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
ODP 02/04/2015 Staples, Inc. (SPLS) Cash Plus Stock $6.3 billion $10.76 $9.26 7,564,674 12/31/2015 16.23% 23.05%
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.

TWC 02/13/2014 Comcast Corporation (CMCSA) Stock $45.2 billion $167.96 $149.61 10,570,379 06/30/2015 12.26% 61.32%
Details of Time Warner Cable Inc.:

Expected to close by the second quarter of 2015 for a closing value of $45.2 billion in an all stock deal. Upon completion of the merger, shareholders of Time Warner Cable will receive 2.875 shares of CMCSA.

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) Stock N/A $8.00 $7.14 83,146 03/31/2015 12.06% 0.00%
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.

DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $86.60 4,075,748 05/31/2015 9.70% 82.34%
Details of DIRECTV:

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

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

API 02/02/2015 Luna Innovations Incorporated (LUNA) Stock N/A $0.44 $0.40 45,113 06/30/2015 8.85% 44.27%
Details of Advanced Photonix Inc.:

Expected to close in the second quarter of 2015 in an all stock deal. Under the terms of the agreement, shareholders of Advanced Photonix will receive shares of Luna common stock at a ratio of 0.31782 for each share of API common stock owned by them. 

ALU 04/15/2015 Nokia Corporation (NOK) Stock $16.6 billion $4.19 $3.88 26,828,314 06/30/2016 8.02% 6.66%
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.

EDS 12/02/2013 Pan Long Company Limited (N/A) Cash $60.1 million $1.78 $1.65 28,821 12/31/2014 7.88% 0.00%
Details of Exceed Company Ltd.:

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

Updates(s)

  1. On October 21, 2014, Exceed company announced that the termination date for the merger agreement has been extended to December 31, 2014. 
HCBK 08/27/2012 M&T Bank Corporation (MTB) Stock $3.7 billion $10.15 $9.50 14,552,033 10/31/2015 6.86% 12.77%
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.

BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $71.52 $66.98 4,016,139 12/31/2015 6.77% 9.62%
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.

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $31.58 306,878 12/31/2015 6.08% 8.63%
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. 

ISSI 03/12/2015 a Chinese consortium of investors led by Summitview Capital (N/A) Cash N/A $19.25 $18.23 354,551 09/30/2015 5.60% 12.38%
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.

SQBK 03/02/2015 PacWest Bancorp (PACW) Stock $849 million $27.18 $25.83 113,465 12/31/2015 5.22% 7.41%
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.

URZ 01/05/2015 Energy Fuels Inc. (UUUU) Stock $150 million $1.10 $1.05 130,466 06/30/2015 4.91% 24.57%
Details of Uranerz Energy Corp.:

Expected to close in the second quarter of 2015 in an all stock deal. Under the terms of the agreement, shareholders of Uranerz Energy will receive 0.255 commin shares of Energy Fuels.

INXN 03/09/2015 Telecity Group plc (TCY.L) Stock N/A $32.08 $30.73 391,112 12/31/2015 4.41% 6.26%
Details of Interxion Holding NV:

Expected to close in the second half of 2015 in an all stock deal. Under the terms of the agreement, shareholders of Intrexion Holding will receive 2.3386 new TelecityGroup shares per Interxion share.

LNBB 12/15/2014 Northwest Bancshares, Inc. (NWBI) Special Conditions $183.3 million $18.70 $17.95 12,046 06/30/2015 4.18% 20.89%
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.

GFIG 07/30/2014 BGC Partners, Inc. (BGCP) Cash $778 million $6.10 $5.86 36,189 04/30/2015 4.10% 124.57%
Details of GFI Group Inc.:

Expected to close in early 2015 in a two step transaction. CME Group will first acquire all of the outstanding shares of GFI Group in exchange for $4.55 per share in CME Group Class A Common Stock. Immediately following the acquisition of GFI Group, a private consortium of GFI Group management, led by current Executive Chairman Michael Gooch, CEO Colin Heffron and Managing Director Nick Brown, will acquire GFI Group's wholesale brokerage and clearing businesses for $165M in cash and the assumption, at closing, of approximately $63M of unvested deferred compensation and other liabilities. After completion of the transaction, the wholesale brokerage business, including the Kyte Group, will continue as a private company with its management and operations largely unchanged. The continuing GFI Group brokerage business will maintain its commitment to both Trayport and FENICS by entering into long-term commercial agreements.

Update(s)

September 9, 2014: Interdealer broker BGC Partners launched a $675 million hostile bid for rival GFI Group (GFIG), topping an agreed offer from exchange operator CME Group Inc.

December 9, 2014: BGC Partners (BGCP) announced that it has extended the expiration date of its tender offer to acquire all the outstanding shares of GFI Group (GFIG) to January 6, 2015 unless further extended.

December 19, 2014: BGC Partners (BGCP) announced that it has increased its all-cash tender offer to acquire all the outstanding shares of GFI Group (GFIG) to $5.45 per share.

January 15, 2015: BGC Partners (BGCP) announced contingent increase of all-cash tender offer to acquire GFI Group (GFIG) to $5.85 per share and immediate non-contingent increase to $5.75 per share.

January 20, 2015: BGC Partners (BGCPannounced increase of all-cash tender offer to acquire GFI Group (GFIG) to $6.10 per share. On January 22, 2015, Glass, Lewis & Co. recommended shareholders of GFI Group to vote against the merger agreement with CME Group at the special meeting of GFI shareholders scheduled for January 27, 2015. 

January 30, 2015: GFI Group (GFIG) shareholders rejected the proposed takeover by CME Group (CME), forcing the companies to terminate the merger agreement.

February 20, 2015: BGC Partners (BGCP) and GFI Group (GFIG) announced that they have entered into a tender offer support agreement in which GFI's board of directors unanimously agreed to support BGC's tender offer for all of the outstanding shares of GFI common stock at $6.10 per share in cash.

March 19, 2015: GFI Group (GFIG) notified the New York Stock Exchange that its Board of Directors had unanimously voted to voluntarily delist the Company's common stock, par value $0.01 per share, from the NYSE and to terminate the registration of the Common Stock under the Securities Exchange Act of 1934, as amended.

CYN 01/22/2015 Royal Bank of Canada (RY) Cash Plus Stock $5.4 billion $96.70 $93.07 304,062 12/31/2015 3.90% 5.54%
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.

CTRX 03/30/2015 OptumRx (N/A) Cash $12.8 billion $61.50 $59.25 7,432,767 12/31/2015 3.80% 5.39%
Details of Catamaran Corporation:

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

GAME 04/03/2015 Capitalhold Limited and Capitalcorp Limited (N/A) Cash $1.9 billion $7.10 $6.86 625,745 12/31/2015 3.50% 4.97%
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").

WMGI 10/27/2014 Tornier N.V. (TRNX) Stock $1.72 billion $26.72 $25.88 542,099 06/30/2015 3.25% 16.25%
Details of Wright Medical Group Inc.:

Expected to close in the first half 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.

PPO 02/23/2015 Asahi Kasei Corporation (AHKSY) Cash $3.2 billion $60.50 $58.64 632,950 09/30/2015 3.17% 7.02%
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.

TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $74.46 $72.28 181,831 06/30/2015 3.02% 15.09%
Details of Integrys Energy Group, Inc. :

Expected to close in the summer of 2015 for a closing value of $9.1 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Integrys Energy Group will receive common stock at a fixed exchange ratio of 1.128 Wisconsin Energy shares plus $18.50 in cash per Integrys share.

HSP 02/05/2015 Pfizer Inc. (PFE) Cash $17 billion $90.00 $87.46 2,195,551 12/31/2015 2.90% 4.12%
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.

POM 04/30/2014 Exelon Corporation (EXC) Cash $7.2 billion $27.25 $26.57 1,035,965 09/30/2015 2.56% 5.66%
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.

VYFC 11/17/2014 BNC Bancorp (BNCN) Special Conditions $101.3 million $20.50 $20.00 N/A 06/30/2015 2.50% 12.50%
Details of Valley Financial Corporation:

Expected to close in the second quarter of 2015 for a closing value of $101.3 million. Under the terms of the agreement, shareholders of Valley Financial Corporation will receive a fixed price of $20.50 for each share of Valley common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger, subject to minimum and maximum exchange ratios. If the VWAP immediately prior to the merger is greater than or equal to $18.50 then each share of Valley common stock shall be converted into 1.1081 shares of BNC common stock. If the VWAP immediately prior to the merger is less than $14.25, then each share of Valley common stock shall be converted into 1.4386 shares of BNC common stock. 

OWW 02/12/2015 Expedia Inc. (EXPE) Cash $1.6 billion $12.00 $11.71 1,902,041 06/30/2015 2.48% 12.38%
Details of Orbitz Worldwide, Inc.:

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

FSL 03/02/2015 NXP Semiconductors NV (NXPI) Cash Plus Stock $16.7 billion $41.36 $40.44 1,084,492 12/31/2015 2.29% 3.25%
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.

BBNK 03/09/2015 Western Alliance Bancorporation (WAL) Cash Plus Stock $425 million $26.58 $26.00 22,094 12/31/2015 2.23% 3.17%
Details of Bridge Capital Holdings:

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

LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $72.23 $70.68 6,618,564 06/30/2015 2.19% 10.97%
Details of Lorillard, Inc. :

Espected to close in the first half of 2015 for a closing value of $27.4 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Lorillard will receive $50.50 in cash and 0.2909 of a share in RAI stock.

TLM 12/15/2014 Repsol S.A. (N/A) Cash $13 billion $8.00 $7.85 8,317,221 06/30/2015 1.91% 9.55%
Details of Talisman Energy Inc.:

Expected to close in the second quarter of 2014 for a closing value of $13 billion. Upon completion of the merger, shareholders of Talisman Energy will receive $8.00 per share in cash.

SUSQ 11/12/2014 BB&T Corporation (BBT) Cash Plus Stock $2.5 billion $13.80 $13.54 1,957,454 09/30/2015 1.89% 4.18%
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.

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 $54.37 281,484 12/31/2015 1.84% 2.61%
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.

ADVS 02/02/2015 SS&C Technologies Holdings, Inc. (SSNC) Cash $2.7 billion $44.25 $43.58 1,000,291 06/30/2015 1.54% 7.69%
Details of Advent Software, Inc.:

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

BALT 04/08/2015 Genco Shipping & Trading Limited (GSKNF) Stock N/A $1.51 $1.49 1,053,189 09/30/2015 1.48% 3.27%
Details of Baltic Trading Limited:

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

PCYC 03/04/2015 AbbVie Inc. (ABBV) Cash $21 billion $261.25 $257.45 3,829,100 06/30/2015 1.48% 7.38%
Details of Pharmacyclics Inc.:

Expected to close by mid 2015 for a closing value of $21 billion. Under the terms of this agreement, shareholders of Pharmacyclics will receive $261.25 per share in cash.

MIG 12/30/2014 Fosun International Limited (N/A) Cash $433 million $8.65 $8.53 171,833 12/31/2015 1.41% 2.00%
Details of Meadowbrook Insurance Group Inc.:

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

XLS 02/06/2015 Harris Corporation (HRS) Cash Plus Stock $4.56 billion $24.68 $24.35 1,670,876 06/30/2015 1.34% 6.70%
Details of Exelis Inc.:

Expected to close in June 2015 for a closing value of $4.56 billion in a cash plus stock deal. Under the terms of the transaction, Exelis shareholders will receive $16.625 in cash and 0.1025 of a share of Harris common stock, for each share of Exelis common stock.

VIAS 09/22/2014 TTM Technologies Inc. (TTMI) Cash Plus Stock $927 million $17.57 $17.36 9,289 06/30/2015 1.20% 5.98%
Details of Viasystems Group, Inc.:

Expected to close in the first half of 2015 for a closing value of $927 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Viasystems will receive per share consideration equal to $11.33 in cash and 0.706 shares of TTM common stock for each Viasystems share.

SIAL 09/22/2014 Merck KGaA (N/A) Cash $17 billion $140.00 $138.39 889,015 06/30/2015 1.16% 5.82%
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.

LTM 03/16/2015 Leonard Green & Partners and TPG (N/A) Cash $4 billion $72.10 $71.29 371,453 09/30/2015 1.14% 2.51%
Details of Life Time Fitness, Inc.:

Expected to close in the third quarter of 2015 for a closing value of $4 billion. Upon completion of the merger, shareholders of Life Time Fitness will receive $72.10 per share in cash.

HBOS 12/10/2014 Renasant Corp. (RNST) Stock $258 million $27.79 $27.48 10,815 09/30/2015 1.12% 2.49%
Details of Heritage Financial Group, Inc.:

Expected to close in the third quarter of 2015 for a closing value of $258 million in an all stock deal. Under the terms of the agreement, shareholders of Heritage Financial Group will receive 0.9266 shares of Renasant common stock for each share of Heritage common stock.

RTI 03/09/2015 Alcoa Inc. (AA) Stock $1.5 billion $38.11 $37.74 341,528 08/15/2015 0.99% 3.02%
Details of RTI International Metals, Inc.:

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

MVNR 03/02/2015 Mitel Networks Corporation (MITL) Cash Plus Stock $560 million $17.42 $17.26 329,241 06/30/2015 0.92% 4.58%
Details of Mavenir Systems, Inc.:

Expected to close in the second quarter of 2015 for a closing value of $560 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Mavenir Systems will receive $11.08 per share in cash plus 0.675 of a Mitel common share.

ENTR 02/03/2015 MaxLinear, Inc. (MXL) Cash Plus Stock $287 million $3.09 $3.06 208,978 06/30/2015 0.90% 4.51%
Details of Entropic Communications, Inc.:

Expected to close in the second quarter of 2015 for a closing value of $287 million in a cash plus stock deal. Under the terms of the agreement, Entropic shareholders will receive (i) $1.20 per share in cash and (ii) 0.2200 shares of MaxLinear common stock for each Entropic common share outstanding. 

HVB 11/05/2014 Sterling Bancorp. (STL) Stock $539 million $24.98 $24.77 45,436 06/30/2015 0.84% 4.22%
Details of Hudson Valley Holding Corp.:

Expected to close in the second quarter of 2015 for a closing value of $167.09 million in an all stock deal. Under the terms of the agreement, shareholders of Hudson Valley Holding will receive 1.92 shares of Sterling Bancorp for each share of Hudson Valle Holding common stock. 

MWV 01/26/2015 Rock-Tenn Company (RKT) Stock $16 billion $47.55 $47.19 2,283,580 06/30/2015 0.76% 3.80%
Details of MeadWestvaco Corporation:

Expected to close in the second calendar quarter of the year 2015 in an all stock deal. Under the terms of the agreement, shareholders of MeadWestvaco Corporation will receive 0.78 shares of Rock-Tenn Company.

RGP 01/26/2015 Energy Transfer Partners, L.P. (ETP) Cash Plus Stock $18 billion $22.61 $22.44 4,426,256 06/30/2015 0.76% 3.78%
Details of Regency Energy Partners LP:

Expected to close in the second quarter of 2015 for a closing value of $18 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Regency Energy Partners will receive 0.4066 ETP common units and a cash payment of $0.32 for each common unit of Regency.

DRC 09/21/2014 Siemens (N/A) Cash $7.6 billion $83.00 $82.45 565,452 06/30/2015 0.67% 3.34%
Details of Dresser-Rand Group Inc.:

Expected to close in the summer of 2015 for a closing value of $7.6 billion. Upon completion of the merger, shareholders of Dresser-Rand Group will receive $83.00 per share in cash. Additional per share cash consideration of $0.55 shall be applied on the first day of each month starting March 1, 2015, until the closing occurs.

TRW 09/15/2014 ZF Friedrichshafen AG ("ZF") (N/A) Cash $13.5 billion $105.60 $104.91 956,327 06/30/2015 0.66% 3.29%
Details of TRW Automotive Holdings Corp.:

Expected to close in th first half of 2015 for a closing value of $13.5 billion. Upon completion of the merger, shareholders of TRW Automotive Holdings will receive $105.60 per share in cash.

RVBD 12/15/2014 Thoma Bravo, LLC and Teachers’ Private Capital (N/A) Cash $3.6 billion $21.00 $20.91 1,214,274 06/30/2015 0.43% 2.15%
Details of Riverbed Technology, Inc.:

Expected to close in the first half of 2015 for a closing value of $3.6 billion. Upon completion of the merger, shareholders of Riverbed Technology will receive $21.00 per share in cash.

ARUN 03/02/2015 Hewlett-Packard Company (HPQ) Cash $2.7 billion $24.67 $24.57 3,129,751 10/31/2015 0.41% 0.76%
Details of Aruba Networks, Inc.:

Expected to close in the second half of HP's Fiscal Year 2015 for a closing value of $2.7 billion. Upon completion of the merger, shareholders of Aruba Networks will receive $24.67 per share in cash.

QEPM 04/06/2015 Tesoro Logistics LP (TLLP) Stock N/A $17.42 $17.35 51,854 12/31/2015 0.40% 0.57%
Details of QEP Midstream Partners, LP:

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

BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $48.41 $48.22 22,448 03/31/2015 0.38% 0.00%
Details of The Bank of Kentucky Financial Corporation:

Expected to close in the first quarter of 2015 for a closing value of $363 million in a cash plus stock deal. Under the terms of the agreement, shareholders of The Bank of Kentucky Financial Corporation will receive 1.0126 shares of BB&T common stock and $9.40 of cash for each share of The Bank of Kentucky stock.

ASPX 03/30/2015 Teva Pharmaceutical Industries Limited (TEVA) Cash $3.5 billion $101.00 $100.68 390,071 06/30/2015 0.32% 1.59%
Details of Auspex Pharmaceuticals, Inc.:

Expected to close by mid-2015 for a closing value of $3.5 billion. Upon completion of the merger, shareholders of Auspex Pharmaceuticals will receive $101 per share in cash.

ELX 02/25/2015 Avago Technologies Limited (AVGO) Cash $609 million $8.00 $7.98 1,649,194 11/01/2015 0.25% 0.46%
Details of Emulex Corporation:

Expected to close in the second half of Avago's fiscal year ending November 1, 2015 for a closing value of $609 million. Upon completion of the merger, shareholders of Emulex Corportation will receive $8.00 per share in cash.

ICEL 03/30/2015 FUJIFILM Holdings Corporation (N/A) Cash $307 million $16.50 $16.47 284,571 06/30/2015 0.18% 0.91%
Details of Cellular Dynamics International, Inc.:

Expected to close in the second quarter of 2015 for a closing value of $307 million. Upon completion of the merger, shareholders of Cellular Dynamics International will receive $16.5 per share in cash.

SIBC 12/30/2014 First NBC Bank Holding Company (NBCB) Cash $49 million $21.25 $21.22 300 06/30/2015 0.14% 0.71%
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.

EXL 04/10/2015 Blackstone Property Partners L.P. (BX) Cash $2 billion $15.85 $15.84 1,070,501 12/31/2015 0.06% 0.09%
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.

CMSB 09/25/2014 Putnam County Savings Bank (N/A) Cash $25.4 million $13.25 $13.25 300 06/30/2015 0.00% 0.00%
Details of CMS Bancorp, Inc.:

Expected to close in the first half of 2015 for a closing value of $25.4 million. Upon completion of the merger, shareholders of CMS Bancorp will receive $13.25 per share in cash.

VTSS 03/18/2015 Microsemi Corporation (MSCC) Cash $389 million $5.28 $5.28 1,055,972 06/28/2015 0.00% 0.00%
Details of Vitesse Semiconductor Corp.:

Expected to close in Microsemi's fiscal third quarter ending June 28, 2015 for a closing value of $389 million. Upon completion of the merger, shareholders of Vitesse Semiconductor will receive $5.28 per share in cash.

KFX 03/24/2015 Lexmark International Inc. (LXK) Cash $1 billion $11.00 $11.00 627,944 06/30/2015 0.00% 0.00%
Details of Kofax Limited:

Expected to close in the second quarter of 2015 for a closing value of approximately $1 billion. Upon completion of the merger, shareholders of Kofax Limited will receive $11.00 per share in cash.

HPTX 03/30/2015 Horizon Pharma plc (HZNP) Cash $1.1 billion $46.00 $46.06 283,419 06/30/2015 -0.13% -0.65%
Details of Hyperion Therapeutics, Inc.:

Expected to close in the second quarter of 2015 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Hyperion Therapeutics will receive $46.00 per share in cash.

HBNK 11/04/2014 Berkshire Hills Bancorp Inc. (BHLB) Stock $109 million $22.18 $22.21 3,378 05/15/2015 -0.14% -1.96%
Details of Hampden Bancorp, Inc.:

Expected to close early in the second quarter of 2015 for a closing value of $109 million in an all stock deal. Under the terms of the agreement, shareholders of Hampden Bancorp will receive 0.81 shares of Berkshire Hills common stock for each outstanding share of Hampden stock.

ONFC 02/24/2015 Community Bank System Inc. (CBU) Stock $142 million $19.71 $19.75 2,337 07/31/2015 -0.22% -0.79%
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.

NCFT 03/30/2015 Fortune Brands Home & Security, Inc. (FBHS) Cash $600 million $25.50 $25.59 49,638 06/30/2015 -0.35% -1.76%
Details of Norcraft Companies, Inc.:

Expected to close in the second quarter of 2015 for a closing value of $600 million. Upon completion of the merger, shareholders of Norcraft Companies will receive $25.50 per share in cash.

ALLB 03/03/2015 WSFS Financial Corp. (WSFS) Stock $92 million $21.00 $21.21 7,407 12/31/2015 -1.01% -1.44%
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 $39.04 $39.62 174,952 09/30/2015 -1.46% -3.23%
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.

FSGI 03/25/2015 Atlantic Capital Bancshares, Inc. (N/A) Cash $160 million $2.35 $2.45 43,958 10/31/2015 -4.08% -7.60%
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.

FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $78.75 1,004,909 03/31/2015 -5.40% 109.44%
Details of Family Dollar Stores Inc.:

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

CRRC 02/05/2015 R.R. Donnelley & Sons Company (RRD) Cash $261 million $23.00 $24.72 64,149 06/30/2015 -6.96% -34.79%
Details of Courier Corporation:

Expected to close in the second quarter of 2015 for a closing value of $261 million. Upon completion of the merger, shareholders of Courier Corporation will receive $23.00 per share in cash or 1.3756 RR Donnelley common shares.