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
LIN 03/22/2014 Media General, Inc. (MEG) Special Conditions $2.6 billion $25.97 $22.10 166,301 03/31/2015 17.51% 35.12%
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.

LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $67.67 $60.20 948,314 06/30/2015 12.41% 16.59%
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.

EDS 12/02/2013 Pan Long Company Limited (N/A) Cash $60.1 million $1.78 $1.60 1,121 09/30/2014 11.25% 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.

DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $86.64 2,025,173 05/31/2015 9.65% 14.49%
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.

COV 06/15/2014 Medtronic, Inc. (MDT) Cash Plus Stock $42.9 billion $94.57 $86.58 6,814,140 01/31/2015 9.23% 27.38%
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.

MONT 06/11/2014 Shanghai Pudong Science and Technology Investment Co., Ltd. (N/A) Cash $693 million $22.60 $20.81 213,371 09/30/2014 8.60% 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.

FFKY 04/22/2014 Community Bank Shares of Indiana Inc. (CBIN) Stock $17.9 million $4.00 $3.69 N/A 09/30/2014 8.51% 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 $16.91 2,374,596 06/30/2015 7.92% 10.59%
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.

OABC 04/29/2014 Southside Bancshares Inc. (SBSI) Cash Plus Stock $307 million $27.97 $26.00 19,623 12/31/2014 7.59% 30.11%
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.

TWC 02/13/2014 Comcast Corporation (CMCSA) Stock $45.2 billion $154.65 $143.84 1,619,320 12/31/2014 7.51% 29.81%
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.

FFCO 04/14/2014 CB Financial Services, Inc. (CBFV) Stock 54.5 million $23.18 $21.75 1,402 11/15/2014 6.57% 52.17%
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.

OVRL 05/15/2014 Sphere 3D Corporation (ANY) Stock $81.13 million $3.45 $3.25 16,823 09/30/2014 6.28% 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.

HCBK 08/27/2012 M&T Bank Corporation (MTB) Stock $3.7 billion $10.38 $9.77 1,396,137 12/31/2014 6.27% 24.88%
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 $34.32 460,874 12/31/2014 5.33% 21.15%
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).

TRLA 07/28/2014 Zillow, Inc. (Z) Stock $3.5 billion $51.95 $49.34 1,468,656 03/31/2015 5.29% 10.60%
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.

TRW 09/15/2014 ZF Friedrichshafen AG ("ZF") (N/A) Cash $13.5 billion $105.60 $101.28 2,249,692 06/30/2015 4.27% 5.70%
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.

TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $67.05 $64.95 195,530 06/30/2015 3.23% 4.32%
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.

ROC 07/15/2014 Albemarle Corporation (ALB) Cash Plus Stock $6.2 billion $78.89 $76.44 1,774,901 03/31/2015 3.20% 6.42%
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.

BYI 08/01/2014 Scientific Games Corporation (SGMS) Cash $5.1 billion $83.30 $80.76 269,380 01/31/2015 3.15% 9.33%
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 $136.05 570,867 06/30/2015 2.90% 3.88%
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 $12.88 1,350 06/30/2015 2.87% 3.84%
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.

CPWR 09/02/2014 Thoma Bravo, LLC (N/A) Cash $2.5 billion $10.92 $10.62 1,776,043 01/31/2015 2.82% 8.38%
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.

QRE 07/24/2014 Breitburn Energy Partners L.P. (BBEP) Stock $3 billion $19.96 $19.47 218,130 01/31/2015 2.51% 7.44%
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.

GECR 06/23/2014 State Bank Financial Corporation (STBZ) Special Conditions $82 million $22.35 $21.85 1,000 03/31/2015 2.29% 4.59%
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.

GRT 09/16/2014 Washington Prime Group Inc. (WPG) Cash Plus Stock $4.3 billion $13.87 $13.56 4,961,467 03/31/2015 2.28% 4.57%
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.

FRNK 07/15/2014 Towne Bank (TOWN) Stock $275 million $19.24 $18.85 12,650 12/31/2014 2.05% 8.12%
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.

VIAS 09/22/2014 TTM Technologies Inc. (TTMI) Cash Plus Stock $927 million $16.05 $15.75 6,727 06/30/2015 1.92% 2.57%
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.

CNVR 09/11/2014 Alliance Data Systems Corporation (ADS) Special Conditions $2.3 billion $35.00 $34.34 675,102 12/31/2014 1.92% 7.63%
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.

IRF 08/20/2014 Infineon Technologies AG (IFNNY) Cash $2.4 billion $40.00 $39.25 1,584,745 01/31/2015 1.91% 5.67%
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.

SPBC 05/05/2014 Green Bank (N/A) Cash $46.2 million $29.55 $29.01 23 09/30/2014 1.86% 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.

EPB 08/10/2014 Kinder Morgan, Inc. (KMI) Cash Plus Stock N/A $40.88 $40.13 373,713 12/31/2014 1.86% 7.37%
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 $94.83 $93.14 1,067,786 12/31/2014 1.82% 7.21%
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.

BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $47.05 $46.24 25,202 03/31/2015 1.75% 3.51%
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.

POM 04/30/2014 Exelon Corporation (EXC) Cash $7.2 billion $27.25 $26.81 764,464 09/30/2015 1.64% 1.64%
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.

FWLT 02/13/2014 AMEC PLC (AMCBF) Cash Plus Stock $3.3 billion $32.11 $31.60 423,486 12/31/2014 1.60% 6.36%
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.

CNQR 09/18/2014 SAP SE (SAP) Cash $8.3 billion $129.00 $127.07 1,166,147 03/31/2015 1.52% 3.05%
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.

ENVE 06/30/2014 Consolidated Communications Holdings Inc. (CNSL) Stock $350 million $18.68 $18.40 27,230 12/31/2014 1.50% 5.93%
Details of Enventis Corporation:

Expected to close in the fourth quarter of 2014 for a closing value of $350 million in an all stock deal. Under the terms of the agreement, sharheolders of Enventis Corporation will receive 0.7402 shares of CNSL common stock for each share of ENVE common stock they own.

KMR 08/10/2014 Kinder Morgan, Inc. (KMI) Stock N/A $95.25 $93.97 273,522 12/31/2014 1.36% 5.39%
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.

NBTF 08/04/2014 Peoples Bancorp Inc. (PEBO) Cash Plus Stock $109 million $29.81 $29.45 3,712 03/31/2015 1.22% 2.44%
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.

FUBC 05/08/2014 Valley National Bancorp (VLY) Stock $312 million $8.65 $8.55 30,048 10/31/2014 1.18% 13.88%
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.

MGAM 09/08/2014 Global Cash Access Holdings, Inc. (GCA) Cash $1.2 billion $36.50 $36.08 248,893 03/31/2015 1.16% 2.33%
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.

LPDX 09/25/2014 Laboratory Corp. of America Holdings (LH) Cash $85.3 million $5.25 $5.19 101,922 12/31/2014 1.16% 4.59%
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.

TQNT 02/24/2014 RF Micro Devices Inc. (RFMD) Stock $1.6 billion $19.45 $19.23 1,638,464 12/31/2014 1.13% 4.47%
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.
FRF 08/12/2014 Tiptree Financial Inc. (TIPT) Cash $218 million $10.00 $9.89 8,014 01/31/2015 1.11% 3.30%
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.

PSMI 08/22/2014 Murata Electronics North America, Inc. (N/A) Cash $471 million $12.50 $12.37 175,135 01/31/2015 1.05% 3.12%
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. 

KOG 07/13/2014 Whiting Petroleum Corp. (WLL) Stock $6 billion $13.72 $13.59 5,926,674 12/31/2014 0.99% 3.93%
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 $42.07 $41.67 436,735 12/31/2014 0.95% 3.78%
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.

DRC 09/21/2014 Siemens (N/A) Cash $7.6 billion $83.00 $82.25 4,646,599 06/30/2015 0.91% 1.22%
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.

SWS 04/01/2014 Hilltop Holdings Inc. (HTH) Cash Plus Stock $260 million $7.00 $6.94 394,551 12/31/2014 0.82% 3.25%
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. 

PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) Cash $5.7 billion $70.00 $69.45 590,888 01/31/2015 0.79% 2.35%
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 95,704 12/31/2014 0.59% 2.33%
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.

COBR 08/28/2014 Monomoy Capital Partners II, L.P. (N/A) Cash N/A $4.30 $4.28 158,556 12/31/2014 0.47% 1.85%
Details of Cobra Electronics Corp.:

Expected to close in the fourth quarter of 2014. Upon completion of the merger, shareholders of Cobra Electronics will receive $4.30 per share in cash.

MEAS 06/18/2014 TE Connectivity Ltd. (TEL) Cash $1.7 billion $86.00 $85.67 103,937 12/31/2014 0.39% 1.53%
Details of Measurement Specialties Inc.:

Expected to close by the end of the year 2014 for a closing value of $1.7 billion. Upon completion of the merger, shareholders of Measurement Specialties will receive $86.00 per share in cash.

NOVB 01/21/2014 TriCo Bancshares (TCBK) Stock $178.4 million $21.52 $21.45 10,223 09/30/2014 0.31% 0.00%
Details of North Valley Bancorp:

Expected to close by mid-year 2014 for a closing value of $178.4 million. Under the terms of the agreement, shareholders of North Valley Bancorp will receive a fixed exchange ratio of 0.9433 shares of TriCo coomon stock in exchange for each share of North Valley common stock.

COBK 09/10/2014 Cape Bancorp, Inc. (CBNJ) Stock $55 million $13.33 $13.29 6,472 03/31/2015 0.30% 0.59%
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. 

URS 07/13/2014 AECOM Technology Corporation (ACM) Cash Plus Stock $6 billion $57.82 $57.67 253,229 10/31/2014 0.25% 2.99%
Details of URS Corporation:

Expected to close in October 2014 for a closing value of $6 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of URS Corporation will receive $33.00 in cash and 0.734 shares of AECOM common stock for each URS share.

BNNY 09/08/2014 General Mills, Inc. (GIS) Cash $820 million $46.00 $45.90 399,876 12/31/2014 0.22% 0.86%
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.

BOLT 09/03/2014 Teledyne Technologies Inc. (TDY) Cash $171 million $22.00 $21.96 18,694 12/31/2014 0.18% 0.72%
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.

ITMN 08/24/2014 Roche (N/A) Cash $8.3 billion $74.00 $73.89 N/A 12/31/2014 0.15% 0.59%
Details of InterMune, Inc.:

Expected to close by the end of 2014 for a closing value of $8.3 billion. Upon completion of the merger, shareholders of InterMune will receive $74.00 per share in cash.

MDCI 06/25/2014 Owens & Minor, Inc. (OMI) Cash $208 million $13.80 $13.78 15,906 12/31/2014 0.15% 0.58%
Details of Medical Action Industries Inc.:

Expected to close by the fuorth quarter of 2014 for a closing value of $208 million. Upon completion of the merger, shareholders of Medical Action Industries will receive $13.80 per share in cash.

PTEK 04/30/2014 Multimedia Games, Inc. (N/A) Cash N/A $1.35 $1.35 1,249 12/31/2014 0.00% 0.00%
Details of PokerTek, Inc.:

Expected to close by the fourth quarter of calendar 2014. Upon completion of the merger, shareholders of PokerTek will receive $1.35 per share in cash.

PEOP 08/05/2014 Independent Bank Corp. (INDB) Stock $130.6 million $19.88 $19.94 800 03/31/2015 -0.27% -0.55%
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.

HCT 06/02/2014 Ventas, Inc. (VTR) Stock $2.6 billion $10.47 $10.50 591,230 12/31/2014 -0.30% -1.17%
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.

LSBI 06/04/2014 Old National Bancorp. (ONB) Cash Plus Stock $66.7 million $40.17 $40.30 409 12/31/2014 -0.32% -1.26%
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.

TAM 09/11/2014 Eastman Chemical Co. (EMN) Cash $2.8 billion $26.00 $26.17 123,731 12/31/2014 -0.65% -2.58%
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.

THRD 06/04/2014 National Penn Bancshares Inc. (NPBC) Stock $138 million $41.15 $41.68 9,122 12/31/2014 -1.28% -5.09%
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.

IMCB 07/23/2014 Columbia Banking System Inc. (COLB) Cash Plus Stock $121.5 million $18.32 $18.74 2,058 12/31/2014 -2.24% -8.90%
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.

FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $77.25 719,272 01/31/2015 -3.56% -10.56%
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.

GFIG 07/30/2014 CME Group (N/A) Cash N/A $4.55 $5.45 173,395 01/31/2015 -16.51% -49.00%
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.

CHDX 02/17/2014 a buyer consortium (the "Buyer Consortium") of an affiliate of TPG (together with its affiliates, "TPG"), an affiliate of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. ("Fosun"), and Ms. Roberta Lipson, the CEO of the Company (N/A) Cash $369 million $19.50 $23.99 N/A 12/31/2014 -18.72% -74.25%
Details of Chindex International Inc.:

Expected to close in the second half of 2014 for a closing value of $369 million. Upon completion of the merger, shareholders of Chindex International will receive $19.50 per share in cash.

AUXL 06/26/2014 QLT Inc. (QLTI) Stock N/A $14.33 $29.94 1,047,323 12/31/2014 -52.13% -206.84%
Details of Auxilium Pharmaceuticals Inc.:

Expected to close by the fourth quarter of 2014 in an all stock deal. Under the terms of the agreement, shareholders of Auxilium Pharmaceuticals will receive 3.1359 QLT common shares.

Upon consummation of the Merger, each outstanding share of Auxilium common stock, other than shares owned by Auxilium, QLT, HoldCo or AcquireCo, will be converted into the right to receive 3.1359 QLT common shares (the "Equity Exchange Ratio"), subject to adjustment as described in the immediately following sentence. If at or immediately after the effective time of the Merger, QLT receives an aggregate cash consideration pursuant to any sale, license, sublicense or similar transaction related to its proprietary synthetic retinoid product in development known as "QLT091001", which is

 (a)   less than $25 million but equal to or greater than $20 million then, the Equity Exchange Ratio shall be increased by 0.0192;

(b)   less than $20 million but equal to or greater than $15 million, then the Equity Exchange Ratio shall be increased by 0.0385

(c)   less than $15 million but equal to or greater than $10 million, then the Equity Exchange Ration shall be increased by 0.0577;

(d)   less than $10 million but equal to or greater than $5 million, then the Equity Exchange Ratio shall be increased by 0.0770;

(e)   less than $5 million, or in the event that no such transaction is consummated at or immediately after the effective time of the Merger, then the Equity Exchange Ratio shall be increased by 0.0962.

Upon completion of the Merger, Auxilium stockholders will own approximately 76% of the outstanding common shares of the Combined Company on a fully diluted basis and current QLT stockholders will own approximately 24% of the outstanding common shares of the Combined Company on a fully diluted basis, subject to certain adjustments.