Merger Arbitrage Mondays – March 7, 2016

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March 6, 2016 | Merger Arbitrage | | Author Asif

There was no change in merger activity last week with five new deals announced and ten 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 2016 40
Total Number of Deals Not Completed in 2016 1
Total Number of Pending Deals
Cash Deals 46
Stock Deals 15
Stock & Cash Deals 20
Special Conditions 11
Total Number of Pending Deals 92
Total Deal Size $908.83 billion

New Deals:

  1. The acquisition of API Technologies (ATNY) by an affiliate of private equity firm J. F. Lehman & Company for $110 million or $2.00 per share in cash.
  2. The acquisition of Checkpoint Systems (CKP) by an affiliate of CCL Industries for $443 million or $10.15 per share in cash.
  3. The acquisition of JAVELIN Mortgage Investment (JMI) by ARMOUR Residential REIT (ARR) for $84.7 million or $7.14 per share in cash. The actual value of the deal will be 0.87 times book value 10 days before the tender offer minus $1 million for transaction costs. The $7.14 value in the release is just an estimate based on current book value.
  4. The acquisition of Tumi Holdings (TUMI) by Samsonite International for $1.8 billion or $26.75 per share in cash.
  5. The acquisition of Carmike Cinemas (CKEC) by AMC Entertainment Holdings (AMC) for $1.1 billion or $30.00 per share in cash.

Deal Updates:

  1. On March 4, 2016, ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 17, 2016.

Closed Deals:

  1. The acquisition of Sirona Dental Systems (SIRO) by DENTSPLY International (XRAY) on February 29, 2016. It took 167 days for this deal to be completed.
  2. The acquisition of Diamond Foods (DMND) by Snyder’s-Lance (LNCE) on February 29, 2016. It took 124 days for this deal to be completed.
  3. The acquisition of Furmanite Corporation (FRM) by Team (TISI) on March 1, 2016. It took 138 days for this deal to be completed.
  4. The acquisition of NewBridge Bancorp (NBBC) by Yadkin Financial Corporation (YDKN) on March 1, 2016. It took 140 days for this deal to be completed.
  5. The acquisition of River Valley Bancorp (RIVR) by German American Bancorp (GABC) on March 1, 2016. It took 127 days for this deal to be completed.
  6. The acquisition of American Residential Properties (ARPI) by American Homes 4 Rent (AMH) on March 1, 2016. It took 89 days for this deal to be completed.
  7. The acquisition of Campus Crest Communities (CCG) by affiliates of Harrison Street Real Estate Capital on March 2, 2016. It took 138 days for this deal to be completed.
  8. The acquisition of Keurig Green Mountain (GMCR) by JAB Holding Company on March 3, 2016. It took 87 days for this deal to be completed.
  9. The acquisition of Solera Holdings (SLH) by an affiliate of Vista Equity Partners on March 3, 2016. It took 172 days for this deal to be completed.
  10. The acquisition of Mindray Medical International Limited (MR) by Excelsior Union Limited and Solid Union Limited on March 3, 2016. It took 120 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

VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $4.94 03/31/2016 208.70% 3174.05%
WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $19.15 06/30/2016 127.15% 403.58%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.35 $5.26 05/16/2016 77.77% 405.49%
BHI 11/16/2014 Halliburton Company (HAL) $58.07 $46.20 04/30/2016 25.68% 173.60%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.59 $138.94 12/31/2016 23.50% 28.68%
CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) $55.37 $45.72 03/31/2016 21.11% 321.00%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.51 12/31/2016 20.51% 25.04%
HUM 07/03/2015 Aetna Inc. (AET) $215.50 $183.25 12/31/2016 17.60% 21.48%
AGN 11/23/2015 Pfizer Inc. (PFE) $335.72 $287.89 12/31/2016 16.62% 20.28%
HTCH 11/02/2015 TDK Corporation (N/A) $4.00 $3.44 03/31/2016 16.28% 247.58%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $4.94 1,835,449 03/31/2016 208.70% 3174.05%
Details of Vivint Solar, Inc.

Expected to close in the fourth quarter for a closing value of $2.2 billion in a combination of cash, shares of SunEdison common stock and SunEdison convertible notes. Under the merger agreement, Vivint Solar stockholders will receive $16.50 per share, consisting of $9.89 per share in cash, $3.31 per share in SunEdison stock, and $3.30 per share in SunEdison convertible notes.

The number of SunEdison shares to be received by Vivint Solar stockholders in the merger will be determined based upon the volume weighted average price per share of SunEdison common stock for the 30 consecutive trading days ending on (and including) the third trading day immediately prior to completion of the merger (the “Measurement Price”), subject to a collar. As a result of the collar, Vivint Solar stockholders will receive no more than 0.120 shares of SunEdison common stock and no less than 0.098 shares for each of their Vivint Solar shares. As part of the merger consideration, Vivint stockholders also will receive five-year notes convertible into SunEdison shares, which will be issued by SunEdison pursuant to an Indenture between SunEdison and a trustee. The convertible notes will be issuable only in registered form without coupons and will be direct, unsecured, senior obligations of SunEdison. The conversion price for these convertible notes will be 140 percent of the Measurement Price (but the Measurement Price may not exceed $33.62 or be lower than $27.51). The convertible notes will bear interest at a rate of 2.25% per year, payable semiannually in arrears in cash.

Update(s)

December 9, 2015: Vivint Solar (VSLR) announced an amendment to it’s previously announced merger with SunEdison (SUNE). According to the amendment, the cash portion of the deal will be reduced by $2 and the stock portion will be increased by $0.75. The total deal value will be $4.06 in stock, $3.30 in convertible notes and $7.89 in cash for a total value of $15.25. The closing of the merger is expected to occur in the first quarter of 2015.

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $19.15 16,712,021 06/30/2016 127.15% 403.58%
Details of Williams Companies, Inc.

Expected to close in the first half of 2016 for a closing value of $37.7 billion. Under the terms of the transaction, Energy Transfer Corp LP (ETC), an affiliate of ETE, will acquire Williams at an implied current price of $43.50 per Williams share. Williams’ stockholders will have the right to elect to receive as merger consideration either ETC common shares, which would be publicly traded on the NYSE under the symbol ETC, and / or cash. Elections to receive ETC common shares and cash will be subject to proration. Williams stockholders electing to receive stock consideration will receive a fixed exchange ratio of 1.8716 ETC common shares for each share of WMB common stock, before giving effect to proration. If all Williams’ stockholders elect to receive all cash or all stock, then each share of Williams common stock would receive $8.00 in cash and 1.5274 ETC common shares. In addition, WMB stockholders will be entitled to a special one-time dividend of $0.10 per WMB share to be paid immediately prior to the closing of the transaction. The special one-time dividend is in addition to the regularly scheduled WMB dividends to be paid before closing.

Update(s)

December 14, 2015: Energy Transfer Equity (ETE) and Williams Companies (WMB) announced that they have entered into a Timing Agreement with the Federal Trade Commission. Under the terms of the Timing Agreement, ETE and WMB have agreed (1) not to consummate the proposed acquisition prior to 60 days after substantial compliance with the Second Requests, and (2) not to consummate the proposed acquisition before March 18, 2016. ETE and WMB continue to work cooperatively with the staff of the FTC as it conducts its review of the proposed acquisition.

ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.35 $5.26 5,910,570 05/16/2016 77.77% 405.49%
Details of Office Depot, Inc.

Expected to close by the end of the calendar year 2015 for a closing value of $6.3 billion in a cash plus stock deal. Under the terms of the agreement, Office Depot shareholders will receive, for each Office Depot share, $7.25 in cash and 0.2188 of a share in Staples stock at closing.

Update(s)

May 27, 2015: The American Postal Workers Union filed a formal report asking federal anti-trust regulators to strike down Staples’ (SPLS) $6.3 billion deal to purchase Office Depot (ODP).

January 20, 2016: Staples (SPLS) and Office Depot (ODP) announced that the Board of Directors of both companies intend to waive the merger agreement termination date of February 4, 2016, and extend it to May 16, 2016.

BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $58.07 $46.20 3,414,528 04/30/2016 25.68% 173.60%
Details of Baker Hughes Incorporated

Expected to close in the second half of 2015 in a cash plus stock deal. Under the terms of the agreement, shareholders of Baker Hughes will receive 1.12 Haliburton shares plus $19.00 in cash for each share they own.

Update(s)

December 15, 2015: Baker Hughes (BHI) and Halliburton (HAL) extended the deadline for their merger to April 30, 2016.

CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.59 $138.94 1,247,195 12/31/2016 23.50% 28.68%
Details of Cigna Corp.

Expected to close in the second half of 2016 for a closing value of $54.2 billion in a cash plus stock deal. Under the terms of the agreement, Cigna shareholders will receive $103.40 in cash and 0.5152 Anthem common shares for each Cigna common share.

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 $45.72 910,647 03/31/2016 21.11% 321.00%
Details of Cleco Corporation

Expected to close in the second half of 2015 for a closing value of $4.7 billion. Upon completion of the merger, shareholders of Cleco Corporation will receive $55.37 per share in cash.

Update(s)

October 2, 2015: Cleco and the investor group expect the transaction to close in the first quarter of 2016

NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.51 99,382 12/31/2016 20.51% 25.04%
Details of Niska Gas Storage Partners LLC

Expected to close in the second half of 2016 for a closing value of $911.9 million. Upon completion of the merger, shareholders of Niska Gas Storage Partners will receive $4.225 per share in cash.

HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $215.50 $183.25 969,905 12/31/2016 17.60% 21.48%
Details of Humana Inc.

Expected to close in the second half of 2016 for a closing value of $37 billion in a cash plus stock deal. Under the terms of the agreement, Humana stockholders will receive $125.00 in cash and 0.8375 Aetna common shares for each Humana share.

AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $335.72 $287.89 2,551,969 12/31/2016 16.62% 20.28%
Details of Allergan plc

Expected to close in the second half of 2016 for a closing value of $160 billion in an all stock deal. Immediately prior to the merger, Allergan will effect an 11.3-for-one-share-split so that each Allergan shareholder will receive 11.3 shares of the combined company for each of their Allergan shares, and the Pfizer stockholders will receive one share of the combined company for each of their Pfizer shares.

HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.44 908,834 03/31/2016 16.28% 247.58%
Details of Hutchinson Technology Inc.

Expected to close in the first quarter of 2016 for a closing value of $126 million. Under the terms of the agreement, TDK will acquire all of the outstanding shares of common stock of HTI for base consideration of US$3.62 per share, plus additional consideration of up to US$0.38 per share, depending on the level of cash (subject to certain adjustments) less any outstanding borrowings on HTI’s revolving line of credit (“net cash”) held by HTI as of the last day of the fiscal month immediately preceding the closing date.

SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $75.84 3,638,791 09/30/2016 14.06% 24.78%
Details of SanDisk Corp.

Expected to close in the third quarter of 2016 for a closing value of $19 billion in a cash plus stock deal. Under the terms of the agreement, if the previously announced investment in Western Digital by Unisplendour Corporation Limited closes prior to this acquisition, Western Digital will pay $85.10 per share in cash and 0.0176 shares of Western Digital common stock per share of SanDisk common stock; and if the Unisplendour transaction has not closed or has been terminated, $67.50 in cash and 0.2387 shares of Western Digital common stock per share of SanDisk common stock.

HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $70.55 1,660,823 06/30/2016 13.22% 41.97%
Details of Starwood Hotels & Resorts Worldwide Inc.

Expected to close by mid-2016 for a closing value of $12.2 billion in a cash plus stock deal. Under the terms of the agreement, Starwood shareholders will receive 0.92 shares of Marriott International common stock and $2.00 in cash for each share of Starwood common stock. Starwood shareholders will separately receive consideration from the spin-off of the Starwood timeshare business and subsequent merger with Interval Leisure Group, which has an estimated value of approximately $1.3 billion to Starwood shareholders or approximately $7.80 per Starwood share, based on the 20-day VWAP of Interval Leisure Group stock ending November 13, 2015.  The timeshare transaction should close prior to the Marriott-Starwood merger closing.

Since we are treating this deal as a ’special conditions’ deal, the actual value is likely to fluctuate and hence will be different from what we have entered in the database.


RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $8.03 13,806,352 12/31/2016 12.08% 14.75%
Details of Rite Aid Corporation

Expected to close in the second half of 2016 for a closing value of $17.2 billion. Upon completion of the merger, shareholders of Rite Aid Corporation will receive $9.00 per share in cash.

APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) All Cash $1.1 billion $9.50 $8.51 1,136,449 12/31/2016 11.63% 14.20%
Details of Apollo Education Group, Inc.

Expected to close by Apollo Education Group’s fiscal year-end, in August, 2016 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Apollo Education Group will receive $9.50 per share in cash.

POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $24.42 6,697,158 03/31/2016 11.59% 176.25%
Details of Pepco Holdings, Inc.

Expected to close in the second or third quarter of 2015 for a closing value of $7.2 billion. Upon completion of the merger, shareholders of Pepco Holdings will receive $27.25 per share in cash.

Update(s)

October 22, 2015: The Board of Directors of Pepco Holdings (POM) declared a quarterly dividend of $0.27 per share on Pepco Holdings’ common stock that is payable on Dec. 31, 2015, to shareholders of record on Dec. 10, 2015, provided that the company’s proposed merger with Exelon Corporation does not close on or prior to the close of business on Dec. 10, 2015. The board of directors also declared a contingent pro-rata dividend to be paid in lieu of the regular quarterly dividend described above in the event that the merger closes before the close of business on Dec. 10, 2015.

December 22, 2015: The merger has been approved in Maryland, Delaware, New Jersey and Virginia and by federal regulators. The D.C. PSC has set a schedule which would allow for completing the proceeding by the first quarter of 2016.

NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.74 686,957 04/01/2016 10.73% 156.70%
Details of National Penn Bancshares Inc.

Expected to close by mid 2016 for a closing value of $1.8 billion. Under the terms of the agreement, National Penn stockholders can elect to receive 0.3206 of a share of BB&T common stock or $13.00 in cash for each share of National Penn common stock, subject to proration such that total consideration will consist of approximately $550 million in cash and approximately 31.6 million BB&T common shares.

January 21, 2016: BB&T (BBT) announced that it expects to close on its purchase of National Penn Bancshares (NPBC) by April 1, 2016.

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $30.64 289,137 06/30/2016 9.33% 29.63%
Details of Hawaiian Electric Industries Inc.

Expected to close by the end of the year 2015 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Hawaiian Electric Industries will receive a $0.50 special dividend, 0.2413 shares of NextEra Energy common stock, and a share in ASB Hawaii valued at $8.00, per share held. In connection with the agreement, HEI plans to spin off ASB Hawaii to HEI shareholders and establish it as an independent publicly traded company, immediately prior to and contingent upon the completion of the combination of HEI with NextEra Energy.

Update (s)

December 4, 2015: The closure of the deal involving NextEra Energy Inc.’s proposed $4.3 billion acquisition of Hawaiian Electric Co., which was expected to be finalized by Dec. 3, has been extended by six months to June 2016.

VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.39 $2.20 49,292 03/31/2016 8.77% 133.39%
Details of VBI Vaccines Inc

Expected to close in an all stock deal. Under the terms of the agreement, each share of VBI common stock will be converted into the right to receive 20.808356 common shares of SciVac.

RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $10.33 $9.51 81,102 04/30/2016 8.61% 58.17%
Details of Rentech Nitrogen Partners, L.P.

Expected to close by April 30, 2016 for a closing value of $840 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Rentech Nitrogen Partners will receive 1.04 units of CVR Partners and $2.57 cash for each unit held.

AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.18 $13.16 697,203 08/15/2016 7.76% 17.59%
Details of Apollo Residential Mortgage, Inc.

Expected to close in the second or third quarter of 2016 for a closing value of $641 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Apollo Residential Mortgage will receive approximately 0.417 ARI shares of common stock per AMTG share of common stock and approximately $7.53 per share in cash.

The cash portion of the consideration, and thus the total purchase price, is subject to adjustment based upon fluctuations in AMTG’s book value.

FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.10 109,261 06/30/2016 6.77% 21.50%
Details of Fidelity & Guaranty Life Common

Expected to close in the second quarter of 2016. Upon completion of the merger, shareholders of Fidelity and Guaranty Life will receive $26.80 per share in cash.

IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) All Cash $6 billion $38.90 $36.53 1,778,262 12/31/2016 6.49% 7.92%
Details of Ingram Micro Inc.

Expected to close in the second half of 2016 for a closing value of $6 billion. Upon completion of the merger, sharheolders of Ingram Micro will receive $38.90 per share in cash.

BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $41.77 $39.47 5,096,698 06/30/2016 5.83% 18.49%
Details of Baxalta Incorporated

Expected to close by mid-2016 for a closing value of $32 billion in a cash plus stock deal. Under the terms of the agreement, Baxalta shareholders will receive $18.00 in cash and 0.1482 Shire ADS per Baxalta share.

ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $44.70 $42.39 1,600,365 12/31/2016 5.45% 6.65%
Details of ITC Holdings Corp.

Expected to close in late 2016 for a closing value of $11.3 billion in a cash plus stock deal. Under the terms of the agreement, ITC shareholders will receive US$22.57 in cash and 0.7520 Fortis shares per ITC share.

MY 02/03/2016 A consortium of investors (the �Buyer Consortium�), including Mr. Chuanwei Zhang , the Chairman and Chief Executive Officer of the Company (N/A) All Cash $408 million $2.51 $2.39 672,721 06/30/2016 5.02% 15.94%
Details of China Ming Yang Wind Power Group Limited

Expected to close in the first half of 2016 for a closing value of $408 million. Upon completion of the merger, shareholders of China Ming Yang Power Group Limited will receive $2.51 per share in cash.

MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.62 253,866 03/31/2016 4.97% 75.62%
Details of Mattson Technology Inc.

Expected to close in the first calendar quarter of 2016 for a closing value of $300 million. Upon completion of the merger, shareholders of Mattson Technology will receive $3.80 per share in cash.

AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.54 $15.76 675,993 12/31/2016 4.95% 6.04%
Details of Astoria Financial Corporation

Expected to close in the fourth quarter of 2016 for a closing value of $2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Astoria Financial Corporation will receive one share of New York Community common stock and $0.50 in cash in exchange for each share of Astoria stock held at the merger date.

CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $33.28 2,136,104 06/30/2016 4.87% 15.45%
Details of Cablevision Systems Corporation

Expected to close in the first half of 2016 for a closing value of $17.7 billion Upon completion of the merger, shareholders of Cablevision Systems will receive $34.90 in cash for each Cablevision Class A and Class B share.

MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.84 4,472 06/30/2016 4.17% 13.22%
Details of Mecox Lane Limited

Expected to close in the second quarter of 2016 in a going private transaction. Upon completion of the merger, shareholders of Mecox Lane Limited will receive $4.00 per American Depositary Share of the company.

TYC 01/25/2016 Johnson Controls Inc. (JCI) All Stock $16.5 billion $37.78 $36.30 3,036,592 09/30/2016 4.08% 7.19%
Details of Tyco International plc

Expected to close by the end of fiscal year 2016 for a closing value of $16.5 billion. Immediately prior to the merger, Tyco will effect a reverse stock split so that Tyco shareholders will receive a fixed exchange ratio of 0.9550 shares for each of their existing Tyco shares. Johnson Controls shareholders may elect to receive either one share of the combined company for each of their Johnson Controls shares or cash equal to $34.88 per share. Elections by Johnson Controls shareholders are subject to proration such that an aggregate of approximately $3.9 billion cash is paid in the merger.

ALR 02/01/2016 Abbott Laboratories (ABT) All Cash $5.8 billion $56.00 $53.84 759,771 06/30/2016 4.01% 12.73%
Details of Alere Inc.

Expected to close after the approval of Alere shareholders and the satisfaction of customary closing conditions for a closing value of $5.8 billion. Upon completion of the merger, shareholders of Alere will receive $56.00 per share in cash.

DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.27 156,014 03/31/2016 3.99% 60.67%
Details of Jiayuan.com International Ltd.

Expected to close in the first quarter of 2016. Upon completion of the merger, shareholders of Jiayuan.com International will receive $7.56 per share in cash.

BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.20 212,048 04/30/2016 3.31% 22.34%
Details of C1 Financial, Inc.

Expected to close late in the first quarter of 2016 or early in the second quarter of 2016 for a closing value of $402.5 million in an all-stock transaction valued at approximately $25.00 per C1 share. Under the terms of the agreement, each holder of outstanding shares of common stock of C1 will receive shares of common stock of OZRK. The number of OZRK shares to be issued will be determined based on OZRK’s ten day average closing stock price as of the second business day prior to the closing date, subject to a minimum and maximum price of $39.79 to $66.31, respectively. The consideration payable to C1 shareholders is subject to downward adjustment if the net book value of C1 at the time of the merger is below a specified level and is subject to an upward adjustment if certain loans of C1 are sold at a price above a specified amount.

BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.70 563,935 06/30/2016 3.09% 9.82%
Details of Blount International Inc.

Expected to close in the first half of 2016 for a closing value of $855 million. Upon completion of the merger, shareholders of Blount International will receive $10.00 per share in cash.

ADT 02/16/2016 An Affiliate of Certain Funds Managed By Affiliates of Apollo Global Management, LLC (N/A) All Cash $6.94 billion $42.00 $40.85 1,883,212 06/30/2016 2.82% 8.94%
Details of The ADT Corporation

Expected to close by June, 2016 for a closing value of $6.94 billion. Upon completion of the merger, shareholders of The ADT Corporation will receive $42.00 per share in cash.

MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $16.04 $15.63 23,995 06/30/2016 2.65% 8.41%
Details of Monarch Financial Holdings, Inc.

Expected to close in the second quarter of 2016 for a closing value of $221 million in an all stock deal. Under the terms of the agreement, shareholders of Monarch Financial Holdings will receive 0.8830 shares of TowneBank common stock for each share of Monarch.

AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $19.31 $18.82 99,649 09/15/2016 2.60% 4.94%
Details of Avenue Financial Holdings, Inc.

Expected to close late in the second quarter or early in the third quarter of 2016 for a closing value of $201.4 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Avenue Financial Holdings will receive 0.36 shares of Pinnacle’s common stock and $2.00 in cash for every Avenue share.

CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) All Cash $1.1 billion $30.00 $29.25 10,089,291 12/31/2016 2.56% 3.13%
Details of Carmike Cinemas Inc.

Expected to close by the end of 2016 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Carmike Cinemas will receive $30.00 per share in cash.

DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) All Cash N/A $14.00 $13.65 164,160 06/30/2016 2.56% 8.14%
Details of iDreamSky Technology Limited

Expected to close in the second quarter of 2016 in a going private transaction. Under the terms of the agreement, a consortium of management and investors will through Parent acquire the Company for a cash consideration equal to US$3.50 per Class A and Class B ordinary share of the Company or US$14.00 per American depositary share of the Company, on the basis that each American depositary share represents four Class A ordinary shares.

EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) All Cash $2.4 billion $34.00 $33.21 360,559 03/31/2017 2.38% 2.23%
Details of The Empire District Electric Company

Expected to close in the first quarter of 2016 for a closing value of $2.4 billion. Upon completion of the merger, shareholders of The Empire District Electric Company will receive $34.00 per share in cash.

TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $199.95 $195.33 1,775,060 06/30/2016 2.36% 7.50%
Details of Time Warner Cable Inc.

Expected to close by the end of 2015 for a closing value of $78.7 billion in a cash plus stock deal. Under the terms of the agreement, Charter will provide $100.00 in cash and shares of a new public parent company (“New Charter”) equivalent to 0.5409 shares of CHTR for each Time Warner Cable share outstanding.

In addition, Charter will provide an election option for each Time Warner Cable stockholder, other than Liberty Broadband Corporation or Liberty Interactive Corporation, who will receive all stock, to receive $115.00 of cash and New Charter shares equivalent to 0.4562 shares of CHTR for each Time Warner Cable share they own.

HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $34.98 1,177,635 06/30/2016 2.34% 7.44%
Details of Homeinns Hotel Group

Expected to close in the first half of 2016. Upon completion of the merger, shareholders of Homeinns Hotel Group will receive $35.80 per share in cash.

FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.63 $21.19 1,633,537 09/30/2016 2.09% 3.68%
Details of FirstMerit Corporation

Expected to close in the third quarter of 2016 for a closing value of $3.4 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of FirstMerit Corporation will receive 1.72 shares of Huntington common stock, and $5.00 in cash, for each share of FirstMerit Corporation common stock.

ATNY 02/29/2016 an affiliate of private equity firm J. F. Lehman & Company (N/A) All Cash $110 million $2.00 $1.96 218,098 06/30/2016 2.04% 6.48%
Details of API Technologies Corp.

Expected to close in the second quarter of 2016. Upon completion of the merger, shareholders of API Technologies will receive $2.00 per share in cash.

MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $16.80 3,638,369 12/15/2016 2.02% 2.61%
Details of Media General, Inc.

Expected to close late in the third quarter or early in the fourth quarter of 2016 for a closing value of 4.6 billion in a cash plus stock deal. Under the terms of agreement, shareholders of Media General will receive $10.55 per share in cash and 0.1249 of a share of Nexstar Class A common stock for each Media General share. The agreement includes potential additional consideration in the form of a contingent value right (“CVR”) entitling Media General shareholders to net cash proceeds as received from the sale of Media General’s spectrum in the Federal Communication Commission’s upcoming Incentive Auction.

WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $10.61 $10.41 265,174 06/30/2016 1.96% 6.23%
Details of Wilshire Bancorp Inc.

Expected to close by mid-2016 for a closing value of $1 billion in an all stock deal. Under the terms of the agreement, Wilshire shareholders will receive a fixed exchange ratio of 0.7034 of a share of BBCN common stock in exchange for each share of Wilshire common stock they own.

CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $13.20 $12.95 48,111 09/30/2016 1.95% 3.43%
Details of Cape Bancorp, Inc.

Expected to close in the summer of 2016 for a closing value of $208.1 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Cape Bancorp will receive $2.25 in cash and 0.6375 shares of OceanFirst common stock for each share of Cape common stock.

GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $64.80 871,566 12/31/2016 1.85% 2.26%
Details of AGL Resources Inc.

Expected to close in the second half of 2016 for a closing value of $12 billion. Upon completion of the merger, shareholders of AGL Resources will receive $66.00 per share in cash.

RRM 02/26/2016 SES (N/A) All Cash $242 million $13.29 $13.06 34,703 08/15/2016 1.76% 3.99%
Details of RR Media Ltd.

Expected to close in the second or third quarter of 2016 for a closing value of $242 million. Upon completion of the merger, shareholders of RR Media will receive $13.291 per share in cash.

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.84 $5.75 27,993 03/31/2015 1.62% 0.00%
Details of Caesars Acquisition Company

Expectes to close in the first quarter of 2015 in an all stock deal. Under the terms of the agreement, each outstanding share of Caesars Acquisition class A common stock will be exchanged for 0.664 share of Caesars Entertainment common stock.

HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $64.79 $63.76 1,181,019 03/31/2016 1.62% 24.63%
Details of Health Net, Inc.

Expected to close early in 2016 for a closing value of $6.8 billion in a cash plus stock deal. Under the terms of the agreement, Health Net shareholders would receive 0.622 shares of Centene common stock and $28.25 in cash for each share of Health Net common stock.

LF 02/05/2016 VTech Holdings Limited (N/A) All Cash $72 million $1.00 $0.985 720,740 06/30/2016 1.52% 4.83%
Details of LeapFrog Enterprises Inc.

Expected to close for a closing value of $75.4 million. Upon completion of the merger, shareholders of LeapFrog will receive $1.00 per share in cash.

JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $56.32 $55.50 3,927,338 06/30/2016 1.49% 4.72%
Details of Jarden Corp.

Expected to close in the second quarter of 2016 for a closing value of $13 billion in a cash plus stock deal. Under the terms of the agreement, Jarden shareholders will receive $21 in cash and 0.862 shares of Newell Rubbermaid stock at closing.

FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.15 $10.01 1,609,013 09/30/2016 1.44% 2.54%
Details of First Niagara Financial Group Inc.

Expected to close in the third quarter of 2016 for a closing value of $4.1 billion in a cash plus stock deal. Under the terms of the agreement, First Niagara shareholders will receive 0.68 KeyCorp shares and $2.30 in cash for each First Niagara common share.

PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.99 57,631 01/31/2016 1.38% 0.00%
Details of The Phoenix Companies Inc.

Expected to close in early 2016 for a closing value of $217.2 million. Upon completion of the merger, shareholders of The Phoenix Companies will receive $37.50 per share in cash.

KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $69.17 $68.31 2,451,591 06/30/2016 1.25% 3.97%
Details of KLA-Tencor Corporation

Expected to close by mid-calendar year 2016 for a closing value of $10.6 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of KLA-Tencor will be entitled to elect to receive for the shares of KLA-Tencor stock they hold the economic equivalent of $32.00 in cash and 0.5 of a share of Lam Research common stock, in all-cash, all-stock, or mixed consideration.

ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $141.50 1,238,034 03/31/2016 1.06% 16.12%
Details of Airgas, Inc.

The closing of the transaction is subject to Airgas shareholders’ approval, receipt of necessary antitrust and other regulatory approvals and other customary conditions and provisions. Upon completion of the merger, shareholders of Airgas will receive $143 per share in cash.

RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.89 684,776 03/31/2016 1.01% 15.36%
Details of RealD Inc.

Expected to close in the fourth quarter of fiscal 2016 for a closing value of $551 million. Upon completion of the merger, shareholders of RealD will receive $11.00 per share in cash.

LSG 02/08/2016 Tahoe Resources Inc. (TAHO) All Stock $677 million $1.39 $1.38 752,114 04/15/2016 0.88% 8.26%
Details of Lake Shore Gold Corp.

Expected to close by early 2016 for a closing value of approximately $677 million in an all stock deal. Under the terms of the agreement, all of the Lake Shore Gold issued and outstanding common shares will be exchanged on the basis of 0.1467 of a Tahoe common share per each Lake Shore Gold common share.

PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $59.48 410,522 12/31/2016 0.87% 1.07%
Details of Piedmont Natural Gas Co. Inc.

Expected to close by the end of 2016 for a closing value of $6.7 billion. Upon completion of the merger, shareholders of Piedmont Natural Gas will receive $60.00 per share in cash.

JMI 03/02/2016 ARMOUR Residential REIT, Inc. (ARR) Special Conditions $84.7 million $7.14 $7.08 207,674 06/30/2016 0.85% 2.69%
Details of JAVELIN Mortgage Investment Corp.

Expected to close in the second quarter of 2016 for a closing value of $84.7 million. Upon completion of the merger, shareholders of JAVELIN Mortgage Investment will receive $7.14 per share in cash.

The actual value of the deal will be 0.87 times book value 10 days before the tender offer minus $1 million for transaction costs. The $7.14 value in the release is just an estimate based on current book value.

PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $15.59 $15.46 34,466 06/30/2016 0.82% 2.60%
Details of Pulaski Financial Corporation

Expected to close in the first half of 2016 for a closing value of $210.7 million in an all stock deal. Under the terms of the agreement, shareholders of Pulaski Financial Corporation will receive 0.79 shares of Busey common stock for each share of Pulaski common stock.

NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $23.20 $23.02 406,467 06/30/2016 0.79% 2.52%
Details of Northern Tier Energy LP

Expected to close in the first half of 2016 in a cash plus stock deal. Under the terms of the agreement, shareholders of Northern Tier Energy will receive $15.00 in cash and 0.2986 of a share of WNR common stock.

TUMI 03/03/2016 Samsonite International S.A. (N/A) All Cash $1.8 billion $26.75 $26.55 18,134,882 06/30/2016 0.75% 2.39%
Details of Tumi Holdings, Inc.

Expected to close in the second quarter of 2016 for a closing value of $1.8 billion. Upon completion of the merger, shareholders of Tumi Holdings will receive $26.75 per share in cash.

ANAD 01/19/2016 II-VI Incorporated (IIVI) All Cash $61 million $0.85 $0.844 774,738 03/31/2016 0.71% 10.81%
Details of Anadigics, Inc.

Expected to close in 45 to 60 days for a closing value of $61 million. Upon completion of the merger, shareholders of Anadigics will receive $0.66 per share in cash.

Update(s)

February 23, 2016: Anadigics (ANAD) announced that it had received a further revised set of proposed amendments and agreements from II – VI Incorporated (IIVI), increasing its per share offer price to $0.81.

February 24, 2016: Anadigics (ANAD) announced that it had received from the competing bidder referred to as “Party B” a further amendment to its February 20, 2016 acquisition proposal that increases Party B’s per-share offer price from $0.81 to $0.85.  The $0.85 per-share offer price set forth in the February 24, 2016 Party B Proposed Merger Agreement is $0.04 higher than the $0.81 per-share offer price set forth in the further revised set of proposed amendments and agreements received by the Company from II-VI Incorporated (IIVI) on February 23, 2016. As provided in the II-VI Merger Agreement, and explained in the Company’s February 22, 2016 and February 23, 2016 announcements, II-VI has two business days by which to deliver to the Company an acquisition proposal that it believes would cause the February 24, 2016 Party B Proposed Merger Agreement to no longer constitute a Superior Offer.

February 26, 2016: Anadigics (ANAD) announced that it had entered into an amended merger agreement with II-VI Incorporated (IIVI) at a per share offer price of $0.85.

POWR 02/24/2016 Southern Company (SO) All Cash $431 million $18.75 $18.63 874,151 06/30/2016 0.64% 2.04%
Details of PowerSecure International, Inc.

Expected to close in the second quarter of 2016 for a closing value of $431 million. Upon completion of the merger, shareholders of PowerSecure International will receive $18.75 per share in cash.

YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.44 1,037,717 03/31/2016 0.58% 8.87%
Details of Youku Tudou Inc.

Expected to close in the first quarter of 2016 for $5.37 billion. Upon completion of the merger, shareholders of Youku Tudou will receive US$27.60 per American Depositary Share.

NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.20 150,632 03/31/2016 0.54% 8.27%
Details of NTELOS Holdings Corp.

Expected to close in early 2016 for a closig value of $640 million. Upon completion of the merger, shareholders of NTELOS Holdings will receive $9.25 per share in cash.

CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.81 $14.74 1,592 09/30/2016 0.46% 0.80%
Details of Cheviot Financial Corp.

Expected to close in the second or third quarter of 2016 for a closing value of $107.4 million in a cash or stock deal. Under the terms of the agreement, shareholders of Cheviot Financial may elect to receive either 0.6916 shares of MainSource common stock or $15.00 in cash for each share of Cheviot common stock owned, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of 50% of Cheviot shares being exchanged for common stock and 50% for cash.

HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $95.58 $95.16 269,312 05/31/2016 0.44% 1.90%
Details of Heartland Payment Systems, Inc.

Expected to close in the fourth quarter of Global Payment’s fiscal 2016 for a closing value of $4.3 billion in a cash plus stock deal. Under the terms of the agreement, Heartland shareholders will receive 0.6687 shares of Global Payments stock and $53.28 for each share of Heartland stock at closing.

BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.64 434,672 06/30/2016 0.44% 1.40%
Details of Bona Film Group Limited

Expected to close in the second quarter of 2016 for a closing value of $1 billion. Upon completion of the merger, shareholders of Bona Film Group Limited will receive $13.70 per share in cash.

ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.12 11,239,241 06/30/2016 0.37% 1.17%
Details of Atmel Corporation

Expected to close in the second quarter of 2016 for a closing value of $3.40 billion in a cash and stock deal. Under the terms of the agreement, stockholders of Atmel will receive $7.00 per share in cash and $1.15 per share in Microchip common stock, valued at the average closing price for a share of Microchip common stock for the ten most recent trading days ending on the last trading day prior to the closing, with the maximum number of Microchip shares to be issued in the transaction being 13.0 million. To the extent that the number of Microchip shares issuable would exceed 13.0 million, the cash consideration per Atmel share will be increased such that the value of the combined cash and stock consideration will remain at $8.15 per share.

CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $68.02 $67.79 2,545,551 03/31/2016 0.34% 5.12%
Details of Cameron International Corporation

Expected to close in the first quarter of 2016 for a closing value of $14.8 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Cameron International will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.

LOJN 02/01/2016 CalAmp Corp. (CAMP) All Cash $134 million $6.45 $6.43 118,141 05/31/2016 0.31% 1.34%
Details of LoJack Corporation

Expected to close during CalAmp’s fiscal 2017 first quarter for a closing value of $134 million. Upon completion of the merger, shareholders of LoJack Corporation will receive $6.45 per share in cash.

BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) All Cash $363 million $25.60 $25.54 58,489 09/30/2016 0.23% 0.41%
Details of Biotie Therapies Corp.

Expected to close in the third quarter of 2016 for a closing value of $363 million. Upon completion of the merger, shareholders of Biotie Therapies will receive $25.60 per share in cash.

STR 02/01/2016 Dominion Resources, Inc. (D) All Cash $4.4 billion $25.00 $24.95 2,234,632 12/15/2016 0.20% 0.26%
Details of Questar Corporation

Expected to close by the end of 2016 for a closing value of $4.4 billion. Upon completion of the merger, shareholders of Questar Corporation will receive $25.00 per share in cash.

TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $27.50 2,892,090 06/30/2016 0.18% 0.58%
Details of TECO Energy, Inc.

Expected to close by mid-2016 for a closing value of $10.4 billion. Upon completion of the merger, shareholders of TECO Energy will receive $27.55 per share in cash.

JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.98 68,105 03/31/2016 0.17% 2.54%
Details of Journal Media Group, Inc.

Expected to close in the first quarter of 2016 for a closing value of $280 million. Upon completion of the merger, shareholders of Journal Media Group will receive $12.00 per share in cash.

PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $140.31 465,312 03/31/2016 0.14% 2.06%
Details of PartnerRe Ltd.

Expected to close in the first quarter of 2016 for a closing value of $6.9 billion. Upon completion of the merger, shareholders of PartnerRe will receive $137.50 per share in cash. PartnerRe common shareholders will also receive a special pre-closing dividend of $3.00 per share in addition to ordinary quarterly dividends through closing.

AFFX 01/26/2016 Thermo Fisher Scientific, Inc. (TMO) All Cash $1.3 billion $14.00 $13.99 382,845 06/30/2016 0.07% 0.23%
Details of Affymetrix Inc.

Expected to close in the second quarter of 2016 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Affymetrix will receive $14.00 per share in cash.

NEWP 02/23/2016 MKS Instruments, Inc. (MKSI) All Cash $980 million $23.00 $22.99 620,101 06/30/2016 0.04% 0.14%
Details of Newport Corp.

Expected to close in the second quarter of 2016 for a closing value of $980 million. Upon completion of the merger, shareholders of Newport will receive $23.00 per share in cash.

SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $114.98 617,029 03/31/2016 0.02% 0.26%
Details of StanCorp Financial Group Inc.

Expected to close in the first quarter og 2015 for a closing value of $5 billion. Upon completion of the merger, shareholders of StanCorp Financial Group will receive $115.00 per share in cash.

IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.60 547,973 06/30/2016 0.00% 0.00%
Details of Inland Real Estate Corp.

Expected to close in the first half of 2016 for a closing value of $2.3 billion. Upon completion of the merger, shareholders of Inland Real Estate will receive $10.60 per share in cash.

RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) All Cash $2.8 billion $18.25 $18.25 1,252,673 09/30/2016 0.00% 0.00%
Details of Rouse Properties, Inc.

Expected to close in the third quarter of 2016 for a closing value of $2.8 billion. Upon completion of the merger, shareholders of Rouse Properties will receive $18.25 per share in cash.

HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $17.08 $17.12 33,874 06/30/2016 -0.22% -0.70%
Details of HF Financial Corp.

Expected to close in the second quarter of 2016 for a closing value of $139.5 million in a cash plus stock deal. Under the terms of the agreement, HF Financial stockholders will have the option to elect to receive either 0.6500 shares of Great Western common stock or $19.50 in cash for each HF Financial common share, subject to proration to ensure that in the aggregate 75% of HF Financial shares will be converted into stock.

WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) All Stock N/A $63.16 $63.40 684,032 06/30/2016 -0.38% -1.22%
Details of Waste Connections Inc.

Expected to close in the second quarter of 2016. Under the terms of the definitive agreement, Waste Connections stockholders will receive 2.076843 Progressive Waste shares for each Waste Connections share they own. Subject to the approval of Progressive Waste’s shareholders, Progressive Waste then expects to implement immediately a share consolidation on the basis of 0.4815 (1 divided by the 2.076843 ratio above) of a share on a post-consolidation basis for each one share outstanding on a pre-consolidation basis.

FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.11 1,109,778 03/17/2016 -0.55% -19.97%
Details of Fairchild Semiconductor International Inc.

Expected to close on February 3, 2016 for a closing value of $2.4 billion. Upon completion of the merger, shareholders of Fairchild Semiconductor International will receive $20.00 per share in cash.

Update(s)

February 19, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 3, 2016.

March 4, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 17, 2016.

CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) All Cash $443 million $10.15 $10.25 1,534,406 09/30/2016 -0.98% -1.72%
Details of Checkpoint Systems Inc.

The transaction is subject to specified closing conditions. Expected to close for a closing value of $443 million. Upon completion of the merger, shareholders of Checkpoint Systems will receive $10.15 per share in cash.

COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $12.81 $12.97 15,666 03/31/2016 -1.20% -18.29%
Details of CommunityOne Bancorp

Expected to close in the first quarter of 2016 for a closing value of $350 million in cash or stock deal. Under the terms of the agreement, CommunityOne shareholders shall have the right to receive, at the election of each holder and subject to proration, $14.25 per share in cash or 0.43 of a share of Capital Bank Class A common stock, with the total consideration to consist of 85% stock and 15% cash.

FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.21 $19.47 8,648 09/30/2016 -1.34% -2.36%
Details of Fox Chase Bancorp, Inc.

Expected to close in the third quarter of 2016 for a closing value of $244.3 million in a cash or stock deal. Upon completion of the merger, Fox Chase shareholders will elect to receive either $21.00 in cash, or a fixed exchange ratio of 0.9731 shares of Univest, or a combination of the two, for outstanding shares of Fox Chase. The stock/cash election is subject to allocation provisions to assure that 40% of Fox Chase shares receive cash consideration and 60% of Fox Chase shares receive stock consideration.

ABCW 01/12/2016 Old National Bancorp. (ONB) All Stock 461 million $42.64 $43.41 148,050 06/30/2016 -1.77% -5.62%
Details of Anchor BanCorp Wisconsin Inc.

Expected to close in the second quarter of 2016 for a closing value of $461 million in a cash or stock deal. Under the terms of the agreement, Anchor shareholders may elect to receive either 3.5505 shares of Old National common stock or $48.50 in cash for each share of Anchor they hold, subject to no more than 40% of the outstanding shares of Anchor may receive cash.

FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.32 $5.51 38,244 02/20/2016 -3.40% 77.63%
Details of Fuel Systems Solutions, Inc.

Expected to close in the fourth quarter of 2015 for a closing value of $126.36 million in an all stock deal. Under the terms of the agreement, shareholders of Fuel Systems Solutions will receive 2.129 Westport shares for each share of Fuel Systems common stock they own.

Disclaimer: Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria




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