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 $21.31 17,863,524 06/30/2016 104.13% 12669.09%
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.

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.

May 5, 2016: Energy Transfer Equity (ETE) Chief Executive Kelcy Warren delivered the most public and concrete renunciation of his once-coveted deal for rival Williams (WMB). Warren said, "We can't close this deal, Absent a substantial restructuring of this transaction, which Energy Transfer has been very willing and actually desiring to do, absent that, we don't have a deal."

May 13, 2016: Williams Companies (WMB) said it has filed a lawsuit against Energy Transfer Equity (ETE) to prevent it from terminating its once-coveted deal for Williams.

May 15, 2016: Energy Transfer Equity (ETE) said that a lawsuit filed by Williams Companies (WMB) to prevent ETE from terminating its once-coveted deal for Williams will lead to a delay in the buyout.

May 16, 2016: Williams Companies (WMB) has filed a suit against Energy Transfer Equity (ETE) to ensure that their merger remains on track. The company took the legal step when the latter expressed concerns over the merger citing that the deal had not secured the necessary legal opinion to make the transaction tax-free to shareholders.

June 9, 2016: The U.S. Federal Trade Commission approved the merger of pipeline companies Energy Transfer Equity (ETE) and Williams Companies (WMB). The commission said it would approve the merger on condition that the companies agree to sell Williams' 50 percent stake in an interstate natural gas pipeline that serves Florida, particularly its electric power companies.

June 17, 2016: The Williams Companies (WMB) announced that its Board of Directors has declared a special dividend in the amount of $0.10 per share of Williams common stock, pursuant to the terms of the merger agreement between Williams and Energy Transfer Equity (ETE). The special dividend is contingent on the consummation of the merger and will be payable to Williams holders of record at the close of business on the last business day prior to the closing of the merger.

ALR 02/01/2016 Abbott Laboratories (ABT) Cash $5.8 billion $56.00 $41.60 1,035,862 12/31/2016 34.62% 67.56%
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 $168.51 $127.71 3,101,872 12/31/2016 31.95% 62.36%
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 $223.54 $182.90 856,340 12/31/2016 22.22% 43.37%
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.

FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) Cash N/A $26.80 $22.71 204,551 06/30/2016 18.01% 2191.18%
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.

RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) Cash $17.2 billion $9.00 $7.71 17,349,320 12/31/2016 16.73% 32.66%
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.

WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.83 96,072 03/31/2017 14.46% 19.05%
Details of WaferGen Bio-systems, Inc.:

Expected to close in February or March, 2017 for a closing value of $18 million. Under the terms of the agreement, TBUSH will acquire WaferGen for an aggregate cash purchase price that will be based on a multiple of WaferGen's 2016 calendar revenue and capped at $50.0 million, subject to the potential adjustments described below. The multiple will range between 1.0 times up to 3.5 times WaferGen's full year 2016 revenue.  If revenues exceed $9.0 million the multiple will be 3.5.

This is a complex deal with many conditions that make it challenging to determine the actual value of this deal on a per share basis. Using their full year 2015 revenue and applying a multiple of 2.5, we get a rough estimate of $0.95/share and are going to use this price as a placeholder in our database.


This is a complex deal with many conditions that make it challenging to determine the actual value of this deal on a per share basis. Using their full year 2015 revenue and applying a multiple of 2.5, we get a rough estimate of $0.95/share and are going to use this price as a placeholder in our database.

 


IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) Cash $6 billion $38.90 $34.79 2,156,890 12/31/2016 11.81% 23.06%
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.

DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) Cash $556 million $6.70 $6.00 528,348 12/31/2016 11.67% 22.77%
Details of E-Commerce China Dangdang Inc.:

Expected to close in the second half of 2016 for a closing value of $556 million in a going-private transaction. Upon completion of the merger, shareholders of E-Commerce China Dangdang will receive $6.70 per American depositary share of the Company, each ADS representing five Class A Shares of the Company.

BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $22.50 291,681 06/30/2016 11.11% 1351.85%
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.

HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $71.80 2,832,580 06/30/2016 10.77% 1309.87%
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.

AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) Cash $748.36 million $6.66 $6.02 21,968 12/31/2016 10.63% 20.75%
Details of Aixtron SE:

Exoected to close in the second half of 2016 for a closing value of 670 million Euros. Upon completion of the merger, shareholders of Aixtron will receive 6 Euros per share in cash.

Note: We have used a conversion rate of 1.11 US Dollars per Euro.

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 $9.11 786,745 08/31/2016 9.77% 54.86%
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.

May 2, 2016: Apollo Education Group (APOL) announced that its shareholders have approved the merger agreement for the proposed acquisition by a consortium of investors, including The Vistria Group, funds affiliated with Apollo Global Management and the Najafi Companies.

HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.69 100,481 06/30/2016 8.40% 1022.13%
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.

NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) Cash N/A $3.25 $3.00 30,341 08/15/2016 8.33% 62.07%
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.

May 17, 2016: Based on information from the NHLD second quarter earnings conference call, we are adjusting the closing date to August 15, 2016.

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 $37.40 1,102,854 12/31/2016 8.29% 16.18%
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.

KUTV 04/05/2016 Shanda Investment Holdings Limited (N/A) Cash N/A $1.08 $1.00 44,841 12/31/2016 8.22% 16.04%
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.

TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $9.92 1,136,578 09/30/2016 7.86% 30.21%
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.

 

WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $55.72 1,398,294 03/31/2017 7.68% 10.12%
Details of Westar Energy, Inc.:

Expected to close in the spring of 2017 for a closing value of approximately $12.2 billion ina cash plus stock deal. Under the terms of the agreement, Westar shareholders will receive $60.00 per share of total consideration for each share of Westar common stock, consisting of $51.00 in cash and $9.00 in Great Plains Energy common stock, subject to a 7.5 percent collar based upon the Great Plains Energy common stock price at the time of the closing of the transaction, with the exchange ratio for the stock consideration ranging between 0.2709 to 0.3148 shares of Great Plains Energy common stock for each Westar share of common stock, representing a consideration mix of 85 percent cash and 15 percent stock.

NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) Cash $258.66 million $2.62 $2.44 74,445 09/30/2016 7.38% 28.34%
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.

AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.27 $13.56 499,465 08/15/2016 5.23% 38.93%
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.
VAL 03/20/2016 The Sherwin-Williams Company (SHW) Cash $11.3 billion $113.00 $107.60 887,763 03/31/2017 5.02% 6.61%
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.

PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.75 125 12/31/2016 4.93% 9.62%
Details of Polonia Bancorp, Inc.:

Expected to close in the fourth quarter of 2016 for a closing value of $38.1 million. Upon completion of the merger, shareholders of Polonia Bancorp will be entitled to elect to receive either 0.7591 shares of Prudential common stock or $11.28 in cash for each common share of Polonia, subject to proration and allocation to ensure that 50% of outstanding Polonia shares are exchanged for shares of Prudential common stock and 50% are exchanged for cash.

TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) Cash $5.2 billion $14.00 $13.39 3,832,970 12/31/2016 4.56% 8.89%
Details of Talen Energy Corporation:

Expected to close by the end of 2016 for a closing value of $5.2 billion. Upon completion of the merger, shareholders of Talen Energy will receive $14.00 per share in cash.

MHGC 05/09/2016 SBE (N/A) Cash $794 million $2.25 $2.16 2,520,232 12/31/2016 4.17% 8.13%
Details of Morgans Hotel Group Co.:

Expected to close in the third or fourth quarter of 2016 for a closing value of $794 million. Upon completion of the merger, shareholders of Morgans Hotel Group will receive $2.25 per share in cash.

HTS 04/11/2016 Annaly Capital Management, Inc. (NLY) Stock $1.5 billion $16.58 $15.98 2,541,896 09/30/2016 3.76% 14.45%
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.

Update(s)

June 15, 2016: Annaly Capital Management (NLY) announced that it has extended its previously announced exchange offer to purchase all of the outstanding shares of common stock of Hatteras Financial (HTS) to July 11, 2016. The completion of the Offer remains subject to the satisfaction or waiver of these and other conditions of the Offer.

STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $79.76 $76.88 5,295,970 12/31/2016 3.75% 7.32%
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.

QLIK 06/02/2016 Thoma Bravo, LLC (N/A) Cash $3 billion $30.50 $29.41 8,654,045 09/30/2016 3.71% 14.24%
Details of Qlik Technologies, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $3 billion. Upon completion of the merger, shareholders of Qlik technologies will receive $30.50 per share in cash.

ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.08 $45.61 1,743,355 12/31/2016 3.23% 6.30%
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.

LNKD 06/13/2016 Microsoft Corporation (MSFT) Cash $26.2 billion $196.00 $190.11 5,708,842 12/31/2016 3.10% 6.05%
Details of LinkedIn Corporation:

Expected to close in this calendar year for a closing value of $26.2 billion. Upon completion of the merger, shareholders of LinkedIn will receive $196 per share in cash.

FMD 06/02/2016 FP Resources USA Inc. (N/A) Cash $65.5 million $5.05 $4.90 15,961 09/30/2016 3.06% 11.76%
Details of The First Marblehead Corporation:

Expected to close in the third quarter of 2016 for a cloing value of $65.5 million. Upon completion of the merger, shareholders of The First Marblehead Corporation will receive $5.05 per share in cash.

MESG 05/23/2016 Siris Capital Group, LLC (N/A) Cash $643 million $25.00 $24.42 421,047 09/30/2016 2.38% 9.13%
Details of Xura, Inc.:

Expected to close in the third fiscal quarter for a closing value of $643 million. Upon completion of the merger, shareholders of Xura will receive $25.00 per share in cash.

TYC 01/25/2016 Johnson Controls Inc. (JCI) Stock $16.5 billion $42.52 $41.60 8,918,086 09/30/2016 2.20% 8.46%
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.

DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) Cash N/A $14.00 $13.70 26,088 06/30/2016 2.19% 266.42%
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.

AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.27 $14.95 958,874 12/31/2016 2.14% 4.18%
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.

MRD 05/16/2016 Range Resources Corporation (RRC) Stock $4.4 billion $16.25 $15.92 3,037,774 12/31/2016 2.04% 3.98%
Details of Memorial Resource Development Corp.:

Expected to close in the second half of 2016 for a closing value of $4.4 billion in an all stock deal. Under the terms of the agreement, MRD shareholders will receive 0.375 shares of Range common stock for each share of MRD common stock held.

AXLL 06/10/2016 Westlake Chemical Corporation (WLK) Cash $3.8 billion $33.00 $32.35 5,027,431 12/31/2016 2.01% 3.92%
Details of Axiall Corporation:

Expected to close in the fourth quarter of 2016 for a closing value of $3.8 billion. Upon completion of the merger, shareholders of Axiall Corporation will receive $33.00 per share in cash.

RSTI 03/16/2016 Coherent Inc. (COHR) Cash $942 million $32.50 $31.91 387,279 12/31/2016 1.85% 3.61%
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.

VA 04/04/2016 Alaska Air Group, Inc. (ALK) Cash $4 billion $57.00 $56.00 977,175 01/01/2017 1.79% 3.47%
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.

EVHC 06/15/2016 AmSurg Corp. (AMSG) Stock $7.66 billion $26.44 $25.99 2,928,621 12/31/2016 1.72% 3.35%
Details of Envision Healthcare Holdings, Inc.:

Expected to close by the end of the year in an all stock deal. Under the terms of the agreement, shareholders of Envision Healthcare willreceive 0.334 AmSurg shares per Envision shares.

FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) Cash $4.2 billion $107.50 $105.71 4,099,301 01/31/2017 1.69% 2.84%
Details of FEI Company:

Expected to close in early 2017 for a closing value of $4.2 billion. Upon completion of the merger, shareholders of FEI Company will receive $107.50 per share in cash.

RRM 02/26/2016 SES (N/A) Cash $242 million $13.29 $13.07 2,609 08/15/2016 1.68% 12.54%
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.

PKY 04/29/2016 Cousins Properties Incorporated (CUZ) Stock $1.95 billion $16.64 $16.37 1,150,060 12/31/2016 1.66% 3.25%
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.

CERE 06/17/2016 Land O'Lakes (N/A) Cash $17.2 million $0.40 $0.39 836,947 09/30/2016 1.52% 5.85%
Details of Ceres, Inc.:

Expected to close in the third calendar quarter of 2016 for a closing value of $17.2 million. Upon completion of the merger, shareholders of  Ceres will receive $0.40 per share in cash.

YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.10 $36.57 386,832 12/31/2016 1.45% 2.84%
Details of Your Community Bankshares, Inc.:

Expected to close in the third or fourth quarter of 2016 for a closing value of $221 million in a cash plus stock deal. Under the terms of the agreement, Your Community shareholders will be entitled to receive 0.964 of a share of WesBanco common stock and cash in the amount of $7.70 per share for each share of Your Community common stock.

REXI 05/23/2016 C-III Capital Partners (N/A) Cash $270 million $9.78 $9.64 347,093 11/15/2016 1.45% 3.76%
Details of Resource America, Inc.:

Expected to close late in the third quarter or early in the fourth quarter of 2016 for a closing value of $270 million. Upon completion of the merger, shareholders of Resource America will receive $9.78 per share in cash.

RDEN 06/16/2016 Revlon, Inc. (REV) Cash $870 million $14.00 $13.80 2,874,331 12/31/2016 1.45% 2.83%
Details of Elizabeth Arden, Inc.:

Expected to close by the end of the year for a closing value of $870 million. Upon completion of the merger, shareholders of Elizabeth Arden will receive $14.00 per share in cash.

MKTO 05/31/2016 Vista Equity Partners (N/A) Cash $1.79 billion $35.25 $34.76 3,151,008 09/30/2016 1.41% 5.42%
Details of Marketo, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $1.79 billion. Upon completion of the merger, shareholders of Marketo will receive $35.25 per share in cash.

MNRK 12/17/2015 Towne Bank (TOWN) Stock $221 million $18.73 $18.49 752,144 06/30/2016 1.29% 156.89%
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.

CLBH 06/22/2016 First Bancorp (FBNC) Stock $97.3 million $18.03 $17.82 51,956 03/31/2017 1.16% 1.52%
Details of Carolina Bank Holdings Inc.:

Expected to close in the fourth quarter of 2016 or first quarter of 2017 for a closing value of $97.3 million in a stock or cash deal. Under the terms of the agreement, Carolina Bank Holdings shareholders will receive either 1.002 shares of First Bancorp’s common stock or $20.00 in cash for each share of Carolina Bank Holdings common stock, subject to the total consideration being 75% stock / 25% cash.

SMT 05/26/2016 Foxconn Technology Group (N/A) Cash N/A $4.50 $4.45 30,016 07/31/2016 1.12% 12.06%
Details of Smart Technologies Inc.:

Expected to close in July 2015. Upon completion of the merger, shareholders of Smart Technologies will receive $4.50 per share in cash.

EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) Cash $2.4 billion $34.00 $33.65 399,026 03/31/2017 1.04% 1.37%
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.

FCS 11/18/2015 ON Semiconductor Corp. (ON) Cash $2.4 billion $20.00 $19.80 1,857,300 07/07/2016 1.01% 36.87%
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.

May 13, 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 26, 2016.

May 27, 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 June 9, 2016.

June 10, 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 June 23, 2016.

June 24, 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 July 7, 2016.

FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.83 $9.73 4,635,966 09/30/2016 1.00% 3.85%
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.

NKA 06/14/2015 Brookfield Infrastructure (N/A) Cash $911.9 million $4.23 $4.19 131,042 12/31/2016 0.95% 1.86%
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.

SQI 05/31/2016 affiliates of Accel-KKR (N/A) Cash $509 million $17.75 $17.59 2,544,302 09/30/2016 0.91% 3.49%
Details of SciQuest, Inc.:

Expected to close in the third quarter or 2016 for a closing value of $509 million. Upon completion of the merger, shareholders of SciQuest will receive $17.75 per share in cash.

KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $73.14 $72.55 1,778,818 06/30/2016 0.81% 98.94%
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.

EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) Cash $2.2 billion $35.05 $34.77 1,462,924 09/30/2016 0.81% 3.09%
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.

SAAS 05/18/2016 NICE Systems Ltd. (NICE) Cash $940 million $14.00 $13.89 2,346,276 12/31/2016 0.79% 1.55%
Details of inContact, Inc.:

Expected to close in the second half of 2016 for a closing value of $940 million. Upon completion of the merger, shareholders of inContact will receive $14.00 per share in cash.

PNY 10/26/2015 Duke Energy Corporation (DUK) Cash $6.7 billion $60.00 $59.55 5,192,910 12/31/2016 0.76% 1.47%
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.

CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) Cash $1.65 billion $36.00 $35.74 1,619,034 09/30/2016 0.73% 2.80%
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.

DWA 04/28/2016 NBCUniversal (N/A) Cash $3.8 billion $41.00 $40.71 3,818,743 12/31/2016 0.71% 1.39%
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.

WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) Stock $1 billion $10.30 $10.23 903,709 06/30/2016 0.66% 80.61%
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.

Update(s)

 May 17, 2016: BBCN Bancorp (BBCN) and Wilshire Bancorp (WIBC) jointly announced the receipt of approvals from all regulatory agencies required for closing the merger of equals between BBCN and Wilshire.

On May 17, 2016, BBCN Bancorp (BBCN) and Wilshire Bancorp (WIBC) jointly announced the receipt of approvals from all regulatory agencies required for closing the merger of equals between BBCN and Wilshire.On May 17, 2016, BBCN Bancorp (BBCN) and Wilshire Bancorp (WIBC) jointly announced the receipt of approvals from all regulatory agencies required for closing the merger of equals between BBCN and Wilshire.
NSPH 05/16/2016 Luminex Corporation (LMNX) Cash $58 million $1.70 $1.69 1,300,130 06/30/2016 0.59% 71.99%
Details of Nanosphere, Inc.:

Expected to close in the second quarter of 2016 for a closing value of $58 million. Upon completion of the merger, shareholders of Nanosphere will receive $1.35 per share in cash.

Update(s)

May 23, 2016: Luminex Corporation (LMNX) and Nanosphere (NSPH) announced that they have entered into an amendment to the definitive agreement under which Luminex will acquire Nanosphere.  The purchase price has been increased to $1.70 per share from $1.35 per share in an all cash transaction valued at approximately $77 million. This increase was in response to an unsolicited third party offer for Nanosphere at $1.50 per share.

HNSN 04/20/2016 Auris Surgical Robotics (N/A) Cash $80 million $4.00 $3.98 75,983 06/30/2016 0.50% 61.14%
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.

RRMS 05/31/2016 SemGroup Corporation (SEMG) Stock $1.74 billion $25.45 $25.36 122,264 09/30/2016 0.35% 1.35%
Details of Rose Rock Midstream, L.P.:

Expected to close in the third quarter of 2016 in an all stock deal for $1.74 billion. Under the terms of the agreement, shareholders of Rose Rock Midstream will receive 0.8136 SemGroup common shares per Rose Rock common unit.

MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.08 2,396,483 12/15/2016 0.35% 0.75%
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.

TUMI 03/03/2016 Samsonite International S.A. (N/A) Cash $1.8 billion $26.75 $26.66 1,228,443 06/30/2016 0.34% 41.07%
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.

QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $14.70 $14.65 3,027,105 09/30/2016 0.31% 1.20%
Details of QLogic Corp.:

Expected to close in the third calendar quarter of 2016 for a closing value of $1.36 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of QLogic will receive $11.00 per share in cash and 0.098 of a share of Cavium common stock for each share of QLogic common stock.

KKD 05/09/2016 JAB Beech Inc. (N/A) Cash $1.35 billion $21.00 $20.94 1,544,220 09/30/2016 0.29% 1.10%
Details of Krispy Kreme Doughnuts, Inc. :

Expected to close in the third quarter of 2016 for a closing value of $1.35 billion. Upon completion of the merger, shareholders of Krispy Kreme Doughnuts will receive $21.00 per share in cash.

XNPT 05/23/2016 Arbor Pharmaceuticals, LLC (N/A) Cash $467 million $7.03 $7.01 526,909 09/30/2016 0.29% 1.10%
Details of Xenoport, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $467 million. Upon completion of the merger, shareholders of Xenoport will receive $7.03 per share in cash.

ELRC 05/31/2016 Platinum Equity (N/A) Cash $382.2 million $15.50 $15.46 911,320 09/30/2016 0.26% 0.99%
Details of Electro Rent Corporation:

Expected to close in the net 90 to 120 days for a closing value of $323.4 million. Upon completion of the merger, shareholders of Electro Rent Corporation will receive $13.12 per share in cash.

Update(s)

June 24, 2016: Platinum Equity and Electro Rent Corporation (ELRC) announced that the purchase price for Platinum Equity’s previously announced acquisition of Electro Rent has increased by 18% to $15.50 per share in cash from $13.12 per share, now valuing the purchase price at approximately $382.2 million.

FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $19.81 $19.76 1,757,263 09/30/2016 0.25% 0.96%
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.

CPXX 05/31/2016 Jazz Pharmaceuticals Public Limited Company (JAZZ) Cash $1.5 billion $30.25 $30.19 4,127,809 09/30/2016 0.20% 0.76%
Details of Celator Pharmaceuticals, Inc.:

Expected to close in the third quarter of 2016 for a closin value of approximately $1.5 billion. Upon completion of the merger, shareholders of Celator Pharmaceuticals will receive $30.25 per share in cash.

UNTD 05/04/2016 B. Riley Financial, Inc. (RILY) Cash $170 million $11.00 $10.98 475,976 09/30/2016 0.18% 0.70%
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.

GAS 08/24/2015 Southern Company (SO) Cash $12 billion $66.00 $65.90 1,069,044 12/31/2016 0.15% 0.30%
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.

DWRE 06/01/2016 salesforce.com, inc. (CRM) Cash $2.8 billion $75.00 $74.90 2,774,928 07/31/2016 0.13% 1.43%
Details of Demandware, Inc.:

Expected to close in the second quarter of Salesforce’s fiscal year 2017, ending July 31, 2016. Upon completion of the merger, shareholders of Demandware will receive $75.00 per share in cash.

CPGX 03/17/2016 TransCanada Corporation (TRP) Cash $13 billion $25.50 $25.47 7,186,762 12/31/2016 0.12% 0.23%
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.

RSE 02/25/2016 an affiliate of Brookfield Asset Management Inc. (N/A) Cash $2.8 billion $18.25 $18.24 806,650 09/30/2016 0.05% 0.21%
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.

PLCM 04/15/2016 Mitel Networks Corporation (MITL) Cash Plus Stock $1.96 billlion $11.60 $11.60 1,571,269 09/30/2016 -0.04% -0.14%
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.

Update(s)

May 23, 2016: Polycom (PLCM), announced that it had received a revised, non-binding proposal from a private equity sponsor that was previously described as “Sponsor 1” in the Registration Statement on Form S-4 filed by Mitel Networks Corporation (MITL). Under the terms of Sponsor 1’s revised proposal, existing Polycom stockholders would receive a cash dividend of $11.00 per share and Sponsor 1 would purchase from Polycom $650 million in shares of a new convertible preferred stock of Polycom. The Polycom Board, in consultation with its legal and financial advisors, will consider the outcome of its discussions or negotiations with Sponsor 1 to determine the course of action that is in the best interest of Polycom and its stockholders.

June 8, 2016: Polycom (PLCM), which agreed to be acquired by Mitel Networks (MITL) said that it had received a revised offer from a private equity firm identified only as "Sponsor 1" to take it private for a new offer of $12.25 per share. 

LDRH 06/07/2016 Zimmer Biomet Holdings, Inc. (ZBH) Cash $1 billion $37.00 $37.03 1,066,926 09/30/2016 -0.08% -0.31%
Details of LDR Holding Corporation:

Expected to close in the third quarter of 2016 for a closing value of $1 billion. Upon completion of the merger, shareholders of LDR Holding Corporation will receive $37.00 per share in cash.

IHS 03/21/2016 Markit Ltd. (MRKT) Stock N/A $111.00 $111.28 548,071 12/31/2016 -0.25% -0.49%
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.

MGN 05/24/2016 Hecla Mining Co. (HL) Stock N/A $1.05 $1.05 103,464 09/30/2016 -0.30% -1.14%
Details of Mines Management, Inc.:

Expected to close in the third quarter of 2016 in an all stock deal. Under the terms of the agreement, each outstanding common share of Mines Management will be exchanged for 0.2218 of a common share of Hecla.

SSRG 05/03/2016 an affiliate of RoundTable Healthcare Partners (N/A) Cash $140.3 million $13.10 $13.14 654,675 09/30/2016 -0.30% -1.17%
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.

FCTY 03/10/2016 Midland Financial Co. (N/A) Cash N/A $11.22 $11.26 11,163 12/31/2016 -0.36% -0.69%
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.

TE 09/05/2015 Emera (N/A) Cash $10.4 billion $27.55 $27.66 1,844,535 06/30/2016 -0.40% -48.39%
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.

STR 02/01/2016 Dominion Resources, Inc. (D) Cash $4.4 billion $25.00 $25.12 1,163,896 12/31/2016 -0.48% -0.93%
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.

ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $15.74 $15.83 3,144,303 05/31/2017 -0.55% -0.60%
Details of American Capital, Ltd.:

Expected to close within the next twelve months for a closing value of $3.4 billion in a cash plus stock deal. Under the term of the agreement, American Capital shareholders will receive $1.470 billion in cash from Ares Capital, or $6.41 per share, plus 0.483 Ares Capital shares for each American Capital share. In a separate transaction, American Capital also announced today that it is selling   American Capital Mortgage Management to American Capital Agency (AGNC) for $562 million or $2.45 per fully diluted share.

ASEI 06/21/2016 OSI Systems, Inc. (OSIS) Cash $269 million $37.00 $37.23 245,772 12/31/2016 -0.62% -1.21%
Details of American Science & Engineering Inc.:

Expected to close by the end of 2016 for a closing value of $269 million. Upon completion of the merger, shareholders of American Science and Engineering will receive $37.00 per share in cash.

COB 11/23/2015 Capital Bank Financial Corp. (CBF) Stock $350 million $12.71 $12.81 44,445 06/30/2016 -0.77% -94.22%
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. 

BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) Cash $363 million $25.60 $25.80 N/A 09/30/2016 -0.78% -2.98%
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.

Update(s)

June 13, 2016: Biotie Therapies (BITI) announced that the voluntary delisting of its American Depositary Shares from the NASDAQ Global Select Market became effective prior to the opening of trading on 13 June, 2016.

CBNK 04/04/2016 Westfield Financial Inc. (WFD) Stock $110 million $18.09 $18.25 27,767 12/31/2016 -0.87% -1.71%
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.

FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) Stock $90 million $12.19 $12.30 19,670 12/31/2016 -0.92% -1.79%
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.

AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $18.80 $19.01 813,399 07/01/2016 -1.10% -100.23%
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.

Update(s)

May 20, 2016: Pinnacle Financial Partners (PNFP) announced that it has received approvals of its applications to merge with Avenue Financial Holdings (AVNU) from both the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corporation. The TDFI and FDIC have also approved the proposed merger of Pinnacle Bank and Avenue Bank. With receipt of these approvals, all regulatory approvals required for consummation of the proposed mergers have been received.

June 21, 2016: Avenue Financial Holdings (AVNU) announced that its shareholders approved the proposed merger with Pinnacle Financial Partners (PNFP) at its special shareholders’ meeting. The deal is expected to close on or about July 1, 2016.

IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) Stock $9 billion $24.31 $24.59 2,053,782 12/31/2016 -1.12% -2.18%
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.

LSBG 05/05/2016 Bar Harbor Bankshares (BHB) Stock $143 million $17.94 $18.15 515,806 03/31/2017 -1.15% -1.51%
Details of Lake Sunapee Bank Group:

Expected to close in the fourth quarter of 2016 or the first quarter of 2017 for a closing value of $143 million in an all stock deal. Under the terms of the agreement, each outstanding share of Lake Sunapee common stock will be exchanged for 0.4970 shares of Bar Harbor common stock.

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $34.15 426,199 06/30/2016 -1.90% -231.58%
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. 

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.

CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) Cash $1.1 billion $30.00 $30.95 1,046,766 12/31/2016 -3.07% -5.99%
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.

FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) Stock $244.3 million $19.81 $20.62 140,252 07/01/2016 -3.92% -357.43%
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.

Update(s)

June 15, 2016: Univest Corporation of Pennsylvania (UVSP) received regulatory and shareholder approval to close its pending $244 million acquisition of 148-year-old Fox Chase Bancorp (FXCB). The deal is now scheduled to close July 1.

LPSB 03/10/2016 Horizon Bancorp (HBNC) Stock $94.1 million $15.47 $16.24 26,026 09/30/2016 -4.72% -18.14%
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.

Update(s)

June 16, 2016: Horizon Bancorp (HBNC) and LaPorte Bancorp (LPSB), jointly announced that the Office of the Comptroller of the Currency and the Federal Reserve Board have approved or not objected to the proposed merger of LaPorte Bancorp and its wholly-owned subsidiary, The LaPorte Savings Bank, with and into Horizon’s wholly-owned bank subsidiary, Horizon Bank.

IOC 05/20/2016 Oil Search Limited (OSH.AX) Stock $2.2 billion $38.32 $41.61 377,926 09/30/2016 -7.90% -30.34%
Details of InterOil Corporation:

Expected to close in the third quarter of 2016 for a closing value of $2.2 billion in an all stock deal. Under the terms of the agreement, InterOil shareholders will receive:

8.05 ordinary shares of Oil Search for each InterOil share (the Share Consideration); or
InterOil shareholders may elect to receive a cash alternative, up to a total of US$770 million (subject to a pro rata scaleback) (the Cash Alternative); and
All InterOil shareholders will also receive a CVR which will deliver an additional cash payment of approximately US$6.05 per share for each tcfe gross resource certification of the Elk-Antelope fields above 6.2 tcfe.
  • 8.05 ordinary shares of Oil Search for each InterOil share (the Share Consideration); or
  • InterOil shareholders may elect to receive a cash alternative, up to a total of US$770 million (subject to a pro rata scaleback) (the Cash Alternative); and
  • All InterOil shareholders will also receive a CVR which will deliver an additional cash payment of approximately US$6.05 per share for each tcfe gross resource certification of the Elk-Antelope fields above 6.2 tcfe.

 

AEGR 06/15/2016 QLT Inc. (QLTI) Stock $267.27 million $1.38 $1.54 2,694,553 12/31/2016 -10.09% -19.70%
Details of Aegerion Pharmaceuticals, Inc.:

Expected to close late in the third quarter or fourth quarter of 2016 in an all stock merger. Under the terms of the agreement, shareholders of Aegerion Pharmaceuticals will receive 1.0256 shares of QLT common stock.

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) Stock N/A $5.51 $11.63 286,730 03/31/2015 -52.61% 42.30%
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.