Cash Deals 10
Total Number of Pending Deals 72
Total Deal Size $128.32 billion

New Deals:

  1. The acquisition of VantageSouth Bancshares (VSB) by Yadkin Financial Corporation (YDKN) for $299 million in an all stock deal. Under the terms of the agreement, shareholders of VantageSouth Bancshares will receive 0.3125 shares of Yadkin Financial Corporation common stock for each share of VantageSouth Bancshares common stock.
  2. The acquisition of Texas Industries (TXI) by Martin Marietta Materials (MLM) for $2.7 billion. Under the terms of the agreement, shareholders of Texas Industries will receive 0.700 Martin Marietta shares for each share of Texas Industries common stock they own at closing.
  3. The acquisition of Ninetowns Internet Technology Group Company Limited (NINE) for $1.80 per share in cash in a going private transaction.
  4. The acquisition of Accelrys (ACCL) by Dassault Systèmes for $750 million or $12.50 per share in cash.

Deal Updates:

  1. On January 17, 2014, Nielsen Holdings N.V. (NLSNannounced that the offer price for all outstanding shares of common stock of Harris Interactive (HPOL) has been increased from $2.00 to $2.04 per share pursuant to the terms of the merger agreement announced on November 25, 2013.

Closed Deals:

  1. The acquisition of Harris Teeter Supermarkets (HTSI) by The Kroger Co. (KR) on January 30, 2014. It took 205 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 $2.15 12/31/2013 48.84% -524.28%
TWGP 01/06/2014 ACP Re Ltd. (N/A) $3.00 $2.50 06/30/2014 20.00% 49.66%
SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $3.81 $3.35 03/31/2014 13.82% 90.05%
HOME 10/23/2013 Cascade Bancorp (CACB) $16.42 $14.50 03/31/2014 13.26% 86.43%
TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) $1.46 $1.36 03/31/2014 7.35% 47.93%
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% -13.34%
CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) $3.51 $3.37 06/30/2014 4.15% 10.32%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.71 03/31/2014 4.09% 26.68%
NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) $1.80 $1.73 06/30/2014 4.05% 10.05%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $9.37 $9.04 01/31/2014 3.65% -444.39%

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 1,829 12/31/2013 48.84% 0.00%
+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $3.00 $2.50 542,268 06/30/2014 20.00% 49.66%
+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $3.81 $3.35 22,710 03/31/2014 13.82% 90.05%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $16.42 $14.50 41,411 03/31/2014 13.26% 86.43%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.36 12,000 03/31/2014 7.35% 47.93%
+ 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 $5.21 152,218 09/30/2013 4.61% 0.00%
+ CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) All Cash N/A $3.51 $3.37 74,470 06/30/2014 4.15% 10.32%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.71 51,005 03/31/2014 4.09% 26.68%
+ NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) All Cash N/A $1.80 $1.73 8,960 06/30/2014 4.05% 10.05%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.37 $9.04 2,468,822 01/31/2014 3.65% 0.00%
+ JFBI 01/23/2014 HomeTrust Bancshares, Inc. (HTBI) All Cash $51.2 million $8.00 $7.73 6,832 06/30/2014 3.49% 8.67%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $1.99 4,979 01/15/2014 3.02% 0.00%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.28 291,027 03/31/2014 2.84% 18.52%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.59 $6.42 21,731 06/30/2014 2.62% 6.51%
+ PACR 01/06/2014 XPO Logistics, Inc. (XPO) All Cash $296 million $9.00 $8.81 547,132 06/30/2014 2.16% 5.35%
+ TSH 01/13/2014 IberiaBank Corp. (IBKC) All Stock $161 million $76.51 $74.95 2,399 06/30/2014 2.08% 5.16%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $18.13 139,861 06/30/2014 2.04% 5.07%
+ CEDU 12/31/2013 ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A) All Cash N/A $7.00 $6.86 547 06/30/2014 2.04% 5.07%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.16 1,161,877 03/31/2014 1.96% 12.74%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.57 166,660 03/31/2014 1.83% 11.90%
+ VSB 01/27/2014 Yadkin Financial Corporation (YDKN) All Stock $299 million $5.84 $5.74 35,974 06/30/2014 1.81% 4.49%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.75 1,253,046 06/30/2014 1.69% 4.21%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $12.30 $12.10 1,827,542 06/30/2014 1.62% 4.02%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.97 10,400 03/31/2014 1.52% 9.93%
+ TXI 01/28/2014 Martin Marietta Materials Inc. (MLM) All Stock $2.7 billion $76.31 $75.22 815,135 06/30/2014 1.45% 3.59%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.78 63,579 04/30/2014 1.39% 5.92%
+ VIFL 12/06/2013 Sterigenics International LLC (N/A) All Cash N/A $7.23 $7.15 419 03/31/2014 1.12% 7.29%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.03 6,325,588 06/30/2014 1.09% 2.70%
+ CNOB 01/21/2014 Center Bancorp, Inc. (CNBC) All Stock $243 million $46.15 $45.67 5,768 09/30/2014 1.05% 1.61%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $10.00 $9.90 400 09/30/2013 1.01% 0.00%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $23.55 $23.33 2,583 03/31/2014 0.94% 6.15%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $17.89 $17.73 54,638 06/30/2014 0.91% 2.25%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $28.29 $28.04 259,121 03/31/2014 0.89% 5.78%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $13.85 $13.73 739,174 03/31/2014 0.87% 5.66%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.01 $17.88 6,992 03/31/2014 0.73% 4.74%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $17.91 $17.79 65,942 06/30/2014 0.66% 1.63%
+ MASC 01/09/2014 Zink Acquisition Holdings Inc. (N/A) All Cash $139 million $12.75 $12.67 23,950 05/15/2014 0.63% 2.28%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $59.88 533,157 12/31/2014 0.62% 0.68%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.26 176,982 03/31/2014 0.55% 3.62%
+ HPOL 11/25/2013 Nielsen Holdings N.V. (NLSN) All Cash $117 million $2.04 $2.03 72,174 03/31/2014 0.49% 3.21%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $59.38 $59.10 894,906 03/31/2014 0.48% 3.11%
+ VTNC 12/30/2013 TransForce Inc. (N/A) All Cash $136 million $6.50 $6.47 146,945 03/15/2014 0.46% 4.23%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.21 188,974 06/30/2014 0.30% 0.75%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.70 308,928 01/31/2014 0.30% 0.00%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.23 7,048 03/31/2014 0.28% 1.80%
+ FLOW 09/25/2013 American Industrial Partners (N/A) All Cash $200 million $4.05 $4.04 301,573 01/31/2014 0.25% 0.00%
+ BEAM 01/13/2014 Suntory Holdings Limited (N/A) All Cash $16 billion $83.50 $83.30 4,259,840 06/30/2014 0.24% 0.60%
+ CRTX 09/16/2013 Chiesi Farmaceutici (N/A) All Cash N/A $9.50 $9.48 166,167 03/31/2014 0.21% 1.38%
+ ANEN 11/04/2013 an affiliate of The Veritas Capital Fund IV, L.P. (N/A) All Cash $381 million $28.00 $27.95 79,526 03/31/2014 0.18% 1.17%
+ GIVN 12/08/2013 Covidien plc (COV) All Cash $860 million $30.00 $29.95 180,092 03/31/2014 0.17% 1.09%
+ TFCO 12/20/2013 Tufco Holdings, LLC (N/A) All Cash N/A $6.07 $6.06 35,129 03/31/2014 0.17% 1.08%
+ 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 $46.43 95,243 03/31/2014 0.15% 0.98%
+ CGX 10/24/2013 R.R. Donnelley & Sons Company (RRD) Cash Plus Stock $620 million $64.93 $64.84 823,200 03/31/2014 0.14% 0.94%
+ GENT 12/19/2013 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1 billion $57.00 $56.93 25,355 03/31/2014 0.12% 0.80%
+ VCI 12/18/2013 Harland Clarke Holdings Corp. (N/A) All Cash $1.84 billion $34.04 $34.00 4,783,444 03/31/2014 0.12% 0.77%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $23.36 $23.33 19,184 06/30/2014 0.11% 0.28%
+ VPHM 11/11/2013 Shire plc (SHPG) All Cash $4.2 billion $50.00 $49.96 N/A 03/31/2014 0.08% 0.52%
+ CEC 01/16/2014 An affiliate of Apollo Global Management, LLC (APO) All Cash $1.3 billion $54.00 $53.96 458,640 03/31/2014 0.07% 0.48%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $31.52 $31.50 162,254 06/30/2014 0.07% 0.18%
+ CCIX 12/20/2013 Southwire Company (N/A) All Cash $786 million $26.25 $26.24 51,934 03/31/2014 0.04% 0.25%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.27 $16.26 215,340 01/31/2014 0.04% 0.00%
+ DRCO 12/23/2013 Engility Holdings, Inc. (EGL) All Cash $120.9 million $11.50 $11.50 3,142 03/31/2014 0.00% 0.00%
+ BRD 12/16/2013 Primero Mining Corp. (PPP) All Stock N/A $0.98 $0.982 449,135 03/31/2014 -0.03% -0.17%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $27.01 1,087,510 06/30/2014 -0.04% -0.09%
+ LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $76.07 8,446,630 01/31/2014 -0.09% 11.20%
+ COLE 10/23/2013 American Realty Capital Properties, Inc. (ARCP) All Stock $11.2 billion $15.13 $15.15 4,712,966 06/30/2014 -0.16% -0.40%
+ ACCL 01/30/2014 Dassault Syst�mes (N/A) All Cash $750 million $12.50 $12.58 2,625,082 06/30/2014 -0.64% -1.58%
+ BCSB 06/14/2013 F.N.B. Corporation (FNB) All Stock $79 million $24.63 $24.81 2,702 12/31/2013 -0.74% 7.91%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $22.07 $22.33 51,415 06/30/2014 -1.15% -2.85%
+ PATH 12/16/2013 Teva Pharmaceutical Industries (TEVA) All Cash $105 million $3.65 $4.23 257,954 01/31/2014 -13.71% 1668.24%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $17.55 777,346 03/31/2014 -14.53% -94.70%

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




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