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
LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $68.09 $60.32 1,114,171 06/30/2015 12.89% 18.67%
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.

OVRL 05/15/2014 Sphere 3D Corporation (ANY) Stock $81.13 million $2.87 $2.55 52,486 09/30/2014 12.53% 0.00%
Details of Overland Storage Inc.:

Expected to close in the third quarter of 2014 for a closing value of $81.13 million in an all stock deal. Under the terms of the agreement, shareholders of Overland Storage will receive 0.510594 shares of Sphere 3D.

FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) Stock $17.9 million $4.06 $3.63 1,100 10/30/2014 11.95% 484.52%
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 $16.34 982,387 06/30/2015 11.69% 16.93%
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.

LIN 03/22/2014 Media General, Inc. (MEG) Special Conditions $2.6 billion $25.97 $23.50 93,272 03/31/2015 10.51% 23.83%
Details of LIN Media LLC:

Expected to close in the first quarter of 2015 for a closing value of $2.6 billion. Upon completion of the merger, shareholders of LIN Media will get a stock or cash worth of $27.82 a share. 

Investors of Austin, Texas-based LIN can opt for 1.5762 shares of the new company or $27.82 in cash, up to a maximum of $763 million in cash payouts, the companies said.

Update(s)

August 20, 2014: LIN Media LLC (LIN) and Media General (MEG) announced an amenment to their merger, where the merger consideration for each LIN Media common share will now be either $25.97 in cash or 1.4714 shares of the new holding company, subject to proration. The maximum cash amount that will be paid to the LIN shareholders remains $763 million.

DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $85.97 1,316,012 05/31/2015 10.50% 17.27%
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.

MGAM 09/08/2014 Global Cash Access Holdings, Inc. (GCA) Cash $1.2 billion $36.50 $33.23 121,427 03/31/2015 9.84% 22.31%
Details of Multimedia Games Holding Company, Inc.:

Expected to close by early 2015 for a closing value of $1.2 billion. Upon completion of the merger, shareholders of Multimedia Games will receive $36.50 per share in cash.

CPWR 09/02/2014 Thoma Bravo, LLC (N/A) Cash $2.5 billion $10.92 $9.95 1,118,731 01/31/2015 9.80% 35.08%
Details of Compuware Corporation:

Expected to close by early 2015 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of Compuware Corporation will receive approximately $10.92 per share in cash. The number is approximate because it includes an estimated payment $0.67 per Compuware share related to distribution of Covisint (COVS) shares owned by Compuware.

Deal Update(s)

  1. On October 9, 2014, Compuware (CPWRannounced the spin-off of Covisint (COVS). Based on the number of Compuware shares outstanding and shares deliverable under RSUs as of October 8, 2014, holders of Compuware common stock are expected to receive approximately 0.1402 shares of Covisint common stock in the distribution with respect to each outstanding share of Compuware common stock they own at the close of business on the record date, and holders of RSUs are expected to receive approximately 0.1402 shares of Covisint common stock in the distribution with respect to each share of Compuware common stock deliverable under the RSUs they hold at the close of business on the record date.
EDS 12/02/2013 Pan Long Company Limited (N/A) Cash $60.1 million $1.78 $1.63 24,753 09/30/2014 9.27% 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.

COV 06/15/2014 Medtronic, Inc. (MDT) Cash Plus Stock $42.9 billion $97.32 $89.37 6,681,298 01/31/2015 8.90% 31.83%
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.

TWC 02/13/2014 Comcast Corporation (CMCSA) Stock $45.2 billion $150.02 $139.29 1,099,143 12/31/2014 7.70% 39.59%
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.

AUXL 10/09/2014 Endo International plc (ENDP) Special Conditions $2.6 billion $33.25 $31.05 526,798 06/30/2015 7.09% 10.26%
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.

HCBK 08/27/2012 M&T Bank Corporation (MTB) Stock $3.7 billion $9.63 $9.00 1,022,338 12/31/2014 7.02% 36.07%
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.

SWY 03/06/2014 AB Acquisition LLC (N/A) Special Conditions N/A $36.15 $34.03 1,078,232 12/31/2014 6.23% 32.03%
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).

APL 10/13/2014 Targa Resources Partners LP (NGLS) Cash Plus Stock $5.8 billion $39.89 $37.69 521,304 03/31/2015 5.84% 13.24%
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.

DWSN 10/09/2014 TGC Industries Inc. (TGE) Stock N/A $18.27 $17.28 18,016 03/31/2015 5.72% 12.97%
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.

ROC 07/15/2014 Albemarle Corporation (ALB) Cash Plus Stock $6.2 billion $77.70 $73.70 1,129,896 03/31/2015 5.42% 12.29%
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.

TRLA 07/28/2014 Zillow, Inc. (Z) Stock $3.5 billion $48.33 $45.88 164,850 03/31/2015 5.34% 12.10%
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.

TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $72.72 $69.08 262,725 06/30/2015 5.28% 7.64%
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.

OABC 04/29/2014 Southside Bancshares Inc. (SBSI) Cash Plus Stock $307 million $28.20 $26.95 7,027 12/31/2014 4.64% 23.86%
Details of Omniamerican Bancorp, Inc.:

Expected to close in the fourth quarter of 2014 for a closing value of $307 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Omniamerican Bancorp will receive 0.4459 shares of Southside common stock plus $13.125 in cash for each outstanding share of OmniAmerican common stock.

TRW 09/15/2014 ZF Friedrichshafen AG ("ZF") (N/A) Cash $13.5 billion $105.60 $101.43 684,606 06/30/2015 4.11% 5.95%
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.

FRNK 07/15/2014 Towne Bank (TOWN) Stock $275 million $20.30 $19.53 9,533 12/31/2014 3.94% 20.27%
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.

SMPL 09/29/2014 HomeStreet, Inc. (HMST) Stock N/A $17.27 $16.62 4,452 03/31/2015 3.91% 8.87%
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.

BYI 08/01/2014 Scientific Games Corporation (SGMS) Cash $5.1 billion $83.30 $80.49 267,900 01/31/2015 3.49% 12.49%
Details of Bally Technologies, Inc.:

Expected to close in early 2015 for a closing value of $5.1 billion. Upon completion of the merger, shareholders of Bally Technologies will receive $83.30 per share in cash.

SIAL 09/22/2014 Merck KGaA (N/A) Cash $17 billion $140.00 $135.34 480,454 06/30/2015 3.44% 4.99%
Details of Sigma-Aldrich Corporation:

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

CMSB 09/25/2014 Putnam County Savings Bank (N/A) Cash $25.4 million $13.25 $12.83 696 06/30/2015 3.27% 4.74%
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.

CFN 10/05/2014 Becton, Dickinson and Company (BDX) Cash Plus Stock $12.2 billion $58.57 $56.80 2,852,048 06/30/2015 3.11% 4.51%
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.

TIBX 09/29/2014 Vista Equity Partners (N/A) Cash $4.3 billion $24.00 $23.38 1,297,426 12/31/2014 2.65% 13.63%
Details of TIBCO Software Inc.:

Expected to close by the fourth calendar quarter of 2014 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of TIBCO Software will receive $24.00 per share in cash.

BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $45.87 $44.78 30,283 03/31/2015 2.44% 5.54%
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.

VIAS 09/22/2014 TTM Technologies Inc. (TTMI) Cash Plus Stock $927 million $15.60 $15.23 4,202 06/30/2015 2.41% 3.50%
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.

GRT 09/16/2014 Washington Prime Group Inc. (WPG) Cash Plus Stock $4.3 billion $13.78 $13.46 1,066,064 03/31/2015 2.39% 5.41%
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.

PEOP 08/05/2014 Independent Bank Corp. (INDB) Stock $130.6 million $21.14 $20.65 17,712 03/31/2015 2.36% 5.34%
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.

DRC 09/21/2014 Siemens (N/A) Cash $7.6 billion $83.00 $81.20 803,578 06/30/2015 2.22% 3.21%
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.

HCT 06/02/2014 Ventas, Inc. (VTR) Stock $2.6 billion $11.41 $11.20 1,685,372 12/31/2014 1.88% 9.68%
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.

FRF 08/12/2014 Tiptree Financial Inc. (TIPT) Cash $218 million $10.00 $9.82 43,660 01/31/2015 1.83% 6.56%
Details of Fortegra Financial Corporation:

Expected to close in late 2014 or early 2015 for a closing value of $218 million. Upon completion of the merger, shareholders of Fortegra Financial Corporation will receive $10.00 per share in cash.

MONT 06/11/2014 Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A) Cash $693 million $22.60 $22.21 382,915 10/08/2014 1.76% 0.00%
Details of Montage Technology Group Limited:

Expected to close in the third quarter of 2014 for a closing value of $693 million. Upon completion of the merger, shareholders of Montage Technology Group Limited will receive $22.60 per share in cash.

GTIV 10/09/2014 Kindred Healthcare Inc. (KND) Cash Plus Stock $1.8 billion $19.70 $19.38 99,677 03/31/2015 1.66% 3.76%
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.

PENX 10/15/2014 Ingredion Incorporated (INGR) Cash $340 million $19.00 $18.69 170,776 12/31/2014 1.66% 8.53%
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.

GECR 06/23/2014 State Bank Financial Corporation (STBZ) Special Conditions $82 million $22.35 $22.00 N/A 03/31/2015 1.59% 3.61%
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.

SPBC 05/05/2014 Green Bank (N/A) Cash $46.2 million $29.55 $29.10 N/A 09/30/2014 1.55% 0.00%
Details of SP Bancorp, Inc.:

Expected to close in the third quarter of 2014 for a closing value of $46.2 million. Upon completion of the merger, shareholders of SP Bancorp will receive $29.55 per share in cash.

SWS 04/01/2014 Hilltop Holdings Inc. (HTH) Cash Plus Stock $260 million $7.14 $7.04 24,386 12/31/2014 1.44% 7.42%
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. 

FFCO 04/14/2014 CB Financial Services, Inc. (CBFV) Stock 54.5 million $22.31 $22.00 100 11/15/2014 1.41% 20.62%
Details of FedFirst Financial Corp.:

Expected to close late in the third quarter or early fourth quarter of 2014 for a closing value of $54.5 million in a cash or stock deal. Under the terms of the agreement, shareholders of FedFirst Financial will entitled to elect to receive $23.00 in cash or shares of CB common stock based on a fixed exchange ratio of 1.1590 shares of CB common stock for each share of FedFirst common stock, subject to proration to ensure that at closing 65% of the outstanding shares of FedFirst common stock are exchanged for shares of CB common stock and the remaining 35% are exchanged for cash.

LSBI 06/04/2014 Old National Bancorp. (ONB) Cash Plus Stock $66.7 million $39.63 $39.10 2,891 11/01/2014 1.35% 44.79%
Details of LSB Financial Corp.:

Expected to close in mid-to-late fourth quarter of 2014 for a closing value of $66.7 million. Under the terms of the agreement, shareholders of LSB Financial corporation will receive 2.269 shares of Old National common stock and $10.63 in cash for each share of LSB Financial common stock.

FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $30.71 $30.34 1,154,393 12/31/2014 1.23% 6.30%
Details of Foster Wheeler AG:

Expected to close in the second half of 2014 for a closing value of $3.3 billion in a stock plus cash deal. Under the terms of the agreement, shareholders of Foster Wheeler will receive 0.8998 shares of AMEC stock and $16.00 per share in cash. Separately, Foster Wheeler expects to pay a one-time dividend of $0.40 per share prior to, and not conditional on, the closing of the offer.

EPB 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $40.75 $40.26 1,434,007 12/31/2014 1.22% 6.29%
Details of El Paso Pipeline Partners, L.P.:

Expected to close by the end of the year in a cash plus stock deal. Under the terms of the agreement, shareholders of El Paso Pipieline Partners will receive 0.9451 KMI shares and $4.65 in cash for each EPB unit.

KMP 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $94.55 $93.42 1,023,990 12/31/2014 1.21% 6.20%
Details of Kinder Morgan Energy Partners, L.P.:

Expected to close by the end of the year in a cash plus stock deal. Under the terms of the agreement, shareholders of Kinder Morgan Energy Partners will receive 2.1931 KMI shares and $10.77 in cash for each KMP unit.

POM 04/30/2014 Exelon Corporation (EXC) Cash $7.2 billion $27.25 $26.94 595,180 09/30/2015 1.15% 1.22%
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.

THRD 06/04/2014 National Penn Bancshares Inc. (NPBC) Stock $138 million $41.31 $40.86 200 12/31/2014 1.11% 5.71%
Details of TF Financial Corporation:

Expected to close in late 2014 for a closing value of $138 million. Under the terms of the agreement, shareholders of TF Financial Corporation may elect to receive either $42.00 in cash or a fixed exchange ratio of 4.22 shares of National Penn stock for each share of TF Financial common stock.

Since only 40% of TF Financial shareholders will receive cash and 60% of shareholders will National Penn shares, we are treating this as an all-stock deal.

KOG 07/13/2014 Whiting Petroleum Corp. (WLL) Stock $6 billion $10.97 $10.85 2,172,620 12/31/2014 1.11% 5.71%
Details of Kodiak Oil & Gas Corp.:

Expected to close in the fourth quarter of 2014 for a closing value of $6 billion in an all stock deal. Under the terms of the agreement, shareholders of Kodiak Oil & Gas will receive 0.177 of a share of Whiting stock in exchange for each share of Kodiak common stock they hold.

TWTC 06/16/2014 Level 3 Communications, Inc. (LVLT) Cash Plus Stock $7.3 billion $39.65 $39.25 420,872 12/31/2014 1.02% 5.27%
Details of TW Telecom Inc.:

Expected to close in the fourth quarter of 2014 for a closing value of $7.3 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of TW Telecom will receive $10 in cash and 0.7 shares of Level 3 common stock for each share of TW Telecom common stock.

NBTF 08/04/2014 Peoples Bancorp Inc. (PEBO) Cash Plus Stock $109 million $30.54 $30.25 1,501 03/31/2015 0.97% 2.21%
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.

TAM 09/11/2014 Eastman Chemical Co. (EMN) Cash $2.8 billion $26.00 $25.75 169,487 12/31/2014 0.97% 4.99%
Details of Taminco Corporation:

Expected to close in the fourth quarter of 2014 for a closing value of $2.8 billion. Upon completion of the merger, shareholders of Taminco Corporation will receive $26.00 per share in cash.

IRF 08/20/2014 Infineon Technologies AG (IFNNY) Cash $2.4 billion $40.00 $39.62 644,685 01/31/2015 0.96% 3.43%
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.

PSMI 08/22/2014 Murata Electronics North America, Inc. (N/A) Cash $471 million $12.50 $12.39 29,865 01/31/2015 0.89% 3.18%
Details of Peregrine Semiconductor Corporation:

Expected to close by late 2014 or early 2015 for a closing value of $471 million. Upon completion of the merger, sharheolders of Peregrine Semiconductors will receive $12.50 per share in cash. 

TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) Stock $1.6 billion $17.82 $17.67 1,253,789 12/31/2014 0.86% 4.42%
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.
CNVR 09/11/2014 Alliance Data Systems Corporation (ADS) Special Conditions $2.3 billion $35.00 $34.71 371,450 12/31/2014 0.84% 4.30%
Details of Conversant, Inc.:

Expected to close by the end of the year for a closing value of $2.3 billion. 

Under the terms of the transaction, the consideration to be received by Conversant shareholders is valued at $35.00 per share, representing a 34% premium to the 30 day average closing price of Conversant's stock. At the announcement, the offer comprises 52% stock and 48% cash, which is equal to $18.20 per share of Alliance Data stock (based on a fixed exchange ratio of 0.07037) and $16.80 per share of cash to Conversant shareholders.

The exchange ratio of 0.07037 that determines the aggregate stock consideration will remain fixed at close. The cash portion of the aggregate consideration floats within a 10% symmetrical collar that provides for a minimum of $14.98 per share (at $284 per share of Alliance Data stock) up to a maximum of $18.62 per share (at a $233 price per share of Alliance Data stock) – equaling $35.00 of total value within the collar, as more fully described in the merger agreement. If such average Alliance Data stock price is outside of the collar range, Conversant shareholders will receive in the aggregate (i) 0.07037 shares of Alliance Data stock, and (ii) either the minimum $14.98 per share of cash above $284 or the maximum $18.62 of cash below $233. The final target Alliance Data share price used to calculate the collar and cash consideration mix will be based on the 15 day volume weighted average price of Alliance Data stock as of the second day prior to closing.

Conversant shareholders may elect to receive (i) all cash, (ii) all stock (each subject to proration in the event of oversubscription), or (iii) the aggregate mix of consideration.

QRE 07/24/2014 Breitburn Energy Partners L.P. (BBEP) Stock $3 billion $16.53 $16.40 399,566 01/31/2015 0.78% 2.80%
Details of QR Energy, LP:

Expected to close by late 2014 or early 2015 for a closing value of $3 billion in an all stock deal. Under the terms of the agreement, shareholders of QR Energy will receive 0.9856 of a BBEP unit for each unit of QRE.

CNQR 09/18/2014 SAP SE (SAP) Cash $8.3 billion $129.00 $128.00 429,806 03/31/2015 0.78% 1.77%
Details of Concur Technologies, Inc.:

Expected to close in the fourth quarter 2014 or the first quarter of 2015 for a closing value of $8.3 billion. Upon completion of the merger, shareholders of Concur Technologies will receive $129 per share in cash.

KMR 08/10/2014 Kinder Morgan, Inc. (KMI) Stock N/A $94.92 $94.20 668,850 12/31/2014 0.77% 3.95%
Details of Kinder Morgan Management LLC:

Expected to close by the end of the year in an all stock deal. Under the terms of the agrement, shareholders of Kinder Morgan Management will receive 2.4849 KMI shares for each share of KMR.

COBK 09/10/2014 Cape Bancorp, Inc. (CBNJ) Stock $55 million $13.06 $12.97 N/A 03/31/2015 0.70% 1.59%
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. 

FUBC 05/08/2014 Valley National Bancorp (VLY) Stock $312 million $8.52 $8.46 82,216 10/31/2014 0.68% 24.72%
Details of 1st United Bancorp, Inc.:

Expected to close early in the fourth quarter of 2014 for a closing value of $312 million in an all stock deal. Under the terms of the agreement, shareholders of 1st United Bancorp will receive 0.89 shares of Valley National Bancorp common stock for each share of 1st United common stock. 

In the event Valley's average share price during the 20 business day period ending 5 days prior to closing is less than $8.09, then Valley will increase the 0.89 exchange ratio so that 1st United shareholders receive $7.20 in Valley common stock or $7.20 in Valley common stock and cash for each 1st United share they hold. In the event Valley's average share price during the 20 business day period ending 5 days prior to closing is greater than $12.13, then Valley will decrease the 0.89 exchange ratio so that 1st United shareholders receive $10.80 in Valley common stock for each 1st United share they hold.

PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) Cash $5.7 billion $70.00 $69.59 635,744 01/31/2015 0.59% 2.11%
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.

PIKE 08/04/2014 Court Square Capital Partners & J. Eric Pike, the Company’s Chairman and Chief Executive Officer (N/A) Cash N/A $12.00 $11.93 214,936 12/31/2014 0.59% 3.02%
Details of Pike Corporation:

Expected to close in the fourth quarter of 2014. Upon completion of the merger, shareholders of Pike Corporation will receive $12.00 per share in cash.

LPDX 09/25/2014 Laboratory Corp. of America Holdings (LH) Cash $85.3 million $5.25 $5.22 153,861 12/31/2014 0.57% 2.95%
Details of LipoScience, Inc.:

Expected to close in the fourth quarter of 2014 for a closing value of $85.3 million. Upon completion of the merger, shareholders of LipoScience will receive $5.25 per share in cash.

ATHL 09/29/2014 Encana Corporation (ECA) Cash $7.1 billion $58.50 $58.20 911,331 12/31/2014 0.52% 2.65%
Details of Athlon Energy Inc.:

Expected to close by the end of the year for a closing value of $7.1 billion. Upon completion of the merger, shareholders of Athlon Energy will receive $58.50 per share in cash.

BOLT 09/03/2014 Teledyne Technologies Inc. (TDY) Cash $171 million $22.00 $21.90 21,433 12/31/2014 0.46% 2.35%
Details of Bolt Technology Corp.:

Expected to close for a closing value of $171 million. Upon completion of the merger, shareholders of Bolt Technology will receive $22.00 per share in cash.

IMCB 07/23/2014 Columbia Banking System Inc. (COLB) Cash Plus Stock $121.5 million $18.67 $18.59 2,652 12/31/2014 0.45% 2.29%
Details of Intermountain Community Bancorp:

Expected to close in the fourth quarter of 2014 for  closing value of $121.5 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Intermountain Community Bancorp will receive 0.6426 shares of Columbia common stock and $2.2930 in cash for each share of Intermountain common stock. Subject to proration procedures, Intermountain shareholders can elect to receive consideration consisting of all stock, all cash or a combination of stock and cash.

MOVE 09/30/2014 News Corp (N/A) Cash $950 million $21.00 $20.92 497,029 12/31/2014 0.38% 1.97%
Details of Move, Inc.:

Expected to close by the end of the calendar year 2014 for a closing value of $950 million. Upon completion of the merger, shareholders of Move will receive $21.00 per share in cash.

BAGL 09/29/2014 JAB Holding Company (N/A) Cash $374 million $20.25 $20.21 48,967 12/31/2014 0.20% 1.02%
Details of Einstein Noah Restaurant Group, Inc.:

Expected to close by the end of the year for a closing value of $374 million. Upon completion of the merger, shareholders of Einstein Noah Restaurant Group will receive $20.25 per share in cash.

BNNY 09/08/2014 General Mills, Inc. (GIS) Cash $820 million $46.00 $45.97 5 12/31/2014 0.07% 0.34%
Details of Annie's, Inc.:

Expected to cose by the end of the calendar year 2014 for a closing value of $820 million. Upon completion of the merger, shareholders of Annie's will receive $46.00 per share in cash.

DRTX 10/06/2014 Actavis plc (ACT) Cash $675 million $23.00 $23.85 111,868 01/31/2015 -3.56% -12.75%
Details of Durata Therapeutics, Inc.:

Expected to close by late 2014 or early 2015 for a closing value of $675 million. Upon completion of the merger, shareholders of Durata Therapeutics will receive $23.00 per share in cash and contingent value rights (CVRs) entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata’s lead product DALVANCE are achieved. If DALVANCE is approved in Europe for ABSSSI, holders of the CVR will receive $1.00 per share. If DALVANCE is approved for single dose administration by the FDA, holders of the CVR will receive $1.00 per share. If a net global DALVANCE revenue threshold is met over a designated time period, holders of the CVR will receive $3.00 per share.

FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $77.36 570,964 01/31/2015 -3.70% -13.23%
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.

AMBI 09/29/2014 Daiichi Sankyo Company, Ltd. (N/A) Cash $410 million $15.00 $15.61 4,213 12/31/2014 -3.91% -20.09%
Details of Ambit Biosciences Corporation:

Expected to close by the end of the year for a closing value of $315 million. Upon completion of the merger, shareholders of Ambit Biosciences will receive $15.00 per share in cash. In addition to the upfront cash payment, each Ambit Biosciences stockholder will receive one Contingent Value Right (CVR), entitling the holder to receive an additional cash payment of up to $4.50 for each share they own if certain commercialization related milestones are achieved.

GFIG 07/30/2014 CME Group (N/A) Cash N/A $4.55 $5.15 73,197 01/31/2015 -11.65% -41.69%
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.

ATLS 10/13/2014 Targa Resources Corp. (TRGP) Cash Plus Stock $1.9 billion $32.41 $40.01 452,988 03/31/2015 -18.98% -43.04%
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.