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Monday 20th of May 2013

Welcome to the SINLetter investment blog, a place where we discuss stock investment ideas as well as post updates related to the model portfolio. For educational purposes only and not meant as personal investment advice.

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Asif

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"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford

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    Merger Arbitrage Mondays – May 20, 2013

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    May 20, 2013 | Merger Arbitrage | Author Asif

    Merger activity increased last week with four new deals announced. None of the pending deals closed last week.

    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 2013 60
    Total Number of Pending Deals
    Cash Deals 52
    Stock Deals 17
    Stock & Cash Deals 3
    Total Number of Pending Deals 72
    Total Deal Size $222.9 billion

    New Deals:

    1. The acquisition of AsiaInfo-Linkage (ASIA) by CITIC Capital Partners in a “going private” transaction for $890 million or $12.00 per share in cash.
    2. The acquisition of CFS Bancorp (CITZ) by First Merchants Corporation (FRME) for $114.7 million in an all stock deal. Upon completion of the merger, shareholders of CFS Bancorp Inc. will receive 0.65 shares of First Merchants common stock for each share of CFS common stock owned.
    3. The acquisition of Mayflower Bancorp (MFLR) by Independent Bank Corp (INDB) for $37.2 million in an all stock deal. Upon completion of the merger, 70% of the shareholders of Mayflower Bancorp will receive .565 of an Independent share for each Mayflower share. Independent will purchase the remaining 30% of outstanding Mayflower shares for $17.50 per share in cash.
    4. The acquisition of Overhill Farms (OFI) by Bellisio  Foods for $80.9 million or $5.00 per share in cash.

    Top 10 deals with largest spreads:

    Symbol Announced

    Date

    Acquiring

    Company

    Closing

    Price

    Last

    Price

    Closing

    Date

    Profit Annualized

    Profit

    NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $45.79 $41.34 12/31/2013 10.76% 17.46%
    PBTH 04/24/2013 Opko Health, Inc. (OPK) $7.12 $6.49 12/31/2013 9.78% 15.87%
    BRY 02/21/2013 LinnCo, LLC (LNCO) $47.20 $44.55 06/30/2013 5.95% 52.96%
    MFLR 05/14/2013 Independent Bank Corp. (INDB) $18.68 $17.82 12/31/2013 4.85% 7.87%
    LEDR 05/08/2013 Trulia, Inc. (TRLA) $11.33 $10.81 09/30/2013 4.81% 13.20%
    NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) $7.50 $7.17 06/30/2013 4.60% 40.97%
    HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) $13.50 $12.92 06/30/2013 4.49% 39.96%
    PVFC 02/19/2013 F.N.B. Corporation (FNB) $4.04 $3.87 09/30/2013 4.35% 11.94%
    MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) $4.23 $4.07 09/30/2013 3.93% 10.79%
    WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $3.09 06/30/2013 3.56% 31.69%

    List of all pending deals:

    Symbol Announced

    Date

    Acquiring

    Company

    Deal

    Type

    Closing

    Value

    Closing

    Price

    Last

    Price

    Volume Closing

    Date

    Profit Annu.

    Profit

    + NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $45.79 $41.34 1,184,734 12/31/2013 10.76% 17.46%
    + PBTH 04/24/2013 Opko Health, Inc. (OPK) All Stock $480 million $7.12 $6.49 358,683 12/31/2013 9.78% 15.87%
    + BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $47.20 $44.55 617,181 06/30/2013 5.95% 52.96%
    + MFLR 05/14/2013 Independent Bank Corp. (INDB) All Stock $37.2 million $18.68 $17.82 11,557 12/31/2013 4.85% 7.87%
    + LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $10.81 336,919 09/30/2013 4.81% 13.20%
    + NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.17 9,700 06/30/2013 4.60% 40.97%
    + HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $12.92 67,240 06/30/2013 4.49% 39.96%
    + PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $4.04 $3.87 95,000 09/30/2013 4.35% 11.94%
    + MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.07 396,798 09/30/2013 3.93% 10.79%
    + WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $3.09 800 06/30/2013 3.56% 31.69%
    + VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $14.45 $13.96 72,260 09/30/2013 3.50% 9.60%
    + LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $73.54 2,660,233 01/31/2014 3.35% 4.77%
    + ASIA 05/13/2013 CITIC Capital Partners (N/A) All Cash $890 million $12.00 $11.62 857,531 09/30/2013 3.27% 8.97%
    + JADE 03/22/2013 Flora Bloom Holdings & Flora Fragrance Holdings (N/A) All Cash N/A $2.00 $1.94 128,980 12/31/2013 3.09% 5.02%
    + HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.90 $8.65 1,340,481 06/30/2013 2.91% 25.95%
    + CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $26.07 $25.37 255,781 09/30/2013 2.75% 7.55%
    + CITZ 05/13/2013 First Merchants Corporation (FRME) All Stock 114.7 million $10.74 $10.46 N/A 12/31/2013 2.66% 4.31%
    + WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.36 244,023 12/31/2013 2.52% 4.09%
    + KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.66 950,819 06/30/2013 2.46% 21.89%
    + ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.91 375,089 09/30/2013 2.32% 6.38%
    + IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.78 697,219 06/30/2013 2.25% 20.03%
    + FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $15.62 $15.31 4,331 09/30/2013 2.02% 5.54%
    + DELL 02/05/2013 Michael Dell, Dell�s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake (N/A) All Cash $24.4 billion $13.65 $13.40 16,084,020 07/31/2013 1.87% 9.46%
    + PXP 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) Cash Plus Stock $6.9 billion $46.34 $45.55 2,717,022 06/30/2013 1.74% 15.50%
    + BMC 05/06/2013 Bain Capital and Golden Gate Capital (N/A) All Cash $6.9 billion $46.25 $45.49 2,396,096 12/31/2013 1.67% 2.71%
    + CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $3.07 $3.03 92,989 09/30/2013 1.45% 3.99%
    + SVN 02/28/2013 Keystone Lodging Holdings Limited (N/A) All Cash $688 million $13.80 $13.61 115,645 12/31/2013 1.40% 2.26%
    + ALC 02/26/2013 TPG (N/A) All Cash $278 million $12.00 $11.84 731,022 06/30/2013 1.35% 12.03%
    + MPR 04/22/2013 CECO Environmental Corp. (CECE) All Cash $210 million $13.75 $13.57 83,731 09/30/2013 1.33% 3.64%
    + TRLG 05/10/2013 TowerBrook Capital Partners L.P. (N/A) All Cash $835 million $32.00 $31.61 736,901 09/30/2013 1.23% 3.39%
    + MPAC 04/11/2013 Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company (N/A) All Cash N/A $8.40 $8.30 N/A 06/30/2013 1.20% 10.73%
    + FFCH 02/20/2013 SCBT Financial Corporation (SCBT) All Stock $302.4 million $21.42 $21.17 75,140 09/30/2013 1.17% 3.22%
    + SOMH 01/29/2013 Lakeland Bancorp Inc. (LBAI) All Stock $64.4 million $12.13 $12.00 16,917 09/30/2013 1.08% 2.96%
    + GDI 03/08/2013 Kohlberg Kravis Roberts & Co. L.P. (N/A) All Cash $3.9 billion $76.00 $75.20 302,838 09/30/2013 1.06% 2.92%
    + CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.32 50,425 06/30/2013 1.06% 9.41%
    + EBIX 05/03/2013 The Goldman Sachs Group, Inc. (GS) All Cash $820 milion $20.00 $19.82 344,149 09/30/2013 0.91% 2.49%
    + OFI 05/15/2013 Bellisio Foods, Inc. (N/A) All Cash $80.9 million $5.00 $4.96 185,740 12/31/2013 0.81% 1.31%
    + NFP 04/15/2013 Madison Dearborn Partners, LLC (N/A) All Cash $1.3 billion $25.35 $25.18 717,983 09/30/2013 0.68% 1.85%
    + PMTI 03/18/2013 Cynosure, Inc. (CYNO) All Cash $294 million $13.65 $13.56 190,831 09/30/2013 0.66% 1.82%
    + ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $17.37 $17.28 18,113 06/30/2013 0.50% 4.46%
    + STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $11.80 $11.75 84,364 12/31/2013 0.46% 0.75%
    + FMCN 12/19/2012 Giovanna Parent Limited (N/A) All Cash $3.7 billion $27.50 $27.38 2,229,247 06/30/2013 0.44% 3.90%
    + ADY 03/04/2013 Diamond Infant Formula Holding Limited (N/A) All Cash $147 million $7.40 $7.37 206,062 06/30/2013 0.41% 3.62%
    + ART 02/14/2013 Aberdeen Asset Management PLC (N/A) All Cash N/A $2.75 $2.74 567,512 08/15/2013 0.36% 1.53%
    + HOTT 03/07/2013 Sycamore Partners (N/A) All Cash $600 million $14.00 $13.95 472,268 06/30/2013 0.36% 3.19%
    + PWER 04/22/2013 ABB Ltd. (ABB) All Cash $1 billion $6.35 $6.33 992,945 12/31/2013 0.32% 0.51%
    + CPTS 04/29/2013 Bayer HealthCare LLC (N/A) All Cash $1.1 billion $31.00 $30.92 1,966,899 06/30/2013 0.26% 2.30%
    + AIM 04/22/2013 TransDigm Group Incorporated (TDG) All Cash $39 million $7.75 $7.73 81,300 09/30/2013 0.26% 0.71%
    + LUFK 04/08/2013 General Electric Company (GE) All Cash $3.3 billion $88.50 $88.28 859,317 12/31/2013 0.25% 0.40%
    + ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.44 160,951 09/30/2013 0.23% 0.62%
    + CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $110.83 $110.59 202,608 06/30/2013 0.22% 1.94%
    + NTSP 02/19/2013 Total System Services, Inc. (TSS) All Cash $1.4 billion $16.00 $15.97 168,035 06/30/2013 0.19% 1.67%
    + HNZ 02/14/2013 Berkshire Hathaway and 3G Capital (N/A) All Cash $28 billion $72.50 $72.42 2,976,665 09/30/2013 0.11% 0.30%
    + FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.99 76,321 06/30/2013 0.10% 0.89%
    + BKI 04/24/2013 Georgia-Pacific LLC (N/A) All Cash $1.5 billion $37.50 $37.50 807,305 09/30/2013 0.00% 0.00%
    + KYAK 11/08/2012 priceline.com Incorporated (PCLN) All Cash $1.65 billion $40.00 $40.12 12,868 06/30/2013 -0.30% -2.66%
    + CXS 01/31/2013 Annaly Capital Management, Inc. (NLY) All Cash $1 billion $13.00 $13.04 83,880 04/30/2013 -0.31% 5.60%
    + WRLS 04/29/2013 Avista Capital Partners (N/A) All Cash $253 million $12.61 $12.65 183,351 06/30/2013 -0.32% -2.82%
    + FSCI 04/11/2013 Sinclair Broadcast Group Inc. (SBGI) All Cash $373.3 milliom $41.00 $41.36 65,263 09/30/2013 -0.87% -2.39%
    + AM 04/01/2013 Weiss Family (N/A) All Cash $878 million $18.20 $18.43 940,386 07/31/2013 -1.25% -6.33%
    + AACC 03/06/2013 Encore Capital Group, Inc. (ECPG) All Cash $200 million $6.50 $6.66 214,098 06/30/2013 -2.40% -21.39%
    + FCAL 11/06/2012 PacWest Bancorp (PACW) All Cash $231 million $8.00 $8.28 57,519 03/31/2013 -3.38% 24.69%
    + NFSB 03/05/2013 SI Financial Group Inc. (SIFI) All Stock $61.3 million $16.37 $17.03 12,000 09/30/2013 -3.88% -10.64%
    + SSRX 02/08/2013 Decade Sunshine Limited (N/A) All Cash $340 million $15.40 $16.59 85,499 06/30/2013 -7.17% -63.86%
    + CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $2.97 $3.20 15,440,712 03/31/2013 -7.19% 52.47%
    + OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $11.03 $12.00 1,248,943 12/31/2013 -8.09% -13.13%
    + ACFC 02/26/2013 Bond Street Holdings (N/A) All Cash N/A $5.00 $5.49 450 06/30/2013 -8.93% -79.46%
    + ES 01/07/2013 a subsidiary of Energy Capital Partners II, LLC (N/A) All Cash $1.1 billion $3.75 $4.14 484,461 06/30/2013 -9.42% -83.86%
    + MMR 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) All Cash 3.4 billion $14.75 $16.75 1,383,953 06/30/2013 -11.94% -106.30%
    + OUTD 03/13/2013 Kroenke Sports & Entertainment LLC (N/A) All Cash $227 million $8.75 $10.30 N/A 06/30/2013 -15.05% -133.97%
    + VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.09 $1.49 101,603 03/31/2013 -26.81% 195.68%
    + WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 223.06%

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    Insider Weekends – May 17, 2013

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    May 18, 2013 | Insider Buying | Author Asif

    Welcome to edition 153 of Insider Weekends. Insider buying decreased slightly with insiders purchasing $65.81 million of their stock last week compared to $66.13 million in the week prior. Selling increased with insiders selling $3.65 billion of stock last week compared to $2.06 billion in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week increased to 55.43. In other words, insiders sold more than 55 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 31.13. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio May 17, 2013

    Insider Sell Buy Ratio May 17, 2013

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. United States Steel Corp. (X): $18.32

    Director Murry Gerber acquired 72,075 shares of this steel company, paying $18.99 per share for a total amount of $1.4 million. Mr. Gerber increased his stake by 156.13% to 118,237 shares with this purchase.

    You can view the list of recent insider transactions for United States Steel Corp. here.

    P/E: 123.78 Forward P/E: 11.97 Industry P/E: 14.02
    P/S: 0.14 Price/Book: 0.74 EV/EBITDA: 6.74
    Market Cap: $2.64B Avg. Daily Volume: 8,480,980 52 Week Range: $15.8 – $26.29

    2. Opko Health, Inc. (OPK): $7.16

    CEO & Chairman Phillip Frost M.D. acquired 164,900 shares of this medical devices and drug development company, paying $6.95 per share for a total amount of $1.1 million. These shares were purchased indirectly  by Frost Gamma Investments Trust.

    You can view the list of recent insider transactions for Opko Health, Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 20.11
    P/S: 33.89 Price/Book: 7.36 EV/EBITDA: -103.23
    Market Cap: $2.41B Avg. Daily Volume: 1,803,030 52 Week Range: $4 – $7.83

    3. Luminex Corporation (LMNX): $18.41

    Director Walter G. Loewenbaum II acquired 58,500 shares of this biological testing and diagnostics company, paying $18.26 per share for a total amount of $1,068,215. Mr. Loewenbaum increased his stake by 8.84% to 720,127 shares with this purchase.

    You can view the list of recent insider transactions for Luminex Corporation here.

    P/E: 118.01 Forward P/E: 32.88 Industry P/E: 21.75
    P/S: 3.64 Price/Book: 2.92 EV/EBITDA: 19.95
    Market Cap: $765.62M Avg. Daily Volume: 184,906 52 Week Range: $15.39 – $25.79

    4. MediciNova Inc. (MNOV): $3.54

    Director Tatsuo Izumi acquired 158,730 shares of this biotech company, paying $3.15 per share for a total amount of $500,000. These shares were purchased indirectly by a Limited Liability Company.

    You can view the list of recent insider transactions for MediciNova Inc. here.

    P/E: N/A Forward P/E: N/A Industry P/E: 18.43
    P/S: 100.71 Price/Book: 4.35 EV/EBITDA: -6.51
    Market Cap: $64.64M Avg. Daily Volume: 181,006 52 Week Range: $1.29 – $4.7

    5. Hecla Mining Co. (HL): $3.17

    President & CEO Phillips S. Baker Jr. acquired 150,000 shares of this Idaho based mining company, paying $3.19 per share for a total amount of $478,260. Mr. Baker increased his stake by 19.20% to 931,432 shares with this purchase.

    This is an interesting purchase given the recent drop in precious metal prices and the fact that Hecla is one of the largest and lowest-cost producers of primary silver in the United States.

    You can view the list of recent insider transactions for Hecla Mining Co. here.

    P/E: 70.44 Forward P/E: 7.55 Industry P/E: 28.26
    P/S: 3 Price/Book: 0.8 EV/EBITDA: 9.25
    Market Cap: $903.96M Avg. Daily Volume: 6,393,810 52 Week Range: $2.95 – $6.94

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. Franklin Resources Inc. (BEN): $168.32

    Vice Chairman Rupert H. Johnson Jr. sold 150,000 shares of this asset management company for $167.10, generating $25.1 million from the sale. These shares were sold indirectly through an IRA.

    You can view the list of recent insider transactions for Franklin Resources Inc. here.

    P/E: 17.67 Forward P/E: 14.47 Industry P/E: 17.03
    P/S: 4.69 Price/Book: 3.75 EV/EBITDA: 10.26
    Market Cap: $35.79B Avg. Daily Volume: 572,111 52 Week Range: $100.91 – $168.76

    2. News Corp. (NWS): $33.35

    Dep. COO/Chair and CEO, Int’l James R. Murdoch sold 752,000 shares of this media company for $33.32, generating $25.1 million from the sale. 601,600 shares were sold indirectly through a trust.

    You can view the list of recent insider transactions for News Corp. here.

    P/E: 13.35 Forward P/E: 17.19 Industry P/E: N/A
    P/S: 2.2 Price/Book: 2.56 EV/EBITDA: 12.38
    Market Cap: $78.95B Avg. Daily Volume: 2,852,880 52 Week Range: $18.52 – $34.12

    3. 3D Systems Corp. (DDD): $46.66

    Shares of this 3D printers company were sold by 4 insiders:

    • President and CEO Abraham N. Reichental sold 400,000 shares for $40.00, generating $16 million from the sale.
    • SVP, Chief Financial Officer Damon Joseph Gregoire sold 45,000 shares for $40.00, generating $1.8 million from the sale.
    • Director Jim D. Kever sold 38,000 shares for $40.00, generating $1.5 million from the sale.
    • Director Daniel Van Riper sold 17,220 shares for $45.80, generating $788,594 from the sale.

    You can view the list of recent insider transactions for 3D Systems Corp. here.

    P/E: 104.85 Forward P/E: 36.45 Industry P/E: N/A
    P/S: 11.21 Price/Book: 7.93 EV/EBITDA: 42.97
    Market Cap: $4.34B Avg. Daily Volume: 4,852,770 52 Week Range: $17.12 – $51.94

    4. Whole Foods Market, Inc. (WFM): $103.77

    Shares of this grocery chain were sold by 16 insiders:

    • Chief Executive Officer John P. Mackey sold 100,000 shares for $101.41, generating $10.1 million from the sale.
    • Director Jonathan A. Seiffer sold 25,000 shares for $102.10, generating $2.6 million from the sale.
    • Chief Executive Officer Walter E. Robb IV sold 10,000 shares for $101.50, generating $1.02 million from the sale.
    • Chief Financial Officer Glenda J. Flanagan sold 9,150 shares for $102.01, generating $933,400 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Regional President Laura A. Derba sold 3,526 shares for $102.26, generating $360,574 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Regional President Mark T. Dixon sold 3,464 shares for $102.42, generating $354,792 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • President and COO A. C. Gallo sold 3,210 shares for $100.90, generating $323,889 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Regional President Juan Nunez sold 2,625 shares for $101.00, generating $265,125 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Regional President Michael Bashaw sold 2,625 shares for $100.79, generating $264,569 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Gabrielle E. Greene sold 2,500 shares for $100.89, generating $252,235 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Shahid M. Hassan sold 2,500 shares for $100.82, generating $252,050 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Ralph Z. Sorenson sold 2,250 shares for $100.84, generating $226,897 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Regional President Patrick E. Bradley sold 2,225 shares for $103.00, generating $229,175 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Regional President Omar Gaye sold 2,060 shares for $102.31, generating $210,757 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • GVP of Legal Affairs & General Counsel Roberta Lang sold 1,153 shares for $102.76, generating $118,485 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Regional President Joseph Rogoff sold 1,034 shares for $101.68, generating $105,135 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for Whole Foods Market, Inc. here.

    P/E: 37.45 Forward P/E: 30.17 Industry P/E: 26.72
    P/S: 1.51 Price/Book: 5.2 EV/EBITDA: 15.08
    Market Cap: $19.22B Avg. Daily Volume: 2,255,880 52 Week Range: $81.39 – $104

    5. ServiceNow, Inc. (NOW): $40.39

    Shares of this software-as-a-service provider were sold by 6 insiders:

    • Director Charles Noell III sold 208,683 shares for $40.21, generating $8.4 million from the sale. 52,186 of these shares were sold indirectly through a trust.
    • Director Paul V. Barber sold 55,644 shares for $40.07, generating $2.2 million from the sale. 8,814 of these shares were sold indirectly through a trust.
    • SVP Worldwide Sales & Services David Schneider sold 32,500 shares for $40.40, generating $1.3 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • SVP, Development & Customer Support Daniel McGee sold 30,000 shares for $40.52, generating $1.2 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • CFO Michael Scarpelli sold 20,000 shares for $39.78, generating $795,534 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • Director Ronald E. Codd sold 20,000 shares for $40.00, generating $800,000 from the sale.

    You can view the list of recent insider transactions for ServiceNow, Inc. here.

    P/E: N/A Forward P/E: 201.95 Industry P/E: 10.14
    P/S: 18.35 Price/Book: 19.62 EV/EBITDA: -177.33
    Market Cap: $5.24B Avg. Daily Volume: 1,502,320 52 Week Range: $22.62 – $43.99

    You can view the full list of sales from this Insider Sales page.

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    Merger Arbitrage Mondays – May 13, 2013

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    May 13, 2013 | Merger Arbitrage | Author Asif

    Merger activity decreased last week with three new deals announced and four 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 2013 60
    Total Number of Pending Deals
    Cash Deals 49
    Stock Deals 15
    Stock & Cash Deals 3
    Total Number of Pending Deals 67
    Total Deal Size $221.04 billion

    New Deals:

    1. The merger of Crestwood Midstream Partners (CMLP)  into a subsidiary of Inergy Midstream (NRGM) in a cash plus stock deal. Under the terms of the agreement, shareholders of Crestwood Midstream Partners will receive 1.070 common units of Inergy Midstream for each unit Crestwood Midstream they own plus $1.03 per share in cash. In a separate transaction Crestwood Holdings will acquire the general partner and thus control of Inergy L.P.
    2. The acquisition of BMC Software (BMC) by Bain Capital and Golden Gate Capital for $6.9 billion or $46.25 per share in cash.
    3. The acquisition of Market Leader (LEDR) by Trulia (TRLA) for $355 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Market Leader will receive $6.00 in cash and 0.1553 shares of Trulia’s common stock for each share of Market Leader stock.

    Closed Deals:

    1. The acquisition of Edac Technologies (EDAC) by GB Aero Engine LLC, an affiliate of  Greenbriar Equity Group LLC on May 7, 2013. It took 50 days to complete this deal.
    2. The acquisition of Coventry Health Care (CVH) by Aetna (AET) on May 7, 2013. It took 260 days to complete this deal.
    3. The acquisition of iParty Corp. (IPT) by Party City on May 9, 2013. It took 69 days to complete this deal.
    4. The acquisition of WSB Holdings (WSB) by Old Line Bancshares (OLBK) on May 10, 2013. It took 242 days to complete this deal.

    Top 10 deals with largest spreads:

    Symbol Announced

    Date

    Acquiring

    Company

    Closing

    Price

    Last

    Price

    Closing

    Date

    Profit Annualized

    Profit

    NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $44.42 $40.39 12/31/2013 9.98% 15.69%
    PBTH 04/24/2013 Opko Health, Inc. (OPK) $6.89 $6.29 12/31/2013 9.48% 14.91%
    BRY 02/21/2013 LinnCo, LLC (LNCO) $47.24 $44.77 06/30/2013 5.51% 41.91%
    NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) $7.50 $7.17 06/30/2013 4.60% 35.00%
    KCG 12/19/2012 GETCO Holding Company (N/A) $3.75 $3.59 06/30/2013 4.46% 33.89%
    LEDR 05/08/2013 Trulia, Inc. (TRLA) $11.33 $10.86 09/30/2013 4.33% 11.28%
    HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) $13.50 $12.94 06/30/2013 4.33% 32.91%
    MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) $4.23 $4.07 09/30/2013 3.93% 10.25%
    WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $3.08 06/30/2013 3.90% 29.63%
    CMLP 05/06/2013 Inergy Midstream (NRGM) $26.14 $25.18 09/30/2013 3.82% 9.97%

    List of all pending deals:

    Symbol Announced

    Date

    Acquiring

    Company

    Deal

    Type

    Closing

    Value

    Closing

    Price

    Last

    Price

    Volume Closing

    Date

    Profit Annu.

    Profit

    + NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $44.42 $40.39 1,147,753 12/31/2013 9.98% 15.69%
    + PBTH 04/24/2013 Opko Health, Inc. (OPK) All Stock $480 million $6.89 $6.29 561,548 12/31/2013 9.48% 14.91%
    + BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $47.24 $44.77 520,821 06/30/2013 5.51% 41.91%
    + NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.17 500 06/30/2013 4.60% 35.00%
    + KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.59 2,084,245 06/30/2013 4.46% 33.89%
    + LEDR 05/08/2013 Trulia, Inc. (TRLA) All Cash $355 million $11.33 $10.86 830,949 09/30/2013 4.33% 11.28%
    + HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $12.94 333,905 06/30/2013 4.33% 32.91%
    + MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.07 219,211 09/30/2013 3.93% 10.25%
    + WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $3.08 14,800 06/30/2013 3.90% 29.63%
    + CMLP 05/06/2013 Inergy Midstream (NRGM) Cash Plus Stock N/A $26.14 $25.18 276,232 09/30/2013 3.82% 9.97%
    + PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $3.96 $3.82 36,969 09/30/2013 3.75% 9.79%
    + LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $73.53 2,669,264 01/31/2014 3.36% 4.66%
    + VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $14.10 $13.70 27,470 09/30/2013 2.92% 7.62%
    + PXP 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) Cash Plus Stock $6.9 billion $46.26 $45.04 4,881,534 06/30/2013 2.71% 20.57%
    + WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.32 280,289 12/31/2013 2.69% 4.23%
    + ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.80 86,738 09/30/2013 2.56% 6.68%
    + JADE 03/22/2013 Flora Bloom Holdings & Flora Fragrance Holdings (N/A) All Cash N/A $2.00 $1.95 63,270 12/31/2013 2.56% 4.03%
    + FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $15.02 $14.71 5,963 09/30/2013 2.12% 5.52%
    + IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.80 859,846 06/30/2013 2.04% 15.52%
    + HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.70 $8.53 4,690,266 06/30/2013 1.98% 15.05%
    + BMC 05/06/2013 Bain Capital and Golden Gate Capital (N/A) All Cash $6.9 billion $46.25 $45.37 3,762,740 12/31/2013 1.94% 3.05%
    + EBIX 05/03/2013 The Goldman Sachs Group, Inc. (GS) All Cash $820 milion $20.00 $19.70 550,800 09/30/2013 1.52% 3.97%
    + DELL 02/05/2013 Michael Dell, Dell�s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake (N/A) All Cash $24.4 billion $13.65 $13.45 91,629,968 07/31/2013 1.49% 6.87%
    + CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.23 29,323 06/30/2013 1.20% 9.12%
    + ALC 02/26/2013 TPG (N/A) All Cash $278 million $12.00 $11.86 576,788 06/30/2013 1.18% 8.98%
    + MPR 04/22/2013 CECO Environmental Corp. (CECE) All Cash $210 million $13.75 $13.59 128,081 09/30/2013 1.18% 3.07%
    + SVN 02/28/2013 Keystone Lodging Holdings Limited (N/A) All Cash $688 million $13.80 $13.64 102,601 12/31/2013 1.17% 1.85%
    + ADY 03/04/2013 Diamond Infant Formula Holding Limited (N/A) All Cash $147 million $7.40 $7.32 13,711 06/30/2013 1.09% 8.31%
    + GDI 03/08/2013 Kohlberg Kravis Roberts & Co. L.P. (N/A) All Cash $3.9 billion $76.00 $75.18 238,043 09/30/2013 1.09% 2.84%
    + FFCH 02/20/2013 SCBT Financial Corporation (SCBT) All Stock $302.4 million $21.23 $21.03 14,847 09/30/2013 0.96% 2.50%
    + PMTI 03/18/2013 Cynosure, Inc. (CYNO) All Cash $294 million $13.65 $13.54 146,415 09/30/2013 0.81% 2.12%
    + FMCN 12/19/2012 Giovanna Parent Limited (N/A) All Cash $3.7 billion $27.50 $27.29 773,176 06/30/2013 0.77% 5.85%
    + FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.93 11,239 06/30/2013 0.70% 5.36%
    + CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $3.16 $3.14 142,609 09/30/2013 0.70% 1.82%
    + ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $16.98 $16.87 5,589 06/30/2013 0.64% 4.83%
    + STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $11.79 $11.72 34,025 12/31/2013 0.61% 0.96%
    + NFP 04/15/2013 Madison Dearborn Partners, LLC (N/A) All Cash $1.3 billion $25.35 $25.20 341,327 09/30/2013 0.60% 1.55%
    + HOTT 03/07/2013 Sycamore Partners (N/A) All Cash $600 million $14.00 $13.92 222,392 06/30/2013 0.57% 4.37%
    + MPAC 04/11/2013 Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company (N/A) All Cash N/A $8.40 $8.36 1,309 06/30/2013 0.48% 3.64%
    + ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.40 56,378 09/30/2013 0.38% 0.99%
    + ART 02/14/2013 Aberdeen Asset Management PLC (N/A) All Cash N/A $2.75 $2.74 52,394 08/15/2013 0.36% 1.42%
    + CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $110.07 $109.80 211,415 06/30/2013 0.25% 1.88%
    + NTSP 02/19/2013 Total System Services, Inc. (TSS) All Cash $1.4 billion $16.00 $15.97 147,861 06/30/2013 0.19% 1.43%
    + LUFK 04/08/2013 General Electric Company (GE) All Cash $3.3 billion $88.50 $88.37 664,272 12/31/2013 0.15% 0.23%
    + AIM 04/22/2013 TransDigm Group Incorporated (TDG) All Cash $39 million $7.75 $7.74 21,075 09/30/2013 0.13% 0.34%
    + HNZ 02/14/2013 Berkshire Hathaway and 3G Capital (N/A) All Cash $28 billion $72.50 $72.45 1,685,632 09/30/2013 0.07% 0.18%
    + PWER 04/22/2013 ABB Ltd. (ABB) All Cash $1 billion $6.35 $6.35 520,050 12/31/2013 0.00% 0.00%
    + CPTS 04/29/2013 Bayer HealthCare LLC (N/A) All Cash $1.1 billion $31.00 $31.00 244,742 06/30/2013 0.00% 0.00%
    + BKI 04/24/2013 Georgia-Pacific LLC (N/A) All Cash $1.5 billion $37.50 $37.56 326,000 09/30/2013 -0.16% -0.42%
    + KYAK 11/08/2012 priceline.com Incorporated (PCLN) All Cash $1.65 billion $40.00 $40.10 333,013 06/30/2013 -0.25% -1.90%
    + CXS 01/31/2013 Annaly Capital Management, Inc. (NLY) All Cash $1 billion $13.00 $13.04 185,928 04/30/2013 -0.31% 8.61%
    + FSCI 04/11/2013 Sinclair Broadcast Group Inc. (SBGI) All Cash $373.3 milliom $41.00 $41.38 17,386 09/30/2013 -0.92% -2.39%
    + AM 04/01/2013 Weiss Family (N/A) All Cash $878 million $18.20 $18.39 170,371 07/31/2013 -1.03% -4.77%
    + AACC 03/06/2013 Encore Capital Group, Inc. (ECPG) All Cash $200 million $6.50 $6.57 122,362 06/30/2013 -1.07% -8.10%
    + NFSB 03/05/2013 SI Financial Group Inc. (SIFI) All Stock $61.3 million $16.34 $16.56 100 09/30/2013 -1.33% -3.47%
    + WRLS 04/29/2013 Avista Capital Partners (N/A) All Cash $253 million $12.61 $12.81 96,573 06/30/2013 -1.56% -11.87%
    + SOMH 01/29/2013 Lakeland Bancorp Inc. (LBAI) All Stock $64.4 million $11.66 $11.90 986 09/30/2013 -1.99% -5.19%
    + FCAL 11/06/2012 PacWest Bancorp (PACW) All Cash $231 million $8.00 $8.17 15,753 03/31/2013 -2.08% 17.66%
    + SSRX 02/08/2013 Decade Sunshine Limited (N/A) All Cash $340 million $15.40 $16.53 19,721 06/30/2013 -6.84% -51.98%
    + OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $10.63 $11.62 719,551 12/31/2013 -8.56% -13.46%
    + CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $2.97 $3.25 14,068,328 03/31/2013 -8.62% 73.13%
    + ES 01/07/2013 a subsidiary of Energy Capital Partners II, LLC (N/A) All Cash $1.1 billion $3.75 $4.14 793,895 06/30/2013 -9.42% -71.63%
    + MMR 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) All Cash 3.4 billion $14.75 $16.51 577,711 06/30/2013 -10.66% -81.06%
    + ACFC 02/26/2013 Bond Street Holdings (N/A) All Cash N/A $5.00 $5.80 1,100 06/30/2013 -13.79% -104.89%
    + OUTD 03/13/2013 Kroenke Sports & Entertainment LLC (N/A) All Cash $227 million $8.75 $10.30 92,922 06/30/2013 -15.05% -114.43%
    + VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $0.93 $1.17 N/A 03/31/2013 -20.80% 176.59%
    + WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 259.37%

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    Insider Weekends – May 10, 2013

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    May 12, 2013 | Insider Buying | Author Asif

    Welcome to edition 152 of Insider Weekends. Insider buying increased with insiders purchasing $66.13 million of their stock last week compared to $21.26 million in the week prior. Selling also increased with insiders selling $2.06 billion of stock last week compared to $1.94 billion in the week prior.

    Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week decreased to 31.13. In other words, insiders sold more than 31 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 91.2. We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

    Insider Sell Buy Ratio May 10, 2013

    Insider Sell Buy Ratio May 10, 2013

    Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

    Notable Insider Buys:

    1. JPMorgan Chase & Co. (JPM): $48.96

    Director James S. Crown acquired 301,477 shares of JPMorgan, paying $47.29 per share for a total amount of $14.26 million. These shares were purchased indirectly through family funds.

    You can view the list of recent insider transactions for JPMorgan Chase & Co. here.

    P/E: 8.74 Forward P/E: 8.24 Industry P/E: 22.17
    P/S: 2.06 Price/Book: 0.95 EV/EBITDA: N/A
    Market Cap: $186.94B Avg. Daily Volume: 23,496,500 52 Week Range: $30.83 – $51

    2. Independent Bank Group, Inc. (IBTX): $29

    Shares of this regional bank were acquired by 4 insiders:

    • Director Stacy G. Smith acquired 82,850 shares, paying $26.21 per share for a total amount of $2,171,496. 19,230 of these shares were acquired indirectly by SCW Partners, LLC.
    • Director Craig E. Holmes acquired 3,500 shares, paying $28.97 per share for a total amount of $101,393. Mr. Holmes increased his stake by 364.58% to 4,460 shares with this purchase.
    • EVP/CFO Michelle S. Hickox acquired 1,500 shares, paying $28.97 per share for a total amount of $43,455. Ms. Hickox increased her stake by 18.75% to 9,500 shares with this purchase.
    • Vice Chairman and CLO Brian E. Hobart acquired 500 shares, paying $28.70 per share for a total amount of $14,350. Mr. Hobart increased his stake by 0.24% to 211,011 shares with this purchase.

    You can view the list of recent insider transactions for Independent Bank Group, Inc. here.

    P/E: 18.59 Forward P/E: 14.95 Industry P/E: N/A
    P/S: 5.13 Price/Book: 2.01 EV/EBITDA: N/A
    Market Cap: $332.60M Avg. Daily Volume: 38,037 52 Week Range: $27.54 – $31.11

    3. ABIOMED, Inc. (ABMD): $22.4

    Director Henri A. Termeer acquired 100,000 shares of this medical devices company, paying $19.86 per share for a total amount of $1,986,410. Mr. Termeer increased his stake by 54.83% to 282,398 shares with this purchase.

    You can view the list of recent insider transactions for ABIOMED, Inc. here.

    P/E: 60.54 Forward P/E: 37.97 Industry P/E: 20.11
    P/S: 5.14 Price/Book: 5.93 EV/EBITDA: 35.42
    Market Cap: $864.66M Avg. Daily Volume: 475,484 52 Week Range: $11.8 – $26.17

    4. Luminex Corporation (LMNX): $18.38

    Director Walter G. Loewenbaum II acquired 93,235 shares of this biological testing and diagnostics company, paying $17.18 per share for a total amount of $1,601,980. Mr. Loewenbaum increased his stake by 16.40% to 661,627 shares with this purchase.

    You can view the list of recent insider transactions for Luminex Corporation here.

    P/E: 117.82 Forward P/E: 32.82 Industry P/E: 21.75
    P/S: 3.48 Price/Book: 2.8 EV/EBITDA: 18.32
    Market Cap: $764.37M Avg. Daily Volume: 176,103 52 Week Range: $15.39 – $25.79

    5. Walter Energy, Inc. (WLT): $19.59

    Shares of this metallurgical coal producer were acquired by 11 insiders:

    • Director Michael T. Tokarz acquired 25,000 shares, paying $17.75 per share for a total amount of $443,750. Mr. Tokarz increased his stake by 43.22% to 82,844 shares with this purchase.
    • Director Joseph B. Leonard acquired 16,700 shares, paying $17.73 per share for a total amount of $296,091. Mr. Leonard increased his stake by 229.27% to 23,984 shares with this purchase.
    • Director Bernard G. Rethore acquired 10,000 shares, paying $17.56 per share for a total amount of $175,600. Mr. Rethore increased his stake by 108.18% to 19,244 shares with this purchase.
    • Chief Executive Officer Walter J. Scheller acquired 8,585 shares, paying $17.57 per share for a total amount of $150,838. Mr. Scheller increased his stake by 21.62% to 48,291 shares with this purchase.
    • Sr VP-General Counsel & Secretary Earl H. Doppelt acquired 5,000 shares, paying $17.40 per share for a total amount of $87,000. Mr. Doppelt increased his stake by 19.85% to 30,185 shares with this purchase.
    • Director David R. Beatty acquired 5,000 shares, paying $17.72 per share for a total amount of $88,600. Mr. Beatty increased his stake by 35.57% to 19,057 shares with this purchase.
    • Director A J. Wagner acquired 5,000 shares, paying $18.89 per share for a total amount of $94,450. These shares were purchased indirectly through a Self-managed IRA.
    • Sr. VP-Chief Financial Officer William G. Harvey acquired 5,000 shares, paying $17.56 per share for a total amount of $87,800. Mr. Harvey increased his stake by 59.69% to 13,377 shares with this purchase.
    • SVP, Project Development Charles C. Stewart acquired 3,000 shares, paying $16.81 per share for a total amount of $50,430. Mr. Stewart increased his stake by 8.73% to 37,379 shares with this purchase.
    • Director Jerry W. Kolb acquired 2,835 shares, paying $17.69 per share for a total amount of $50,151. Mr. Kolb increased his stake by 23.91% to 14,690 shares with this purchase.
    • Director Mary R. Henderson acquired 2,000 shares, paying $17.66 per share for a total amount of $35,320. Ms. Henderson increased her stake by 79.90% to 4,503 shares with this purchase.

    You can view the list of recent insider transactions for Walter Energy, Inc. here.

    P/E: N/A Forward P/E: 21.06 Industry P/E: 14.14
    P/S: 0.53 Price/Book: 1.25 EV/EBITDA: 12.41
    Market Cap: $1.23B Avg. Daily Volume: 4,722,280 52 Week Range: $16.08 – $62.6

    You can view the full list of purchases from this Insider Buying page.

    Notable Insider Sales:

    1. Facebook, Inc. (FB): $26.68

    Shares of Facebook were sold by 3 insiders:

    • Director James Breyer sold 1,331,609 shares for $28.54, generating $38 million from the sale. These shares were sold indirectly through a trust.
    • Chief Operating Officer Sheryl Sandberg sold 176,452 shares for $27.25, generating $4.8 million from the sale. 6,696 of these shares were sold indirectly through a trust
    • Chief Financial Officer David A. Ebersman sold 23,400 shares for $27.91, generating $653,211 from the sale.

    You can view the list of recent insider transactions for Facebook, Inc. here.

    P/E: 580 Forward P/E: 34.65 Industry P/E: 21.79
    P/S: 11.91 Price/Book: 5.51 EV/EBITDA: 43.74
    Market Cap: $64.51B Avg. Daily Volume: 39,649,800 52 Week Range: $17.55 – $45

    2. Cabela’s Incorporated (CAB): $67.81

    Shares of this sporting goods retailer were sold by 2 insiders:

    • Chairman Richard N. Cabela sold 280,964 shares for $63.80, generating $17.9 million from the sale. These shares were sold indirectly by Cabela’s Family, LLC.
    • Director Michael R. McCarthy sold 207,800 shares for $64.25, generating $13.4 million from the sale. These shares were sold indirectly by MGL Holdings, LLC

    You can view the list of recent insider transactions for Cabela’s Incorporated here.

    P/E: 24.95 Forward P/E: 17.61 Industry P/E: N/A
    P/S: 1.42 Price/Book: 3.28 EV/EBITDA: 16.95
    Market Cap: $4.78B Avg. Daily Volume: 703,911 52 Week Range: $33.1 – $68.13

    3. The Charles Schwab Corporation (SCHW): $18.09

    Shares of this investment brokerage were sold by 2 insiders:

    • Chairman Charles R. Schwab sold 1,500,000 shares for $16.97, generating $25.4 million from the sale.
    • Director Stephen T. McLin sold 5,244 shares for $17.38, generating $91,143 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

    You can view the list of recent insider transactions for The Charles Schwab Corporation here.

    P/E: 26.29 Forward P/E: 20.79 Industry P/E: 22.67
    P/S: 4.73 Price/Book: 2.36 EV/EBITDA: N/A
    Market Cap: $23.88B Avg. Daily Volume: 9,075,290 52 Week Range: $11.64 – $18.34

    4. MSC Industrial Direct Co. Inc. (MSM): $82.63

    Shares of this industrial products distributor were sold by 7 insiders:

    • Director Mitchell Jacobson sold 83,400 shares for $80.11, generating $6.7 million from the sale. Some of these shares were sold indirectly through a trust.
    • President and CEO Erik Gershwind sold 41,050 shares for $80.34, generating $3.3 million from the sale.
    • Executive VP, Sales Thomas Cox sold 10,392 shares for $79.80, generating $829,238 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • EVP and CFO Jeffrey Kaczka sold 4,951 shares for $81.01, generating $401,088 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
    • EVP of Human Resources Eileen McGuire sold 2,791 shares for $80.03, generating $223,361 from the sale.
    • VP, Finance and Controller Christopher Davanzo sold 2,188 shares for $80.07, generating $175,188 from the sale. 2,000 of  these shares were sold as a result of exercising options immediately prior to the sale.
    • Senior VP and CIO Charles Bonomo sold 1,287 shares for $80.81, generating $104,003 from the sale.

    You can view the list of recent insider transactions for MSC Industrial Direct Co. Inc. here.

    P/E: 20.25 Forward P/E: 18.04 Industry P/E: N/A
    P/S: 2.14 Price/Book: 3.95 EV/EBITDA: 10.54
    Market Cap: $5.23B Avg. Daily Volume: 384,433 52 Week Range: $61.39 – $87.92

    5. Gentex Corp. (GNTX): $24.58

    Shares of this auto and aerospace parts company were sold by 5 insiders:

    • Chairman of the Board & CEO Fred Bauer sold 418,632 shares for $24.52, generating $10.3 million from the sale.
    • VP Finance & Treasurer Steven A. Dykman sold 7,680 shares for $24.50, generating $188,166 from the sale.
    • Senior Vice President Mark W. Newton sold 3,840 shares for $24.37, generating $93,582 from the sale.
    • Senior Vice President Bruce A. Los sold 3,500 shares for $24.14, generating $84,503 from the sale.
    • Vice President, Operations Paul V. Flynn sold 2,325 shares for $24.56, generating $57,094 from the sale.

    You can view the list of recent insider transactions for Gentex Corp. here.

    P/E: 21.01 Forward P/E: 18.07 Industry P/E: 10.34
    P/S: 3.23 Price/Book: 2.99 EV/EBITDA: 10.08
    Market Cap: $3.50B Avg. Daily Volume: 905,821 52 Week Range: $14.38 – $24.76

    You can view the full list of sales from this Insider Sales page.

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    Merger Arbitrage Mondays – May 6, 2013

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    May 5, 2013 | Merger Arbitrage | Author Asif

    Merger activity decreased last week with four new deals announced and four 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 2013 56
    Total Number of Pending Deals
    Cash Deals 49
    Stock Deals 16
    Stock & Cash Deals 3
    Total Number of Pending Deals 68
    Total Deal Size $213.78 billion

    New Deals:

    1. The acquisition of Conceptus (CPTS) by Bayer HealthCare for $1.1 billion or $31.00 per share in cash.
    2. The acquisition of Telular Corporation (WRLS) by Avista Capital Partners for $253 million or $12.61 per share in cash.
    3. The acquisition of Crimson Exploration (CXPO) by Contango Oil & Gas Company (MCF) in an all stock deal. Under the terms of the agreement, shareholders of Crimson Exploration will receive 0.08288 shares of Contango common stock for each Crimson share.
    4. The acquisition of Ebix (EBIX) by Goldman Sachs (GS) for $820 million or $20.00 per share in cash.

    Closed Deals:

    1. The acquisition of K-Swiss (KSWS) by E. Land on April 30, 2013. It took 103 days to complete this deal.
    2. The acquisition of Copano Energy (CPNO) by Kinder Morgan Energy Partners (KMP) on May 1, 2013. It took 92 days to complete this deal.
    3. The acquisition of Alterra Capital Holdings Limited (ALTE) by Markel (MKL) on May 1, 2013. It took 133 days to complete this deal.
    4. The acquisition of MakeMusic (MMUS) by LaunchEquity Acquisition Partners on May 1, 2013. It took 49 days to complete this deal.

    Top 10 deals with largest spreads:

    Symbol Announced

    Date

    Acquiring

    Company

    Closing

    Price

    Last

    Price

    Closing

    Date

    Profit Annualized

    Profit

    NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) $44.40 $40.38 12/31/2013 9.95% 15.20%
    BRY 02/21/2013 LinnCo, LLC (LNCO) $53.20 $48.59 06/30/2013 9.49% 62.96%
    PBTH 04/24/2013 Opko Health, Inc. (OPK) $6.64 $6.13 12/31/2013 8.28% 12.64%
    WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.87 $6.40 06/30/2013 7.34% 48.72%
    KCG 12/19/2012 GETCO Holding Company (N/A) $3.75 $3.55 06/30/2013 5.63% 37.39%
    NFSB 03/05/2013 SI Financial Group Inc. (SIFI) $17.70 $16.95 09/30/2013 4.43% 11.00%
    JADE 03/22/2013 Flora Bloom Holdings & Flora Fragrance Holdings (N/A) $2.00 $1.92 12/31/2013 4.17% 6.36%
    HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) $13.50 $12.96 06/30/2013 4.17% 27.65%
    MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) $4.23 $4.07 09/30/2013 3.93% 9.76%
    WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) $3.20 $3.08 06/30/2013 3.90% 25.86%

    List of all pending deals:

    Symbol Announced

    Date

    Acquiring

    Company

    Deal

    Type

    Closing

    Value

    Closing

    Price

    Last

    Price

    Volume Closing

    Date

    Profit Annu.

    Profit

    + NYX 12/20/2012 IntercontinentalExchange, Inc. (ICE) All Stock $8.2 billion $44.40 $40.38 1,758,891 12/31/2013 9.95% 15.20%
    + BRY 02/21/2013 LinnCo, LLC (LNCO) All Stock $4.3 billion $53.20 $48.59 436,819 06/30/2013 9.49% 62.96%
    + PBTH 04/24/2013 Opko Health, Inc. (OPK) All Stock $480 million $6.64 $6.13 428,595 12/31/2013 8.28% 12.64%
    + WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.87 $6.40 100 06/30/2013 7.34% 48.72%
    + KCG 12/19/2012 GETCO Holding Company (N/A) All Cash $1.4 billion $3.75 $3.55 1,885,183 06/30/2013 5.63% 37.39%
    + NFSB 03/05/2013 SI Financial Group Inc. (SIFI) All Stock $61.3 million $17.70 $16.95 104 09/30/2013 4.43% 11.00%
    + JADE 03/22/2013 Flora Bloom Holdings & Flora Fragrance Holdings (N/A) All Cash N/A $2.00 $1.92 51,855 12/31/2013 4.17% 6.36%
    + HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $12.96 178,123 06/30/2013 4.17% 27.65%
    + MEMS 04/23/2013 IDG-Accel China Capital II, L.P. (N/A) All Cash N $4.23 $4.07 269,411 09/30/2013 3.93% 9.76%
    + WH 02/21/2013 WSP OCTG GROUP Ltd. (N/A) All Cash $893.6 million $3.20 $3.08 48,593 06/30/2013 3.90% 25.86%
    + PVFC 02/19/2013 F.N.B. Corporation (FNB) All Stock $106.4 million $3.92 $3.77 85,210 09/30/2013 3.87% 9.60%
    + NLP 12/27/2012 J.D. Nichols & Brian F. Lavin (N/A) All Cash N/A $7.50 $7.25 1,667 06/30/2013 3.45% 22.88%
    + LIFE 04/15/2013 Thermo Fisher Scientific, Inc. (TMO) All Cash $13.6 billion $76.00 $73.65 3,566,424 01/31/2014 3.19% 4.31%
    + WMS 01/31/2013 Scientific Games Corporation (SGMS) All Cash 1.5 billion $26.00 $25.30 289,173 12/31/2013 2.77% 4.23%
    + VCBI 01/30/2013 United Bankshares Inc. (UBSI) All Stock $490.6 million $13.72 $13.36 27,369 09/30/2013 2.69% 6.68%
    + ARB 12/18/2012 Nielsen Holdings N.V. (NLSN) All Cash N/A $48.00 $46.75 179,922 09/30/2013 2.67% 6.64%
    + DELL 02/05/2013 Michael Dell, Dell�s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake (N/A) All Cash $24.4 billion $13.65 $13.31 15,243,504 07/31/2013 2.55% 10.84%
    + EBIX 05/03/2013 The Goldman Sachs Group, Inc. (GS) All Cash $820 milion $20.00 $19.52 1,802,146 09/30/2013 2.46% 6.11%
    + IN 12/10/2012 Honeywell International Inc. (HON) All Cash $600 million $10.00 $9.77 426,187 06/30/2013 2.35% 15.62%
    + HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.47 $8.29 1,454,347 06/30/2013 2.14% 14.23%
    + MPR 04/22/2013 CECO Environmental Corp. (CECE) All Cash $210 million $13.75 $13.48 208,865 09/30/2013 2.00% 4.97%
    + SVN 02/28/2013 Keystone Lodging Holdings Limited (N/A) All Cash $688 million $13.80 $13.54 60,507 12/31/2013 1.92% 2.93%
    + FMFC 02/07/2013 Renasant Corp. (RNST) All Stock $118.8 million $14.61 $14.36 25,858 09/30/2013 1.74% 4.33%
    + FCAL 11/06/2012 PacWest Bancorp (PACW) All Cash $231 million $8.00 $7.89 142,749 03/31/2013 1.39% 0.00%
    + ADY 03/04/2013 Diamond Infant Formula Holding Limited (N/A) All Cash $147 million $7.40 $7.30 31,357 06/30/2013 1.37% 9.09%
    + FCFC 12/21/2012 Varde Partners Inc. (N/A) All Cash $225 million $10.00 $9.88 15,200 06/30/2013 1.21% 8.06%
    + GDI 03/08/2013 Kohlberg Kravis Roberts & Co. L.P. (N/A) All Cash $3.9 billion $76.00 $75.13 1,082,425 09/30/2013 1.16% 2.88%
    + FMCN 12/19/2012 Giovanna Parent Limited (N/A) All Cash $3.7 billion $27.50 $27.24 716,561 06/30/2013 0.95% 6.33%
    + CXPO 04/30/2013 Contango Oil & Gas Company (MCF) All Stock $390 million $3.23 $3.21 565,893 09/30/2013 0.72% 1.79%
    + IPT 03/01/2013 Party City (N/A) All Cash $35 million $0.45 $0.447 34,588 06/30/2013 0.67% 4.45%
    + ROMA 12/19/2012 Investors Bancorp Inc. (ISBC) All Stock $113.5 million $17.10 $16.99 15,936 06/30/2013 0.64% 4.23%
    + MPAC 04/11/2013 Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company (N/A) All Cash N/A $8.40 $8.35 1,400 06/30/2013 0.60% 3.97%
    + FFCH 02/20/2013 SCBT Financial Corporation (SCBT) All Stock $302.4 million $20.49 $20.38 26,994 09/30/2013 0.56% 1.39%
    + ALC 02/26/2013 TPG (N/A) All Cash $278 million $12.00 $11.94 106,503 06/30/2013 0.50% 3.33%
    + HOTT 03/07/2013 Sycamore Partners (N/A) All Cash $600 million $14.00 $13.93 265,282 06/30/2013 0.50% 3.33%
    + ASCA 12/21/2012 Pinnacle Entertainment Inc. (PNK) All Cash $2.8 billion $26.50 $26.37 118,938 09/30/2013 0.49% 1.22%
    + STL 04/04/2013 Provident New York Bancorp (PBNY) All Stock $344 million $11.35 $11.30 111,503 12/31/2013 0.44% 0.67%
    + ART 02/14/2013 Aberdeen Asset Management PLC (N/A) All Cash N/A $2.75 $2.74 220,862 08/15/2013 0.36% 1.32%
    + CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $64.80 23,362 06/30/2013 0.31% 2.05%
    + CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $109.14 $108.83 364,881 06/30/2013 0.29% 1.89%
    + AIM 04/22/2013 TransDigm Group Incorporated (TDG) All Cash $39 million $7.75 $7.73 88,645 09/30/2013 0.26% 0.64%
    + NTSP 02/19/2013 Total System Services, Inc. (TSS) All Cash $1.4 billion $16.00 $15.97 396,652 06/30/2013 0.19% 1.25%
    + LUFK 04/08/2013 General Electric Company (GE) All Cash $3.3 billion $88.50 $88.39 611,983 12/31/2013 0.12% 0.19%
    + EDAC 03/18/2013 GB Aero Engine LLC, an affiliate of Greenbriar Equity Group LLC (N/A) All Cash $104.1 million $17.75 $17.73 12,588 06/30/2013 0.11% 0.75%
    + HNZ 02/14/2013 Berkshire Hathaway and 3G Capital (N/A) All Cash $28 billion $72.50 $72.44 2,223,458 09/30/2013 0.08% 0.21%
    + CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $50.22 $50.22 1,013,330 06/30/2013 0.00% 0.02%
    + PWER 04/22/2013 ABB Ltd. (ABB) All Cash $1 billion $6.35 $6.35 2,158,981 12/31/2013 0.00% 0.00%
    + AACC 03/06/2013 Encore Capital Group, Inc. (ECPG) All Cash $200 million $6.50 $6.51 204,348 06/30/2013 -0.15% -1.02%
    + CPTS 04/29/2013 Bayer HealthCare LLC (N/A) All Cash $1.1 billion $31.00 $31.05 996,114 06/30/2013 -0.16% -1.07%
    + NFP 04/15/2013 Madison Dearborn Partners, LLC (N/A) All Cash $1.3 billion $25.35 $25.40 472,854 09/30/2013 -0.20% -0.49%
    + BKI 04/24/2013 Georgia-Pacific LLC (N/A) All Cash $1.5 billion $37.50 $37.58 956,524 09/30/2013 -0.21% -0.53%
    + PXP 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) Cash Plus Stock $6.9 billion $45.33 $45.53 2,387,312 06/30/2013 -0.44% -2.90%
    + CXS 01/31/2013 Annaly Capital Management, Inc. (NLY) All Cash $1 billion $13.00 $13.06 260,700 04/30/2013 -0.46% 27.95%
    + AM 04/01/2013 Weiss Family (N/A) All Cash $878 million $18.20 $18.33 180,018 07/31/2013 -0.71% -3.01%
    + SOMH 01/29/2013 Lakeland Bancorp Inc. (LBAI) All Stock $64.4 million $11.39 $11.47 7,700 09/30/2013 -0.72% -1.78%
    + WRLS 07/12/2013 Avista Capital Partners (N/A) All Cash $253 million $12.61 $12.72 164,623 06/30/2013 -0.86% -5.74%
    + FSCI 04/11/2013 Sinclair Broadcast Group Inc. (SBGI) All Cash $373.3 milliom $41.00 $41.37 23,304 09/30/2013 -0.89% -2.22%
    + PMTI 03/18/2013 Cynosure, Inc. (CYNO) All Cash $294 million $13.65 $13.81 81,699 09/30/2013 -1.16% -2.88%
    + KYAK 11/08/2012 priceline.com Incorporated (PCLN) All Cash $1.65 billion $40.00 $40.53 55,340 06/30/2013 -1.31% -8.68%
    + ACFC 02/26/2013 Bond Street Holdings (N/A) All Cash N/A $5.00 $5.10 42,656 06/30/2013 -1.96% -13.01%
    + SSRX 02/08/2013 Decade Sunshine Limited (N/A) All Cash $340 million $15.40 $16.49 23,411 06/30/2013 -6.61% -43.87%
    + ES 01/07/2013 a subsidiary of Energy Capital Partners II, LLC (N/A) All Cash $1.1 billion $3.75 $4.12 567,168 06/30/2013 -8.98% -59.60%
    + OMX 02/20/2013 Office Depot, Inc. (ODP) All Stock $1.17 billion $10.46 $11.59 971,803 12/31/2013 -9.71% -14.84%
    + MMR 12/05/2012 Freeport-McMoRan Copper & Gold Inc. (FCX) All Cash 3.4 billion $14.75 $16.76 1,671,552 06/30/2013 -11.99% -79.59%
    + CLWR 12/17/2012 Sprint Nextel Corp. (S) All Cash $2.2 billion $2.97 $3.38 10,106,003 03/31/2013 -12.13% 122.99%
    + OUTD 03/13/2013 Kroenke Sports & Entertainment LLC (N/A) All Cash $227 million $8.75 $10.00 267,127 06/30/2013 -12.50% -82.95%
    + VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $0.94 $1.17 N/A 03/31/2013 -19.40% 196.71%
    + WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.44 N/A 03/31/2013 -30.56% 309.80%

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