Merger Arbitrage (Beta)

Expected to close in the second half of 2013 for a closing value of $8.2 billion. Under the terms of the agreement, NYSE Euronext shareholders will have the option to elect to receive consideration per NYSE Euronext share of (i) $33.12 in cash, (ii) 0.2581 IntercontinentalExchange common shares or (iii) a mix of $11.27 in cash plus 0.1703 ICE common shares.

Expected to close in the second half of 2013 for a closing value of $480 million in an all stock deal. Upon completion of the merger, shareholders of PROLOR Biotech will receive 0.9951 shares of OPKO common stock for each share of PROLOR common stock.

Expected to close on June 30, 2013 for a closing value of $4.3 billion in an all stock deal. Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry.

Expected to close in the fourth quarter of 2013 for a closing value of $37.2 million in an all stock deal. Upon completion of the merger, shareholders of Mayflower Bancorp will receive .565 of an Independent share for each Mayflower share. Independent will purchase the remaining 30% of outstanding Mayflower shares for $17.50 per share in cash. 

We are treating this deal as an all stock deal because 70% of the consideration will be paid out as stock and only 30% will be paid out as cash.

Expected to close in the third quarter of 2013 for a closing value of $355 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Market Leader will receive $6.00 in cash and 0.1553 shares of Trulia's common stock for each share of Market Leader stock.

Expected to close in the first half of 2013. Upon completion of the merger, shareholders of NTS Realty Holdings will receive $7.50 per share in cash.

Expected to close in the second quarter of 2013 for a closing value of $418 million. Upon completion of the merger, shareholders of Zhongpin will receive $13.50 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $106.4 million in an all stock deal. Under the terms of the agreement, PVF Capital Corp. will receive 0.3405 shares of F.N.B. Corporation common stock for each common share of PVF Capital Corp.

Expected to close in the third quarter of 2013. Upon completion of the merger, shareholders of MEMSIC will receive $4.225 per share in cash.

Expected to close in the second quarter of 2013 for a closing value of $893.6 million. Upon completion of the merger, shareholders of WSP Holdings will receive $3.20 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $490.6 million in an all stock deal. Upon completion of the merger, shareholders of Virginia Commerce Bancorp will receive 0.5442 of United's shares for each share of VCBI.

Expected to close early in 2014 for a closing value of $13.6 billion plus the assumption of net debt at close ($2.2 billion as of uear end 2012). Upon completion of the merger, shareholders of Life Technologies will receive $76.00 per share in cash.

Expected to close for a closing value of $890 million. Upon completion of the merger, shareholders of AsiaInfo-Linkage, Inc. will receive $12.00 per share in cash

Upon completion of the merger, shareholders of LJ International will receive $2.00 per share in cash.

Expected to close in the first quarter of 2013 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.

Expected to close in the third quarter of 2013 in a cash plus stock deal. Upon completion of the merger, shareholders of Crestwood Midstream Partners will receive 1.070 common units of Inergy Midstream for each unit Crestwood Midstream they own plus $1.03 per share in cash.

Expected to close in the fourth quarter of 2013 for a closing value of $114.7 million in an all stock deal. Upon completion of the merger, shareholders of CFS Bancorp Inc. will receive 0.65 shares of First Merchants common stock for each share of CFS common stock owned.

Expected to close by the end of the year for a closing value of $1.5 billion. Upon completion of the merger, shareholders of WMS Industries will receive $26.00 per share in cash.

Expected to close in the second quarter of 2013 for a closing value of $1.4 billion. Under the agreement, existing Knight shareholders (other than GETCO) will have the right to elect to receive $3.75 per share in cash or one share of common stock of the new holding company.

Expected to close in the third quarter of 2013. Upon completion of the merger, shareholders of Arbitron will receive $48.00 per share in cash.

Expected to close in the second quarter of 2013 for a closing value of $600 million. Upon completion of the merger, shareholders of Intermec will receive $10.00 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $118.8 million in an all stock deal, Under the terms of the agreement, M&F common shareholders will receive 0.6425 shares of Renasant common stock for each share of M&F common stock.

Expected to close in the second quarter of Dell's FY2014 for a closing value of $24.4 billion. Upon completion of the merger, shareholders of Dell will receive $13.65 per share in cash.

Expected to close in the second quarter of 2013 for a closing value of $6.9 billion in a cash plus stock deal. Upon completion of the merger, shaerholders of Plains Exploration & Production Company will receive $25.00 in cash and 0.6531 shares of FCX common stock.

Expected to close later this year for a closing value of $6.9 billion. Upon completion of the merger, shareholders of BMC Software will receive $46.25 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $390 million in an all-stock deal. Upon completion of the merger, shareholders of Crimson Exploration will receive 0.08288 shares of Contango common stock for each Crimson share.

Expected to close in the second half of 2013 for a closing value of $688 million. Upon completion of the merger, shareholders of 7 Days Group Holdings Limited will receive $13.80 per share in cash. 

Expected to close for a closing value of $278 million. Under the terms of the agreement, Assisted Living's Class A shareholders will get $12 per share in cash while Class B shareholders will get $12.90 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $210 million. Upon completion of the merger, shareholders of Met-Pro will receive $13.75 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $835 million. Upon completion of the merger, shareholders of True Religion Apparel will receive $32.00 per share in cash.

Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of MOD - PAC Corp will receive $8.40 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $302.4 million in an all stock deal. Under the terms of the agreement, shareholders of First Financial will receive 0.4237 shares of SCBT common stock for each share of FFCH common stock.

Expected to close in the second or third quarter of 2013 for a closing value of $64.4 million. Upon completion of the merger, shareholders of Somerset Hills Bancorp will receive either 1.1962 shares of Lakeland Bancorp common stock or $12.00 in cash, subject to proration as described in the Merger Agreement, so that 90% of the aggregate merger consideration will be shares of Lakeland Bancorp common stock and 10% will be cash. 

Expected to close in the third quarter of 2013 for a closing value of $3.9 billion. Upon completion of the merger, shareholders of Gardner Denver will receive $76.00 per share in cash.

Expected to close in the first quarter of 2013 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of CH Energy Group will receive $65.00 per share in cash.

Update(s)

January 28, 2013: CH Energy Group and (CHG) and Fortis filed a settlement agreement. The closing of the acquisition is now expected to take place during the second quarter of 2013.

Expected to close in the third quarter of 2013 for a closing value of $820 million. Upon completion of the merger, shareholders of Ebix will receive $20.00 per share in cash

Expected to close during the fourth quarter of fiscal 2013. Upon completion of the merger, shareholders of Overhill Farms will receive $5.00 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of National Financial Partners will receive $25.35 per share in cash.

Epected to close in the third quarter of 2013 for a closing value of $294 million. Upon completion of the merger, shareholders of Palomar Medial Technologies will receive $6.825 per share in cash and $6.825 per share in Cynosure common stock, subject to the following collar provisions:

• if the number determined by dividing the Target Stock Value by the Average Buyer Stock Price is less than or equal to 0.229, the Exchange Ratio shall be 0.229 and
• if the number determined by dividing the Target Stock Value by the Average Buyer Stock Price is greater than or equal to 0.283, the Exchange Ratio shall be 0.283.

We are treating this an as all cash deal worth $13.65.

Expected to close in the second quarter of 2013 for a closing value of $113.5 million in an all stock deal. Under the terms of the agreement, each outstanding share of Roma Financial common stock, including shares owned by Roma MHC, will be converted into 0.8653 shares of Investors Bancorp common stock upon completion of the merger.

Expected to close in the fourth quarter of 2013 for a closing value of $344 million in an all stock deal. Upon completion of the merger, shareholders of Sterling Bancorp will receive 1.2625 shares of Provident New York Bancorp common stock for each share of Sterling Bancorp common stock.

Expected to close in the second quarter of 2013 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of Focus Media will receive $27.50 per share in cash.

Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of Feihe International will receive $7.40 per share in cash.

Expected to close by the end of the second quarter or early in the third quarter of 2013. Upon completion of the merger, shareholders of Artio Global Investors will receive $2.75 per share in cash.

Expected to close for a closing value of $600 million. Upon completion of the merger, shareholders of Hot Topic will receive $14.00 per share in cash.

Expected to close in the second half of 2013 for a closing value of $1 billion. Upon completion of the merger, shareholders of Power-One will receive $6.35 per share in cash.

Expected to close by mid-year 2013 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Conceptus will receive $31.00 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $39 million. Upon completion of the merger, shareholders of Aerosonic will receive $7.75 per share in cash.

Expected to close in the second half of 2013 for a closing value of $3.3 billion. Upon completion of the merger, shareholders of Lufkin Industries will receive $88.50 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $2.8 billion. Upon completion of the merger, shareholders of Ameristar Casinos will receive $26.50 per share in cash.

Expected to close in the first half of 2013 for a closing value of $2.5 billion in a cash plus stock deal. Under the terms of the agreement each Cymer shareholder to receive US$20.00 in cash and a fixed ratio of 1.1502 ASML ordinary shares per Cymer share.

Expected to close in mid 2013 for a closing value of $1.4 billion. Upon completion of the merger, shareholders of Netspend Holdings will receive $16.00 per share in cash.

Expected to close in the third calendar quarter of 2013 for a closing value of $28 billion. Upon completion of the merger, shareholders of the H.J. Heinz Company will receive $72.50 per share in cash.

Expected to close in the first half of 2013 for a closing value of $225 million. Upon completion of the merger, shareholders of FirstCity Financial will receive $10.00 per share in cash.

Expected to close for a closing value of $1.5 billion. Upon completion of the merger, shareholders of Buckeye Technologies will receive $37.50 per share in cash.

Expected to close in the second quarter of 2013 for a closing value of $1.65 billion. Upon completion of the merger, shareholders of Kayak Software Corporation will receive $40.00 per share in a cash or stock deal.

KAYAK shareholders will have the right to elect to receive cash or stock with a value of $40 per KAYAK share, (subject to (i) the collar mechanism described below and (ii) pro ration such that the overall consideration in the deal to KAYAK shareholders will consist of one-third cash and two-thirds stock).  The stock portion of the consideration will be subject to a 10% collar pursuant to which the value of thePriceline.com stock delivered to those receiving stock will be $40 per KAYAK share so long as the aggregate volume-weighted averagePriceline.com trading price for the 30-day period ending 2 days prior to Closing (as set forth more fully in the Merger Agreement) is between$571.31 and $698.27 per Priceline.com share.  If such average price is above $698.27 or below $571.31, those receiving Priceline.com stock will receive a fixed exchange ratio as set forth in the Merger Agreement.

On account of the variable ratio for those electing to receive stock and the collar, we are treating this as an all cash deal for now.

Expected to close as soon as practicable after the tender offer expires in mid-April 2013. Upon completion of the merger, shareholders of Crexus Investment will receive $13.00 per share in cash.

Expected to close on July 12, 2013 for a closing value of $253 million. Upon completion of the merger, shareholders of Telular Corporation will receive $12.61 per share in cash.

Expected to close in the third quarter of 2013 for a closing value of $373.3 million. Upon completion of the merger, shareholders of Fisher Communications will receive $41.00 per share in cash.

Expected to close in July 2013 for a closing value of $878 million. Upon completion of the merger, shareholders of American Greetings will receive $18.20 per share in cash  and, if declared by the Board of Directors, one regular quarterly dividend of $0.15 per share declared and payable in a manner consistent with the Company's past practice.  If the transaction closed in July 2013, the targeted closing date, the total cash amount shareholders would receive would be $18.35 per share.

Epected to close during the second quarter of 2013 for a closing value of $200 million. Upon completion of the merger, shareholders of Asset Acceptance Capital will receive $6.50 per share in cash.

Expected to close late in the first quarter of 2013 for a closing value of $231 million. Upon completion of the merger, shareholders of First California Financial Group will receive $8.00 per share in an all stock deal.

The number of shares of PacWest common stock deliverable for each share of First California common stock will be determined based on an average price of PacWest common stock over a measuring period prior to the receipt of regulatory approval, and will fluctuate if such average price is between $20.00 and $27.00 and will be fixed if such average price is below $20.00 or above $27.00. Based on PacWest's closing stock price of $22.27 on Monday, November 5, 2012, First California stockholders would have received 0.3592 of a share of PacWest common stock for each share of First California common stock.

On account of this variable ratio subject to a collar, we are going to treat this as an all cash deal for now.

Expected to cloe in the third quarter of 2013 for a closing value of $61.3 million. Upon completion of the merger, shareholders of Newport Bancorp will receive $17.55 per share in cash. In order to be more conservative, we are treating this deal as an all stock deal, since half the consideration will be paid in cash and half in stock.

Expected to close in the second quarter of 2013 for a closing value of $340 million. Upon completion of the merger, shareholders of 3SBio will receive $15.40 per share in cash.

Expected to close in the first quarter of 2013 for a closing value of $2.2 billion, Upon completion of the merger, shareholders of Clearwire Corporation will receive $2.90 per share in cash.

Update(s)

January 9, 2013: Dish Network offered $3.30 per share for Clearwire trumping Sprint Nextel's $2.2 billion offer.

Expected to close by the end of the calendar year 2013 for a closing value of $1.17 billion in an all stock deal. Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.

Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of Atlantic Coast Federal Corporation will receive $5.00 per share in cash.

Expected to close for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Energy Solutions will receive $3.75 per share in cash.

Expected to close in the second quarter of 2013 for a closing value of $3.4 billion. Upon completion of the merger, shareholders of McMoRan Exploration will receive $14.75 per share in cash and 1.15 units of a royalty trust.

Expected to close in the first quarter of 2013. This is a cash (or) stock deal where shareholders can elect to either received $8 per share or they can receive one share in the new merged entity called IMOH that will be listed on the Nasdaq. Since IMOH is not yet listed, we are treating this as an all cash deal.

According to the press release, the Company's board has also approved a 25 cent per share special dividend which will be paid on or about December 7, 2012 to stockholders of record as of the close of business on November 27, 2012.

According to the company, an aggregate of $115 million will be available for the Company's stockholders electing cash. This implies that approximately 57% of investors will receive cash.

Update(s)

March 13, 2013: Outdoor Channel Holdings terminated its previously announced agreement to be acquired by InterMedia and entered into a merger agreement with Kroenke Sports & Entertainment for $8.75 in an all cash transaction.

Expected to close in the fourth quarter of 2012 in an all stock deal. Under the terms of the agreement, stockholders of VTRA (other than VRTB) will receive a fixed ratio of 0.82 share of VRTB common stock for each share of VRTA common stock they own. 

Expected to close in the first quarter of 2013 for a closing value of $600 million. Upon completion of the merger, shareholders of NextWave Wireless will receive $1.00 per share in cash.