We attempt to keep a running total of all current merger arbitrage deals that can be readily participated in by an individual investor using a discount broker. We typically make a “deal page” shortly after the deal is announced and then regularly update the deal page when it falls within a 4/16 threshold (i.e., at least 4% spread and a 16% annualized return.) Deals that fall beneath that threshold may not get update for long periods of time; possibly never if the spread is narrow shortly after the deal is announced. Please keep that in mind when looking at these spread for an investment decision.
Deal Spread based on prices as of Thursday’s close, 04/04/2013, at 4:00 pm Eastern Time.
Bride | Bride's Stock Price | Groom | Groom's Stock Price | Deal Size | Type of Deal | Terms | Agreement Date | Spread (%) | Expected Closing Date | Days Until Est. Close | Ann. Return | Deal Page |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Annapolis Bancorp ANNB | $13.30 | F.N.B. Inc. FNB | $11.74 | $51.0 million | Stock | 1.143 shares of FNB + CVR of $0.36 per share (not counted in spread) | 10/22/2012 | 0.89% | 4/30/2013 | 26 | 12.37% | |
| Cascade Corp. CASC | $64.98 | Toyota Industries TICO | N/A | $759 mil | Cash | $65.00 per share | 10/22/2012 | 0.03% | 12/31/2012 | -93 | -0.12% | |
| Cymer Inc CYMI | $94.24 | ASML Holding ASML | $66.08 | EU1.95 bil. | Cash & Stock | $20.00 cash + 1.1502 ASML shares | 10/17/2012 | 1.87% | 6/30/2013 | 86 | 7.84% | |
| Celtic Exploration CLT.TO | $27.06 | Exxon Mobil XOM | $89.77 | C$2.6 bil. | Cash + Stub | C24.50 + 1/2 share of new spin-off (NAV C$2.32 share) | 10/17/2012 | -5.17% | 12/31/2012 | -93 | 20.03% | |
| First California Financial Group FCAL | $8.36 | PacWest Bancorp PACW | $28.34 | $231 mil. | Cash | $8.00 per share | 11/6/2012 | -4.31% | 3/31/2013 | -3 | 516.75% | |
| Williams Controls WMCO | $15.40 | Curtis-Wright CS | $33.15 | $119 mil. | Cash | $15.42 per share | 11/1/2012 | 0.13% | 12/31/2012 | -93 | -0.50% | |
| The Brick Ltd BRK.TO | $5.40 | Leon's Furniture LNF.TO | $12.94 | C$700 mil. | Cash | C$5.40 per share | 11/12/2012 | 0.00% | 3/31/2013 | -3 | 0.00% | |
| CreXus Investment Corp CXS | $13.02 | Annaly Capital Managment NLY | $15.91 | $958 mil. | Cash | $12.50 per share | 11/12/2012 | -3.99% | N/A | |||
| White River Capital RVR | $21.91 | Parthenon Capital Partners | N/A | $79.5 mil. | Cash | $21.93 per share | 11/15/2012 | 0.09% | N/A | |||
| Spartan Oil STO.TO | $5.42 | Pinecrest Energy PRY.V | $1.14 | C$427 mi. | Stock | 2.738 shares of Pinecrest | 11/21/2012 | -42.41% | N/A | |||
| Zhongpin HOGS | $12.88 | Going Private | N/A | Approx. $400 mil. | Cash | $13.50 per share | 11/26/2012 | 4.81% | 3/31/2013 | -3 | -577.64% | |
| ALDILA ALDA | $3.95 | Mitsubishi Rayon America | N/A | $22 mil. | Cash | $4.00 per share | 12/4/2012 | 1.27% | 3/31/2013 | |||
| Plains Exploration & Production Company PXP | $46.44 | Freeport-McMoRan Copper & Gold FCX | $31.70 | $6.9 bil. | Cash & Stock | $25.00 in cash AND 0.6531 shares of FCX common stock | 12/5/2012 | -1.59% | 6/30/2013 | 86 | -6.64% | |
| McMoRan Exploration Co. MMR | $16.47 | Freeport-McMoRan Copper & Gold FCX | $31.70 | $3.4 bil. | Cash & Stock | $14.75 in cash and 1.15 units of a royalty trust (Royalty trust units not included in spread) | 12/5/2012 | -10.44% | 6/30/2013 | 86 | -43.72% | |
| Intermec IN | $9.86 | Honeywell International HON | $73.75 | $600 mil. | Cash | $10.00 per share | 12/10/2012 | 1.42% | 6/30/2013 | 86 | 5.94% | |
| YM BioSciences YMI | $2.94 | Gilead Sciences GILD | $47.74 | $510 mil. | Cash | $2.95 per share | 12/12/2012 | 0.34% | 3/31/2013 | -3 | -40.82% | |
| Rio Verde Minerals Develop Corp RVD.TO | $0.40 | B&A Mineracao S.A. | N/A | C$48.6 mil. | Cash | $0.40 per share | 12/13/2012 | 1.27% | 2/23/2013 | -41 | -11.11% | |
| Clearwire CLWR | $3.33 | Sprint Nextel S | $6.21 | $2.2 bil. | Cash | $2.97 per share | 12/17/2012 | -10.81% | 6/30/2013 | 86 | -45.25% | |
| Arbitron ARB | $46.87 | Nielsen Holdings NLSN | $34.95 | $1.26 bil. | Cash | $48.00 per share | 12/18/2012 | 2.41% | ||||
| Alterra Capital Holdings ALTE | $32.11 | Markel MKL | $515.90 | $3.13 bil. | Cash & Stock | $10.00 cash + 0.04315 Markel common shares | 12/19/2012 | 0.47% | 6/30/2013 | 86 | 1.97% | |
| Knight Capital Group KCG | $3.74 | Getco Holdings | N/A | $1.4 bil. | Cash & Stock | $3.75 cash or 1 share of new company stock (Assuming a 50/50 prorate and a $3.75 deal value for spread) | 12/19/2012 | 0.27% | 6/30/2013 | 86 | 1.12% | |
| Focus Media Holding FMCN | $26.68 | Giovanna Acquisition | N/A | $3.7 bil. | Cash | $27.50 per ADR | 12/19/2012 | 3.07% | 6/30/2013 | 86 | 12.87% | |
| Roma Financial ROMA | $15.94 | Investors Bancorp ISBC | $18.60 | $113.5 mil. | Stock | 0.8653 shares of Investors Bancorp common stock | 12/20/2012 | 0.97% | 6/30/2013 | 86 | 4.06% | |
| NYSE Euronextl NYX | $37.81 | IntercontinentalExchange ICE | $157.10 | $8.2 bil. | Cash & Stock | $11.27 in cash + 0.1703 ICE common shares (most likely scenario) | 12/20/2012 | 0.57% | 12/31/2013 | 267 | 0.76% | |
| Ameristar Casinos ASCA | $26.37 | Pinnacle Entertainment PNK | $15.01 | $2.8 bil. | Cash | $26.50 per share | 12/21/2012 | 0.49% | 9/30/2013 | 176 | 1.01% | |
| FirstCity Financial FCFC | $9.87 | Varde Partners | N/A | $224.9 mil. | Cash | $10.00 per share | 12/21/2012 | 1.32% | 6/30/2013 | 86 | 5.51% | |
| NTS Realty Holdings Limited Partnership NLP | $7.27 | Going Private | N/A | <$50 mil. | Cash | $7.50 per share | 12/27/2012 | 3.16% | 6/30/2013 | 86 | 13.24% | |
| Duff & Phelps DUF | $15.52 | Going Private | N/A | $665 mil. | Cash | $15.55 per share | 12/31/2012 | 0.19% | 6/30/2013 | 86 | 0.81% | |
| EnergySolutions ES | $3.73 | Energy Capital Partners | N/A | $1.1 bil. | Cash | $3.75 per share | 1/7/2013 | 0.54% | N/A | |||
| Aurizon Mines AZK | $4.28 | Alamos Gold AGI.TO | $12.82 | C$780 mil. | Cash & Stock | C$1.8135 + 0.170861 shares of AGI.TO (assuming proration) | 1/14/2013 | -6.45% | 2/19/2013 | -45 | 51.60% | |
| K-Swiss KSWS | $4.73 | E.Land World Ltd | N/A | $170 mil. | Cash | $4.75 per share | 1/17/2013 | 0.42% | 6/30/2013 | 86 | 1.77% | |
| Primaris Retail Real Estate Investment Trust PMZ-UN.TO | $27.18 | H&R REIT HR-UN.TO | $23.35 | C$2.7 bil. | Cash & Stock | C$6.89 in cash and 0.8518 H&R units | 1/17/2013 | -1.47% | 3/31/2013 | -3 | 176.81% | |
| SeaCube BOX | $22.98 | Ontario Teachers Pension Plan | N/A | $467 mil. | Cash | $23.00 per share | 1/18/2013 | 0.09% | 6/30/2013 | 86 | 0.36% | |
| Pervasive Software PVSW | $9.18 | Actian Corp | N/A | $162 mil. | Cash | $9.20 per share | 1/28/2013 | 0.22% | 6/30/2013 | 86 | 0.91% | |
| Somerset Hills Bancorp SOMH | $11.34 | Lakeland Bancorp LBAI | $9.68 | $64 mil. | Cash & Stock | 1.07658 shares + $1.20 (assuming proration) | 1/29/2013 | 2.48% | 7/31/2013 | 117 | 7.63% | |
| Copano Energy CPNO | $39.94 | Kinder Morgan Energy Partners KMP | $88.20 | $5 bil. | Stock | .4563 units | 1/29/2013 | 0.77% | 9/30/2013 | 176 | 1.57% | |
| Virginia Commerce Bancorp VCBI | $13.81 | United Bankshares UBSI | $26.04 | $490 mil. | Stock | 0.5442 shares | 1/30/2013 | 2.61% | 9/30/2013 | 176 | 5.35% | |
| Crexus Investment CXS | $13.02 | Annaly Capital Management NLY | $15.91 | $1 bil. | Cash | $13.00 per share | 1/31/2013 | -0.15% | 4/15/2013 | 11 | -5.03% | |
| WMS Industries WMS | $25.27 | Scientific Games SGMS | $8.15 | $1.5 bil. | Cash | $26.00 per share | 1/31/2013 | 2.89% | 12/31/2013 | 267 | 3.90% | |
| Acme Packet APKT | $29.24 | Oracle ORCL | $32.37 | $1.7 bil. | Cash | $29.25 per share | 2/4/2013 | 0.05% | 6/30/2013 | 86 | 0.21% | |
| Dell DELL | $14.26 | Going Private | N/A | $24.4 bil. | Cash | $13.65 per share | 2/5/2013 | -4.28% | 6/30/2014 | 446 | -3.45% | |
| Metals USA Holdings MUSA | $20.63 | Reliance Steel & Aluminum RS | $66.46 | $1.2 bil. | Cash | $20.65 per share | 2/6/2013 | 0.10% | 6/30/2013 | 86 | 0.41% | |
| First M&F FMFC | $13.93 | Renasant RNST | $21.67 | $119 mil. | Stock | 0.6425 shares | 2/7/2013 | -0.05% | 9/30/2013 | 176 | -0.10% | |
| 3SBio SSRX | $15.21 | Going Private | N/A | $350 mil. | Cash | $15.40 per ADS | 2/8/2013 | 1.25% | 6/30/2013 | 86 | 5.23% | |
| H. J. Heinz HNZ | $72.28 | Berkshire Hathaway/3G Capital | N/A | $28 bil. | Cash | $72.50 per share | 2/14/2013 | 0.30% | 9/30/2013 | 176 | 0.62% | |
| Artio Global Investors ART | $2.72 | Aberdeen Asset Management | N/A | $170 mil. | Cash | $2.75 per share | 2/14/2013 | 1.10% | 9/30/2013 | 176 | 2.26% | |
| Netspend Holdings NTSP | $15.97 | Total System Services TSS | $24.22 | $1.4 bil. | Cash | $16.00 per share | 2/19/2013 | 0.19% | 7/31/2013 | 117 | 0.58% | |
| PVF Capital PVFC | $3.81 | F.N.B. FNB | $11.74 | $106 mil. | Stock | 0.3405 shares | 2/19/2013 | 4.92% | 9/30/2013 | 176 | 10.06% | |
| OfficeMax OMX | $11.21 | Office Depot ODP | $3.77 | $3 bil. | Stock | 2.69 shares | 2/20/2013 | -9.53% | 12/31/2013 | 267 | -12.85% | |
| First Financial Holdings FFCH | $20.50 | SCBT Financial SCBT | $49.07 | $302 mil. | Stock | 0.4237 shares | 2/20/2013 | 1.42% | 9/30/2013 | 176 | 2.90% | |
| Berry Petroleum BRY | $46.00 | LinnCo LNCO | $39.60 | $4.3 bil. | Stock | 1.25 shares | 2/21/2013 | 7.61% | 6/30/2013 | 86 | 31.85% | |
| WSP Holdings WH | $3.09 | Going Private | N/A | $894 mil. | Cash | $3.20 per share | 2/22/2013 | 3.56% | 6/30/2013 | 86 | 14.90% | |
| Atlantic Coast Financial ACFC | $4.60 | Bond Street Holdings | N/A | $12 mil. | Cash | $5.00 per share ($2.00 held in escrow for 1 year) | 2/26/2013 | 8.70% | 6/30/2013 | 86 | 36.40% | |
| Assisted Living Concepts ALC | $11.90 | TPG | N/A | $278 mil. | Cash | $12.00 per share | 2/26/2013 | 0.84% | ||||
| 7 Days Group Holdings SVN | $13.47 | Going Private | N/A | $688 mil. | Cash | $13.80 per ADS | 2/28/2013 | 2.45% | 12/31/2013 | 267 | 3.30% | |
| iParty IPT | $0.45 | Party City Holdings | N/A | $12 mil. | Cash | $0.45 per share | 3/1/2013 | 0.67% | 6/30/2013 | 86 | 2.81% | |
| Aurizon Mines AZK | $4.28 | Hecla Mining HL | $3.82 | C$796 mil. | Cash & Stock | CAD$3.11 in cash and 0.34462 of a Hecla share | 3/4/2013 | 3.42% | 9/30/2013 | 176 | 7.00% | |
| Feihe International ADY | $7.24 | Going Private | N/A | $147 mil. | Cash | $7.40 per share | 3/4/2013 | 2.21% | 6/30/2013 | 86 | 9.25% | |
| Asset Acceptance Capital AACC | $17.40 | SI Financial Group SIFI | $12.07 | $61 mil. | Cash & Stock | $8.775 + 0.75645 shares | 3/5/2013 | 2.90% | 9/30/2013 | 176 | 5.94% | |
| Newport Bancorp NFSB | $6.71 | Encore Capital Group ECPG | $28.87 | $200 mil. | Cash | $6.50 per share | 3/6/2013 | -3.13% | 6/30/2013 | 86 | -13.10% | |
| Hot Topic HOTT | $13.90 | Sycamore Partners | N/A | $600 mil. | Cash | $14.00 per share | 3/7/2013 | 0.72% | N/A | |||
| Gardner Denver GDI | $75.02 | Kohlberg Kravis Roberts KKR | $18.84 | $3.9 bil. | Cash | $76.00 per share | 3/8/2013 | 1.31% | 9/30/2013 | 176 | 2.67% | |
| Outdoor Channel Holdings OUTD | $8.84 | Kroenke Sports & Entertainment | N/A | $220 mil. | Cash & Stock | $8.75 per share | 3/13/2013 | -1.02% | 6/30/2013 | 86 | -4.26% | |
| MakeMusic MMUS | $4.83 | LaunchEquity Acquisition Partners | N/A | $24 mil. | Cash | $4.85 per share | 3/13/2013 | 0.41% | 6/30/2013 | 86 | 1.73% | |
| Palomar Medical Technologies PMTI | $13.58 | Cynosure CYNO | $26.62 | $294 mil. | Cash & Stock | $6.825 per share in cash and $6.825 per share in CYNO stock | 3/18/2013 | 0.52% | 9/30/2013 | 176 | 1.05% | |
| Edac Technologies EDAC | $18.54 | Greenbriar Equity Group | N/A | $104 mil. | Cash | $17.75 per share | 3/18/2013 | -4.26% | 6/30/2013 | 86 | -17.84% | |
| Obagi Medical Products OMPI | $25.44 | Valeant Pharmaceuticals International VRX | $72.61 | $340 mil. | Cash | $19.75 per share | 3/20/2013 | -22.37% | 6/30/2013 | 86 | -93.63% | |
| American Greetings AM | $18.14 | Weiss Family | N/A | $878 mil. | Cash | $18.35 per share | 4/1/2013 | 1.16% | 7/31/2013 | 117 | 3.56% | |
| Sterling Bancorp STL | $11.32 | Provident New York Bancorp PBNY | $9.08 | $344 mil. | Stock | 1.2625 shares of PBNY | 4/4/2013 | 1.27% | 12/31/2013 | 267 | 1.71% |