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
EDS 12/02/2013 Pan Long Company Limited (N/A) Cash $60.1 million $1.78 $1.50 N/A 12/31/2014 18.67% 3406.67%
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. 
UPI 12/22/2014 Vision-Sciences Inc. (VSCI) Stock N/A $2.62 $2.24 N/A 06/30/2015 16.78% 33.46%
Details of Uroplasty, Inc.:

Expected to close in the first half of 2015 in an all stock deal. Under the terms of the agreement, shareholders of Uroplasty will receive 3.6331 shares of Vision-Sciences' common stock for each outstanding share of Uroplasty's common stock.

BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $63.50 $56.33 N/A 12/31/2015 12.72% 12.65%
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.

TWC 02/13/2014 Comcast Corporation (CMCSA) Stock $45.2 billion $167.84 $152.83 N/A 12/31/2014 9.82% 1792.70%
Details of Time Warner Cable Inc.:

Expected to close by the end of the year 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.

DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $87.05 N/A 05/31/2015 9.13% 21.79%
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.

LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $69.62 $63.79 N/A 06/30/2015 9.13% 18.21%
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.

APL 10/13/2014 Targa Resources Partners LP (NGLS) Cash Plus Stock $5.8 billion $28.76 $26.45 N/A 03/31/2015 8.73% 34.64%
Details of Atlas Pipeline Partners, L.P.:

Expected to close in the first quarter of 2015 for a closing value of $7.7 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Atlas Pipeline Partners will receive a fixed ratio of 0.5846 units of Targa Resources Partners and $1.26 for each outstanding Atlas Pipeline common unit.

FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) Stock $17.9 million $4.24 $3.93 N/A 10/30/2014 7.92% 0.00%
Details of First Financial Service Corp.:

Expected to close in late third or fourth quarter of 2014 for a closing value of $17.9 million. Upon completion of the merger, shareholders of First Financial Service will receive 0.153 shares of CBIN common stock.

This exchange ratio is subject to adjustment based on conditions related to the book value of First Financial and the ability of the company to gain $3 million from specifically identified special assets.

IGT 07/16/2014 GTECH S.p.A. (GTKYY) Special Conditions $6.4 billion $18.25 $17.12 N/A 06/30/2015 6.60% 13.16%
Details of International Game Technology:

Expected to close in the first and second quarter of 2015 for a closing value of $6.4 billion. Under the terms of the agreement, shareholders of International Game Technology will receive an aggregate value of $18.25 per IGT share in a combination of $13.69 in cash plus 0.1819 ordinary shares of NewCo for each share of IGT common stock, as described in greater detail below.  GTECH shareholders will exchange each of their existing GTECH shares for one (1) newly issued NewCo share. 

Assuming a mixed consideration election, the stock consideration portion is subject to adjustment with a 15% up and down collar based on the trading price of GTECH shares prior to the closing of the transaction.  The exchange ratio of IGT common stock for NewCo stock will be determined by the average of the volume-weighted average price of GTECH stock (converted to USD) on ten randomly selected trading days occurring within the twenty trading-day period ending on (and including) the second full trading day prior to the closing of the transaction (the "GTECH Share Trading Price").  If the GTECH Share Trading Price is between or equal to $25.08 and $28.84, the exchange ratio will vary between 0.1819x and 0.1582x.  Above $28.84, the exchange ratio will be fixed at 0.1582x.  Between or equal to $21.32 and $25.08, IGT shareholders will receive NewCo stock at a fixed ratio of 0.1819x plus additional cash consideration up to $0.68 per IGT share.  Below $21.32 IGT shareholders receive 0.1819 NewCo shares and additional cash consideration equal to the GTECH Share Trading Price multiplied by 0.0321.

DRIV 10/23/2014 Siris Capital Group, LLC (N/A) Cash $840 million $26.00 $24.40 N/A 03/31/2015 6.56% 26.02%
Details of Digital River Inc.:

Expected to close in the first quarter of 2015 for a closing value of $840 million. Upon completion of the merger, shareholders of Digital River will receive $26.00 per share in cash.

AGN 11/16/2014 Actavis plc (ACT) Cash Plus Stock N/A $223.91 $211.95 N/A 06/30/2015 5.64% 11.25%
Details of Allergan Inc.:

This is a cash plus stock deal, subject to a number of closing conditions. Under the terms of the agreement, shareholders of Allergan will receive $129.22 in cash and 0.3683 of an ordinary share of Actavis.

WPZ 10/27/2014 Access Midstream Partners, L.P. (ACMP) Stock $50 billion $48.36 $46.01 N/A 01/31/2015 5.11% 56.56%
Details of Williams Partners L.P.:

Expected to close in early 2015 for a closing total transaction value of approximately $50 billion in an all stock deal. Under the terms of the merger agreement, WPZ will merge with a subsidiary of ACMP in a unit-for-unit exchange at a ratio of 0.86672 ACMP common units per WPZ common unit held by the WPZ public unitholders.

Prior to the completion of the merger, ACMP will effect a subdivision of its common units and each public unitholder of ACMP will receive 0.06152 additional ACMP common units for each ACMP common unit they hold. In the aggregate, the public unitholders of ACMP will receive approximately 6.3 million new ACMP common units with a value of approximately $381 million, or approximately $3.74 per public ACMP common unit, based on the closing price of ACMP as of October 24, 2014.

HCBK 08/27/2012 M&T Bank Corporation (MTB) Stock $3.7 billion $10.65 $10.14 N/A 04/30/2015 5.03% 15.05%
Details of Hudson City Bancorp, Inc.:

Expected to close early in the first 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.

PEOP 08/05/2014 Independent Bank Corp. (INDB) Stock $130.6 million $23.38 $22.31 N/A 03/31/2015 4.82% 19.11%
Details of Peoples Federal Bancshares, Inc.:

Expected to close in the first quarter of 2015 for a closing value of $130.6 million in an all stock deal. Under the terms of the agreement, 60% of outstanding Peoples Federal Bancshares, Inc. shares will be exchanged for Independent shares at a fixed exchange ratio of .5523 of an Independent share for each Peoples Federal Bancshares, Inc. share and the remaining 40% of outstanding Peoples Federal Bancshares, Inc. shares will be exchanged for $21.00 per share in cash.

Peoples Federal Bancshares, Inc. shareholders will be able to elect between receiving cash or Independent shares, subject to proration and allocation so that 60% of outstanding Peoples Federal Bancshares, Inc. shares are exchanged for Independent stock and 40% exchanged for cash.

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) Stock N/A $10.27 $9.82 N/A 03/31/2015 4.54% 18.00%
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.

CMSB 09/25/2014 Putnam County Savings Bank (N/A) Cash $25.4 million $13.25 $12.70 N/A 06/30/2015 4.33% 8.64%
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.

VYFC 11/17/2014 BNC Bancorp (BNCN) Special Conditions $101.3 million $20.50 $19.65 N/A 06/30/2015 4.33% 8.63%
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. 

CODE 12/01/2014 Cypress Semiconductor Corporation (CY) Stock $4 billion $35.87 $34.61 N/A 06/30/2015 3.65% 7.27%
Details of Spansion Inc.:

Expected to close in the first half of 2015 for a closing value of $4 billion in an all stock deal. Under the terms of the agreement, shareholders of Spansion will receive 2.457 Cypress shares for each Spansion share they own.

HBOS 12/10/2014 Renasant Corp. (RNST) Stock $258 million $26.73 $25.80 N/A 09/30/2015 3.61% 4.80%
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.

LNBB 12/15/2014 Northwest Bancshares, Inc. (NWBI) Special Conditions $183.3 million $18.70 $18.05 N/A 06/30/2015 3.60% 7.18%
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.

SUSQ 11/12/2014 BB&T Corporation (BBT) Cash Plus Stock $2.5 billion $13.97 $13.49 N/A 06/30/2015 3.56% 7.10%
Details of Susquehanna Bancshares, Inc.:

Expected to close 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.

RVBD 12/15/2014 Thoma Bravo, LLC and Teachers’ Private Capital (N/A) Cash $3.6 billion $21.00 $20.36 N/A 06/30/2015 3.14% 6.27%
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.

PTP 11/24/2014 RenaissanceRe Holdings Ltd. (RNR) Special Conditions $1.9 billion $76.00 $73.70 N/A 06/30/2015 3.12% 6.22%
Details of Platinum Underwriters Holdings Ltd.:

Expected to close in the first half of 2015 for a closing value of $1.9 billion. Under the terms of the agreement, shareholders of Platinum Underwriters Holdings will receive a $10.00 per share special pre-closing dividend with the remainder of the consideration, at their election, consisting of (i) $66.00 per Platinum share in cash, (ii) 0.6504 RenaissanceRe common shares per Platinum share, or (iii) a combination of $35.96 in cash and 0.2960 RenaissanceRe common shares per Platinum share, subject to proration.

SWY 03/06/2014 AB Acquisition LLC (N/A) Special Conditions N/A $36.15 $35.08 N/A 12/31/2014 3.05% 556.66%
Details of Safeway Inc.:

Expected to close by the end of the year. Upon completion of the merger, shareholders of Safeway will receive $32.50 in cash, an estimated $3.65 in contingent value rights (based on their selling a Mexican retail chain and other real estate) and $3.95 related to a spin-off of BlackHawk Networks (a gift card company).

Update(s)

April 14, 2014: Safeway completed the distribution to its stockholders of 37,838,709 shares of Class B common stock of Blackhawk Networks Holdings, Inc. owned by Safeway. After the completion of the distribution, Safeway no longer owns any shares of Class B common stock of Blackhawk. After this spin-off, the adjusted purchase price for Safeway is $36.15 ($32.50 in cash and $3.65 in CVRs).

TRW 09/15/2014 ZF Friedrichshafen AG ("ZF") (N/A) Cash $13.5 billion $105.60 $102.74 N/A 06/30/2015 2.78% 5.55%
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.

APAGF 10/03/2014 Pluspetrol Resources Corporation (N/A) Cash $427 million $14.50 $14.15 N/A 12/31/2014 2.47% 451.41%
Details of Apco Oil & Gas International Inc.:

Expected to close by the end of the year for a closing value of $427 million. Upon completion of the merger, shareholders of Apco Oil & Gas International will receive $14.50 per share in cash.

VIAS 09/22/2014 TTM Technologies Inc. (TTMI) Cash Plus Stock $927 million $16.55 $16.18 N/A 06/30/2015 2.31% 4.62%
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.

SMPL 09/29/2014 HomeStreet, Inc. (HMST) Stock N/A $17.36 $16.97 N/A 03/31/2015 2.30% 9.12%
Details of Simplicity Bancorp, Inc.:

Expected to close in the first quarter of 2015 in an all stock deal. Under the terms of the agreement, Simplicity stockholders are expected to receive one share of HomeStreet common stock for each share owned of Simplicity common stock, subject to adjustment if HomeStreet’s closing stock price during a specified measurement period prior to closing is more than $20 or less than $15 per share.

COV 06/15/2014 Medtronic, Inc. (MDT) Cash Plus Stock $42.9 billion $105.56 $103.21 N/A 01/31/2015 2.28% 25.20%
Details of Covidien plc:

Expected to close in the fourth quarter of 2014 or early 2015 for a closing value of $42.9 billion in a cash plus stock deal, Under the terms of the agreement, shareholders of Covidien will receive $35.19 in cash and 0.956 of an ordinary share of Medtronic plc.

Deal Update(s)

November 26, 2014: The Federal Trade Commission and the European Commission approved the merger between Medtronic (MDT) and Covidien plc (COV) with the proviso that Covidien divest its drug-coated catheter business before completing the transaction. Covidien agreed to sell the business for $30M to Spectranetics (SPNC) several weeks ago.

HBNK 11/04/2014 Berkshire Hills Bancorp Inc. (BHLB) Stock $109 million $21.46 $20.99 N/A 05/15/2015 2.22% 5.93%
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.

PETM 12/14/2014 a consortium led by BC Partners (N/A) Cash $8.7 billion $83.00 $81.21 N/A 06/30/2015 2.20% 4.40%
Details of PetSmart, Inc.:

Expected to close in the first half of 2015 for a closing value of $8.7 billion. Upon completion of the merger, shareholder of PetSmart will receive $83.00 per share in cash.

PRLS 12/22/2014 Mobius Acquisition, LLC (N/A) Cash N/A $7.00 $6.85 N/A 03/31/2015 2.19% 8.69%
Details of Peerless Systems Corp.:

Expected to close by February or March 2015. Under the terms of the agreement, shareholders of Peerless Systems will receive $7.00 per share in cash.

DRC 09/21/2014 Siemens (N/A) Cash $7.6 billion $83.00 $81.27 N/A 06/30/2015 2.13% 4.25%
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.

AVIV 10/31/2014 Omega Healthcare Investors Inc. (OHI) Stock $3 billion $35.77 $35.03 N/A 03/31/2015 2.10% 8.34%
Details of Aviv REIT, Inc.:

Expected to close in the first quarter of 2015 for a closing value of $3 billion in an all stock deal. Under the terms of the agreement, Aviv shareholders will receive a fixed exchange ratio of 0.90 Omega shares for each share of Aviv common stock they own.

HCT 06/02/2014 Ventas, Inc. (VTR) Stock $2.6 billion $12.22 $11.98 N/A 12/31/2014 1.97% 359.60%
Details of American Realty Capital Healthcare Trust, Inc.:

Expected to close in the fourth quarter of 2014 for a closing value of $2.6 billion. Under the terms of the agreement, shareholders of American Realty Capital Healthcare Trust can choose to receive 0.1688 Ventas common shares or $11.33 in cash for each common share of ARC Healthcare they own.

Since the cash portion of the deal is subject to a cap of 10 percent of ARC Healthcare's outstanding shares, we are treating this deal as an all-stock deal.

TRLA 07/28/2014 Zillow, Inc. (Z) Stock $3.5 billion $46.38 $45.50 N/A 03/31/2015 1.93% 7.68%
Details of Trulia, Inc.:

Expected to close in 2015 for a closing value of $3.5 billion in an all stock deal. Under the terms of the agreement, shareholders of Trulia will receive 0.444 Class A Common Stock of Zillow for each share of Trulia.

TLM 12/15/2014 Repsol S.A. (N/A) Cash $13 billion $8.00 $7.85 N/A 06/30/2015 1.91% 3.81%
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.

CIMT 11/24/2014 3D Systems Corporation (DDD) Cash $97 million $8.97 $8.82 N/A 03/31/2015 1.70% 6.75%
Details of Cimatron Ltd.:

Expected to close in the first quarter of 2015 for a closing value of $97 million. Under the terms of the agreement, shareholders of Cimatron will receive $8.97 per share in cash.

CBST 12/08/2014 Merck & Co. Inc. (MRK) Cash $9.5 billion $102.00 $100.30 N/A 03/31/2015 1.69% 6.72%
Details of Cubist Pharmaceuticals Inc.:

Expected to close in the first quarter of 2015 for a closing value of $9.5 billion. Upon completion of the merger, shareholders of Cubist Pharmaceuticals will receive $102 per share in cash.

NBTF 08/04/2014 Peoples Bancorp Inc. (PEBO) Cash Plus Stock $109 million $31.89 $31.47 N/A 03/31/2015 1.32% 5.25%
Details of NB&T Financial Group Inc.:

Expected to close in the fourth quarter of 2014 or the first quarter of 2015 for a closing value of $109 million in a cash plus stock deal. Under the terms of the agreement, shareholders of NB&T Financial Group will receive 0.9319 shares of Peoples common stock and $7.75 in cash for each share of NBTF common stock.

ESYS 11/04/2014 Lindsay Corporation (LNN) Cash $70.5 million $17.50 $17.28 N/A 01/31/2015 1.27% 14.08%
Details of Elecsys Corporation:

Expected to close in January 2015 for a closing value of $70.5 million. Upon completion of the merger, shareholders of Elecsys Corporation will receive $17.50 per share in cash.

CHYR 11/17/2014 Vector Capital (N/A) Cash N/A $2.82 $2.79 N/A 03/31/2015 1.08% 4.27%
Details of ChyronHego Corp.:

Expected to close in the first quarter of 2015. Upon completion of the merger, shareholders of ChyronHego will receive $2.82 per share in cash.

CFN 10/05/2014 Becton, Dickinson and Company (BDX) Cash Plus Stock $12.2 billion $59.83 $59.26 N/A 06/30/2015 0.96% 1.91%
Details of CareFusion Corporation:

Expected to close in the first half of calendar year 2015 for a closing value of $12.2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of CareFusion Corporation will receive $49.00 in cash and 0.0777 of a share of BD for each share of CareFusion.

HVB 11/05/2014 Sterling Bancorp. (STL) Stock $539 million $27.38 $27.12 N/A 06/30/2015 0.96% 1.91%
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. 

POM 04/30/2014 Exelon Corporation (EXC) Cash $7.2 billion $27.25 $27.00 N/A 09/30/2015 0.93% 1.23%
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.

CVD 11/03/2014 Laboratory Corp. of America Holdings (LH) Cash Plus Stock $5.6 billion $104.84 $103.88 N/A 03/31/2015 0.92% 3.65%
Details of Covance Inc.:

Expected to close in the first quarter of 2015 for a closing value of $5.6 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Covance will receive $75.76 in cash and 0.2686 LabCorp shares for each Covance share they own.

ROC 07/15/2014 Albemarle Corporation (ALB) Cash Plus Stock $6.2 billion $79.90 $79.17 N/A 03/31/2015 0.92% 3.64%
Details of Rockwood Holdings, Inc.:

Expected to close in the first quarter of 2015 for a closing value of $6.2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Rockwood Holdings will receive $50.65 in cash and 0.4803 of a share of Albemarle common stock.

PENX 10/15/2014 Ingredion Incorporated (INGR) Cash $340 million $19.00 $18.84 N/A 12/31/2014 0.85% 154.99%
Details of Penford Corporation:

Expected to close by the end of the year for a closing value of $340 million. Upon completion of the merger, shareholders of Penford Corporation will receive $19.00 per share in cash.

SAPE 11/03/2014 Publicis Groupe (N/A) Cash $3.7 billion $25.00 $24.81 N/A 03/31/2015 0.77% 3.04%
Details of Sapient Corp.:

Expected to close in the first quarter of 2015 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of Sapient will receive $25.00 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 $54.98 N/A 12/31/2015 0.71% 0.71%
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.

ESBF 10/29/2014 WesBanco Inc. (WSBC) Cash Plus Stock $324.4 million $19.42 $19.30 N/A 06/30/2015 0.62% 1.24%
Details of ESB Financial Corp.:

Expected to close in the first or second quarter of 2014 for a closing value of $324.4 million. Upon completion of the merger, shareholders of ESB Financial will receive 0.502 shares of WesBanco common stock and cash in the amount of $1.76 per share for each share of ESB common stock.

VOLC 12/17/2014 Koninklijke Philips N.V (PHG) Cash $1.2 billion $18.00 $17.89 N/A 03/31/2015 0.61% 2.44%
Details of Volcano Corporation:

Expected to close in the first quarter of 2015 for a closing value of $1.2 billion. Upon completion of the merger, shareholders of Volcano Corporation will receive $18.00 per share in cash.

OILT 11/12/2014 Enterprise Products Partners L.P. (EPD) Stock N/A $46.22 $45.99 N/A 03/31/2015 0.49% 1.94%
Details of Oiltanking Partners, L.P.:

Expected to close in early 2015 in an all stock deal. Under the terms of the agreement, shareholders of Oiltanking Partners will receive 1.3 Enterprise common units for each Oiltanking Partners common unit. 

PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) Cash $5.7 billion $70.00 $69.67 N/A 01/31/2015 0.47% 5.24%
Details of Protective Life Corporation:

Expected to close by the end of 2014 or early 2015 for a closing value of $5.7 billion. Upon completion of the merger, shareholders of Protective Life Corporation will receive $70.00 per share in cash.

AVNR 12/02/2014 Otsuka Pharmaceutical Co., Ltd. (N/A) Cash $3.5 billion $17.00 $16.92 N/A 03/31/2015 0.47% 1.88%
Details of Avanir Pharmaceuticals, Inc.:

Expected to close in the first quarter of 2015 for a closing value of $3.5 billion. Upon completion of the merger, shareholders of Avanir Pharmaceuticals will receive $17.00 per share in cash.

BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $49.10 $48.88 N/A 03/31/2015 0.46% 1.82%
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.

BTUI 10/22/2014 Amtech Systems Inc. (ASYS) Stock N/A $2.72 $2.71 N/A 03/31/2015 0.43% 1.71%
Details of BTU International Inc.:

Expected to close in the first quarter of 2015 in an all stock deal. Under the terms of the agreement, shareholders of BTU International will receive 0.3291 shares of Amtech common stock for every share of BTU common stock.

SWS 04/01/2014 Hilltop Holdings Inc. (HTH) Cash Plus Stock $260 million $6.94 $6.91 N/A 12/31/2014 0.39% 71.29%
Details of SWS Group, Inc.:

Expected to close prior to the end of 2014 for a closing value of $260 million in a cash plus stock deal. Under the terms of the agreement, shareholders of SWS Group will receive per share consideration of 0.2496 shares of Hilltop common stock and $1.94 of cash. 

GRT 09/16/2014 Washington Prime Group Inc. (WPG) Cash Plus Stock $4.3 billion $13.81 $13.76 N/A 01/15/2015 0.39% 8.29%
Details of Glimcher Realty Trust:

Expected to close in the first quarter of 2015 for a closing value of $4.3 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Glimcher Realty Trust will receive, for each Glimcher share, $10.40 in cash and 0.1989 of a share in WPG stock at closing.

XWES 11/04/2014 EnerNOC, Inc. (ENOC) Cash N/A $5.50 $5.48 N/A 01/15/2015 0.36% 7.84%
Details of World Energy Solutions, Inc.:

Expected to close in early January 2015. Upon completion of the merger, shareholders of World Energy Solutions will receive $5.50 per share in cash.

GTIV 10/09/2014 Kindred Healthcare Inc. (KND) Cash Plus Stock $1.8 billion $19.27 $19.20 N/A 03/31/2015 0.36% 1.44%
Details of Gentiva Health Services Inc.:

Expected to close in the first quarter of 2015 for a closing value of $1.8 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Gentiva Health Services will receive $14.50 per share in cash and 0.257 shares of Kindred common stock.

TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $80.11 $79.83 N/A 06/30/2015 0.35% 0.71%
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.

CQB 10/27/2014 Cutrale-Safra group (N/A) Cash $1.3 billion $14.50 $14.46 N/A 01/31/2015 0.28% 3.06%
Details of Chiquita Brands International Inc.:

Expected to close by the end of the year or early 2015 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of Chiquita Brands International will receive $14.50 per share in cash.

TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) Stock $1.6 billion $28.02 $27.95 N/A 12/31/2014 0.26% 47.50%
Details of TriQuint Semiconductor, Inc.:

Expected to close by the end of the year for a closing value of $1.6 billion in an all stock deal. Under the terms of the agreement, shareholders of TriQuint Semiconductor will receive 1.675 shares of RF Micro Devices common stock per share held.

This is a merger of equals deal where TQNT shareholders will receive 1.675 shares of a newly formed post-merger company and RFMD shareholders will receive 1 share. Since RFMD shareholders will receive one share of the new company for each share they hold, we are treating this merger as TQNT shareholders receiving 1.675 shares of RFMD to calculate the spread.

Update(s)

  1. On September 18, 2014, RF Micro Devices (RFMD) and TriQuint Semiconductor (TQNTrevealed that the holding company under which the companies will combine in a merger of equals will be named QorvoTM, Inc. Qorvo is expected to be traded on the NASDAQ Global Stock Market under the ticker symbol QRVO following closing of the merger.
IRF 08/20/2014 Infineon Technologies AG (IFNNY) Cash $2.4 billion $40.00 $39.93 N/A 01/31/2015 0.18% 1.94%
Details of International Rectifier Corporation:

Expected to close late in the calendar year 2014 or early in the calendar year 2015 for a closing value of $3 billion. Upon completion of the merger, shareholders of International Rectifier Corporation will receive $40.00 per share in cash.

AMRE 10/31/2014 Edens Investment Trust (N/A) Cash N/A $26.55 $26.55 N/A 03/31/2015 0.00% 0.00%
Details of AmREIT, Inc.:

Expected to close in the first quarter of 2015. Upon completion of the merger, shareholders of AmREIT will receive $26.55 per share in cash.

BIRT 12/05/2014 OpenText (N/A) Cash $330 million $6.60 $6.60 N/A 03/31/2015 0.00% 0.00%
Details of Actuate Corporation:

Expected to close in the first quarter of 2015 for a closing value of $330 million. Upon completion of the merger, shareholders of Actuate Corporation will receive $6.60 per share in cash.

MFI 12/15/2014 an affiliate of funds managed by affiliates of Fortress Investment Group LLC (FIG) Cash N/A $10.20 $10.20 N/A 03/31/2015 0.00% 0.00%
Details of MicroFinancial Inc.:

Expected to close early in the first quarter of 2015. Upon completion of the merger, shareholders of MicroFinancial will receive $10.20 per share in cash.

FRNK 07/15/2014 Towne Bank (TOWN) Stock $275 million $21.87 $21.89 N/A 12/31/2014 -0.10% -18.34%
Details of Franklin Financial Corporation:

Expected to close in the fourth quarter of 2014 for a closing value of $275 milliion in an all stock deal. Under the terms of the agreement, shareholders of Franklin Financial Corporation will receive 1.40 shares of TowneBank common stock for each share of Franklin.

GFIG 07/30/2014 BGC Partners (BGCP) Cash N/A $5.45 $5.47 N/A 01/06/2015 -0.37% -16.68%
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.

PTRY 12/18/2014 Alimentation Couche-Tard Inc. (N/A) Cash $1.7 billion $36.75 $36.93 N/A 06/30/2015 -0.49% -0.97%
Details of The Pantry, Inc.:

Expected to close in the first half of 2015 for a closing value of $1.7 billion. Upon completion of the merger, shareholders of The Pantry will receive $36.75 per share in cash.

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $33.87 N/A 12/31/2015 -1.09% -1.09%
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. 

WMGI 10/27/2014 Tornier N.V. (TRNX) Stock $1.72 billion $26.25 $26.57 N/A 06/30/2015 -1.22% -2.43%
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.

PZG 12/17/2014 Coeur Mining, Inc. (CDE) Stock $146 million $1.06 $1.08 N/A 06/30/2015 -1.44% -2.87%
Details of Paramount Gold and Silver Corp.:

Expected to close in the second quarter of 2015 for a closing value of $146 million in an all stock deal. Under the terms of the agreement, shareholders of Paramount Gold and Silver will receive 0.2016 Coeur shares per Paramount shares. 

In addition, Paramount stockholders will receive their pro rata share of the outstanding shares of an existing subsidiary or a newly incorporated subsidiary (“SpinCo”) of Paramount. SpinCo will hold Paramount’s interest in the Sleeper Gold, Mill Creek and Spring Valley Projects in Nevada and will be capitalized with $10 million in cash from Coeur. Upon completion of the Merger, Paramount stockholders will hold, in aggregate, a 95.1% interest in SpinCo and Coeur will hold the remaining 4.9%

COBK 09/10/2014 Cape Bancorp, Inc. (CBNJ) Stock $55 million $13.09 $13.39 N/A 03/31/2015 -2.25% -8.91%
Details of Colonial Financial Services, Inc.:

Expected to close in the first half of 2015 for a closing value of $55 million in a cash or stock deal. Under the terms of the agreement, shareholders of Colonial Financial Services will be entitled to elect to receive either $14.50 per share in cash or 1.412 shares of Cape’s common stock, subject to 50% of the shares being exchanged for stock and 50% for cash. 

DWSN 10/09/2014 TGC Industries Inc. (TGE) Stock N/A $11.25 $11.74 N/A 03/31/2015 -4.20% -16.68%
Details of Dawson Geophysical Company:

Expected to close in the first quarter of 2014 in an all stock deal. Immediately prior to the transaction, TGC will implement a 1-for-3 reverse stock split.  The reverse stock split will provide for a sufficient number of TGC authorized shares to consummate the transaction and adjust the number of post-transaction shares to facilitate trading within reasonable price ranges and volumes on NASDAQ.  After giving effect to the TGC reverse stock split, Dawson shareholders will receive 1.76 shares of TGC split-effected common stock for each share of Dawson common stock held at the effective time of the transaction, with cash to be paid in lieu of any fractional shares.

AUXL 10/09/2014 Endo International plc (ENDP) Special Conditions $2.6 billion $33.25 $34.75 N/A 06/30/2015 -4.32% -8.61%
Details of Auxilium Pharmaceuticals Inc.:

Expected to close in the first half of 2015 for a closing value of $2.6 billion. Subject to aggregate cash and equity consideration limits, Auxilium stockholders may elect one of three options with respect to transaction consideration: 100 percent equity which equates to 0.488 Endo shares per Auxilium share, 100 percent cash which equates to $33.25 per Auxilium share or a standard election of an equal mix of $16.625 in cash and 0.244 Endo shares per Auxilium share.  The total cash consideration will not exceed 50 percent of the total equity value and the equity consideration will not exceed 75 percent of the total equity value.

RNA 11/24/2014 BioMarin Pharmaceutical Inc. (BMRN) Cash $680 million $17.75 $18.82 N/A 03/31/2015 -5.69% -22.56%
Details of Prosensa Holding N.V.:

Expected to close in the first quarter of 2015 for a closing value of $680 million. Under the terms of the agreement, shareholders of Prosensa Holding will receive $17.75 per share in cash. In addition, two approximately $80 million contingent milestones are payable for the approval of drisapersen in the U.S. no later than May 15, 2016 and Europe no later than February 15, 2017, respectively.

FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $79.12 N/A 01/31/2015 -5.84% -64.59%
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.

ATLS 10/13/2014 Targa Resources Corp. (TRGP) Cash Plus Stock $1.9 billion $27.97 $30.28 N/A 03/31/2015 -7.62% -30.25%
Details of Atlas Energy, L.P:

Expected to close in the first quarter of 2015 for a closing value of $1.9 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Atlas Energy will receive $9.12 in cash and 0.1809 of a share of TRGP common stock.

GECR 06/23/2014 State Bank Financial Corporation (STBZ) Special Conditions $82 million $22.35 $24.28 N/A 03/31/2015 -7.95% -31.54%
Details of Georgia Carolina Bancshares Inc.:

Expected to close in the first quarter of 2015 for a closing value of $82 million. The exchange ratio will depend on the average closing price of State Bank’s common stock during the twenty trading day period ending five business days before the closing of the transaction (the “Final State Bank Price”). If the Final State Bank Price is above $14.00 but below $17.00, the exchange ratio will be equal to $13.50 divided by the Final State Bank Price. If the Final State Bank Price is at or above $17.00, the exchange ratio will be 0.794. If the Final State Bank Price is at or below $14.00, the exchange ratio will be 0.964.