Merger Arbitrage Mondays – March 31, 2014

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March 31, 2014 | Merger Arbitrage | | Author Asif

Merger Activity decreased last week with one new merger 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 39
Total Number of Pending Deals
Cash Deals 41
Stock Deals 13
Stock & Cash Deals 12
Total Number of Pending Deals 66
Total Deal Size $225.46 billion

New Deals:

  1. The acquisition of Nordion (NDZ) by Sterigenics for $727 million or $11.75 per share in cash.

Closed Deals:

  1. The acquisition of PVR Partners (PVR) by Regency Energy Partners (RGP) on March 24, 2014. It took 165 days for this deal to be completed.
  2. The acquisition of Vitran Corp (VTNC) by TransForce on March 26, 2014. It took 86 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

EQU 12/09/2013 Petroflow Energy Corporation (N/A) $5.43 $4.47 03/31/2014 21.48% 0.00%
WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $2.72 05/31/2014 17.65% 105.59%
SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) $4.39 $3.73 03/31/2014 17.64% 0.00%
HOME 10/23/2013 Cascade Bancorp (CACB) $17.60 $15.55 03/31/2014 13.16% 0.00%
NDZ 03/28/2014 Sterigenics (N/A) $11.75 $10.41 12/31/2014 12.87% 17.08%
TWGP 01/06/2014 ACP Re Ltd. (N/A) $3.00 $2.73 06/30/2014 9.89% 39.67%
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 $5.06 09/30/2013 7.71% -15.46%
SWY 03/06/2014 AB Acquisition LLC (N/A) $40.00 $37.30 12/31/2014 7.24% 9.61%
LIN 03/22/2014 Media General, Inc. (MEG) $27.82 $26.31 03/31/2015 5.74% 5.74%
NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) $1.80 $1.71 06/30/2014 5.26% 21.11%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $4.47 218,768 03/31/2014 21.48% 0.00%
+ WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $2.72 16,394 05/31/2014 17.65% 105.59%
+ SYNM 12/17/2013 Renewable Energy Group, Inc. (REGI) All Stock N/A $4.39 $3.73 20,009 03/31/2014 17.64% 0.00%
+ HOME 10/23/2013 Cascade Bancorp (CACB) Cash Plus Stock $265.7 million $17.60 $15.55 38,590 03/31/2014 13.16% 0.00%
+ NDZ 03/28/2014 Sterigenics (N/A) All Cash $727 million $11.75 $10.41 328,779 12/31/2014 12.87% 17.08%
+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $3.00 $2.73 562,139 06/30/2014 9.89% 39.67%
+ 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 $5.06 38,098 09/30/2013 7.71% 0.00%
+ SWY 03/06/2014 AB Acquisition LLC (N/A) All Cash N/A $40.00 $37.30 11,544,506 12/31/2014 7.24% 9.61%
+ LIN 03/22/2014 Media General, Inc. (MEG) All Cash $2.6 billion $27.82 $26.31 1,388,436 03/31/2015 5.74% 5.74%
+ NINE 01/29/2014 Ninetowns Holdings Limited (“Parent”) (N/A) All Cash N/A $1.80 $1.71 900 06/30/2014 5.26% 21.11%
+ HWG 06/05/2013 Hallwood Financial Limited (N/A) All Cash N/A $13.00 $12.37 106 04/30/2014 5.09% 61.96%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $142.49 $135.87 3,211,435 12/31/2014 4.87% 6.46%
+ GA 03/16/2014 Giant Investment Limited (�Parent�) and Giant Merger Limited (N/A) All Cash $3 billion $12.00 $11.58 604,876 12/31/2014 3.63% 4.81%
+ TBOW 12/10/2013 Trunkbow Merger Group Limited (N/A) All Cash N/A $1.46 $1.41 150,502 03/31/2014 3.55% 0.00%
+ CHC 01/13/2014 CPT Wyndham Holdings Ltd. (N/A) All Cash N/A $3.51 $3.39 30,608 06/30/2014 3.54% 14.20%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.12 $9.80 2,302,775 12/31/2014 3.27% 4.34%
+ JFBI 01/23/2014 HomeTrust Bancshares, Inc. (HTBI) All Cash $51.2 million $8.00 $7.79 N/A 06/30/2014 2.70% 10.81%
+ NTS 10/21/2013 Tower Three Partners LLC (N/A) All Cash $83 million $2.00 $1.95 139,877 03/31/2014 2.56% 0.00%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $32.82 $32.01 2,419,988 12/31/2014 2.52% 3.35%
+ 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 73,061 12/31/2014 2.25% 2.99%
+ FRX 02/18/2014 Actavis plc (ACT) Cash Plus Stock $25 billion $93.41 $91.54 1,379,171 06/30/2014 2.04% 8.18%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $24.33 $23.89 6,455 06/30/2014 1.83% 7.35%
+ CEDU 12/31/2013 ChinaEdu Holdings Limited (“Holdings”) and ChinaEdu Merger Sub Limited (“Merger Sub”) (N/A) All Cash N/A $7.00 $6.88 2,322 06/30/2014 1.74% 7.00%
+ NICK 12/18/2013 an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) (N/A) All Cash $340 million $16.00 $15.73 30,774 04/30/2014 1.72% 20.88%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.75 41,550 03/31/2014 1.71% 0.00%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $18.19 98,824 06/30/2014 1.70% 6.84%
+ PACR 01/06/2014 XPO Logistics, Inc. (XPO) All Cash $296 million $9.00 $8.85 2,939,986 06/30/2014 1.69% 6.80%
+ TSH 01/13/2014 IberiaBank Corp. (IBKC) All Stock $161 million $80.42 $79.25 13,464 06/30/2014 1.48% 5.93%
+ EPL 03/12/2014 Energy XXI (Bermuda) Limited (EXXI) Cash Plus Stock $2.3 billion $39.19 $38.63 1,208,430 06/30/2014 1.45% 5.82%
+ ESC 02/20/2014 Brookdale Senior Living Inc. (BKD) All Stock $2.8 billion $31.43 $30.99 807,096 09/30/2014 1.41% 2.81%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.15 5,446 03/31/2014 1.40% 0.00%
+ CNOB 01/21/2014 Center Bancorp, Inc. (CNBC) All Stock $243 million $48.96 $48.35 6,227 09/30/2014 1.26% 2.51%
+ JOSB 03/11/2014 The Men’s Wearhouse, Inc. (MW) All Cash $1.8 billion $65.00 $64.27 911,837 06/30/2014 1.14% 4.56%
+ SGK 03/17/2014 Matthews International Corporation (MATW) Cash Plus Stock $577 million $20.10 $19.89 161,064 09/30/2014 1.08% 2.15%
+ CIS 09/18/2013 Camelot Employee Scheme Inc. (N/A) All Cash N/A $2.05 $2.03 N/A 01/15/2014 0.99% 0.00%
+ TOFC 09/10/2013 Old National Bancorp. (ONB) Cash Plus Stock $107.7 million $24.20 $23.97 15,987 03/31/2014 0.95% 0.00%
+ FBMI 08/15/2013 Mercantile Bank Corp. (MBWM) Cash Plus Stock $151.5 million $18.52 $18.35 8,319 03/31/2014 0.93% 0.00%
+ CSE 07/22/2013 PacWest Bancorp (PACW) Cash Plus Stock $2.3 billion $14.35 $14.23 1,227,102 03/31/2014 0.87% 0.00%
+ PACT 10/17/2013 Blackstone (N/A) All Cash $625 million $7.30 $7.24 N/A 03/31/2014 0.83% 0.00%
+ LSI 12/16/2013 Avago Technologies Limited (AVGO) All Cash $6.6 billion $11.15 $11.07 6,181,456 06/30/2014 0.72% 2.90%
+ WBCO 10/23/2013 Heritage Financial Corp. (HFWA) Cash Plus Stock $265.1 million $17.81 $17.69 40,058 06/30/2014 0.67% 2.69%
+ HAST 03/17/2014 Affiliate of Joel Weinshanker (N/A) All Cash $21.4 million $3.00 $2.98 4,700 06/30/2014 0.67% 2.69%
+ LCAV 02/13/2014 PhotoMedex, Inc. (PHMD) All Cash $106.4 million $5.37 $5.34 74,461 06/30/2014 0.56% 2.25%
+ KFN 12/16/2013 Kohlberg Kravis Roberts & Co. L.P. (KKR) All Stock $2.6 billion $11.50 $11.44 1,298,262 06/30/2014 0.48% 1.94%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $60.00 187,961 12/31/2014 0.42% 0.55%
+ HITK 08/27/2013 Akorn, Inc. (AKRX) All Cash $640 million $43.50 $43.34 82,091 03/31/2014 0.37% 0.00%
+ ACCL 01/30/2014 Dassault Syst�mes (N/A) All Cash $750 million $12.50 $12.46 233,118 06/30/2014 0.32% 1.29%
+ TXI 01/28/2014 Martin Marietta Materials Inc. (MLM) All Stock $2.7 billion $88.87 $88.62 190,343 06/30/2014 0.28% 1.11%
+ BEAM 01/13/2014 Suntory Holdings Limited (N/A) All Cash $16 billion $83.50 $83.28 1,026,229 06/30/2014 0.26% 1.06%
+ VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $16.29 $16.26 N/A 01/31/2014 0.21% 0.00%
+ STSA 09/11/2013 Umpqua Holdings Corporation (UMPQ) Cash Plus Stock $2.0 billion $32.32 $32.27 73,550 06/30/2014 0.17% 0.68%
+ 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%
+ XRTX 12/23/2013 Seagate Technology Public Limited Company (STX) All Cash $374 million $13.25 $13.23 87,819 06/30/2014 0.15% 0.61%
+ ZLC 02/19/2014 Signet Jewelers Limited (SIG) All Cash $1.4 billion $21.00 $20.97 1,121,621 06/30/2014 0.14% 0.57%
+ JNY 12/19/2013 Sycamore Partners (N/A) All Cash $1.2 billion $15.00 $14.98 486,820 06/30/2014 0.13% 0.54%
+ MKTG 12/20/2013 Oracle Corporation (ORCL) All Cash $1.5 billion $27.00 $26.98 N/A 06/30/2014 0.07% 0.30%
+ SUPX 02/10/2014 Microchip Technology Inc. (MCHP) All Cash $394 million $33.00 $32.98 118,126 06/30/2014 0.06% 0.24%
+ ARTC 02/03/2014 Smith & Nephew (N/A) All Cash $1.7 billion $48.25 $48.23 115,499 06/30/2014 0.04% 0.17%
+ BRE 12/19/2013 Essex Property Trust Inc. (ESS) Cash Plus Stock $15.4 billion $62.15 $62.13 279,129 03/31/2014 0.04% 0.00%
+ ATMI 02/04/2014 Entegris, Inc. (ENTG) All Cash $1.15 billion $34.00 $33.99 345,498 06/30/2014 0.03% 0.12%
+ ACO 03/06/2014 Minerals Technologies Inc. (MTX) All Cash $1.7 billion $45.75 $45.75 167,988 04/30/2014 0.00% 0.00%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $23.46 $23.47 26,082 06/30/2014 -0.06% -0.24%
+ UBNK 11/15/2013 Rockville Financial Inc. (RCKB) All Stock $369 million $18.23 $18.26 36,717 06/30/2014 -0.18% -0.71%
+ COA 02/27/2014 Essilor International (N/A) All Cash $430 million $11.21 $11.23 122,083 06/30/2014 -0.18% -0.71%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $12.90 $13.06 7,793,948 12/31/2014 -1.24% -1.65%
+ VSB 01/27/2014 Yadkin Financial Corporation (YDKN) All Stock $299 million $6.55 $6.81 21,412 06/30/2014 -3.86% -15.50%

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




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