Merger Arbitrage Mondays – October 27, 2014

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October 26, 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 132
Total Number of Deals Not Completed in 2014 2
Total Number of Pending Deals
Cash Deals 28
Stock Deals 18
Stock & Cash Deals 20
Special Conditions 8
Total Number of Pending Deals 74
Total Deal Size $582.38 billion

New Deals:

  1. The acquisition of Cleco Corporation (CNL) by a group of investors led by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC), together with John Hancock Financial and other investors for $4.7 billion or $55.37 per share in cash.
  2. The acquisition of BTU International (BTUI) by Amtech Systems (ASYS) in an all stock deal. Under the terms of the agreement, shareholders of BTU International will receive 0.3291 shares of Amtech common stock for every share of BTU common stock.

Deal Updates:

  1. On October 22, 2014, Interdealer broker BGC Partners (BGCP) went ahead with the formal launch of its hostile $675 million bid for rival GFI Group Inc (GFIG) after talks between the two companies reached a deadlock. GFI said a special committee would review the offer and make its position known by Nov. 4.

Closed Deals:

  1. The acquisition of SP Bancorp (SPBC) by Green Bancorp (GNBC) on October 20, 2014. It took 168 days for this deal to be completed.
  2. The acquisition of Annie’s (BNNY) by General Mills (GIS) on October 22, 2014. It took 44 days for this deal to be completed.
  3. The acquisition of TF Financial Corporation (THRD) by National Penn Bancshares (NPBC) on October 24, 2014. It took 142 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

FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) $4.05 $3.561 10/30/2014 13.86% 1686.11%
DTV 05/18/2014 AT&T, Inc. (T) $95.00 $84.15 05/31/2015 12.89% 21.79%
LO 07/15/2014 Reynolds American Inc. (RAI) $68.40 $60.67 06/30/2015 12.75% 18.92%
LIN 03/22/2014 Media General, Inc. (MEG) $25.97 $23.18 03/31/2015 12.04% 28.34%
IGT 07/16/2014 GTECH S.p.A. (GTKYY) $18.25 $16.33 06/30/2015 11.76% 17.45%
COV 06/15/2014 Medtronic, Inc. (MDT) $98.82 $89.64 01/31/2015 10.24% 38.94%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.62 09/30/2014 9.88% -133.52%
TWC 02/13/2014 Comcast Corporation (CMCSA) $156.00 $142.98 12/31/2014 9.10% 51.12%
CPWR 09/02/2014 Thoma Bravo, LLC (N/A) $10.92 $10.04 01/31/2015 8.76% 33.33%
BTUI 10/22/2014 Amtech Systems Inc. (ASYS) $3.34 $3.10 03/31/2015 7.86% 18.51%

List of all pending deals:

  Symbol Announced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
Volume Closing
Date
Profit Annu.
Profit
+ FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) All Stock $17.9 million $4.05 $3.561 2,439 10/30/2014 13.86% 1686.11%
+ DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $84.15 6,138,501 05/31/2015 12.89% 21.79%
+ LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $68.40 $60.67 1,272,256 06/30/2015 12.75% 18.92%
+ LIN 03/22/2014 Media General, Inc. (MEG) Special Conditions $2.6 billion $25.97 $23.18 283,779 03/31/2015 12.04% 28.34%
+ IGT 07/16/2014 GTECH S.p.A. (GTKYY) Special Conditions $6.4 billion $18.25 $16.33 1,911,251 06/30/2015 11.76% 17.45%
+ COV 06/15/2014 Medtronic, Inc. (MDT) Cash Plus Stock $42.9 billion $98.82 $89.64 3,502,669 01/31/2015 10.24% 38.94%
+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.62 5,958 09/30/2014 9.88% 0.00%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $156.00 $142.98 2,953,435 12/31/2014 9.10% 51.12%
+ CPWR 09/02/2014 Thoma Bravo, LLC (N/A) All Cash $2.5 billion $10.92 $10.04 920,506 01/31/2015 8.76% 33.33%
+ BTUI 10/22/2014 Amtech Systems Inc. (ASYS) All Stock N/A $3.34 $3.10 41,160 03/31/2015 7.86% 18.51%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $9.78 $9.14 2,195,997 12/31/2014 6.99% 39.23%
+ APL 10/13/2014 Targa Resources Partners LP (NGLS) Cash Plus Stock $5.8 billion $38.48 $36.05 877,083 03/31/2015 6.73% 15.84%
+ AUXL 10/09/2014 Endo International plc (ENDP) Special Conditions $2.6 billion $33.25 $31.34 2,072,473 06/30/2015 6.09% 9.04%
+ SWY 03/06/2014 AB Acquisition LLC (N/A) Special Conditions N/A $36.15 $34.12 743,393 12/31/2014 5.95% 33.41%
+ TRLA 07/28/2014 Zillow, Inc. (Z) All Stock $3.5 billion $47.10 $44.93 411,742 03/31/2015 4.82% 11.35%
+ TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $73.42 $70.05 559,818 06/30/2015 4.82% 7.15%
+ TRW 09/15/2014 ZF Friedrichshafen AG ("ZF") (N/A) All Cash $13.5 billion $105.60 $100.75 845,286 06/30/2015 4.81% 7.14%
+ BYI 08/01/2014 Scientific Games Corporation (SGMS) All Cash $5.1 billion $83.30 $79.62 256,855 01/31/2015 4.62% 17.57%
+ MGAM 09/08/2014 Global Cash Access Holdings, Inc. (GCA) All Cash $1.2 billion $36.50 $35.06 67,231 03/31/2015 4.11% 9.67%
+ ROC 07/15/2014 Albemarle Corporation (ALB) Cash Plus Stock $6.2 billion $78.12 $75.32 188,323 03/31/2015 3.72% 8.76%
+ IMCB 07/23/2014 Columbia Banking System Inc. (COLB) Cash Plus Stock $121.5 million $18.82 $18.15 200 12/31/2014 3.70% 20.75%
+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) All Cash $4.7 billion $55.37 $53.40 484,181 12/31/2015 3.69% 3.13%
+ SIAL 09/22/2014 Merck KGaA (N/A) All Cash $17 billion $140.00 $135.07 722,778 06/30/2015 3.65% 5.42%
+ OVRL 05/15/2014 Sphere 3D Corporation (ANY) All Stock $81.13 million $2.78 $2.68 24,704 09/30/2014 3.64% 0.00%
+ OABC 04/29/2014 Southside Bancshares Inc. (SBSI) Cash Plus Stock $307 million $27.85 $26.93 17,563 12/31/2014 3.43% 19.25%
+ FRNK 07/15/2014 Towne Bank (TOWN) All Stock $275 million $19.94 $19.30 11,083 12/31/2014 3.30% 18.50%
+ CFN 10/05/2014 Becton, Dickinson and Company (BDX) Cash Plus Stock $12.2 billion $58.77 $56.96 2,268,102 06/30/2015 3.18% 4.71%
+ TIBX 09/29/2014 Vista Equity Partners (N/A) All Cash $4.3 billion $24.00 $23.29 1,375,331 12/31/2014 3.05% 17.12%
+ MONT 06/11/2014 Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A) All Cash $693 million $22.60 $21.96 106,949 10/08/2014 2.91% 0.00%
+ BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $46.52 $45.28 39,856 03/31/2015 2.74% 6.46%
+ DWSN 10/09/2014 TGC Industries Inc. (TGE) All Stock N/A $17.27 $16.90 27,298 03/31/2015 2.16% 5.09%
+ DRC 09/21/2014 Siemens (N/A) All Cash $7.6 billion $83.00 $81.27 576,101 06/30/2015 2.13% 3.16%
+ GRT 09/16/2014 Washington Prime Group Inc. (WPG) Cash Plus Stock $4.3 billion $13.85 $13.56 1,586,541 03/31/2015 2.12% 4.98%
+ CMSB 09/25/2014 Putnam County Savings Bank (N/A) All Cash $25.4 million $13.25 $12.99 154 06/30/2015 2.00% 2.97%
+ VIAS 09/22/2014 TTM Technologies Inc. (TTMI) Cash Plus Stock $927 million $15.56 $15.26 3,717 06/30/2015 1.96% 2.91%
+ FRF 08/12/2014 Tiptree Financial Inc. (TIPT) All Cash $218 million $10.00 $9.81 9,528 01/31/2015 1.94% 7.36%
+ PENX 10/15/2014 Ingredion Incorporated (INGR) All Cash $340 million $19.00 $18.66 218,267 12/31/2014 1.82% 10.23%
+ SMPL 09/29/2014 HomeStreet, Inc. (HMST) All Stock N/A $17.12 $16.82 18,927 03/31/2015 1.78% 4.20%
+ NBTF 08/04/2014 Peoples Bancorp Inc. (PEBO) Cash Plus Stock $109 million $30.26 $29.75 500 03/31/2015 1.73% 4.07%
+ GTIV 10/09/2014 Kindred Healthcare Inc. (KND) Cash Plus Stock $1.8 billion $19.79 $19.47 91,862 03/31/2015 1.65% 3.89%
+ QRE 07/24/2014 Breitburn Energy Partners L.P. (BBEP) All Stock $3 billion $16.67 $16.41 493,089 01/31/2015 1.56% 5.94%
+ PEOP 08/05/2014 Independent Bank Corp. (INDB) All Stock $130.6 million $21.04 $20.72 9,228 03/31/2015 1.56% 3.67%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $30.85 $30.41 952,868 12/31/2014 1.44% 8.06%
+ SWS 04/01/2014 Hilltop Holdings Inc. (HTH) Cash Plus Stock $260 million $7.20 $7.10 112,931 12/31/2014 1.36% 7.64%
+ IRF 08/20/2014 Infineon Technologies AG (IFNNY) All Cash $2.4 billion $40.00 $39.48 528,008 01/31/2015 1.32% 5.01%
+ KOG 07/13/2014 Whiting Petroleum Corp. (WLL) All Stock $6 billion $10.91 $10.78 4,431,317 12/31/2014 1.24% 6.97%
+ LPDX 09/25/2014 Laboratory Corp. of America Holdings (LH) All Cash $85.3 million $5.25 $5.19 133,290 12/31/2014 1.16% 6.49%
+ HCT 06/02/2014 Ventas, Inc. (VTR) All Stock $2.6 billion $11.30 $11.18 1,355,748 12/31/2014 1.11% 6.26%
+ TWTC 06/16/2014 Level 3 Communications, Inc. (LVLT) Cash Plus Stock $7.3 billion $39.55 $39.14 667,412 12/31/2014 1.06% 5.94%
+ KMP 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $96.37 $95.36 1,394,506 12/31/2014 1.06% 5.93%
+ PSMI 08/22/2014 Murata Electronics North America, Inc. (N/A) All Cash $471 million $12.50 $12.37 291,883 01/31/2015 1.05% 4.00%
+ TAM 09/11/2014 Eastman Chemical Co. (EMN) All Cash $2.8 billion $26.00 $25.75 514,530 12/31/2014 0.97% 5.45%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $17.79 $17.62 2,372,136 12/31/2014 0.96% 5.37%
+ KMR 08/10/2014 Kinder Morgan, Inc. (KMI) All Stock N/A $96.99 $96.16 553,257 12/31/2014 0.86% 4.82%
+ GECR 06/23/2014 State Bank Financial Corporation (STBZ) Special Conditions $82 million $22.35 $22.16 4,800 03/31/2015 0.86% 2.02%
+ EPB 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $41.54 $41.21 1,349,131 12/31/2014 0.79% 4.46%
+ ATHL 09/29/2014 Encana Corporation (ECA) All Cash $7.1 billion $58.50 $58.09 1,839,296 12/31/2014 0.71% 3.96%
+ PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) All Cash $5.7 billion $70.00 $69.55 466,859 01/31/2015 0.65% 2.46%
+ CNQR 09/18/2014 SAP SE (SAP) All Cash $8.3 billion $129.00 $128.22 362,310 03/31/2015 0.61% 1.43%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $27.10 967,099 09/30/2015 0.55% 0.60%
+ BOLT 09/03/2014 Teledyne Technologies Inc. (TDY) All Cash $171 million $22.00 $21.88 47,441 12/31/2014 0.55% 3.08%
+ CNVR 09/11/2014 Alliance Data Systems Corporation (ADS) Special Conditions $2.3 billion $35.00 $34.81 773,067 12/31/2014 0.55% 3.06%
+ MOVE 09/30/2014 News Corp (N/A) All Cash $950 million $21.00 $20.90 600,972 12/31/2014 0.48% 2.69%
+ LSBI 06/04/2014 Old National Bancorp. (ONB) Cash Plus Stock $66.7 million $40.08 $39.95 1,148 11/01/2014 0.33% 24.05%
+ 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 $11.97 582,422 12/31/2014 0.25% 1.41%
+ FUBC 05/08/2014 Valley National Bancorp (VLY) All Stock $312 million $8.61 $8.59 55,116 10/31/2014 0.19% 17.32%
+ BAGL 09/29/2014 JAB Holding Company (N/A) All Cash $374 million $20.25 $20.22 159,173 12/31/2014 0.15% 0.83%
+ FFCO 04/14/2014 CB Financial Services, Inc. (CBFV) All Stock 54.5 million $22.31 $22.45 N/A 11/15/2014 -0.62% -11.92%
+ COBK 09/10/2014 Cape Bancorp, Inc. (CBNJ) All Stock $55 million $12.78 $13.05 3,097 03/31/2015 -2.08% -4.90%
+ AMBI 09/29/2014 Daiichi Sankyo Company, Ltd. (N/A) All Cash $410 million $15.00 $15.43 69,874 12/31/2014 -2.79% -15.65%
+ DRTX 10/06/2014 Actavis plc (ACT) All Cash $675 million $23.00 $23.98 362,323 01/31/2015 -4.09% -15.54%
+ FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $77.95 568,293 01/31/2015 -4.43% -16.83%
+ GFIG 07/30/2014 CME Group (N/A) All Cash N/A $4.55 $5.32 121,247 01/31/2015 -14.47% -55.03%
+ ATLS 10/13/2014 Targa Resources Corp. (TRGP) Cash Plus Stock $1.9 billion $32.16 $39.20 719,282 03/31/2015 -17.97% -42.32%

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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