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 $12.00 23,607,958 06/30/2016 262.50% 679.52%
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.

VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $15.25 $7.76 159,436 03/31/2016 96.52% 704.60%
Details of Vivint Solar, Inc.:

Expected to close in the fourth quarter for a closing value of $2.2 billion in a combination of cash, shares of SunEdison common stock and SunEdison convertible notes. Under the merger agreement, Vivint Solar stockholders will receive $16.50 per share, consisting of $9.89 per share in cash, $3.31 per share in SunEdison stock, and $3.30 per share in SunEdison convertible notes.

The number of SunEdison shares to be received by Vivint Solar stockholders in the merger will be determined based upon the volume weighted average price per share of SunEdison common stock for the 30 consecutive trading days ending on (and including) the third trading day immediately prior to completion of the merger (the “Measurement Price”), subject to a collar. As a result of the collar, Vivint Solar stockholders will receive no more than 0.120 shares of SunEdison common stock and no less than 0.098 shares for each of their Vivint Solar shares. As part of the merger consideration, Vivint stockholders also will receive five-year notes convertible into SunEdison shares, which will be issued by SunEdison pursuant to an Indenture between SunEdison and a trustee. The convertible notes will be issuable only in registered form without coupons and will be direct, unsecured, senior obligations of SunEdison. The conversion price for these convertible notes will be 140 percent of the Measurement Price (but the Measurement Price may not exceed $33.62 or be lower than $27.51). The convertible notes will bear interest at a rate of 2.25% per year, payable semiannually in arrears in cash.

Update(s)

December 9, 2015: Vivint Solar (VSLR) announced an amendment to it's previously announced merger with SunEdison (SUNE). According to the amendment, the cash portion of the deal will be reduced by $2 and the stock portion will be increased by $0.75. The total deal value will be $4.06 in stock, $3.30 in convertible notes and $7.89 in cash for a total value of $15.25. The closing of the merger is expected to occur in the first quarter of 2015.

ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $9.09 $4.89 2,515,842 05/16/2016 86.13% 327.46%
Details of Office Depot, Inc.:

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

Update(s)

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

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

HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $12.2 billion $79.88 $61.18 2,692,487 06/30/2016 30.57% 79.12%
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.


SNDK 10/21/2015 Western Digital Corporation (WDC) Special Conditions $19 billion $86.50 $66.65 1,927,207 09/30/2016 29.78% 46.65%
Details of SanDisk Corp.:

Expected to close in the third quarter of 2016 for a closing value of $19 billion in a cash plus stock deal. Under the terms of the agreement, if the previously announced investment in Western Digital by Unisplendour Corporation Limited closes prior to this acquisition, Western Digital will pay $85.10 per share in cash and 0.0176 shares of Western Digital common stock per share of SanDisk common stock; and if the Unisplendour transaction has not closed or has been terminated, $67.50 in cash and 0.2387 shares of Western Digital common stock per share of SanDisk common stock.

NKA 06/14/2015 Brookfield Infrastructure (N/A) Cash $911.9 million $4.23 $3.27 34,093 12/31/2016 29.36% 32.97%
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.

HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $206.49 $159.85 1,083,877 12/31/2016 29.18% 32.77%
Details of Humana Inc.:

Expected to close in the second half of 2016 for a closing value of $37 billion in a cash plus stock deal. Under the terms of the agreement, Humana stockholders will receive $125.00 in cash and 0.8375 Aetna common shares for each Humana share.

CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $165.13 $128.23 1,006,883 12/31/2016 28.78% 32.32%
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.

BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $52.15 $42.01 4,878,581 04/30/2016 24.14% 110.15%
Details of Baker Hughes Incorporated:

Expected to close in the second half of 2015 in a cash plus stock deal. Under the terms of the agreement, shareholders of Baker Hughes will receive 1.12 Haliburton shares plus $19.00 in cash for each share they own.

Update(s)

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

AGN 11/23/2015 Pfizer Inc. (PFE) Stock $160 billion $328.04 $272.34 2,557,197 12/31/2016 20.45% 22.97%
Details of Allergan plc:

Expected to close in the second half of 2016 for a closing value of $160 billion in an all stock deal. Immediately prior to the merger, Allergan will effect an 11.3-for-one-share-split so that each Allergan shareholder will receive 11.3 shares of the combined company for each of their Allergan shares, and the Pfizer stockholders will receive one share of the combined company for each of their Pfizer shares.

NPBC 08/17/2015 BB&T Corporation (BBT) Special Conditions $1.8 billion $13.00 $10.92 1,019,330 04/01/2016 19.05% 136.32%
Details of National Penn Bancshares Inc.:

Expected to close by mid 2016 for a closing value of $1.8 billion. Under the terms of the agreement, National Penn stockholders can elect to receive 0.3206 of a share of BB&T common stock or $13.00 in cash for each share of National Penn common stock, subject to proration such that total consideration will consist of approximately $550 million in cash and approximately 31.6 million BB&T common shares.

January 21, 2016: BB&T (BBT) announced that it expects to close on its purchase of National Penn Bancshares (NPBC) by April 1, 2016.

RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) Cash $17.2 billion $9.00 $7.75 8,909,497 12/31/2016 16.13% 18.11%
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.

RNF 08/10/2015 CVR Partners, LP (UAN) Cash Plus Stock $840 million $8.06 $7.06 68,474 04/30/2016 14.21% 64.85%
Details of Rentech Nitrogen Partners, L.P.:

Expected to close by April 30, 2016 for a closing value of $840 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Rentech Nitrogen Partners will receive 1.04 units of CVR Partners and $2.57 cash for each unit held.

MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $15.04 2,075,438 12/15/2016 13.96% 16.49%
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.

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $29.82 196,151 06/30/2016 12.34% 31.95%
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.

CVC 09/17/2015 Altice (N/A) Cash $17.7 billion $34.90 $31.70 2,535,635 06/30/2016 10.09% 26.13%
Details of Cablevision Systems Corporation:

Expected to close in the first half of 2016 for a closing value of $17.7 billion Upon completion of the merger, shareholders of Cablevision Systems will receive $34.90 in cash for each Cablevision Class A and Class B share.

BXLT 01/11/2016 Shire plc (SHPG) Cash Plus Stock $32 billion $40.41 $36.77 4,682,071 06/30/2016 9.90% 25.63%
Details of Baxalta Incorporated:

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

MTSN 12/01/2015 Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A) Cash $300 million $3.80 $3.47 156,718 03/31/2016 9.51% 69.42%
Details of Mattson Technology Inc.:

Expected to close in the first calendar quarter of 2016 for a closing value of $300 million. Upon completion of the merger, shareholders of Mattson Technology will receive $3.80 per share in cash.

BLT 12/10/2015 American Securities LLC and P2 Capital Partners, LLC (N/A) Cash $855 million $10.00 $9.20 272,733 06/30/2016 8.70% 22.51%
Details of Blount International Inc.:

Expected to close in the first half of 2016 for a closing value of $855 million. Upon completion of the merger, shareholders of Blount International will receive $10.00 per share in cash.

MY 02/03/2016 A consortium of investors (the “Buyer Consortium”), including Mr. Chuanwei Zhang , the Chairman and Chief Executive Officer of the Company (N/A) Cash $408 million $2.51 $2.32 555,205 06/30/2016 8.42% 21.81%
Details of China Ming Yang Wind Power Group Limited:

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

HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.73 315,962 03/31/2016 7.24% 52.84%
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.

BNK 11/09/2015 Bank of the Ozarks, Inc. (OZRK) Special Conditions $402.5 million $25.00 $23.34 107,172 04/30/2016 7.11% 32.45%
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.

MCOX 12/22/2015 Minat Associated Co. Ltd. (N/A) Cash N/A $4.00 $3.76 10,679 06/30/2016 6.38% 16.52%
Details of Mecox Lane Limited:

Expected to close in the second quarter of 2016 in a going private transaction. Upon completion of the merger, shareholders of Mecox Lane Limited will receive $4.00 per American Depositary Share of the company.

ALR 02/01/2016 Abbott Laboratories (ABT) Cash $5.8 billion $56.00 $53.14 2,282,840 06/30/2016 5.38% 13.93%
Details of Alere Inc.:

Expected to close 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.

DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) Cash N/A $14.00 $13.33 81,421 06/30/2016 5.03% 13.01%
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.

FGL 11/09/2015 Anbang Insurance Group Co., Ltd. (N/A) Cash N/A $26.80 $25.56 38,561 06/30/2016 4.85% 12.56%
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.

TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $189.27 $180.59 1,384,659 06/30/2016 4.81% 12.44%
Details of Time Warner Cable Inc.:

Expected to close by the end of 2015 for a closing value of $78.7 billion in a cash plus stock deal. Under the terms of the agreement, Charter will provide $100.00 in cash and shares of a new public parent company (“New Charter”) equivalent to 0.5409 shares of CHTR for each Time Warner Cable share outstanding. 

In addition, Charter will provide an election option for each Time Warner Cable stockholder, other than Liberty Broadband Corporation or Liberty Interactive Corporation, who will receive all stock, to receive $115.00 of cash and New Charter shares equivalent to 0.4562 shares of CHTR for each Time Warner Cable share they own.

RLD 11/09/2015 Rizvi Traverse Management, LLC (N/A) Cash $551 million $11.00 $10.50 584,097 03/31/2016 4.76% 34.76%
Details of RealD Inc.:

Expected to close in the fourth quarter of fiscal 2016 for a closing value of $551 million. Upon completion of the merger, shareholders of RealD will receive $11.00 per share in cash.

HMIN 12/07/2015 BTG Hotels Group (N/A) Cash N/A $35.80 $34.24 131,803 06/30/2016 4.56% 11.79%
Details of Homeinns Hotel Group:

Expected to close in the first half of 2016. Upon completion of the merger, shareholders of Homeinns Hotel Group will receive $35.80 per share in cash.

AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.97 $15.29 607,295 12/31/2016 4.45% 4.99%
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.

DATE 12/07/2015 FutureWorld Inc. (N/A) Cash N/A $7.56 $7.24 44,221 03/31/2016 4.42% 32.27%
Details of Jiayuan.com International Ltd.:

Expected to close in the first quarter of 2016. Upon completion of the merger, shareholders of Jiayuan.com International will receive $7.56 per share in cash.

LF 02/05/2016 VTech Holdings Limited (N/A) Cash $72 million $1.00 $0.96 1,619,488 06/30/2016 4.17% 10.79%
Details of LeapFrog Enterprises Inc.:

Expected to close for a closing value of $75.4 million. Upon completion of the merger, shareholders of LeapFrog will receive $1.00 per share in cash.

VBIV 10/26/2015 SciVac Therapeutics Inc. (SVACF) Stock N/A $2.08 $2.00 19,702 03/31/2016 4.04% 29.50%
Details of VBI Vaccines Inc:

Expected to close in an all stock deal. Under the terms of the agreement, each share of VBI common stock will be converted into the right to receive 20.808356 common shares of SciVac.

POM 04/30/2014 Exelon Corporation (EXC) Cash $7.2 billion $27.25 $26.20 1,142,861 03/31/2016 4.01% 29.26%
Details of Pepco Holdings, Inc.:

Expected to close in the second or third quarter of 2015 for a closing value of $7.2 billion. Upon completion of the merger, shareholders of Pepco Holdings will receive $27.25 per share in cash.

Update(s)

October 22, 2015: The Board of Directors of Pepco Holdings (POMdeclared a quarterly dividend of $0.27 per share on Pepco Holdings’ common stock that is payable on Dec. 31, 2015, to shareholders of record on Dec. 10, 2015, provided that the company’s proposed merger with Exelon Corporation does not close on or prior to the close of business on Dec. 10, 2015. The board of directors also declared a contingent pro-rata dividend to be paid in lieu of the regular quarterly dividend described above in the event that the merger closes before the close of business on Dec. 10, 2015.

December 22, 2015: The merger has been approved in Maryland, Delaware, New Jersey and Virginia and by federal regulators. The D.C. PSC has set a schedule which would allow for completing the proceeding by the first quarter of 2016.

PNX 09/29/2015 Nassau Reinsurance Group Holdings L.P. (N/A) Cash $217.2 million $37.50 $36.20 88,292 01/31/2016 3.59% 0.00%
Details of The Phoenix Companies Inc.:

Expected to close in early 2016 for a closing value of $217.2 million. Upon completion of the merger, shareholders of The Phoenix Companies will receive $37.50 per share in cash.

CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A) Cash $4.7 billion $55.37 $53.52 248,970 03/31/2016 3.46% 25.23%
Details of Cleco Corporation:

Expected to close in the second half of 2015 for a closing value of $4.7 billion. Upon completion of the merger, shareholders of Cleco Corporation will receive $55.37 per share in cash.

Update(s)

October 2, 2015: Cleco and the investor group expect the transaction to close in the first quarter of 2016

JAH 12/14/2015 Newell Rubbermaid Inc. (NWL) Cash Plus Stock $13 billion $50.58 $48.92 2,456,327 06/30/2016 3.40% 8.80%
Details of Jarden Corp.:

Expected to close in the second quarter of 2016 for a closing value of $13 billion in a cash plus stock deal. Under the terms of the agreement, Jarden shareholders will receive $21 in cash and 0.862 shares of Newell Rubbermaid stock at closing.

MNRK 12/17/2015 Towne Bank (TOWN) Stock $221 million $14.98 $14.50 28,332 06/30/2016 3.28% 8.49%
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.

BITI 01/19/2016 Acorda Therapeutics, Inc. (ACOR) Cash $363 million $25.60 $24.80 43,528 09/30/2016 3.23% 5.05%
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.

GMCR 12/07/2015 JAB Holding Company (N/A) Cash $13.9 billion $92.00 $89.37 1,599,066 03/31/2016 2.94% 21.48%
Details of Keurig Green Mountain, Inc.:

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

AVNU 01/29/2016 Pinnacle Financial Partners Inc. (PNFP) Cash Plus Stock $201.4 million $18.05 $17.54 238,180 09/15/2016 2.92% 4.89%
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.

SLH 09/13/2015 an affiliate of Vista Equity Partners (N/A) Cash $6.5 billion $55.85 $54.30 869,505 03/31/2016 2.85% 20.84%
Details of Solera Holdings Inc.:

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

NBBC 10/13/2015 Yadkin Financial Corporation (YDKN) Stock $456 million $10.42 $10.14 53,085 06/30/2016 2.76% 7.15%
Details of NewBridge Bancorp:

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

MR 11/04/2015 Excelsior Union Limited and Solid Union Limited (N/A) Cash $3.3 billion $28.00 $27.25 828,939 03/31/2016 2.75% 20.09%
Details of Mindray Medical International Limited:

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

TSYS 11/23/2015 Comtech Telecommunications Corp. (CMTL) Cash $339.7 million $5.00 $4.88 673,722 03/31/2016 2.48% 18.10%
Details of TeleCommunication Systems Inc.:

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

CCG 10/16/2015 affiliates of Harrison Street Real Estate Capital, LLC (N/A) Cash $1.9 billion $7.03 $6.86 1,329,077 03/31/2016 2.48% 18.09%
Details of Campus Crest Communities, Inc.:

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

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

GAS 08/24/2015 Southern Company (SO) Cash $12 billion $66.00 $64.54 1,144,675 12/31/2016 2.26% 2.54%
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.

FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $9.55 $9.34 1,820,944 09/30/2016 2.24% 3.50%
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.

CBNJ 01/05/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $208.1 million $12.74 $12.46 42,706 09/30/2016 2.22% 3.48%
Details of Cape Bancorp, Inc.:

Expected to close in the summer of 2016 for a closing value of $208.1 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Cape Bancorp will receive $2.25 in cash and 0.6375 shares of OceanFirst common stock for each share of Cape common stock.

PULB 12/03/2015 First Busey Corporation (BUSE) Stock $210.7 million $14.94 $14.62 12,269 06/30/2016 2.18% 5.65%
Details of Pulaski Financial Corporation:

Expected to close in the first half of 2016 for a closing value of $210.7 million in an all stock deal. Under the terms of the agreement, shareholders of Pulaski Financial Corporation will receive 0.79 shares of Busey common stock for each share of Pulaski common stock.

ARG 11/17/2015 Air Liquide (N/A) Cash $13.4 billion $143.00 $140.14 576,411 03/31/2016 2.04% 14.90%
Details of Airgas, Inc.:

The closing of the transaction is subject to Airgas shareholders’ approval, receipt of necessary antitrust and other regulatory approvals and other customary conditions and provisions. Upon completion of the merger, shareholders of Airgas will receive $143 per share in cash.

BONA 12/15/2015 Mountain Tiger International Limited (N/A) Cash $1 billion $13.70 $13.45 75,854 06/30/2016 1.86% 4.81%
Details of Bona Film Group Limited:

Expected to close in the second quarter of 2016 for a closing value of $1 billion. Upon completion of the merger, shareholders of Bona Film Group Limited will receive $13.70 per share in cash.

HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $62.78 $61.79 2,290,445 03/31/2016 1.60% 11.66%
Details of Health Net, Inc.:

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

PNY 10/26/2015 Duke Energy Corporation (DUK) Cash $6.7 billion $60.00 $59.07 363,784 12/31/2016 1.57% 1.77%
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.

FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $19.53 $19.24 2,370,267 09/30/2016 1.53% 2.39%
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.

TYC 01/25/2016 Johnson Controls Inc. (JCI) Stock $16.5 billion $35.16 $34.65 2,828,986 09/30/2016 1.48% 2.32%
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.

CAM 08/26/2015 Schlumberger Limited (SLB) Cash Plus Stock $14.8 billion $63.01 $62.15 2,429,356 03/31/2016 1.39% 10.14%
Details of Cameron International Corporation:

Expected to close in the first quarter of 2016 for a closing value of $14.8 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Cameron International will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.

ATML 01/19/2016 Microchip Technology Inc. (MCHP) Special Conditions $3.40 billion $8.15 $8.04 6,848,692 06/30/2016 1.37% 3.54%
Details of Atmel Corporation:

Expected to close in the second quarter of 2016 for a closing value of $3.40 billion in a cash and stock deal. Under the terms of the agreement, stockholders of Atmel will receive $7.00 per share in cash and $1.15 per share in Microchip common stock, valued at the average closing price for a share of Microchip common stock for the ten most recent trading days ending on the last trading day prior to the closing, with the maximum number of Microchip shares to be issued in the transaction being 13.0 million. To the extent that the number of Microchip shares issuable would exceed 13.0 million, the cash consideration per Atmel share will be increased such that the value of the combined cash and stock consideration will remain at $8.15 per share.

KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $64.80 $63.96 1,867,113 06/30/2016 1.31% 3.40%
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.

YOKU 11/06/2015 Alibaba Group Holding Limited (BABA) Cash $5.37 billion $27.60 $27.25 1,709,498 03/31/2016 1.28% 9.38%
Details of Youku Tudou Inc.:

Expected to close in the first quarter of 2016 for $5.37 billion. Upon completion of the merger, shareholders of Youku Tudou will receive US$27.60 per American Depositary Share.

WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) Stock $1 billion $10.21 $10.08 164,225 06/30/2016 1.25% 3.24%
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.

HPY 12/15/2015 Global Payments Inc. (GPN) Cash Plus Stock $4.3 billion $88.45 $87.64 688,892 05/31/2016 0.93% 3.05%
Details of Heartland Payment Systems, Inc.:

Expected to close in the fourth quarter of Global Payment's fiscal 2016 for a closing value of $4.3 billion in a cash plus stock deal. Under the terms of the agreement, Heartland shareholders will receive 0.6687 shares of Global Payments stock and $53.28 for each share of Heartland stock at closing.

TE 09/05/2015 Emera (N/A) Cash $10.4 billion $27.55 $27.34 2,406,847 06/30/2016 0.77% 1.99%
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.

NTLS 08/10/2015 Shenandoah Telecommunications Co. (SHEN) Cash $640 million $9.25 $9.18 245,419 03/31/2016 0.76% 5.57%
Details of NTELOS Holdings Corp.:

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

DMND 10/28/2015 Snyder's-Lance, Inc. (LNCE) Cash Plus Stock $1.91 billion $35.23 $35.00 164,340 03/31/2016 0.66% 4.81%
Details of Diamond Foods, Inc.:

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

LOJN 02/01/2016 CalAmp Corp. (CAMP) Cash $134 million $6.45 $6.42 123,533 05/31/2016 0.55% 1.79%
Details of LoJack Corporation:

Expected to close during CalAmp's fiscal 2017 first quarter for a closing value of $134 million. Upon completion of the merger, shareholders of LoJack Corporation will receive $6.45 per share in cash.

OCAT 11/10/2015 Astellas Pharma Inc. (N/A) Cash $379 million $8.50 $8.46 995,504 05/09/2016 0.47% 1.94%
Details of Ocata Therapeutics, Inc.:

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

EZCH 09/30/2015 Mellanox Technologies, Ltd. (MLNX) Cash $620 million $25.50 $25.39 164,251 03/31/2016 0.43% 3.16%
Details of EZchip Semiconductor Ltd. :

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

RIVR 10/26/2015 German American Bancorp Inc. (GABC) Cash Plus Stock N/A $33.39 $33.25 10,382 03/31/2016 0.43% 3.13%
Details of River Valley Bancorp:

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

STR 02/01/2016 Dominion Resources, Inc. (D) Cash $4.4 billion $25.00 $24.91 5,137,847 12/15/2016 0.36% 0.43%
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.

PCL 11/09/2015 Weyerhaeuser Co. (WY) Stock $8.44 billion $36.93 $36.81 801,622 05/15/2016 0.32% 1.23%
Details of Plum Creek Timber Co. Inc.:

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

SIRO 09/15/2015 DENTSPLY International Inc. (XRAY) Stock $5.51 billion $103.32 $103.01 429,379 03/31/2016 0.30% 2.19%
Details of Sirona Dental Systems Inc.:

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

ARPI 12/03/2015 American Homes 4 Rent (AMH) Stock $1.5 billion $15.32 $15.28 190,261 06/30/2016 0.28% 0.72%
Details of American Residential Properties, Inc.:

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

JMG 10/07/2015 Gannett Co., Inc. (GCI) Cash $280 million $12.00 $11.97 43,879 03/31/2016 0.25% 1.83%
Details of Journal Media Group, Inc.:

Expected to close in the first quarter of 2016 for a closing value of $280 million. Upon completion of the merger, shareholders of Journal Media Group will receive $12.00 per share in cash.

NGLS 11/03/2015 Targa Resources Corp. (TRGP) Stock $5.54 billion $10.92 $10.90 2,497,896 03/31/2016 0.22% 1.63%
Details of Targa Resources Partners LP:

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

KING 11/02/2015 Activision Blizzard, Inc. (ATVI) Cash $5.9 billion $18.00 $17.96 671,021 03/31/2016 0.22% 1.63%
Details of King Digital Entertainment plc:

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

PRE 08/03/2015 EXOR S.p.A. (N/A) Cash $6.9 billion $140.50 $140.25 464,892 03/31/2016 0.18% 1.30%
Details of PartnerRe Ltd.:

Expected to close in the first quarter of 2016 for a closing value of $6.9 billion. Upon completion of the merger, shareholders of PartnerRe will receive $137.50 per share in cash. PartnerRe common shareholders will also receive a special pre-closing dividend of $3.00 per share in addition to ordinary quarterly dividends through closing.

FRM 11/02/2015 Team, Inc. (TISI) Stock $335 million $4.72 $4.71 29,285 03/31/2016 0.15% 1.10%
Details of Furmanite Corporation:

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

SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) Cash $5 billion $115.00 $114.83 987,608 03/31/2016 0.15% 1.08%
Details of StanCorp Financial Group Inc.:

Expected to close in the first quarter og 2015 for a closing value of $5 billion. Upon completion of the merger, shareholders of StanCorp Financial Group will receive $115.00 per share in cash.

METR 08/04/2015 F.N.B. Corporation (FNB) Stock $474 million $28.69 $28.65 22,144 03/31/2016 0.14% 1.01%
Details of Metro Bancorp, Inc.:

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

CTCT 11/02/2015 Endurance International Group Holdings, Inc. (EIGI) Cash $1.1 billion $32.00 $32.01 6,205,214 12/31/2016 -0.03% -0.04%
Details of Constant Contact, Inc.:

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

AFFX 01/26/2016 Thermo Fisher Scientific, Inc. (TMO) Cash $1.3 billion $14.00 $14.02 813,520 06/30/2016 -0.14% -0.37%
Details of Affymetrix Inc.:

Expected to close in the second quarter of 2016 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Affymetrix will receive $14.00 per share in cash.

IRC 12/15/2015 real estate funds managed by DRA Advisors LLC (N/A) Cash $2.3 billion $10.60 $10.62 878,488 06/30/2016 -0.19% -0.49%
Details of Inland Real Estate Corp.:

Expected to close in the first half of 2016 for a closing value of $2.3 billion. Upon completion of the merger, shareholders of Inland Real Estate will receive $10.60 per share in cash.

FSYS 09/01/2015 Westport Innovations Inc. (WPRT) Stock $126.36 million $3.70 $3.73 24,460 02/20/2016 -0.55% -20.13%
Details of Fuel Systems Solutions, Inc.:

Expected to close in the fourth quarter of 2015 for a closing value of $126.36 million in an all stock deal. Under the terms of the agreement, shareholders of Fuel Systems Solutions will receive 2.129 Westport shares for each share of Fuel Systems common stock they own.

WCN 01/19/2016 Progressive Waste Solutions Ltd. (BIN) Stock N/A $56.41 $57.07 1,501,955 06/30/2016 -1.16% -3.01%
Details of Waste Connections Inc.:

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

FCS 11/18/2015 ON Semiconductor Corp. (ON) Cash $2.4 billion $20.00 $20.30 301,939 02/18/2016 -1.48% -67.43%
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.

COB 11/23/2015 Capital Bank Financial Corp. (CBF) Stock $350 million $12.55 $12.76 6,822 03/31/2016 -1.67% -12.16%
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.

CHEV 11/24/2015 MainSource Financial Group, Inc. (MSFG) Stock $107.4 million $14.14 $14.39 6,551 09/30/2016 -1.71% -2.69%
Details of Cheviot Financial Corp.:

Expected to close in the second or third quarter of 2016 for a closing value of $107.4 million in a cash or stock deal. Under the terms of the agreement, shareholders of Cheviot Financial may elect to receive either 0.6916 shares of MainSource common stock or $15.00 in cash for each share of Cheviot common stock owned, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of 50% of Cheviot shares being exchanged for common stock and 50% for cash.

NTI 12/21/2015 Western Refining, Inc. (WNR) Cash Plus Stock N/A $23.10 $23.60 712,083 06/30/2016 -2.13% -5.51%
Details of Northern Tier Energy LP:

Expected to close in the first half of 2016 in a cash plus stock deal. Under the terms of the agreement, shareholders of Northern Tier Energy will receive $15.00 in cash and 0.2986 of a share of WNR common stock.

FXCB 12/08/2015 Univest Corporation of Pennsylvania (UVSP) Stock $244.3 million $18.80 $19.21 9,294 09/30/2016 -2.13% -3.34%
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.

ALU 04/15/2015 Nokia Corporation (NOK) Stock $16.6 billion $3.23 $3.31 1,718,033 06/30/2016 -2.15% -5.56%
Details of Alcatel-Lucent:

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

ANAD 01/19/2016 II-VI Incorporated (IIVI) Cash $61 million $0.66 $0.68 342,746 03/31/2016 -2.22% -16.22%
Details of Anadigics, Inc.:

Expected to close in 45 to 60 days for a closing value of $61 million. Upon completion of the merger, shareholders of Anadigics will receive $0.66 per share in cash.

ABCW 01/12/2016 Old National Bancorp. (ONB) Stock 461 million $39.98 $41.40 59,139 06/30/2016 -3.43% -8.89%
Details of Anchor BanCorp Wisconsin Inc.:

Expected to close in the second quarter of 2016 for a closing value of $461 million in a cash or stock deal. Under the terms of the agreement, Anchor shareholders may elect to receive either 3.5505 shares of Old National common stock or $48.50 in cash for each share of Anchor they hold, subject to no more than 40% of the outstanding shares of Anchor may receive cash.

HFFC 11/30/2015 Great Western Bancorp. Inc. (GWB) Stock $139.5 million $15.38 $16.43 85,434 06/30/2016 -6.40% -16.56%
Details of HF Financial Corp.:

Expected to close in the second quarter of 2016 for a closing value of $139.5 million in a cash plus stock deal. Under the terms of the agreement, HF Financial stockholders will have the option to elect to receive either 0.6500 shares of Great Western common stock or $19.50 in cash for each HF Financial common share, subject to proration to ensure that in the aggregate 75% of HF Financial shares will be converted into stock.

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) Stock N/A $4.03 $5.06 19,120 03/31/2015 -20.35% 23.50%
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.

SWI 10/21/2015 Silver Lake Partners and Thoma Bravo, LLC (N/A) Cash $4.5 billion $60.10 $ N/A 03/31/2016 0.00% 0.00%
Details of SolarWinds, Inc.:

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