Merger Arbitrage Mondays – November 17, 2014

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November 16, 2014 | Merger Arbitrage | | Author Asif

Merger Activity decreased last week with two new mergers announced and four 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 142
Total Number of Deals Not Completed in 2014 2
Total Number of Pending Deals
Cash Deals 31
Stock Deals 22
Stock & Cash Deals 19
Special Conditions 8
Total Number of Pending Deals 80
Total Deal Size $652.14 billion

New Deals:

  1. The acquisition of Susquehanna Bancshares (SUSQ) by BB&T Corporation (BBT) for $2.5 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Susquehanna Bancshares will receive 0.253 shares of BB&T common stock and $4.05 in cash for each share of Susquehanna common stock.
  2. The acquisition of Oiltanking Partners (OILT) by Enterprise Products Partners (EPD) in an all stock deal. Under the terms of the agreement, shareholders of Oiltanking Partners will receive 1.3 Enterprise common units for each Oiltanking Partners common unit.

Closed Deals:

  1. The acquisition of Athlon Energy (ATHL) by Encana Corporation (ECA) on November 13, 2014. It took 45 days for this deal to be completed.
  2. The acquisition of Ambit Biosciences Corporation (AMBI) by Daiichi Sankyo Company on November 13, 2014. It took 45 days for this deal to be completed.
  3. The acquisition of Foster Wheeler AG by AMEC PLC (AMCBF) on November 13, 2014. It took 273 days for this deal to be completed.
  4. The acquisition of Move (MOVE) by News Corp on November 14, 2014. It took 45 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% 105.01%
FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) $4.12 $3.66 10/30/2014 12.58% -255.02%
LO 07/15/2014 Reynolds American Inc. (RAI) $69.26 $61.59 06/30/2015 12.45% 20.20%
TWC 02/13/2014 Comcast Corporation (CMCSA) $155.54 $140.01 12/31/2014 11.09% 92.00%
DTV 05/18/2014 AT&T, Inc. (T) $95.00 $87.55 05/31/2015 8.51% 15.93%
LIN 03/22/2014 Media General, Inc. (MEG) $25.97 $24.04 03/31/2015 8.03% 21.87%
COV 06/15/2014 Medtronic, Inc. (MDT) $101.11 $93.98 01/31/2015 7.58% 36.90%
IGT 07/16/2014 GTECH S.p.A. (GTKYY) $18.25 $16.97 06/30/2015 7.54% 12.24%
CPWR 09/02/2014 Thoma Bravo, LLC (N/A) $10.92 $10.17 01/31/2015 7.37% 35.89%
HCBK 08/27/2012 M&T Bank Corporation (MTB) $10.50 $9.82 12/31/2014 6.91% 57.33%

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 9,700 12/31/2014 12.66% 105.01%
+ FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) All Stock $17.9 million $4.12 $3.66 9,100 10/30/2014 12.58% 0.00%
+ LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $69.26 $61.59 1,241,047 06/30/2015 12.45% 20.20%
+ TWC 02/13/2014 Comcast Corporation (CMCSA) All Stock $45.2 billion $155.54 $140.01 2,982,668 12/31/2014 11.09% 92.00%
+ DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $87.55 2,754,218 05/31/2015 8.51% 15.93%
+ LIN 03/22/2014 Media General, Inc. (MEG) Special Conditions $2.6 billion $25.97 $24.04 128,806 03/31/2015 8.03% 21.87%
+ COV 06/15/2014 Medtronic, Inc. (MDT) Cash Plus Stock $42.9 billion $101.11 $93.98 3,032,444 01/31/2015 7.58% 36.90%
+ IGT 07/16/2014 GTECH S.p.A. (GTKYY) Special Conditions $6.4 billion $18.25 $16.97 1,817,526 06/30/2015 7.54% 12.24%
+ CPWR 09/02/2014 Thoma Bravo, LLC (N/A) All Cash $2.5 billion $10.92 $10.17 1,836,652 01/31/2015 7.37% 35.89%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $10.50 $9.82 1,179,942 12/31/2014 6.91% 57.33%
+ HCT 06/02/2014 Ventas, Inc. (VTR) All Stock $2.6 billion $11.59 $11.02 3,449,793 12/31/2014 5.17% 42.89%
+ DRIV 10/23/2014 Siris Capital Group, LLC (N/A) All Cash $840 million $26.00 $24.73 138,865 03/31/2015 5.14% 13.99%
+ WPZ 10/27/2014 Access Midstream Partners, L.P. (ACMP) All Stock $50 billion $54.10 $51.80 1,060,335 01/31/2015 4.44% 21.61%
+ PEOP 08/05/2014 Independent Bank Corp. (INDB) All Stock $130.6 million $22.43 $21.52 1,097 03/31/2015 4.22% 11.50%
+ TRLA 07/28/2014 Zillow, Inc. (Z) All Stock $3.5 billion $50.49 $48.45 771,882 03/31/2015 4.20% 11.45%
+ 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 $53.36 357,915 12/31/2015 3.77% 3.36%
+ SWY 03/06/2014 AB Acquisition LLC (N/A) Special Conditions N/A $36.15 $34.85 936,530 12/31/2014 3.73% 30.94%
+ DWSN 10/09/2014 TGC Industries Inc. (TGE) All Stock N/A $16.47 $15.90 33,110 03/31/2015 3.61% 9.83%
+ FRNK 07/15/2014 Towne Bank (TOWN) All Stock $275 million $20.80 $20.12 14,526 12/31/2014 3.40% 28.20%
+ AUXL 10/09/2014 Endo International plc (ENDP) Special Conditions $2.6 billion $33.25 $32.17 555,563 06/30/2015 3.36% 5.45%
+ MGAM 09/08/2014 Global Cash Access Holdings, Inc. (GCA) All Cash $1.2 billion $36.50 $35.32 411,576 03/31/2015 3.34% 9.10%
+ APL 10/13/2014 Targa Resources Partners LP (NGLS) Cash Plus Stock $5.8 billion $34.22 $33.13 576,198 03/31/2015 3.29% 8.96%
+ OABC 04/29/2014 Southside Bancshares Inc. (SBSI) Cash Plus Stock $307 million $28.42 $27.52 10,928 12/31/2014 3.27% 27.11%
+ SIAL 09/22/2014 Merck KGaA (N/A) All Cash $17 billion $140.00 $135.58 555,150 06/30/2015 3.26% 5.29%
+ TRW 09/15/2014 ZF Friedrichshafen AG (“ZF”) (N/A) All Cash $13.5 billion $105.60 $102.27 409,469 06/30/2015 3.26% 5.28%
+ HBNK 11/04/2014 Berkshire Hills Bancorp Inc. (BHLB) All Stock $109 million $20.60 $19.95 4,385 05/15/2015 3.25% 6.63%
+ VIAS 09/22/2014 TTM Technologies Inc. (TTMI) Cash Plus Stock $927 million $16.15 $15.67 4,855 06/30/2015 3.08% 4.99%
+ CMSB 09/25/2014 Putnam County Savings Bank (N/A) All Cash $25.4 million $13.25 $12.88 78 06/30/2015 2.87% 4.66%
+ SUSQ 11/12/2014 BB&T Corporation (BBT) Cash Plus Stock $2.5 billion $13.52 $13.15 8,508,564 06/30/2015 2.81% 4.56%
+ APAGF 10/03/2014 Pluspetrol Resources Corporation (N/A) All Cash $427 million $14.50 $14.12 22,001 12/31/2014 2.69% 22.32%
+ CFN 10/05/2014 Becton, Dickinson and Company (BDX) Cash Plus Stock $12.2 billion $59.04 $57.57 1,353,363 06/30/2015 2.55% 4.14%
+ AVIV 10/31/2014 Omega Healthcare Investors Inc. (OHI) All Stock $3 billion $33.84 $33.04 491,101 03/31/2015 2.42% 6.60%
+ HVB 11/05/2014 Sterling Bancorp. (STL) All Stock $539 million $26.84 $26.24 81,486 06/30/2015 2.29% 3.72%
+ ESBF 10/29/2014 WesBanco Inc. (WSBC) Cash Plus Stock $324.4 million $19.16 $18.73 80,082 06/30/2015 2.29% 3.72%
+ OVRL 05/15/2014 Sphere 3D Corporation (ANY) All Stock $81.13 million $4.24 $4.16 91,017 12/31/2014 2.02% 16.80%
+ CVD 11/03/2014 Laboratory Corp. of America Holdings (LH) Cash Plus Stock $5.6 billion $102.31 $100.30 750,575 03/31/2015 2.00% 5.45%
+ BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $47.30 $46.51 32,013 03/31/2015 1.70% 4.64%
+ DRC 09/21/2014 Siemens (N/A) All Cash $7.6 billion $83.00 $81.63 947,410 06/30/2015 1.68% 2.72%
+ GTIV 10/09/2014 Kindred Healthcare Inc. (KND) Cash Plus Stock $1.8 billion $19.62 $19.33 114,639 03/31/2015 1.50% 4.08%
+ ROC 07/15/2014 Albemarle Corporation (ALB) Cash Plus Stock $6.2 billion $80.30 $79.19 3,720,525 03/31/2015 1.41% 3.83%
+ TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $72.52 $71.58 472,974 06/30/2015 1.31% 2.13%
+ SAPE 11/03/2014 Publicis Groupe (N/A) All Cash $3.7 billion $25.00 $24.68 2,234,361 03/31/2015 1.30% 3.53%
+ TIBX 09/29/2014 Vista Equity Partners (N/A) All Cash $4.3 billion $24.00 $23.72 1,106,542 12/31/2014 1.18% 9.79%
+ ESYS 11/04/2014 Lindsay Corporation (LNN) All Cash $70.5 million $17.50 $17.32 45,680 01/31/2015 1.04% 5.06%
+ BYI 08/01/2014 Scientific Games Corporation (SGMS) All Cash $5.1 billion $83.30 $82.47 1,495,727 01/31/2015 1.01% 4.90%
+ EPB 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $41.86 $41.45 2,894,159 12/31/2014 0.99% 8.18%
+ XWES 11/04/2014 EnerNOC, Inc. (ENOC) All Cash N/A $5.50 $5.45 6,409 01/15/2015 0.92% 5.68%
+ FRF 08/12/2014 Tiptree Financial Inc. (TIPT) All Cash $218 million $10.00 $9.91 5,644 01/31/2015 0.91% 4.42%
+ KMR 08/10/2014 Kinder Morgan, Inc. (KMI) All Stock N/A $97.83 $96.96 1,001,657 12/31/2014 0.90% 7.45%
+ KMP 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $97.11 $96.25 5,358,082 12/31/2014 0.90% 7.43%
+ BTUI 10/22/2014 Amtech Systems Inc. (ASYS) All Stock N/A $3.26 $3.23 4,300 03/31/2015 0.87% 2.37%
+ PENX 10/15/2014 Ingredion Incorporated (INGR) All Cash $340 million $19.00 $18.84 25,005 12/31/2014 0.85% 7.04%
+ 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 $11.90 155,851 12/31/2014 0.84% 6.97%
+ GRT 09/16/2014 Washington Prime Group Inc. (WPG) Cash Plus Stock $4.3 billion $13.93 $13.84 435,239 03/31/2015 0.67% 1.82%
+ NBTF 08/04/2014 Peoples Bancorp Inc. (PEBO) Cash Plus Stock $109 million $31.87 $31.68 N/A 03/31/2015 0.59% 1.61%
+ TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) All Stock $1.6 billion $22.73 $22.60 2,557,958 12/31/2014 0.57% 4.76%
+ CNQR 09/18/2014 SAP SE (SAP) All Cash $8.3 billion $129.00 $128.28 768,160 03/31/2015 0.56% 1.53%
+ SMPL 09/29/2014 HomeStreet, Inc. (HMST) All Stock N/A $16.67 $16.58 94,811 03/31/2015 0.54% 1.48%
+ KOG 07/13/2014 Whiting Petroleum Corp. (WLL) All Stock $6 billion $10.01 $9.96 2,850,667 12/31/2014 0.51% 4.26%
+ MONT 06/11/2014 Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A) All Cash $693 million $22.60 $22.50 402,995 11/06/2014 0.44% 0.00%
+ PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) All Cash $5.7 billion $70.00 $69.70 330,939 01/31/2015 0.43% 2.09%
+ CQB 10/27/2014 Cutrale-Safra group (N/A) All Cash $1.3 billion $14.50 $14.44 495,804 01/31/2015 0.42% 2.02%
+ PSMI 08/22/2014 Murata Electronics North America, Inc. (N/A) All Cash $471 million $12.50 $12.46 80,448 01/31/2015 0.32% 1.56%
+ IRF 08/20/2014 Infineon Technologies AG (IFNNY) All Cash $2.4 billion $40.00 $39.88 1,201,954 01/31/2015 0.30% 1.46%
+ LPDX 09/25/2014 Laboratory Corp. of America Holdings (LH) All Cash $85.3 million $5.25 $5.24 137,325 12/31/2014 0.19% 1.58%
+ BOLT 09/03/2014 Teledyne Technologies Inc. (TDY) All Cash $171 million $22.00 $21.96 16,564 12/31/2014 0.18% 1.51%
+ TAM 09/11/2014 Eastman Chemical Co. (EMN) All Cash $2.8 billion $26.00 $25.97 104,616 12/31/2014 0.12% 0.96%
+ AMRE 10/31/2014 Edens Investment Trust (N/A) All Cash N/A $26.55 $26.53 125,056 03/31/2015 0.08% 0.21%
+ OILT 11/12/2014 Enterprise Products Partners L.P. (EPD) All Stock N/A $48.40 $48.42 101,230 03/31/2015 -0.04% -0.12%
+ QRE 07/24/2014 Breitburn Energy Partners L.P. (BBEP) All Stock $3 billion $15.33 $15.34 300,738 01/31/2015 -0.09% -0.44%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $27.28 1,020,320 09/30/2015 -0.11% -0.13%
+ SWS 04/01/2014 Hilltop Holdings Inc. (HTH) Cash Plus Stock $260 million $7.13 $7.14 82,371 12/31/2014 -0.12% -0.97%
+ CNVR 09/11/2014 Alliance Data Systems Corporation (ADS) Special Conditions $2.3 billion $35.00 $35.08 511,433 12/31/2014 -0.23% -1.89%
+ COBK 09/10/2014 Cape Bancorp, Inc. (CBNJ) All Stock $55 million $13.03 $13.35 11,845 03/31/2015 -2.38% -6.47%
+ WMGI 10/27/2014 Tornier N.V. (TRNX) All Stock $1.72 billion $27.24 $28.08 840,193 06/30/2015 -3.00% -4.87%
+ DRTX 10/06/2014 Actavis plc (ACT) All Cash $675 million $23.00 $23.75 2,471,600 01/31/2015 -3.16% -15.37%
+ FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $78.32 375,224 01/31/2015 -4.88% -23.74%
+ GFIG 07/30/2014 CME Group (N/A) All Cash N/A $4.55 $4.79 137,487 01/31/2015 -5.01% -24.38%
+ GECR 06/23/2014 State Bank Financial Corporation (STBZ) Special Conditions $82 million $22.35 $23.80 18,308 03/31/2015 -6.09% -16.60%
+ ATLS 10/13/2014 Targa Resources Corp. (TRGP) Cash Plus Stock $1.9 billion $30.09 $36.09 500,389 03/31/2015 -16.64% -45.31%

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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