Merger Arbitrage Mondays – July 14, 2014

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July 13, 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 87
Total Number of Deals Not Completed in 2014 1
Total Number of Pending Deals
Cash Deals 32
Stock Deals 17
Stock & Cash Deals 10
Special Conditions 6
Total Number of Pending Deals 65
Total Deal Size $398.29 billion

New Deals:

  1. The acquisition of Kodiak Oil & Gas (KOG) by Whiting Petroleum (WLL) in an stock deal. Under the terms of the agreement, shareholders of Kodiak Oil & Gas will receive 0.177 of a share of Whiting stock in exchange for each share of Kodiak common stock they hold.

Closed Deals:

  1. The acquisition of VantageSouth Bancshares (VSB) by Yadkin Financial Corporation (YDKN) on July 7, 2014. It took 161 days for this deal to be completed.
  2. The acquisition of China Hydroelectric Corporation (CHC) by CPT Wyndham Holdings on July 9, 2014. It took 177 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

TWGP 01/06/2014 ACP Re Ltd. (N/A) $2.50 $1.87 11/15/2014 33.69% 99.17%
OVRL 05/15/2014 Sphere 3D Corporation (SPIHF) $5.05 $4.45 09/30/2014 13.57% 63.52%
DTV 05/18/2014 AT&T, Inc. (T) $95.00 $86.32 05/31/2015 10.06% 11.43%
MONT 06/11/2014 Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A) $22.60 $21.00 09/30/2014 7.62% 35.65%
RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) $18.50 $17.30 08/08/2014 6.94% 101.27%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $10.25 $9.62 12/31/2014 6.57% 14.12%
OABC 04/29/2014 Southside Bancshares Inc. (SBSI) $26.04 $24.47 12/31/2014 6.41% 13.76%
FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) $3.98 $3.75 12/31/2014 6.08% 13.05%
TWC 02/13/2014 Comcast Corporation (CMCSA) $156.83 $148.88 12/31/2014 5.34% 11.47%
COV 06/15/2014 Medtronic, Inc. (MDT) $96.17 $91.37 01/31/2015 5.26% 9.55%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ TWGP 01/06/2014 ACP Re Ltd. (N/A) All Cash $172.1 $2.50 $1.87 228,014 11/15/2014 33.69% 99.17%
+ OVRL 05/15/2014 Sphere 3D Corporation (SPIHF) All Stock $81.13 million $5.05 $4.45 36,657 09/30/2014 13.57% 63.52%
+ DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $86.32 1,202,130 05/31/2015 10.06% 11.43%
+ MONT 06/11/2014 Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A) All Cash $693 million $22.60 $21.00 381,593 09/30/2014 7.62% 35.65%
+ RDA 11/11/2013 Tsinghua Unigroup Ltd. (N/A) All Cash $910 million $18.50 $17.30 226,042 08/08/2014 6.94% 101.27%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.25 $9.62 1,831,750 12/31/2014 6.57% 14.12%
+ OABC 04/29/2014 Southside Bancshares Inc. (SBSI) Cash Plus Stock $307 million $26.04 $24.47 22,786 12/31/2014 6.41% 13.76%
+ FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) All Stock $17.9 million $3.98 $3.75 14,714 12/31/2014 6.08% 13.05%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $156.83 $148.88 1,188,457 12/31/2014 5.34% 11.47%
+ COV 06/15/2014 Medtronic, Inc. (MDT) Cash Plus Stock $42.9 billion $96.17 $91.37 5,238,911 01/31/2015 5.26% 9.55%
+ QCOR 04/07/2014 Mallinckrodt plc (MNK) Cash Plus Stock $5.6 billion $97.36 $92.96 1,970,448 09/30/2014 4.74% 22.17%
+ CHRM 05/19/2014 Engadin Parent Limited (N/A) Special Conditions N/A $4.70 $4.50 293 09/30/2014 4.44% 20.80%
+ SWY 03/06/2014 AB Acquisition LLC (N/A) Special Conditions N/A $36.15 $34.64 7,356,509 12/31/2014 4.36% 9.36%
+ SPCHA 06/30/2014 Vestis Retail Group, LLC (N/A) All Cash N/A $1.20 $1.15 32,409 09/30/2014 4.35% 20.35%
+ THRD 06/04/2014 National Penn Bancshares Inc. (NPBC) All Stock $138 million $43.51 $42.03 740 12/31/2014 3.52% 7.55%
+ SUSS 04/28/2014 Energy Transfer Partners, L.P. (ETP) All Stock $1.8 billion $82.05 $79.67 159,842 09/30/2014 2.98% 13.96%
+ NED 04/02/2014 Rainbow Education Holding Limited (N/A) All Cash N/A $2.85 $2.77 7,729 08/15/2014 2.89% 32.94%
+ IDIX 06/09/2014 Merck & Co. Inc. (MRK) All Cash $3.85 billion $24.50 $23.86 1,712,025 09/30/2014 2.68% 12.55%
+ FUBC 05/08/2014 Valley National Bancorp (VLY) All Stock $312 million $8.78 $8.56 158,393 10/31/2014 2.62% 8.77%
+ ICH 10/28/2013 RCS Capital Corporation (N/A) All Cash $52.5 million $7.25 $7.08 13,355 07/31/2014 2.40% 51.55%
+ PTEK 04/30/2014 Multimedia Games, Inc. (N/A) All Cash N/A $1.35 $1.32 6,038 12/31/2014 2.27% 4.88%
+ SPBC 05/05/2014 Green Bank (N/A) All Cash $46.2 million $29.55 $28.90 1,900 09/30/2014 2.25% 10.52%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $34.43 $33.78 285,959 12/31/2014 1.92% 4.12%
+ FFCO 04/14/2014 CB Financial Services, Inc. (CBFV) All Stock 54.5 million $22.43 $22.04 439 11/15/2014 1.75% 5.16%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.75 92,275 07/30/2014 1.71% 39.11%
+ OBAF 04/08/2014 F.N.B. Corporation (FNB) All Stock $94 million $22.37 $22.02 N/A 09/30/2014 1.59% 7.42%
+ DCIN 05/15/2014 Carmike Cinemas Inc. (CKEC) All Stock N/A $5.92 $5.83 7,100 09/30/2014 1.48% 6.91%
+ LSBI 06/04/2014 Old National Bancorp. (ONB) Cash Plus Stock $66.7 million $42.42 $41.82 1,274 12/31/2014 1.43% 3.07%
+ ENVE 06/30/2014 Consolidated Communications Holdings Inc. (CNSL) All Stock $350 million $16.31 $16.12 28,985 12/31/2014 1.20% 2.58%
+ GECR 06/23/2014 State Bank Financial Corporation (STBZ) Special Conditions $82 million $22.35 $22.10 2,100 03/31/2015 1.13% 1.59%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $16.13 $15.96 1,033,573 12/31/2014 1.07% 2.29%
+ GA 03/16/2014 Giant Investment Limited (�Parent�) and Giant Merger Limited (N/A) All Cash $3 billion $12.00 $11.88 826,882 12/31/2014 1.01% 2.17%
+ TWTC 06/16/2014 Level 3 Communications, Inc. (LVLT) Cash Plus Stock $7.3 billion $41.35 $40.95 596,714 12/31/2014 0.98% 2.11%
+ SWS 04/01/2014 Hilltop Holdings Inc. (HTH) Cash Plus Stock $260 million $7.34 $7.28 33,461 12/31/2014 0.84% 1.81%
+ HAST 03/17/2014 Affiliate of Joel Weinshanker (N/A) All Cash $21.4 million $3.00 $2.977 31,067 07/31/2014 0.77% 16.59%
+ PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) All Cash $5.7 billion $70.00 $69.54 1,029,016 01/31/2015 0.66% 1.20%
+ DFZ 05/02/2014 Mill Road Capital (N/A) All Cash $215 million $19.00 $18.90 44,272 09/30/2014 0.53% 2.48%
+ TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $69.59 $69.23 267,827 06/30/2015 0.52% 0.54%
+ ESC 02/20/2014 Brookdale Senior Living Inc. (BKD) All Stock $2.8 billion $33.15 $33.00 812,470 09/30/2014 0.44% 2.06%
+ NDZ 03/28/2014 Sterigenics (N/A) All Cash $727 million $13.00 $12.95 4,365,641 12/31/2014 0.39% 0.83%
+ MDCI 06/25/2014 Owens & Minor, Inc. (OMI) All Cash $208 million $13.80 $13.75 158,246 12/31/2014 0.36% 0.78%
+ HSH 07/02/2014 Tyson Foods, Inc. (TSN) All Cash $8.55 billion $63.00 $62.78 2,114,856 09/27/2014 0.35% 1.71%
+ PLXT 06/24/2014 Avago Technologies Limited (AVGO) All Cash $293 million $6.50 $6.48 277,040 11/03/2014 0.31% 1.01%
+ AMAP 04/11/2014 affiliate of Alibaba Group Holding Limited (“Alibaba”) (N/A) All Cash $1.5 billion $21.00 $20.94 394,564 09/30/2014 0.29% 1.34%
+ VITC 07/02/2014 The Kroger Co. (KR) All Cash $280 million $8.00 $7.98 691,367 09/30/2014 0.25% 1.17%
+ HCT 06/02/2014 Ventas, Inc. (VTR) All Stock $2.6 billion $10.84 $10.81 2,301,971 12/31/2014 0.25% 0.54%
+ MCRS 06/23/2014 Oracle Corporation (ORCL) All Cash $4.6 billion $68.00 $67.86 1,346,761 12/31/2014 0.21% 0.44%
+ MEAS 06/18/2014 TE Connectivity Ltd. (TEL) All Cash $1.7 billion $86.00 $85.85 268,018 12/31/2014 0.17% 0.38%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $22.28 $22.25 66,300 09/30/2014 0.14% 0.65%
+ HITT 06/09/2014 Analog Devices, Inc. (ADI) All Cash $2 billion $78.00 $77.90 644,907 09/30/2014 0.13% 0.60%
+ SGK 03/17/2014 Matthews International Corporation (MATW) Cash Plus Stock $577 million $20.44 $20.43 23,854 09/30/2014 0.06% 0.28%
+ OPEN 06/13/2014 The Priceline Group Inc. (PCLN) All Cash $2.6 billion $103.00 $103.01 814,629 09/30/2014 -0.01% -0.05%
+ TAYC 07/15/2013 MB Financial Inc. (MBFI) Cash Plus Stock $680 million $21.97 $21.98 38,500 09/30/2014 -0.04% -0.20%
+ CBEY 04/21/2014 Birch Communications, Inc. (N/A) Special Conditions $323 million $9.97 $9.98 123,666 07/18/2014 -0.10% -9.14%
+ UNS 12/11/2013 Fortis, Inc. (N/A) All Cash $4.3 billion $60.25 $60.40 149,702 12/31/2014 -0.25% -0.53%
+ FIO 06/16/2014 SanDisk Corp. (SNDK) All Cash $1.1 billion $11.25 $11.28 2,109,051 09/30/2014 -0.27% -1.24%
+ EQU 12/09/2013 Petroflow Energy Corporation (N/A) All Cash $230 million $5.43 $5.46 323,410 07/31/2014 -0.55% -11.80%
+ LIN 03/22/2014 Media General, Inc. (MEG) Special Conditions $2.6 billion $27.82 $28.00 54,377 03/31/2015 -0.64% -0.90%
+ ARX 05/20/2014 Cobham plc (N/A) All Cash $1.46 billion $10.50 $10.57 56,530 09/30/2014 -0.66% -3.10%
+ 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 $5.50 426,598 09/30/2014 -0.91% -4.25%
+ PDH 05/28/2014 Flint Hills Resources, LLC (N/A) All Cash $2.1 billion $14.00 $14.25 200,161 12/31/2014 -1.75% -3.77%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $27.80 1,004,317 09/30/2015 -1.98% -1.63%
+ KOG 07/13/2014 Whiting Petroleum Corp. (WLL) All Stock $6 billion $13.90 $14.23 4,358,357 12/31/2014 -2.31% -4.96%
+ AUXL 06/26/2014 QLT Inc. (QLTI) All Stock N/A $19.13 $19.97 1,094,596 12/31/2014 -4.21% -9.04%
+ 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 $23.62 88,073 12/31/2014 -17.44% -37.45%

Voluntary Disclosure: I hold a long position in Safeway (SWY).

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




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