Merger Arbitrage Mondays – March 10, 2014

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March 10, 2014 | Merger Arbitrage | | Author Asif

Merger Activity decreased last week with one new merger 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 34
Total Number of Pending Deals
Cash Deals 40
Stock Deals 13
Stock & Cash Deals 11
Total Number of Pending Deals 64
Total Deal Size $214.34 billion

New Deals:

  1. The acquisition of Safeway (SWY) by AB Acquisition LLC, an entity controlled by Cerberus Capital Management, for $40.00 per share in cash.

Deal Updates:

  1. On March 5, 2014, Yongye International (YONG), announced that it did not receive approval from at least a majority of the issued and outstanding shares of common stock of the Company for going private proposal dated on September 23, 2013 from Full Alliance International Limited consortium. Therefore, the Merger Agreement was not approved by the company’s stockholders.
  2. On March 6, 2014, The Board of Directors of AMCOL International (ACO) announced that a revised proposal received from Minerals Technologies (MTX) to acquire all of the outstanding shares of the Company at a price per share of $45.75 in cash constitutes a “Superior Proposal” as defined in the amended merger agreement between AMCOL and Imerys S.A. previously announced on March 4, 2014.  Under the terms of the amended merger agreement with Imerys (, Imerys would have paid $45.25 per share to AMCOL stockholders.

Closed Deals:

  1. The acquisition of Brigus Gold Corp (BRD) by Primero Mining Corp. (PPP) on March 5, 2014. It took 79 days for this deal to be completed.
  2. The acquisition of Camco Financial (CAFI) by Huntington Bancshares Incorporated (HBAN) on March 6, 2014. It took 147 days for this deal to be completed.
  3. The acquisition of Food Technology Service (VIFL) by Sterigenics International on March 7, 2014. It took 91 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 $2.14 12/31/2013 49.53% -262.02%
SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $4.32 $3.92 03/31/2014 10.19% 177.09%
TWGP 01/06/2014 ACP Re Ltd. (N/A) $3.00 $2.73 06/30/2014 9.89% 32.23%
HOME 10/23/2013 Cascade Bancorp (CACB) $16.89 $15.53 03/31/2014 8.77% 152.50%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $13.00 $11.97 09/30/2013 8.60% -19.51%
TWC 02/13/2014 Comcast Corporation (CMCSA) $148.12 $139.88 12/31/2014 5.89% 7.26%
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 $5.16 09/30/2013 5.62% -12.74%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.71 03/31/2014 4.09% 71.15%
EQU 12/09/2013 Petroflow Energy Corporation (N/A) $5.43 $5.25 03/31/2014 3.43% 59.59%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $10.03 $9.70 01/31/2014 3.39% -32.58%

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 $2.14 11,157 12/31/2013 49.53% 0.00%
+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $4.32 $3.92 49,213 03/31/2014 10.19% 177.09%
+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $3.00 $2.73 1,235,003 06/30/2014 9.89% 32.23%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $16.89 $15.53 20,618 03/31/2014 8.77% 152.50%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $13.00 $11.97 N/A 09/30/2013 8.60% 0.00%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $148.12 $139.88 1,896,897 12/31/2014 5.89% 7.26%
+ 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 $5.16 208,916 09/30/2013 5.62% 0.00%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.71 28,543 03/31/2014 4.09% 71.15%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.25 160,869 03/31/2014 3.43% 59.59%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.03 $9.70 1,814,987 01/31/2014 3.39% 0.00%
+ CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) All Cash N/A $3.51 $3.41 2,303 06/30/2014 2.93% 9.56%
+ SWY 03/06/2014 AB Acquisition LLC (N/A) All Cash N/A $40.00 $38.88 10,667,599 12/31/2014 2.88% 3.55%
+ JFBI 01/23/2014 HomeTrust Bancshares, Inc. (HTBI) All Cash $51.2 million $8.00 $7.778 600 06/30/2014 2.85% 9.30%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.42 148,308 03/31/2014 2.82% 48.96%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $18.01 225,153 06/30/2014 2.72% 8.87%
+ TSH 01/13/2014 IberiaBank Corp. (IBKC) All Stock $161 million $79.56 $77.50 6,185 06/30/2014 2.66% 8.67%
+ FRX 02/18/2014 Actavis plc (ACT) Cash Plus Stock $25 billion $95.03 $93.12 3,915,428 06/30/2014 2.05% 6.68%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $32.42 $31.78 1,289,530 12/31/2014 2.02% 2.49%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $23.83 $23.37 17,240 06/30/2014 1.96% 6.38%
+ COA 02/27/2014 Essilor International (N/A) All Cash $430 million $11.21 $11.01 137,228 06/30/2014 1.82% 5.92%
+ NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) All Cash N/A $1.80 $1.77 32,985 06/30/2014 1.69% 5.52%
+ CNOB 01/21/2014 Center Bancorp, Inc. (CNBC) All Stock $243 million $50.44 $49.61 2,476 09/30/2014 1.67% 2.99%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.19 846,105 03/31/2014 1.53% 26.59%
+ CEDU 12/31/2013 ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A) All Cash N/A $7.00 $6.90 23,355 06/30/2014 1.45% 4.72%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.49 $16.26 N/A 01/31/2014 1.44% 0.00%
+ ESC 02/20/2014 Brookdale Senior Living Inc. (BKD) All Stock $2.8 billion $31.13 $30.76 421,835 09/30/2014 1.21% 2.16%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $28.04 $27.71 190,066 03/31/2014 1.20% 20.94%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.66 $18.44 8,328 03/31/2014 1.19% 20.74%
+ 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 $19.29 28,920 12/31/2014 1.09% 1.34%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.84 18,917 04/30/2014 1.01% 7.23%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $15.17 $15.06 1,867,998 03/31/2014 0.74% 12.84%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $12.41 $12.32 278,170 06/30/2014 0.72% 2.34%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $24.20 $24.03 574 03/31/2014 0.70% 12.15%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.08 2,347,807 06/30/2014 0.63% 2.06%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.17 173,657 06/30/2014 0.61% 1.98%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $19.04 $18.93 19,282 06/30/2014 0.57% 1.84%
+ TXI 01/28/2014 Martin Marietta Materials Inc. (MLM) All Stock $2.7 billion $86.07 $85.61 261,119 06/30/2014 0.53% 1.73%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $2.04 12,948 01/15/2014 0.49% 0.00%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $33.66 $33.50 63,903 06/30/2014 0.48% 1.57%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.22 N/A 03/31/2014 0.42% 7.22%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $18.75 $18.68 45,248 06/30/2014 0.39% 1.27%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.34 86,465 03/31/2014 0.37% 6.42%
+ VTNC 12/30/2013 TransForce Inc. (N/A) All Cash $136 million $6.50 $6.48 73,319 03/15/2014 0.31% 22.53%
+ BEAM 01/13/2014 Suntory Holdings Limited (N/A) All Cash $16 billion $83.50 $83.25 1,503,776 06/30/2014 0.30% 0.98%
+ ARTC 02/03/2014 Smith & Nephew (N/A) All Cash $1.7 billion $48.25 $48.17 2,261,894 06/30/2014 0.17% 0.54%
+ 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%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.98 316,677 06/30/2014 0.13% 0.44%
+ ACCL 01/30/2014 Dassault Syst�mes (N/A) All Cash $750 million $12.50 $12.49 170,782 06/30/2014 0.08% 0.26%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $26.98 N/A 06/30/2014 0.07% 0.24%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $61.80 $61.78 312,927 03/31/2014 0.03% 0.57%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $2.00 1,000 03/31/2014 0.00% 0.00%
+ MASC 01/09/2014 Zink Acquisition Holdings Inc. (N/A) All Cash $139 million $12.75 $12.75 9,878 05/15/2014 0.00% 0.00%
+ CADX 02/11/2014 Mallinckrodt plc (MNK) All Cash $1.3 billion $14.00 $14.00 2,248,544 03/31/2014 0.00% 0.00%
+ PACR 01/06/2014 XPO Logistics, Inc. (XPO) All Cash $296 million $9.00 $9.01 327,400 06/30/2014 -0.11% -0.36%
+ SUPX 02/10/2014 Microchip Technology Inc. (MCHP) All Cash $394 million $33.00 $33.05 15,673 06/30/2014 -0.15% -0.49%
+ LCAV 02/13/2014 PhotoMedex, Inc. (PHMD) All Cash $106.4 million $5.37 $5.38 124,407 06/30/2014 -0.19% -0.61%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $24.56 $24.61 19,645 06/30/2014 -0.19% -0.63%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $60.42 425,769 12/31/2014 -0.28% -0.35%
+ ATMI 02/04/2014 Entegris, Inc. (ENTG) All Cash $1.15 billion $34.00 $34.10 302,313 06/30/2014 -0.29% -0.96%
+ VSB 01/27/2014 Yadkin Financial Corporation (YDKN) All Stock $299 million $6.40 $6.50 38,255 06/30/2014 -1.54% -5.01%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $12.11 $12.56 2,979,292 12/31/2014 -3.58% -4.42%
+ ZLC 02/19/2014 Signet Jewelers Limited (SIG) All Cash $1.4 billion $21.00 $21.81 617,982 06/30/2014 -3.71% -12.10%
+ ACO 02/12/2014 Imerys S.A. (N/A) All Cash $1.6 billion $41.00 $45.71 3,737,116 06/30/2014 -10.30% -33.58%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $17.46 1,139,870 03/31/2014 -14.09% -244.89%

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




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