Merger Arbitrage Mondays – November 10, 2014

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November 9, 2014 | Merger Arbitrage | | Author Asif

Merger Activity increased last week with six new mergers announced and one deal 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 138
Total Number of Deals Not Completed in 2014 2
Total Number of Pending Deals
Cash Deals 34
Stock Deals 21
Stock & Cash Deals 19
Special Conditions 8
Total Number of Pending Deals 82
Total Deal Size $649.64 billion

New Deals:

  1. The acquisition of Sapient (SAPE) by Publicis Groupe for $3.7 billion or $25.00 per share in cash.
  2. The acquisition of Covance (CVD) by Laboratory Corp. of America Holdings (LH) for $5.6 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Covance will receive $75.76 in cash and 0.2686 LabCorp shares for each Covance share they own.
  3. The acquisition of Hampden Bancorp (HBNK) by Berkshire Hills Bancorp (BHLB) in an all stock deal. Under the terms of the agreement, shareholders of Hampden Bancorp will receive 0.81 shares of Berkshire Hills common stock for each outstanding share of Hampden stock.
  4. The acquisition of Elecsys Corporation (ESYS) by Lindsay Corporation (LNN) for $70.5 million or $17.50 per share in cash.
  5. The acquisition of World Energy Solutions (XWES) by EnerNOC (ENOC) for $5.50 per share in cash.
  6. The acquisition of Hudson Valley Holding (HVB) by Sterling Bancorp (STL) for $539 million in an all stock deal. Under the terms of the agreement, shareholders of Hudson Valley will receive 1.92 shares of Sterling Bancorp for each share of Hudson Valley common stock.

Closed Deals:

  1. The acquisition of Einstein Noah Restaurant Group (BAGL) by JAB Holding Company on November 5, 2014. It took 37 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

EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.58 12/31/2014 12.66% 90.59%
FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) $4.05 $3.61 10/30/2014 12.31% -408.57%
LO 07/15/2014 Reynolds American Inc. (RAI) $69.29 $62.08 06/30/2015 11.61% 18.26%
IGT 07/16/2014 GTECH S.p.A. (GTKYY) $18.25 $16.37 06/30/2015 11.48% 18.07%
TWC 02/13/2014 Comcast Corporation (CMCSA) $158.56 $143.60 12/31/2014 10.42% 74.54%
LIN 03/22/2014 Media General, Inc. (MEG) $25.97 $23.72 03/31/2015 9.49% 24.56%
COV 06/15/2014 Medtronic, Inc. (MDT) $100.29 $92.08 01/31/2015 8.92% 39.71%
DTV 05/18/2014 AT&T, Inc. (T) $95.00 $87.40 05/31/2015 8.70% 15.71%
CPWR 09/02/2014 Thoma Bravo, LLC (N/A) $10.92 $10.18 01/31/2015 7.27% 32.36%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $10.47 $9.80 12/31/2014 6.79% 48.57%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.58 3,402 12/31/2014 12.66% 90.59%
+ FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) All Stock $17.9 million $4.05 $3.61 876 10/30/2014 12.31% 0.00%
+ LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $69.29 $62.08 1,781,348 06/30/2015 11.61% 18.26%
+ IGT 07/16/2014 GTECH S.p.A. (GTKYY) Special Conditions $6.4 billion $18.25 $16.37 2,381,867 06/30/2015 11.48% 18.07%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $158.56 $143.60 7,461,886 12/31/2014 10.42% 74.54%
+ LIN 03/22/2014 Media General, Inc. (MEG) Special Conditions $2.6 billion $25.97 $23.72 102,250 03/31/2015 9.49% 24.56%
+ COV 06/15/2014 Medtronic, Inc. (MDT) Cash Plus Stock $42.9 billion $100.29 $92.08 1,480,530 01/31/2015 8.92% 39.71%
+ DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $87.40 2,516,433 05/31/2015 8.70% 15.71%
+ CPWR 09/02/2014 Thoma Bravo, LLC (N/A) All Cash $2.5 billion $10.92 $10.18 829,894 01/31/2015 7.27% 32.36%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.47 $9.80 1,985,865 12/31/2014 6.79% 48.57%
+ DRIV 10/23/2014 Siris Capital Group, LLC (N/A) All Cash $840 million $26.00 $24.69 332,921 03/31/2015 5.31% 13.73%
+ BYI 08/01/2014 Scientific Games Corporation (SGMS) All Cash $5.1 billion $83.30 $79.75 315,018 01/31/2015 4.45% 19.81%
+ OABC 04/29/2014 Southside Bancshares Inc. (SBSI) Cash Plus Stock $307 million $28.07 $27.01 38,298 12/31/2014 3.93% 28.13%
+ HBNK 11/04/2014 Berkshire Hills Bancorp Inc. (BHLB) All Stock $109 million $20.78 $20.00 17,695 05/15/2015 3.92% 7.70%
+ WPZ 10/27/2014 Access Midstream Partners, L.P. (ACMP) All Stock $50 billion $54.51 $52.48 1,012,545 01/31/2015 3.86% 17.20%
+ HCT 06/02/2014 Ventas, Inc. (VTR) All Stock $2.6 billion $11.52 $11.10 5,061,164 12/31/2014 3.80% 27.23%
+ PEOP 08/05/2014 Independent Bank Corp. (INDB) All Stock $130.6 million $22.40 $21.59 8,004 03/31/2015 3.76% 9.73%
+ SWY 03/06/2014 AB Acquisition LLC (N/A) Special Conditions N/A $36.15 $34.87 776,172 12/31/2014 3.67% 26.27%
+ MGAM 09/08/2014 Global Cash Access Holdings, Inc. (GCA) All Cash $1.2 billion $36.50 $35.23 243,526 03/31/2015 3.60% 9.33%
+ TRW 09/15/2014 ZF Friedrichshafen AG (“ZF”) (N/A) All Cash $13.5 billion $105.60 $101.93 570,335 06/30/2015 3.60% 5.66%
+ APL 10/13/2014 Targa Resources Partners LP (NGLS) Cash Plus Stock $5.8 billion $35.71 $34.47 615,577 03/31/2015 3.60% 9.32%
+ TRLA 07/28/2014 Zillow, Inc. (Z) All Stock $3.5 billion $45.82 $44.26 614,767 03/31/2015 3.53% 9.13%
+ 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 $53.51 328,625 12/31/2015 3.48% 3.05%
+ SIAL 09/22/2014 Merck KGaA (N/A) All Cash $17 billion $140.00 $135.34 568,454 06/30/2015 3.44% 5.42%
+ FRNK 07/15/2014 Towne Bank (TOWN) All Stock $275 million $20.73 $20.05 44,234 12/31/2014 3.41% 24.42%
+ CMSB 09/25/2014 Putnam County Savings Bank (N/A) All Cash $25.4 million $13.25 $12.83 N/A 06/30/2015 3.27% 5.15%
+ TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $74.15 $72.00 486,853 06/30/2015 2.98% 4.69%
+ HVB 11/05/2014 Sterling Bancorp. (STL) All Stock $539 million $26.40 $25.69 208,076 06/30/2015 2.76% 4.35%
+ APAGF 10/03/2014 Pluspetrol Resources Corporation (N/A) All Cash $427 million $14.50 $14.13 18,174 12/31/2014 2.62% 18.74%
+ CFN 10/05/2014 Becton, Dickinson and Company (BDX) Cash Plus Stock $12.2 billion $58.75 $57.28 3,134,029 06/30/2015 2.57% 4.05%
+ SMPL 09/29/2014 HomeStreet, Inc. (HMST) All Stock N/A $17.14 $16.72 67,017 03/31/2015 2.51% 6.50%
+ AVIV 10/31/2014 Omega Healthcare Investors Inc. (OHI) All Stock $3 billion $33.96 $33.17 569,500 03/31/2015 2.37% 6.14%
+ CVD 11/03/2014 Laboratory Corp. of America Holdings (LH) Cash Plus Stock $5.6 billion $102.76 $100.52 777,854 03/31/2015 2.23% 5.77%
+ ESBF 10/29/2014 WesBanco Inc. (WSBC) Cash Plus Stock $324.4 million $19.03 $18.66 35,969 06/30/2015 2.00% 3.15%
+ BTUI 10/22/2014 Amtech Systems Inc. (ASYS) All Stock N/A $3.39 $3.33 9,164 03/31/2015 1.89% 4.90%
+ MONT 06/11/2014 Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A) All Cash $693 million $22.60 $22.21 123,563 11/06/2014 1.76% 0.00%
+ BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $48.06 $47.24 17,879 03/31/2015 1.74% 4.50%
+ TIBX 09/29/2014 Vista Equity Partners (N/A) All Cash $4.3 billion $24.00 $23.62 1,894,836 12/31/2014 1.61% 11.51%
+ ROC 07/15/2014 Albemarle Corporation (ALB) Cash Plus Stock $6.2 billion $80.03 $78.77 437,011 03/31/2015 1.61% 4.16%
+ AUXL 10/09/2014 Endo International plc (ENDP) Special Conditions $2.6 billion $33.25 $32.75 808,632 06/30/2015 1.53% 2.40%
+ DRC 09/21/2014 Siemens (N/A) All Cash $7.6 billion $83.00 $81.76 688,048 06/30/2015 1.52% 2.39%
+ SAPE 11/03/2014 Publicis Groupe (N/A) All Cash $3.7 billion $25.00 $24.64 7,871,421 03/31/2015 1.46% 3.78%
+ QRE 07/24/2014 Breitburn Energy Partners L.P. (BBEP) All Stock $3 billion $16.37 $16.15 323,109 01/31/2015 1.37% 6.09%
+ FRF 08/12/2014 Tiptree Financial Inc. (TIPT) All Cash $218 million $10.00 $9.87 3,321 01/31/2015 1.32% 5.86%
+ GTIV 10/09/2014 Kindred Healthcare Inc. (KND) Cash Plus Stock $1.8 billion $19.81 $19.56 350,069 03/31/2015 1.30% 3.37%
+ XWES 11/04/2014 EnerNOC, Inc. (ENOC) All Cash N/A $5.50 $5.43 897,507 01/15/2015 1.29% 7.13%
+ DWSN 10/09/2014 TGC Industries Inc. (TGE) All Stock N/A $16.10 $15.90 92,048 03/31/2015 1.28% 3.32%
+ PENX 10/15/2014 Ingredion Incorporated (INGR) All Cash $340 million $19.00 $18.76 62,835 12/31/2014 1.28% 9.16%
+ ESYS 11/04/2014 Lindsay Corporation (LNN) All Cash $70.5 million $17.50 $17.29 24,832 01/31/2015 1.21% 5.41%
+ VIAS 09/22/2014 TTM Technologies Inc. (TTMI) Cash Plus Stock $927 million $16.22 $16.04 1,489 06/30/2015 1.09% 1.72%
+ KMP 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $95.75 $94.73 3,282,376 12/31/2014 1.08% 7.73%
+ EPB 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $41.27 $40.91 2,108,001 12/31/2014 0.89% 6.34%
+ GRT 09/16/2014 Washington Prime Group Inc. (WPG) Cash Plus Stock $4.3 billion $13.94 $13.82 1,239,000 03/31/2015 0.84% 2.18%
+ KMR 08/10/2014 Kinder Morgan, Inc. (KMI) All Stock N/A $96.29 $95.58 726,349 12/31/2014 0.74% 5.32%
+ PSMI 08/22/2014 Murata Electronics North America, Inc. (N/A) All Cash $471 million $12.50 $12.42 270,080 01/31/2015 0.64% 2.87%
+ CNQR 09/18/2014 SAP SE (SAP) All Cash $8.3 billion $129.00 $128.21 1,766,873 03/31/2015 0.62% 1.60%
+ NBTF 08/04/2014 Peoples Bancorp Inc. (PEBO) Cash Plus Stock $109 million $31.43 $31.24 4,601 03/31/2015 0.61% 1.57%
+ KOG 07/13/2014 Whiting Petroleum Corp. (WLL) All Stock $6 billion $10.52 $10.46 3,177,155 12/31/2014 0.58% 4.17%
+ CQB 10/27/2014 Cutrale-Safra group (N/A) All Cash $1.3 billion $14.50 $14.43 748,358 01/31/2015 0.49% 2.16%
+ IRF 08/20/2014 Infineon Technologies AG (IFNNY) All Cash $2.4 billion $40.00 $39.82 718,870 01/31/2015 0.45% 2.01%
+ PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) All Cash $5.7 billion $70.00 $69.71 447,425 01/31/2015 0.42% 1.85%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $22.16 $22.07 3,357,681 12/31/2014 0.41% 2.93%
+ SWS 04/01/2014 Hilltop Holdings Inc. (HTH) Cash Plus Stock $260 million $7.17 $7.14 636,370 12/31/2014 0.41% 2.92%
+ LPDX 09/25/2014 Laboratory Corp. of America Holdings (LH) All Cash $85.3 million $5.25 $5.23 153,341 12/31/2014 0.38% 2.74%
+ ATHL 09/29/2014 Encana Corporation (ECA) All Cash $7.1 billion $58.50 $58.34 962,339 12/31/2014 0.27% 1.96%
+ TAM 09/11/2014 Eastman Chemical Co. (EMN) All Cash $2.8 billion $26.00 $25.93 58,471 12/31/2014 0.27% 1.93%
+ MOVE 09/30/2014 News Corp (N/A) All Cash $950 million $21.00 $20.96 438,820 12/31/2014 0.19% 1.37%
+ AMRE 10/31/2014 Edens Investment Trust (N/A) All Cash N/A $26.55 $26.50 309,675 03/31/2015 0.19% 0.49%
+ 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 $11.98 436,306 12/31/2014 0.17% 1.19%
+ BOLT 09/03/2014 Teledyne Technologies Inc. (TDY) All Cash $171 million $22.00 $21.98 13,079 12/31/2014 0.09% 0.65%
+ CNVR 09/11/2014 Alliance Data Systems Corporation (ADS) Special Conditions $2.3 billion $35.00 $35.10 472,573 12/31/2014 -0.28% -2.04%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $27.46 1,098,297 09/30/2015 -0.76% -0.86%
+ COBK 09/10/2014 Cape Bancorp, Inc. (CBNJ) All Stock $55 million $12.85 $13.00 10,460 03/31/2015 -1.16% -3.00%
+ FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $30.23 $30.92 1,143,801 12/31/2014 -2.22% -15.86%
+ AMBI 09/29/2014 Daiichi Sankyo Company, Ltd. (N/A) All Cash $410 million $15.00 $15.34 57,269 12/31/2014 -2.22% -15.86%
+ GECR 06/23/2014 State Bank Financial Corporation (STBZ) Special Conditions $82 million $22.35 $23.10 N/A 03/31/2015 -3.25% -8.40%
+ DRTX 10/06/2014 Actavis plc (ACT) All Cash $675 million $23.00 $24.02 310,155 01/31/2015 -4.25% -18.90%
+ FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $78.84 421,748 01/31/2015 -5.50% -24.50%
+ OVRL 05/15/2014 Sphere 3D Corporation (ANY) All Stock $81.13 million $3.97 $4.22 107,289 12/31/2014 -5.91% -42.30%
+ WMGI 10/27/2014 Tornier N.V. (TRNX) All Stock $1.72 billion $26.29 $27.95 1,408,858 06/30/2015 -5.95% -9.36%
+ GFIG 07/30/2014 CME Group (N/A) All Cash N/A $4.55 $4.94 322,818 01/31/2015 -7.89% -35.14%
+ ATLS 10/13/2014 Targa Resources Corp. (TRGP) Cash Plus Stock $1.9 billion $30.86 $37.32 506,142 03/31/2015 -17.32% -44.83%

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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