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
SFXE 05/26/2015 an affiliate of Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer (N/A) Cash $774 million $5.25 $3.13 309,112 12/31/2015 67.73% 164.81%
Details of SFX Entertainment Inc.:

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

ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $10.34 $7.88 2,486,893 12/31/2015 31.21% 75.95%
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).

CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $181.88 $142.89 1,348,393 12/31/2016 27.28% 19.30%
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.

WPZ 05/13/2015 Williams Companies, Inc. (WMB) Stock $13.8 billion $57.53 $45.73 1,206,622 09/30/2015 25.81% 162.44%
Details of Williams Partners L.P.:

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

NKA 06/14/2015 Brookfield Infrastructure (N/A) Cash $911.9 million $4.23 $3.37 38,586 12/31/2016 25.52% 18.05%
Details of Niska Gas Storage Partners LLC:

Expected to close in the second half of 2016 for a closing value of $911.9 million. Upon completion of the merger, shareholders of Niska Gas Storage Partners will receive $4.225 per share in cash.

OVTI 04/30/2015 Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A) Cash $1.9 billion $29.75 $24.29 358,441 04/30/2016 22.48% 30.28%
Details of OmniVision Technologies, Inc.:

Expected to close in the third or fourth quarter of fiscal year 2016 for a closing value of $1.9 billion or $29.75 per share in cash.

HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $219.54 $181.60 622,647 12/31/2016 20.89% 14.78%
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.

MEA 06/16/2015 Total Merchant Limited (N/A) Cash $87 million $0.60 $0.50 277,978 09/16/2015 20.00% 165.91%
Details of Metalico Inc.:

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

Update(s)

  1. On July 16, 2015, the company extended the closing date of the deal to September 16, 2015.
BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $63.80 $55.80 3,263,648 12/31/2015 14.34% 34.89%
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.

PMFG 05/04/2015 CECO Environmental Corp. (CECE) Special Conditions $150 million $6.85 $6.06 29,403 09/30/2015 13.04% 82.04%
Details of PMFG, Inc.:

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

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

LRE 04/20/2015 Vanguard Natural Resources, LLC (VNR) Stock $539 million $5.35 $4.78 231,705 09/30/2015 11.96% 75.24%
Details of LRR Energy, L.P.:

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

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $30.11 127,762 12/31/2015 11.26% 27.40%
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. 

VSLR 07/20/2015 SunEdison, Inc. (SUNE) Special Conditions $2.2 billion $16.50 $15.21 462,944 12/31/2015 8.48% 20.64%
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.

ALTR 06/01/2015 Intel Corporation (INTC) Cash $16.7 billion $54.00 $49.90 940,744 03/31/2016 8.22% 12.44%
Details of Altera Corp.:

Expected to close within six to nine months for a closing value of $16.7 billion. Upon completion of the merger, shareholders of Altera will receive $54.00 per share in cash.

MCGC 04/29/2015 PennantPark Floating Rate Capital (PFLT) Special Conditions $175 million $4.75 $4.39 105,431 09/30/2015 8.20% 51.61%
Details of MCG Capital Corporation:

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

Update(s)

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

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

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

BRCM 05/28/2015 Avago Technologies Limited (AVGO) Special Conditions $37 billion $54.50 $50.51 2,731,876 03/31/2016 7.90% 11.96%
Details of Broadcom Corp.:

Expected to close in the first calendar quarter of 2016 for a closing value of $37 billion. Under the terms of the agreement, Broadcom shareholders will have the ability to elect to receive, for each Broadcom share held: (i) $54.50 in cash; (ii) 0.4378 ordinary shares in a newly-formed Singapore holding company (“HoldCo”); (iii) a restricted equity security that is the economic equivalent of 0.4378 ordinary shares of HoldCo that will not be transferable or saleable for a period of one to two years after closing; or (iv) a combination thereof.

OWW 02/12/2015 Expedia Inc. (EXPE) Cash $1.6 billion $12.00 $11.22 1,399,091 12/31/2015 6.95% 16.92%
Details of Orbitz Worldwide, Inc.:

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

HCBK 08/27/2012 M&T Bank Corporation (MTB) Stock $3.7 billion $10.93 $10.24 1,621,354 10/31/2015 6.74% 27.66%
Details of Hudson City Bancorp, Inc.:

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

Update(s)

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

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

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

HNT 07/02/2015 Centene Corp. (CNC) Cash Plus Stock $6.8 billion $72.39 $67.88 635,159 03/31/2016 6.65% 10.07%
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. 

TWC 05/26/2015 Charter Communications, Inc. (CHTR) Cash Plus Stock $78.7 billion $201.04 $190.69 535,376 12/31/2015 5.43% 13.21%
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.

EROC 05/21/2015 Vanguard Natural Resources, LLC (VNR) Stock $614 million $1.80 $1.71 759,247 09/30/2015 5.27% 33.14%
Details of Eagle Rock Energy Partners, L.P.:

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

GAME 04/03/2015 Capitalhold Limited and Capitalcorp Limited (N/A) Cash $1.9 billion $7.10 $6.76 260,762 12/31/2015 5.03% 12.24%
Details of Shanda Games Limited:

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

GOMO 06/08/2015 Sunflower Parent Limited (N/A) Cash N/A $4.90 $4.69 7,490 12/31/2015 4.48% 10.90%
Details of Sungy Mobile Limited:

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

CMLP 05/06/2015 Crestwood Equity Partners LP (CEQP) Stock $7.5 billion $9.96 $9.53 437,224 09/30/2015 4.46% 28.06%
Details of Crestwood Midstream Partners LP:

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

ASBI 06/29/2015 First Merchants Corporation (FRME) Stock $68.8 million $23.54 $22.59 3,001 12/31/2015 4.21% 10.25%
Details of Ameriana Bancorp:

Expected to close in the fourth quarter of 2015 for a closing value of $68.8 million in an all stock deal. Under the terms of the agreement, shareholders of Ameriana Bancorp will have the right to exchange each Ameriana Bancorp common share held for 0.9037 shares of First Merchants’ common stock.

ALU 04/15/2015 Nokia Corporation (NOK) Stock $16.6 billion $3.83 $3.69 2,386,878 06/30/2016 3.88% 4.27%
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.

ONFC 02/24/2015 Community Bank System Inc. (CBU) Stock $142 million $21.39 $20.64 1,047 07/31/2015 3.64% 0.00%
Details of Oneida Financial Corp.:

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

CB 07/01/2015 ACE Limited (ACE) Cash Plus Stock $28.3 billion $129.33 $125.50 870,478 03/31/2016 3.05% 4.62%
Details of The Chubb Corporation:

Expected to close in the first quarter of 2016 for a closing value of $28.3 billion in a cash plus stock deal. Under the terms of the agreement, Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of ACE stock.

NVSL 06/04/2015 Liberty Bank (N/A) Cash $78 million $11.00 $10.70 1,612 12/31/2015 2.80% 6.82%
Details of Naugatuck Valley Financial Corporation:

Expected to close in the fourth quarter of 2015 for a closing value of $78 million. Upon completion of the merger, shareholders of Naugatuck Valley Financial Corporation will receive $11.00 per share in cash.

SQBK 03/02/2015 PacWest Bancorp (PACW) Stock $849 million $27.57 $26.85 113,650 12/31/2015 2.70% 6.56%
Details of Square 1 Financial, Inc.:

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

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 $54.34 173,385 12/31/2015 1.90% 4.61%
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.

TRAK 06/15/2015 Cox Automotive, Inc. (N/A) Cash $4 billion $63.25 $62.08 455,866 09/30/2015 1.88% 11.86%
Details of Dealertrack Technologies, Inc.:

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

RCPT 07/14/2015 Celgene Corporation (CELG) Cash $7.2 billion $232.00 $227.94 487,612 12/31/2015 1.78% 4.33%
Details of Receptos, Inc.:

Expected to close in 2015 for a closing value of $7.2 billion. Upon completion of the merger, shareholders of Receptos will receive $232.00 per share in cash.

TSRE 05/11/2015 Independence Realty Trust, Inc. (IRT) Cash Plus Stock N/A $7.12 $7.00 2,384 09/30/2015 1.76% 11.09%
Details of Trade Street Residential, Inc.:

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

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

CMGE 06/09/2015 Pegasus Investment Holdings Limited (N/A) Cash N/A $22.00 $21.62 202,275 12/31/2015 1.76% 4.28%
Details of China Mobile Games and Entertainment Group Limited:

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

FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $40.72 $40.04 649,266 12/31/2015 1.70% 4.14%
Details of Freescale Semiconductor, Ltd.:

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

HME 06/22/2015 an affiliate of Lone Star Funds (N/A) Cash $7.6 billion $75.23 $74.01 185,601 12/31/2015 1.65% 4.01%
Details of Home Properties Inc.:

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

CYN 01/22/2015 Royal Bank of Canada (RY) Cash Plus Stock $5.4 billion $90.38 $89.01 162,251 12/31/2015 1.54% 3.74%
Details of City National Corporation:

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

POM 04/30/2014 Exelon Corporation (EXC) Cash $7.2 billion $27.25 $26.86 561,928 09/30/2015 1.45% 9.14%
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.

CYT 07/29/2015 Solvay (N/A) Cash $6.4 billion $75.25 $74.19 1,745,720 12/31/2015 1.43% 3.48%
Details of Cytec Industries Inc.:

Expected to close in the fourth quarter of 2015 for a closing value of $6.4 billion. Upon completion of the merger, shareholders of Cytec Industries will receive $74.25 per share in cash.

MSO 06/22/2015 Sequential Brands Group, Inc. (SQBG) Special Conditions $353 million $6.15 $6.07 179,081 12/31/2015 1.32% 3.21%
Details of Martha Stewart Living Omnimedia Inc.:

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

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

OCR 05/21/2015 CVS Health Corporation (CVS) Cash $12.7 billion $98.00 $96.75 1,132,665 12/31/2015 1.29% 3.14%
Details of Omnicare Inc.:

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

BAMM 07/13/2015 Anderson Family (N/A) Cash $21 million $3.25 $3.21 34,129 12/31/2015 1.25% 3.03%
Details of Books-A-Million Inc.:

Expected to close by the end of the year for a closing value of $21 million. Upon completion of the merger, shareholders of Books-A-Million will receive $3.25 per share in cash.

FRS 05/22/2015 an affiliate of NRD Partners I, L.P. (N/A) Cash $175 million $34.00 $33.60 3,795 09/30/2015 1.19% 7.49%
Details of Frisch's Restaurants, Inc.:

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

PLMT 04/22/2015 United Community Banks, Inc. (UCBI) Stock $240.5 million $20.18 $19.95 19,461 12/31/2015 1.13% 2.76%
Details of Palmetto Bancshares Inc.:

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

BRLI 06/04/2015 Opko Health, Inc. (OPK) Stock $1.47 billion $44.74 $44.25 129,354 12/31/2015 1.11% 2.71%
Details of Bio-Reference Laboratories Inc.:

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

LMNS 06/18/2015 XIO Group (N/A) Cash $510 million $14.00 $13.85 23,621 09/30/2015 1.08% 6.82%
Details of Lumenis Ltd.:

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

SFG 07/23/2015 Meiji Yasuda Life Insurance Company (N/A) Cash $5 billion $115.00 $113.92 272,471 03/31/2016 0.95% 1.44%
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.

HCC 06/10/2015 Tokio Marine Holdings, Inc. (N/A) Cash $7.5 billion $78.00 $77.31 412,196 12/31/2015 0.89% 2.17%
Details of HCC Insurance Holdings Inc.:

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

XOOM 07/01/2015 PayPal, Inc. (N/A) Cash $890 million $25.00 $24.79 976,009 12/31/2015 0.85% 2.06%
Details of Xoom Corporation:

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

LNBB 12/15/2014 Northwest Bancshares, Inc. (NWBI) Special Conditions $183.3 million $18.70 $18.55 6,049 08/14/2015 0.81% 26.83%
Details of LNB Bancorp Inc.:

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

MAG 07/27/2015 Columbus McKinnon Corporation (CMCO) Cash $188.9 million $50.00 $49.63 7,034 10/31/2015 0.75% 3.06%
Details of Magnetek Inc.:

Expected to close in 90 days for a closing value of $188.9 million. Upon completion of the merger, shareholders of Magnetek will receive $50.00 per share in cash.

HSP 02/05/2015 Pfizer Inc. (PFE) Cash $17 billion $90.00 $89.40 649,257 12/31/2015 0.67% 1.63%
Details of Hospira Inc.:

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

PPO 02/23/2015 Asahi Kasei Corporation (AHKSY) Cash $3.2 billion $60.50 $60.10 101,023 09/30/2015 0.67% 4.19%
Details of Polypore International Inc.:

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

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

KYTH 06/17/2015 Allergan plc (AGN) Cash $2.1 billion $75.00 $74.53 156,666 03/31/2016 0.63% 0.96%
Details of Kythera Biopharmaceuticals, Inc.:

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

OMG 06/01/2015 Apollo Global Management, LLC (APO) Cash N/A $34.00 $33.79 240,565 12/31/2015 0.62% 1.51%
Details of OM Group Inc.:

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

PLL 05/13/2015 Danaher Corp. (DHR) Cash $13.8 billion $127.20 $126.45 886,541 12/31/2015 0.59% 1.44%
Details of Pall Corporation:

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

MCRL 05/07/2015 Microchip Technology Inc. (MCHP) Special Conditions $839 million $14.00 $13.92 738,496 08/15/2015 0.57% 17.48%
Details of Micrel Inc.:

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

CRV 07/09/2015 LKQ Corporation (LKQ) Cash $29 million $5.50 $5.48 46,251 09/30/2015 0.46% 2.87%
Details of Coast Distribution System Inc.:

Expected to close in the third quarter of 2015 for a closing value of $29 million. Upon completion of the merger, shareholders of Coast Distribution System will receive $5.50 per share in cash.

INFA 04/07/2015 Permira funds and Canada Pension Plan Investment Board (N/A) Cash $5.3 billion $48.75 $48.54 334,466 09/30/2015 0.43% 2.72%
Details of Informatica Corporation:

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

SIBC 12/30/2014 First NBC Bank Holding Company (NBCB) Cash $49 million $21.25 $21.16 600 06/30/2015 0.43% 0.00%
Details of State Investors Bancorp, Inc.:

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

SVLC 07/27/2015 First Majestic Silver Corp. (AG) Cash Plus Stock $118 million $0.84 $0.84 119,674 09/30/2015 0.42% 2.63%
Details of Silvercrest Mines Inc.:

Expected to close by Sptember, 2015 for a closing value of $118 million in a cash plus stock deal. Under the terms of the agreement, each SilverCrest shareholder will receive 0.2769 common shares of First Majestic plus C$0.0001 in cash for each SilverCrest common share held.

GTI 05/18/2015 affiliate of Brookfield Asset Management Inc. (N/A) Cash $546 million $5.05 $5.03 200,184 07/31/2015 0.40% 0.00%
Details of GrafTech International Ltd.:

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

QLTY 05/06/2015 funds advised by Apax Partners (N/A) Cash $800 million $16.00 $15.94 102,528 09/30/2015 0.38% 2.37%
Details of Quality Distribution Inc.:

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

THOR 07/22/2015 St. Jude Medical Inc. (STJ) Cash $3.4 billion $63.50 $63.31 510,069 12/31/2015 0.30% 0.73%
Details of Thoratec Corp.:

Expected to close in the fourth quarter of 2015 for a closing value of $3.4 billion. Upon completion of the merger, shareholders of Thoratec will receive $63.50 per share in cash.

SIAL 09/22/2014 Merck KGaA (N/A) Cash $17 billion $140.00 $139.74 958,238 06/30/2015 0.19% 0.00%
Details of Sigma-Aldrich Corporation:

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

ANN 05/18/2015 Ascena Retail Group Inc. (ASNA) Cash Plus Stock $2.15 billion $45.57 $45.51 207,135 12/31/2015 0.13% 0.31%
Details of ANN INC.:

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

SUSQ 11/12/2014 BB&T Corporation (BBT) Cash Plus Stock $2.5 billion $14.21 $14.20 N/A 09/30/2015 0.09% 0.58%
Details of Susquehanna Bancshares, Inc.:

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

TW 06/30/2015 Willis Group Holdings Public Limited Company (WSH) Cash Plus Stock $8.7 billion $128.66 $128.60 656,189 12/31/2015 0.04% 0.11%
Details of Towers Watson & Co.:

Expected to close by December 31, 2015 for a closing value of $8.7 billion in a cash plus stock deal. Under the terms of the agreement, Towers Watson shareholders will receive 2.6490 Willis shares for each Towers Watson share. Towers Watson shareholders will also receive a one-time cash dividend of $4.87 per Towers Watson share pre-closing. Subject to Willis shareholder approval, Willis expects to implement a 2.6490 for one reverse stock split, so that each one Willis share will be converted into 0.3775 Willis Towers Watson shares. If the reverse stock split is approved, Towers Watson shareholders will receive one share of Willis Towers Watson for each Towers Watson share. The merger is not conditioned on Willis shareholder approval of the reverse stock split.

REMY 07/13/2015 BorgWarner Inc. (BWA) Cash $1.2 billion $29.50 $29.49 153,494 12/31/2015 0.03% 0.08%
Details of Remy International, Inc.:

Expected to close in the fourth quarter of 2015 for a closing value of $1.2 billion. Upon completion of the merger, shareholders of Remy International will receive $29.50 per share in cash.

AEC 04/22/2015 Brookfield Asset Management Inc. (BAM) Cash $2.5 billion $28.75 $28.75 208,239 12/31/2015 0.00% 0.00%
Details of Associated Estates Realty Corporation:

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

LABC 06/18/2015 Home Bancorp, Inc (HBCP) Cash $74.5 millon $24.25 $24.25 N/A 12/31/2015 0.00% 0.00%
Details of Louisiana Bancorp, Inc.:

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

WMGI 10/27/2014 Tornier N.V. (TRNX) Stock $1.72 billion $25.46 $25.47 278,411 09/30/2015 -0.03% -0.17%
Details of Wright Medical Group Inc.:

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

MWE 07/13/2015 MPLX LP (MPLX) Cash Plus Stock $20 billion $64.10 $64.98 481,713 12/31/2015 -1.35% -3.28%
Details of MarkWest Energy Partners, L.P.:

Expected to close in the fourth quarter of 2015 for a closing value of $20 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of MarkWest Energy Partners will receive 1.09 MPLX common units and a one-time cash payment of approximately $3.37 per MarkWest common unit.

CYNI 05/04/2015 Ciena Corporation (CIEN) Stock $400 million $5.59 $5.70 N/A 09/30/2015 -1.91% -12.03%
Details of Cyan, Inc.:

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

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

GPT 07/01/2015 Chambers Street Properties (CSG) Stock $2.5 billion $23.51 $24.30 530,095 12/31/2015 -3.26% -7.92%
Details of Gramercy Property Trust Inc.:

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

ISSI 06/11/2015 Uphill Investment Co (N/A) Cash N/A $21.00 $21.99 249,610 09/30/2015 -4.50% -28.33%
Details of Integrated Silicon Solution Inc.:

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

Update(s)

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

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

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

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

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

FSGI 03/25/2015 Atlantic Capital Bancshares, Inc. (N/A) Cash $160 million $2.35 $2.48 21,463 10/31/2015 -5.24% -21.50%
Details of First Security Group, Inc.:

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

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) Stock N/A $3.53 $6.53 20,516 03/31/2015 -46.01% 134.34%
Details of Caesars Acquisition Company:

Expectes to close in the first quarter of 2015 in an all stock deal. Under the terms of the agreement, each outstanding share of Caesars Acquisition class A common stock will be exchanged for 0.664 share of Caesars Entertainment common stock.

ALLB 03/03/2015 WSFS Financial Corp. (WSFS) Stock $92 million $8.24 $23.47 1,303 12/31/2015 -64.89% -157.90%
Details of Alliance Bancorp Inc of Pennsylvania:

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

MRH 03/31/2015 Endurance Specialty Holdings Ltd. (ENH) Cash Plus Stock $1.83 billion $42.13 $ N/A 09/30/2015 0.00% 0.00%
Details of Montpelier Re Holdings Ltd.:

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

EXL 04/10/2015 Blackstone Property Partners L.P. (BX) Cash $2 billion $15.85 $ N/A 12/31/2015 0.00% 0.00%
Details of Excel Trust, Inc.:

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