Merger Arbitrage Mondays – March 24, 2014

Bookmark and Share

March 24, 2014 | Merger Arbitrage | | Author Asif

Merger Activity increased last week with three 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 37
Total Number of Pending Deals
Cash Deals 40
Stock Deals 13
Stock & Cash Deals 13
Total Number of Pending Deals 66
Total Deal Size $222.13 billion

New Deals:

  1. The acquisition of Schawk (SGK) by Matthews International Corporation (MATW) for $577 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Schawk will receive a combination of $11.80 in cash and 0.20582 shares of Matthews common stock.
  2. The acquisition of Hastings Entertainment (HAST) by an affiliate of Joel Weinshanker for $21.4 million or $3.00 per share in cash.
  3. The acquisition of Giant Interactive Group (GA) in a “going private” transaction for $3 billion or $12.00 per share in cash.

Deal Updates:

  1. On March 19, 2014, WSP Holdings Private Limited (WH) announced that the parties to the going private transaction of the Company have amended the Agreement and Plan of Merger (the “Merger Agreement”) to extend the termination date to May 31, 2014.

Closed Deals:

  1. The acquisition of Cadence Pharmaceuticals (CADX) by Mallinckrodt plc (MNK) on March 19, 2014. It took 36 days for this deal to be completed.
  2. The acquisition of Material Sciences Corporation (MASC) by Zink Acquisition Holdings on March 20, 2014. It took 70 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

SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $4.57 $3.81 03/31/2014 19.97% 1041.21%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.74 12/31/2013 16.79% -73.83%
EQU 12/09/2013 Petroflow Energy Corporation (N/A) $5.43 $4.66 03/31/2014 16.52% 861.59%
HOME 10/23/2013 Cascade Bancorp (CACB) $17.78 $15.60 03/31/2014 13.99% 729.23%
TSH 01/13/2014 IberiaBank Corp. (IBKC) $83.09 $77.25 06/30/2014 7.57% 28.18%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $13.00 $12.19 09/30/2013 6.64% -13.86%
TWGP 01/06/2014 ACP Re Ltd. (N/A) $3.00 $2.83 06/30/2014 6.01% 22.37%
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 $5.15 09/30/2013 5.83% -12.15%
VCBI 01/30/2013 United Bankshares Inc. (UBSI) $17.20 $16.26 01/31/2014 5.76% -40.44%
SWY 03/06/2014 AB Acquisition LLC (N/A) $40.00 $38.01 12/31/2014 5.24% 6.78%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $4.57 $3.81 316,013 03/31/2014 19.97% 1041.21%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.74 26,724 12/31/2013 16.79% 0.00%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $4.66 799,913 03/31/2014 16.52% 861.59%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $17.78 $15.60 64,814 03/31/2014 13.99% 729.23%
+ TSH 01/13/2014 IberiaBank Corp. (IBKC) All Stock $161 million $83.09 $77.25 2,227 06/30/2014 7.57% 28.18%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $13.00 $12.19 10 09/30/2013 6.64% 0.00%
+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $3.00 $2.83 1,543,738 06/30/2014 6.01% 22.37%
+ 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 $5.15 162,280 09/30/2013 5.83% 0.00%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $17.20 $16.26 N/A 01/31/2014 5.76% 0.00%
+ SWY 03/06/2014 AB Acquisition LLC (N/A) All Cash N/A $40.00 $38.01 5,542,350 12/31/2014 5.24% 6.78%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $143.75 $136.65 2,852,835 12/31/2014 5.20% 6.73%
+ FRX 02/18/2014 Actavis plc (ACT) Cash Plus Stock $25 billion $95.26 $91.00 5,842,119 06/30/2014 4.68% 17.43%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $28.69 $27.44 N/A 03/31/2014 4.54% 236.85%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $17.72 116,331 06/30/2014 4.40% 16.39%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.18 $9.79 6,368,863 01/31/2014 3.97% 0.00%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.41 29,686 03/31/2014 3.55% 184.90%
+ CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) All Cash N/A $3.51 $3.39 43,880 06/30/2014 3.54% 13.18%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.72 129,588 03/31/2014 3.49% 181.89%
+ NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) All Cash N/A $1.80 $1.74 2,910 06/30/2014 3.45% 12.84%
+ GA 03/16/2014 Giant Investment Limited (�Parent�) and Giant Merger Limited (N/A) All Cash $3 billion $12.00 $11.61 1,240,848 12/31/2014 3.36% 4.35%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.95 55,950 03/31/2014 2.56% 133.70%
+ JFBI 01/23/2014 HomeTrust Bancshares, Inc. (HTBI) All Cash $51.2 million $8.00 $7.82 22,066 06/30/2014 2.30% 8.57%
+ 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 $19.07 220,829 12/31/2014 2.25% 2.92%
+ ESC 02/20/2014 Brookdale Senior Living Inc. (BKD) All Stock $2.8 billion $31.77 $31.27 1,143,185 09/30/2014 1.59% 3.06%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.77 35,771 04/30/2014 1.46% 14.39%
+ 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 3,042 06/30/2014 1.45% 5.40%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.20 2,826,302 03/31/2014 1.39% 72.42%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $32.33 $31.92 1,983,437 12/31/2014 1.29% 1.67%
+ EPL 03/12/2014 Energy XXI (Bermuda) Limited (EXXI) Cash Plus Stock $2.3 billion $39.17 $38.68 1,997,084 06/30/2014 1.26% 4.69%
+ CNOB 01/21/2014 Center Bancorp, Inc. (CNBC) All Stock $243 million $48.91 $48.32 5,134 09/30/2014 1.21% 2.33%
+ JOSB 03/11/2014 The Men’s Wearhouse, Inc. (MW) All Cash $1.8 billion $65.00 $64.25 1,162,747 06/30/2014 1.17% 4.35%
+ COA 02/27/2014 Essilor International (N/A) All Cash $430 million $11.21 $11.10 53,088 06/30/2014 0.99% 3.69%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $11.72 $11.61 1,158,465 06/30/2014 0.99% 3.69%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.05 10,275,381 06/30/2014 0.90% 3.37%
+ TXI 01/28/2014 Martin Marietta Materials Inc. (MLM) All Stock $2.7 billion $88.54 $87.76 149,673 06/30/2014 0.89% 3.32%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $24.32 $24.11 23,905 06/30/2014 0.86% 3.22%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $14.97 $14.85 3,243,949 03/31/2014 0.79% 41.08%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.20 614 03/31/2014 0.69% 36.21%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $24.22 $24.07 210,066 06/30/2014 0.63% 2.35%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $18.19 $18.08 36,263 06/30/2014 0.62% 2.30%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $34.05 $33.86 487,278 06/30/2014 0.55% 2.05%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $2.04 21,026 01/15/2014 0.49% 0.00%
+ PACR 01/06/2014 XPO Logistics, Inc. (XPO) All Cash $296 million $9.00 $8.96 732,495 06/30/2014 0.45% 1.66%
+ SGK 03/17/2014 Matthews International Corporation (MATW) Cash Plus Stock $577 million $20.14 $20.06 114,484 09/30/2014 0.42% 0.80%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.32 195,495 03/31/2014 0.42% 21.67%
+ BEAM 01/13/2014 Suntory Holdings Limited (N/A) All Cash $16 billion $83.50 $83.18 2,552,449 06/30/2014 0.38% 1.43%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $60.04 556,356 12/31/2014 0.35% 0.45%
+ VTNC 12/30/2013 TransForce Inc. (N/A) All Cash $136 million $6.50 $6.48 49,100 03/15/2014 0.31% 0.00%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.22 87,517 06/30/2014 0.23% 0.85%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.97 800,863 06/30/2014 0.20% 0.75%
+ ACCL 01/30/2014 Dassault Syst�mes (N/A) All Cash $750 million $12.50 $12.48 269,826 06/30/2014 0.16% 0.60%
+ 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 $32.96 208,533 06/30/2014 0.12% 0.45%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $26.98 N/A 06/30/2014 0.07% 0.28%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $61.70 $61.66 1,118,867 03/31/2014 0.07% 3.56%
+ ATMI 02/04/2014 Entegris, Inc. (ENTG) All Cash $1.15 billion $34.00 $33.98 447,426 06/30/2014 0.06% 0.22%
+ ZLC 02/19/2014 Signet Jewelers Limited (SIG) All Cash $1.4 billion $21.00 $20.99 1,621,053 06/30/2014 0.05% 0.18%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $19.53 $19.53 5,168 03/31/2014 0.00% 0.00%
+ HAST 03/17/2014 Affiliate of Joel Weinshanker (N/A) All Cash $21.4 million $3.00 $3.00 35,525 06/30/2014 0.00% 0.00%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $24.67 $24.68 2,923 03/31/2014 -0.06% -2.96%
+ ARTC 02/03/2014 Smith & Nephew (N/A) All Cash $1.7 billion $48.25 $48.28 501,362 06/30/2014 -0.06% -0.23%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $18.69 $18.71 114,680 06/30/2014 -0.13% -0.48%
+ ACO 03/06/2014 Minerals Technologies Inc. (MTX) All Cash $1.7 billion $45.75 $45.83 726,488 04/30/2014 -0.17% -1.72%
+ LCAV 02/13/2014 PhotoMedex, Inc. (PHMD) All Cash $106.4 million $5.37 $5.40 26,480 06/30/2014 -0.56% -2.07%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $12.85 $13.18 6,618,654 12/31/2014 -2.52% -3.27%
+ VSB 01/27/2014 Yadkin Financial Corporation (YDKN) All Stock $299 million $6.84 $7.15 206,087 06/30/2014 -4.28% -15.95%

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




Subscribe to Free Newsletter


Share this Post

Post A Comment, Subscribe to SINLetter