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
UPI 12/22/2014 Vision-Sciences Inc. (VSCI) Stock N/A $1.85 $1.25 564,205 06/30/2015 48.23% 112.85%
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.

EDS 12/02/2013 Pan Long Company Limited (N/A) Cash $60.1 million $1.78 $1.50 4,540 12/31/2014 18.67% 0.00%
Details of Exceed Company Ltd.:

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

Updates(s)

  1. On October 21, 2014, Exceed company announced that the termination date for the merger agreement has been extended to December 31, 2014. 
TWC 02/13/2014 Comcast Corporation (CMCSA) Stock $45.2 billion $161.89 $144.16 1,412,431 06/30/2015 12.30% 28.78%
Details of Time Warner Cable Inc.:

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

DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $85.23 1,600,111 05/31/2015 11.46% 33.21%
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.

BHI 11/16/2014 Halliburton Company (HAL) Cash Plus Stock N/A $64.91 $58.40 3,849,265 12/31/2015 11.15% 11.96%
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.

IGT 07/16/2014 GTECH S.p.A. (GTKYY) Special Conditions $6.4 billion $18.25 $16.96 1,843,980 06/30/2015 7.61% 17.80%
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.

LO 07/15/2014 Reynolds American Inc. (RAI) Cash Plus Stock $27.4 billion $70.58 $66.02 1,782,622 06/30/2015 6.90% 16.14%
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.

LNBB 12/15/2014 Northwest Bancshares, Inc. (NWBI) Special Conditions $183.3 million $18.70 $17.55 10,439 06/30/2015 6.55% 15.33%
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.

URZ 01/05/2015 Energy Fuels Inc. (UUUU) Stock $150 million $1.17 $1.10 205,298 06/30/2015 6.17% 14.44%
Details of Uranerz Energy Corp.:

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

TLM 12/15/2014 Repsol S.A. (N/A) Cash $13 billion $8.00 $7.55 6,179,280 06/30/2015 5.96% 13.95%
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.

WPZ 10/27/2014 Access Midstream Partners, L.P. (ACMP) Stock $50 billion $45.85 $43.44 1,298,200 01/31/2015 5.55% 337.42%
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.

APL 10/13/2014 Targa Resources Partners LP (NGLS) Cash Plus Stock $5.8 billion $29.24 $27.71 1,291,178 03/31/2015 5.54% 31.10%
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.

CRRC 01/16/2015 Quad/Graphics, Inc. (QUAD) Cash $260 million $20.50 $19.45 43,004 06/30/2015 5.40% 12.63%
Details of Courier Corporation:

Expected to close in the second quarter of 2015 for a closing value of $260 million. Upon completion of the merger, shareholders of Courier Corporation will receive $20.50 per share in cash. 

HCBK 08/27/2012 M&T Bank Corporation (MTB) Stock $3.7 billion $9.68 $9.22 1,306,680 04/30/2015 5.01% 19.25%
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.

HBNK 11/04/2014 Berkshire Hills Bancorp Inc. (BHLB) Stock $109 million $20.27 $19.31 3,300 05/15/2015 4.95% 16.43%
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.

VYFC 11/17/2014 BNC Bancorp (BNCN) Special Conditions $101.3 million $20.50 $19.66 N/A 06/30/2015 4.27% 10.00%
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. 

CYN 01/22/2015 Royal Bank of Canada (RY) Cash Plus Stock $5.4 billion $92.73 $88.99 2,565,291 12/31/2015 4.20% 4.51%
Details of City National Corporation:

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

MIG 12/30/2014 Fosun International Limited (N/A) Cash $433 million $8.65 $8.33 452,530 12/31/2015 3.84% 4.12%
Details of Meadowbrook Insurance Group Inc.:

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

HBOS 12/10/2014 Renasant Corp. (RNST) Stock $258 million $25.19 $24.32 33,539 09/30/2015 3.59% 5.29%
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.

AGN 11/16/2014 Actavis plc (ACT) Cash Plus Stock N/A $232.02 $224.17 2,072,873 06/30/2015 3.50% 8.19%
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.

BTUI 10/22/2014 Amtech Systems Inc. (ASYS) Stock N/A $2.97 $2.87 9,529 03/31/2015 3.32% 18.62%
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.

SUSQ 11/12/2014 BB&T Corporation (BBT) Cash Plus Stock $2.5 billion $13.37 $12.97 1,966,412 06/30/2015 3.05% 7.13%
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.

PEOP 08/05/2014 Independent Bank Corp. (INDB) Stock $130.6 million $22.26 $21.64 6,400 03/31/2015 2.85% 16.03%
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.

PTP 11/24/2014 RenaissanceRe Holdings Ltd. (RNR) Special Conditions $1.9 billion $76.00 $74.00 106,286 06/30/2015 2.70% 6.32%
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.

HVB 11/05/2014 Sterling Bancorp. (STL) Stock $539 million $26.48 $25.79 25,558 06/30/2015 2.66% 6.23%
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. 

SWY 03/06/2014 AB Acquisition LLC (N/A) Special Conditions N/A $36.15 $35.29 987,071 12/31/2014 2.44% 0.00%
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 $103.15 1,309,063 06/30/2015 2.38% 5.56%
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.

PZG 12/17/2014 Coeur Mining, Inc. (CDE) Stock $146 million $1.21 $1.18 674,901 06/30/2015 2.34% 5.47%
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%

DRC 09/21/2014 Siemens (N/A) Cash $7.6 billion $83.00 $81.20 498,617 06/30/2015 2.22% 5.19%
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.

CODE 12/01/2014 Cypress Semiconductor Corporation (CY) Stock $4 billion $37.49 $36.72 1,372,562 06/30/2015 2.11% 4.93%
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.

CIMT 11/24/2014 3D Systems Corporation (DDD) Cash $97 million $8.97 $8.80 98,852 03/31/2015 1.93% 10.85%
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.

PETM 12/14/2014 a consortium led by BC Partners (N/A) Cash $8.7 billion $83.00 $81.50 1,213,817 06/30/2015 1.84% 4.31%
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.

APAGF 10/03/2014 Pluspetrol Resources Corporation (N/A) Cash $427 million $14.50 $14.24 84,893 12/31/2014 1.83% 0.00%
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.

DRIV 10/23/2014 Siris Capital Group, LLC (N/A) Cash $840 million $26.00 $25.54 456,259 03/31/2015 1.80% 10.11%
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.

RVBD 12/15/2014 Thoma Bravo, LLC and Teachers’ Private Capital (N/A) Cash $3.6 billion $21.00 $20.63 1,357,051 06/30/2015 1.79% 4.20%
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.

NBTF 08/04/2014 Peoples Bancorp Inc. (PEBO) Cash Plus Stock $109 million $30.75 $30.23 113 03/31/2015 1.72% 9.65%
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.

SIAL 09/22/2014 Merck KGaA (N/A) Cash $17 billion $140.00 $137.69 350,456 06/30/2015 1.68% 3.93%
Details of Sigma-Aldrich Corporation:

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

CHYR 11/17/2014 Vector Capital (N/A) Cash N/A $2.82 $2.78 51,593 03/31/2015 1.44% 8.08%
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.

SIBC 12/30/2014 First NBC Bank Holding Company (NBCB) Cash $49 million $21.25 $20.98 2,248 06/30/2015 1.29% 3.01%
Details of State Investors Bancorp, Inc.:

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

BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $46.68 $46.11 6,612 03/31/2015 1.24% 6.99%
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.

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 $54.73 107,548 12/31/2015 1.17% 1.26%
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.

AVIV 10/31/2014 Omega Healthcare Investors Inc. (OHI) Stock $3 billion $40.05 $39.61 78,927 03/31/2015 1.11% 6.24%
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.

ESBF 10/29/2014 WesBanco Inc. (WSBC) Cash Plus Stock $324.4 million $17.98 $17.79 10,872 06/30/2015 1.09% 2.56%
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.

TRLA 07/28/2014 Zillow, Inc. (Z) Stock $3.5 billion $47.03 $46.55 2,348,398 03/31/2015 1.04% 5.83%
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.

PENX 10/15/2014 Ingredion Incorporated (INGR) Cash $340 million $19.00 $18.82 12,827 03/31/2015 0.96% 5.37%
Details of Penford Corporation:

Expected to close by the first quarter of 2015 for a closing value of $340 million. Upon completion of the merger, shareholders of Penford Corporation will receive $19.00 per share in cash.

VIAS 09/22/2014 TTM Technologies Inc. (TTMI) Cash Plus Stock $927 million $16.43 $16.28 5,293 06/30/2015 0.95% 2.22%
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.

NPSP 01/11/2015 Shire plc (SHPG) Cash $5.2 billion $46.00 $45.64 5,918,544 03/31/2015 0.79% 4.43%
Details of NPS Pharmaceuticals, Inc.:

Expected to close in the first quarter of 2015 for a closing value of $5.2 billion. Upon completion of the merger, shareholders of NPS Pharmaceuticals will receive $46.00 per share in cash.

OILT 11/12/2014 Enterprise Products Partners L.P. (EPD) Stock N/A $45.84 $45.48 77,021 03/31/2015 0.79% 4.42%
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. 

COV 06/15/2014 Medtronic, Inc. (MDT) Cash Plus Stock $42.9 billion $108.75 $108.07 8,349,211 01/31/2015 0.63% 38.51%
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.

CFN 10/05/2014 Becton, Dickinson and Company (BDX) Cash Plus Stock $12.2 billion $60.14 $59.77 2,134,839 06/30/2015 0.62% 1.46%
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.

TEG 06/23/2014 Wisconsin Energy Corp. (WEC) Cash Plus Stock $9.1 billion $82.82 $82.33 167,691 06/30/2015 0.59% 1.39%
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.

CVD 11/03/2014 Laboratory Corp. of America Holdings (LH) Cash Plus Stock $5.6 billion $107.26 $106.72 639,073 03/31/2015 0.51% 2.86%
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.

PRLS 12/22/2014 Mobius Acquisition, LLC (N/A) Cash N/A $7.00 $6.97 5,465 03/31/2015 0.43% 2.42%
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.

SAPE 11/03/2014 Publicis Groupe (N/A) Cash $3.7 billion $25.00 $24.90 1,963,314 03/31/2015 0.40% 2.26%
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.

MWIV 01/12/2015 AmerisourceBergen Corporation (ABC) Cash $2.5 billion $190.00 $189.34 509,062 03/31/2015 0.35% 1.96%
Details of MWI Veterinary Supply, Inc.:

Expected to close in the March quarter of 2015 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of MWI Veterinary Supply will receive $190 per share in cash.

WMGI 10/27/2014 Tornier N.V. (TRNX) Stock $1.72 billion $25.46 $25.41 519,900 06/30/2015 0.21% 0.49%
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.

GTIV 10/09/2014 Kindred Healthcare Inc. (KND) Cash Plus Stock $1.8 billion $19.43 $19.39 95,801 03/31/2015 0.20% 1.14%
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.

AMRE 10/31/2014 Edens Investment Trust (N/A) Cash N/A $26.55 $26.50 676,734 03/31/2015 0.19% 1.06%
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.

SMPL 09/29/2014 HomeStreet, Inc. (HMST) Stock N/A $17.36 $17.33 2,416 03/31/2015 0.17% 0.97%
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.

VOLC 12/17/2014 Koninklijke Philips N.V (PHG) Cash $1.2 billion $18.00 $17.97 472,316 03/31/2015 0.17% 0.94%
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.

CMSB 09/25/2014 Putnam County Savings Bank (N/A) Cash $25.4 million $13.25 $13.23 100 06/30/2015 0.15% 0.35%
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.

PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) Cash $5.7 billion $70.00 $69.95 1,111,538 01/31/2015 0.07% 4.35%
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.

PTRY 12/18/2014 Alimentation Couche-Tard Inc. (N/A) Cash $1.7 billion $36.75 $36.78 148,096 06/30/2015 -0.08% -0.19%
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.

POM 04/30/2014 Exelon Corporation (EXC) Cash $7.2 billion $27.25 $27.39 837,495 09/30/2015 -0.51% -0.75%
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.

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $34.09 365,913 12/31/2015 -1.73% -1.86%
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. 

MFI 12/15/2014 an affiliate of funds managed by affiliates of Fortress Investment Group LLC (FIG) Cash N/A $10.20 $10.43 43,623 03/31/2015 -2.21% -12.38%
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.

COBK 09/10/2014 Cape Bancorp, Inc. (CBNJ) Stock $55 million $12.67 $13.06 1,855 03/31/2015 -3.02% -16.96%
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. 

FDO 07/28/2014 Dollar Tree, Inc. (DLTR) Special Conditions $9.2 billion $74.50 $76.93 1,473,272 03/31/2015 -3.16% -17.74%
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.

DWSN 10/09/2014 TGC Industries Inc. (TGE) Stock N/A $10.93 $11.35 21,284 03/31/2015 -3.70% -20.80%
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.

GFIG 07/30/2014 BGC Partners (BGCP) Cash N/A $5.75 $6.06 221,457 03/31/2015 -5.12% -28.73%
Details of GFI Group Inc.:

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

Update(s)

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

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

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

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

RNA 11/24/2014 BioMarin Pharmaceutical Inc. (BMRN) Cash $680 million $17.75 $18.82 79,046 03/31/2015 -5.69% -31.93%
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.

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) Stock N/A $7.74 $8.23 64,647 03/31/2015 -5.93% -33.28%
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.

AUXL 10/09/2014 Endo International plc (ENDP) Special Conditions $2.6 billion $33.25 $35.95 165,450 06/30/2015 -7.51% -17.57%
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.

ATLS 10/13/2014 Targa Resources Corp. (TRGP) Cash Plus Stock $1.9 billion $25.60 $28.90 666,602 03/31/2015 -11.41% -64.05%
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.