Merger Arbitrage Mondays – March 3, 2014

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March 3, 2014 | Merger Arbitrage | | Author Asif

Merger Activity decreased last week with two 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 29
Total Number of Pending Deals
Cash Deals 43
Stock Deals 15
Stock & Cash Deals 11
Total Number of Pending Deals 69
Total Deal Size $214.67 billion

New Deals:

  1. The acquisition of TriQuint Semiconductor (TQNT) by RF Micro Devices (RFMD) for $1.6 billion in an all stock deal. Under the terms of the agreement, shareholders of TriQuint Semiconductor will receive 1.675 shares of RF Micro Devices common stock per share held. This is a merger of equals deal where TQNT shareholders will receive 1.675 shares of a newly formed post-merger company and RFMD shareholders will receive 1 share. Since RFMD shareholders will receive one share of the new company for each share they hold, we are treating this merger as TQNT shareholders receiving 1.675 shares of RFMD to calculate the spread.
  2. The acquisition of Coastal Contacts (COA) by Essilor International for $430 million or $11.21 per share in cash.

Closed Deals:

  1. The acquisition of Tufco Technologies (TFCO) by Tufco Holdings, LLC on February 24, 2014. It took 66 days for this deal to be completed.
  2. The acquisition of Given Imaging (GIVN) by Covidien (COV) on February 27, 2014. It took 81 days for this deal to be completed.
  3. The acquisition of American Pacific Corporation (APFC) by H.I.G. Capital, LLC on February 27, 2014. It took 48 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% -287.51%
CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) $6.92 $6.05 06/30/2014 14.42% 44.24%
SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $4.45 $3.99 03/31/2014 11.41% 148.69%
HOME 10/23/2013 Cascade Bancorp (CACB) $16.52 $15.09 03/31/2014 9.50% 123.83%
TWGP 01/06/2014 ACP Re Ltd. (N/A) $3.00 $2.76 06/30/2014 8.70% 26.67%
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 $5.07 09/30/2013 7.50% -17.76%
TWC 02/13/2014 Comcast Corporation (CMCSA) $148.61 $140.35 12/31/2014 5.88% 7.09%
HWG 06/05/2013 Hallwood Financial Limited (N/A) $13.00 $12.37 09/30/2013 5.09% -12.07%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.70 03/31/2014 4.71% 61.34%
TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) $1.46 $1.41 03/31/2014 3.55% 46.23%

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 9,081 12/31/2013 48.84% 0.00%
+ CAFI 10/10/2013 Huntington Bancshares Incorporated (HBAN) All Stock $97 million $6.92 $6.05 74,533 06/30/2014 14.42% 44.24%
+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $4.45 $3.99 212,823 03/31/2014 11.41% 148.69%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $16.52 $15.09 108,837 03/31/2014 9.50% 123.83%
+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $3.00 $2.76 2,527,121 06/30/2014 8.70% 26.67%
+ 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 $5.07 43,455 09/30/2013 7.50% 0.00%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $148.61 $140.35 3,424,066 12/31/2014 5.88% 7.09%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $13.00 $12.37 110 09/30/2013 5.09% 0.00%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.70 159,397 03/31/2014 4.71% 61.34%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.41 262,568 03/31/2014 3.55% 46.23%
+ NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) All Cash N/A $1.80 $1.74 23,820 06/30/2014 3.45% 10.58%
+ JFBI 01/23/2014 HomeTrust Bancshares, Inc. (HTBI) All Cash $51.2 million $8.00 $7.75 283,344 06/30/2014 3.23% 9.89%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.80 $9.50 2,791,446 01/31/2014 3.13% 0.00%
+ CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) All Cash N/A $3.51 $3.41 24,024 06/30/2014 2.93% 8.99%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $18.06 138,742 06/30/2014 2.44% 7.47%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $32.87 $32.12 1,128,650 12/31/2014 2.34% 2.82%
+ 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 12,905 06/30/2014 2.19% 6.72%
+ BRD 12/16/2013 Primero Mining Corp. (PPP) All Stock N/A $1.13 $1.11 2,031,462 03/31/2014 2.16% 28.19%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $23.57 $23.13 22,109 06/30/2014 1.92% 5.88%
+ TSH 01/13/2014 IberiaBank Corp. (IBKC) All Stock $161 million $76.20 $74.79 8,953 06/30/2014 1.89% 5.80%
+ CNOB 01/21/2014 Center Bancorp, Inc. (CNBC) All Stock $243 million $48.39 $47.50 26,361 09/30/2014 1.87% 3.23%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.34 415,065 03/31/2014 1.69% 21.97%
+ GENT 12/19/2013 Jazz Pharmaceuticals Public Limited Company (JAZZ) All Cash $1 billion $57.00 $56.11 7,932 03/31/2014 1.59% 20.68%
+ YONG 09/23/2013 Full Alliance International Limited (N/A) All Cash $339 million $6.69 $6.59 1,176,834 03/31/2014 1.52% 19.78%
+ FRX 02/18/2014 Actavis plc (ACT) Cash Plus Stock $25 billion $99.04 $97.57 3,789,612 06/30/2014 1.51% 4.63%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.78 19,080 04/30/2014 1.39% 8.77%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.20 754,924 03/31/2014 1.39% 18.11%
+ 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 67,068 12/31/2014 1.30% 1.56%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $18.64 $18.42 34,427 06/30/2014 1.18% 3.61%
+ ESC 02/20/2014 Brookdale Senior Living Inc. (BKD) All Stock $2.8 billion $31.87 $31.53 1,072,371 09/30/2014 1.09% 1.88%
+ PVR 10/10/2013 Regency Energy Partners LP (RGP) Cash Plus Stock $5.6 billion $27.09 $26.84 437,321 03/31/2014 0.91% 11.90%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $17.74 $17.61 50,968 06/30/2014 0.75% 2.31%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $12.31 $12.22 605,050 06/30/2014 0.75% 2.29%
+ VIFL 12/06/2013 Sterigenics International LLC (N/A) All Cash N/A $7.23 $7.18 1,718 03/31/2014 0.70% 9.08%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $23.59 $23.43 4,322 03/31/2014 0.67% 8.68%
+ BEAM 01/13/2014 Suntory Holdings Limited (N/A) All Cash $16 billion $83.50 $82.96 5,391,958 06/30/2014 0.65% 2.00%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $31.87 $31.67 145,985 06/30/2014 0.64% 1.97%
+ TXI 01/28/2014 Martin Marietta Materials Inc. (MLM) All Stock $2.7 billion $85.39 $84.90 276,617 06/30/2014 0.57% 1.76%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $14.78 $14.70 1,593,611 03/31/2014 0.56% 7.32%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.09 5,669,925 06/30/2014 0.54% 1.66%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.99 15,029 03/31/2014 0.50% 6.55%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $2.04 116,968 01/15/2014 0.49% 0.00%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.19 710,530 06/30/2014 0.45% 1.40%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.22 500 03/31/2014 0.42% 5.42%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $62.02 $61.77 1,377,647 03/31/2014 0.40% 5.28%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.94 442,714 06/30/2014 0.40% 1.23%
+ PACR 01/06/2014 XPO Logistics, Inc. (XPO) All Cash $296 million $9.00 $8.97 881,387 06/30/2014 0.33% 1.03%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.36 122,117 03/31/2014 0.32% 4.21%
+ MASC 01/09/2014 Zink Acquisition Holdings Inc. (N/A) All Cash $139 million $12.75 $12.71 11,817 05/15/2014 0.31% 1.57%
+ VTNC 12/30/2013 TransForce Inc. (N/A) All Cash $136 million $6.50 $6.48 72,488 03/15/2014 0.31% 9.39%
+ SUPX 02/10/2014 Microchip Technology Inc. (MCHP) All Cash $394 million $33.00 $32.93 55,936 06/30/2014 0.21% 0.65%
+ ACCL 01/30/2014 Dassault Syst�mes (N/A) All Cash $750 million $12.50 $12.48 377,496 06/30/2014 0.16% 0.49%
+ 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%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $23.64 $23.60 56,360 06/30/2014 0.15% 0.47%
+ ZOLT 09/26/2013 Toray Industries, Inc. (N/A) All Cash $584 million $16.75 $16.73 N/A 03/30/2014 0.12% 1.62%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $26.98 N/A 06/30/2014 0.07% 0.23%
+ CADX 02/11/2014 Mallinckrodt plc (MNK) All Cash $1.3 billion $14.00 $13.99 2,033,760 03/31/2014 0.07% 0.93%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.30 $18.30 6,464 03/31/2014 0.00% 0.00%
+ ARTC 02/03/2014 Smith & Nephew (N/A) All Cash $1.7 billion $48.25 $48.25 571,571 06/30/2014 0.00% 0.00%
+ ATMI 02/04/2014 Entegris, Inc. (ENTG) All Cash $1.15 billion $34.00 $34.01 205,444 06/30/2014 -0.03% -0.09%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $60.51 282,056 12/31/2014 -0.43% -0.52%
+ COA 02/27/2014 Essilor International (N/A) All Cash $430 million $11.21 $11.27 1,085,074 06/30/2014 -0.53% -1.63%
+ VSB 01/27/2014 Yadkin Financial Corporation (YDKN) All Stock $299 million $6.00 $6.04 27,584 06/30/2014 -0.66% -2.03%
+ LCAV 02/13/2014 PhotoMedex, Inc. (PHMD) All Cash $106.4 million $5.37 $5.44 95,702 06/30/2014 -1.29% -3.95%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.02 $16.26 N/A 01/31/2014 -1.50% 17.68%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $11.86 $12.24 5,910,326 12/31/2014 -3.11% -3.75%
+ ZLC 02/19/2014 Signet Jewelers Limited (SIG) All Cash $1.4 billion $21.00 $21.73 1,276,652 06/30/2014 -3.36% -10.30%
+ ACO 02/12/2014 Imerys S.A. (N/A) All Cash $1.6 billion $41.00 $44.38 193,884 06/30/2014 -7.62% -23.36%
+ LEAP 07/12/2013 AT&T, Inc. (T) All Cash $1.19 billion $15.00 $17.52 703,604 03/31/2014 -14.38% -187.50%

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




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