Merger activity increased last week with seven new mergers announced and two deals closing.
You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
Deal Statistics:
| Total Number of Deals Closed in 2014 | 161 |
| Total Number of Deals Not Completed in 2014 | 2 |
| Total Number of Pending Deals | |
| Cash Deals | 32 |
| Stock Deals | 21 |
| Stock & Cash Deals | 18 |
| Special Conditions | 11 |
| Total Number of Pending Deals | 82 |
| Total Deal Size | $688.78 billion |
New Deals:
- The acquisition of LNB Bancorp (LNBB) by Northwest Bancshares (NWBI) for $183.3 million. Under the terms of the agreement, shareholders of LNB Bancorp will be entitled to elect to receive either 1.461 shares of Northwest Bancshares common stock or $18.70 per share in cash.
- The acquisition of MicroFinancial (MFI) by an affiliate of funds managed by affiliates of Fortress Investment Group LLC for $10.20 per share in cash.
- The acquisition of Riverbed Technology (RVBD) by Thoma Bravo, LLC and Teachers' Private Capital for $3.6 billion or $21.00 per share in cash.
- The acquisition of Talisman Energy (TLM) by Repsol S.A. for $13 billion or $8.00 per share in cash.
- The acquisition of Volcano Corporation (VOLC) by Koninklijke Philips N.V (PHG) for $1.2 billion or $18.00 per share in cash.
- The acquisition of Paramount Gold and Silver Corp (PZG) by Coeur Mining (CDE) in an all stock deal. Under the terms of the agreement, shareholders of Paramount Gold and Silver will receive 0.2016 Coeur shares per Paramount shares. In addition, Paramount stockholders will receive their pro rata share of the outstanding shares of an existing subsidiary or a newly incorporated subsidiary ("SpinCo") of Paramount. SpinCo will hold Paramount's interest in the Sleeper Gold, Mill Creek and Spring Valley Projects in Nevada and will be capitalized with $10 million in cash from Coeur. Upon completion of the Merger, Paramount stockholders will hold, in aggregate, a 95.1% interest in SpinCo and Coeur will hold the remaining 4.9%.
- The acquisition of The Pantry (PTRY) by Alimentation Couche-Tard for $1.7 billion or $36.75 per share in cash.
Deal Updates:
- On December 19, 2014, BGC Partners (BGCP) announced that it has increased its all-cash tender offer to acquire all the outstanding shares of GFI Group (GFIG) to $5.45 per share.
Closed Deals:
- The acquisition of Compuware Corporation (OTCPK:CPWR) by Thoma Bravo, LLC on December 17, 2014. It took 106 days for this deal to be completed.
- The acquisition of OmniAmerican Bancorp (OABC) by Southside Bancshares (SBSI) on December 18, 2014. It took 233 days for this deal to be completed.
Top 10 deals with largest spreads:
| Symbol | Announced Date | Acquiring Company | Closing Price | Last Price | Closing Date | Profit | Annualized Profit |
|---|---|---|---|---|---|---|---|
| EDS | 12/02/2013 | Pan Long Company Limited (N/A) | $1.78 | $1.49 | 12/31/2014 | 19.46% | 789.34% |
| FFKY | 04/22/2014 | Community Bank Shares of Indiana Inc. (CBIN) | $4.12 | $3.65 | 10/30/2014 | 12.76% | -87.87% |
| BHI | 11/16/2014 | Halliburton Company(HAL) | $64.35 | $57.15 | 12/31/2015 | 12.60% | 12.29% |
| LO | 07/15/2014 | Reynolds American Inc.(RAI) | $69.18 | $62.04 | 06/30/2015 | 11.52% | 22.12% |
| DTV | 05/18/2014 | AT&T, Inc. (T) | $95.00 | $85.47 | 05/31/2015 | 11.15% | 25.44% |
| TWC | 02/13/2014 | Comcast Corporation(CMCSA) | $164.36 | $149.31 | 12/31/2014 | 10.08% | 408.89% |
| APL | 10/13/2014 | Targa Resources Partners LP (NGLS) | $28.50 | $26.34 | 03/31/2015 | 8.21% | 30.27% |
| DRIV | 10/23/2014 | Siris Capital Group, LLC(N/A) | $26.00 | $24.04 | 03/31/2015 | 8.15% | 30.06% |
| IGT | 07/16/2014 | GTECH S.p.A. (GTKYY) | $18.25 | $16.99 | 06/30/2015 | 7.42% | 14.25% |
| LNBB | 12/15/2014 | Northwest Bancshares, Inc. (NWBI) | $18.70 | $17.42 | 06/30/2015 | 7.35% | 14.12% |
List of all pending deals:
| Symbol | Announced Date | Acquiring Company | Deal Type | Closing Value | Closing Price | Last Price | Volume | Closing Date | Profit | Annu. Profit | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| + | EDS | 12/02/2013 | Pan Long Company Limited (N/A) | All Cash | $60.1 million | $1.78 | $1.49 | 18,602 | 12/31/2014 | 19.46% | 789.34% |
| + | FFKY | 04/22/2014 | Community Bank Shares of Indiana Inc. (CBIN) | All Stock | $17.9 million | $4.12 | $3.65 | 3,277 | 10/30/2014 | 12.76% | 0.00% |
| + | BHI | 11/16/2014 | Halliburton Company (HAL) | Cash Plus Stock | N/A | $64.35 | $57.15 | 8,244,480 | 12/31/2015 | 12.60% | 12.29% |
| + | LO | 07/15/2014 | Reynolds American Inc. (RAI) | Cash Plus Stock | $27.4 billion | $69.18 | $62.04 | 4,625,871 | 06/30/2015 | 11.52% | 22.12% |
| + | DTV | 05/18/2014 | AT&T, Inc. (T) | Special Conditions | $48.5 billion | $95.00 | $85.47 | 4,276,217 | 05/31/2015 | 11.15% | 25.44% |
| + | TWC | 02/13/2014 | Comcast Corporation(CMCSA) | All Stock | $45.2 billion | $164.36 | $149.31 | 2,530,124 | 12/31/2014 | 10.08% | 408.89% |
| + | APL | 10/13/2014 | Targa Resources Partners LP (NGLS) | Cash Plus Stock | $5.8 billion | $28.50 | $26.34 | 1,618,350 | 03/31/2015 | 8.21% | 30.27% |
| + | DRIV | 10/23/2014 | Siris Capital Group, LLC (N/A) | All Cash | $840 million | $26.00 | $24.04 | 1,141,558 | 03/31/2015 | 8.15% | 30.06% |
| + | IGT | 07/16/2014 | GTECH S.p.A.(GTKYY) | Special Conditions | $6.4 billion | $18.25 | $16.99 | 2,870,542 | 06/30/2015 | 7.42% | 14.25% |
| + | LNBB | 12/15/2014 | Northwest Bancshares, Inc.(NWBI) | Special Conditions | $183.3 million | $18.70 | $17.42 | 49,226 | 06/30/2015 | 7.35% | 14.12% |
| + | AGN | 11/16/2014 | Actavis plc (ACT) | Cash Plus Stock | N/A | $226.96 | $212.63 | 3,316,853 | 06/30/2015 | 6.74% | 12.95% |
| + | CODE | 12/01/2014 | Cypress Semiconductor Corporation (CY) | All Stock | $4 billion | $35.21 | $33.11 | 1,116,439 | 06/30/2015 | 6.34% | 12.18% |
| + | PZG | 12/17/2014 | Coeur Mining, Inc.(CDE) | All Stock | $146 million | $0.99 | $0.94 | 16,465,057 | 06/30/2015 | 5.30% | 10.19% |
| + | HBOS | 12/10/2014 | Renasant Corp.(RNST) | All Stock | $258 million | $26.52 | $25.21 | 88,365 | 09/30/2015 | 5.19% | 6.72% |
| + | HCBK | 08/27/2012 | M&T Bank Corporation (MTB) | All Stock | $3.7 billion | $10.51 | $10.01 | 3,920,325 | 04/30/2015 | 5.02% | 14.22% |
| + | WPZ | 10/27/2014 | Access Midstream Partners, L.P.(ACMP) | All Stock | $50 billion | $46.05 | $43.85 | 2,310,574 | 01/31/2015 | 5.01% | 45.76% |
| + | APAGF | 10/03/2014 | Pluspetrol Resources Corporation (N/A) | All Cash | $427 million | $14.50 | $13.82 | 82,773 | 12/31/2014 | 4.92% | 199.55% |
| + | SUSQ | 11/12/2014 | BB&T Corporation(BBT) | Cash Plus Stock | $2.5 billion | $13.75 | $13.12 | 8,225,697 | 06/30/2015 | 4.78% | 9.19% |
| + | PEOP | 08/05/2014 | Independent Bank Corp. (INDB) | All Stock | $130.6 million | $23.11 | $22.06 | 860 | 03/31/2015 | 4.75% | 17.52% |
| + | VYFC | 11/17/2014 | BNC Bancorp(BNCN) | Special Conditions | $101.3 million | $20.50 | $19.70 | 10,695 | 06/30/2015 | 4.06% | 7.80% |
| + | SWY | 03/06/2014 | AB Acquisition LLC(N/A) | Special Conditions | N/A | $36.15 | $34.77 | 3,227,694 | 12/31/2014 | 3.97% | 160.96% |
| + | CMSB | 09/25/2014 | Putnam County Savings Bank (N/A) | All Cash | $25.4 million | $13.25 | $12.75 | 5,506 | 06/30/2015 | 3.92% | 7.53% |
| + | LIN | 03/22/2014 | Media General, Inc.(MEG) | Special Conditions | $2.6 billion | $25.97 | $25.00 | 611,156 | 03/31/2015 | 3.88% | 14.31% |
| + | PTP | 11/24/2014 | RenaissanceRe Holdings Ltd. (RNR) | Special Conditions | $1.9 billion | $76.00 | $73.36 | 385,847 | 06/30/2015 | 3.60% | 6.91% |
| + | COV | 06/15/2014 | Medtronic, Inc.(MDT) | Cash Plus Stock | $42.9 billion | $106.53 | $102.90 | 5,386,493 | 01/31/2015 | 3.52% | 32.16% |
| + | VIAS | 09/22/2014 | TTM Technologies Inc. (TTMI) | Cash Plus Stock | $927 million | $16.64 | $16.09 | 19,475 | 06/30/2015 | 3.41% | 6.56% |
| + | CBST | 12/08/2014 | Merck & Co. Inc.(MRK) | All Cash | $9.5 billion | $102.00 | $98.67 | 2,862,196 | 03/31/2015 | 3.37% | 12.44% |
| + | RVBD | 12/15/2014 | Thoma Bravo, LLC and Teachers Private Capital(N/A) | All Cash | $3.6 billion | $21.00 | $20.33 | 7,420,342 | 06/30/2015 | 3.30% | 6.33% |
| + | BTUI | 10/22/2014 | Amtech Systems Inc. (ASYS) | All Stock | N/A | $2.69 | $2.61 | 3,502 | 03/31/2015 | 3.02% | 11.12% |
| + | TRW | 09/15/2014 | ZF Friedrichshafen AG ("ZF") (N/A) | All Cash | $13.5 billion | $105.60 | $102.80 | 1,083,427 | 06/30/2015 | 2.72% | 5.23% |
| + | TRLA | 07/28/2014 | Zillow, Inc. (Z) | All Stock | $3.5 billion | $48.35 | $47.08 | 617,741 | 03/31/2015 | 2.70% | 9.96% |
| + | HVB | 11/05/2014 | Sterling Bancorp.(STL) | All Stock | $539 million | $26.61 | $25.98 | 103,365 | 06/30/2015 | 2.43% | 4.67% |
| + | HE | 12/03/2014 | NextEra Energy, Inc. (NEE) | Special Conditions | $4.3 billion | $33.50 | $32.74 | 1,445,526 | 12/31/2015 | 2.32% | 2.27% |
| + | PENX | 10/15/2014 | Ingredion Incorporated(INGR) | All Cash | $340 million | $19.00 | $18.58 | 22,506 | 12/31/2014 | 2.26% | 91.68% |
| + | CHYR | 11/17/2014 | Vector Capital (N/A) | All Cash | N/A | $2.82 | $2.76 | 70,036 | 03/31/2015 | 2.17% | 8.01% |
| + | AVIV | 10/31/2014 | Omega Healthcare Investors Inc. (OHI) | All Stock | $3 billion | $34.90 | $34.16 | 411,301 | 03/31/2015 | 2.17% | 8.01% |
| + | PETM | 12/14/2014 | a consortium led by BC Partners (N/A) | All Cash | $8.7 billion | $83.00 | $81.31 | 1,187,991 | 06/30/2015 | 2.08% | 3.99% |
| + | TLM | 12/15/2014 | Repsol S.A. (N/A) | All Cash | $13 billion | $8.00 | $7.85 | 31,330,786 | 06/30/2015 | 1.91% | 3.67% |
| + | DRC | 09/21/2014 | Siemens (N/A) | All Cash | $7.6 billion | $83.00 | $81.50 | 1,663,243 | 06/30/2015 | 1.84% | 3.54% |
| + | CIMT | 11/24/2014 | 3D Systems Corporation (DDD) | All Cash | $97 million | $8.97 | $8.81 | 149,397 | 03/31/2015 | 1.82% | 6.70% |
| + | POM | 04/30/2014 | Exelon Corporation(EXC) | All Cash | $7.2 billion | $27.25 | $26.80 | 3,942,644 | 09/30/2015 | 1.68% | 2.17% |
| + | ESBF | 10/29/2014 | WesBanco Inc.(WSBC) | Cash Plus Stock | $324.4 million | $18.98 | $18.69 | 63,996 | 06/30/2015 | 1.57% | 3.02% |
| + | HCT | 06/02/2014 | Ventas, Inc. (VTR) | All Stock | $2.6 billion | $12.14 | $11.95 | 3,740,168 | 12/31/2014 | 1.55% | 62.80% |
| + | BKYF | 09/08/2014 | BB&T Corporation(BBT) | Cash Plus Stock | $363 million | $48.21 | $47.48 | 81,168 | 03/31/2015 | 1.54% | 5.69% |
| + | TEG | 06/23/2014 | Wisconsin Energy Corp. (WEC) | Cash Plus Stock | $9.1 billion | $77.60 | $76.58 | 932,984 | 06/30/2015 | 1.33% | 2.55% |
| + | SMPL | 09/29/2014 | HomeStreet, Inc.(HMST) | All Stock | N/A | $17.27 | $17.06 | 10,485 | 03/31/2015 | 1.23% | 4.54% |
| + | CFN | 10/05/2014 | Becton, Dickinson and Company(BDX) | Cash Plus Stock | $12.2 billion | $59.86 | $59.15 | 3,313,758 | 06/30/2015 | 1.21% | 2.32% |
| + | ROC | 07/15/2014 | Albemarle Corporation (ALB) | Cash Plus Stock | $6.2 billion | $78.84 | $78.00 | 706,749 | 03/31/2015 | 1.08% | 3.96% |
| + | OILT | 11/12/2014 | Enterprise Products Partners L.P. (EPD) | All Stock | N/A | $44.37 | $43.90 | 108,399 | 03/31/2015 | 1.07% | 3.94% |
| + | PTRY | 12/18/2014 | Alimentation Couche-Tard Inc.(N/A) | All Cash | $1.7 billion | $36.75 | $36.37 | 3,263,666 | 06/30/2015 | 1.04% | 2.01% |
| + | CVD | 11/03/2014 | Laboratory Corp. of America Holdings(LH) | Cash Plus Stock | $5.6 billion | $104.18 | $103.17 | 366,679 | 03/31/2015 | 0.98% | 3.60% |
| + | CNL | 10/20/2014 | Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC)(N/A) | All Cash | $4.7 billion | $55.37 | $54.88 | 698,307 | 12/31/2015 | 0.89% | 0.87% |
| + | AVNR | 12/02/2014 | Otsuka Pharmaceutical Co., Ltd. (N/A) | All Cash | $3.5 billion | $17.00 | $16.85 | 11,352,170 | 03/31/2015 | 0.89% | 3.28% |
| + | ESYS | 11/04/2014 | Lindsay Corporation(LNN) | All Cash | $70.5 million | $17.50 | $17.35 | 25,031 | 01/31/2015 | 0.86% | 7.89% |
| + | FRNK | 07/15/2014 | Towne Bank(TOWN) | All Stock | $275 million | $22.12 | $21.94 | 42,418 | 12/31/2014 | 0.82% | 33.27% |
| + | SAPE | 11/03/2014 | Publicis Groupe(N/A) | All Cash | $3.7 billion | $25.00 | $24.80 | 1,703,382 | 03/31/2015 | 0.81% | 2.97% |
| + | BIRT | 12/05/2014 | OpenText (N/A) | All Cash | $330 million | $6.60 | $6.55 | 479,842 | 03/31/2015 | 0.76% | 2.81% |
| + | PL | 06/03/2014 | Dai-ichi Life Insurance Company(N/A) | All Cash | $5.7 billion | $70.00 | $69.50 | 921,423 | 01/31/2015 | 0.72% | 6.56% |
| + | VOLC | 12/17/2014 | Koninklijke Philips N.V (PHG) | All Cash | $1.2 billion | $18.00 | $17.88 | 3,349,877 | 03/31/2015 | 0.67% | 2.47% |
| + | HBNK | 11/04/2014 | Berkshire Hills Bancorp Inc.(BHLB) | All Stock | $109 million | $21.11 | $21.00 | 6,551 | 05/15/2015 | 0.52% | 1.31% |
| + | GTIV | 10/09/2014 | Kindred Healthcare Inc. (KND) | Cash Plus Stock | $1.8 billion | $19.14 | $19.05 | 454,022 | 03/31/2015 | 0.45% | 1.67% |
| + | NBTF | 08/04/2014 | Peoples Bancorp Inc. (PEBO) | Cash Plus Stock | $109 million | $31.62 | $31.53 | 498 | 03/31/2015 | 0.27% | 1.01% |
| + | IRF | 08/20/2014 | Infineon Technologies AG(OTCQX:IFNNY) | All Cash | $2.4 billion | $40.00 | $39.91 | 994,719 | 01/31/2015 | 0.23% | 2.06% |
| + | CQB | 10/27/2014 | Cutrale-Safra group(N/A) | All Cash | $1.3 billion | $14.50 | $14.47 | 364,669 | 01/31/2015 | 0.21% | 1.89% |
| + | GRT | 09/16/2014 | Washington Prime Group Inc. (WPG) | Cash Plus Stock | $4.3 billion | $13.83 | $13.81 | 1,345,859 | 03/31/2015 | 0.17% | 0.61% |
| + | MGAM | 09/08/2014 | Global Cash Access Holdings, Inc.(GCA) | All Cash | $1.2 billion | $36.50 | $36.44 | 1,225,709 | 03/31/2015 | 0.16% | 0.61% |
| + | TQNT | 02/24/2014 | RF Micro Devices Inc. (RFMD) | All Stock | $1.6 billion | $26.73 | $26.69 | 2,941,177 | 12/31/2014 | 0.16% | 6.53% |
| + | GFIG | 07/30/2014 | BGC Partners(BGCP) | All Cash | N/A | $5.45 | $5.45 | 2,347,142 | 01/06/2015 | 0.00% | 0.00% |
| + | PIKE | 08/04/2014 | Court Square Capital Partners & J. Eric Pike, the Company's Chairman and Chief Executive Officer(N/A) | All Cash | N/A | $12.00 | $12.00 | 1,154,466 | 12/31/2014 | 0.00% | 0.00% |
| + | OPLK | 11/19/2014 | Koch Industries, Inc.(N/A) | All Cash | $445 million | $24.25 | $24.26 | 391,767 | 03/31/2015 | -0.04% | -0.15% |
| + | AMRE | 10/31/2014 | Edens Investment Trust (N/A) | All Cash | N/A | $26.55 | $26.63 | 214,331 | 03/31/2015 | -0.30% | -1.11% |
| + | MFI | 12/15/2014 | an affiliate of funds managed by affiliates of Fortress Investment Group LLC (FIG) | All Cash | N/A | $10.20 | $10.25 | 98,197 | 03/31/2015 | -0.49% | -1.80% |
| + | XWES | 11/04/2014 | EnerNOC, Inc.(ENOC) | All Cash | N/A | $5.50 | $5.54 | 28,519 | 01/15/2015 | -0.72% | -10.98% |
| + | COBK | 09/10/2014 | Cape Bancorp, Inc.(CBNJ) | All Stock | $55 million | $13.27 | $13.40 | 16,354 | 03/31/2015 | -0.95% | -3.50% |
| + | WMGI | 10/27/2014 | Tornier N.V. (TRNX) | All Stock | $1.72 billion | $27.37 | $27.85 | 823,353 | 06/30/2015 | -1.72% | -3.31% |
| + | DWSN | 10/09/2014 | TGC Industries Inc.(TGE) | All Stock | N/A | $10.72 | $10.97 | 134,886 | 03/31/2015 | -2.29% | -8.46% |
| + | SWS | 04/01/2014 | Hilltop Holdings Inc.(HTH) | Cash Plus Stock | $260 million | $6.96 | $7.16 | 611,054 | 12/31/2014 | -2.80% | -113.59% |
| + | AUXL | 10/09/2014 | Endo International plc (ENDP) | Special Conditions | $2.6 billion | $33.25 | $34.70 | 2,315,340 | 06/30/2015 | -4.18% | -8.03% |
| + | RNA | 11/24/2014 | BioMarin Pharmaceutical Inc.(BMRN) | All Cash | $680 million | $17.75 | $18.78 | 114,378 | 03/31/2015 | -5.48% | -20.22% |
| + | FDO | 07/28/2014 | Dollar Tree, Inc.(DLTR) | Special Conditions | $9.2 billion | $74.50 | $78.96 | 2,143,937 | 01/31/2015 | -5.65% | -51.54% |
| + | GECR | 06/23/2014 | State Bank Financial Corporation (STBZ) | Special Conditions | $82 million | $22.35 | $24.28 | N/A | 03/31/2015 | -7.95% | -29.31% |
| + | ATLS | 10/13/2014 | Targa Resources Corp. (TRGP) | Cash Plus Stock | $1.9 billion | $27.71 | $30.96 | 1,413,125 | 03/31/2015 | -10.49% | -38.69% |
Disclosure: I hold a long position in Safeway (SWY).
Additional Disclosure: See author's portfolio holdings here.
Editor's Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.
