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:
New Deals:
- The acquisition of Zhongpin (HOGS) by its Chairman and CEO Xianfu Zhu for $418 million or $13.50 per share in cash.
- The acquisition of Ralcorp Holdings (RAH) by ConAgra Foods (CAG) for $6.8 billion or $90.00 per share in cash.
- 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:
- The acquisition of New Frontier Media (NOOF) by LFP Broadcasting, LLC on November 28, 2012.
- The acquisition of Ceradyne (CRDN) by 3M Co. (MMM) on November 29, 2012.
- 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 .
