Merger Arbitrage (Beta)

Note: You can sort the following table by clicking on Profit, Annualized Profit, Announced Date and Closing Date.

  Symbol Announced Date Acquiring
Company
Deal
Type
Clo.
Value
Clo.
Price
Last
Price
Volume Clo.
Date
Profit Annu.
Profit
WMB 09/28/2015 Energy Transfer Equity, L.P. (ETE) Special Conditions $37.7 billion $43.50 $20.57 14,714,785 06/30/2016 111.47% 726.57%
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.
May 1, 2016: Williams Companies (WMB) and Energy Transfer Equity (ETE) Entities entered into Amendment No. 1 to the Merger Agreement, pursuant to which the form of election, through which Williams stockholders will elect their preferred form of merger consideration, will be mailed to Williams stockholders on the same date as the proxy statement/prospectus related to the Williams’ stockholder meeting to consider and vote upon the Merger. In addition, the Amendment changes the deadline for receipt of the Form of Election by the exchange agent from 30 days prior to the closing of the Merger to the earlier of (i) 20 business days after the mailing of the Form of Election to Williams stockholders and (ii) three business days prior to the anticipated closing date of the Merger.

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.

May 1, 2016: Williams Companies (WMB) and Energy Transfer Equity (ETE) Entities entered into Amendment No. 1 to the Merger Agreement, pursuant to which the form of election, through which Williams stockholders will elect their preferred form of merger consideration, will be mailed to Williams stockholders on the same date as the proxy statement/prospectus related to the Williams’ stockholder meeting to consider and vote upon the Merger. In addition, the Amendment changes the deadline for receipt of the Form of Election by the exchange agent from 30 days prior to the closing of the Merger to the earlier of (i) 20 business days after the mailing of the Form of Election to Williams stockholders and (ii) three business days prior to the anticipated closing date of the Merger.

 

ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.47 $5.94 9,519,523 05/16/2016 59.48% 1973.60%
Details of Office Depot, Inc.:

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

Update(s)
May 27, 2015: The American Postal Workers Union filed a formal report asking federal anti-trust regulators to strike down Staples' (SPLS) $6.3 billion deal to purchase Office Depot (ODP).
January 20, 2016: Staples (SPLS) and Office Depot (ODP) announced that the Board of Directors of both companies intend to waive the merger agreement termination date of February 4, 2016, and extend it to May 16, 2016.

Update(s)

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

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

ALR 02/01/2016 Abbott Laboratories (ABT) Cash $5.8 billion $56.00 $40.20 978,026 12/31/2016 39.30% 59.77%
Details of Alere Inc.:

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

Update(s)
April 29, 2016: Alere (ALR) rejected Abbott Laboratories's (ABT) attempt to end its $5.8 billion pending acquisition of the company.

Update(s)

April 29, 2016: Alere (ALR) rejected Abbott Laboratories's (ABT) attempt to end its $5.8 billion pending acquisition of the company.

CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $174.02 $134.93 814,063 12/31/2016 28.97% 44.06%
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.

HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $220.37 $174.11 1,097,951 12/31/2016 26.57% 40.40%
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.

APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) Cash $1.1 billion $10.00 $8.82 2,687,182 12/31/2016 13.38% 20.35%
Details of Apollo Education Group, Inc.:

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

Update(s)April 28, 2016: Apollo Education Group (APOL) announced that the Special Meeting of Shareholdershas been adjourned to May 6, 2016 in order to provide additional time for shareholders to vote.Of the Class A shares voted to date, nearly 58% voted FOR the proposed transaction. However, the favorable vote of a majority of all outstanding Class A shares is required to adopt this proposal, and the votes to date in favor of the transaction do not yet constitute a majority of the outstanding shares.
Update(s)
April 28, 2016: Apollo Education Group (APOL) announced that the Special Meeting of Shareholders has been adjourned to May 6, 2016 in order to provide additional time for shareholders to vote.Of the Class A shares voted to date, nearly 58% voted FOR the proposed transaction. However, the favorable vote of a majority of all outstanding Class A shares is required to adopt this proposal, and the votes to date in favor of the transaction do not yet constitute a majority of the outstanding shares.
May 1, 2016: Apollo Education Group (APOL) announced that it has received a revised offer from a consortium of investors including The Vistria Group, funds affiliated with Apollo Global Management and the Najafi Companies. Under the revised terms, which represent a best and final offer, the consortium has increased the price at which it would acquire the company to $10.00 per share in cash for both Class A and Class B shares.

Update(s)

April 28, 2016: Apollo Education Group (APOL) announced that the Special Meeting of Shareholders has been adjourned to May 6, 2016 in order to provide additional time for shareholders to vote.Of the Class A shares voted to date, nearly 58% voted FOR the proposed transaction. However, the favorable vote of a majority of all outstanding Class A shares is required to adopt this proposal, and the votes to date in favor of the transaction do not yet constitute a majority of the outstanding shares.Update(s)

May 1, 2016: Apollo Education Group (APOL) announced that it has received a revised offer from a consortium of investors including The Vistria Group, funds affiliated with Apollo Global Management and the Najafi Companies. Under the revised terms, which represent a best and final offer, the consortium has increased the price at which it would acquire the company to $10.00 per share in cash for both Class A and Class B shares.

IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) Cash $6 billion $38.90 $34.32 1,090,627 12/31/2016 13.34% 20.30%
Details of Ingram Micro Inc.:

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

RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) Cash $17.2 billion $9.00 $8.00 6,842,297 12/31/2016 12.50% 19.01%
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.

TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.59 2,651,143 09/30/2016 11.57% 28.55%
Details of TiVo Inc.:

 

Expected to close in the third quarter of 2016 for a closing value of approximately $1.1 billion in a cash and stcok deal. Under the terms of the agreement, Rovi will pay $2.75 per share in cash, or approximately $277 million, subject to adjustment as described under the collar mechanism. The remainder, $7.95 per share, will be paid in shares of common stock of a new holding company that will own both Rovi and TiVo.
The stock consideration is subject to a two-way collar between Average Rovi Stock Prices of $16.00 and $25.00.
If Rovi’s stock price increases between the agreement date and the closing, TiVo stockholders will receive fewer shares (a lower exchange ratio) until the Average Rovi Stock Price reaches $25.00, at which point the exchange ratio will be fixed at 0.3180 per share.
Conversely, if Rovi’s share price decreases between signing and closing, TiVo stockholders will receive more shares (a higher exchange ratio) until the Average Rovi Stock Price reaches $18.71. Between an Average Rovi Stock Price of $18.71 (exchange ratio of 0.4250 per share) and $16.00 (exchange ratio of 0.4969 per share), Rovi has the option to pay additional cash instead of issuing more shares. If the Average Rovi Stock Price is below $16.00, Rovi may set the exchange ratio, in its sole discretion, between 0.4250 and 0.4969. If Rovi makes this election, the per share cash amount will be $10.70 minus the product of the Average Rovi Stock Price and the applicable exchange ratio that Rovi elects. In no event will the cash amount be more than $3.90 per share.

Expected to close in the third quarter of 2016 for a closing value of approximately $1.1 billion in a cash and stcok deal. Under the terms of the agreement, Rovi will pay $2.75 per share in cash, or approximately $277 million, subject to adjustment as described under the collar mechanism. The remainder, $7.95 per share, will be paid in shares of common stock of a new holding company that will own both Rovi and TiVo.
The stock consideration is subject to a two-way collar between Average Rovi Stock Prices of $16.00 and $25.00.If Rovi’s stock price increases between the agreement date and the closing, TiVo stockholders will receive fewer shares (a lower exchange ratio) until the Average Rovi Stock Price reaches $25.00, at which point the exchange ratio will be fixed at 0.3180 per share.Conversely, if Rovi’s share price decreases between signing and closing, TiVo stockholders will receive more shares (a higher exchange ratio) until the Average Rovi Stock Price reaches $18.71. Between an Average Rovi Stock Price of $18.71 (exchange ratio of 0.4250 per share) and $16.00 (exchange ratio of 0.4969 per share), Rovi has the option to pay additional cash instead of issuing more shares. If the Average Rovi Stock Price is below $16.00, Rovi may set the exchange ratio, in its sole discretion, between 0.4250 and 0.4969. If Rovi makes this election, the per share cash amount will be $10.70 minus the product of the Average Rovi Stock Price and the applicable exchange ratio that Rovi elects. In no event will the cash amount be more than $3.90 per share.

 

 

HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.60 260,207 06/30/2016 11.11% 72.42%
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.
Update(s)
March 4, 2016: The Company expects to complete the transactions contemplated by the Merger Agreement during the second calendar quarter of 2016.

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.

Update(s)

March 4, 2016: The Company expects to complete the transactions contemplated by the Merger Agreement during the second calendar quarter of 2016.

BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.83 63,128 06/30/2016 9.51% 61.95%
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.

Update(s)
March 3, 2016: C1 Financial (BNK), announced that, at its special meeting of shareholders, a majority of the outstanding shares of C1 common stock voted to approve the adoption of the merger agreement with Bank of the Ozarks (OZRK). The transaction is expected to close late in the first quarter or in the second quarter of 2016.

Update(s)

March 3, 2016: C1 Financial (BNK), announced that, at its special meeting of shareholders, a majority of the outstanding shares of C1 common stock voted to approve the adoption of the merger agreement with Bank of the Ozarks (OZRK). The transaction is expected to close late in the first quarter or in the second quarter of 2016.

FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) Stock $90 million $12.75 $11.75 66,693 12/31/2016 8.48% 12.89%
Details of First Clover Leaf Financial Corp.:

Expected to close in the fourth quarter of 2016 for a closing value of $90 million in a cash or stock deal. Under the terms of the agreement, shareholders of First Clover Leaf’s stockholders may elect to exchange each share of First Clover Leaf common stock for either $12.87 in cash or .495 of a share of First Mid common stock, subject to certain potential adjustments. Overall elections are subject to proration such that 25 percent of the First Clover Leaf shares will be exchanged for cash and 75 percent for First Mid stock.

NKA 06/14/2015 Brookfield Infrastructure (N/A) Cash $911.9 million $4.23 $3.90 270,380 12/31/2016 8.46% 12.87%
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.

NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) Cash N/A $3.25 $3.00 103,964 06/30/2016 8.33% 54.32%
Details of National Holdings Corporation:

Expected to close in the second quarter of 2016. Upon completion of the merger, sharheholders of National Holdings Corporation will receive $3.25 per share in cash.

TYC 01/25/2016 Johnson Controls Inc. (JCI) Stock $16.5 billion $40.30 $37.24 2,702,921 09/30/2016 8.21% 20.25%
Details of Tyco International plc:

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

KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) Cash N/A $1.08 $1.00 109,742 12/31/2016 8.00% 12.17%
Details of Ku6 Media Co., Ltd.:

Expected to close in the second half of 2016. Upon completion of the merger, shareholders of Ku6 Media will receive $1.08 per ADS.

BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $44.07 $41.34 8,160,688 06/30/2016 6.60% 43.02%
Details of Baxalta Incorporated:

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

STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $80.28 $75.51 9,452,052 12/31/2016 6.31% 9.60%
Details of St. Jude Medical Inc.:

Expected to close in the fourth quarter of 2016 for a closing value of $25 billion in a cash plus stock deal. Under the terms of the agreement, St. Jude Medical shareholders will receive $46.75 in cash and 0.8708 shares of Abbott common stock.

LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) Cash $3.6 billion $40.50 $38.27 1,597,563 12/31/2016 5.83% 8.86%
Details of Lexmark International Inc.:

Expected to close in the second half of 2016 for a closing value of $3.6 billion. Upon completion of the merger, shareholders of Lexmark International will receive $40.50 per share in cash.

VAL 03/20/2016 The Sherwin-Williams Company (SHW) Cash $11.3 billion $113.00 $106.83 706,316 03/31/2017 5.78% 6.39%
Details of The Valspar Corporation:

Expected to close in the first quarter of 2017 for a closing value of $11.3 billion. Upon completion of the merger, shareholders of The Valspar Corporation will receive $113 per share in cash. Under the terms of the merger agreement, in what both companies believe to be the unlikely event that divestitures are required of businesses totaling more than $650 million of Valspar's 2015 revenues, the transaction price would be adjusted to $105 in cash per Valspar share.

NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) Cash $258.66 million $2.62 $2.49 164,907 09/30/2016 5.22% 12.88%
Details of China Nepstar Chain Drugstore Ltd.:

Expected to close in the third quarter of 2016 for a closing value of $258.66 million. Upon competion of the merger, shareholders of China Nepstar Chain Drugstore will receive $2.62 per share in cash.

DATE 12/07/2015 FutureWorld Inc. (N/A) Cash N/A $7.56 $7.19 261,365 04/30/2016 5.15% 0.00%
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.

ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $46.32 $44.22 777,006 12/31/2016 4.75% 7.22%
Details of ITC Holdings Corp.:

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

MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) Cash $300 million $3.80 $3.63 110,924 06/30/2016 4.68% 30.52%
Details of Mattson Technology Inc.:

Expected to close in the second 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.

AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.14 $13.60 137,672 08/15/2016 4.00% 14.30%
Details of Apollo Residential Mortgage, Inc.:

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

The cash portion of the consideration, and thus the total purchase price, is subject to adjustment based upon fluctuations in AMTG’s book value.
CBNK 04/04/2016 Westfield Financial Inc. (WFD) Stock $110 million $18.31 $17.64 343 12/31/2016 3.79% 5.77%
Details of Chicopee Bancorp, Inc.:

Expected to close in the fourth quarter of 2016 for a closing value of $110 million in an all stock deal. Under the terms of the agreement, shareholders of Chicopee Bancorp will receive 2.425 shares of Westfield common stock for each share of Chicopee common stock.

PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.65 $11.27 1,140,091 09/30/2016 3.35% 8.27%
Details of Polycom, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $1.96 billion in a cash plus stock deal. Under the terms of the agreement, Polycom stockholders will be entitled to $3.12 in cash and 1.31 Mitel common shares for each share of Polycom common stock.

MY 02/03/2016 A consortium of investors (the Buyer Consortium), including Mr. Chuanwei Zhang, the Chairman and Chief Executive Officer of the Company (N/A) Cash $408 million $2.51 $2.43 468,968 06/30/2016 3.29% 21.46%
Details of China Ming Yang Wind Power Group Limited:

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

DWA 04/28/2016 NBCUniversal (N/A) Cash $3.8 billion $41.00 $39.78 3,612,745 12/31/2016 3.07% 4.66%
Details of DreamWorks Animation SKG Inc.:

Expected to close by the end of 2016 for a closing value of $3.8 billion. Upon completion of the merger, shareholders of DreamWorks Animation SKG will receive $41.00 per share in cash.

IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) Stock $9 billion $24.78 $24.13 3,534,700 12/31/2016 2.68% 4.07%
Details of IMS Health Holdings, Inc.:

Expected to close in the second half of 2016 for a closing value of $9 billion in an all stock deal. Under the terms of the agreement, IMS Health shareholders will receive a fixed exchange ratio of 0.384 shares of Quintiles common stock for each share of IMS Health common stock.

FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) Cash N/A $26.80 $26.12 354,174 06/30/2016 2.60% 16.97%
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.

SNDK 10/21/2015 Western Digital Corporation (WDC) Cash Plus Stock $19 billion $76.60 $74.69 2,501,843 06/30/2016 2.56% 16.68%
Details of SanDisk Corp.:

Expected to close in the second 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.

Update(s)
February 23, 2016: Western Digital Corporation (WDC) announced that the Unis Investment has been terminated and the consideration to be paid to SanDisk stockholders per share of SanDisk (SNDK) common stock, at the closing of the transaction, will consist of $67.50 in cash and 0.2387 shares of Western Digital common stock, subject to the terms of the Merger Agreement.

Update(s)

February 23, 2016: Western Digital Corporation (WDC) announced that the Unis Investment has been terminated and the consideration to be paid to SanDisk stockholders per share of SanDisk (SNDK) common stock, at the closing of the transaction, will consist of $67.50 in cash and 0.2387 shares of Western Digital common stock, subject to the terms of the Merger Agreement.

VA 04/04/2016 Alaska Air Group, Inc. (ALK) Cash $4 billion $57.00 $55.65 364,479 01/01/2017 2.43% 3.67%
Details of Virgin America Inc.:

Expected to close no later than January 1, 2017 for a closing value of approximately $4 billion. Upon completion of the merger, shareholders of Virgin America will receive $57.00 per share in cash.

RSTI 03/16/2016 Coherent Inc. (COHR) Cash $942 million $32.50 $31.76 147,041 12/31/2016 2.33% 3.54%
Details of Rofin-Sinar Technologies Inc.:

Expected to close in six to nine months for a closing value of $942 million. Upon completion of the merger, shareholders of Rofin_Sinar Technologies will receive $32.50 per share in cash.

AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $14.94 $14.63 403,149 12/31/2016 2.12% 3.22%
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.

FCTY 03/10/2016 Midland Financial Co. (N/A) Cash N/A $11.22 $10.99 5,540 12/31/2016 2.09% 3.18%
Details of 1st Century Bancshares, Inc.:

Expected to close in the second half of 2016. Upon completion of the merger, shareholders of 1st Century Bancshares will receive $11.22 per share in cash.

UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) Cash $170 million $11.00 $10.78 1,997,821 09/30/2016 2.04% 5.03%
Details of United Online, Inc.:

Expected to close in the third calendar quarter of 2016 for a closing value of $170 million. Upon completion of the merger, shareholders of United Online will receive $11.00 per share in cash.

WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) Stock $1 billion $10.59 $10.39 216,418 06/30/2016 1.96% 12.75%
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.

EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) Cash $2.4 billion $34.00 $33.40 199,661 03/31/2017 1.80% 1.99%
Details of The Empire District Electric Company:

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

SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) Cash $140.3 million $13.10 $12.88 37,410 09/30/2016 1.71% 4.21%
Details of Symmetry Surgical Inc.:

Expected to close in the third quarter of 2016 for a closing value of $140.3 million. Upon completion of the merger, shareholders of Symmetry Surgucal will receive $13.10 per share in cash.

FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.37 $10.20 4,823,164 09/30/2016 1.68% 4.15%
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.

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $33.01 386,060 06/30/2016 1.48% 9.68%
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.

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.

IHS 03/21/2016 Markit Ltd. (MRKT) Stock N/A $122.38 $120.60 375,912 12/31/2016 1.48% 2.25%
Details of IHS Inc.:

Expected to close in the second half of 2016 in a merger of equals. Upon completion of the merger, shareholders of IHS will receive 3.5566 common shares of IHS Markit for each share of IHS common stock.

PKY 04/29/2016 Cousins Properties Incorporated (CUZ) Stock $1.95 billion $17.15 $16.90 1,394,715 12/31/2016 1.47% 2.23%
Details of Parkway Properties Inc.:

Expected to close in the fourth quarter of 2016 for a closing value of $1.95 billion in an all stock deal. Under the terms of the agreement, Parkway shareholders will receive 1.63 shares of Cousins stock for each share of Parkway stock they own.

NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $21.57 $21.28 977,363 06/30/2016 1.37% 8.95%
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.

CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) Cash $1.65 billion $36.00 $35.57 1,018,802 09/30/2016 1.21% 2.98%
Details of Cvent, Inc.:

Expected to close in the third calendar quarter of 2016 for a closing value of $1.65 billion. Upon completion of the merger, shareholders of Cvent will receive $36.00 per share in cash.

FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $21.98 $21.72 711,343 09/30/2016 1.18% 2.91%
Details of FirstMerit Corporation:

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

PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) Cash $217.2 million $37.50 $37.07 12,306 06/30/2016 1.16% 7.56%
Details of The Phoenix Companies Inc.:

Expected to close in the second quarter of 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.

TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $214.68 $212.52 1,962,034 06/30/2016 1.02% 6.63%
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.

FCS 11/18/2015 ON Semiconductor Corp. (ON) Cash $2.4 billion $20.00 $19.80 471,960 05/12/2016 1.01% 52.67%
Details of Fairchild Semiconductor International Inc.:

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

Update(s)
February 19, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 3, 2016.
March 4, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 17, 2016.
March 18, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 31, 2016.
April 1, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to April 14, 2016.

Update(s)

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

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

March 18, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 31, 2016.

April 1, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to April 14, 2016.

April 15, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to April 28, 2016.

April 29, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to May 12, 2016.

CVC 09/17/2015 Altice (N/A) Cash $17.7 billion $34.90 $34.57 8,098,329 06/30/2016 0.95% 6.22%
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.

DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) Cash N/A $14.00 $13.88 354,800 06/30/2016 0.86% 5.64%
Details of iDreamSky Technology Limited:

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

RRM 02/26/2016 SES (N/A) Cash $242 million $13.29 $13.19 105 08/15/2016 0.76% 2.71%
Details of RR Media Ltd.:

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

CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) Cash $1.1 billion $30.00 $29.80 136,466 12/31/2016 0.67% 1.02%
Details of Carmike Cinemas Inc.:

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

HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) Stock $1.5 billion $16.17 $16.08 956,821 09/30/2016 0.56% 1.38%
Details of Hatteras Financial Corp:

Expected to close in the third quarter of 2016 for a closing value of $1.5 billion in a cash plus stock deal. Under the terms of the agreement, Hatteras shareholders may elect to receive: (a) $5.55 in cash and 0.9894 shares of Annaly common stock; (b) $15.85 in cash (the “Cash Consideration Option”); or (c) 1.5226 shares of Annaly common stock (the “Stock Consideration Option”).  Hatteras shareholders who elect the Cash Consideration Option or Stock Consideration Option will be subject to proration, in each of the exchange offer and the subsequent second step merger, so that the aggregate consideration will consist of approximately 65% of Annaly’s common stock and approximately 35% in cash.

PNY 10/26/2015 Duke Energy Corporation (DUK) Cash $6.7 billion $60.00 $59.68 573,310 12/31/2016 0.54% 0.82%
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.

HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) Stock $139.5 million $19.86 $19.76 36,910 05/13/2016 0.53% 24.01%
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.

Update(s)

April 19, 2016: Great Western Bancorp (GWB) and HF Financial (HFFC) announced that the merger of HF Financial into Great Western is expected to close on or about May 13, 2016.

AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $18.91 $18.84 9,777 09/15/2016 0.37% 1.01%
Details of Avenue Financial Holdings, Inc.:

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

RKUS 04/04/2016 Brocade Communications Systems, Inc. (BRCD) Cash Plus Stock $1.2 billion $12.47 $12.42 1,143,097 07/31/2016 0.36% 1.52%
Details of Ruckus Wireless, Inc.:

Expected to close in Brocade's third fiscal quarter of 2016 for a closing value of approximately $1.2 billion in a cash plus tock deal. Under the terms of the agreement, shareholders of Ruckus Wireless will receive $6.45 in cash and 0.75 shares of Brocade common stock for each share of Ruckus common stock.

MNRK 12/17/2015 Towne Bank (TOWN) Stock $221 million $18.11 $18.05 15,450 06/30/2016 0.33% 2.18%
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.

TUMI 03/03/2016 Samsonite International S.A. (N/A) Cash $1.8 billion $26.75 $26.67 1,193,720 06/30/2016 0.30% 1.96%
Details of Tumi Holdings, Inc.:

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

ARG 11/17/2015 Air Liquide (N/A) Cash $13.4 billion $143.00 $142.60 559,656 08/15/2016 0.28% 1.00%
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.

Update(s)
February 23, 2016: The merger is expected to close in the second or third quarter of 2016.

Update(s)

February 23, 2016: The merger is expected to close in the second or third quarter of 2016.

VSCP 03/25/2016 BioTelemetry, Inc. (BEAT) Cash $15.5 million $4.05 $4.04 65,152 05/31/2016 0.25% 3.47%
Details of VirtualScopics Inc.:

Expected to close in the second quarter of 2016 for a closing value of $15.5 million. Upon completion of the merger, shareholders of VirtualScopics will receive $4.05 per share in cash.

Update(s)
April 8, 2016: BioTelemetry (BEAT) commenced a cash tender offer to purchase all outstanding common and preferred shares of VirtualScopics (VSCP). The tender offer will expire on May 9, 2016, unless the offer period is extended in accordance with the terms of the Agreement and Plan of Merger and the applicable rules and regulations of the SEC. 

Update(s)

April 8, 2016: BioTelemetry (BEAT) commenced a cash tender offer to purchase all outstanding common and preferred shares of VirtualScopics (VSCP). The tender offer will expire on May 9, 2016, unless the offer period is extended in accordance with the terms of the Agreement and Plan of Merger and the applicable rules and regulations of the SEC. 

CKP 03/02/2016 an affiliate of CCL Industries Inc. (N/A) Cash $443 million $10.15 $10.13 1,047,707 09/30/2016 0.20% 0.49%
Details of Checkpoint Systems Inc.:

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

KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $69.53 $69.39 1,116,796 06/30/2016 0.19% 1.27%
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.

SLI 04/07/2016 Handy & Harman Ltd. (HNH) Cash $166.32 million $40.00 $39.94 2,588 05/20/2016 0.15% 3.66%
Details of SL Industries Inc.:

 

Expected to close in the second quarter of 2016 for $166.32 million. Upon completion of the merger, shareholders of SL Industries will receive $40.00 per share in cash.
Update(s)
April 21, 2016: Handy & Harman (HNH) announced that it has commenced a tender offer through a wholly owned subsidiary to purchase all of the outstanding shares of SL Industries (SLI). Unless extended, the tender offer will expire on May 18, 2016.

Expected to close in the second quarter of 2016 for $166.32 million. Upon completion of the merger, shareholders of SL Industries will receive $40.00 per share in cash.

Update(s)

April 21, 2016: Handy & Harman (HNH) announced that it has commenced a tender offer through a wholly owned subsidiary to purchase all of the outstanding shares of SL Industries (SLI). Unless extended, the tender offer will expire on May 18, 2016.

 

TXTR 04/28/2016 Oracle Corporation (ORCL) Cash $663 million $26.00 $25.97 888,459 12/31/2016 0.12% 0.18%
Details of Textura Corporation:

Expected to close in 2016 for a closing value of $663 million. Upon completion of the merger, shareholders of Textura Corporation will receive $26.00 per share in cash.

NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) Cash $640 million $9.25 $9.24 61,810 06/28/2016 0.11% 0.73%
Details of NTELOS Holdings Corp.:

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

Update(s)
April 15, 2016: Shenandoah Telecommunications Company (SHEN) announced that the Federal Communications Commission (FCC) approved Shentel’s proposed acquisition of NTELOS Holdings (NTLS). Shentel anticipates that the transactions will close within the next few weeks, subject to the remaining closing conditions.

Update(s)

April 15, 2016: Shenandoah Telecommunications Company (SHEN) announced that the Federal Communications Commission (FCC) approved Shentel’s proposed acquisition of NTELOS Holdings (NTLS). Shentel anticipates that the transactions will close within the next few weeks, subject to the remaining closing conditions.

POWR 02/24/2016 Southern Company (SO) Cash $431 million $18.75 $18.74 219,018 06/30/2016 0.05% 0.35%
Details of PowerSecure International, Inc.:

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

CPGX 03/17/2016 TransCanada Corporation (TRP) Cash $13 billion $25.50 $25.49 2,755,628 12/31/2016 0.04% 0.06%
Details of Columbia Pipeline Group, Inc.:

Expected to close in the second half of 2016 for a closing value of approximately $13 billion. Upon completion of the merger, shareholders of Columbia Pipeline Group will receive $25.50 per share in cash.

HNSN 04/20/2016 Auris Surgical Robotics (N/A) Cash $80 million $4.00 $4.00 124,065 06/30/2016 0.00% 0.00%
Details of Hansen Medical, Inc.:

Expected to close by mid 2016 for a closing value of $80 million. Upon completion of the merger, shareholders of Hansen Medical will receive $4.00 per share in cash.

AFOP 04/07/2016 Corning Inc. (GLW) Cash $305 million $18.50 $18.51 340,399 06/30/2016 -0.05% -0.35%
Details of Alliance Fiber Optic Products Inc.:

Expected to close in the second quarter of 2016 for a closing value of $305 million. Upon completion of the merger, shareholders of Alliance Fibre Optics Products will receive $18.50 per share in cash.

OPWR 05/02/2016 Oracle Corporation (ORCL) Cash $532 million $10.30 $10.31 511,097 12/31/2016 -0.10% -0.15%
Details of OPOWER, Inc.:

Expected to close in 2016 for approximately $532 million. Upon completion of the merger, shareholders of OPower will receive $10.30 per share in cash.

RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) Cash $2.8 billion $18.25 $18.29 80,917 09/30/2016 -0.22% -0.54%
Details of Rouse Properties, Inc.:

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

STR 02/01/2016 Dominion Resources, Inc. (D) Cash $4.4 billion $25.00 $25.06 1,443,066 12/15/2016 -0.24% -0.39%
Details of Questar Corporation:

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

GAS 08/24/2015 Southern Company (SO) Cash $12 billion $66.00 $66.23 649,302 12/31/2016 -0.35% -0.53%
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.

WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) Stock N/A $67.64 $67.91 671,975 06/30/2016 -0.39% -2.56%
Details of Waste Connections Inc.:

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

TE 09/05/2015 Emera (N/A) Cash $10.4 billion $27.55 $27.76 3,512,061 06/30/2016 -0.76% -4.93%
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.

CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) Stock $107.4 million $14.59 $14.76 458 09/30/2016 -1.18% -2.91%
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.

COB 11/23/2015 Capital Bank Financial Corp. (CBF) Stock $350 million $12.76 $12.93 32,493 06/30/2016 -1.30% -8.45%
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.

Update(s)
April 29, 2016: The President and CEO of CommunityOne Bancorp (COB) said that the merger with Capital Bank (CBF) is expected to close in the second quarter of 2016. 

Update(s)

April 29, 2016: The President and CEO of CommunityOne Bancorp (COB) said that the merger with Capital Bank (CBF) is expected to close in the second quarter of 2016. 

MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.37 758,891 12/15/2016 -1.32% -2.16%
Details of Media General, Inc.:

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

EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) Cash $2.2 billion $35.05 $35.53 425,032 09/30/2016 -1.35% -3.33%
Details of ExamWorks Group, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $2.2 billion. Upon completion of the merger, shareholders of ExamWorks Group will receive $35.05 per share in cash.

FSYS 09/01/2015 Westport Innovations Inc. (WPRT) Stock $126.36 million $5.07 $5.18 17,267 06/30/2016 -2.18% -14.22%
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.

Update(s)
March 7, 2016: Fuel Systems (FSYS) signed an amendment to the Merger Agreement with Westport (WPRT). In light of current market volatility, the exchange ratio of the Merger Agreement has been amended to include a collar mechanism in order to provide Fuel Systems stockholders with greater certainty regarding the consideration they will receive upon closing of the Merger. In the event that the NASDAQ volume weighted average price of Westport common shares during a specified measuring period (“VWAP”) is equal to or greater than $2.37, then Fuel Systems stockholders will receive 2.129 Westport common shares per Fuel Systems share on closing of the Merger and through the exchange process. In the event Westport’s VWAP is equal to or less than $1.64, Fuel Systems stockholders would receive approximately 3.08 Westport common shares per Fuel Systems share on closing of the merger and through the exchange process. In the event that Westport’s VWAP is greater than $1.64 and less than $2.37, then Fuel Systems stockholders would receive a number of Westport common shares per Fuel Systems share equal to dividing $5.05 by Westport’s VWAP, rounded to four decimal places. The measuring period will be the ten consecutive trading days ending on and including the trading day five business days prior to the anticipated closing date. The Merger currently is anticipated to close in late March 2016.
Since WPRT is currently trading over $2.37 and the deal is supposed to close in the next few days, we are not making any adjustment to the deal terms in our tool.

Update(s)

March 7, 2016: Fuel Systems (FSYS) signed an amendment to the Merger Agreement with Westport (WPRT). In light of current market volatility, the exchange ratio of the Merger Agreement has been amended to include a collar mechanism in order to provide Fuel Systems stockholders with greater certainty regarding the consideration they will receive upon closing of the Merger. In the event that the NASDAQ volume weighted average price of Westport common shares during a specified measuring period (“VWAP”) is equal to or greater than $2.37, then Fuel Systems stockholders will receive 2.129 Westport common shares per Fuel Systems share on closing of the Merger and through the exchange process. In the event Westport’s VWAP is equal to or less than $1.64, Fuel Systems stockholders would receive approximately 3.08 Westport common shares per Fuel Systems share on closing of the merger and through the exchange process. In the event that Westport’s VWAP is greater than $1.64 and less than $2.37, then Fuel Systems stockholders would receive a number of Westport common shares per Fuel Systems share equal to dividing $5.05 by Westport’s VWAP, rounded to four decimal places. The measuring period will be the ten consecutive trading days ending on and including the trading day five business days prior to the anticipated closing date. The Merger currently is anticipated to close in late March 2016.

Since WPRT is currently trading over $2.37 and the deal is supposed to close in the next few days, we are not making any adjustment to the deal terms in our tool.

May 2, 2016: Fuel Systems (FSYS) scheduled its Special Meeting of Stockholders to vote on the proposed business combination between Westport (WPRT) and Fuel Systems for May 31, 2016 .

HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $81.36 1,670,040 06/30/2016 -2.25% -14.66%
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.
Update(s)
March 14, 2016: Starwood Hotels & Resorts Worldwide (HOT) announced that on March 10, 2016 it received a non-binding proposal from a consortium of companies (the "Consortium") to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash. Starwood’s Board of Directors has not changed its recommendation in support of Starwood’s merger with Marriott. The Board, in consultation with its legal and financial advisors, will carefully consider the outcome of its discussions with the Consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders.
March 18, 2016: Starwood Hotels & Resorts Worldwide (HOT) announced that it has received a revised binding and fully financed proposal from a consortium consisting of Anbang Insurance Group , J.C. Flowers & Co. and Primavera Capital Limited (the “Consortium”), that the Starwood Board of Directors, in consultation with its legal and financial advisors, has determined constitutes a “Superior Proposal,” as defined in Starwood’s merger agreement with Marriott International (MAR). Consistent with the terms of the Marriott merger agreement, Marriott has the right until 11:59 p.m. ET on March 28, 2016 to negotiate revisions to the existing merger agreement between Marriott and Starwood so that the proposal from the Consortium no longer constitutes a “Superior Proposal”.  Starwood will negotiate in good faith with Marriott during this period, and the Starwood Board will consider in good faith any changes to the Marriott agreement that Marriott may propose during this period.
March 21, 2016: Marriott International (MAR) and Starwood Hotels & Resorts Worldwide (HOT) announced that the companies have signed an amendment to their definitive merger agreement. Under the terms of the amended merger agreement, Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott International  Class A common stock for each share of Starwood Hotels & Resorts Worldwide common stock. Excluding its timeshare business, the transaction values Starwood at approximately $13.6 billion.
March 28, 2016: China’s Anbang Group again upped its offer to $14 billion, or $82.75 per share to acquire Starwood Hotels & Resorts Worldwide (HOT). Later, on April 1, 2016, Starwood announced that a consortium of companies headed by Chinese insurer Anbang Insurance Group has withdrawn its proposal to acquire Starwood for $82.75 per share and does not aim to make another offer. The withdrawal of the offer by the consortium of companies, which also included J.C. Flowers & Co. and Primavera Capital Limited, was primarily due to concerns related to the market. This announcement paves the way for Marriott International (MAR) to merge with Starwood. The two hoteliers will host their individual shareholder meetings on Apr 8 to vote for the planned merger.

Update(s)

March 14, 2016: Starwood Hotels & Resorts Worldwide (HOT) announced that on March 10, 2016 it received a non-binding proposal from a consortium of companies (the "Consortium") to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash. Starwood’s Board of Directors has not changed its recommendation in support of Starwood’s merger with Marriott. The Board, in consultation with its legal and financial advisors, will carefully consider the outcome of its discussions with the Consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders.

March 18, 2016: Starwood Hotels & Resorts Worldwide (HOT) announced that it has received a revised binding and fully financed proposal from a consortium consisting of Anbang Insurance Group , J.C. Flowers & Co. and Primavera Capital Limited (the “Consortium”), that the Starwood Board of Directors, in consultation with its legal and financial advisors, has determined constitutes a “Superior Proposal,” as defined in Starwood’s merger agreement with Marriott International (MAR). Consistent with the terms of the Marriott merger agreement, Marriott has the right until 11:59 p.m. ET on March 28, 2016 to negotiate revisions to the existing merger agreement between Marriott and Starwood so that the proposal from the Consortium no longer constitutes a “Superior Proposal”.  Starwood will negotiate in good faith with Marriott during this period, and the Starwood Board will consider in good faith any changes to the Marriott agreement that Marriott may propose during this period.

March 21, 2016: Marriott International (MAR) and Starwood Hotels & Resorts Worldwide (HOT) announced that the companies have signed an amendment to their definitive merger agreement. Under the terms of the amended merger agreement, Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott International  Class A common stock for each share of Starwood Hotels & Resorts Worldwide common stock. Excluding its timeshare business, the transaction values Starwood at approximately $13.6 billion.

March 28, 2016: China’s Anbang Group again upped its offer to $14 billion, or $82.75 per share to acquire Starwood Hotels & Resorts Worldwide (HOT). Later, on April 1, 2016, Starwood announced that a consortium of companies headed by Chinese insurer Anbang Insurance Group has withdrawn its proposal to acquire Starwood for $82.75 per share and does not aim to make another offer. The withdrawal of the offer by the consortium of companies, which also included J.C. Flowers & Co. and Primavera Capital Limited, was primarily due to concerns related to the market. This announcement paves the way for Marriott International (MAR) to merge with Starwood. The two hoteliers will host their individual shareholder meetings on Apr 8 to vote for the planned merger.

LPSB 03/10/2016 Horizon Bancorp (HBNC) Stock $94.1 million $15.31 $15.80 13,653 09/30/2016 -3.10% -7.65%
Details of Laporte Bancorp, Inc.:

Expected to close for a closing value of $94.1 million in a cash or stock deal. Under the terms of the agreement, shareholders of Laporte Bancorp will have the option to receive $17.50 per share in cash or 0.629 shares of Horizon common stock, or a combination of both, for each share of LaPorte Bancorp’s common stock. LaPorte Bancorp shareholders will receive total consideration that consists of 65% stock and 35% cash.

VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) Stock N/A $2.08 $2.15 51,319 05/31/2016 -3.22% -45.16%
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.

Update(s)

April 14, 2016: VBI Vaccines (VBIV) scheduled a special meeting for its stockholders on Thursday, May 5, 2016. We are moving the closing date for the deal to May 31, 2016

FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) Stock $244.3 million $18.92 $19.57 16,184 09/30/2016 -3.34% -8.23%
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.

BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) Cash $363 million $25.60 $26.73 3,305 09/30/2016 -4.23% -10.43%
Details of Biotie Therapies Corp.:

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

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) Stock N/A $4.48 $8.09 27,630 03/31/2015 -44.68% 40.67%
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.