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
WPZ 05/13/2015 Williams Companies, Inc. (WMB) Stock $13.8 billion $64.22 $47.81 1,862,091 09/30/2015 34.33% 144.04%
Details of Williams Partners L.P.:

Expected to close in the third quarter of 2015 for a closing value of $13.8 billion in an all stock deal. Under the terms of the agreement, shareholders of Williams Partners will receive 1.115 of Williams common shares per unit of Williams Partners.

SFXE 05/26/2015 an affiliate of Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer (N/A) Cash $774 million $5.25 $4.26 877,141 12/31/2015 23.24% 47.39%
Details of SFX Entertainment Inc.:

Expected to close before the end of 2015 for a closing value of $774 million. Upon completion of the merger, shareholders of SFX Entertainment will receive $5.25 per share in cash.

HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $230.10 $187.50 3,720,369 12/31/2016 22.72% 15.22%
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.

ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $10.65 $8.85 14,169,269 12/31/2015 20.37% 41.53%
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).

MEA 06/16/2015 Total Merchant Limited (N/A) Cash $87 million $0.60 $0.50 109,806 08/31/2015 20.00% 128.07%
Details of Metalico Inc.:

Expected to close in the third quarter of 2015 for a closing value of $87 million. Upon completion of the merger, shareholders of Metalico will receive $0.60 per share in cash.

NKA 06/14/2015 Brookfield Infrastructure (N/A) Cash $911.9 million $4.23 $3.63 60,477 12/31/2016 16.53% 11.07%
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.

OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) Cash $1.9 billion $29.75 $25.71 852,213 04/30/2016 15.71% 19.12%
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.

EROC 05/21/2015 Vanguard Natural Resources, LLC (VNR) Stock $614 million $2.78 $2.45 345,395 09/30/2015 13.57% 56.92%
Details of Eagle Rock Energy Partners, L.P.:

Expected to close in the third quarter of 2015 for a closing value of $614 million in an all stock deal. Under the terms of the agreement, shareholders of Eagle Rock Energy Partners will receive 0.185 Vanguard common units per Eagle Rock common unit.

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $30.16 490,133 12/31/2015 11.07% 22.58%
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. 

BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $65.94 $60.35 2,565,072 12/31/2015 9.26% 18.88%
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.

LRE 04/20/2015 Vanguard Natural Resources, LLC (VNR) Stock $539 million $8.27 $7.69 124,754 09/30/2015 7.57% 31.75%
Details of LRR Energy, L.P.:

Expected to close in the third quarter of 2015 for a closing value of $539 million in an all stock deal. Under the terms of the agreement, shareholders of LRR Energy will receive 0.55 Vanguard common units per LRE common unit.

BRLI 06/04/2015 Opko Health, Inc. (OPK) Stock $1.47 billion $44.69 $41.73 881,597 12/31/2015 7.09% 14.45%
Details of Bio-Reference Laboratories Inc.:

Expected to close in the second half of 2015 for a closing value of $1.47 billion in an all stock deal. Under the terms of the agreement, shareholders of Bio-Reference Laboratories will receive 2.75 shares of OPKO common stock for each share of BRLI common stock.

TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $192.93 $180.88 1,842,292 12/31/2015 6.66% 13.58%
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.

OWW 02/12/2015 Expedia Inc. (EXPE) Cash $1.6 billion $12.00 $11.31 2,894,496 06/30/2015 6.10% 0.00%
Details of Orbitz Worldwide, Inc.:

Expected to close in the second quarter of 2015 for a closing value of $1.6 billion. Upon completion of the merger, shareholders of Orbitz Worldwide will receive $12.00 per share in cash.

HCBK 08/27/2012 M&T Bank Corporation (MTB) Stock $3.7 billion $10.58 $10.00 2,113,205 10/31/2015 5.80% 17.95%
Details of Hudson City Bancorp, Inc.:

Expected to close early in the second quarter of 2014 for a closing value of $3.7 billion in an all stock deal. Under the terms of the agreement, shareholders of Hudson City Bancorp will receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash.

Update(s)

On December 9, 2014, Hudson City Bancorp (HCBK) and M&T Bank Corporation (MTB) announced further extension of time to complete the proposed merger to April 30, 2015.

April 6, 2015: Hudson City Bancorp (HCBKannounced today that it had been advised by M&T Bank Corporation (MTB), that the Federal Reserve Board will not act on M&T's merger application before the current termination date of April 30, 2015 provided for in the Agreement and Plan of Merger, as amended, after which either party can terminate the transaction if the closing has not occurred.  As a result, the merger will not close by the previously announced target closing date of May 1, 2015.

April 17, 2015: Hudson City Bancorp (HCBK) and M&T Bank Corporation (MTBannounced that they have agreed to extend the date after which either party may elect to terminate their Agreement and Plan of Merger from April 30, 2015 to October 31, 2015.

PMFG 05/04/2015 CECO Environmental Corp. (CECE) Special Conditions $150 million $6.85 $6.50 75,658 09/30/2015 5.38% 22.59%
Details of PMFG, Inc.:

Expected to close in the third quarter of 2015 for a closing value of approximately $150 million in a cash plus stock deal. Under the terms of the agreement, PMFG’s shareholders may elect to exchange each share of PMFG common stock for either $6.85 in cash or shares of CECO common stock having an equivalent value based on the volume weighted average trading price of CECO common stock for the 15-trading day period ending on the trading day immediately preceding the closing of the merger, subject to a collar.

We have entered this deal as a "special conditions" deal with a value of $6.85 because the amount of CECO stock PMFG's shareholders will receive remains uncertain at this time.

ALTR 06/01/2015 Intel Corporation (INTC) Cash $16.7 billion $54.00 $51.34 2,914,998 03/31/2016 5.18% 7.00%
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.

GAME 04/03/2015 Capitalhold Limited and Capitalcorp Limited (N/A) Cash $1.9 billion $7.10 $6.79 534,305 12/31/2015 4.57% 9.31%
Details of Shanda Games Limited:

Expected to close in the second half of 2015 for a closing value of $1.9 billion. Under the terms of the agreement, the Parent will acquire the Company for cash consideration equal to US$3.55 per ordinary share of the Company (each, an "Ordinary Share") and US$7.10 per American Depositary Share of the Company, each representing two Class A Ordinary Shares (each, an "ADS").

ASBI 06/29/2015 First Merchants Corporation (FRME) Stock $68.8 million $22.47 $21.49 24,262 12/31/2015 4.54% 9.26%
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.

ONFC 02/24/2015 Community Bank System Inc. (CBU) Stock $142 million $21.35 $20.43 3,997 07/31/2015 4.51% 63.29%
Details of Oneida Financial Corp.:

Expected to close in July 2015 for a closing value of $142 million in a cash or stock deal. Under the terms of the agreement, shareholders of Oneida Financial Corp can elect to receive either 0.5635 shares of Community Bank System, Inc. common stock or $20.00 in cash for each share of Oneida Financial Corp. common stock they hold, subject to an overall 60% stock and 40% cash split.

GOMO 06/08/2015 Sunflower Parent Limited (N/A) Cash N/A $4.90 $4.70 69,545 12/31/2015 4.26% 8.68%
Details of Sungy Mobile Limited:

Expected to close in the second half of 2015 in a going private transaction. Under the terms of the agreement, shareholders of Sungy Mobile Limited will receive $4.90 per share in cash.

BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $52.28 5,270,398 03/31/2016 4.25% 5.74%
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.

MCGC 04/29/2015 PennantPark Floating Rate Capital (PFLT) Special Conditions $175 million $4.75 $4.56 229,959 09/30/2015 4.17% 17.48%
Details of MCG Capital Corporation:

Expected to close in the third calendar quarter of 2015 for a closing value of $175 million. Under the terms of the transaction, MCGC stockholders will receive $4.521 in PFLT shares for each MCGC share, resulting in approximately 11.8 million PFLT shares expected to be issued in exchange for the approximately 36.9 million MCGC shares expected to be outstanding at closing.  Additionally, each MCGC shareholder will receive $0.226 per share in cash from PennantPark Investment Advisers, LLC. To the extent PFLT’s 10-day volume-weighted average price is less than PFLT’s NAV, the Adviser will pay up to an additional $0.25 per PFLT share issued in this transaction.

Update(s)

May 4, 2015: HC2 Holdings (HCHCoffered $5 per share in cash and stock for MCG Capital (MCGC) versus the $4.75 cash bid made last week by PennantPark Floating Rate Capital (PFLT). HC2's offer includes either 0.434 share of HC2 common stock or 0.191 share of a newly created preferred issue, and $0.226 in cash. MCG responded that it's Board of Directors is in consultation with its financial and legal advisers, to review the terms of the proposal submitted by HC2 Holdings.

May 19, 2015: HC2 Holdings (HCHCsubmitted a revised merger proposal to acquire MCG Capital Corporation (MCGC) for $5.25 per share, consisting of (a) a number of shares of HC2 common stock valued at $4.75 (utilizing a floating exchange ratio subject to a customary 15% symmetrical collar that will result in the issuance of between .37 and .50 of a share of HC2 common stock for each share of MCG common stock), and (b) $0.50 in cash. HC2 has delivered what it believes to be a Superior Offer  to the PennantPark (PFLT) Transaction.

June 3, 2015: HC2 Holdings (HCHC) announced that it had modified certain terms of its proposed offer to purchase all of the outstanding shares of (MCGC). HC2's updated proposal is to acquire 100% of the common stock of MCGC on a fully-diluted basis in a cash and stock transaction in which stockholders of MCGC would receive $5.30 for each share of MCGC common stock outstanding, which is an increase from its previous $5.25 per share offer. MCGC’s Board of Directors, in consultation with its financial and legal advisers, will review the terms of the revised proposal submitted by HC2 Holdings.

CMGE 06/09/2015 Pegasus Investment Holdings Limited (N/A) Cash N/A $22.00 $21.12 368,247 12/31/2015 4.17% 8.50%
Details of China Mobile Games and Entertainment Group Limited:

The Transaction is subject to various closing conditions, including a condition that the Merger Agreement be authorized and approved by an affirmative vote of shareholders representing two-thirds or more of the voting power of the shares present and voting in person or by proxy as a single class at a meeting of the Company’s shareholders convened to consider the authorization and approval of the Merger Agreement. Upon completion of the merger, shareholders of China Mobile Games and Entertainment Group Limited will receive $22.00 per share in cash.

HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $74.55 $71.57 11,404,545 03/31/2016 4.17% 5.63%
Details of Health Net, Inc.:

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

OCR 05/21/2015 CVS Health Corporation (CVS) Cash $12.7 billion $98.00 $94.29 1,764,183 12/31/2015 3.93% 8.02%
Details of Omnicare Inc.:

Expected to close by the end of the year 2015 for a closing value of $12.7 billion. Upon completion of the merger, shareholders of Omnicare will receive $98.00 per share in cash.

QLTY 05/06/2015 funds advised by Apax Partners (N/A) Cash $800 million $16.00 $15.44 339,705 09/30/2015 3.63% 15.22%
Details of Quality Distribution Inc.:

Expected to close in the third quarter of 2015 for a closing value of $800 million. Upon completion of the merger, shareholders of Quality Distribution will receive $16.00 per share in cash.

TSRE 05/11/2015 Independence Realty Trust, Inc. (IRT) Cash Plus Stock N/A $6.92 $6.68 4,996 09/30/2015 3.56% 14.95%
Details of Trade Street Residential, Inc.:

Expected to close in the third quarter of 2015 in a cash plus stock deal. Under the terms of the agreement, shareholders of Trade Street Residential will receive $3.80 in cash and 0.4108 of newly issued IRT common stock.

IRT has the option to increase the cash portion of the consideration from $3.80 per share up to $4.56 per share of Trade Street common stock with a corresponding decrease in the stock portion of the merger consideration, in which case the exchange ratio will be adjusted to reflect the new consideration mix.

ALU 04/15/2015 Nokia Corporation (NOK) Stock $16.6 billion $3.70 $3.58 3,205,221 06/30/2016 3.39% 3.43%
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.

NVSL 06/04/2015 Liberty Bank (N/A) Cash $78 million $11.00 $10.64 33,294 12/31/2015 3.38% 6.90%
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.

CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $125.39 $121.47 6,224,970 03/31/2016 3.23% 4.36%
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.

PLMT 04/22/2015 United Community Banks, Inc. (UCBI) Stock $240.5 million $20.36 $19.75 28,709 12/31/2015 3.09% 6.30%
Details of Palmetto Bancshares Inc.:

Expected to close in the fourth quarter of 2015 for a closing value of $240.5 million. Under the terms of the agreement, Palmetto shareholders will have the right to receive $19.25 in cash or 0.97 shares of United common stock, or any combination thereof, for each share of Palmetto common stock. The cash and stock elections are subject to proration to ensure that 30% of the outstanding shares of Palmetto common stock will be exchanged for cash and 70% of the outstanding shares of Palmetto common stock will be exchanged for shares of United common stock in the merger.

HME 06/22/2015 an affiliate of Lone Star Funds (N/A) Cash $7.6 billion $75.23 $73.26 1,498,845 12/31/2015 2.69% 5.48%
Details of Home Properties Inc.:

Expected to close in the fourth quarter of 2015 for a closing value of $7.6 billion. Upon completion of the merger, shareholders of Home Properties will receive $75.23 per share in cash.

CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) Cash $4.7 billion $55.37 $53.94 171,636 12/31/2015 2.65% 5.41%
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.

GTI 05/18/2015 affiliate of Brookfield Asset Management Inc. (N/A) Cash $546 million $5.05 $4.93 7,011,082 07/31/2015 2.43% 34.17%
Details of GrafTech International Ltd.:

Expected to close by the end of July 2015 for a closing value of $546 million. Upon completion of the merger, shareholders of GrafTech International will receive $5.05 per share in cash.

CYN 01/22/2015 Royal Bank of Canada (RY) Cash Plus Stock $5.4 billion $92.73 $90.53 438,133 12/31/2015 2.43% 4.96%
Details of City National Corporation:

Expected to close before the of calendar 2015 for a closing value of $5.4 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of City National Corporation will receive approximately $47.25 in cash and 0.7489 of an RBC common share for each share of City National common stock.

SQBK 03/02/2015 PacWest Bancorp (PACW) Stock $849 million $27.78 $27.14 39,547 12/31/2015 2.35% 4.79%
Details of Square 1 Financial, Inc.:

Expected to close in the fourth quarter of 2015 for a closing value of $849 million in an all stock deal. Under the terms of the Agreement, Square 1 stockholders will receive 0.5997 shares of PacWest common stock for each share of Square 1 common stock.

CMLP 05/06/2015 Crestwood Equity Partners LP (CEQP) Stock $7.5 billion $11.58 $11.36 401,125 09/30/2015 1.91% 8.03%
Details of Crestwood Midstream Partners LP:

Expected to close in the third quarter of 2015 for a closing value of $7.5 billion in an all stock deal. Under the terms of the agreement, Crestwood Midstream unitholders will receive 2.75 units of Crestwood Equity for each unit of Crestwood Midstream they own.

LMNS 06/18/2015 XIO Group (N/A) Cash $510 million $14.00 $13.74 167,604 09/30/2015 1.89% 7.94%
Details of Lumenis Ltd.:

Expected to close in September, 2015 for a closing value of $510 million. Upon completion of the merger, shareholders of Lumenis will receive $14.00 per share in cash.

FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $40.80 $40.06 1,627,402 12/31/2015 1.84% 3.76%
Details of Freescale Semiconductor, Ltd.:

Expected to close in the second half of calendar 2015 for a closing value of $16.7 billion in a cash plus stock deal. Under the terms of the agreement, Freescale shareholders will receive $6.25 in cash and 0.3521 of an NXP ordinary share for each Freescale common share held at the close of the transaction.

PLL 05/13/2015 Danaher Corp. (DHR) Cash $13.8 billion $127.20 $124.96 755,307 12/31/2015 1.79% 3.66%
Details of Pall Corporation:

Expected to close in calendar 2015 for a closing value of $13.8 billion. Upon completion of the merger, shareholders of Pall Corporation will receive $127.20 per share in cash.

LABC 06/18/2015 Home Bancorp, Inc (HBCP) Cash $74.5 millon $24.25 $23.85 917 12/31/2015 1.68% 3.42%
Details of Louisiana Bancorp, Inc.:

Expected to close in the fourth quarter of 2015 for a closing value of $74.5 million. Upon completion of the merger, shareholders of Louisiana Bancorp will receive $24.25 per share in cash.

OMG 06/01/2015 Apollo Global Management, LLC (APO) Cash N/A $34.00 $33.46 517,107 12/31/2015 1.61% 3.29%
Details of OM Group Inc.:

Expected to close by the end of 2015. Upon completion of the merger, shareholders of OM Group will receive $34.00 per share in cash.

CYNI 05/04/2015 Ciena Corporation (CIEN) Stock $400 million $5.39 $5.31 1,225,427 09/30/2015 1.58% 6.63%
Details of Cyan, Inc.:

Expected to close in the third quarter of 2015 for a closing value of approximately $400 million in an all stock deal. Under the terms of the agreement, shareholders of Cyan will receive consideration equal to 0.224 shares of Cienna common stock. 89% of the consideration will be delivered in Ciena common stock and 11% will be delivered in cash based on the value of Ciena common stock at closing.

We are treating this as an all stock deal with a 0.224 exchange ratio.

GPT 07/01/2015 Chambers Street Properties (CSG) Stock $2.5 billion $22.90 $22.55 2,709,806 12/31/2015 1.56% 3.19%
Details of Gramercy Property Trust Inc.:

Expected to close in the fourth quarter of 2015 for a closing value of $2.5 billion in an all stock deal. Under the terms of the agreement, shareholders of Gramercy Property Trusts will receive 3.1898 shares of Chambers Street for each share of Gramercy common stock they own.

HCC 06/10/2015 Tokio Marine Holdings, Inc. (N/A) Cash $7.5 billion $78.00 $76.99 677,538 12/31/2015 1.31% 2.68%
Details of HCC Insurance Holdings Inc.:

Expected to close in the fourth quarter of 2015 for a closing value of $7.5 billion. Upon completion of the merger, shareholders of HCC Insurance Holdings will receive $78.00 per share in cash.

HSP 02/05/2015 Pfizer Inc. (PFE) Cash $17 billion $90.00 $88.95 1,085,086 12/31/2015 1.18% 2.41%
Details of Hospira Inc.:

Expected to close in the second half of 2015 for a closing value of $17 billion. Upon completion of the merger, shareholders of Hospira will receive $90 per share in cash.

LNBB 12/15/2014 Northwest Bancshares, Inc. (NWBI) Special Conditions $183.3 million $18.70 $18.51 8,337 08/14/2015 1.03% 9.37%
Details of LNB Bancorp Inc.:

Expected to close in the second quarter of 2015 for a closing value of $183.3 million. Under the terms of the agreement, shareholders of LNB Bancorp will be entitled to elect to receive either 1.461 shares of Northwest Bancshares common stock or $18.70 per share in cash.

FRS 05/22/2015 an affiliate of NRD Partners I, L.P. (N/A) Cash $175 million $34.00 $33.67 3,630 09/30/2015 0.98% 4.11%
Details of Frisch's Restaurants, Inc.:

Expected to close before the end of September 2015 for a closing value of $175 million. Upon completion of the merger, shareholders of Frisch' Restaurants will receive $34.00 per share in cash.

PPO 02/23/2015 Asahi Kasei Corporation (AHKSY) Cash $3.2 billion $60.50 $59.95 597,686 09/30/2015 0.92% 3.85%
Details of Polypore International Inc.:

Expected to close in the third quarter of 2015 for a closing value of $3.2 billion. Upon completion of the merger, shareholders of Polypore International will receive $60.50 per share in cash. 

As an integrated step in this transaction, immediately prior to Asahi Kasei’s acquisition of Polypore, 3M Company (MMM) will acquire the assets of Polypore’s Separations Media segment for approximately $1.0 billion and Asahi Kasei will receive the cash proceeds from the asset sale.

TRAK 06/15/2015 Cox Automotive, Inc. (N/A) Cash $4 billion $63.25 $62.75 2,276,802 09/30/2015 0.80% 3.34%
Details of Dealertrack Technologies, Inc.:

Expected to close in the third quarter of 2015 for a closing value of $4 billion. Upon completion of the merger, shareholders of Dealertrack Technologies will receive $63.25 per share in cash.

POM 04/30/2014 Exelon Corporation (EXC) Cash $7.2 billion $27.25 $27.04 1,006,678 09/30/2015 0.78% 3.26%
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.

DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $94.30 2,968,535 08/15/2015 0.74% 6.61%
Details of DIRECTV:

Expected to close within approximately 12 months for a closing value of $48.5 billion in a stock and cash transaction. Under the terms of the agreement, DIRECTV shareholders will receive $95.00 per share under the terms of the merger, comprised of $28.50 per share in cash and $66.50 per share in AT&T stock. The stock portion will be subject to a collar such that DIRECTV shareholders will receive 1.905 AT&T shares if AT&T stock price is below $34.90 at closing and 1.724 AT&T shares if AT&T stock price is above $38.58 at closing. If AT&T stock price at closing is between $34.90 and $38.58, DIRECTV shareholders will receive a number of shares between 1.724 and 1.905, equal to $66.50 in value.

On account of the collar, we are treating this deal as an all cash deal.

Update(s)

May 15, 2015: AT&T (T) and DIRECTV (DTVannounced that they have decided to extend the May 18, 2015 “Termination Date of the Merger Agreement for a short period of time to facilitate obtaining final regulatory approval required to close the merger.

June 6, 2015: The DIRECTV (DTV) and AT&T (T) deal is expected to close on June 30, 2015.

June 29, 2015: AT&T (T) and DIRECTV (DTV) elected to further extend the “Termination Date” of the Merger Agreement for a short period of time to facilitate obtaining final regulatory approval required to close the merger. 


STRN 06/22/2015 affiliate of Hach Company (N/A) Cash $39 million $8.50 $8.44 57,221 09/30/2015 0.71% 2.98%
Details of Sutron Corporation:

Expected to close in the third quaarter of 2015 for a closing value of $39 million. Upon completion of the merger, shareholders of Sutron Corporation will receive $8.50 per share in cash.

SUSQ 11/12/2014 BB&T Corporation (BBT) Cash Plus Stock $2.5 billion $14.27 $14.17 821,140 09/30/2015 0.68% 2.85%
Details of Susquehanna Bancshares, Inc.:

Expected to close in the third quarter of 2015 for a closing value of $2.5 billion in a cash plus tock deal. Under the terms of the agreement, shareholders of Susquehanna Bancshares will receive 0.253 shares of BB&T common stock and $4.05 in cash for each share of Susquehanna common stock.

ANN 05/18/2015 Ascena Retail Group Inc. (ASNA) Cash Plus Stock $2.15 billion $48.56 $48.24 280,626 12/31/2015 0.66% 1.35%
Details of ANN INC.:

Expected to close in the second half of 2015 for $2.15 billion in a cash plus stock deal. Under the terms of the agreement ANN stockholders will receive $37.34 in cash and 0.68 of a share of ascena common stock in exchange for each share of ANN common stock.

EXL 04/10/2015 Blackstone Property Partners L.P. (BX) Cash $2 billion $15.85 $15.75 1,556,999 12/31/2015 0.63% 1.29%
Details of Excel Trust, Inc.:

Expected to close in the second half of 2015 for a closing value of $2 billion. Upon completion of the merger, shareholders of Excel Trust will receive $15.85 per share in cash.

INFA 04/07/2015 Permira funds and Canada Pension Plan Investment Board (N/A) Cash $5.3 billion $48.75 $48.46 1,279,234 09/30/2015 0.60% 2.51%
Details of Informatica Corporation:

Expected to close in the second or third quarter of 2015 for a closing value of $5.3 billion. Upon completion of the merger, shareholders of Informatica Corporation will receive $48.75 per share in cash.

CTRX 03/30/2015 OptumRx (N/A) Cash $12.8 billion $61.50 $61.15 1,777,172 12/31/2015 0.57% 1.17%
Details of Catamaran Corporation:

Expected to close in the fourth quarter of 2015 for a closing value of $12.8 billion. Upon completion of the merger, shareholders of Catamaran Corporation will receive $61.50 per share in cash.

CKSW 04/30/2015 private funds managed by Francisco Partners Management L.P. (N/A) Cash $438 million $12.65 $12.58 124,238 07/31/2015 0.56% 7.81%
Details of ClickSoftware Technologies Ltd.:

Expected to close by July 2015 for a closing value of $438 million. Upon completion of the merger, shareholders of ClickSoftware Technologies will receive $12.65 per share in cash.

MCRL 05/07/2015 Microchip Technology Inc. (MCHP) Special Conditions $839 million $14.00 $13.94 486,002 08/15/2015 0.43% 3.83%
Details of Micrel Inc.:

Expected to close early in the third quarter of 2015 for a closing value of $839 million. Under the terms of the agreement, shareholders of Micrel may elect to receive $14.00 per share in cash or $14.00 per share in Microchip common stock, valued at the average closing sale price for a share of Microchip common stock for the ten most recent trading days ending on the second to last trading day prior to the closing.

SIAL 09/22/2014 Merck KGaA (N/A) Cash $17 billion $140.00 $139.48 735,532 06/30/2015 0.37% 0.00%
Details of Sigma-Aldrich Corporation:

Expected to close by mid-year 2015 for a closing value of $17 billion. Upon completion of the merger, shareholders of Sigma-Aldrich will receive $140 per share in cash.

AEC 04/22/2015 Brookfield Asset Management Inc. (BAM) Cash $2.5 billion $28.75 $28.66 314,568 12/31/2015 0.31% 0.64%
Details of Associated Estates Realty Corporation:

Expected to close in the second half of 2015 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of Associated Estates Realty Corporation will receive $28.75 per share in cash.

SIBC 12/30/2014 First NBC Bank Holding Company (NBCB) Cash $49 million $21.25 $21.20 107 06/30/2015 0.24% 0.00%
Details of State Investors Bancorp, Inc.:

Expected to close in the second quarter of 2015 for a closing value of $49 million. Upon completion of the merger, shareholders of State Investors Bancorp will receive $21.25 per share in cash.

GKNT 06/02/2015 GameStop Corp. (GME) Cash $140 million $20.00 $19.96 14,858 08/02/2015 0.20% 2.61%
Details of Geeknet, Inc.:

Expected to close by the end of GameStop's second quarter of 2015 for a closing value of $140 million. Upon completion of the merger, shareholders of Geeknet will receive $20.00 per share in cash.

RALY 05/27/2015 CA, Inc. (CA) Cash $480 million $19.50 $19.47 135,085 09/30/2015 0.15% 0.65%
Details of Rally Software Development Corp.:

Expected to close in the second quarter of CA's fiscal 2016 for a closing value of $480 million. Upon completion of the merger, shareholders of Rally Software Development will receive $19.50 per share in cash.

MIG 12/30/2014 Fosun International Limited (N/A) Cash $433 million $8.65 $8.64 330,327 12/31/2015 0.12% 0.24%
Details of Meadowbrook Insurance Group Inc.:

Expected to close in the second half of 2015 for a closing value of $433 million. Upon completion of the merger, shareholders of Meadowbrook Insurance Group will receive $8.65 per share in cash.

ROSE 05/11/2015 Noble Energy, Inc. (NBL) Stock $2.1 billion $22.23 $22.21 797,348 09/30/2015 0.10% 0.43%
Details of Rosetta Resources, Inc.:

Expected to close in the third quarter of 2015 for a closing value of $2.1 billion in an all stock deal. Under the terms of the agreement, shareholders of Rosetta Resources will receive 0.542 of a share of Noble Energy common stock for each share of Rosetta common stock held.

KYTH 06/17/2015 Allergan plc (AGN) Cash $2.1 billion $75.00 $74.93 534,861 03/31/2016 0.09% 0.13%
Details of Kythera Biopharmaceuticals, Inc.:

Expected to close in the first quarter of 2016 for a closing value of $2.1 billion. Upon completion of the merger, shareholders of Kythera Biopharmaceuticals will receive $75.00 per share in cash. The fixed-value transaction consideration will be payable 80 percent in cash and 20 percent in new AGN shares issued to KYTHERA shareholders. Since this is a "fixed value" transaction, we are treating it as an all cash deal.

QEPM 04/06/2015 Tesoro Logistics LP (TLLP) Stock N/A $17.64 $17.63 114,496 12/31/2015 0.08% 0.17%
Details of QEP Midstream Partners, LP:

Expected to close in 2015. Under the terms of the agreement, QEPM public unitholders will receive 0.3088 TLLP common units for each QEPM Common Unit held.

TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $129.03 $128.93 1,240,756 12/31/2015 0.08% 0.16%
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.

ADVS 02/02/2015 SS&C Technologies Holdings, Inc. (SSNC) Cash $2.7 billion $44.25 $44.23 321,751 09/30/2015 0.05% 0.19%
Details of Advent Software, Inc.:

Expected to close in the second quarter of 2015 for a closing value of $2.7 billion. Upon completion of the merger, shareholders of Advent Software will receive $44.25 per share in cash.

Update(s)

April 23, 2015: The closing of the merger has been postponed to the second or third quarter of 2015.

MRH 03/31/2015 Endurance Specialty Holdings Ltd. (ENH) Cash Plus Stock $1.83 billion $41.23 $41.22 203,206 09/30/2015 0.03% 0.11%
Details of Montpelier Re Holdings Ltd.:

Expected to close in the third quarter of 2015 for a closing value of $1.83 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Montpelier Re Holdings will receive 0.472 shares of Endurance and $9.89 in cash.

MERU 05/27/2015 Fortinet Inc. (FTNT) Cash $44 million $1.63 $1.63 102,631 09/30/2015 0.00% 0.00%
Details of Meru Networks, Inc.:

Expected to close in the third quarter of 2015 for a closing value of $44 million. Upon completion of the merger, shareholders of Meru Networks will receive $1.63 per share in cash.

RTI 03/09/2015 Alcoa Inc. (AA) Stock $1.5 billion $31.43 $31.45 847,203 08/15/2015 -0.06% -0.58%
Details of RTI International Metals, Inc.:

Expected to close in three to six months in an all stock deal. Under the terms of the agreement, RTI shareholders will receive 2.8315 Alcoa shares for each RTI share.

XOOM 07/01/2015 PayPal, Inc. (N/A) Cash $890 million $25.00 $25.05 10,512,996 12/31/2015 -0.20% -0.41%
Details of Xoom Corporation:

Expected to close in the fourth quarter of 2015 for a closing value of $890 million. Upon completion of the merger, shareholders of Xoom Corporation will receive $25 per share in cash.

WMGI 10/27/2014 Tornier N.V. (TRNX) Stock $1.72 billion $25.67 $26.08 286,465 09/30/2015 -1.57% -6.61%
Details of Wright Medical Group Inc.:

Expected to close in the third quarter of 2015 for a closing value of $3.3 billion in an all stock deal. Under the terms of the agreement, shareholders of Wright Medical Group will receive 1.0309 ordinary shares of Tornier in exchange for each outstanding share of Wright common stock.

BBNK 03/09/2015 Western Alliance Bancorporation (WAL) Cash Plus Stock $425 million $29.31 $29.80 N/A 12/31/2015 -1.65% -3.36%
Details of Bridge Capital Holdings:

Expected to close in the fourth quarter of 2015 for a closing value of $425 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Bridge Capital Holdings will receive 0.8145 of a share of Western Alliance Bancorporation and $2.39 in cash for each share of Bridge common stock owned.

MSO 06/22/2015 Sequential Brands Group, Inc. (SQBG) Special Conditions $353 million $6.15 $6.31 285,074 12/31/2015 -2.54% -5.17%
Details of Martha Stewart Living Omnimedia Inc.:

Expected to close in the second half of 2015 for a closing value of $353 million. Upon completion of the merger, shareholders of Martha Stewart Living Omnimedia will receive $6.15 per share in cash.

Under the terms of the merger agreement, each of Sequential and MSLO will merge with and into subsidiaries of a newly formed public holding company (“TopCo”). TopCo will continue as a publicly traded company and be renamed Sequential Brands Group, Inc. Pursuant to the terms of the merger agreement, each share of Sequential common stock will be converted into one share of TopCo common stock. MSLO stockholders will be entitled to elect to receive either (a) $6.15 in cash or (b) a number of shares of TopCo common stock equal to $6.15 divided by the volume weighted average price of Sequential common stock during the five-day period ending on the trading day immediately prior to closing, for each share of MSLO common stock held. The cash and stock elections by MSLO stockholders will be subject to proration in the event of oversubscription.

FSGI 03/25/2015 Atlantic Capital Bancshares, Inc. (N/A) Cash $160 million $2.35 $2.43 12,701 10/31/2015 -3.29% -10.18%
Details of First Security Group, Inc.:

Expected to close late in the third quarter or early in the fourth quarter of 2015 for a closing value of approximately $160 million. Upon completion of the merger, shareholders of First Security Group will receive $2.35 per share in cash.

BALT 04/08/2015 Genco Shipping & Trading Limited (GSKNF) Stock N/A $1.57 $1.63 296,361 09/30/2015 -3.93% -16.47%
Details of Baltic Trading Limited:

Expected to close in the third quarter of 2015 in an all stock deal. Under the terms of the agreement, Baltic Trading shareholders will receive 0.216 shares of Genco common stock for each share of Baltic Trading common stock.

ISSI 06/11/2015 Uphill Investment Co (N/A) Cash N/A $21.00 $22.11 1,095,751 09/30/2015 -5.02% -21.06%
Details of Integrated Silicon Solution Inc.:

Expected to close in the third quarter of 2015. Upon completion of the merger, shareholders of Integrated Silicon Solution will receive $19.25 per share in cash.

Update(s)

May 29, 2015: Integrated Silicon Solution announced that it had entered into an amendment to its previously announced merger agreement with Uphill Investment. Under the terms of the amendment, the merger consideration was increased to $20.00 per share in cash, from the $19.25 per share in cash.

May 29, 2015: Cypress Semiconductor Corporation increased its offer to accquire Integrated Silicon Solution to $20.25 per share beating Uphill Investment Co's increased offer made earlier on Friday. Uphill had raised its original offer to $20 per share from $19.25, to which ISSI had agreed.

June 11, 2015: Integrated Silicon Solution (ISSI) and Uphill Investment amended the Uphill Agreement after ISSI announced yesterday that it had agreed to terms with Cypress Semiconductor (CY) to be acquired for a cash purchase price of $20.25 per share. After considering that the existing offer from Cypress had a lower price than the $21.00 per share provided by the amended Uphill Agreement, the ISSI Board has determined that the proposal from Cypress no longer constitutes, and would not be reasonably expected to lead to a Superior Proposal.

June 29, 2015: Chinese investor group Uphill hiked its buyout offer for Integrated Silicon (ISSI) by $1 to $22 per share, $2.75 above its original offer price, shortly after Cypress Semi (CYhiked its offerto $21.25 per share (while finally agreeing to pay a $19.2M termination fee).

June 27, 2015: Integrated Silicon Solution (ISSI) said that its board has decided that Cypress Semiconductor's (CYrevised buyout offer of $22.60 is not superior to the approximately $738.3 million deal it already has in place with Uphill Investment Co.

FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $79.35 2,216,010 07/02/2015 -6.11% 743.65%
Details of Family Dollar Stores Inc.:

Expected to close by early 2015 for a closing value of $9.2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Family Dollar Stores will receive $59.60 in cash and $14.90 in Dollar Tree stock. The stock portion will be subject to a collar such that Family Dollar shareholders will receive 0.2484 Dollar Tree shares if the average Dollar Tree trading price during a specified period preceding closing is equal to or greater than $59.98 and 0.3036 Dollar Tree shares if this average trading price is less than or equal to $49.08. If the average trading price of Dollar Tree stock during this period is between $49.08 and $59.98, Family Dollar shareholders will receive a number of shares between 0.2484 and 0.3036 equal to $14.90 in value.

Update(s)

May 29, 2015: Dollar Tree (DLTRagreed to sell 330 Family Dollar Stores (FDO) stores to private equity firm Sycamore Partners to get antitrust approval for its $8.5 billion takeover of Family Dollar.

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) Stock N/A $4.14 $6.57 58,017 03/31/2015 -37.04% 140.81%
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.

ALLB 03/03/2015 WSFS Financial Corp. (WSFS) Stock $92 million $7.95 $22.89 2,026 12/31/2015 -65.28% -133.11%
Details of Alliance Bancorp Inc of Pennsylvania:

Expected to close in the fourth quarter of 2015 for a losing value of $92 million in a cash or stock deal. Under the terms of the agreement, shareholders of Alliance Bancorp will be entitled to elect to receive either 0.28955 shares of WSFS common stock or $22.00 in cash for each common share of Alliance Bancorp, Inc. of Pennsylvania, subject to an overall allocation of exchanged shares into 70% common stock and 30% cash. 

EDS 12/02/2013 Pan Long Company Limited (N/A) Cash $60.1 million $1.78 $ N/A 08/15/2015 0.00% 0.00%
Details of Exceed Company Ltd.:

Expected to close in the third quarter of 2014 for a closing value of $60.1 million. Upon completion of the merger, shareholders of Exceed Company will receive $1.78 per share in cash.

Updates(s)

  1. On October 21, 2014, Exceed company announced that the termination date for the merger agreement has been extended to December 31, 2014. 

May 19, 2015: The company anticipates to complete the Privatization towards the end of the second quarter or early in the third quarter of 2015.