Merger Arbitrage Mondays – September 1, 2014

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September 1, 2014 | Merger Arbitrage | | Author Asif

Merger Activity stayed flat 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 114
Total Number of Deals Not Completed in 2014 2
Total Number of Pending Deals
Cash Deals 21
Stock Deals 19
Stock & Cash Deals 14
Special Conditions 7
Total Number of Pending Deals 61
Total Deal Size $477.29 billion

New Deals:

  1. The acquisition of InterMune (ITMN) by Roche for $8.3 billion or $74.00 per share in cash.
  2. The acquisition of Cobra Electronics (COBR) by Monomoy Capital Partners for $4.30 per share in cash.

Closed Deals:

  1. The acquisition of The Hillshire Brands Company (HSH) by Tyson Foods (TSN) on August 28, 2014. It took 57 days for this deal to be completed.
  2. The acquisition of iSoftStone Holdings Limited (ISS) by Mr. Tianwen Liu, the Company’s CEO and the chairman of its Board of Directors, and China AMC Capital Management Limited on August 29, 2014. It took 449 days for this deal to be completed.
  3. The acquisition of Susser Holdings Corporation (SUSS) by Energy Transfer Partners (ETP) on August 29, 2014. It took 123 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 $2.01 11/15/2014 24.38% 118.64%
LO 07/15/2014 Reynolds American Inc. (RAI) $67.51 $59.70 06/30/2015 13.08% 15.81%
LIN 03/22/2014 Media General, Inc. (MEG) $25.97 $23.32 03/31/2015 11.36% 19.66%
COV 06/15/2014 Medtronic, Inc. (MDT) $96.23 $86.83 01/31/2015 10.83% 26.00%
DTV 05/18/2014 AT&T, Inc. (T) $95.00 $86.45 05/31/2015 9.89% 13.27%
OABC 04/29/2014 Southside Bancshares Inc. (SBSI) $28.44 $25.96 12/31/2014 9.56% 28.84%
FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) $3.99 $3.65 09/19/2014 9.20% 186.47%
IGT 07/16/2014 GTECH S.p.A. (GTKYY) $18.25 $16.86 06/30/2015 8.24% 9.96%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.67 09/30/2014 6.59% 82.90%
TWC 02/13/2014 Comcast Corporation (CMCSA) $157.32 $147.93 12/31/2014 6.35% 19.15%

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 $2.01 564,448 11/15/2014 24.38% 118.64%
+ LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $67.51 $59.70 2,220,271 06/30/2015 13.08% 15.81%
+ LIN 03/22/2014 Media General, Inc. (MEG) Special Conditions $2.6 billion $25.97 $23.32 122,361 03/31/2015 11.36% 19.66%
+ COV 06/15/2014 Medtronic, Inc. (MDT) Cash Plus Stock $42.9 billion $96.23 $86.83 2,547,151 01/31/2015 10.83% 26.00%
+ DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $86.45 1,952,355 05/31/2015 9.89% 13.27%
+ OABC 04/29/2014 Southside Bancshares Inc. (SBSI) Cash Plus Stock $307 million $28.44 $25.96 18,638 12/31/2014 9.56% 28.84%
+ FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) All Stock $17.9 million $3.99 $3.65 1,060 09/19/2014 9.20% 186.47%
+ IGT 07/16/2014 GTECH S.p.A. (GTKYY) Special Conditions $6.4 billion $18.25 $16.86 2,145,820 06/30/2015 8.24% 9.96%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.67 17,778 09/30/2014 6.59% 82.90%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $157.32 $147.93 876,998 12/31/2014 6.35% 19.15%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.39 $9.87 1,162,610 12/31/2014 5.25% 15.85%
+ MONT 06/11/2014 Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A) All Cash $693 million $22.60 $21.48 305,413 09/30/2014 5.21% 65.63%
+ BYI 08/01/2014 Scientific Games Corporation (SGMS) All Cash $5.1 billion $83.30 $79.29 574,121 01/31/2015 5.06% 12.14%
+ QRE 07/24/2014 Breitburn Energy Partners L.P. (BBEP) All Stock $3 billion $22.55 $21.63 343,885 01/31/2015 4.26% 10.22%
+ SWY 03/06/2014 AB Acquisition LLC (N/A) Special Conditions N/A $36.15 $34.78 1,117,590 12/31/2014 3.94% 11.88%
+ OVRL 05/15/2014 Sphere 3D Corporation (ANY) All Stock $81.13 million $3.58 $3.46 21,806 09/30/2014 3.45% 43.38%
+ TRLA 07/28/2014 Zillow, Inc. (Z) All Stock $3.5 billion $63.70 $61.63 406,365 03/31/2015 3.35% 5.80%
+ FRNK 07/15/2014 Towne Bank (TOWN) All Stock $275 million $20.52 $19.86 18,250 12/31/2014 3.34% 10.09%
+ KMP 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $99.06 $96.38 1,695,497 12/31/2014 2.79% 8.40%
+ SPBC 05/05/2014 Green Bank (N/A) All Cash $46.2 million $29.55 $28.75 800 09/30/2014 2.78% 35.02%
+ EPB 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $42.70 $41.56 1,569,847 12/31/2014 2.74% 8.27%
+ TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $69.71 $67.89 211,867 06/30/2015 2.68% 3.24%
+ KMR 08/10/2014 Kinder Morgan, Inc. (KMI) All Stock N/A $100.04 $97.72 459,268 12/31/2014 2.38% 7.17%
+ FUBC 05/08/2014 Valley National Bancorp (VLY) All Stock $312 million $8.90 $8.70 35,691 10/31/2014 2.30% 13.98%
+ PTEK 04/30/2014 Multimedia Games, Inc. (N/A) All Cash N/A $1.35 $1.32 3,156 12/31/2014 2.27% 6.86%
+ CHRM 05/19/2014 Engadin Parent Limited (N/A) Special Conditions N/A $4.70 $4.60 62,009 09/30/2014 2.17% 27.36%
+ GECR 06/23/2014 State Bank Financial Corporation (STBZ) Special Conditions $82 million $22.35 $21.90 4,291 03/31/2015 2.05% 3.55%
+ FFCO 04/14/2014 CB Financial Services, Inc. (CBFV) All Stock 54.5 million $22.31 $21.90 200 11/15/2014 1.88% 9.13%
+ IMCB 07/23/2014 Columbia Banking System Inc. (COLB) Cash Plus Stock $121.5 million $19.01 $18.67 N/A 12/31/2014 1.81% 5.45%
+ NBTF 08/04/2014 Peoples Bancorp Inc. (PEBO) Cash Plus Stock $109 million $30.09 $29.60 1,082 03/31/2015 1.65% 2.85%
+ THRD 06/04/2014 National Penn Bancshares Inc. (NPBC) All Stock $138 million $42.20 $41.55 1,146 12/31/2014 1.56% 4.72%
+ IRF 08/20/2014 Infineon Technologies AG (IFNNY) All Cash $2.4 billion $40.00 $39.40 2,024,338 01/31/2015 1.52% 3.66%
+ ENVE 06/30/2014 Consolidated Communications Holdings Inc. (CNSL) All Stock $350 million $18.05 $17.79 24,699 12/31/2014 1.44% 4.34%
+ FRF 08/12/2014 Tiptree Financial Inc. (TIPT) All Cash $218 million $10.00 $9.87 82,820 01/31/2015 1.32% 3.16%
+ PEOP 08/05/2014 Independent Bank Corp. (INDB) All Stock $130.6 million $20.33 $20.07 3,822 03/31/2015 1.30% 2.24%
+ HCT 06/02/2014 Ventas, Inc. (VTR) All Stock $2.6 billion $11.10 $10.97 1,477,530 12/31/2014 1.22% 3.68%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $33.01 $32.64 301,581 12/31/2014 1.12% 3.38%
+ TWTC 06/16/2014 Level 3 Communications, Inc. (LVLT) Cash Plus Stock $7.3 billion $41.47 $41.04 392,153 12/31/2014 1.05% 3.18%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $20.89 $20.67 5,903,886 12/31/2014 1.05% 3.17%
+ PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) All Cash $5.7 billion $70.00 $69.40 251,045 01/31/2015 0.86% 2.08%
+ KOG 07/13/2014 Whiting Petroleum Corp. (WLL) All Stock $6 billion $16.40 $16.27 3,512,665 12/31/2014 0.80% 2.43%
+ ITMN 08/24/2014 Roche (N/A) All Cash $8.3 billion $74.00 $73.45 6,523,521 12/31/2014 0.75% 2.26%
+ COBR 08/28/2014 Monomoy Capital Partners II, L.P. (N/A) All Cash N/A $4.30 $4.27 242,598 12/31/2014 0.70% 2.12%
+ PIKE 08/04/2014 Court Square Capital Partners & J. Eric Pike, the Company�s Chairman and Chief Executive Officer (N/A) All Cash N/A $12.00 $11.92 480,915 12/31/2014 0.67% 2.02%
+ GFIG 07/30/2014 CME Group (N/A) All Cash N/A $4.55 $4.52 419,711 01/31/2015 0.66% 1.59%
+ LSBI 06/04/2014 Old National Bancorp. (ONB) Cash Plus Stock $66.7 million $40.33 $40.15 500 12/31/2014 0.45% 1.36%
+ PSMI 08/22/2014 Murata Electronics North America, Inc. (N/A) All Cash $471 million $12.50 $12.45 274,405 01/31/2015 0.40% 0.96%
+ NOVB 01/21/2014 TriCo Bancshares (TCBK) All Stock $178.4 million $21.08 $21.00 12,945 09/30/2014 0.39% 4.96%
+ OBAF 04/08/2014 F.N.B. Corporation (FNB) All Stock $94 million $22.01 $21.94 1,200 09/30/2014 0.33% 4.20%
+ URS 07/13/2014 AECOM Technology Corporation (ACM) Cash Plus Stock $6 billion $60.77 $60.58 189,350 10/31/2014 0.32% 1.95%
+ MDCI 06/25/2014 Owens & Minor, Inc. (OMI) All Cash $208 million $13.80 $13.76 37,829 12/31/2014 0.29% 0.88%
+ ROC 07/15/2014 Albemarle Corporation (ALB) Cash Plus Stock $6.2 billion $81.19 $80.98 559,207 03/31/2015 0.26% 0.44%
+ MEAS 06/18/2014 TE Connectivity Ltd. (TEL) All Cash $1.7 billion $86.00 $85.82 76,903 12/31/2014 0.21% 0.63%
+ DFZ 05/02/2014 Mill Road Capital (N/A) All Cash $215 million $19.00 $18.97 52,998 09/30/2014 0.16% 1.99%
+ MCRS 06/23/2014 Oracle Corporation (ORCL) All Cash $4.6 billion $68.00 $67.97 1,181,431 12/31/2014 0.04% 0.13%
+ ARX 05/20/2014 Cobham plc (N/A) All Cash $1.46 billion $10.50 $10.56 103,662 09/30/2014 -0.57% -7.15%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $27.56 1,045,319 09/30/2015 -1.12% -1.04%
+ SWS 04/01/2014 Hilltop Holdings Inc. (HTH) Cash Plus Stock $260 million $7.22 $7.47 203,843 12/31/2014 -3.29% -9.93%
+ FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $79.83 596,328 01/31/2015 -6.68% -16.03%
+ AUXL 06/26/2014 QLT Inc. (QLTI) All Stock N/A $17.22 $18.60 406,786 12/31/2014 -7.44% -22.44%
+ 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 $23.91 54,366 12/31/2014 -18.44% -55.64%

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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