Merger Arbitrage Mondays – March 17, 2014

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March 17, 2014 | Merger Arbitrage | | Author Asif

Merger Activity increased last week with two 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 35
Total Number of Pending Deals
Cash Deals 40
Stock Deals 13
Stock & Cash Deals 12
Total Number of Pending Deals 65
Total Deal Size $218.44 billion

New Deals:

  1. The acquisition of Jos. A Bank Clothiers (JOSB) by The Men’s Wearhouse (MW) for $1.8 billion or $65.00 per share in cash.
  2. The acquisition of EPL Oil & Gas (EPL) by Energy XXI (EXXI) for $2.3 billion. Under the terms of the agreement, EPL stockholders will be able to elect, for each share held, either (i) $39.00 in cash, (ii) 1.669 common shares of Energy XXI, or (iii) $25.35 in cash plus 0.584 common shares of Energy XXI. All elections by shareholders will be subject to proration.

Closed Deals:

  1. The acquisition of Leap Wireless International (LEAP) by AT&T (T) on March 14, 2014. It took 245 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 $2.09 12/31/2013 53.11% -255.07%
SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $4.35 $3.86 03/31/2014 12.59% 328.30%
HOME 10/23/2013 Cascade Bancorp (CACB) $17.23 $15.58 03/31/2014 10.58% 275.79%
TWGP 01/06/2014 ACP Re Ltd. (N/A) $3.00 $2.75 06/30/2014 9.09% 31.60%
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% -13.10%
TWC 02/13/2014 Comcast Corporation (CMCSA) $145.59 $138.02 12/31/2014 5.48% 6.93%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $13.00 $12.38 09/30/2013 5.01% -10.88%
SWY 03/06/2014 AB Acquisition LLC (N/A) $40.00 $38.39 12/31/2014 4.19% 5.30%
NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) $1.80 $1.73 06/30/2014 4.05% 14.07%
CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) $3.51 $3.38 06/30/2014 3.85% 13.37%

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 $2.09 4,225 12/31/2013 53.11% 0.00%
+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $4.35 $3.86 80,063 03/31/2014 12.59% 328.30%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $17.23 $15.58 24,878 03/31/2014 10.58% 275.79%
+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $3.00 $2.75 900,409 06/30/2014 9.09% 31.60%
+ 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 32,725 09/30/2013 6.03% 0.00%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $145.59 $138.02 2,332,484 12/31/2014 5.48% 6.93%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $13.00 $12.38 N/A 09/30/2013 5.01% 0.00%
+ SWY 03/06/2014 AB Acquisition LLC (N/A) All Cash N/A $40.00 $38.39 4,254,065 12/31/2014 4.19% 5.30%
+ NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) All Cash N/A $1.80 $1.73 2,607 06/30/2014 4.05% 14.07%
+ CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) All Cash N/A $3.51 $3.38 211,098 06/30/2014 3.85% 13.37%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $32.47 $31.34 561,819 12/31/2014 3.59% 4.54%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.41 208,123 03/31/2014 3.55% 92.45%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.72 30,070 03/31/2014 3.49% 90.95%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.87 $9.56 2,611,409 01/31/2014 3.22% 0.00%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $17.94 242,590 06/30/2014 3.12% 10.85%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.76 $16.26 N/A 01/31/2014 3.05% 0.00%
+ JFBI 01/23/2014 HomeTrust Bancshares, Inc. (HTBI) All Cash $51.2 million $8.00 $7.80 20,800 06/30/2014 2.56% 8.91%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.30 92,535 03/31/2014 2.45% 63.95%
+ TSH 01/13/2014 IberiaBank Corp. (IBKC) All Stock $161 million $80.38 $78.50 907 06/30/2014 2.39% 8.31%
+ 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 2,085 06/30/2014 2.19% 7.61%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $23.46 $22.96 6,362 06/30/2014 2.18% 7.57%
+ CNOB 01/21/2014 Center Bancorp, Inc. (CNBC) All Stock $243 million $48.72 $47.91 2,632 09/30/2014 1.70% 3.15%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.97 123,410 03/31/2014 1.52% 39.70%
+ FRX 02/18/2014 Actavis plc (ACT) Cash Plus Stock $25 billion $96.96 $95.51 1,994,271 06/30/2014 1.52% 5.28%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $27.78 $27.40 959,380 03/31/2014 1.38% 36.02%
+ 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 $19.26 34,064 12/31/2014 1.25% 1.57%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.22 1,733,142 03/31/2014 1.11% 28.89%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $24.31 $24.04 54 03/31/2014 1.11% 28.85%
+ ESC 02/20/2014 Brookdale Senior Living Inc. (BKD) All Stock $2.8 billion $30.96 $30.64 500,774 09/30/2014 1.05% 1.94%
+ JOSB 03/11/2014 The Men’s Wearhouse, Inc. (MW) All Cash $1.8 billion $65.00 $64.35 990,161 06/30/2014 1.01% 3.51%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $2.03 24,415 01/15/2014 0.99% 0.00%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.85 13,722 04/30/2014 0.95% 7.85%
+ VTNC 12/30/2013 TransForce Inc. (N/A) All Cash $136 million $6.50 $6.44 86,358 03/15/2014 0.93% 0.00%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $14.82 $14.69 3,358,924 03/31/2014 0.88% 22.98%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.20 655 03/31/2014 0.69% 18.11%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $18.47 $18.36 9,455 06/30/2014 0.58% 2.03%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.09 3,026,620 06/30/2014 0.54% 1.88%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $33.39 $33.23 87,549 06/30/2014 0.49% 1.72%
+ EPL 03/12/2014 Energy XXI (Bermuda) Limited (EXXI) Cash Plus Stock $2.3 billion $38.23 $38.05 1,628,802 06/30/2014 0.48% 1.67%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.19 286,154 06/30/2014 0.45% 1.58%
+ TXI 01/28/2014 Martin Marietta Materials Inc. (MLM) All Stock $2.7 billion $85.61 $85.27 120,731 06/30/2014 0.40% 1.39%
+ BEAM 01/13/2014 Suntory Holdings Limited (N/A) All Cash $16 billion $83.50 $83.19 3,188,221 06/30/2014 0.37% 1.30%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.51 $18.45 1,718 03/31/2014 0.33% 8.48%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.38 65,914 03/31/2014 0.28% 7.21%
+ ARTC 02/03/2014 Smith & Nephew (N/A) All Cash $1.7 billion $48.25 $48.12 977,477 06/30/2014 0.27% 0.94%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $11.71 $11.69 605,456 06/30/2014 0.21% 0.73%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.97 1,386,811 06/30/2014 0.20% 0.70%
+ 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%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $61.33 $61.24 1,258,227 03/31/2014 0.14% 3.73%
+ PACR 01/06/2014 XPO Logistics, Inc. (XPO) All Cash $296 million $9.00 $8.99 350,924 06/30/2014 0.11% 0.39%
+ ACCL 01/30/2014 Dassault Syst�mes (N/A) All Cash $750 million $12.50 $12.49 550,979 06/30/2014 0.08% 0.28%
+ MASC 01/09/2014 Zink Acquisition Holdings Inc. (N/A) All Cash $139 million $12.75 $12.74 22,632 05/15/2014 0.08% 0.49%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $26.98 N/A 06/30/2014 0.07% 0.26%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $60.24 158,548 12/31/2014 0.02% 0.02%
+ SUPX 02/10/2014 Microchip Technology Inc. (MCHP) All Cash $394 million $33.00 $33.00 20,996 06/30/2014 0.00% 0.00%
+ CADX 02/11/2014 Mallinckrodt plc (MNK) All Cash $1.3 billion $14.00 $14.00 1,579,095 03/31/2014 0.00% 0.00%
+ ATMI 02/04/2014 Entegris, Inc. (ENTG) All Cash $1.15 billion $34.00 $34.03 156,054 06/30/2014 -0.09% -0.31%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $18.50 $18.54 47,876 06/30/2014 -0.23% -0.81%
+ COA 02/27/2014 Essilor International (N/A) All Cash $430 million $11.21 $11.24 154,444 06/30/2014 -0.27% -0.93%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $24.40 $24.52 27,681 06/30/2014 -0.48% -1.68%
+ ZLC 02/19/2014 Signet Jewelers Limited (SIG) All Cash $1.4 billion $21.00 $21.11 1,025,720 06/30/2014 -0.52% -1.81%
+ VSB 01/27/2014 Yadkin Financial Corporation (YDKN) All Stock $299 million $6.64 $6.69 13,618 06/30/2014 -0.78% -2.73%
+ LCAV 02/13/2014 PhotoMedex, Inc. (PHMD) All Cash $106.4 million $5.37 $5.43 144,760 06/30/2014 -1.10% -3.84%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $12.83 $13.21 3,180,149 12/31/2014 -2.87% -3.63%
+ ACO 02/12/2014 Imerys S.A. (N/A) All Cash $1.6 billion $41.00 $45.77 353,713 06/30/2014 -10.42% -36.23%

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




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