Merger Arbitrage

Merger Arbitrage Mondays – December 28, 2015

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December 27, 2015 | Merger Arbitrage | Author Asif

Merger activity decreased last week with two new deals announced and one 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 2015 200
Total Number of Deals Not Completed in 2015 8
Total Number of Pending Deals
Cash Deals 52
Stock Deals 21
Stock & Cash Deals 21
Special Conditions 11
Total Number of Pending Deals 105
Total Deal Size $1525.02 billion

New Deals:

  1. The acquisition of Northern Tier Energy (NTI) by Western Refining (WNR) 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. As an alternative to the cash and stock consideration, each NTI unitholder may elect to receive, per NTI unit, either $26.06 in cash or 0.7036 of a share of WNR. The election will be subject to proration to ensure that the aggregate cash paid and WNR common stock issued in the merger will equal the total amount of cash and number of shares of WNR common stock that would have been paid and delivered if all NTI unitholders received $15.00 in cash and 0.2986 of a share of Western common stock per NTI common unit.
  2. The acquisition of Mecox Lane Limited (MCOX) by Minat Associated 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.

Deal Updates:

  1. On December 22, 2015, Galil Medical announced the expiration of the previously announced tender offer by Galil’s indirect wholly owned subsidiary Galil Merger Sub, Inc. to purchase all of the outstanding publicly traded shares of Perseon Corporation (PRSN)
  2. On December 23, 2015, Anadigics (ANAD) announced that affiliates of GaAs Labs delivered to the Company a proposed amendment raising the offer price to $0.48 per share from $0.35 per share as set forth in the previously announced November 11, 2015 agreement and plan of merger.
  3. On December 24, 2015, Bridgestone raised its offer for Pep Boys (PBY) to $947 million. The tire company’s bid is $17 per share from $15.50 per share.

Closed Deals:

  1. The acquisition of Alteva (ALTV) by Momentum Telecom on December 22, 2015. It took 110 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

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $24.91 06/30/2016 74.63% 146.45%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.35 $5.60 03/31/2016 67.05% 257.62%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $9.82 03/31/2016 55.30% 212.45%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.19 12/31/2016 32.60% 32.16%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $7.12 01/31/2016 27.81% 290.01%
BHI 11/16/2014 Halliburton Company (HAL) $58.37 $47.72 04/30/2016 22.31% 65.16%
HUM 07/03/2015 Aetna Inc. (AET) $216.82 $178.30 12/31/2016 21.60% 21.31%
CI 07/24/2015 Anthem, Inc. (ANTM) $175.82 $146.46 12/31/2016 20.04% 19.77%
MDP 09/08/2015 Media General, Inc. (MEG) $51.53 $43.29 06/30/2016 19.03% 37.35%
AGN 11/23/2015 Pfizer Inc. (PFE) $368.61 $311.55 12/31/2016 18.31% 18.07%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $24.91 10,222,072 06/30/2016 74.63% 146.45%
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 $5.60 2,342,262 03/31/2016 67.05% 257.62%
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).

VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $9.82 390,406 03/31/2016 55.30% 212.45%
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.

NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.19 21,245 12/31/2016 32.60% 32.16%
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.

TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $7.12 1,371 01/31/2016 27.81% 290.01%
Details of TriVascular Technologies, Inc.

Expected to close in January 2016 for a closing value of $211 million. Under the terms of the agreement, each outstanding TriVascular share will be entitled to receive a number of shares of Endologix common stock and an amount of cash, each to be determined at the closing of the merger. The stock portion of the consideration will equal in the aggregate 19.999% of Endologix’s outstanding shares of common stock as of the effective time of the merger. The cash portion of the consideration will be determined at closing based on the intrinsic value of TriVascular options, restricted stock units, and warrants and, if applicable, the conversion of TriVascular convertible debt prior to such time.

We are treating this as a ’special conditions’ deal, since there is so much uncertainty about the actual value of the deal.

BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $58.37 $47.72 1,497,997 04/30/2016 22.31% 65.16%
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.

HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $216.82 $178.30 361,787 12/31/2016 21.60% 21.31%
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.

CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $175.82 $146.46 717,066 12/31/2016 20.04% 19.77%
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.

MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $43.29 75,678 06/30/2016 19.03% 37.35%
Details of Meredith Corporation

Expected to close by June 30, 2016 for a closing value of $3.1 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Meredith Corporation will receive $34.57 in cash and 1.5214 shares of the new holding company for each share of Meredith they own upon closing.

AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $368.61 $311.55 713,306 12/31/2016 18.31% 18.07%
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.

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.64 93,674 06/30/2016 16.97% 33.30%
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.

SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $75.28 719,506 09/30/2016 14.90% 19.57%
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.

RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.86 2,354,880 12/31/2016 14.50% 14.31%
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.

HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $69.84 362,048 06/30/2016 14.38% 28.21%
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.


HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.58 34,984 03/31/2016 11.73% 45.07%
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.

CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $28.71 290,277 12/31/2016 11.46% 11.30%
Details of Constant Contact, Inc.

Expected to close in the first quarter of 2016 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Constant Contact will receive $32.00 per share in cash.

CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $31.71 4,563,054 06/30/2016 10.06% 19.74%
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.

VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.81 $2.57 5,317 03/31/2016 9.30% 35.75%
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.

TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $198.38 $184.50 257,288 06/30/2016 7.53% 14.77%
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.

MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) All Cash N/A $4.00 $3.74 41,442 06/30/2016 6.95% 13.64%
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.

AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $17.06 $15.98 182,458 12/31/2016 6.76% 6.67%
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.

MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.57 40,662 03/31/2016 6.44% 24.75%
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.

RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.36 219,616 03/31/2016 6.18% 23.74%
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.

RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $11.05 $10.41 26,882 04/30/2016 6.11% 17.84%
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.

FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.38 21,606 06/30/2016 5.59% 10.98%
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.

PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $56.94 93,958 12/31/2016 5.37% 5.30%
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.

CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.92 $15.15 1,787 09/30/2016 5.09% 6.68%
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.

HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $34.08 161,302 06/30/2016 5.05% 9.90%
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.

NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $16.88 $16.08 775,884 03/31/2016 4.95% 19.03%
Details of Targa Resources Partners LP

Expected to close in the first quarter of 2016 in an all stock deal for $5.54 billion. Under the terms of the agreement, Targa Resources Partners will receive 0.62 TRC common shares per common unit of Targa Resources Partners.

NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.43 509,439 06/30/2016 4.59% 9.00%
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.

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 $53.04 95,610 03/31/2016 4.39% 16.88%
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

GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $63.26 171,689 12/31/2016 4.33% 4.27%
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.

RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $35.59 $34.19 58 03/31/2016 4.09% 15.70%
Details of River Valley Bancorp

Expected to close in early 2016 in a cash plus stock deal. Under the terms of the agreement, River Valley common shareholders will receive 0.770 shares of German American common stock for each share of River Valley, plus a cash payment of $9.90 per River Valley share.

POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.20 239,874 03/31/2016 4.01% 15.40%
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.

MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $18.60 $17.89 5,045 06/30/2016 3.95% 7.74%
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.

KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $72.20 $69.51 370,175 06/30/2016 3.86% 7.58%
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.

FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $11.36 $10.95 917,420 09/30/2016 3.78% 4.97%
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.

BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.23 68,216 06/30/2016 3.55% 6.97%
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.

CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.79 128,537 03/31/2016 3.53% 13.58%
Details of Campus Crest Communities, Inc.

Expected to close in the first quarter of 2016 for a closing value of $1.9 billion. Under the terms of the agreement, the final merger consideration will be determined following the closing of the Montreal Sale, currently expected to occur before October 30, 2015, pursuant to a sale agreement with the Company’s joint venture partner (the “Montreal Sale Agreement”).  Assuming the Montreal Sale is consummated on the terms and conditions set forth in the Montreal Sale Agreement, the total per share consideration to be received by Campus Crest shareholders is estimated to be $7.03 per share, consisting of $6.90 per share in cash (the “Cash Consideration”), plus a pro-rata portion of the net proceeds from the Montreal Sale (the “Contingent Consideration”), currently estimated to be $0.13 per share based on current exchange rates.

If the Montreal Sale does not occur prior to the closing of the merger with Harrison Street, the merger agreement provides for the creation of a non-transferrable contingent value right (“CVR”) whereby shareholders will receive approximately $6.23 per share in cash at the closing of the merger (based upon current exchange rates) and one CVR per share.

JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $58.59 $56.60 1,045,323 06/30/2016 3.52% 6.91%
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.

BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.16 8,834 04/30/2016 3.48% 10.15%
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.

ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $138.48 214,450 03/31/2016 3.26% 12.54%
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.

TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.72 336,883 06/30/2016 3.11% 6.10%
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.

PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $16.38 $15.90 38,324 06/30/2016 3.05% 5.98%
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.

EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.82 59,455 03/31/2016 2.74% 10.53%
Details of EZchip Semiconductor Ltd.

Expected to close in the first quarter of 2016 for a closing value of $620 million. Upon completion of the merger, shareholders of EZchip Semiconductor will receive $25.5 per share in cash.

SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.51 157,512 03/31/2016 2.72% 10.44%
Details of SolarWinds, Inc.

Expected to close in the first quarter of 2016 for a closing value of $4.5 billion. Upon compleion of the merger, shareholders of SolarWinds will receive $60.10 per share in cash.

SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.69 101,742 05/15/2016 2.56% 6.66%
Details of Symetra Financial Corporation

Expected to close late in the first quarter or early in the second quarter of 2016 for a closing value of $3.8 billion. Under the terms of the agreement, shareholders of Symetra Financial Corporation will receive $32.00 per share in cash at closing, plus a previously announced special dividend of $0.50 per share in cash, which is payable on August 28, 2015 to Symetra shareholders of record as of August 10, 2015.

OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $29.04 322,907 04/30/2016 2.44% 7.14%
Details of OmniVision Technologies, Inc.

Expected to close in the third or fourth quarter of fiscal year 2016 for a closing value of $1.9 billion or $29.75 per share in cash.

GMCR 12/07/2015 JAB Holding Company (N/A) All Cash $13.9 billion $92.00 $89.88 977,212 03/31/2016 2.36% 9.06%
Details of Keurig Green Mountain, Inc.

Expected to close in the first calendar quarter of 2016 for a closing value of $13.9 billion. Upon completion of the merger, shareholders of Keurig Green Mountain will receive $92.00 per share in cash.

ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.81 $8.61 611,250 03/31/2016 2.33% 8.96%
Details of Atmel Corporation

Expected to close in the first quarter of 2016 for a closing value of $4.4 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Atmel Corporation will receive $4.65 in cash and 0.112 of a Dialog American Depository Share for each Atmel common share held.

SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.61 80,966 03/31/2016 2.27% 8.72%
Details of Solera Holdings Inc.

Expected to close in the first calendar quarter of 2016 for a closing vlaue of $6.5 billion. Upon completion of the merger, shareholders of Solera Holdings will receive $55.85 per share in cash.

NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $12.64 $12.37 14,965 06/30/2016 2.14% 4.20%
Details of NewBridge Bancorp

Expected to close in the second quarter of 2016 for a closing value of $456 million in an all stock deal. Under the terms of the agreement, shareholders of NewBridge Bancorp will receive 0.50 shares of Yadkin’s common stock for each share of NewBridge.

FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $7.01 $6.87 26,928 03/31/2016 2.09% 8.01%
Details of Furmanite Corporation

Expected to close in the first quarter of 2016 for a closing value of $335 million in an all stock deal. Under the terms of the agreement, shareholders of Furmanite will receive 0.215 shares of Team common stock for each share of Furmanite common stock they own.

MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $27.43 222,600 03/31/2016 2.08% 7.98%
Details of Mindray Medical International Limited

Expected to close in the first quarter of 2016 for a closing value of $3.3 billion. Upon completion of the merger, shareholders of Mindray Medical International Limited will receive $28.00 per share in cash.

BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.81 342,092 06/30/2016 1.94% 3.80%
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.

YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.09 298,767 03/31/2016 1.88% 7.23%
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.

CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $64.94 $63.74 603,907 03/31/2016 1.88% 7.23%
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.

PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.81 62,964 01/31/2016 1.87% 19.55%
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.

HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $97.08 $95.39 293,865 05/31/2016 1.77% 4.14%
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.

PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $231.19 324,285 03/31/2016 1.65% 6.33%
Details of Precision Castparts Corp.

Expected to close in the first quarter of 2016 for a closing value of $37.2 billion. Upon completion of the merger, shareholders of Precision Castparts will receive $235.00 per share in cash.

MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $30.86 51,691 03/31/2016 1.59% 6.10%
Details of MedAssets, Inc.

Expected to close in the first quarter of 2016 for a closing value of $2.7 billion. Upon completion of the merger, shareholders of MedAssets will receive $31.35 per share in cash.

DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $39.73 $39.12 291,124 03/31/2016 1.57% 6.03%
Details of Diamond Foods, Inc.

Expected to close early in 2016 for a closing value of $1.91 billion. Under the terms of the agreement, Diamond stockholders will receive 0.775 Snyder’s-Lance shares and $12.50 in cash per Diamond Foods share upon closing of the transaction.

DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.45 71,448 03/31/2016 1.48% 5.67%
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.

PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $49.15 $48.48 382,758 05/15/2016 1.39% 3.61%
Details of Plum Creek Timber Co. Inc.

Expected to close late in the first quarter of next year or early in the second quarter for a closing value of $8.44 billion in an all stock deal. Under the terms of the agreement, shareholders of Plum Creek Timber will receive 1.60 shares of Weyerhaeuser for each Plum Creek share.

RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $47.38 $46.86 94,251 01/31/2016 1.11% 11.57%
Details of Rentrak Corporation

Expected to close in early 2016 for a closing value of $732 million in a stock-for-stock merger. Under the terms of the agreement, Rentrak will merge into a wholly-owned subsidiary of comScore, and each share of Rentrak will be converted into the right to receive 1.15 shares of comScore.

HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $69.03 $68.30 120,837 03/31/2016 1.08% 4.13%
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.

UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $7.03 763,852 03/31/2016 1.00% 3.83%
Details of UTi Worldwide Inc.

Expected to close in between January 1, 2016 and March 31, 2016 for a closing value of $1.35 billion. Upon completion of the merger, shareholders of UTi Worldwide will receive $7.10 per share in cash.

FXEN 10/13/2015 ORLEN Upstream (N/A) All Cash 119 million $1.15 $1.14 152,678 03/31/2016 0.88% 3.37%
Details of FX Energy Inc.

Expected to close in the fourth quarter of 2015 for a closing value of $119 million. Upon completion of the merger, shareholders of FX Energy will receive $1.15 per share in cash.

SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $114.01 71,975 03/31/2016 0.87% 3.34%
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.

COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $14.10 $13.98 5,399 03/31/2016 0.83% 3.17%
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.

CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $134.07 $133.02 597,574 03/31/2016 0.79% 3.03%
Details of The Chubb Corporation

Expected to close in the first quarter of 2016 for a closing value of $28.3 billion in a cash plus stock deal. Under the terms of the agreement, Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of ACE stock.

METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $32.23 $32.01 7,121 03/31/2016 0.67% 2.58%
Details of Metro Bancorp, Inc.

Expected to close in the first quarter of 2016 for a closing value of $474 million in an all stock deal. Under the terms of the agreement, shareholders of Metro Bancorp will receive 2.373 shares of FNB common stock for each common share of Metro.

PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $139.63 75,384 03/31/2016 0.62% 2.39%
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.

LBMH 11/20/2015 CR Bard Inc. (BCR) All Cash $181 million $3.35 $3.33 13,838 03/31/2016 0.60% 2.31%
Details of Liberator Medical Holdings, Inc.

Expected to close in the first quarter of 2016 for a closing value of $181 million. Upon completion of the merger, shareholders of Liberator Medical Holdings will receive $3.35 per share in cash.

SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $110.50 $109.85 55,862 03/31/2016 0.59% 2.28%
Details of Sirona Dental Systems Inc.

Expected to close in the first calendar quarter of 2016 for a closing value of $5.51 billion in an all stock merger of equals. Under the terms of the agreement, Sirona shareholders will receive 1.8142 shares of DENTSPLY for each existing Sirona share. DENTSPLY shareholders will own 58% and Sirona shareholders will own 42% of the combined company.

OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.45 168,916 05/09/2016 0.59% 1.61%
Details of Ocata Therapeutics, Inc.

Expected to close in the first quarter of 2016 for a closing value of $379 million. Upon completion of the merger, shareholders of Ocata Therapeutics will receive $8.50 per share in cash.

KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.90 238,100 03/31/2016 0.56% 2.15%
Details of King Digital Entertainment plc

Expected to close in the spring of 2016 for a closing value of $5.9 billion. Upon completion of the merger, shareholders of King Digital Entertainment will receive $18.00 per share in cash.

ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.92 $3.90 755,500 06/30/2016 0.55% 1.08%
Details of Alcatel-Lucent

Expected to close in the first half of 2016 for a closing value of $16.6 billion in an all stock deal. Under the terms of the agreement, shareholders of Alcatel-Lucent will receive 0.55 of a new Nokia share for every Alcatel-Lucent share.

BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.62 1,741,307 03/31/2016 0.55% 2.11%
Details of BioMed Realty Trust Inc.

Expected to close in the first quarter of 2016 for a closing value of $8 billion. Upon completion of the merger, shareholders of BioMed Realty Trust will receive $23.75 per share in cash.

In addition to the common stock dividend of $0.26 per share previously declared on September 15, 2015 and payable on October 15, 2015, if the transaction is completed after January 1, 2016 BioMed stockholders will receive a per diem amount of approximately $0.003 per share for each day from January 1, 2016 until (but not including) the closing date.

PMCS 11/24/2015 Microsemi Corporation (MSCC) Cash Plus Stock $2.5 billion $11.76 $11.70 607,137 03/31/2016 0.55% 2.11%
Details of PMC-Sierra Inc.

Expected to close in the first quarter of calendar 2016 for a closing value of $2.5 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of PMC-Sierra will receive $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock.

ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $23.15 $23.03 N/A 12/31/2015 0.53% 48.65%
Details of Ameriana Bancorp

Expected to close in the fourth quarter of 2015 for a closing value of $68.8 million in an all stock deal. Under the terms of the agreement, shareholders of Ameriana Bancorp will have the right to exchange each Ameriana Bancorp common share held for 0.9037 shares of First Merchants’ common stock.

AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.87 8,716 03/31/2016 0.42% 1.62%
Details of Avolon Holdings Limited

Expected to close in the first quarter of 2016 for a closing value of $7.6 billion. Upon completion of the merger, shareholders of Avalon Holdings will receive $31.00 per share in cash.

TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.98 614,757 03/31/2016 0.40% 1.54%
Details of TeleCommunication Systems Inc.

Expected to close by March 2016 for a closing value of $339.7 million. Upon completion of the merger, shareholders of TeleCommunication Systems will receive $5.00 per share in cash.

BDBD 11/24/2015 Pinnacle Foods (N/A) All Cash $710 million $11.00 $10.97 498,604 03/31/2016 0.27% 1.05%
Details of Boulder Brands, Inc.

Expected to close in the first quarter of 2016 for a closing value of $710 million. Upon completion of the merger, shareholders of Boulder Brands will receive $11.00 per share in cash.

NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.23 82,654 03/31/2016 0.22% 0.83%
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.

NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.98 N/A 12/31/2016 0.18% 0.18%
Details of Naugatuck Valley Financial Corporation

Expected to close in the fourth quarter of 2015 for a closing value of $78 million. Upon completion of the merger, shareholders of Naugatuck Valley Financial Corporation will receive $11.00 per share in cash.

Update(s)

October 13, 2015: Naugatuck Valley Financial Corporation (NVSL) announced that its shareholders approved the Company’s pending merger with Liberty Bank at a special meeting of shareholders held on October 8, 2015. The merger is expected to close in the first quarter of 2016 subject to the satisfaction of other customary closing conditions.

WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.24 217,969 01/31/2016 0.10% 1.02%
Details of Wausau Paper Corp.

Expected to close in the first quarter of 2016 for a closing value of $513 million. Upon completion of the merger, shareholders of Wausau Paper will receive $10.25 per share in cash.

ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $53.96 3,079,930 12/31/2015 0.07% 6.76%
Details of Altera Corp.

Expected to close within six to nine months for a closing value of $16.7 billion. Upon completion of the merger, shareholders of Altera will receive $54.00 per share in cash.

BZC 11/19/2015 TransDigm Group Incorporated (TDG) All Cash $206 million $19.61 $19.62 11,617 03/31/2016 -0.05% -0.20%
Details of Breeze-Eastern Corporation

Expected to close for a closing vlaue of $206 million. Upon completion of the merger, shareholders of Breeze-Eastern Corporation will receive $19.61 per share in cash.

NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $26.16 $26.18 1,358,235 06/30/2016 -0.07% -0.14%
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.

HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $19.26 $19.28 747 06/30/2016 -0.11% -0.21%
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.

FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.03 282,139 06/30/2016 -0.15% -0.29%
Details of Fairchild Semiconductor International Inc.

Expected to close late in the second quarter of 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.

FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.26 $5.27 37,239 12/31/2015 -0.22% -19.69%
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.

ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $18.52 $18.58 89,642 06/30/2016 -0.31% -0.60%
Details of American Residential Properties, Inc.

Expected to close in the first half of 2016 for a closing value of $1.5 billion in an all stock deal. Under the terms of the agreement, each share of American Residential Properties common stock and each limited partnership unit in its operating partnership will be exchanged for 1.135 common shares or limited partnership units of American Homes 4 Rent.

FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $20.31 $20.38 10,192 09/30/2016 -0.35% -0.46%
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.

NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $25.97 $26.18 1,358,235 03/31/2016 -0.80% -3.08%
Details of Northern Tier Energy LP

Expected to close in a cash plus stock deal. Under the terms of the agreement, shareholders of Northern Tier Energy will receive $17.50 per share in cash and 0.2266 a share of Western common stock.

WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $12.17 $12.28 303,166 06/30/2016 -0.91% -1.78%
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.

DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $37.69 249,136 06/30/2016 -1.03% -2.03%
Details of Dyax Corp.

Expected to close in the first half of 2016 for a closing value of $5.9 billion. Upon completion of the merger, shareholders of Dyax will receive $37.30 per share in cash. Dyax shareholders may receive additional value through a non-tradable contingent value right (CVR) that will pay $4.00 in cash per Dyax share upon approval of DX-2930 in HAE, representing a potential additional $646 million in aggregate contingent consideration.

JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.30 17,024 03/31/2016 -2.44% -9.37%
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.

IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.87 334,896 06/30/2016 -2.48% -4.87%
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.

TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $129.16 $133.99 226,937 12/31/2015 -3.60% -328.86%
Details of Towers Watson & Co.

Expected to close by December 31, 2015 for a closing value of $8.7 billion in a cash plus stock deal. Under the terms of the agreement, Towers Watson shareholders will receive 2.6490 Willis shares for each Towers Watson share. Towers Watson shareholders will also receive a one-time cash dividend of $4.87 per Towers Watson share pre-closing. Subject to Willis shareholder approval, Willis expects to implement a 2.6490 for one reverse stock split, so that each one Willis share will be converted into 0.3775 Willis Towers Watson shares. If the reverse stock split is approved, Towers Watson shareholders will receive one share of Willis Towers Watson for each Towers Watson share. The merger is not conditioned on Willis shareholder approval of the reverse stock split.

BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $57.82 1,660,873 03/31/2016 -5.74% -22.06%
Details of Broadcom Corp.

Expected to close in the first calendar quarter of 2016 for a closing value of $37 billion. Under the terms of the agreement, Broadcom shareholders will have the ability to elect to receive, for each Broadcom share held: (i) $54.50 in cash; (ii) 0.4378 ordinary shares in a newly-formed Singapore holding company (“HoldCo”); (iii) a restricted equity security that is the economic equivalent of 0.4378 ordinary shares of HoldCo that will not be transferable or saleable for a period of one to two years after closing; or (iv) a combination thereof.

PBY 10/26/2015 Bridgestone Americas, Inc. (N/A) All Cash $947 million $15.50 $17.51 465,369 03/31/2016 -11.48% -44.10%
Details of Pep Boys – Manny, Moe & Jack

Expected to close in the beginning of 2016 for a closing value of $835 million. Upon completion of the merger, shareholders of Pep Boys – Manny, Moe & Jack will receive $15.00 per share in cash.

Update(s)

December 11, 2015: Pep Boys (PBY) and Bridgestone Retail Operations announced that they have amended their Agreement and Plan of Merger dated October 26, 2015. Pursuant to the amendment, BSRO increased the offer price to acquire all the outstanding shares of common stock of Pep Boys from $15.00 per share to $15.50 per share in cash, or approximately $863 million in aggregate equity value.

December 24, 2015: Bridgestone raised its offer for Pep Boys (PBY) to $947 million. The tire company’s bid is $17 per share from $15.50 per share.

ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.48 $0.553 395,192 01/31/2016 -13.20% -137.66%
Details of Anadigics, Inc.

Expected to close in December 2015 or January 2016 for a closing value of $32 million. Upon completion of the merger, shareholders of Anadigics will receive $0.35 per share in cash.

Update(s)

December 24, 2015: Anadigics (ANAD) announced that affiliates of GaAs Labs delivered to the Company a proposed amendment raising the offer price to $0.48 per share from $0.35 per share as set forth in the previously announced November 11, 2015 agreement and plan of merger.

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.52 $7.33 24,845 03/31/2015 -24.63% 33.18%
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.

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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Merger Arbitrage Mondays – December 21, 2015

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December 20, 2015 | Merger Arbitrage | Author Asif

Merger activity decreased last week with five new deals announced and three 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 2015 198
Total Number of Deals Not Completed in 2015 7
Total Number of Pending Deals
Cash Deals 54
Stock Deals 21
Stock & Cash Deals 20
Special Conditions 11
Total Number of Pending Deals 106
Total Deal Size $1525.03 billion

New Deals:

  1. The acquisition of Jarden (JAH) by Newell Rubbermaid (NWL) for $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.
  2. The acquisition of Inland Real Estate (IRC) by real estate funds managed by DRA Advisors for $2.3 billion or $10.60 per share in cash.
  3. The acquisition of Bona Film Group Limited (BONA) by Mountain Tiger International Limited for $1 billion or $13.70 per share in cash.
  4. The acquisition of Heartland Payment Systems (HPY) by Global Payments (GPN) for $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.
  5. The acquisition of Monarch Financial Holdings (MNRK) by Towne Bank (TOWN) for $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.

Deal Updates:

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

Closed Deals:

  1. The acquisition of HomeAway (AWAY) by Expedia (EXPE) on December 16, 2015. It took 42 days for this deal to be completed.
  2. The acquisition of Gramercy Property Trust (GPT) by Chambers Street Properties on December 17, 2015. It took 169 days for this deal to be completed.
  3. The acquisition of Roundy’s (RNDY) by The Kroger Co. (KR) on December 18, 2015. It took 37 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

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $21.54 06/30/2016 101.95% 193.81%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.31 $5.41 12/31/2015 72.11% 2631.98%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $2.89 12/31/2016 46.37% 45.01%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $10.53 12/31/2015 44.82% 1636.09%
PRSN 10/27/2015 Galil Medical (N/A) $1.00 $0.714 12/21/2015 40.06% 0.00%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $6.95 01/31/2016 30.94% 275.40%
BHI 11/16/2014 Halliburton Company (HAL) $56.45 $43.92 04/30/2016 28.54% 79.51%
HUM 07/03/2015 Aetna Inc. (AET) $215.84 $175.38 12/31/2016 23.07% 22.40%
MDP 09/08/2015 Media General, Inc. (MEG) $51.53 $42.43 06/30/2016 21.45% 40.77%
CI 07/24/2015 Anthem, Inc. (ANTM) $174.37 $143.97 12/31/2016 21.11% 20.50%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $21.54 31,978,034 06/30/2016 101.95% 193.81%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.31 $5.41 13,684,312 12/31/2015 72.11% 2631.98%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $2.89 156,047 12/31/2016 46.37% 45.01%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $10.53 753,515 12/31/2015 44.82% 1636.09%
+ PRSN 10/27/2015 Galil Medical (N/A) All Cash $10.6 million $1.00 $0.714 51,199 12/21/2015 40.06% 0.00%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $6.95 10,695 01/31/2016 30.94% 275.40%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $56.45 $43.92 9,370,854 04/30/2016 28.54% 79.51%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $215.84 $175.38 1,186,147 12/31/2016 23.07% 22.40%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $42.43 426,707 06/30/2016 21.45% 40.77%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $174.37 $143.97 2,713,763 12/31/2016 21.11% 20.50%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $66.08 3,231,565 06/30/2016 20.88% 39.70%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $361.49 $306.49 4,266,231 12/31/2016 17.94% 17.42%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.48 583,723 06/30/2016 17.63% 33.51%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $73.89 4,145,029 09/30/2016 17.07% 21.93%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.84 13,249,740 12/31/2016 14.80% 14.36%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.54 467,764 03/31/2016 12.99% 46.96%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $31.00 6,329,308 06/30/2016 12.58% 23.92%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $28.95 747,138 12/31/2016 10.54% 10.23%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.50 754,091 03/31/2016 8.57% 30.98%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $196.44 $181.13 2,811,992 12/31/2015 8.45% 308.46%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $25.89 $24.00 1,504,093 03/31/2016 7.89% 28.51%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.08 6,269,153 06/30/2016 7.62% 14.48%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.24 369,013 03/31/2016 7.42% 26.82%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.15 198,439 06/30/2016 6.56% 12.47%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.66 $15.64 1,255,394 12/31/2016 6.52% 6.33%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.85 $4.56 363,374 12/31/2015 6.45% 235.43%
+ 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 $52.13 1,158,231 12/31/2015 6.22% 226.86%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $56.73 1,413,590 12/31/2016 5.76% 5.60%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $6.83 $6.47 238,671 03/31/2016 5.57% 20.14%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $70.52 $66.86 4,632,710 06/30/2016 5.47% 10.41%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $25.84 2,830,283 12/10/2015 5.46% 0.00%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $57.12 1,388,465 03/31/2016 5.22% 18.85%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $62.88 1,018,828 12/31/2016 4.96% 4.82%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $34.19 471,411 06/30/2016 4.71% 8.95%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $26.75 680,177 03/31/2016 4.67% 16.89%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.92 $10.45 5,577,591 09/30/2016 4.46% 5.73%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.42 10,997,312 06/30/2016 4.28% 8.13%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $137.14 1,766,562 03/31/2016 4.27% 15.44%
+ GMCR 12/07/2015 JAB Holding Company (N/A) All Cash $13.9 billion $92.00 $88.25 10,678,171 03/31/2016 4.25% 15.36%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.69 $11.22 6,789,326 06/30/2016 4.19% 7.97%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $15.96 $15.32 3,368,004 03/31/2016 4.17% 15.07%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.53 129,925 03/31/2016 3.95% 14.29%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.09 177,899 04/30/2016 3.78% 10.53%
+ JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $59.54 $57.42 6,275,883 06/30/2016 3.69% 7.02%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.78 568,984 03/31/2016 3.69% 13.33%
+ MNRK 12/17/2015 Towne Bank (TOWN) All Stock $221 million $17.67 $17.06 187,514 06/30/2016 3.57% 6.78%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $53.96 608,897 03/31/2016 3.50% 12.66%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $28.84 833,613 04/30/2016 3.16% 8.79%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $16.43 $15.94 63,838 06/30/2016 3.09% 5.87%
+ BONA 12/15/2015 Mountain Tiger International Limited (N/A) All Cash $1 billion $13.70 $13.30 346,472 06/30/2016 3.01% 5.72%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.60 1,903,808 05/15/2016 2.85% 7.12%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $36.52 81,243 01/31/2016 2.68% 23.89%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $12.31 $12.02 406,676 06/30/2016 2.37% 4.51%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $62.66 $61.32 3,585,238 03/31/2016 2.18% 7.87%
+ ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $52.85 4,041,013 03/31/2016 2.18% 7.86%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.02 1,866,919 03/31/2016 2.15% 7.76%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $31.44 $30.83 142,245 03/31/2016 1.99% 7.18%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.81 1,164,747 06/30/2016 1.94% 3.68%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $47.22 $46.35 2,033,833 05/15/2016 1.87% 4.67%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $6.97 2,822,738 03/31/2016 1.87% 6.74%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.81 $8.65 5,343,742 03/31/2016 1.86% 6.72%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $30.78 477,751 03/31/2016 1.85% 6.69%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $230.76 2,043,065 03/31/2016 1.84% 6.64%
+ HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $95.94 $94.30 1,801,516 05/31/2016 1.74% 3.93%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $108.18 $106.35 361,610 03/31/2016 1.72% 6.22%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $35.03 $34.47 3,739 03/31/2016 1.61% 5.82%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $68.52 $67.47 1,813,172 03/31/2016 1.56% 5.65%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.45 186,584 03/31/2016 1.48% 5.34%
+ BZC 11/19/2015 TransDigm Group Incorporated (TDG) All Cash $206 million $19.61 $19.35 87,508 03/31/2016 1.34% 4.86%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.53 522,907 03/31/2016 1.29% 4.68%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $131.36 $129.84 2,818,864 03/31/2016 1.17% 4.23%
+ ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $18.23 $18.03 1,428,848 06/30/2016 1.10% 2.09%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.15 219,956 03/31/2016 1.09% 3.95%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $139.00 317,693 03/31/2016 1.08% 3.90%
+ PMCS 11/24/2015 Microsemi Corporation (MSCC) Cash Plus Stock $2.5 billion $11.65 $11.54 4,851,951 03/31/2016 0.95% 3.43%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $40.14 $39.77 367,431 03/31/2016 0.94% 3.40%
+ LBMH 11/20/2015 CR Bard Inc. (BCR) All Cash $181 million $3.35 $3.32 169,034 03/31/2016 0.90% 3.27%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.54 5,190,767 03/31/2016 0.89% 3.22%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.76 $3.73 6,100,064 06/30/2016 0.86% 1.63%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $43.96 $43.60 135,730 01/31/2016 0.84% 7.44%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.96 607,263 03/31/2016 0.81% 2.91%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.61 $13.50 158,765 03/31/2016 0.78% 2.82%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.78 201,447 03/31/2016 0.71% 2.58%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.94 41,200 12/31/2016 0.55% 0.53%
+ VIMC 09/15/2015 Vimicro China (N/A) All Cash N/A $13.50 $13.43 384,069 12/31/2015 0.52% 19.02%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $20.15 $20.06 73,829 09/30/2016 0.46% 0.60%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.92 2,958,346 03/31/2016 0.45% 1.61%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.22 997,704 01/31/2016 0.29% 2.61%
+ BDBD 11/24/2015 Pinnacle Foods (N/A) All Cash $710 million $11.00 $10.97 1,048,554 03/31/2016 0.27% 0.99%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.97 198,849 03/31/2016 0.25% 0.91%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.49 2,264,820 05/09/2016 0.12% 0.31%
+ FXEN 10/13/2015 ORLEN Upstream (N/A) All Cash 119 million $1.15 $1.15 169,605 12/31/2015 0.00% 0.00%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $10.02 $10.02 69,604 04/30/2016 -0.04% -0.10%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.01 3,143,661 06/30/2016 -0.05% -0.10%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $37.40 4,572,398 06/30/2016 -0.27% -0.51%
+ ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $22.57 $22.65 2,211 12/31/2015 -0.33% -12.18%
+ ALTV 09/03/2015 Momentum Telecom, Inc. (N/A) All Cash $28.7 million $4.70 $4.74 274,209 12/31/2015 -0.84% -30.80%
+ IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) All Cash $2.3 billion $10.60 $10.71 2,059,457 06/30/2016 -1.03% -1.95%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.64 $15.82 96,242 09/30/2016 -1.16% -1.49%
+ PBY 10/26/2015 Bridgestone Americas, Inc. (N/A) All Cash $863 million $15.50 $15.76 1,995,817 03/31/2016 -1.65% -5.96%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.68 $2.75 67,474 03/31/2016 -2.39% -8.64%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $19.08 $19.65 217,731 06/30/2016 -2.88% -5.48%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $56.28 8,506,469 03/31/2016 -3.16% -11.43%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $127.20 $131.95 921,350 12/31/2015 -3.60% -131.37%
+ ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.35 $0.485 2,124,111 01/31/2016 -27.84% -247.80%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.04 $7.21 322,083 03/31/2015 -30.10% 41.46%

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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Merger Arbitrage Mondays – December 14, 2015

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December 14, 2015 | Merger Arbitrage | Author Asif

Merger activity increased last week with six new deals announced and seven 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 2015 193
Total Number of Deals Not Completed in 2015 7
Total Number of Pending Deals
Cash Deals 54
Stock Deals 21
Stock & Cash Deals 20
Special Conditions 11
Total Number of Pending Deals 106
Total Deal Size $1504.21 billion

New Deals:

  1. The acquisition of Keurig Green Mountain (GMCR) by JAB Holding Company for $13.9 billion or $92.00 per share in cash.
  2. The acquisition of Homeinns Hotel Group (HMIN) by BTG Hotels Group for $35.80 per share in cash.
  3. The acquisition of Wilshire Bancorp (WIBC) by BBCN Bancorp (BBCN) for $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.
  4. The acquisition of Jiayuan.com International (DATE) by FutureWorld for $7.56 per share in cash.
  5. The acquisition of Fox Chase Bancorp (FXCB) by Univest Corporation of Pennsylvania (UVSP) for $244.3 million. 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.
  6. The acquisition of Blount International (BLT) by American Securities and P2 Capital Partners, LLC for $855 million or $10.00 per share in cash.

Deal Updates:

  1. On 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.
  2. On December 11, 2015, Pep Boys (PBY) and Bridgestone Retail Operations announced that they have amended their Agreement and Plan of Merger dated October 26, 2015. Pursuant to the amendment, BSRO increased the offer price to acquire all the outstanding shares of common stock of Pep Boys from $15.00 per share to $15.50 per share in cash, or approximately $863 million in aggregate equity value.

Closed Deals:

  1. The acquisition of Freescale Semiconductor (FSL) by NXP Semiconductors (NXPI) on December 7, 2015. It took 280 days for this deal to be completed.
  2. The acquisition of Oneida Financial (ONFC) by Community Bank System (CBU) on December 7, 2015. It took 286 days for this deal to be completed.
  3. The acquisition of Integrated Silicon Solution (ISSI) by Uphill Investment on December 7, 2015. It took 179 days for this deal to be completed.
  4. The acquisition of Premiere Global Services (PGI) by Siris Capital Group on December 8, 2015. It took 89 days for this deal to be completed.
  5. The acquisition of Cytec Industries (CYT) by Solvay on December 9, 2015. It took 133 days for this deal to be completed.
  6. The acquisition of Steiner Leisure (STNR) by an affiliate of Catterton on December 9, 2015. It took 110 days for this deal to be completed.
  7. The acquisition of Books-A-Million (BAMM) by the Anderson Family on December 10, 2015. It took 150 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

WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $26.42 06/30/2016 64.65% 118.58%
VSLR 07/20/2015 SunEdison, Inc. (SUNE) $15.25 $9.27 12/31/2015 64.51% 1385.05%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.33 $5.71 12/31/2015 63.37% 1360.66%
PRSN 10/27/2015 Galil Medical (N/A) $1.00 $0.62 12/21/2015 61.29% 3195.85%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.05 12/31/2016 38.69% 36.87%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $7.06 01/31/2016 28.90% 219.72%
BHI 11/16/2014 Halliburton Company (HAL) $60.40 $47.80 12/31/2015 26.35% 565.75%
CI 07/24/2015 Anthem, Inc. (ANTM) $173.36 $140.08 12/31/2016 23.76% 22.64%
HUM 07/03/2015 Aetna Inc. (AET) $212.86 $172.78 12/31/2016 23.20% 22.11%
AGN 11/23/2015 Pfizer Inc. (PFE) $362.28 $301.92 12/31/2016 19.99% 19.05%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $26.42 12,290,779 06/30/2016 64.65% 118.58%
+ VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $9.27 457,879 12/31/2015 64.51% 1385.05%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.33 $5.71 14,874,794 12/31/2015 63.37% 1360.66%
+ PRSN 10/27/2015 Galil Medical (N/A) All Cash $10.6 million $1.00 $0.62 30,730 12/21/2015 61.29% 3195.85%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.05 40,328 12/31/2016 38.69% 36.87%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $7.06 12,811 01/31/2016 28.90% 219.72%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $60.40 $47.80 8,507,726 12/31/2015 26.35% 565.75%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $173.36 $140.08 1,198,640 12/31/2016 23.76% 22.64%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $212.86 $172.78 1,004,212 12/31/2016 23.20% 22.11%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $362.28 $301.92 3,727,080 12/31/2016 19.99% 19.05%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.02 445,109 06/30/2016 19.56% 35.87%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $68.07 1,674,267 06/30/2016 17.35% 31.82%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $30.14 5,398,095 06/30/2016 15.79% 28.97%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $74.81 2,568,483 09/30/2016 15.63% 19.60%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $44.62 204,102 06/30/2016 15.49% 28.40%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.80 10,859,201 12/31/2016 15.38% 14.66%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.66 174,477 03/31/2016 9.29% 31.40%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.48 858,018 03/31/2016 9.20% 31.08%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $196.29 $180.50 2,339,624 12/31/2015 8.75% 187.84%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $11.97 1,634,263 06/30/2016 8.60% 15.78%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $26.36 $24.45 1,329,743 03/31/2016 7.82% 26.43%
+ 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 $51.83 323,148 12/31/2015 6.83% 146.64%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.60 $2.44 7,354 03/31/2016 6.60% 22.31%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $17.62 $16.53 1,920,811 03/31/2016 6.60% 22.29%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.35 961,004 03/31/2016 6.28% 21.22%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $7.34 $6.93 81,439 03/31/2016 5.98% 20.21%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $10.70 $10.15 89,049 04/30/2016 5.45% 14.41%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $26.56 1,401,111 03/31/2016 5.42% 18.32%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.69 $15.84 765,795 12/31/2016 5.37% 5.11%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $71.45 $67.87 827,370 06/30/2016 5.27% 9.66%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $57.01 454,539 12/31/2016 5.24% 5.00%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $62.73 695,561 12/31/2016 5.21% 4.97%
+ HMIN 12/07/2015 BTG Hotels Group (N/A) All Cash N/A $35.80 $34.10 241,419 06/30/2016 4.99% 9.14%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $136.42 1,893,377 03/31/2016 4.82% 16.30%
+ WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) All Stock $1 billion $11.74 $11.22 1,739,031 06/30/2016 4.63% 8.50%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $35.88 51,300 01/31/2016 4.52% 34.33%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.73 599,356 03/31/2016 4.46% 15.07%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $28.50 1,908,586 04/30/2016 4.39% 11.60%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.97 104,194 04/30/2016 4.30% 11.37%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.45 257,257 03/31/2016 4.29% 14.51%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.14 1,004,092 12/10/2015 4.25% 0.00%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.96 $10.52 2,816,732 09/30/2016 4.21% 5.28%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.81 $8.46 4,324,700 03/31/2016 4.15% 14.01%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.78 339,907 06/30/2016 3.96% 7.26%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $57.86 965,526 03/31/2016 3.87% 13.08%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $12.19 $11.75 115,754 06/30/2016 3.70% 6.79%
+ GMCR 12/07/2015 JAB Holding Company (N/A) All Cash $13.9 billion $92.00 $88.96 6,002,179 03/31/2016 3.42% 11.55%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.66 1,297,066 06/30/2016 3.34% 6.12%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.17 1,461,084 03/31/2016 3.10% 10.48%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.64 383,116 05/15/2016 2.72% 6.48%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $34.93 $34.11 375 03/31/2016 2.39% 8.08%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $6.94 1,768,338 03/31/2016 2.31% 7.79%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $26.98 2,353,851 03/31/2016 2.30% 7.77%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $64.43 $63.07 1,700,425 03/31/2016 2.16% 7.29%
+ DATE 12/07/2015 FutureWorld Inc. (N/A) All Cash N/A $7.56 $7.41 176,167 03/31/2016 2.02% 6.84%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $39.04 $38.27 276,572 03/31/2016 2.00% 6.76%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $48.77 $47.83 1,014,816 05/15/2016 1.96% 4.68%
+ ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $52.99 2,961,201 03/31/2016 1.91% 6.44%
+ BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) All Cash $855 million $10.00 $9.83 3,355,727 06/30/2016 1.73% 3.17%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $30.82 318,401 03/31/2016 1.72% 5.81%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $16.53 $16.27 11,302 06/30/2016 1.63% 2.98%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $31.54 575,242 12/31/2016 1.46% 1.39%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $14.95 $14.74 3,736 09/30/2016 1.39% 1.75%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $63.62 $62.77 652,533 03/31/2016 1.36% 4.59%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $231.87 904,660 03/31/2016 1.35% 4.56%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.80 $3.75 4,078,494 06/30/2016 1.20% 2.20%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.15 382,603 03/31/2016 1.09% 3.69%
+ PMCS 11/24/2015 Microsemi Corporation (MSCC) Cash Plus Stock $2.5 billion $11.84 $11.71 3,925,255 03/31/2016 1.09% 3.68%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $139.00 223,711 03/31/2016 1.08% 3.65%
+ ALTV 09/03/2015 Momentum Telecom, Inc. (N/A) All Cash $28.7 million $4.70 $4.65 31,612 12/31/2015 1.08% 23.09%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.81 798,064 03/31/2016 1.07% 3.61%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $13.47 $13.33 33,513 03/31/2016 1.06% 3.60%
+ VIMC 09/15/2015 Vimicro China (N/A) All Cash N/A $13.50 $13.36 218,980 12/31/2015 1.05% 22.50%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $30.90 $30.59 27,950 03/31/2016 1.00% 3.39%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.70 323,686 03/31/2016 0.98% 3.30%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $131.01 $129.75 1,365,046 03/31/2016 0.97% 3.28%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.95 134,279 03/31/2016 0.92% 3.11%
+ FXEN 10/13/2015 ORLEN Upstream (N/A) All Cash 119 million $1.15 $1.14 113,023 12/31/2015 0.88% 18.83%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.965 629,227 03/31/2016 0.70% 2.38%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.59 3,138,274 03/31/2016 0.68% 2.29%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $108.47 $107.76 299,313 03/31/2016 0.66% 2.23%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.93 1,478 12/31/2016 0.64% 0.61%
+ ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $18.06 $17.95 763,491 06/30/2016 0.60% 1.10%
+ LBMH 11/20/2015 CR Bard Inc. (BCR) All Cash $181 million $3.35 $3.33 135,553 03/31/2016 0.60% 2.03%
+ RNDY 11/11/2015 The Kroger Co. (KR) All Cash $800 million $3.60 $3.59 606,617 12/31/2015 0.28% 5.98%
+ BDBD 11/24/2015 Pinnacle Foods (N/A) All Cash $710 million $11.00 $10.97 1,591,294 03/31/2016 0.27% 0.92%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.48 723,906 05/09/2016 0.24% 0.59%
+ BEE 09/08/2015 Blackstone Real Estate Partners VIII L.P. (N/A) All Cash $6 billion $14.25 $14.22 33,066,796 03/31/2016 0.21% 0.71%
+ BZC 11/19/2015 TransDigm Group Incorporated (TDG) All Cash $206 million $19.61 $19.57 115,386 03/31/2016 0.20% 0.69%
+ AWAY 11/04/2015 Expedia Inc. (EXPE) Cash Plus Stock $3.9 billion $35.59 $35.56 5,245,511 03/31/2016 0.09% 0.31%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.99 113,529 03/31/2016 0.08% 0.28%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.25 196,234 01/31/2016 0.00% 0.00%
+ ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $22.88 $22.90 14,750 12/31/2015 -0.08% -1.72%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $37.36 3,978,360 06/30/2016 -0.16% -0.29%
+ FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) All Stock $244.3 million $19.74 $19.80 234,194 09/30/2016 -0.28% -0.35%
+ GPT 07/01/2015 Chambers Street Properties (CSG) All Stock $2.5 billion $22.65 $22.84 452,481 12/31/2015 -0.84% -18.09%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $44.76 $45.37 117,645 01/31/2016 -1.35% -10.26%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $19.08 $19.46 39,396 06/30/2016 -1.93% -3.54%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $20.65 1,865,724 06/30/2016 -3.15% -5.77%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $128.50 $132.96 1,297,921 12/31/2015 -3.36% -72.04%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $57.34 3,097,105 03/31/2016 -4.95% -16.74%
+ PBY 10/26/2015 Bridgestone Americas, Inc. (N/A) All Cash $863 million $15.50 $16.34 1,423,651 03/31/2016 -5.14% -17.37%
+ ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.35 $0.370 576,755 01/31/2016 -5.41% -41.10%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $3.87 $4.16 50,860 12/31/2015 -6.86% -147.21%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.21 $7.41 82,150 03/31/2015 -29.75% 42.08%
+ MWE 07/13/2015 MPLX LP (MPLX) Cash Plus Stock $20 billion $38.28 $N/A N/A 12/31/2015 0.00% 0.00%

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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Merger Arbitrage Mondays – December 7, 2015

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December 7, 2015 | Merger Arbitrage | Author Asif

Merger activity decreased last week with four new deals announced and two 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 2015 186
Total Number of Deals Not Completed in 2015 7
Total Number of Pending Deals
Cash Deals 55
Stock Deals 20
Stock & Cash Deals 21
Special Conditions 11
Total Number of Pending Deals 107
Total Deal Size $1488.21 billion

New Deals:

  1. The acquisition of HF Financial (HFFC) by Great Western Bancorp (GWB) for $139.5 million in a cash or 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.
  2. The acquisition of Mattson Technology (MTSN) by Beijing E-Town Dragon Semiconductor Industry Investment Center for $300 million or $3.80 per share in cash.
  3. The acquisition of American Residential Properties (ARPI) by American Homes 4 Rent (AMH) for $1.5 billion in an all stock deal. Under the terms of the agreement,each share of American Residential Properties common stock and each limited partnership unit in its operating partnership will be exchanged for 1.135 common shares or limited partnership units of American Homes 4 Rent.
  4. The acquisition of Pulaski Financial Corporation (PULB) by First Busey Corporation (BUSE) for $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.

Deal Updates:

  1. On December 3, 2015, Timberline Resources Corporation (TLR) provided an update that the previously proposed transaction by Waterton Precious Metals Fund II Cayman, LP to acquire all of the issued and outstanding shares of Timberline’s common stock for cash consideration of US$0.58 per Timberline share has been withdrawn by Waterton.
  2. On December 4, 2015, it was announced that the closure of the deal involving NextEra Energy’s (NEE) proposed $4.3 billion acquisition of Hawaiian Electric (HE), which was expected to be finalized by Dec. 3, has been extended by six months to June 2016.

Closed Deals:

  1. The acquisition of State Investors Bancorp (SIBC) by First NBC Bank Holding Company (FNBC) on November 30, 2015. It took 335 days for this deal to be completed.
  2. The acquisition of Martha Stewart Living Omnimedia (MSO) by Sequential Brands Group (SQGB) on December 4, 2015. It took 165 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) $16.50 $8.59 12/31/2015 92.08% 1400.44%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.95 $6.635 12/31/2015 50.03% 760.84%
PRSN 10/27/2015 Galil Medical (N/A) $1.00 $0.69 12/21/2015 44.93% 1171.33%
WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $31.11 06/30/2016 39.83% 70.57%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.09 12/31/2016 36.89% 34.53%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $6.96 01/31/2016 30.75% 204.05%
HUM 07/03/2015 Aetna Inc. (AET) $213.21 $170.77 12/31/2016 24.85% 23.26%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.79 $140.43 12/31/2016 22.33% 20.90%
ONFC 02/24/2015 Community Bank System Inc. (CBU) $24.22 $20.10 12/04/2015 20.52% -2496.81%
HE 12/03/2014 NextEra Energy, Inc. (NEE) $33.50 $28.10 06/30/2016 19.22% 34.05%

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 $16.50 $8.59 278,267 12/31/2015 92.08% 1400.44%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.95 $6.635 8,463,411 12/31/2015 50.03% 760.84%
+ PRSN 10/27/2015 Galil Medical (N/A) All Cash $10.6 million $1.00 $0.69 121,663 12/21/2015 44.93% 1171.33%
+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $31.11 16,528,619 06/30/2016 39.83% 70.57%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.09 73,605 12/31/2016 36.89% 34.53%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $6.96 3,264 01/31/2016 30.75% 204.05%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $213.21 $170.77 819,039 12/31/2016 24.85% 23.26%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.79 $140.43 1,393,967 12/31/2016 22.33% 20.90%
+ ONFC 02/24/2015 Community Bank System Inc. (CBU) All Stock $142 million $24.22 $20.10 1,904 12/04/2015 20.52% 0.00%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.10 258,478 06/30/2016 19.22% 34.05%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $370.64 $316.14 2,518,295 12/31/2016 17.24% 16.13%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $61.45 $52.62 3,876,875 12/31/2015 16.78% 255.15%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $29.97 1,966,596 06/30/2016 16.45% 29.15%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $75.27 2,348,403 09/30/2016 14.92% 18.27%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.90 9,531,600 12/31/2016 13.92% 13.03%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $70.84 2,087,969 06/30/2016 12.76% 22.61%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $18.74 $17.06 4,721,835 03/31/2016 9.86% 31.30%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.67 216,381 03/31/2016 8.99% 28.54%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $47.41 191,065 06/30/2016 8.69% 15.40%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $199.81 $184.69 1,810,377 12/31/2015 8.19% 124.52%
+ 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 $51.28 294,657 12/31/2015 7.98% 121.30%
+ MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) All Cash $300 million $3.80 $3.56 2,756,807 03/31/2016 6.74% 21.40%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $17.36 $16.28 850,026 12/31/2016 6.63% 6.21%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $11.23 $10.61 109,233 04/30/2016 5.87% 14.79%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $35.49 36,884 01/31/2016 5.66% 37.59%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.44 264,346 03/31/2016 5.36% 17.02%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $16.00 $15.24 4,316 09/30/2016 4.97% 6.08%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $62.89 759,358 12/31/2016 4.95% 4.63%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.70 587,035 03/31/2016 4.93% 15.63%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $70.84 $67.57 951,104 06/30/2016 4.84% 8.57%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $11.42 $10.97 3,954,134 09/30/2016 4.09% 5.01%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.51 1,079,993 06/30/2016 3.92% 6.94%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $8.08 $7.78 123,709 03/31/2016 3.91% 12.40%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $26.96 553,195 03/31/2016 3.86% 12.24%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $26.24 1,436,190 12/10/2015 3.85% 468.31%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.55 1,492,555 06/30/2016 3.77% 6.67%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $137.85 1,002,563 03/31/2016 3.74% 11.86%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $27.43 $26.45 513,629 03/31/2016 3.71% 11.78%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $13.47 $12.99 59,162 06/30/2016 3.66% 6.48%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.17 157,513 04/30/2016 3.43% 8.64%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.98 67,506 06/30/2016 3.16% 5.59%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $58.23 364,010 12/31/2016 3.04% 2.84%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.78 130,286 03/31/2016 2.91% 9.22%
+ STNR 08/21/2015 affiliate of Catterton (N/A) All Cash $834 million $65.00 $63.18 108,413 03/31/2016 2.88% 9.14%
+ HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) All Stock $139.5 million $20.01 $19.48 91,933 06/30/2016 2.71% 4.79%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.49 2,327,288 06/30/2016 2.62% 4.64%
+ ALTV 09/03/2015 Momentum Telecom, Inc. (N/A) All Cash $28.7 million $4.70 $4.59 93,280 12/31/2015 2.40% 36.45%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.74 496,874 05/15/2016 2.39% 5.46%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $67.93 $66.36 2,702,277 03/31/2016 2.37% 7.52%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.73 $2.67 63,390 03/31/2016 2.09% 6.64%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $27.05 3,958,878 03/31/2016 2.03% 6.45%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $6.96 2,000,594 03/31/2016 2.01% 6.38%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $54.76 1,135,378 03/31/2016 1.99% 6.32%
+ PULB 12/03/2015 First Busey Corporation (BUSE) All Stock $210.7 million $17.28 $16.95 119,158 06/30/2016 1.93% 3.42%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $29.19 1,307,706 04/30/2016 1.92% 4.83%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.97 361,378 03/31/2016 1.92% 6.08%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $31.40 424,097 12/31/2016 1.91% 1.79%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.81 $8.65 2,486,339 03/31/2016 1.86% 5.90%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $36.27 $35.62 6,432 03/31/2016 1.83% 5.81%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $30.79 213,539 03/31/2016 1.82% 5.77%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $51.28 $50.37 962,269 05/15/2016 1.81% 4.12%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $40.73 $40.07 295,601 03/31/2016 1.64% 5.19%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $114.44 $112.60 441,525 03/31/2016 1.63% 5.19%
+ ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $53.20 1,898,522 03/31/2016 1.50% 4.77%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $4.08 $4.02 9,150,893 06/30/2016 1.38% 2.45%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $33.77 $33.32 44,722 03/31/2016 1.34% 4.27%
+ ARPI 12/03/2015 American Homes 4 Rent (AMH) All Stock $1.5 billion $18.27 $18.04 1,354,789 06/30/2016 1.29% 2.29%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $232.11 769,743 03/31/2016 1.25% 3.95%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.78 652,944 03/31/2016 1.24% 3.93%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $64.76 $64.03 1,252,204 03/31/2016 1.13% 3.59%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $138.95 317,343 03/31/2016 1.12% 3.54%
+ PMCS 11/24/2015 Microsemi Corporation (MSCC) Cash Plus Stock $2.5 billion $12.10 $11.97 3,291,736 03/31/2016 1.08% 3.42%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.85 207,335 03/31/2016 1.01% 3.21%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.95 997,230 03/31/2016 1.01% 3.21%
+ LBMH 11/20/2015 CR Bard Inc. (BCR) All Cash $181 million $3.35 $3.32 188,617 03/31/2016 0.90% 2.87%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.54 2,097,354 03/31/2016 0.89% 2.83%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $133.75 $132.57 2,303,044 03/31/2016 0.89% 2.82%
+ FXEN 10/13/2015 ORLEN Upstream (N/A) All Cash 119 million $1.15 $1.14 415,258 12/31/2015 0.88% 13.34%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.17 93,657 03/31/2016 0.87% 2.77%
+ ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.35 $0.347 361,720 01/31/2016 0.86% 5.74%
+ VIMC 09/15/2015 Vimicro China (N/A) All Cash N/A $13.50 $13.39 308,486 12/31/2015 0.82% 12.49%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $14.25 $14.13 16,745 03/31/2016 0.82% 2.60%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.93 1,128 12/31/2016 0.64% 0.60%
+ PGI 09/10/2015 Siris Capital Group, LLC (N/A) All Cash $1 billion $14.00 $13.93 903,153 12/31/2015 0.50% 7.64%
+ AWAY 11/04/2015 Expedia Inc. (EXPE) Cash Plus Stock $3.9 billion $36.15 $35.98 3,877,172 03/31/2016 0.48% 1.52%
+ ISSI 06/11/2015 Uphill Investment Co (N/A) All Cash N/A $23.00 $22.91 641,691 12/31/2015 0.39% 5.97%
+ BEE 09/08/2015 Blackstone Real Estate Partners VIII L.P. (N/A) All Cash $6 billion $14.25 $14.20 3,412,289 03/31/2016 0.35% 1.12%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.90 88,442 03/31/2016 0.32% 1.03%
+ BDBD 11/24/2015 Pinnacle Foods (N/A) All Cash $710 million $11.00 $10.97 3,853,068 03/31/2016 0.27% 0.87%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.48 846,653 05/09/2016 0.24% 0.56%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $11.98 198,444 03/31/2016 0.17% 0.53%
+ CYT 07/29/2015 Solvay (N/A) All Cash $6.4 billion $75.25 $75.17 814,935 12/31/2015 0.11% 1.62%
+ FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $38.10 $38.06 1,472,402 12/31/2015 0.10% 1.50%
+ BAMM 07/13/2015 Anderson Family (N/A) All Cash $21 million $3.25 $3.25 25,788 12/31/2015 0.00% 0.00%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.25 235,742 01/31/2016 0.00% 0.00%
+ RNDY 11/11/2015 The Kroger Co. (KR) All Cash $800 million $3.60 $3.60 1,055,691 12/31/2015 0.00% 0.00%
+ ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $24.38 $24.42 4,891 12/31/2015 -0.16% -2.38%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $37.49 2,334,841 06/30/2016 -0.51% -0.90%
+ BZC 11/19/2015 TransDigm Group Incorporated (TDG) All Cash $206 million $19.61 $19.74 47,027 03/31/2016 -0.66% -2.09%
+ GPT 07/01/2015 Chambers Street Properties (CSG) All Stock $2.5 billion $22.84 $23.14 373,831 12/31/2015 -1.30% -19.78%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $50.09 $51.66 85,295 01/31/2016 -3.03% -20.12%
+ PBY 10/26/2015 Bridgestone Americas, Inc. (N/A) All Cash $835 million $15.00 $15.69 1,930,897 03/31/2016 -4.40% -13.96%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $128.60 $135.00 537,875 12/31/2015 -4.74% -72.04%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $57.52 9,507,646 03/31/2016 -5.25% -16.66%
+ MWE 07/13/2015 MPLX LP (MPLX) Cash Plus Stock $20 billion $38.81 $41.53 N/A 12/31/2015 -6.54% -99.43%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $4.39 $4.81 64,724 12/31/2015 -8.82% -134.14%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.21 $7.54 24,389 03/31/2015 -30.87% 44.89%

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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Merger Arbitrage Mondays – November 30, 2015

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November 29, 2015 | Merger Arbitrage | Author Asif

Merger activity increased last week with six new deals announced and four 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 2015 184
Total Number of Deals Not Completed in 2015 6
Total Number of Pending Deals
Cash Deals 56
Stock Deals 17
Stock & Cash Deals 21
Special Conditions 12
Total Number of Pending Deals 106
Total Deal Size $1486.06 billion

New Deals:

  1. The acquisition of Allergan (AGN) by Pfizer (PFE) for $160 billion. 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.
  2. The acquisition of CommunityOne Bancorp (COB) by Capital Bank Financial (CBF) for $350 million in a 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.
  3. The acquisition of TeleCommunication Systems (TSYS) by Comtech Telecommunications (CMTL) for $339.7 million or $5.00 per share in cash.
  4. The acquisition of PMC-Sierra (PMCS) by Microsemi Corporation (MSCC) for $2.5 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of PMC-Sierra will receive $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock.
  5. The acquisition of Boulder Brands (BDBD) by Pinnacle Foods for $710 million or $11.00 per share in cash.
  6. The acquisition of Cheviot Financial (CHEV) by MainSource Financial Group (MSFG) for $107.4 million in  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.

Deal Updates:

  1. On November 24, 2015, Skyworks Solutions (SWKS) announced that it decided not to modify its amended and restated merger agreement with PMC-Sierra (PMCS). PMC terminated the amended and restated merger agreement and, as a result, Skyworks is entitled to an $88.5 million termination fee from PMC.

Closed Deals:

  1. The acquisition of Daegis (DAEG) by Open Text Corporation (OTEX) on November 24, 2015. It took 47 days for this deal to be completed.
  2. The acquisition of IPC Healthcare (IPCM) by Team Health Holdings (TMH) on November 23, 2015. It took 111 days for this deal to be completed.
  3. The acquisition of Pericom Semiconductor (PSEM) by Diodes Incorporated (DIOD) on November 25, 2015. It took 83 days for this deal to be completed.
  4. The acquisition of Planar Systems (PLNR) by Leyard Optoelectronic on November 27, 2015. It took 107 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) $16.50 $8.06 12/31/2015 104.71% 1232.93%
TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) $0.58 $0.390 12/31/2015 48.72% 573.61%
ODP 02/04/2015 Staples, Inc. (SPLS) $9.94 $6.75 12/31/2015 47.31% 557.04%
TRIV 10/26/2015 Endologix Inc. (ELGX) $9.10 $6.61 01/31/2016 37.67% 221.77%
NKA 06/14/2015 Brookfield Infrastructure (N/A) $4.23 $3.18 12/31/2016 33.02% 30.36%
CI 07/24/2015 Anthem, Inc. (ANTM) $171.00 $135.30 12/31/2016 26.39% 24.26%
HUM 07/03/2015 Aetna Inc. (AET) $212.15 $168.90 12/31/2016 25.61% 23.54%
PRSN 10/27/2015 Galil Medical (N/A) $1.00 $0.830 03/31/2016 20.48% 61.28%
WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) $43.50 $36.14 06/30/2016 20.37% 34.90%
BHI 11/16/2014 Halliburton Company (HAL) $62.83 $52.78 12/31/2015 19.03% 224.10%

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 $16.50 $8.06 45,662 12/31/2015 104.71% 1232.93%
+ TLR 09/15/2015 Waterton Precious Metals Fund II Cayman, LP (N/A) All Cash N/A $0.58 $0.390 3,565 12/31/2015 48.72% 573.61%
+ ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.94 $6.75 2,053,389 12/31/2015 47.31% 557.04%
+ TRIV 10/26/2015 Endologix Inc. (ELGX) Special Conditions $211 million $9.10 $6.61 29,069 01/31/2016 37.67% 221.77%
+ NKA 06/14/2015 Brookfield Infrastructure (N/A) All Cash $911.9 million $4.23 $3.18 13,466 12/31/2016 33.02% 30.36%
+ CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $171.00 $135.30 457,919 12/31/2016 26.39% 24.26%
+ HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $212.15 $168.90 627,300 12/31/2016 25.61% 23.54%
+ PRSN 10/27/2015 Galil Medical (N/A) All Cash $10.6 million $1.00 $0.830 282,886 03/31/2016 20.48% 61.28%
+ WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $36.14 2,312,250 06/30/2016 20.37% 34.90%
+ BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $62.83 $52.78 981,196 12/31/2015 19.03% 224.10%
+ HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $28.40 111,610 12/31/2015 17.96% 211.44%
+ ONFC 02/24/2015 Community Bank System Inc. (CBU) All Stock $142 million $24.16 $20.61 1,220 12/04/2015 17.24% 1573.02%
+ SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $74.58 452,376 09/30/2016 15.98% 19.13%
+ AGN 11/23/2015 Pfizer Inc. (PFE) All Stock $160 billion $370.53 $319.76 1,864,863 12/31/2016 15.88% 14.60%
+ CVC 09/17/2015 Altice (N/A) All Cash $17.7 billion $34.90 $30.28 1,669,037 06/30/2016 15.26% 26.15%
+ RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) All Cash $17.2 billion $9.00 $7.86 3,655,125 12/31/2016 14.50% 13.33%
+ VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) All Stock N/A $2.91 $2.63 27,931 03/31/2016 10.77% 32.21%
+ 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 $50.02 132,349 12/31/2015 10.70% 125.93%
+ DYAX 11/02/2015 Shire plc (SHPG) All Cash $5.9 billion $37.30 $33.80 1,064,645 06/30/2016 10.36% 17.74%
+ HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $72.51 730,539 06/30/2016 10.16% 17.42%
+ MDP 09/08/2015 Media General, Inc. (MEG) Special Conditions $3.1 billion $51.53 $47.01 55,718 06/30/2016 9.61% 16.48%
+ MWE 07/13/2015 MPLX LP (MPLX) Cash Plus Stock $20 billion $49.95 $45.82 567,272 12/31/2015 9.02% 106.24%
+ TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $201.28 $185.26 282,981 12/31/2015 8.65% 101.80%
+ HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.69 127,080 03/31/2016 8.40% 25.13%
+ RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $11.47 $10.63 30,587 04/30/2016 7.92% 19.03%
+ POM 04/30/2014 Exelon Corporation (EXC) All Cash $7.2 billion $27.25 $25.27 1,564,290 12/10/2015 7.84% 285.99%
+ NGLS 11/03/2015 Targa Resources Corp. (TRGP) All Stock $5.54 billion $24.76 $23.16 338,750 03/31/2016 6.92% 20.70%
+ KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $70.82 $66.54 508,237 06/30/2016 6.42% 11.01%
+ PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) All Cash $217.2 million $37.50 $35.28 8,642 01/31/2016 6.29% 37.04%
+ CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) All Cash $1.9 billion $7.03 $6.62 119,744 03/31/2016 6.19% 18.53%
+ CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) All Stock $107.4 million $15.91 $15.01 43,194 09/30/2016 6.02% 7.21%
+ GAS 08/24/2015 Southern Company (SO) All Cash $12 billion $66.00 $62.60 321,772 12/31/2016 5.43% 4.99%
+ TE 09/05/2015 Emera (N/A) All Cash $10.4 billion $27.55 $26.30 263,657 06/30/2016 4.75% 8.14%
+ RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) All Cash $551 million $11.00 $10.54 248,366 03/31/2016 4.36% 13.06%
+ AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $16.66 $15.97 211,004 12/31/2016 4.32% 3.97%
+ FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $11.24 $10.77 927,114 09/30/2016 4.32% 5.17%
+ SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) All Cash $6.5 billion $55.85 $53.55 387,860 03/31/2016 4.30% 12.85%
+ MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) All Cash $3.3 billion $28.00 $26.85 193,758 03/31/2016 4.28% 12.81%
+ MDAS 11/02/2015 Pamplona Capital Management (N/A) All Cash $2.7 billion $31.35 $30.10 128,997 03/31/2016 4.15% 12.42%
+ FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) All Cash N/A $26.80 $25.74 28,965 06/30/2016 4.12% 7.06%
+ STNR 08/21/2015 affiliate of Catterton (N/A) All Cash $834 million $65.00 $62.44 7,700 03/31/2016 4.10% 12.27%
+ NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $12.50 185,077 06/30/2016 4.00% 6.85%
+ PGI 09/10/2015 Siris Capital Group, LLC (N/A) All Cash $1 billion $14.00 $13.47 403,608 12/31/2015 3.93% 46.33%
+ RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $36.17 $34.90 5,431 03/31/2016 3.65% 10.91%
+ ARG 11/17/2015 Air Liquide (N/A) All Cash $13.4 billion $143.00 $138.38 591,199 03/31/2016 3.34% 9.99%
+ YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) All Cash $5.37 billion $27.60 $26.73 1,980,868 03/31/2016 3.25% 9.74%
+ PNY 10/26/2015 Duke Energy Corporation (DUK) All Cash $6.7 billion $60.00 $58.13 175,752 12/31/2016 3.22% 2.96%
+ SYA 08/11/2015 Sumitomo Life Insurance Company (N/A) All Cash $3.8 billion $32.50 $31.58 260,965 05/15/2016 2.91% 6.37%
+ NTI 10/26/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $27.86 $27.08 245,300 03/31/2016 2.88% 8.62%
+ SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) All Cash $4.5 billion $60.10 $58.49 288,876 03/31/2016 2.75% 8.24%
+ BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $24.35 158,794 04/30/2016 2.67% 6.41%
+ EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) All Cash $620 million $25.50 $24.85 74,343 03/31/2016 2.62% 7.83%
+ CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $69.81 $68.04 766,376 03/31/2016 2.60% 7.78%
+ NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) All Stock $456 million $12.97 $12.65 51,852 06/30/2016 2.49% 4.27%
+ ATML 09/20/2015 Dialog Semiconductor Plc (DLGNF) Cash Plus Stock $4.4 billion $8.81 $8.60 2,352,093 03/31/2016 2.45% 7.33%
+ CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) All Cash $1.1 billion $32.00 $31.24 149,505 12/31/2016 2.43% 2.24%
+ ALTV 09/03/2015 Momentum Telecom, Inc. (N/A) All Cash $28.7 million $4.70 $4.59 27,689 12/31/2015 2.40% 28.22%
+ FCS 11/18/2015 ON Semiconductor Corp. (ON) All Cash $2.4 billion $20.00 $19.54 1,231,679 06/30/2016 2.35% 4.03%
+ ANAD 11/12/2015 GaAs Labs, LLC (N/A) All Cash $32 million $0.35 $0.342 182,147 01/31/2016 2.34% 13.77%
+ ALTR 06/01/2015 Intel Corporation (INTC) All Cash $16.7 billion $54.00 $52.82 746,862 03/31/2016 2.23% 6.68%
+ VIMC 09/15/2015 Vimicro China (N/A) All Cash N/A $13.50 $13.25 105,649 12/31/2015 1.89% 22.22%
+ KING 11/02/2015 Activision Blizzard, Inc. (ATVI) All Cash $5.9 billion $18.00 $17.67 2,912,045 03/31/2016 1.87% 5.59%
+ OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) All Cash $1.9 billion $29.75 $29.21 364,957 04/30/2016 1.85% 4.44%
+ COB 11/23/2015 Capital Bank Financial Corp. (CBF) All Stock $350 million $14.37 $14.12 24,928 03/31/2016 1.74% 5.22%
+ DMND 10/28/2015 Snyder’s-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $42.28 $41.56 113,729 03/31/2016 1.74% 5.21%
+ UTIW 10/09/2015 DSV (N/A) All Cash $1.35 billion $7.10 $6.985 253,117 03/31/2016 1.65% 4.93%
+ SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) All Stock $5.51 billion $110.87 $109.12 92,248 03/31/2016 1.60% 4.79%
+ METR 08/04/2015 F.N.B. Corporation (FNB) All Stock $474 million $34.36 $33.85 27,655 03/31/2016 1.51% 4.52%
+ PCP 08/10/2015 Berkshire Hathaway Inc. (BRK-A) All Cash $37.2 billion $235.00 $231.58 341,037 03/31/2016 1.48% 4.42%
+ AVOL 09/03/2015 Bohai Leasing Co., Ltd. (N/A) All Cash $7.6 billion $31.00 $30.57 13,818 03/31/2016 1.41% 4.21%
+ HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $64.77 $63.88 415,614 03/31/2016 1.40% 4.19%
+ PCL 11/09/2015 Weyerhaeuser Co. (WY) All Stock $8.44 billion $51.79 $51.08 875,196 05/15/2016 1.39% 3.05%
+ BMR 10/08/2015 Blackstone Real Estate Partners VIII (BX) All Cash $8 billion $23.75 $23.45 1,037,810 03/31/2016 1.28% 3.83%
+ BAMM 07/13/2015 Anderson Family (N/A) All Cash $21 million $3.25 $3.21 1,185 12/31/2015 1.25% 14.67%
+ ASBI 06/29/2015 First Merchants Corporation (FRME) All Stock $68.8 million $24.85 $24.55 4,261 12/31/2015 1.23% 14.47%
+ TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) All Cash $339.7 million $5.00 $4.94 319,768 03/31/2016 1.21% 3.63%
+ NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) All Cash $640 million $9.25 $9.14 40,552 03/31/2016 1.20% 3.60%
+ CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $132.18 $130.62 418,747 03/31/2016 1.20% 3.58%
+ ALU 04/15/2015 Nokia Corporation (NOK) All Stock $16.6 billion $3.95 $3.91 770,363 06/30/2016 1.14% 1.95%
+ PMCS 11/24/2015 Microsemi Corporation (MSCC) Cash Plus Stock $2.5 billion $12.01 $11.88 3,239,970 03/31/2016 1.06% 3.16%
+ SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) All Cash $5 billion $115.00 $113.86 83,287 03/31/2016 1.00% 3.00%
+ FRM 11/02/2015 Team, Inc. (TISI) All Stock $335 million $8.32 $8.24 75,680 03/31/2016 0.98% 2.92%
+ PRE 08/03/2015 EXOR S.p.A. (N/A) All Cash $6.9 billion $140.50 $139.15 288,899 03/31/2016 0.97% 2.90%
+ FXEN 10/13/2015 ORLEN Upstream (N/A) All Cash 119 million $1.15 $1.14 63,751 12/31/2015 0.88% 10.33%
+ MSO 06/22/2015 Sequential Brands Group, Inc. (SQBG) Special Conditions $353 million $6.15 $6.11 87,858 12/31/2015 0.65% 7.71%
+ NVSL 06/04/2015 Liberty Bank (N/A) All Cash $78 million $11.00 $10.93 134 12/31/2016 0.64% 0.59%
+ BEE 09/08/2015 Blackstone Real Estate Partners VIII L.P. (N/A) All Cash $6 billion $14.25 $14.16 1,959,023 03/31/2016 0.64% 1.90%
+ LBMH 11/20/2015 CR Bard Inc. (BCR) All Cash $181 million $3.35 $3.33 212,523 03/31/2016 0.60% 1.80%
+ CYT 07/29/2015 Solvay (N/A) All Cash $6.4 billion $75.25 $74.84 363,398 12/31/2015 0.55% 6.45%
+ AWAY 11/04/2015 Expedia Inc. (EXPE) Cash Plus Stock $3.9 billion $35.68 $35.50 616,171 03/31/2016 0.51% 1.51%
+ BDBD 11/24/2015 Pinnacle Foods (N/A) All Cash $710 million $11.00 $10.95 3,027,753 03/31/2016 0.46% 1.37%
+ ISSI 06/11/2015 Uphill Investment Co (N/A) All Cash N/A $23.00 $22.90 548,087 12/31/2015 0.44% 5.14%
+ GPT 07/01/2015 Chambers Street Properties (CSG) All Stock $2.5 billion $24.11 $24.04 242,229 12/31/2015 0.31% 3.67%
+ WPP 10/13/2015 SCA (N/A) All Cash $513 million $10.25 $10.24 170,138 01/31/2016 0.10% 0.57%
+ FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $37.36 $37.35 957,950 12/31/2015 0.03% 0.36%
+ RNDY 11/11/2015 The Kroger Co. (KR) All Cash $800 million $3.60 $3.60 325,441 12/31/2015 0.00% 0.00%
+ BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $54.62 1,424,868 03/31/2016 -0.22% -0.66%
+ BZC 11/19/2015 TransDigm Group Incorporated (TDG) All Cash $206 million $19.61 $19.72 5,102 03/31/2016 -0.56% -1.67%
+ SIBC 12/30/2014 First NBC Bank Holding Company (FNBC) All Cash $49 million $21.25 $21.40 89 12/31/2015 -0.70% -8.25%
+ OCAT 11/10/2015 Astellas Pharma Inc. (N/A) All Cash $379 million $8.50 $8.56 263,514 05/09/2016 -0.70% -1.59%
+ JMG 10/07/2015 Gannett Co., Inc. (GCI) All Cash $280 million $12.00 $12.12 20,910 03/31/2016 -0.99% -2.96%
+ RENT 09/29/2015 comScore, Inc. (SCOR) All Stock $732 million $48.59 $49.28 36,527 01/31/2016 -1.41% -8.27%
+ FSYS 09/01/2015 Westport Innovations Inc. (WPRT) All Stock $126.36 million $5.54 $5.71 14,398 12/31/2015 -3.06% -36.00%
+ PBY 10/26/2015 Bridgestone Americas, Inc. (N/A) All Cash $835 million $15.00 $15.54 601,869 03/31/2016 -3.47% -10.40%
+ TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $127.07 $134.12 118,973 12/31/2015 -5.26% -61.91%
+ CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) All Stock N/A $5.37 $7.90 12,700 03/31/2015 -32.00% 47.87%

Voluntary Disclosure: I hold long positions in CCG and DYAX.

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