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
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) Cash $17.2 billion $9.00 $6.82 10,765,931 12/31/2016 31.96% 73.38%
Details of Rite Aid Corporation:

Expected to close in the second half of 2016 for a closing value of $17.2 billion. Upon completion of the merger, shareholders of Rite Aid Corporation will receive $9.00 per share in cash.

HUM 07/03/2015 Aetna Inc. (AET) Cash Plus Stock $37 billion $225.89 $176.05 5,476,568 12/31/2016 28.31% 64.98%
Details of Humana Inc.:

Expected to close in the second half of 2016 for a closing value of $37 billion in a cash plus stock deal. Under the terms of the agreement, Humana stockholders will receive $125.00 in cash and 0.8375 Aetna common shares for each Humana share.

Update(s)

June 23, 2016: California Insurance Commissioner Dave Jones weighed in against health insurer Aetna (AET) proposed $34 billion acquisition of Humana (HUM), urging national antitrust regulators to block the deal.

July 8, 2016: Aetna (AET) executives met with top Justice Department antitrust officials to convince the government that asset sales it proposed would address potential competitive problems that could threaten its deal to buy rival Humana (HUM).

July 9 , 2016: WellCare Health Plans (WCG) and Centene (CNC) made competing offers for the Medicare Advantage insurance plans that Aetna (AET) is looking to shed as it seeks clearance for its acquisition of Humana (HUM).

July 22, 2016: The Justice Department filed lawsuits to block two megadeals in the health insurance industry, saying the deals would harm competition across the country. The DOJ filed suits to block the mergers of Anthem (ANTM) and Cigna (CI)  as well as Aetna (AET) and Humana (HUM).

ALR 02/01/2016 Abbott Laboratories (ABT) Cash $5.8 billion $56.00 $43.96 360,229 12/31/2016 27.39% 62.87%
Details of Alere Inc.:

Expected to close before the end of the year after the approval of Alere shareholders and the satisfaction of customary closing conditions for a closing value of $5.8 billion. Upon completion of the merger, shareholders of Alere will receive $56.00 per share in cash.

Update(s)
April 29, 2016: Alere (ALR) rejected Abbott Laboratories's (ABT) attempt to end its $5.8 billion pending acquisition of the company.

Update(s)

April 29, 2016: Alere (ALR) rejected Abbott Laboratories's (ABT) attempt to end its $5.8 billion pending acquisition of the company.

CI 07/24/2015 Anthem, Inc. (ANTM) Cash Plus Stock $54.2 billion $177.04 $146.00 3,964,647 12/31/2016 21.26% 48.81%
Details of Cigna Corp.:

Expected to close in the second half of 2016 for a closing value of $54.2 billion in a cash plus stock deal. Under the terms of the agreement, Cigna shareholders will receive $103.40 in cash and 0.5152 Anthem common shares for each Cigna common share.

Update(s)

July 22, 2016: The Justice Department filed lawsuits to block two megadeals in the health insurance industry, saying the deals would harm competition across the country. The DOJ filed suits to block the mergers of Anthem (ANTM) and Cigna (CI)  as well as Aetna (AET) and Humana (HUM).

HTCH 11/02/2015 TDK Corporation (N/A) Special Conditions $126 million $4.00 $3.30 52,029 09/30/2016 21.21% 115.56%
Details of Hutchinson Technology Inc.:

Expected to close in the first quarter of 2016 for a closing value of $126 million. Under the terms of the agreement, TDK will acquire all of the outstanding shares of common stock of HTI for base consideration of US$3.62 per share, plus additional consideration of up to US$0.38 per share, depending on the level of cash (subject to certain adjustments) less any outstanding borrowings on HTI’s revolving line of credit (“net cash”) held by HTI as of the last day of the fiscal month immediately preceding the closing date.
Update(s)
March 4, 2016: The Company expects to complete the transactions contemplated by the Merger Agreement during the second calendar quarter of 2016.

Expected to close in the first quarter of 2016 for a closing value of $126 million. Under the terms of the agreement, TDK will acquire all of the outstanding shares of common stock of HTI for base consideration of US$3.62 per share, plus additional consideration of up to US$0.38 per share, depending on the level of cash (subject to certain adjustments) less any outstanding borrowings on HTI’s revolving line of credit (“net cash”) held by HTI as of the last day of the fiscal month immediately preceding the closing date.

Update(s)

March 4, 2016: The Company expects to complete the transactions contemplated by the Merger Agreement during the second calendar quarter of 2016.

June 28, 2016: Since the FTC is continuing its review of the Hutchinson Technology (HTCH) merger and has not indicated when its review may be completed, we are moving the closing date by three months to September 30, 2016.

IM 02/17/2016 Tianjin Tianhai Investment Company, Ltd. (N/A) Cash $6 billion $38.90 $34.26 2,399,263 12/31/2016 13.54% 31.09%
Details of Ingram Micro Inc.:

Expected to close in the second half of 2016 for a closing value of $6 billion. Upon completion of the merger, sharheolders of Ingram Micro will receive $38.90 per share in cash.

AIXG 05/23/2016 Fujian Grand Chip Investment Fund LP (N/A) Cash $748.36 million $6.66 $5.94 11,647 12/31/2016 12.22% 28.04%
Details of Aixtron SE:

Exoected to close in the second half of 2016 for a closing value of 670 million Euros. Upon completion of the merger, shareholders of Aixtron will receive 6 Euros per share in cash.

Note: We have used a conversion rate of 1.11 US Dollars per Euro.

APOL 02/08/2016 A consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC and and Najafi Companies (N/A) Cash $1.1 billion $10.00 $8.96 396,011 08/31/2016 11.61% 114.50%
Details of Apollo Education Group, Inc.:

Expected to close by Apollo Education Group's fiscal year-end, in August, 2016 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Apollo Education Group will receive $9.50 per share in cash.

Update(s)April 28, 2016: Apollo Education Group (APOL) announced that the Special Meeting of Shareholdershas been adjourned to May 6, 2016 in order to provide additional time for shareholders to vote.Of the Class A shares voted to date, nearly 58% voted FOR the proposed transaction. However, the favorable vote of a majority of all outstanding Class A shares is required to adopt this proposal, and the votes to date in favor of the transaction do not yet constitute a majority of the outstanding shares.
Update(s)
April 28, 2016: Apollo Education Group (APOL) announced that the Special Meeting of Shareholders has been adjourned to May 6, 2016 in order to provide additional time for shareholders to vote.Of the Class A shares voted to date, nearly 58% voted FOR the proposed transaction. However, the favorable vote of a majority of all outstanding Class A shares is required to adopt this proposal, and the votes to date in favor of the transaction do not yet constitute a majority of the outstanding shares.
May 1, 2016: Apollo Education Group (APOL) announced that it has received a revised offer from a consortium of investors including The Vistria Group, funds affiliated with Apollo Global Management and the Najafi Companies. Under the revised terms, which represent a best and final offer, the consortium has increased the price at which it would acquire the company to $10.00 per share in cash for both Class A and Class B shares.

Update(s)

April 28, 2016: Apollo Education Group (APOL) announced that the Special Meeting of Shareholders has been adjourned to May 6, 2016 in order to provide additional time for shareholders to vote.Of the Class A shares voted to date, nearly 58% voted FOR the proposed transaction. However, the favorable vote of a majority of all outstanding Class A shares is required to adopt this proposal, and the votes to date in favor of the transaction do not yet constitute a majority of the outstanding shares.Update(s)

May 1, 2016: Apollo Education Group (APOL) announced that it has received a revised offer from a consortium of investors including The Vistria Group, funds affiliated with Apollo Global Management and the Najafi Companies. Under the revised terms, which represent a best and final offer, the consortium has increased the price at which it would acquire the company to $10.00 per share in cash for both Class A and Class B shares.

May 2, 2016: Apollo Education Group (APOL) announced that its shareholders have approved the merger agreement for the proposed acquisition by a consortium of investors, including The Vistria Group, funds affiliated with Apollo Global Management and the Najafi Companies.

CVT 04/18/2016 affiliates of Vista Equity Partners (N/A) Cash $1.65 billion $36.00 $32.43 2,133,803 09/30/2016 11.01% 59.97%
Details of Cvent, Inc.:

Expected to close in the third calendar quarter of 2016 for a closing value of $1.65 billion. Upon completion of the merger, shareholders of Cvent will receive $36.00 per share in cash.

DANG 05/31/2016 Dangdang Holding Company Limited and Dangdang Merger Company Limited (N/A) Cash $556 million $6.70 $6.16 184,437 12/31/2016 8.77% 20.12%
Details of E-Commerce China Dangdang Inc.:

Expected to close in the second half of 2016 for a closing value of $556 million in a going-private transaction. Upon completion of the merger, shareholders of E-Commerce China Dangdang will receive $6.70 per American depositary share of the Company, each ADS representing five Class A Shares of the Company.

YDKN 07/21/2016 F.N.B. Corporation (FNB) Cash $1.4 billion $27.35 $25.40 1,842,431 03/31/2017 7.68% 11.25%
Details of Yadkin Financial Corporation:

Expected to close in the first quarter of 2017 for a closing value of $1.4 billion in an all stock deal. Upon completion of the merger, shareholders of Yadkin Financial will receive 2.16 shares of FNB common stock for each common share of Yadkin.

LXK 04/19/2016 consortium of investors led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG) (N/A) Cash $3.6 billion $40.50 $37.78 272,555 12/31/2016 7.20% 16.53%
Details of Lexmark International Inc.:

Expected to close in the second half of 2016 for a closing value of $3.6 billion. Upon completion of the merger, shareholders of Lexmark International will receive $40.50 per share in cash.

HE 12/03/2014 NextEra Energy, Inc. (NEE) Special Conditions $4.3 billion $33.50 $31.38 993,003 06/30/2016 6.76% 0.00%
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. 

Update(s)
December 4, 2015: The closure of the deal involving NextEra Energy Inc.'s proposed $4.3 billion acquisition of Hawaiian Electric Co., which was expected to be finalized by Dec. 3, has been extended by six months to June 2016.

Update(s)

December 4, 2015: The closure of the deal involving NextEra Energy Inc.'s proposed $4.3 billion acquisition of Hawaiian Electric Co., which was expected to be finalized by Dec. 3, has been extended by six months to June 2016.

WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $56.23 907,396 03/31/2017 6.70% 9.83%
Details of Westar Energy, Inc.:

Expected to close in the spring of 2017 for a closing value of approximately $12.2 billion ina cash plus stock deal. Under the terms of the agreement, Westar shareholders will receive $60.00 per share of total consideration for each share of Westar common stock, consisting of $51.00 in cash and $9.00 in Great Plains Energy common stock, subject to a 7.5 percent collar based upon the Great Plains Energy common stock price at the time of the closing of the transaction, with the exchange ratio for the stock consideration ranging between 0.2709 to 0.3148 shares of Great Plains Energy common stock for each Westar share of common stock, representing a consideration mix of 85 percent cash and 15 percent stock.

IOC 07/21/2016 Exxon Mobil Corporation (XOM) Special Conditions $2.5 billion $52.07 $49.19 1,257,358 09/30/2016 5.85% 31.90%
Details of InterOil Corporation:

Expected to close by September 2016 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of InterOil Corporation will receive $45 per share in cash. A Contingent Resource Payment (CRP), which will be an additional cash payment of $7.07 per share for each trillion cubic feet equivalent (tcfe) gross resource certification of the Elk-Antelope field above 6.2 tcfe, up to a maximum of 10 tcfe. The CRP will be paid on the completion of the interim certification process in accordance with the Share Purchase Agreement with Total SA, which will include the Antelope-7 appraisal well, scheduled to be drilled later in 2016. The CRP will not be transferrable and will not be listed on any exchange.

 The number of ExxonMobil shares paid per share of InterOil will be calculated based on the volume weighted average price (VWAP) of ExxonMobil shares over a measuring period of 10 days ending shortly before the closing date. We are treating this as a special conditions deal with an estimated closing price of $52.07 consisting of $45 of ExxonMobil shares and $7.07 of the CRP payment with the realization that both the share portion and the CRP payment could be higher or lower at closing.

AMTG 02/26/2016 Apollo Commercial Real Estate Finance, Inc. (ARI) Cash Plus Stock $641 million $14.49 $13.72 67,570 08/15/2016 5.58% 96.98%
Details of Apollo Residential Mortgage, Inc.:

Expected to close in the second or third quarter of 2016 for a closing value of $641 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Apollo Residential Mortgage will receive approximately 0.417 ARI shares of common stock per AMTG share of common stock and approximately $7.53 per share in cash.

The cash portion of the consideration, and thus the total purchase price, is subject to adjustment based upon fluctuations in AMTG’s book value.
VAL 03/20/2016 The Sherwin-Williams Company (SHW) Cash $11.3 billion $113.00 $107.03 454,980 03/31/2017 5.58% 8.18%
Details of The Valspar Corporation:

Expected to close in the first quarter of 2017 for a closing value of $11.3 billion. Upon completion of the merger, shareholders of The Valspar Corporation will receive $113 per share in cash. Under the terms of the merger agreement, in what both companies believe to be the unlikely event that divestitures are required of businesses totaling more than $650 million of Valspar's 2015 revenues, the transaction price would be adjusted to $105 in cash per Valspar share.

Update(s)

June 29, 2016: The Valspar Corporation (VAL) announced that Valspar shareholders voted to approve the Company's proposed acquisition by The Sherwin-Williams Company (SHW).

WGBS 05/13/2016 Takara Bio USA Holdings, Inc. (N/A) Special Conditions $18 million $0.95 $0.90 287,289 03/31/2017 5.44% 7.97%
Details of WaferGen Bio-systems, Inc.:

Expected to close in February or March, 2017 for a closing value of $18 million. Under the terms of the agreement, TBUSH will acquire WaferGen for an aggregate cash purchase price that will be based on a multiple of WaferGen's 2016 calendar revenue and capped at $50.0 million, subject to the potential adjustments described below. The multiple will range between 1.0 times up to 3.5 times WaferGen's full year 2016 revenue.  If revenues exceed $9.0 million the multiple will be 3.5.

This is a complex deal with many conditions that make it challenging to determine the actual value of this deal on a per share basis. Using their full year 2015 revenue and applying a multiple of 2.5, we get a rough estimate of $0.95/share and are going to use this price as a placeholder in our database.


This is a complex deal with many conditions that make it challenging to determine the actual value of this deal on a per share basis. Using their full year 2015 revenue and applying a multiple of 2.5, we get a rough estimate of $0.95/share and are going to use this price as a placeholder in our database.

 


PBCP 06/02/2016 Prudential Bancorp, Inc. (PBIP) Special Conditions $38.1 million $11.28 $10.70 600 12/31/2016 5.42% 12.44%
Details of Polonia Bancorp, Inc.:

Expected to close in the fourth quarter of 2016 for a closing value of $38.1 million. Upon completion of the merger, shareholders of Polonia Bancorp will be entitled to elect to receive either 0.7591 shares of Prudential common stock or $11.28 in cash for each common share of Polonia, subject to proration and allocation to ensure that 50% of outstanding Polonia shares are exchanged for shares of Prudential common stock and 50% are exchanged for cash.

STRZA 06/30/2016 Lions Gate Entertainment Corp. (LGF) Cash Plus Stock $4.4 billion $32.31 $30.74 659,875 12/31/2016 5.12% 11.76%
Details of Starz:

Expected to close by the end of the year for a closing value of $4.4 billion in a cash plus stock deal. Under the terms of the agreement, each share of Lionsgate common stock will be reclassified into 0.5 voting and 0.5 newly created non-voting shares.  Holders of each share of Starz Series A common stock will receive $18.00 in cash as well as 0.6784 of a share of Lionsgate non-voting stock based on a fixed exchange ratio. Holders of each share of Starz Series B common stock will receive $7.26 in cash and 0.6321 of a share of Lionsgate voting stock and 0.6321 of a share of Lionsgate non-voting stock.

We are entering this deal only for STRZA.

NHLD 04/28/2016 Fortress Biotech, Inc. (FBIO) Cash N/A $3.25 $3.10 133,340 08/15/2016 4.84% 84.10%
Details of National Holdings Corporation:

Expected to close in the second quarter of 2016. Upon completion of the merger, sharheholders of National Holdings Corporation will receive $3.25 per share in cash.

May 17, 2016: Based on information from the NHLD second quarter earnings conference call, we are adjusting the closing date to August 15, 2016.

NPD 03/16/2016 China Neptunus Drugstore Holding Ltd. and Neptunus Global Limited (N/A) Cash $258.66 million $2.62 $2.51 30,547 09/30/2016 4.38% 23.87%
Details of China Nepstar Chain Drugstore Ltd.:

Expected to close in the third quarter of 2016 for a closing value of $258.66 million. Upon competion of the merger, shareholders of China Nepstar Chain Drugstore will receive $2.62 per share in cash.

DSKY 12/31/2015 Dream Investment Holdings Limited (N/A) Cash N/A $14.00 $13.49 41,800 06/30/2016 3.78% 0.00%
Details of iDreamSky Technology Limited:

Expected to close in the second quarter of 2016 in a going private transaction. Under the terms of the agreement, a consortium of management and investors will through Parent acquire the Company for a cash consideration equal to US$3.50 per Class A and Class B ordinary share of the Company or US$14.00 per American depositary share of the Company, on the basis that each American depositary share represents four Class A ordinary shares.

SCNB 06/27/2016 People's United Financial Inc. (PBCT) Stock $402 million $34.31 $33.18 25,238 12/31/2016 3.40% 7.81%
Details of Suffolk Bancorp:

Expected to close in the fourth quarter of 2016 for a closing value of $402 million in an all stock deal. Under the terms of the agreement, shareholders of Suffolk Bancorp will receive 2.225 shares of People's United Financial stock for each Suffolk Bancorp share.

STJ 04/28/2016 Abbott Laboratories (ABT) Cash Plus Stock $25 billion $84.34 $81.70 1,608,842 12/31/2016 3.23% 7.42%
Details of St. Jude Medical Inc.:

Expected to close in the fourth quarter of 2016 for a closing value of $25 billion in a cash plus stock deal. Under the terms of the agreement, St. Jude Medical shareholders will receive $46.75 in cash and 0.8708 shares of Abbott common stock.

Update(s)

July 12, 2016: Abbott Laboratories (ABT) and St. Jude Medical (STJ) said they each received a request for additional information from the U.S. Federal Trade Commission related to their deal. 

LNKD 06/13/2016 Microsoft Corporation (MSFT) Cash $26.2 billion $196.00 $189.95 549,540 12/31/2016 3.19% 7.31%
Details of LinkedIn Corporation:

Expected to close in this calendar year for a closing value of $26.2 billion. Upon completion of the merger, shareholders of LinkedIn will receive $196 per share in cash.

HOT 11/16/2015 Marriott International, Inc. (MAR) Special Conditions $13.6 billion $79.53 $77.52 844,260 07/31/2016 2.59% 157.73%
Details of Starwood Hotels & Resorts Worldwide Inc.:

Expected to close by mid-2016 for a closing value of $12.2 billion in a cash plus stock deal. Under the terms of the agreement, Starwood shareholders will receive 0.92 shares of Marriott International common stock and $2.00 in cash for each share of Starwood common stock. Starwood shareholders will separately receive consideration from the spin-off of the Starwood timeshare business and subsequent merger with Interval Leisure Group, which has an estimated value of approximately $1.3 billion to Starwood shareholders or approximately $7.80 per Starwood share, based on the 20-day VWAP of Interval Leisure Group stock ending November 13, 2015.  The timeshare transaction should close prior to the Marriott-Starwood merger closing.

Since we are treating this deal as a 'special conditions' deal, the actual value is likely to fluctuate and hence will be different from what we have entered in the database.
Update(s)
March 14, 2016: Starwood Hotels & Resorts Worldwide (HOT) announced that on March 10, 2016 it received a non-binding proposal from a consortium of companies (the "Consortium") to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash. Starwood’s Board of Directors has not changed its recommendation in support of Starwood’s merger with Marriott. The Board, in consultation with its legal and financial advisors, will carefully consider the outcome of its discussions with the Consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders.
March 18, 2016: Starwood Hotels & Resorts Worldwide (HOT) announced that it has received a revised binding and fully financed proposal from a consortium consisting of Anbang Insurance Group , J.C. Flowers & Co. and Primavera Capital Limited (the “Consortium”), that the Starwood Board of Directors, in consultation with its legal and financial advisors, has determined constitutes a “Superior Proposal,” as defined in Starwood’s merger agreement with Marriott International (MAR). Consistent with the terms of the Marriott merger agreement, Marriott has the right until 11:59 p.m. ET on March 28, 2016 to negotiate revisions to the existing merger agreement between Marriott and Starwood so that the proposal from the Consortium no longer constitutes a “Superior Proposal”.  Starwood will negotiate in good faith with Marriott during this period, and the Starwood Board will consider in good faith any changes to the Marriott agreement that Marriott may propose during this period.
March 21, 2016: Marriott International (MAR) and Starwood Hotels & Resorts Worldwide (HOT) announced that the companies have signed an amendment to their definitive merger agreement. Under the terms of the amended merger agreement, Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott International  Class A common stock for each share of Starwood Hotels & Resorts Worldwide common stock. Excluding its timeshare business, the transaction values Starwood at approximately $13.6 billion.
March 28, 2016: China’s Anbang Group again upped its offer to $14 billion, or $82.75 per share to acquire Starwood Hotels & Resorts Worldwide (HOT). Later, on April 1, 2016, Starwood announced that a consortium of companies headed by Chinese insurer Anbang Insurance Group has withdrawn its proposal to acquire Starwood for $82.75 per share and does not aim to make another offer. The withdrawal of the offer by the consortium of companies, which also included J.C. Flowers & Co. and Primavera Capital Limited, was primarily due to concerns related to the market. This announcement paves the way for Marriott International (MAR) to merge with Starwood. The two hoteliers will host their individual shareholder meetings on Apr 8 to vote for the planned merger.

Update(s)

March 14, 2016: Starwood Hotels & Resorts Worldwide (HOT) announced that on March 10, 2016 it received a non-binding proposal from a consortium of companies (the "Consortium") to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash. Starwood’s Board of Directors has not changed its recommendation in support of Starwood’s merger with Marriott. The Board, in consultation with its legal and financial advisors, will carefully consider the outcome of its discussions with the Consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders.

March 18, 2016: Starwood Hotels & Resorts Worldwide (HOT) announced that it has received a revised binding and fully financed proposal from a consortium consisting of Anbang Insurance Group , J.C. Flowers & Co. and Primavera Capital Limited (the “Consortium”), that the Starwood Board of Directors, in consultation with its legal and financial advisors, has determined constitutes a “Superior Proposal,” as defined in Starwood’s merger agreement with Marriott International (MAR). Consistent with the terms of the Marriott merger agreement, Marriott has the right until 11:59 p.m. ET on March 28, 2016 to negotiate revisions to the existing merger agreement between Marriott and Starwood so that the proposal from the Consortium no longer constitutes a “Superior Proposal”.  Starwood will negotiate in good faith with Marriott during this period, and the Starwood Board will consider in good faith any changes to the Marriott agreement that Marriott may propose during this period.

March 21, 2016: Marriott International (MAR) and Starwood Hotels & Resorts Worldwide (HOT) announced that the companies have signed an amendment to their definitive merger agreement. Under the terms of the amended merger agreement, Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott International  Class A common stock for each share of Starwood Hotels & Resorts Worldwide common stock. Excluding its timeshare business, the transaction values Starwood at approximately $13.6 billion.

March 28, 2016: China’s Anbang Group again upped its offer to $14 billion, or $82.75 per share to acquire Starwood Hotels & Resorts Worldwide (HOT). Later, on April 1, 2016, Starwood announced that a consortium of companies headed by Chinese insurer Anbang Insurance Group has withdrawn its proposal to acquire Starwood for $82.75 per share and does not aim to make another offer. The withdrawal of the offer by the consortium of companies, which also included J.C. Flowers & Co. and Primavera Capital Limited, was primarily due to concerns related to the market. This announcement paves the way for Marriott International (MAR) to merge with Starwood. The two hoteliers will host their individual shareholder meetings on Apr 8 to vote for the planned merger.

June 27, 2016: Marriott International (MAR) and Starwood Hotels and Resorts Worldwide (HOT) today announced they have received unconditional clearance from the European Union for Marriott to acquire Starwood in a merger transaction. Stockholders of both Marriott and Starwood overwhelmingly approved proposals related to the transaction on April 8 and Marriott and Starwood anticipate closing the transaction in July 2016.

FMD 06/02/2016 FP Resources USA Inc. (N/A) Cash $65.5 million $5.05 $4.93 8,550 09/30/2016 2.43% 13.26%
Details of The First Marblehead Corporation:

Expected to close in the third quarter of 2016 for a cloing value of $65.5 million. Upon completion of the merger, shareholders of The First Marblehead Corporation will receive $5.05 per share in cash.

OSHC 07/13/2016 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $145.6 million $22.49 $21.96 30,280 01/31/2017 2.39% 4.60%
Details of Ocean Shore Holding Co.:

Expected to close late fourth quarter of 2016 or early first quarter of 2017 for a closing value of $145.6 million. Under the terms of the agreement, shareholders of Ocean Shore Holding will receive$4.35 in cash and 0.9667 shares of OceanFirst common stock for each share of Ocean Shore common stock.

ITC 02/09/2016 Fortis Inc. (FTS.TO) Cash Plus Stock $11.3 billion $47.69 $46.59 639,066 12/31/2016 2.37% 5.44%
Details of ITC Holdings Corp.:

Expected to close in late 2016 for a closing value of $11.3 billion in a cash plus stock deal. Under the terms of the agreement, ITC shareholders will receive US$22.57 in cash and 0.7520 Fortis shares per ITC share.

TLN 06/03/2016 affiliates of Riverstone Holdings LLC (N/A) Cash $5.2 billion $14.00 $13.71 327,087 12/31/2016 2.12% 4.86%
Details of Talen Energy Corporation:

Expected to close by the end of 2016 for a closing value of $5.2 billion. Upon completion of the merger, shareholders of Talen Energy will receive $14.00 per share in cash.

ARMH 07/18/2016 SoftBank Group (SFBTY) Cash $32 billion $67.32 $66.03 1,729,112 12/31/2016 1.95% 4.48%
Details of ARM Holdings plc:

Expected to close for a closing value of $32 billion. Under the terms of the acquisition, each ARM Shareholder will be entitled to receive 1,700 pence in cash for each ARM share. Each ARM ADR evidences one ARM ADS, which represents three underlying ARM shares.

MGN 05/24/2016 Hecla Mining Co. (HL) Stock N/A $1.34 $1.31 46,403 09/30/2016 1.93% 10.49%
Details of Mines Management, Inc.:

Expected to close in the third quarter of 2016 in an all stock deal. Under the terms of the agreement, each outstanding common share of Mines Management will be exchanged for 0.2218 of a common share of Hecla.

RSTI 03/16/2016 Coherent Inc. (COHR) Cash $942 million $32.50 $31.89 65,532 12/31/2016 1.91% 4.39%
Details of Rofin-Sinar Technologies Inc.:

Expected to close in six to nine months for a closing value of $942 million. Upon completion of the merger, shareholders of Rofin_Sinar Technologies will receive $32.50 per share in cash.

TIVO 04/29/2016 Rovi Corporation (ROVI) Special Conditions $1.1 billion $10.70 $10.50 397,069 09/30/2016 1.90% 10.38%
Details of TiVo Inc.:

 

Expected to close in the third quarter of 2016 for a closing value of approximately $1.1 billion in a cash and stcok deal. Under the terms of the agreement, Rovi will pay $2.75 per share in cash, or approximately $277 million, subject to adjustment as described under the collar mechanism. The remainder, $7.95 per share, will be paid in shares of common stock of a new holding company that will own both Rovi and TiVo.
The stock consideration is subject to a two-way collar between Average Rovi Stock Prices of $16.00 and $25.00.
If Rovi’s stock price increases between the agreement date and the closing, TiVo stockholders will receive fewer shares (a lower exchange ratio) until the Average Rovi Stock Price reaches $25.00, at which point the exchange ratio will be fixed at 0.3180 per share.
Conversely, if Rovi’s share price decreases between signing and closing, TiVo stockholders will receive more shares (a higher exchange ratio) until the Average Rovi Stock Price reaches $18.71. Between an Average Rovi Stock Price of $18.71 (exchange ratio of 0.4250 per share) and $16.00 (exchange ratio of 0.4969 per share), Rovi has the option to pay additional cash instead of issuing more shares. If the Average Rovi Stock Price is below $16.00, Rovi may set the exchange ratio, in its sole discretion, between 0.4250 and 0.4969. If Rovi makes this election, the per share cash amount will be $10.70 minus the product of the Average Rovi Stock Price and the applicable exchange ratio that Rovi elects. In no event will the cash amount be more than $3.90 per share.

Expected to close in the third quarter of 2016 for a closing value of approximately $1.1 billion in a cash and stcok deal. Under the terms of the agreement, Rovi will pay $2.75 per share in cash, or approximately $277 million, subject to adjustment as described under the collar mechanism. The remainder, $7.95 per share, will be paid in shares of common stock of a new holding company that will own both Rovi and TiVo.
The stock consideration is subject to a two-way collar between Average Rovi Stock Prices of $16.00 and $25.00.If Rovi’s stock price increases between the agreement date and the closing, TiVo stockholders will receive fewer shares (a lower exchange ratio) until the Average Rovi Stock Price reaches $25.00, at which point the exchange ratio will be fixed at 0.3180 per share.Conversely, if Rovi’s share price decreases between signing and closing, TiVo stockholders will receive more shares (a higher exchange ratio) until the Average Rovi Stock Price reaches $18.71. Between an Average Rovi Stock Price of $18.71 (exchange ratio of 0.4250 per share) and $16.00 (exchange ratio of 0.4969 per share), Rovi has the option to pay additional cash instead of issuing more shares. If the Average Rovi Stock Price is below $16.00, Rovi may set the exchange ratio, in its sole discretion, between 0.4250 and 0.4969. If Rovi makes this election, the per share cash amount will be $10.70 minus the product of the Average Rovi Stock Price and the applicable exchange ratio that Rovi elects. In no event will the cash amount be more than $3.90 per share.

 

AF 10/29/2015 New York Community Bancorp Inc. (NYCB) Cash Plus Stock $2 billion $15.27 $15.00 513,088 12/31/2016 1.80% 4.13%
Details of Astoria Financial Corporation:

Expected to close in the fourth quarter of 2016 for a closing value of $2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Astoria Financial Corporation will receive one share of New York Community common stock and $0.50 in cash in exchange for each share of Astoria stock held at the merger date.

MRD 05/16/2016 Range Resources Corporation (RRC) Stock $4.4 billion $15.42 $15.16 1,738,779 12/31/2016 1.74% 3.99%
Details of Memorial Resource Development Corp.:

Expected to close in the second half of 2016 for a closing value of $4.4 billion in an all stock deal. Under the terms of the agreement, MRD shareholders will receive 0.375 shares of Range common stock for each share of MRD common stock held.

AXLL 06/10/2016 Westlake Chemical Corporation (WLK) Cash $3.8 billion $33.00 $32.46 1,709,760 12/31/2016 1.66% 3.82%
Details of Axiall Corporation:

Expected to close in the fourth quarter of 2016 for a closing value of $3.8 billion. Upon completion of the merger, shareholders of Axiall Corporation will receive $33.00 per share in cash.

EVHC 06/15/2016 AmSurg Corp. (AMSG) Stock $7.66 billion $26.48 $26.05 1,718,922 12/31/2016 1.66% 3.81%
Details of Envision Healthcare Holdings, Inc.:

Expected to close by the end of the year in an all stock deal. Under the terms of the agreement, shareholders of Envision Healthcare willreceive 0.334 AmSurg shares per Envision shares.

FCLF 04/26/2016 First Mid-Illinois Bancshares, Inc. (FMBH) Stock $90 million $12.54 $12.36 9,269 12/31/2016 1.48% 3.40%
Details of First Clover Leaf Financial Corp.:

Expected to close in the fourth quarter of 2016 for a closing value of $90 million in a cash or stock deal. Under the terms of the agreement, shareholders of First Clover Leaf’s stockholders may elect to exchange each share of First Clover Leaf common stock for either $12.87 in cash or .495 of a share of First Mid common stock, subject to certain potential adjustments. Overall elections are subject to proration such that 25 percent of the First Clover Leaf shares will be exchanged for cash and 75 percent for First Mid stock.

QLIK 06/02/2016 Thoma Bravo, LLC (N/A) Cash $3 billion $30.50 $30.06 991,290 09/30/2016 1.46% 7.97%
Details of Qlik Technologies, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $3 billion. Upon completion of the merger, shareholders of Qlik technologies will receive $30.50 per share in cash.

WWAV 07/07/2016 Danone (N/A) Cash $12.5 billion $56.25 $55.44 3,980,185 12/31/2016 1.46% 3.35%
Details of The WhiteWave Foods Company:

Expected to close by the end of the year for a closing value of $12.5 billion. Upon completion of the merger, shareholders of The WhiteWave Foods will receive $56.25 per share in cash.

CLBH 06/22/2016 First Bancorp (FBNC) Stock $97.3 million $18.73 $18.47 4,288 03/31/2017 1.39% 2.04%
Details of Carolina Bank Holdings Inc.:

Expected to close in the fourth quarter of 2016 or first quarter of 2017 for a closing value of $97.3 million in a stock or cash deal. Under the terms of the agreement, Carolina Bank Holdings shareholders will receive either 1.002 shares of First Bancorp’s common stock or $20.00 in cash for each share of Carolina Bank Holdings common stock, subject to the total consideration being 75% stock / 25% cash.

SAAS 05/18/2016 NICE Systems Ltd. (NICE) Cash $940 million $14.00 $13.81 1,127,378 12/31/2016 1.38% 3.16%
Details of inContact, Inc.:

Expected to close in the second half of 2016 for a closing value of $940 million. Upon completion of the merger, shareholders of inContact will receive $14.00 per share in cash.

FCS 11/18/2015 ON Semiconductor Corp. (ON) Cash $2.4 billion $20.00 $19.73 710,273 07/21/2016 1.37% 0.00%
Details of Fairchild Semiconductor International Inc.:

Expected to close on February 3, 2016 for a closing value of $2.4 billion. Upon completion of the merger, shareholders of Fairchild Semiconductor International will receive $20.00 per share in cash.

Update(s)
February 19, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 3, 2016.
March 4, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 17, 2016.
March 18, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 31, 2016.
April 1, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to April 14, 2016.

Update(s)

February 19, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 3, 2016.

March 4, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 17, 2016.

March 18, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to March 31, 2016.

April 1, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to April 14, 2016.

April 15, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to April 28, 2016.

April 29, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to May 12, 2016.

May 13, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to May 26, 2016.

May 27, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to June 9, 2016.

June 10, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to June 23, 2016.

June 24, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to July 7, 2016.

July 8, 2016: ON Semiconductor Corporation (ON) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Fairchild Semiconductor International (FCS) to July 21, 2016.

MHGC 05/09/2016 SBE (N/A) Cash $794 million $2.25 $2.22 362,161 12/31/2016 1.35% 3.10%
Details of Morgans Hotel Group Co.:

Expected to close in the third or fourth quarter of 2016 for a closing value of $794 million. Upon completion of the merger, shareholders of Morgans Hotel Group will receive $2.25 per share in cash.

VA 04/04/2016 Alaska Air Group, Inc. (ALK) Cash $4 billion $57.00 $56.26 136,718 01/01/2017 1.32% 3.00%
Details of Virgin America Inc.:

Expected to close no later than January 1, 2017 for a closing value of approximately $4 billion. Upon completion of the merger, shareholders of Virgin America will receive $57.00 per share in cash.

CBNK 04/04/2016 Westfield Financial Inc. (WFD) Stock $110 million $19.08 $18.84 403 12/31/2016 1.30% 2.98%
Details of Chicopee Bancorp, Inc.:

Expected to close in the fourth quarter of 2016 for a closing value of $110 million in an all stock deal. Under the terms of the agreement, shareholders of Chicopee Bancorp will receive 2.425 shares of Westfield common stock for each share of Chicopee common stock.

KLAC 10/21/2015 Lam Research Corporation (LRCX) Cash Plus Stock $10.6 billion $77.03 $76.06 443,130 06/30/2016 1.27% 0.00%
Details of KLA-Tencor Corporation:

Expected to close by mid-calendar year 2016 for a closing value of $10.6 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of KLA-Tencor will be entitled to elect to receive for the shares of KLA-Tencor stock they hold the economic equivalent of $32.00 in cash and 0.5 of a share of Lam Research common stock, in all-cash, all-stock, or mixed consideration.

JOY 07/21/2016 Komatsu America Corp. (N/A) Cash $3.7 billion $28.30 $27.95 11,923,182 06/30/2017 1.25% 1.34%
Details of Joy Global, Inc.:

Expected to close in mid-2017 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of Joy Global will receive $28.30 per share in cash.

FEIC 05/27/2016 Thermo Fisher Scientific, Inc. (TMO) Cash $4.2 billion $107.50 $106.31 161,593 01/31/2017 1.12% 2.15%
Details of FEI Company:

Expected to close in early 2017 for a closing value of $4.2 billion. Upon completion of the merger, shareholders of FEI Company will receive $107.50 per share in cash.

IMPR 07/13/2016 an affiliate of Thoma Bravo, LLC (N/A) Cash $544 million $19.25 $19.04 498,844 12/31/2016 1.10% 2.53%
Details of Imprivata, Inc.:

Expected to close for a closing value of $544 million. Upon completion of the merger, shareholders of Imprivata will receive $19.25 per share in cash.

GLDC 07/19/2016 Utz Quality Foods, Inc. (N/A) Cash $135 million $12.00 $11.87 80,724 12/31/2016 1.10% 2.51%
Details of Golden Enterprises Inc.:

Expected to close in the fourth quarter of 2016 for a closing value of $135 million. Upon completion of the merger, shareholders of Golden Enterprises will receive $12.00 per share in cash.

MESG 05/23/2016 Siris Capital Group, LLC (N/A) Cash $643 million $25.00 $24.77 264,379 09/30/2016 0.93% 5.06%
Details of Xura, Inc.:

Expected to close in the third fiscal quarter for a closing value of $643 million. Upon completion of the merger, shareholders of Xura will receive $25.00 per share in cash.

PLCM 07/08/2016 Siris Capital Group, LLC (N/A) Cash $2 billion $12.50 $12.39 2,817,150 09/30/2016 0.89% 4.84%
Details of Polycom, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $2 billion. Upon completion of the merger, shareholders of Polycom will receive $12.50 per share in cash.

YCB 05/03/2016 WesBanco Inc. (WSBC) Cash Plus Stock $221 million $37.77 $37.45 3,845 12/31/2016 0.85% 1.94%
Details of Your Community Bankshares, Inc.:

Expected to close in the third or fourth quarter of 2016 for a closing value of $221 million in a cash plus stock deal. Under the terms of the agreement, Your Community shareholders will be entitled to receive 0.964 of a share of WesBanco common stock and cash in the amount of $7.70 per share for each share of Your Community common stock.

AVG 07/07/2016 Avast Software (N/A) Cash $1.3 billion $25.00 $24.82 372,747 10/15/2016 0.73% 3.23%
Details of AVG Technologies N.V.:

Expected to close sometime between September 15, and October 15, 2016 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of AVG Technologies will receive $25.00 per share in cash.

EDE 02/09/2016 Algonquin Power & Utilities Corp. (AQN.TO) Cash $2.4 billion $34.00 $33.76 432,277 03/31/2017 0.71% 1.04%
Details of The Empire District Electric Company:

Expected to close in the first quarter of 2016 for a closing value of $2.4 billion. Upon completion of the merger, shareholders of The Empire District Electric Company will receive $34.00 per share in cash.

RDEN 06/16/2016 Revlon, Inc. (REV) Cash $870 million $14.00 $13.91 243,793 12/31/2016 0.65% 1.49%
Details of Elizabeth Arden, Inc.:

Expected to close by the end of the year for a closing value of $870 million. Upon completion of the merger, shareholders of Elizabeth Arden will receive $14.00 per share in cash.

FMER 01/26/2016 Huntington Bancshares Incorporated (HBAN) Cash Plus Stock $3.4 billion $20.96 $20.85 672,927 09/30/2016 0.54% 2.92%
Details of FirstMerit Corporation:

Expected to close in the third quarter of 2016 for a closing value of $3.4 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of FirstMerit Corporation will receive 1.72 shares of Huntington common stock, and $5.00 in cash, for each share of FirstMerit Corporation common stock.

Update(s)

July 13, 2016: Huntington Bancshares (HBAN) won U.S. antitrust approval to buy FirstMerit Corp (FMER).

HTWR 06/27/2016 Medtronic plc (MDT) Cash $1.1 billion $58.00 $57.76 177,591 10/28/2016 0.42% 1.60%
Details of Heartware International Inc.:

Expected to close during Medtronic`s second fiscal quarter ending October 28, 2016 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Heartware International will receive $58.00 per share in cash.

MKTO 05/31/2016 Vista Equity Partners (N/A) Cash $1.79 billion $35.25 $35.12 662,840 09/30/2016 0.37% 2.02%
Details of Marketo, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $1.79 billion. Upon completion of the merger, shareholders of Marketo will receive $35.25 per share in cash.

QLGC 06/15/2016 Cavium, Inc. (CAVM) Cash Plus Stock $1.36 billion $15.23 $15.18 650,980 09/30/2016 0.35% 1.92%
Details of QLogic Corp.:

Expected to close in the third calendar quarter of 2016 for a closing value of $1.36 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of QLogic will receive $11.00 per share in cash and 0.098 of a share of Cavium common stock for each share of QLogic common stock.

TYC 01/25/2016 Johnson Controls Inc. (JCI) Stock $16.5 billion $45.91 $45.76 5,393,944 09/30/2016 0.33% 1.78%
Details of Tyco International plc:

Expected to close by the end of fiscal year 2016 for a closing value of $16.5 billion. Immediately prior to the merger, Tyco will effect a reverse stock split so that Tyco shareholders will receive a fixed exchange ratio of 0.9550 shares for each of their existing Tyco shares. Johnson Controls shareholders may elect to receive either one share of the combined company for each of their Johnson Controls shares or cash equal to $34.88 per share. Elections by Johnson Controls shareholders are subject to proration such that an aggregate of approximately $3.9 billion cash is paid in the merger.

REXI 05/23/2016 C-III Capital Partners (N/A) Cash $270 million $9.78 $9.75 15,998 11/15/2016 0.31% 0.99%
Details of Resource America, Inc.:

Expected to close late in the third quarter or early in the fourth quarter of 2016 for a closing value of $270 million. Upon completion of the merger, shareholders of Resource America will receive $9.78 per share in cash.

SGNT 07/11/2016 Nichi-Iko Pharmaceutical Co., Ltd (N/A) Cash $736 million $21.75 $21.69 847,283 03/31/2017 0.28% 0.41%
Details of Sagent Pharmaceuticals, Inc.:

Expected to close in the second quarter of Nichi-Iko’s fiscal year ending March 2017 for a closing value of $736 million. Upon completion of the merger, shareholders of Sagent Pharmaceuticals will receive $21.75 per share in cash.

CERE 06/17/2016 Land O'Lakes (N/A) Cash $17.2 million $0.40 $0.40 132,494 09/30/2016 0.25% 1.37%
Details of Ceres, Inc.:

Expected to close in the third calendar quarter of 2016 for a closing value of $17.2 million. Upon completion of the merger, shareholders of  Ceres will receive $0.40 per share in cash.

PNY 10/26/2015 Duke Energy Corporation (DUK) Cash $6.7 billion $60.00 $59.86 272,753 12/31/2016 0.23% 0.54%
Details of Piedmont Natural Gas Co. Inc. :

Expected to close by the end of 2016 for a closing value of $6.7 billion. Upon completion of the merger, shareholders of Piedmont Natural Gas will receive $60.00 per share in cash.

LSBG 05/05/2016 Bar Harbor Bankshares (BHB) Stock $143 million $18.72 $18.68 7,103 03/31/2017 0.22% 0.33%
Details of Lake Sunapee Bank Group:

Expected to close in the fourth quarter of 2016 or the first quarter of 2017 for a closing value of $143 million in an all stock deal. Under the terms of the agreement, each outstanding share of Lake Sunapee common stock will be exchanged for 0.4970 shares of Bar Harbor common stock.

SMT 05/26/2016 Foxconn Technology Group (N/A) Cash N/A $4.50 $4.49 7,285 07/31/2016 0.22% 13.55%
Details of Smart Technologies Inc.:

Expected to close in July 2015. Upon completion of the merger, shareholders of Smart Technologies will receive $4.50 per share in cash.

RLOC 06/27/2016 Gannett Co., Inc. (GCI) Cash $156 million $4.60 $4.59 104,380 09/30/2016 0.22% 1.19%
Details of ReachLocal, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $156 million. Upon completion of the merger, shareholders of ReachLocal will receive $4.60 per share in cash.

ELRC 05/31/2016 Platinum Equity (N/A) Cash $382.2 million $15.50 $15.47 38,289 09/30/2016 0.19% 1.06%
Details of Electro Rent Corporation:

Expected to close in the net 90 to 120 days for a closing value of $323.4 million. Upon completion of the merger, shareholders of Electro Rent Corporation will receive $13.12 per share in cash.

Update(s)

June 24, 2016: Platinum Equity and Electro Rent Corporation (ELRC) announced that the purchase price for Platinum Equity’s previously announced acquisition of Electro Rent has increased by 18% to $15.50 per share in cash from $13.12 per share, now valuing the purchase price at approximately $382.2 million.

PKY 04/29/2016 Cousins Properties Incorporated (CUZ) Stock $1.95 billion $17.93 $17.90 328,366 12/31/2016 0.17% 0.38%
Details of Parkway Properties Inc.:

Expected to close in the fourth quarter of 2016 for a closing value of $1.95 billion in an all stock deal. Under the terms of the agreement, Parkway shareholders will receive 1.63 shares of Cousins stock for each share of Parkway stock they own.

DRII 06/29/2016 Apollo Global Management, LLC (APO) Cash $2.2 billion $30.25 $30.20 1,667,474 12/31/2016 0.17% 0.38%
Details of Diamond Resorts International, Inc.:

Expected to close in the next few months for a closing value of approximately $2.2 billion. Upon completion of the merger, shareholders of Diamond Resorts International will receive $30.25 per share in cash.

HNSN 04/20/2016 Auris Surgical Robotics (N/A) Cash $80 million $4.00 $4.00 32,095 06/30/2016 0.13% 0.00%
Details of Hansen Medical, Inc.:

Expected to close by mid 2016 for a closing value of $80 million. Upon completion of the merger, shareholders of Hansen Medical will receive $4.00 per share in cash.

TUMI 03/03/2016 Samsonite International S.A. (N/A) Cash $1.8 billion $26.75 $26.72 587,811 06/30/2016 0.11% 0.00%
Details of Tumi Holdings, Inc.:

Expected to close in the second quarter of 2016 for a closing value of $1.8 billion. Upon completion of the merger, shareholders of Tumi Holdings will receive $26.75 per share in cash.

KKD 05/09/2016 JAB Beech Inc. (N/A) Cash $1.35 billion $21.00 $20.98 626,039 09/30/2016 0.10% 0.52%
Details of Krispy Kreme Doughnuts, Inc. :

Expected to close in the third quarter of 2016 for a closing value of $1.35 billion. Upon completion of the merger, shareholders of Krispy Kreme Doughnuts will receive $21.00 per share in cash.

SQI 05/31/2016 affiliates of Accel-KKR (N/A) Cash $509 million $17.75 $17.74 443,359 09/30/2016 0.06% 0.31%
Details of SciQuest, Inc.:

Expected to close in the third quarter or 2016 for a closing value of $509 million. Upon completion of the merger, shareholders of SciQuest will receive $17.75 per share in cash.

DWA 04/28/2016 NBCUniversal (N/A) Cash $3.8 billion $41.00 $40.99 1,441,088 12/31/2016 0.02% 0.06%
Details of DreamWorks Animation SKG Inc.:

Expected to close by the end of 2016 for a closing value of $3.8 billion. Upon completion of the merger, shareholders of DreamWorks Animation SKG will receive $41.00 per share in cash.

FNFG 10/30/2015 KeyCorp. (KEY) Cash Plus Stock $4.1 billion $10.33 $10.33 2,380,819 09/30/2016 0.01% 0.04%
Details of First Niagara Financial Group Inc.:

Expected to close in the third quarter of 2016 for a closing value of $4.1 billion in a cash plus stock deal. Under the terms of the agreement, First Niagara shareholders will receive 0.68 KeyCorp shares and $2.30 in cash for each First Niagara common share.

Update(s)

July 12, 2016: The Federal Reserve Board gave its approval to KeyCorp (KEY) to acquire First Niagara Financial Group (FNFG).

EXAM 04/27/2016 an affiliate of Leonard Green & Partners, L.P. (N/A) Cash $2.2 billion $35.05 $35.05 191,885 09/30/2016 0.00% 0.00%
Details of ExamWorks Group, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $2.2 billion. Upon completion of the merger, shareholders of ExamWorks Group will receive $35.05 per share in cash.

RLYP 07/21/2016 Galenica Group (N/A) Cash $1.53 billion $32.00 $32.07 13,218,946 09/30/2016 -0.22% -1.19%
Details of Relypsa, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $1.53 billion. Upon completion of the merger, shareholders  of Relypsa will receive $32.00 per share in cash.

WIBC 12/07/2015 BBCN Bancorp, Inc. (BBCN) Stock $1 billion $11.17 $11.20 370,293 07/29/2016 -0.27% -24.45%
Details of Wilshire Bancorp Inc.:

Expected to close by mid-2016 for a closing value of $1 billion in an all stock deal. Under the terms of the agreement, Wilshire shareholders will receive a fixed exchange ratio of 0.7034 of a share of BBCN common stock in exchange for each share of Wilshire common stock they own.

Update(s)

May 17, 2016: BBCN Bancorp (BBCN) and Wilshire Bancorp (WIBC) jointly announced the receipt of approvals from all regulatory agencies required for closing the merger of equals between BBCN and Wilshire.

July 14, 2016: BBCN Bancorp (BBCN) and Wilshire Bancorp (WIBC) jointly announced that each company’s shareholders voted in favor of the proposed merger of equals between the two companies. BBCN and Wilshire also announced that the merger transaction is scheduled for completion at the close of business on July 29, 2016, subject to the satisfaction of other customary closing conditions.

On May 17, 2016, BBCN Bancorp (BBCN) and Wilshire Bancorp (WIBC) jointly announced the receipt of approvals from all regulatory agencies required for closing the merger of equals between BBCN and Wilshire.On May 17, 2016, BBCN Bancorp (BBCN) and Wilshire Bancorp (WIBC) jointly announced the receipt of approvals from all regulatory agencies required for closing the merger of equals between BBCN and Wilshire.
ASEI 06/21/2016 OSI Systems, Inc. (OSIS) Cash $269 million $37.00 $37.12 27,016 12/31/2016 -0.32% -0.74%
Details of American Science & Engineering Inc.:

Expected to close by the end of 2016 for a closing value of $269 million. Upon completion of the merger, shareholders of American Science and Engineering will receive $37.00 per share in cash.

NTK 07/06/2016 Melrose Industries PLC (N/A) Cash $2.8 billion $86.00 $86.36 26,893 08/31/2016 -0.42% -4.11%
Details of Nortek Inc.:

Expected to close on August 31, 2016 for a closing value of $2.8 billion. Upon completion of the merger, shareholders of Nortek will receive $86.00 per share in cash.

RRMS 05/31/2016 SemGroup Corporation (SEMG) Stock $1.74 billion $25.64 $25.78 80,736 09/30/2016 -0.56% -3.03%
Details of Rose Rock Midstream, L.P.:

Expected to close in the third quarter of 2016 in an all stock deal for $1.74 billion. Under the terms of the agreement, shareholders of Rose Rock Midstream will receive 0.8136 SemGroup common shares per Rose Rock common unit.

STR 02/01/2016 Dominion Resources, Inc. (D) Cash $4.4 billion $25.00 $25.17 487,518 12/31/2016 -0.68% -1.55%
Details of Questar Corporation:

Expected to close by the end of 2016 for a closing value of $4.4 billion. Upon completion of the merger, shareholders of Questar Corporation will receive $25.00 per share in cash.

IMS 05/03/2016 Quintiles Transnational Holdings Inc. (Q) Stock $9 billion $28.43 $28.63 1,066,464 12/31/2016 -0.71% -1.62%
Details of IMS Health Holdings, Inc.:

Expected to close in the second half of 2016 for a closing value of $9 billion in an all stock deal. Under the terms of the agreement, IMS Health shareholders will receive a fixed exchange ratio of 0.384 shares of Quintiles common stock for each share of IMS Health common stock.

ACAS 05/23/2016 Ares Capital Corporation (ARCC) Cash Plus Stock $3.4 billion $16.15 $16.36 480,286 05/31/2017 -1.26% -1.49%
Details of American Capital, Ltd.:

Expected to close within the next twelve months for a closing value of $3.4 billion in a cash plus stock deal. Under the term of the agreement, American Capital shareholders will receive $1.470 billion in cash from Ares Capital, or $6.41 per share, plus 0.483 Ares Capital shares for each American Capital share. In a separate transaction, American Capital also announced today that it is selling   American Capital Mortgage Management to American Capital Agency (AGNC) for $562 million or $2.45 per fully diluted share.

COB 11/23/2015 Capital Bank Financial Corp. (CBF) Stock $350 million $13.02 $13.26 11,339 06/30/2016 -1.77% 25.91%
Details of CommunityOne Bancorp:

Expected to close in the first quarter of 2016 for a closing value of $350 million in cash or stock deal. Under the terms of the agreement, CommunityOne shareholders shall have the right to receive, at the election of each holder and subject to proration, $14.25 per share in cash or 0.43 of a share of Capital Bank Class A common stock, with the total consideration to consist of 85% stock and 15% cash.

Update(s)
April 29, 2016: The President and CEO of CommunityOne Bancorp (COB) said that the merger with Capital Bank (CBF) is expected to close in the second quarter of 2016. 

Update(s)

April 29, 2016: The President and CEO of CommunityOne Bancorp (COB) said that the merger with Capital Bank (CBF) is expected to close in the second quarter of 2016. 

MEG 01/27/2016 Nexstar Broadcasting Group, Inc. (NXST) Special Conditions $4.6 billion $17.14 $17.76 359,517 12/15/2016 -3.49% -8.91%
Details of Media General, Inc.:

Expected to close late in the third quarter or early in the fourth quarter of 2016 for a closing value of 4.6 billion in a cash plus stock deal. Under the terms of agreement, shareholders of Media General will receive $10.55 per share in cash and 0.1249 of a share of Nexstar Class A common stock for each Media General share. The agreement includes potential additional consideration in the form of a contingent value right ("CVR") entitling Media General shareholders to net cash proceeds as received from the sale of Media General's spectrum in the Federal Communication Commission’s upcoming Incentive Auction.

CKEC 03/03/2016 AMC Entertainment Holdings, Inc. (AMC) Cash $1.1 billion $30.00 $31.13 221,657 12/31/2016 -3.63% -8.33%
Details of Carmike Cinemas Inc.:

Expected to close by the end of 2016 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Carmike Cinemas will receive $30.00 per share in cash.

Update(s)

July 13, 2016: Carmike (CKEC) announced that it would postpone Friday's special shareholder meeting to vote on AMC's $740 million, $30 per share offer. The new meeting date will be July 25 at 9 a.m.

SKUL 06/24/2016 Incipio LLC (N/A) Cash $177 million $5.75 $5.97 200,760 09/30/2016 -3.69% -20.08%
Details of Skullcandy, Inc.:

Expected to close in the third quarter of 2016 for a closing value of $177 million. Upon completion of the merger, shareholders of Skullcandy will receive $5.75 per share in cash.

Update(s)

June 27, 2016: Skullcandy (SKUL) announced that on June 24, 2016 Skullcandy’s board of directors received an unsolicited proposal from Mill Road Capital to acquire all of the outstanding shares of Skullcandy common stock for $6.05 per share in cash.

AEGR 06/15/2016 QLT Inc. (QLTI) Stock $267.27 million $1.41 $1.46 160,246 12/31/2016 -3.76% -8.64%
Details of Aegerion Pharmaceuticals, Inc.:

Expected to close late in the third quarter or fourth quarter of 2016 in an all stock merger. Under the terms of the agreement, shareholders of Aegerion Pharmaceuticals will receive 1.0256 shares of QLT common stock.

TTHI 06/30/2016 Opko Health, Inc. (OPK) Stock $60 million $1.56 $1.62 187,369 12/31/2016 -3.99% -9.17%
Details of Transition Therapeutics Inc.:

Expected to close in the second half of 2016 for a closing value of approximately $60 million in an all stock deal. Under the terms of the agreement Transition Therapeutics security holders will receive 0.156 shares of OPKO common stock per TTI stock, valued at $1.55 per share of Transition Therapeutics common stock. At the Effective Time, each issued and outstanding share of TTHI Common Stock (other than any shares of TTHI Common Stock held by the Company or any Company affiliate) will be converted and exchanged into shares of Company Common Stock using an exchange rate equal to (i) 6,430,868 divided by (ii) the number of shares of TTHI Common Stock outstanding immediately prior to the Effective Time (including shares of TTHI Common Stock deemed to have been issued as a result of the conversion of the TTHI Options, but excluding any shares of TTHI Common Stock held by the Company or any affiliate of the Company). Based on the Q3 2016 Financial Report, TTHI has 38,878,879 shares outstanding and 2,320,812 options outstanding.

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) Stock N/A $4.64 $10.98 184,910 12/31/2016 -57.73% -132.52%
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.

Update(s)

July 11, 2016: Caesars Entertainment (CZR) and Caesars Acquisition (CACQ) amended their proposed merger agreement, which is intertwined with the $18 billion bankruptcy of the casino company's main operating unit. Under the amended terms, Caesars Acquisition shareholders will receive 27 percent of the merged entity. Under the original proposal, they would have received 38 percent, according to regulatory filings. A confirmation hearing for CEOC's Plan of Reorganization has been set for January 17, 2017.