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Merger Activity Increases Week Ending 03 December 2012

December 4th, 2012
in contributors

by Asif Suria

Merger activity increased last week with three new deals 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:


Follow up:

New Deals:

  1. The acquisition of Zhongpin (HOGS) by its Chairman and CEO Xianfu Zhu for $418 million or $13.50 per share in cash.
  2. The acquisition of Ralcorp Holdings (RAH) by ConAgra Foods (CAG) for $6.8 billion or $90.00 per share in cash.
  3. The acquisition of Retalix (RTLX) by NCR Corp. (NCR) for $660 million or $30.00 per share in cash.

Deal Updates:

The research firm Glaucus Research has a follow-up report attacking Tevana’s (TEA) response to its original report about the presence of pesticides in certain Tevana products. The deal received FTC approval last week.

Closed Deals:

  1. The acquisition of New Frontier Media (NOOF) by LFP Broadcasting, LLC on November 28, 2012.
  2. The acquisition of Ceradyne (CRDN) by 3M Co. (MMM) on November 29, 2012.
  3. The acquisition of Flagstone Reinsurance Holdings SA (FSR) by Validus Holdings (VR) on November 30, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) $6.79 $4.59 12/10/2012 47.97% 2501.21%
ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) $17.86 $14.23 03/31/2013 25.48% 78.83%
BXG 11/14/2011 BFC Financial Corporation (BFCF) $11.36 $9.45 12/31/2012 20.21% 263.47%
WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) $6.73 $5.88 06/30/2013 14.45% 25.23%
ABVA 05/03/2012 Washington First Bankshares (WFBI) $5.23 $4.61 12/31/2012 13.52% 176.25%
NXY 07/23/2012 CNOOC Ltd. (CEO) $27.50 $24.36 12/31/2012 12.89% 168.03%
HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) $13.50 $12.47 03/31/2013 8.26% 25.55%
OUTD 11/16/2012 InterMedia Outdoors Holdings, LLC (N/A) $8.00 $7.43 03/31/2013 7.67% 23.73%
CBE 05/21/2012 Eaton Corporation (ETN) $79.56 $74.50 12/31/2012 6.80% 88.59%
GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) $32.46 $30.56 03/31/2013 6.21% 19.20%

List of all pending deals:


Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ PLXT 04/30/2012 Integrated Device Technology, Inc. (IDTI) Cash Plus Stock $330 million $6.79 $4.59 109,717 12/10/2012 47.97% 2501.21%
+ ECBE 09/25/2012 Crescent Financial Bancshares, Inc. (CRFN) All Stock $51.6 million $17.86 $14.23 438 03/31/2013 25.48% 78.83%
+ BXG 11/14/2011 BFC Financial Corporation (BFCF) All Stock N/A $11.36 $9.45 158,360 12/31/2012 20.21% 263.47%
+ WSB 09/10/2012 Old Line Bancshares, Inc. (OLBK) All Stock $49 million $6.73 $5.88 4,000 06/30/2013 14.45% 25.23%
+ ABVA 05/03/2012 Washington First Bankshares (WFBI) All Stock $24.4 million $5.23 $4.61 4,344 12/31/2012 13.52% 176.25%
+ NXY 07/23/2012 CNOOC Ltd. (CEO) All Cash $15.1 billion $27.50 $24.36 10,953,287 12/31/2012 12.89% 168.03%
+ HOGS 11/26/2012 Chairman and CEO Xianfu Zhu (N/A) All Cash $418 million $13.50 $12.47 400,979 03/31/2013 8.26% 25.55%
+ OUTD 11/16/2012 InterMedia Outdoors Holdings, LLC (N/A) All Cash N/A $8.00 $7.43 124,412 03/31/2013 7.67% 23.73%
+ CBE 05/21/2012 Eaton Corporation (ETN) Cash Plus Stock $11.46 billion $79.56 $74.50 7,257,404 12/31/2012 6.80% 88.59%
+ GEOY 07/23/2012 DigitalGlobe, Inc. (DGI) Cash Plus Stock $900 million $32.46 $30.56 144,137 03/31/2013 6.21% 19.20%
+ JEF 11/12/2012 Leucadia National Corp. (LUK) All Stock $3.59 billion $17.94 $16.96 4,018,941 03/31/2013 5.79% 17.90%
+ VRTA 05/31/2012 Vestin Realty Mortgage II, Inc. (VRTB) All Stock N/A $1.16 $1.10 15,645 12/31/2012 5.11% 66.60%
+ PRWT 10/30/2012 AmericanWest Bank (N/A) All Cash $16.6 million $1.65 $1.57 15,721 06/30/2013 5.10% 8.90%
+ TEA 11/14/2012 Starbucks Corporation (SBUX) All Cash $620 million $15.50 $14.75 988,570 12/31/2012 5.08% 66.28%
+ CYMI 10/17/2012 ASML Holding NV (ASML) Cash Plus Stock $2.5 billion $91.97 $87.70 505,763 06/30/2013 4.87% 8.50%
+ CYBI 10/17/2012 UM Holdings, Ltd. (N/A) All Cash N/A $2.55 $2.44 68,940 03/31/2013 4.51% 13.94%
+ CFFC 08/02/2012 City Holding Company (CHCO) All Stock $26.1 million $5.89 $5.64 8,028 03/31/2013 4.43% 13.72%
+ ANNB 10/23/2012 F.N.B. Corporation (FNB) All Stock $51 million $12.34 $11.96 3,021 04/30/2013 3.21% 7.93%
+ RVR 11/15/2012 Parthenon Capital Partners (N/A) All Cash $79.5 million $21.93 $21.30 663 03/31/2013 2.96% 9.15%
+ SHAW 07/30/2012 Chicago Bridge & Iron Company (CBI) Cash Plus Stock $3 billion $46.23 $44.93 976,425 03/31/2013 2.90% 8.98%
+ CRBC 09/13/2012 FirstMerit Corporation (FMER) All Stock $912 million $19.29 $18.77 297,308 06/30/2013 2.77% 4.83%
+ FSIN 06/28/2012 Chairman and Co-Chief Executive Officer, Mr. Li Fu, and Abax Global Capital (Hong Kong) Limited (N/A) All Cash N/A $9.50 $9.27 203,959 12/31/2012 2.48% 32.34%
+ PSSI 10/25/2012 McKesson Corporation (MCK) All Cash $2.1 billion $29.00 $28.44 1,922,678 03/31/2013 1.97% 6.09%
+ SEH 10/24/2012 PolyOne Corporation (POL) Cash Plus Stock $393 million $9.05 $8.88 1,139,758 03/31/2013 1.90% 5.86%
+ HCBK 08/27/2012 M&T Bank Corporation (MTB) All Stock $3.7 billion $8.21 $8.06 4,352,289 03/31/2013 1.89% 5.84%
+ MRX 09/03/2012 Valeant Pharmaceuticals International, Inc. (VRX) All Cash $2.6 billion $44.00 $43.25 1,069,550 06/30/2013 1.73% 3.03%
+ LMLP 09/24/2012 Digital River, Inc. (DRIV) All Cash $102.8 million $3.45 $3.40 74,519 03/31/2013 1.47% 4.55%
+ KBW 11/05/2012 Stifel Financial Corp. (SF) All Cash $575 million $17.50 $17.25 1,453,007 12/31/2069 1.45% 0.03%
+ ZZ 09/27/2012 Tempur-Pedic International Inc. (TPX) All Cash $1.3 billion $2.20 $2.17 1,744,409 06/30/2013 1.38% 2.41%
+ ALNC 10/08/2012 NBT Bancorp Inc. (NBTB) All Stock $233.4 million $43.06 $42.49 9,479 06/30/2013 1.33% 2.33%
+ YTEC 08/13/2012 New Sihitech Limited (N/A) All Cash $79.5 million $3.90 $3.85 41,935 12/31/2012 1.30% 16.93%
+ RTLX 11/28/2012 NCR Corp. (NCR) All Cash $660 million $30.00 $29.62 200,101 03/31/2013 1.28% 3.97%
+ ACOM 10/22/2012 Permira Advisers LLP (N/A) All Cash $1.6 billion $32.00 $31.60 1,014,046 03/31/2013 1.27% 3.92%
+ WRC 10/31/2012 PVH Corp. (PVH) Cash Plus Stock $2.9 billion $72.63 $71.89 621,055 03/31/2013 1.03% 3.18%
+ RBN 08/09/2012 National Oilwell Varco, Inc. (NOV) All Cash $2.5 billion $60.00 $59.40 835,155 12/31/2012 1.01% 13.17%
+ BTFG 05/29/2012 Trustmark Corporation (TRMK) All Stock $55.4 million $2.78 $2.75 2,499 12/31/2012 1.00% 13.04%
+ RAH 11/27/2012 ConAgra Foods, Inc. (CAG) All Cash $6.8 billion $90.00 $89.14 2,175,348 03/31/2013 0.96% 2.98%
+ CVH 08/20/2012 Aetna Inc. (AET) Cash Plus Stock $7.3 billion $44.08 $43.68 1,819,248 06/30/2013 0.91% 1.60%
+ JDAS 11/01/2012 RedPrairie (N/A) All Cash $1.9 billion $45.00 $44.66 631,311 12/31/2012 0.76% 9.92%
+ FCAL 11/06/2012 PacWest Bancorp (PACW) All Cash $231 million $8.00 $7.94 762,926 03/31/2013 0.76% 2.34%
+ WWIN 07/24/2012 Winner Holding Limited (N/A) All Cash N/A $4.50 $4.47 5,638 03/31/2013 0.67% 2.08%
+ GEN 07/23/2012 NRG Energy, Inc. (NRG) All Stock $1.7 billion $2.57 $2.55 10,097,808 03/31/2013 0.62% 1.91%
+ SBX 08/28/2012 Enstar Group Limited (ESGR) All Cash $249 million $11.11 $11.05 46,173 03/31/2013 0.54% 1.68%
+ SUNH 06/20/2012 Genesis HealthCare (N/A) All Cash $275 million $8.50 $8.455 119,123 12/31/2012 0.53% 6.94%
+ SRZ 08/22/2012 Health Care REIT, Inc. (HCN) All Cash $845 million $14.50 $14.44 697,162 06/30/2013 0.42% 0.73%
+ DUSA 11/08/2012 Sun Pharmaceutical Industries Limited (N/A) All Cash $230 million $8.00 $7.97 319,170 12/31/2069 0.38% 0.01%
+ ARCT 09/06/2012 Realty Income Corp. (O) All Stock $2.95 billion $11.69 $11.65 17,678,228 03/31/2013 0.36% 1.10%
+ SAVB 08/08/2012 SCBT Financial Corporation (SCBT) All Stock $67.1 million $9.70 $9.67 6,497 12/31/2012 0.30% 3.93%
+ AGP 07/09/2012 WellPoint Inc. (WLP) All Cash $4.9 billion $92.00 $91.82 2,048,616 03/31/2013 0.20% 0.61%
+ KNXA 08/27/2012 International Business Machines Corporation (IBM) All Cash $1.3 billion $46.00 $45.92 1,008,584 12/31/2012 0.17% 2.27%
+ MDF 11/05/2012 Humana Inc. (HUM) All Cash $850 million $11.25 $11.24 349,121 03/31/2013 0.09% 0.28%
+ FSBI 07/19/2012 WesBanco Inc. (WSBC) Cash Plus Stock $70.8 million $21.97 $21.95 4,100 03/31/2013 0.08% 0.26%
+ CASC 10/22/2012 Toyota Industries Corporation (N/A) All Cash $759 million $65.00 $64.97 69,565 12/31/2012 0.05% 0.60%
+ PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.98 34,419 12/31/2012 0.04% 0.57%
+ DITC 09/18/2012 Nuance Communications, Inc. (NUAN) All Cash $22.5 million $1.45 $1.45 24,922 12/31/2012 0.00% 0.00%
+ WMCO 11/01/2012 Curtiss-Wright Corp. (CW) All Cash $119 million $15.42 $15.42 63,984 03/31/2013 0.00% 0.00%
+ OPNT 10/29/2012 Riverbed Technology, Inc. (RVBD) Cash Plus Stock $921 million $41.52 $41.54 252,703 12/31/2012 -0.06% -0.77%
+ PLFE 07/13/2012 Athene Annuity (N/A) All Cash $415 million $14.00 $14.01 99,773 12/31/2012 -0.07% -0.93%
+ GNOM 09/17/2012 BGI-Shenzhen (N/A) All Cash $117.6 million $3.15 $3.16 496,683 12/14/2012 -0.32% -10.50%
+ CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $65.21 79,177 03/31/2013 -0.32% -1.00%
+ TIE 11/09/2012 Precision Castparts Corp. (PCP) All Cash $2.9 billion $16.50 $16.62 2,744,772 12/31/2012 -0.72% -9.41%
+ KYAK 11/08/2012 priceline.com Incorporated (PCLN) All Cash $1.65 billion $40.00 $40.70 104,170 03/31/2013 -1.72% -5.32%
+ WCBO 09/26/2012 Columbia Banking System, Inc. (COLB) All Stock $506 million $21.14 $21.81 96,795 03/31/2013 -3.06% -9.45%
+ TPCG 08/27/2012 First Reserve Corporation and SK Capital Partners (N/A) All Cash $850 million $45.00 $48.03 72,091 12/31/2012 -6.31% -82.24%
+ VSNT 10/01/2012 UNICOM Systems, Inc. (N/A) All Cash $32 million $11.50 $12.81 55,497 01/31/2013 -10.23% -63.26%
+ FACE 08/13/2012 Swander Pace Capital (N/A) All Cash $65 million $4.25 $4.78 55,235 12/31/2012 -11.09% -144.54%
+ TARO 08/13/2012 Sun Pharmaceutical (N/A) All Cash $1.45 billion $39.50 $46.31 9,723 12/31/2012 -14.71% -191.69%
+ WAVE 08/02/2012 AT&T, Inc. (T) All Cash $600 million $1.00 $1.18 12,768 12/31/2069 -15.25% -0.27%
+ SHF 10/30/2012 Bayer HealthCare LLC (N/A) All Cash $1.2 billion $34.00 $41.99 238,463 12/31/2012 -19.03% -248.05%

Voluntary Disclosure: I hold a long position in CYBI and a short position in $15 January TEA puts .

 









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