Merger Arbitrage Tool

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  Symbol Announced Date Acquiring
Company
Deal
Type
Clo.
Value
Clo.
Price
Last
Price
Volume Clo.
Date
Profit Annu.
Profit
GNW 10/23/2016 China Oceanwide Holdings Group Co., Ltd. (N/A) Cash $2.7 billion $5.43 $3.45 1,928,450 12/31/2017 57.39% 566.16%
Genworth Financial, Inc. merger details:

Expected to close in the middle of 2017 for a closing value of $2.7 billion. Upon completion of the merger, shareholders of Genworth Financial will receive $5.43 per share in cash.

Update(s)

December 21, 2016: Genworth Financial (GNW) announced that under the HSR Act, the merger with China Oceanwide Holdings Group may not be completed until certain information and materials have been provided by Asia Pacific and Genworth to the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission, and the applicable waiting period under the HSR Act has expired or been terminated. The parties filed the required notifications with the Antitrust Division and the FTC on December 7, 2016 and early termination of the applicable waiting period was granted on December 16, 2016.

January 25, 2017: Genworth Financial (GNW) announced that it has filed a definitive proxy statement with the U.S. Securities and Exchange Commission and will commence mailing to stockholders of record the definitive proxy materials in connection with the previously announced transaction with China Oceanwide Holdings Group. The special meeting of Genworth stockholders will be held on Tuesday, March 7, 2017.

March 7, 2017: Genworth Financial (GNW) announced that at its stockholders adopted the previously announced merger agreement with China Oceanwide Holdings Group.

April 29, 2017: China Oceanwide Holdings Group said that it had refiled its application for U.S. approval of its $2.7 billion acquisition of life insurance company Genworth Financial (GNW), in a bid to add more time to the regulatory review.

July 13, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group reported that they have withdrawn and re-filed their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS) a second time to provide CFIUS more time to review and discuss the proposed transaction between Genworth and Oceanwide.

August 2, 2017: Genworth (GNW) and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.

September 19, 2017: China's Oceanwide Holdings is aiming to close its $2.7 billion acquisition of U.S. insurer Genworth Financial (GNW) by end of this year after securing approval from a U.S. government panel, said an executive of the Chinese firm.

October 2, 2017: A.M. Best commented that the Long-Term Issuer Credit Ratings of “bb-” of Genworth Financial (GNW) and Genworth Holdings as well as their existing Long-Term Issue Credit Ratings will remain under review with negative implications following the announcement that Genworth and China Oceanwide Holdings Group  have withdrawn their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS).

October 4, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the North Carolina Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's North Carolina-domiciled insurance companies, including Genworth Mortgage Insurance Corporation, as contemplated under the merger agreement entered into by Genworth and Oceanwide.

October 9, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the South Carolina Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's South Carolina-domiciled special purpose financial captive insurance subsidiary, Rivermont Life Insurance Company I, as contemplated under the merger agreement.

Genworth and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.Genworth and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.
BCEI 11/15/2017 SandRidge Energy (SD) Special Conditions $746 million $36.00 $28.38 637,156 03/31/2018 26.85% 77.17%
Bonanza Creek Energy Inc. merger details:

Expected to close in the first quarter of 2017 for a closing value of $746 million in a cash plus stock deal. Under the terms of the agreement, Bonanza Creek shareholders will receive $36.00 per share under the terms of the agreement, comprised of $19.20 per share in cash and $16.80 per share in common shares of SandRidge stock, subject to the collar mechanism.The stock portion will be subject to a collar based on the volume weighted average price of SandRidge common shares over the 20 business days ending on the third business day prior to the closing. If the Average Parent Stock Price is greater than or equal to $17.50 but less than or equal to $21.38, Bonanza Creek shareholders will receive a number of SandRidge shares between 0.7858 and 0.9600 equal to $16.80 in value per Bonanza Creek share. Bonanza Creek shareholders will receive 0.9600 SandRidge common shares if the Average Parent Stock Price is below $17.50 and 0.7858 SandRidge common shares if the Average Parent Stock Price is above $21.38.

MGI 01/26/2017 Ant Financial Services Group (N/A) Cash $1.2 billion $18.00 $14.58 65,948 12/31/2017 23.46% 231.40%
MoneyGram International, Inc. merger details:

Expected to close in the second half of 2017 for a closing value of $880 million. Upon completion of the merger, shareholders of MoneyGram International will receive $13.25 per share in cash.

Update(s)

March 14, 2017: MoneyGram (MGI), confirmed that it has received an unsolicited proposal from Euronet Worldwide (EEFT) to acquire all of the outstanding shares of MoneyGram Common Stock and Preferred Stock for $15.20 per share in cash on an as-converted basis.

March 17, 2017: Ant Financial Services Group said that it is confident of closing a deal for MoneyGram International (MGI), despite a higher bid from a U.S. rival.

March 20, 2017: MoneyGram (MGI) announced that its board of directors, after consultation with its outside legal and financial advisors, has determined that the unsolicited proposal received on March 14, 2017 from Euronet Worldwide (EEFT) to acquire all of the outstanding shares of MoneyGram Common Stock and Preferred Stock for $15.20 per share in cash on an as-converted basis could reasonably be expected to result in a "Company Superior Proposal" as defined in MoneyGram's merger agreement with Ant Financial Services Group.

March 26, 2017: MoneyGram (MGI) announced that it has entered into an Acceptable Confidentiality Agreement with Euronet Worldwide (EEFT) so that it can further consider Euronet's unsolicited proposal made on March 14, 2017 to acquire all of the outstanding shares of MoneyGram Common Stock and Preferred Stock for $15.20 per share in cash on an as-converted basis.

March 28, 2017: MoneyGram (MGI) and Ant Financial Services Group announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired with respect to the definitive agreement under which MoneyGram will merge with Ant Financial.

April 16, 2017: MoneyGram (MGI) and Ant Financial Services Group announced that the companies have entered into an amendment to the definitive agreement under which MoneyGram will merge with Ant Financial. Pursuant to the amendment, Ant Financial increased the offer price to acquire all of the outstanding shares of MoneyGram from $13.25 per share to $18.00 per share in cash. The MoneyGram board of directors has unanimously approved the Amended Merger Agreement.

May 16, 2017: MoneyGram (MGI) announced that its stockholders overwhelmingly voted to approve the company's pending transaction with Ant Financial at the Special Meeting of MoneyGram stockholders.

July 12, 2017: Ant Financial and MoneyGram (MGI) refiled their deal for U.S. approval after they were unable to secure clearance from CFIUS within the maximum time of 75 days that is awarded for assessing applications.

September 15, 2017: Ant Financial is planning to resubmit its application for U.S. review of its deal to buy MoneyGram International (MGI).

SXE 11/01/2017 American Midstream Partners, LP (AMID) Stock $815 million $2.00 $1.70 45,348 06/30/2018 17.65% 29.55%
Southcross Energy Partners, L.P. merger details:

Expected to close in the second quarter of 2018 for a closing value of $815 million in an all stock deal. Under the terms of the agreement, public unitholders of SXE will receive 0.160 AMID common units for each SXE common unit in a unit-for-unit merger.

TWX 10/22/2016 AT&T, Inc. (T) Collars $108.7 billion $103.77 $89.50 1,768,431 12/31/2017 15.95% 157.31%
Time Warner Inc. merger details:

Expected to close before year-end 2017 for a closing value of $108.7 billion in a cash plus stock deal. Under the terms of the agreement, Time Warner shareholders will receive $107.50 per share under the terms of the merger, comprised of $53.75 per share in cash and $53.75 per share in AT&T stock. The stock portion will be subject to a collar such that Time Warner shareholders will receive 1.437 AT&T shares if AT&T’s average stock price is below $37.411 at closing and 1.3 AT&T shares if AT&T’s average stock price is above $41.349 at closing.

Update(s)

December 1, 2016: AT&T (T) executives reportedly met with members of Donald Trump’s transition team, which told the telecom company its proposed merger would be scrutinized without prejudice. Executives are apparently confident the deal can pass regulatory review.

December 22, 2016: AT&T (T) announced that it has found a leader for its integration with Time Warner (TWX). The Dallas telecom has chosen Lori Lee, who currently serves as senior executive vice president and global marketing officer.

December 23, 2016: Brean Capital’s Alan Gould mentioned in a note that the arbitrage discount to the AT&T (T) to acquire Time Warner (TWX) has shrunk from the high teens to 12 percent. Gould downgraded the rating on Time Warner from Buy to Hold.

January 6, 2017: Dallas-based AT&T (T) said in a securities filing that it anticipates Time Warner (TWX) will not need to transfer any of its FCC licenses to AT&T, which would likely mean the deal will only need the approval of the U.S. Justice Department. 

January 9, 2017: Time Warner (TWX) invited its stockholders to attend a special meeting of the shareholders of Time Warner that will be held on February 15. The deal could hit a roadblock unless Time Warner shareholders holding at least a majority of the shares outstanding as of the close of January 3, 2017 — the record for the special meeting — vote in favor of the transaction.

February 15, 2017: Time Warner (TWX) shareholders voted in unanimous favor of the company’s proposed $85-billion merger with AT&T (T).

February 23, 2017: Time Warner (TWX) said it plans to sell a broadcast station in Atlanta to Meredith (MDP) for $70 million, which could help speed the company's planned merger with AT&T Inc (T).

February 27, 2017: The new chairman of the Federal Communications Commission said he didn’t expect the agency to have a role in reviewing AT&T (T)’s $85 billion takeover of Time Warner (TWX).

March 15, 2017: The European Union approved AT&T's (T) proposed $85 billion purchase of Time Warner (TWX), saying that it raises no competition concerns in Europe.

April 18, 2017: The U.S. Federal Communications Commission said that it approved Time Warner’s (TWX) sale of a broadcast station in Atlanta to Meredith Corp (MDP), a transaction that could help speed Time Warner's planned merger with AT&T (T).

August 22, 2017: The Instituto Federal de Telecomunicaciones and the Comisión Federal de Competencia Económica approved AT&T’s (T) pending acquisition of Time Warner (TWX).

September 4, 2017: The Chilean Fiscalía Nacional Económica (FNE) approved AT&T's (T) pending acquisition of Time Warner (TWX).

October 23, 2017: Brazil's antitrust authority, the Conselho Administrativo de Defesa Econômica (CADE) approved AT&T's (T) pending acquisition of Time Warner (TWX). With CADE's approval, AT&T and Time Warner have received all required merger approvals outside of the United States.  In the United States, the transaction remains under review by the U.S. Department of Justice.  AT&T expects the transaction to close by the end of 2017.

October 26, 2017: Seven groups from across the political spectrum joined together to urge the Justice Department to reject AT&T's (T) $85B bid for Time Warner (TWX), objecting to the power over television that the combined company would have.

November 4, 2017: AT&T’s (T) late-stage talks with U.S. officials over the company’s $85.4 billion takeover of Time Warner (TWX) are dragging on as the Justice Department’s new antitrust chief takes a hands-on role in the review.

November 8, 2017: U.S. antitrust regulators pressed for major changes to AT&T’s (T) proposed takeover of Time Warner (TWX), with demands that threaten one of the biggest media deals ever.

November 16, 2017: According to Reuters, the U.S. Justice Department has approached 18 state attorneys general to try to win their support for an antitrust lawsuit to block AT&T Inc's (T) $85.4 billion deal to buy  Time (TWX).

November 20, 2017: The Justice Department sued to block AT&T (T) from taking over Time Warner (TWX), a sweeping challenge to a deal it says would give one company too much control in a rapidly evolving media landscape.

NXTM 08/07/2017 Fresenius Medical Care (N/A) Cash $1.62 billion $30.00 $26.03 69,192 06/30/2018 15.25% 25.54%
Nxstage Medical, Inc. merger details:

Expected to close in 2018 for a closing value of $1.62 billion. Upon completion of the merger, shareholders of Nxstage Medical will receive $30.00 per share in cash.

Update(s)

October 27, 2017: NxStage Medical (NXTM) announced that at a special meeting of stockholders, the Company's stockholders voted to adopt the previously announced Agreement and Plan of Merger with Fresenius Medical Care Holdings.

SNI 07/31/2017 Discovery Communications, Inc. (DISCK) Special Conditions $14.6 billion $90.00 $80.37 142,903 03/31/2018 11.98% 34.44%
Scripps Networks Interactive, Inc. merger details:

Expected to close early in 2018 for a closing value of $14.6 billion in a cash plus stock deal. Upon completion of the merger, Scripps shareholders will receive $90 per share under the terms of the agreement, comprised of $63.00 per share in cash and $27.00 per share in Class C Common shares of Discovery stock. The stock portion will be subject to a collar based on the volume weighted average price of Discovery Class C Common Shares over the 15 trading days ending on the third trading day prior to closing. Scripps shareholders will receive 1.2096 Discovery Class C Common shares if the Average Discovery Price is at or below $22.32, and 0.9408 Discovery Class C Common shares if the Average Discovery Price is at or above $28.70. If the Average Discovery Price is greater than $22.32 but less than $28.70, Scripps shareholders will receive a number of shares between 1.2096 and 0.9408 equal to $27.00 in value. If the Average Discovery Price is between $22.32 and $25.51, Discovery has the option to pay additional cash instead of issuing more shares. Scripps shareholders will have the option to elect to receive their consideration in cash, stock or the mixture described above, subject to pro rata cut backs to the extent cash or stock is oversubscribed. Because of the complex structure of this deal, we are treating it as a Special Conditions deal with a deal price of $90.

MON 09/14/2016 Bayer AG (BAYRY) Cash $63.5 billion $128.00 $118.13 1,054,288 03/31/2018 8.36% 24.01%
Monsanto Company merger details:

Expected to close by the end of 2017 for a closing value of $66 billion. Upon completion of the merger, shareholders of Monsanto will receive $128 per share in cash.

Update(s)

March 9, 2017: According to Reuters, Bayer (BAYRY) and Monsanto (MON) are launching asset sales worth roughly $2.5 billion as they seek regulatory clearance for their $66 billion merger, people close to the matter said.

June 12, 2017: BASF SE (BASFY) and Syngenta AG (SYT) are among companies that have submitted preliminary bids for assets that Bayer AG (BAYRY) plans to sell in order to get regulatory approval for its $66 billion takeover of Monsanto (MON).

September 19, 2017: Bayer said it would likely take until early next year to complete the planned $66 billion takeover of Monsanto (MON), which it had previously expected to be under wraps by the end of 2017. Bayer also said that it was unable to propose the sale of any digital farming assets to allay EU concerns about its planned $66 billion takeover of Monsanto.

October 13, 2017: Bayer AG reached a 5.9 billion euro ($7 billion) deal to sell parts of its Crop Science unit to German chemical company BASF to alleviate regulatory concerns over its planned takeover of Monsanto (MON).

October 26, 2017: Bayer cut the value of its takeover of Monsanto (MON) by $2.5 billion (£1.89 billion), which combined with windfalls from asset sales means it may have to raise less than expected from shareholders. The Monsanto deal is now valued at $63.5 billion including debt, down from an initial $66 billion, because the U.S. seeds giant had lowered its financial liabilities.

Bayer cut the value of its takeover of Monsanto (MON) by $2.5 billion (£1.89 billion), which combined with windfalls from asset sales means it may have to raise less than expected from shareholders. The Monsanto deal is now valued at $63.5 billion including debt, down from an initial $66 billion, because the U.S. seeds giant had lowered its financial liabilities.

November 6, 2017: The European Commission has resumed its antitrust review of Bayer’s planned takeover of Monsanto (MON) after the companies were given time to provide more information. The new deadline for the Commission to decide over the deal is now March 5, 2018. Bayer reiterated it was aiming to wrap up the deal in early 2018.

November 22, 2017: According to Reuters, Brazil’s antitrust agency Cade could extend by as up to 90 days its analysis of the takeover of seeds company Monsanto (MON) by Bayer AG.

YUME 09/05/2017 RhythmOne plc (RTHM.L) Cash Plus Stock $102.36 million $4.04 $3.77 51,509 03/31/2018 7.22% 20.76%
YuMe, Inc. merger details:

Expected to close in the first quarter of 2018 for a closing value of $102.36 million in a cash plus stock deal. Under the terms of the agreement, YuMe shareholders will receive $1.70 per share in cash and 7.325 shares in RhythmOne stock.

Update(s)

September 26, 2017: RhythmOne (RTHM.L) announced a 1/10 reverse stock split. We have adjusted the share portion of the cash plus stock transaction to 0.7325 shares. YuMe (YUME) shareholders will now receive $1.70 per share in cash and 0.7325 shares in RhythmOne stock.

COL 09/04/2017 United Technologies Corp. (UTX) Special Conditions $30 billion $140.00 $132.58 275,516 09/30/2018 5.60% 6.59%
Rockwell Collins, Inc. merger details:

Expected to close in the third quarter of 2018 for a closing value of $30 billion in a cash and stock deal. Under the terms of the agreement, each Rockwell Collins shareowner will receive $93.33 per share in cash and $46.67 in shares of UTC common stock, subject to a 7.5 percent collar centered on UTC's August 22, 2017 closing share price of $115.69. We are treating this as a special conditions deal.

NEWS 10/17/2017 First Eagle Investment Management (N/A) Special Conditions $3.4 billion $12.44 $11.80 28,317 12/31/2017 5.42% 53.50%
NewStar Financial, Inc. merger details:

Expected to close by the end of the year 2017, for a closing value of $3.4 billion. Under the terms of the agreement, the NewStar stockholders will receive $11.44 in upfront cash and one non-transferable contingent value right (CVR) for each NewStar share held at the closing of the transaction. NewStar estimates these refunds to total $1.00 per share if the transaction closes in 2017 or $0.88 per share if the transaction closes in 2018. NewStar stockholders are expected to receive total consideration estimated at $12.32 to $12.44 per share. 

If the deal does not close by the end of the year, we will change the closing price to $12.32 per share.

Update(s)

November 9, 2017: NewStar Financial (NEWS) provided an update regarding the recent developments that could potentially affect the Contingent Value Rights that its shareholders are expected to receive based on the merger agreement with First Eagle Investment Management. The Tax Cuts and Jobs Act released by the House Ways and Means Committee, if enacted in its current form, would eliminate the ability to carryback net operating losses, arising in tax years beginning after 2017, subject to limited exceptions not relevant to the contingent value rights. As a result, if the Tax Bill were enacted as is and the transactions contemplated by the asset purchase agreement were to close in 2018, NewStar would not be able to carryback the losses generated in connection with the closing of the asset sale, and as such, holders of the contingent value rights would not be entitled to any payments thereunder.

November 20, 2017: NewStar Financial (NEWS) announced the expiration of the 30 day “go shop” period included in the previously announced merger agreement between First Eagle Investment Management and NewStar and related asset purchase agreement with a newly formed investment fund sponsored by GSO Capital Partners LP.

First Eagle will pay $11.44 per NewStar share in cash plus contingent value rights worth up to an estimated additional $0.88-1.00 per share.First Eagle will pay $11.44 per NewStar share in cash plus contingent value rights worth up to an estimated additional $0.88-1.00 per share.
CALL 11/09/2017 B. Riley Financial, Inc. (RILY) Cash $143 million $8.71 $8.28 270,250 06/30/2018 5.26% 8.80%
magicJack VocalTec Ltd. merger details:

Expected to close in the first half of 2018 for a closing value of $142 milion. Upon completion of the merger, shareholders of magicJack will receive $8.71 per share in cash.

WGL 01/25/2017 AltaGas Ltd. (N/A) Cash $6.4 billion $88.25 $84.23 344,095 06/30/2018 4.77% 7.99%
WGL Holdings, Inc. merger details:

Expected to close in the second quarter of 2018 for a closing value of $6.4 billion. Upon completion of the merger, sharheolders of WGL Holdings will receive $88.25 per share in cash.

AKRX 04/24/2017 Fresenius Kabi (N/A) Cash $4.75 billion $34.00 $32.61 519,761 03/31/2018 4.26% 12.25%
Akorn, Inc. merger details:

Expected to close by early 2018 for a closing value of $4.75 billion. Upon completion of the merger, shareholders of Akorn will receive $34.00 per share in cash.

Update(s)

July 19, 2017: Akorn (AKRX) announced that its shareholders, at a special meeting, have overwhelmingly voted to approve the previously announced merger agreement providing for the acquisition of Akorn by Fresenius Kabi.

XCRA 04/10/2017 an affiliate of Sino IC Capital and Unic Capital Management (N/A) Cash $439.97 million $10.25 $9.84 112,529 12/31/2017 4.17% 41.10%
Xcerra Corporation merger details:

Expected to close before the end of the year for a closing value of $439.97 million. Upon completion of the merger, shareholders of Xcerra Corporation will receive $10.25 per share in cash.

Update(s)

October 13, 2017: Xcerra Stockholders (XCRA) approved merger with an affiliate of Sino IC Capital and Unic Capital Management. The transaction is expected to close as soon as all regulatory approvals are received.

Xcerra Stockholders (XCRA) approved merger with an affiliate of Sino IC Capital and Unic Capital Management. The transaction is expected to close as soon as all regulatory approvals are received.Xcerra Stockholders (XCRA) approved merger with an affiliate of Sino IC Capital and Unic Capital Management. The transaction is expected to close as soon as all regulatory approvals are received.

 

GLBL 03/07/2017 Brookfield Asset Management Inc. (BAM) Cash $1.3 billion $5.10 $4.90 607,942 12/31/2017 4.08% 40.26%
TerraForm Global, Inc. merger details:

Expected to close in the second half of 2017 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of TerraForm Global will receive $5.10 per share in cash.

Update(s)

September 11, 2017: Terraform Global (GLBL) filed a proxy statement inviting shareholders to a special meeting. The stock dropped immediately following this filing and the spread on the deal increased from nearly 0% to 6.81%. The spread was even higher at the end of the week. An investor who read the filing tipped me off to the presence of a holdback clause in the filing related to securities litigation if the litigation is still pending when the merger closes. The holdback will be in the form of a contingent value right (CVR).

November 13, 2017: TerraForm Global (GLBL) announced that its stockholders approved the Agreement and Plan of Merger with Orion US Holding, an affiliate of Brookfield Asset Management.

ANCB 04/11/2017 Washington Federal, Inc. (WAFD) Special Conditions $63.9 million $25.75 $24.80 3,159 06/30/2018 3.83% 6.41%
Anchor Bancorp merger details:

Expected to close in the third calendar quarter of 2017 for a closing value of $63.9 million. Under the terms of the merger agreement, each outstanding share of Anchor common stock will be exchanged for shares of Washington Federal, Inc. common stock upon the closing of the transaction. Each share of Anchor common stock was valued at $25.75, which is approximately equal to Anchor's tangible book value as of December 31, 2016. The exact number of shares to be issued and the exchange ratio will be determined based upon the average of the volume-weighted price of Washington Federal common stock for the twenty trading days ending on the fifth trading day immediately preceding the closing date, subject to a negotiated collar.

Update(s)

September 15, 2017: Anchor Bancorp (ANCB) stated in their 10K filed on September 15, 2017 that the merger with Washington Federal (WAFD) is expected to be completed in the fourth calendar quarter of 2017.

September 27, 2017: Washington Federal (WAFD) and Anchor Bancorp (ANCB) announced that they have mutually agreed to amend their merger agreement. The amendment extends from December 31, 2017 to June 30, 2018 the date after which either party can elect to terminate the agreement if the transaction contemplated by the agreement has not yet been completed.

HCOM 07/10/2017 Cincinnati Bell (CBB) Cash Plus Stock $650 million $32.11 $30.93 7,031 12/31/2018 3.83% 3.47%
Hawaiian Telcom Holdco, Inc. merger details:

 

Expected to close in the second half of 2018 for a closing value of $650 million in a cash plus stock deal. Under the agreement, Hawaiian Telcom stockholders will have the option to elect either $30.75 in cash, 1.6305 shares of Cincinnati Bell common stock, or a mix of $18.45 in cash and 0.6522 shares of Cincinnati Bell common stock for each share of Hawaiian Telcom, subject to proration such that the aggregate consideration to be paid to Hawaiian Telcom stockholders will be 60 percent cash and 40 percent Cincinnati Bell common stock.
Update(s): 
November 7, 2017: Hawaiian Telcom Holdco (HCOM) announced that its stockholders voted overwhelmingly to approve the merger agreement with Cincinnati Bell (CBB).

Expected to close in the second half of 2018 for a closing value of $650 million in a cash plus stock deal. Under the agreement, Hawaiian Telcom stockholders will have the option to elect either $30.75 in cash, 1.6305 shares of Cincinnati Bell common stock, or a mix of $18.45 in cash and 0.6522 shares of Cincinnati Bell common stock for each share of Hawaiian Telcom, subject to proration such that the aggregate consideration to be paid to Hawaiian Telcom stockholders will be 60 percent cash and 40 percent Cincinnati Bell common stock.

Update(s):

 
November 7, 2017:
Hawaiian Telcom Holdco (HCOM) announced that its stockholders voted overwhelmingly to approve the merger agreement with Cincinnati Bell (CBB).

 

TRCO 05/08/2017 Sinclair Broadcast Group, Inc. (SBGI) Cash Plus Stock $6.6 billion $42.62 $41.17 156,903 12/31/2017 3.53% 34.85%
Tribune Media Company merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $6.6 billion in a cash plus stock deal. Under the terms of the agreement, Tribune stockholders will receive $35.00 in cash and 0.23 shares of Sinclair Class A common stock for each share of Tribune Class A common stock and Class B common stock they own.

Update(s)

June 15, 2017: Tribune (TRCO) shares were up sharply following a federal court ruling that greatly improves chances that the broadcast chain's suitor, Sinclair Broadcast Group (SBGI), would be allowed to go through with their planned merger.

October 19, 2017: Tribune Media Company (TRCO) announced that at a special meeting, the stockholders of the Company voted overwhelmingly to approve the previously announced acquisition of the Company by Sinclair Broadcast Group (SBGI).

November 3, 2017: Four state attorneys general urged the Federal Communications Commission to reject Sinclair Broadcast Group’s (SBGI) proposed $3.9 billion acquisition of Tribune Media (TRCO), marking the latest hurdle for the controversial tie-up.

ACFC 11/17/2017 Ameris Bancorp (ABCB) Cash Plus Stock $145 million $9.64 $9.33 11,275 06/30/2018 3.36% 5.63%
Atlantic Coast Financial Corporation merger details:

Expected to close in the second quarter of 2018 for a closing value of $145 million. Under the terms of the definitive merger agreement, each share of Atlantic Coast common stock will be converted into the right to receive 0.17 shares of Ameris common stock and $1.39 in cash.

CAVM 11/20/2017 Marvell Technology Group Ltd. (MRVL) Cash Plus Stock $6 billion $91.78 $88.80 811,980 06/30/2018 3.36% 5.62%
Cavium, Inc. merger details:

Expected to close in mid-calendar 2018 for a closing value of $6 billion in a cash plus stock deal. Under the terms of the definitive agreement, Marvell will pay Cavium shareholders $40.00 in cash and 2.1757 Marvell common shares for each share of Cavium common stock.

FIG 02/14/2017 SoftBank Group Corp. (SFTBY) Cash $3.3 billion $8.08 $7.87 1,061,473 12/31/2017 2.67% 26.32%
Fortress Investment Group LLC merger details:

Expected to close in the second half of 2017 for a closing value of $3.3 billion. Upon completin of the merger, shareholders of Fortress Investment Group will receive $8.08 per share in cash.

The Merger Agreement also provides that the Company's shareholders may also receive up to two regular quarterly dividends prior to the closing, each in an amount not to exceed $0.09 per Class A share. There are no appraisal or dissenters' rights available with respect to the Merger.

Update(s)

February 27, 2017: Fortress (FIG) declared a base quarterly cash dividend of $0.09 per Class A share for the fourth quarter of 2016. This dividend is payable on March 21, 2017 to holders of record of Class A shares on March 15, 2017. In connection with the proposed Merger, the company said that they have contractually agreed that they will not pay dividends for the quarterly period ended March 31, 2017 in any amount greater than $0.09 per share, and that they will not pay any dividends with respect to periods ending after that while the Merger Agreement remains in effect. Fortress Class A shareholders should therefore not anticipate receiving a dividend with respect to the quarterly periods ended June 30, 2017 or September 30, 2017, even if the Merger has not yet been consummated at the time of the customary dividend payment dates for such periods.

July 12, 2017: Fortress Investment Group (FIG) announced that, at its special meeting of shareholder, the Company’s shareholders had voted, among other things, in favor of the proposal to adopt the previously announced merger agreement pursuant to which certain subsidiaries of SoftBank Group will acquire Fortress. 

DEL 10/23/2017 Potlatch Corporation (PCH) Stock $1.18 billion $93.92 $91.50 93,623 06/30/2018 2.64% 4.42%
Deltic Timber Corporation merger details:

Expected to close in the first half of 2018 for a closing value of $1.18 billion in an all stock deal. Under the terms of the agreement, Deltic stockholders will receive 1.80 common shares of Potlatch stock for each common share of Deltic that they own.

JASO 11/17/2017 JASO Holdings Limited, JASO Parent Limited and JASO Acquisition Limited (N/A) Cash $677.43 $7.55 $7.36 509,380 03/31/2018 2.58% 7.42%
JA Solar Holdings Co., Ltd. merger details:

Expected to close in the first quarter of 2018 for a closing value of $677.43 in a going-private transaction. Under the terms of the agreement, each ordinary share of the Company issued and outstanding immediately prior to the Effective Time will be cancelled and cease to exist in exchange for the right to receive $1.51 in cash without interest, and each American depositary share of the Company, representing 5 Shares, will be cancelled in exchange for the right to receive $7.55 in cash without interest.

AVA 07/19/2017 Hydro One Limited (N/A) Cash $5.3 billion $53.00 $51.93 85,606 12/31/2018 2.06% 1.87%
Avista Corporation merger details:

Expected to close in the second half of 2018 for a closing value of $5.3 billion. Upon completion of the merger, shareholders of Avista will receive $53 per share in cash.

Update(s)

September 14, 2017: Hydro One Limited and Avista Corporation (AVA) filed applications requesting regulatory approval of the proposed merger of the two companies. The applications have been filed with state utility commissions in Washington, Idaho, Oregon, Montana, and Alaska, as well as with the Federal Energy Regulatory Commission (FERC), requesting approval of the transaction on or before August 14, 2018.

November 21, 2017: Avista (AVA) shareholders approved the acquisition by Hydro One Limited.

OA 09/18/2017 Northrop Grumman Corporation (NOC) Cash $9.2 billion $134.50 $132.45 170,924 06/30/2018 1.55% 2.59%
Orbital ATK, Inc. merger details:

Expected to close in the first half of 2018 for a closing value of $9.2 billion. Upon completion of the merger, shareholders of Orbital ATK will receive $134.50 per share in cash.

CPN 08/18/2017 Energy Capital Partners (N/A) Cash $17.3 billion $15.25 $15.02 1,618,599 03/31/2018 1.53% 4.40%
Calpine Corporation merger details:

Expected to close in the first quarter of 2018 for a closing value of $17.3 billion. Upon completion of the merger, shareholders of Calpine Corporation will receive $15.25 per share in cash.

Update(s)

October 3, 2017: Calpine Corporation (CPN) announced the expiration of the 45-day “go-shop” period pursuant to the terms of the previously announced definitive agreement under which Energy Capital Partners along with a consortium of investors led by Access Industries and Canada Pension Plan Investment Board will acquire Calpine. The acquisition is expected to be completed during the first quarter of calendar year 2018.

SPA 07/07/2017 Ultra Electronics Holdings (N/A) Cash $308.13 million $23.50 $23.21 29,748 01/08/2018 1.25% 10.13%
Sparton Corporation merger details:

Expected to close no later than January 1, 2018 for a closing value of $308.13 million. Upon completion of the merger, shareholders of Sparton Corporation will receive $23.50 per share in cash.

Update(s)

October 5, 2017: Sparton Corporation (SPA) announced that at a special meeting of Sparton shareholders, the shareholders approved the adoption of the previously announced Agreement and Plan of Merger by and among Sparton, Ultra Electronics Holdings plc and Ultra Electronics Aneira.

November 20, 2017: Sparton Corporation (SPA) announced that the Committee on Foreign Investment in the United States (CFIUS) completed its review process and stated that there are no unresolved national security concerns with respect to the previously announced proposed acquisition of Sparton by Ultra Electronics Holdings plc.

DYN 10/30/2017 Vistra Energy Corp. (VST) Stock $12.3 billion $12.57 $12.42 1,478,760 06/30/2018 1.21% 2.03%
Dynegy Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $12.3 billion in an all stock deal. Under the terms of the agreement, Dynegy shareholders will receive 0.652 shares of Vistra Energy common stock for each share of Dynegy common stock they own.

CSBK 11/02/2017 Kearny Financial Corp. (KRNY) Stock $408 million $17.21 $17.03 28,048 04/15/2018 1.06% 2.72%
Clifton Bancorp Inc. merger details:

Expected to close late in the first calendar quarter of 2018, or early in the second calendar quarter of 2018 for a closing value of $408 million in an all stock deal. Under the terms of the agreement, each outstanding share of CSBK common stock will be exchanged for 1.191 shares of KRNY common stock. 

AAAP 10/30/2017 Novartis AG (NVS) Cash $3.9 billion $82.00 $81.22 160,911 03/31/2018 0.96% 2.76%
Advanced Accelerator Applications S.A. merger details:

Expected to close for a closing value of $3.9 billion. Upon completion of the merger, shareholders of Advanced Accelerator Applications will receive $82.00 per ADS (each representing 2 ordinary shares).

ENZY 10/29/2017 Frutarom (N/A) Cash $156.88 million $11.90 $11.80 28,990 03/31/2018 0.85% 2.44%
Enzymotec Ltd. merger details:

Expected to close in the first quarter of 2018 for a closing value of $156.88 million. Upon completion of the merger, shareholders of Enzymotec will receive $11.90 per share in cash.

CBF 05/04/2017 First Horizon National Corp. (FHN) Cash Plus Stock $2.2 billion $40.34 $40.00 218,802 12/31/2017 0.84% 8.29%
Capital Bank Financial Corp. merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $2.2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Capital Bank Financial will be entitled to receive cash or stock with a value equivalent to 1.750 First Horizon shares and $7.90 in cash for each Capital Bank share held. In the aggregate, Capital Bank shareholders will receive a mix of approximately 80 percent stock and 20 percent cash.

STRP 05/11/2017 Verizon Communications Inc. (VZ) Special Conditions $3.1 billion $184.00 $182.50 18,249 03/15/2018 0.82% 2.70%
Straight Path Communications Inc. merger details:

Expected to close within nine months for a closing value of $3.1 billion. Under the terms of the agreement, shareholders of Straigh Path Communications will receive $184.00 per share in cash.

This is an all stock deal but the consideration is fixed at $184/share. The number of Verizon shares that shareholders will receive will vary to get to the $184/share fixed consideration. We are treating this as a special conditions deal.

Update(s)

August 2, 2017: Straight Path Communications (STRP) stockholders voted in favour of the proposal, to adopt the merger agreement between Straight Path Communications, Verizon Communications (VZ) and Waves Merger Sub.

MSFG 07/25/2017 First Financial Bancorp. (FFBC) Stock $1 billion $37.53 $37.24 14,430 03/31/2018 0.78% 2.25%
MainSource Financial Group, Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $1 billion in an all stock deal. Under the terms of the merger agreement, shareholders of MainSource will receive 1.3875 common shares of First Financial common stock for each share of MainSource common stock.

SBCP 08/14/2017 CenterState Banks, Inc. (CSFL) Stock $176.7 million $23.12 $22.96 1,662 03/31/2018 0.71% 2.03%
Sunshine Bancorp, Inc. merger details:

Expected to close in the first quarter of 2018 for a closing value of $176.7 million in an all stock deal. Under the terms of the agreement, Sunshine shareholders will receive 0.89 shares of CSFL common stock for each outstanding share of Sunshine.

ARCX 08/29/2017 Zenith (N/A) Cash $632.96 million $16.50 $16.39 30,048 01/31/2018 0.67% 3.60%
Arc Logistics Partners LP merger details:

Expected to close at the end of the fourth quarter of 2017 or early in the first quarter of 2018 for a closing vlaue of $632.96 million. Upon completion of the merger, shareholders of Arc Logistic Partners will receive $16.50 per share in cash.

BCR 04/23/2017 Becton, Dickinson and Company (BDX) Cash Plus Stock $24 billion $337.81 $336.11 173,948 11/30/2017 0.51% 30.81%
C. R. Bard, Inc. merger details:

Expected to close during the fall of 2017 for a closing value of $24 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of C. R. Bard will receive approximately $222.93 in cash and 0.5077 shares of BD stock per Bard share, or a total of value of $317.00 per Bard common share based on BD's closing price on April 21, 2017.

SSNI 09/18/2017 Itron, Inc. (ITRI) Cash $712 million $16.25 $16.17 541,667 03/31/2018 0.49% 1.42%
Silver Spring Networks, Inc. merger details:

Expected to close in late 2017 or early 2018 for a closing value of $712 million. Upon completion of the merger, shareholders of Silver Spring Networks will receive $16.25 per share in cash.

EXAC 10/23/2017 TPG Capital (N/A) Cash $625 million $42.00 $41.80 19,513 03/31/2018 0.48% 1.38%
Exactech merger details:

Expected to close in the first quarter of 2017 for a closing value of $625 million. Upon completion of the merger, shareholders of Exactech will receive $42.00 per share in cash.

OME 10/06/2017 Cooke Inc. (N/A) Cash $520.88 $22.00 $21.90 133,660 01/31/2018 0.46% 2.45%
Omega Protein Corporation merger details:

Expected to close near the end of 2017 or early in 2018 for a closing value of $520.88 million. Upon completion of the merger, shareholders of Omega Protein will receive $22.00 per share in cash.

BKMU 07/20/2017 Associated Banc-Corp (ASB) Stock $482 million $10.30 $10.25 38,994 03/31/2018 0.46% 1.31%
Bank Mutual Corporation merger details:

Expected to close in the first quarter of 2018 for a closing value of $482 million in an all stock deal. Under the terms of the agreement, Bank Mutual shareholders will receive 0.422 shares of Associated common stock for each share of Bank Mutual common stock.

Update(s)

October 24, 2017: Bank Mutual Corporation (BKMU) announced that its shareholders voted to approve the previously announced merger agreement providing for the merger of Bank Mutual with Associated Banc-Corp (ASB). The merger transaction remains subject to regulatory approvals and customary closing conditions; the companies expect the transaction will close in early 2018.

Bank Mutual Corporation (BKMU) announced that its shareholders voted to approve the previously announced merger agreement providing for the merger of Bank Mutual with Associated Banc-Corp (ASB). The merger transaction remains subject to regulatory approvals and customary closing conditions; the companies expect the transaction will close in early 2018.Bank Mutual Corporation (BKMU) announced that its shareholders voted to approve the previously announced merger agreement providing for the merger of Bank Mutual with Associated Banc-Corp (ASB). The merger transaction remains subject to regulatory approvals and customary closing conditions; the companies expect the transaction will close in early 2018.

 

RBPAA 01/30/2017 Bryn Mawr Bank Corporation (BMTC) Stock $127.7 million $4.41 $4.39 2,425 12/31/2017 0.40% 3.93%
Royal Bancshares of Pennsylvania, Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $127.7 million in an all stock deal. Under the terms of the Merger Agreement, Class A shareholders of Royal will receive 0.1025 shares of the Corporation’s common stock for each share of Royal’s Class A common stock and Class B shareholders of Royal will receive 0.1179 shares of the Corporation’s common stock for each share of Royal Class B common stock.

Update(s)

May 25, 2017: Royal Bancshares of Pennsylvania (RBPAA) announced that its shareholders approved its pending merger transaction with Bryn Mawr Bank Corporation (BMTC) at a special meeting of shareholders held on May 24, 2017.

September 29, 2017: Royal Bancshares of Pennsylvania (RBPAA) announced that the Merger with Bryn Mawr Bank Corporation (BMTC) has been approved by RBPI shareholders and by the Pennsylvania Department of Banking and Securities, one of two required bank regulatory agencies.  The closing of the Merger is expected to occur in the fourth quarter of 2017, pending receipt of final regulatory approval.

Royal Bancshares of Pennsylvania (RBPAA) announced that the Merger with Bryn Mawr Bank Corporation (BMTC) has been approved by RBPI shareholders and by the Pennsylvania Department of Banking and Securities, one of two required bank regulatory agencies.  The closing of the Merger is expected to occur in the fourth quarter of 2017, pending receipt of final regulatory approval.Royal Bancshares of Pennsylvania (RBPAA) announced that the Merger with Bryn Mawr Bank Corporation (BMTC) has been approved by RBPI shareholders and by the Pennsylvania Department of Banking and Securities, one of two required bank regulatory agencies.  The closing of the Merger is expected to occur in the fourth quarter of 2017, pending receipt of final regulatory approval.

 

WFBI 05/16/2017 Sandy Spring Bancorp, Inc. (SASR) Stock $489 million $33.61 $33.48 2,823 01/01/2018 0.38% 3.62%
WashingtonFirst Bankshares, Inc. merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $489 million in an all stock deal. Under the terms of the agreement, WashingtonFirst shareholders are expected to receive .8713 shares of Sandy Spring common stock for each share owned of WashingtonFirst common stock, subject to adjustment if Sandy Spring’s average stock price during a specified measurement period prior to closing is more than $50.15 or less than $37.07 per share.

Update(s)

November 22, 2017: Sandy Spring Bancorp (SASR) announced that it has received all of the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, the Maryland Office of the Commissioner of Financial Regulation, and the Virginia State Corporation Commission to complete the acquisition of WashingtonFirst Bankshares (WFBI) and the related merger of WashingtonFirst Bank into Sandy Spring Bank. The transaction is expected to close on January 1, 2018.

BSFT 10/23/2017 Cisco (CSCO) Cash $1.9 billion $55.00 $54.80 186,578 03/31/2018 0.36% 1.05%
BroadSoft, Inc. merger details:

Expected to close in the first calendar quarter of 2018 for a closing value of $1.9 billion. Upon completion of the merger, shareholders of BroadSoft will receive $55.00 per share in cash.

CPLA 10/30/2017 Strayer Education, Inc. (STRA) Stock $820.96 million $83.20 $82.90 15,010 09/30/2018 0.36% 0.42%
Capella Education Company merger details:

Expected to close in the third quarter of 2017 for a closing value of $820.96 million in an all stock deal. Under the terms of the agreement, Capella shareholders will receive 0.875 Strayer shares for each Capella share.

AFAM 11/16/2017 LHC Group, Inc. (LHCG) Stock $1.06 billion $64.21 $64.00 119,626 06/30/2018 0.34% 0.56%
Almost Family, Inc. merger details:

Expected to close in the first half of 2018 for a closing value of $1.06 billion in an all stock deal. Under terms of the transaction, Almost Family shareholders will receive 0.9150 shares of LHC Group for each existing Almost Family share.

SNAK 10/26/2017 Utz Quality Foods, LLC (N/A) Cash $165 million $4.00 $3.99 47,241 12/31/2017 0.25% 2.47%
Inventure Foods, Inc. merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $165 million. Upon completion of the merger, shareholders of Inventure Foods will receive $4.00 per share in cash.

SNBC 06/30/2017 OceanFirst Financial Corp. (OCFC) Cash Plus Stock $640.73 million $24.96 $24.90 4,230 01/31/2018 0.23% 1.22%
Sun Bancorp, Inc. merger details:

Expected to close early in the first quarter of 2018 for a closing value of $640.73 million in a cash plus stock deal. Under the terms of the agreement, Sun shareholders will receive 0.7884 shares of OceanFirst common stock and $3.78 in cash per share of Sun common stock. Sun shareholders will have the right to elect to receive stock or cash consideration for their shares, subject to proration, and the merger agreement will include a mechanic whereby the per share cash consideration and the implied value of the stock consideration will be equivalent based on the average OceanFirst share price over the five trading day period ending on the trading day immediately prior to the closing date.

PLPM 10/26/2017 Fintrax Group (N/A) Cash $184.93 million $4.50 $4.49 63,788 12/31/2017 0.22% 2.20%
Planet Payment, Inc. merger details:

Expected to close by the end of the year 2017 for a closing value of $184.93 million. Upon completion of the merger, shareholders of Planet Payment will receive $4.50 per share in cash.

XBKS 05/22/2017 Union Bankshares Corporation (UBSH) Stock $701.2 million $32.75 $32.68 6,601 01/15/2018 0.21% 1.47%
Xenith Bankshares, Inc. merger details:

Expected to close in early January 2018 for a closing value of $701.2 million in an all stock deal. Under the terms of the merger agreement, each outstanding share of Xenith common stock will be converted into the right to receive 0.9354 shares of Union common stock. 

Update(s)

October 17, 2017: Union Bankshares Corporation (UBSH) and Xenith Bankshares (XBKS) jointly announced the receipt of regulatory approval from the Federal Reserve Bank of Richmond and from the Virginia State Corporation Commission to move forward with the proposed merger of Xenith into Union.  The proposed merger remains subject to approval by shareholders of Union and Xenith.

October 26, 2017: At separate special meetings, shareholders of both Union Bankshares Corporation (UBSH) and Xenith Bankshares (XBKS) approved the merger of Xenith with and into Union. All regulatory approvals have been received and the merger is expected to close during early January 2018.

 

Union Bankshares Corporation (UBSH) and Xenith Bankshares (XBKS) jointly announced the receipt of regulatory approval from the Federal Reserve Bank of Richmond and from the Virginia State Corporation Commission to move forward with the proposed merger of Xenith into Union.  The proposed merger remains subject to approval by shareholders of Union and Xenith.Union Bankshares Corporation (UBSH) and Xenith Bankshares (XBKS) jointly announced the receipt of regulatory approval from the Federal Reserve Bank of Richmond and from the Virginia State Corporation Commission to move forward with the proposed merger of Xenith into Union.  The proposed merger remains subject to approval by shareholders of Union and Xenith.

 

BSF 08/22/2017 Arvest Bank (N/A) Cash $391 million $10.28 $10.26 9,324 03/31/2018 0.19% 0.56%
Bear State Financial, Inc. merger details:

Expected to close in the fourth quarter of 2017 or the first quarter of 2018 for a closing value of $391 million. Upon completion of the merger, shareholders of Bear State Financial will receive $10.28 per share in cash.

PBNC 04/27/2017 TowneBank (TOWN) Stock $323.7 million $57.36 $57.25 4,231 12/31/2017 0.19% 1.83%
Paragon Commercial merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $323.7 million in an all stcok deal. Under the terms of the agreement, shareholders of Paragon Commercial will receive 1.7250 shares of TowneBank common stock for each outstanding share of Paragon common stock.

TESO 08/14/2017 Nabors Industries Ltd. (NBR) Stock $157.23 million $3.90 $3.90 168,925 12/31/2017 0.08% 0.81%
Tesco Corporation merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $157.23 million in an all stock deal. Under the terms of the agreement, TESCO shareholders will be issued 0.68 common shares of Nabors for each outstanding share of common stock of TESCO.

Update(s)

November 7, 2017: Nabors Industries (NBR) and Tesco Corporation (TESO), jointly announced that the two companies have recently received anti-trust clearance from the U.S. Department of Justice and the Canada Competition Bureau.  In addition, the approval process with the Federal Antimonopoly Service of the Russian Federation was initiated, with its determination expected in the next few weeks.

PSTB 04/27/2017 South State Corporation (SSB) Stock $690.8 million $12.28 $12.27 26,492 11/30/2017 0.07% 3.97%
Park Sterling Corporation merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $690.8 million in an all stock deal. Under the terms of the agreement, shareholders of Park Sterling Corporation will receive 0.14 shares of South State common stock for each share of Park Sterling common stock. 

Update(s)

November 16, 2017: South State Corporation (SSB) announced today that it has received all necessary regulatory and shareholder approvals for its merger with Park Sterling Corporation (PSTB). The merger is scheduled to close on or around November 30, 2017.

RT 10/16/2017 NRD Capital (N/A) Cash $335 million $2.40 $2.40 149,189 03/31/2018 0.00% 0.00%
Ruby Tuesday, Inc. merger details:

Expected to close during the first calendar quarter of 2018 for a closing value of $335 million. Upon completion of the merger, shareholders of RUby Tuesday will receive $2.40 per share in cash.

FGL 05/24/2017 CF Corporation (CFCO) Cash $1.835 billion $31.10 $31.10 89,244 12/31/2017 0.00% 0.00%
Fidelity & Guaranty Life merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $1.835 billion. Upon completion of the merger, shareholders of Fidelity & Guaranty Life will receive $31.10 per share in cash.

PMC 08/03/2017 KKR & Co. L.P. Unit (KKR) Cash $1.39 billion $29.25 $29.25 79,600 05/01/2018 0.00% 0.00%
PharMerica Corporation merger details:

Expected to complete early in 2018 for a closing value of $1.39 billion. Upon completion of the merger, shareholders of PharMerica will receive $29.25 per share in cash.

Update(s)

November 9, 2017: PharMerica Corporation (PMC), announced that at its special meeting of stockholders, a majority of the outstanding shares of PharMerica common stock voted to approve the adoption of the previously disclosed definitive merger agreement pursuant to which a newly formed company controlled by KKR, with Walgreens Boots Alliance (WBA) as a minority investor, will acquire PharMerica.PharMerica Corporation (PMC), announced that at its special meeting of stockholders, a majority of the outstanding shares of PharMerica common stock voted to approve the adoption of the previously disclosed definitive merger agreement pursuant to which a newly formed company controlled by KKR, with Walgreens Boots Alliance (WBA) as a minority investor, will acquire PharMerica.

GIMO 10/26/2017 Elliott Management (N/A) Cash $1.6 billion $38.50 $38.60 258,057 03/31/2018 -0.26% -0.74%
Gigamon Inc. merger details:

Expected to close in the first quarter of 2017 for a closing value of $1.6 billion. Upon completion of the merger, shareholders of Gigamon will receive $38.50 per share in cash.

NMRX 08/02/2017 Sierra Wireless, Inc. (SWIR) Stock $107 million $3.74 $3.75 1,301 12/31/2017 -0.40% -3.95%
Numerex Corp. merger details:

Expected to close by the end of 2017 for a closing value of $107 million in an all stock deal. Under the terms of the Merger Agreement, Numerex shareholders will receive a fixed exchange ratio of 0.1800 common shares of Sierra Wireless for each share of Numerex common stock. 

CCC 09/21/2017 Kuraray (N/A) Cash $1.3 billion $21.50 $21.60 265,074 12/31/2017 -0.46% -4.57%
Calgon Carbon Corporation merger details:

Expected to be completed by the end of December, 2017 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Calgon Carbon will receive $21.50 per share in cash.

BYBK 09/27/2017 Old Line Bancshares, Inc. (OLBK) Stock $128.6 million $11.73 $11.80 4,744 06/30/2018 -0.61% -1.02%
Bay Bancorp, Inc. merger details:

Expected to close in the second quarter of 2018 for a closing value of $128.6 million in an all stock deal. Under the terms of the Agreement, each share of Bay Bancorp common stock  will be exchanged for a number of OLB Shares calculated by dividing $11.80 by the volume weighted average closing prices of Old Line Bancshares common stock for the 20 trading days ending five trading days before the closing date of the Merger, subject to a minimum average price of $25.65 and a maximum average price of $29.16 and adjustments for the proceeds recognized in the recent settlement of certain litigation and the resolution of certain loans. As such, the per share consideration may be as low as 0.4047 OLB Shares if the average price is $29.16 or more and as high as 0.4600 OLB Shares if the average price is $25.65 or less, subject to the adjustments provided for in the Merger Agreement. The closing price we have in the MAT takes the collar into account but not the adjustments related to litigation and problem loans.

CAA 10/30/2017 Lennar Corporation (LEN) Stock $9.3 billion $54.00 $54.35 270,159 03/31/2018 -0.64% -1.84%
CalAtlantic Group, Inc. merger details:

Expected to close in the first quarter of 2018 for a closing value of $9.3 billion in an all stock deal. Under the terms of the merger agreement, each share of CalAtlantic stock will be converted into the right to receive 0.885 shares of Lennar Class A common stock.

BOBE 09/19/2017 Post Holdings, Inc. (POST) Cash $1.53 billion $77.00 $77.63 60,129 03/31/2018 -0.81% -2.33%
Bob Evans Farms, Inc. merger details:

Expected to be completed in the first quarter of 2018 for a closing value of $1.53 billion. Upon completion of the merger, shareholders of Bob Evans Farms will receive $77 per share in cash.

HSNI 07/06/2017 Liberty Interactive Corporation (QVCA) Stock $2.6 billion $40.95 $41.35 218,087 12/31/2017 -0.96% -9.47%
HSN, Inc. merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $2.6 billion in an all stock deal. Under the terms of the agreement, HSNi shareholders will receive fixed consideration of 1.65 shares of Series A QVC Group common stock for every share of HSNi common stock.

ALDW 11/08/2017 Delek US Holdings, Inc. (DK) Stock $778.02 million $15.40 $15.58 210,286 03/31/2018 -1.15% -3.31%
Alon USA Partners, LP merger details:

Expected to close in the first quarter of 2018 for a closing value of $778.02 million in an all stock deal. Under terms of the merger agreement, the owners of the outstanding common units in Alon Partners that Delek US and its affiliates do not currently own will receive a fixed exchange ratio of 0.49 Delek US shares for each common unit of Alon Partners.

NXPI 10/27/2016 QUALCOMM Incorporated (QCOM) Cash $38 billion $110.00 $114.65 1,942,484 12/31/2017 -4.06% -40.01%
NXP Semiconductors NV merger details:

Expected to close by the end of 2017 for a closing value of $38 billion. Upon completion of the merger, shareholders of NXP Semiconductors will receive $110 per share in cash.

Update(s)

November 18, 2016: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, an indirect wholly owned subsidiary of Qualcomm, has commenced the previously announced tender offer for all of the outstanding common shares of NXP Semiconductors (NXPI) at a price of $110.00 per share, less any applicable withholding taxes and without interest, to the holders thereof and payable in cash.

January 27, 2017: NXP Semiconductors (NXPI) announced that, during an extraordinary general meeting of shareholders, NXP obtained shareholder approval for all items proposed relating to the previously disclosed tender offer by Qualcomm River Holdings, an indirect wholly owned subsidiary of QUALCOMM Incorporated (QCOM), to acquire all of the outstanding shares of NXP. 

February 6, 2017: Qualcomm (QCOM) announced that it is extending its cash tender offer for all of the outstanding shares of NXP Semiconductors (NXPI). Qualcomm said the tender offer is now slated to expire March 7.

March 7, 2017: Qualcomm Incorporated (QCOM) announced that it has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI).  The tender offer is now scheduled to expire on April 4, 2017.

April 4, 2017: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings an indirect wholly owned subsidiary of Qualcomm, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on May 2, 2017, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement.

April 4, 2017: Qualcomm (QCOM) has received approval from U.S. antitrust regulators for its proposed $47 billion acquisition of NXP Semiconductors (NXPI).

June 2, 2017: EU antitrust regulators said that Qualcomm (QCOM) has not offered any concessions so far in its $38-billion bid for NXP Semiconductors (NXPI) increasing the risk of a lengthy investigation into the deal. Qualcomm had until June 1 to propose concessions to allay possible competition concerns over the biggest-ever deal in the semiconductor industry.

July 3, 2017: The European Commission decided to pause its antitrust review of the merger between Qualcomm (QCOM) and NXP Semiconductors (NXPI), because the regulators need more information from NXP and Qualcomm.

August 24, 2017: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI).  The tender offer is now scheduled to expire  on September 22, 2017, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement. The transaction is expected to close by the end of calendar 2017.

September 6, 2017: EU antitrust regulators have halted for a second time their review of U.S. smartphone chipmaker Qualcomm's (QCOM) $38-billion bid for NXP Semiconductors (NXPI) after the companies failed to provide key details of the deal.

September 22, 2017: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, an indirect wholly owned subsidiary of Qualcomm, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on October 20, 2017, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement. The transaction is expected to close by the end of calendar 2017.

October 10, 2017: Qualcomm (QCOM) offered to buy NXP Semiconductors (NXPI) without some of its patents in a bid to win EU antitrust regulatory approval.

November 6, 2017: Broadcom (AVGO) proposed to acquire Qualcomm (QCOM) for $70.00 per share in cash and stock in a transaction valued at $130 billion. Broadcom’s proposal will stand whether Qualcomm’s Pending Acquisition of NXP (NXPI) is consummated on the currently disclosed terms of $110 per share or the NXP transaction is terminated.

November 17, 2017: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors N.V. (NXPI). The tender offer is now scheduled to expire on December 15, 2017, unless extended or earlier terminated. 

November 18, 2017: According to Reuters, Qualcomm (QCOM) is set to win “imminent” Japanese antitrust clearance for its $38-billion bid for NXP Semiconductors (NXPI) and gain Europe’s approval by the end of the year with slight tweaks to its concessions.

IXYS 08/28/2017 Littelfuse, Inc. (LFUS) Cash $655 million $23.00 $24.50 93,979 03/31/2018 -6.12% -17.60%
IXYS Corporation merger details:

Expected to close in the first quarter of 2018 for a closing value of $655 million in a cash or stock deal. Upon completion of the merger, each IXYS stockholder will be entitled to elect to receive, per IXYS share, either $23.00 in cash or 0.1265 of a share of Littelfuse common stock, subject to proration.

SVA 06/26/2017 Sinovac Limited and Sinovac Amalgamation Sub Limited (N/A) Cash $437.59 million $7.00 $7.97 517,647 12/31/2017 -12.12% -119.52%
Sinovac Biotech Ltd. merger details:

Expected to close in the second half of 2017 for a closing value of $437.59 million. Upon completion of the merger, shareholders of Sinovac Biotech will receive $7.00 per share in cash.

Update(s)

July 1, 2017: Sinobioway Consortium raised its purchase price to $8 per share to acquire Sinovac Biotech (SVA).

November 3, 2017: Sinovac Biotech (SVA) announced that on November 1, 2017, the Company received a delisting determination letter from the Staff of the Listing Qualifications Department of The Nasdaq Stock Market related to the delisting of the Company’s shares.

Sinobioway Consortium raised its purchase price to $8 per share to acquire Sinovac Biotech (SVA).Sinobioway Consortium raised its purchase price to $8 per share to acquire Sinovac Biotech (SVA).
OCRX 11/02/2017 Mallinckrodt Public Limited Company (MNK) Special Conditions $42 million $1.52 $1.73 76,713 12/31/2017 -12.14% -119.75%
Ocera Therapeutics, Inc. merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $42 million. Upon completion of the merger, shareholders of Ocera Therapeutics will receive $1.52 per share in cash, plus one Contingent Value Right to receive one or more payments in cash of up to $2.58 per share (up to approximately $75 million) based on the successful completion of certain development and sales milestones.

GNCMA 04/04/2017 Liberty Ventures (LVNTA) Special Conditions $2.68 billion $32.50 $41.30 70,847 03/31/2018 -21.31% -61.24%
General Communication, Inc. merger details:

Expected to close for a closing value of $2.68 billion. Under the terms of the agreement, shareholders of GCI will receive total consideration of $32.50 per share comprised of $27.50 per share in GCI Liberty Class A common stock and $5.00 in newly issued Series A preferred shares, based on a Liberty Ventures reference price of $43.65.

Update(s)

June 8, 2017: The Justice Department gave its approval to a complicated transaction for Liberty Interactive (QVCA) to buy Alaska's biggest telecom, General Communication (GNCMA).

November 15, 2017: In connection with the previously announced proposed acquisition and subsequent split-off of General Communication (GNCMA) by Liberty Interactive Corporation (LVNTA) (1) on November 7, 2017, the Regulatory Commission of Alaska  approved the applications for acquisition of a controlling interest in certain RCA certificates of public convenience and necessity, and (2) on November 8, 2017, the Federal Communications Commission approved the applications for transfer of control and/or assignment of certain FCC licenses and authorizations. The proposed transactions are expected to close in the first quarter of 2018.

Note: You can sort this table by Profit, Annualized Profit and Closing Date. Desktop Version

  Symbol Clo. Date Profit Annu. Profit
GNW 12/31/2017 57.39% 566.16%
Genworth Financial, Inc. merger details:

Expected to close in the middle of 2017 for a closing value of $2.7 billion. Upon completion of the merger, shareholders of Genworth Financial will receive $5.43 per share in cash.

Update(s)

December 21, 2016: Genworth Financial (GNW) announced that under the HSR Act, the merger with China Oceanwide Holdings Group may not be completed until certain information and materials have been provided by Asia Pacific and Genworth to the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission, and the applicable waiting period under the HSR Act has expired or been terminated. The parties filed the required notifications with the Antitrust Division and the FTC on December 7, 2016 and early termination of the applicable waiting period was granted on December 16, 2016.

January 25, 2017: Genworth Financial (GNW) announced that it has filed a definitive proxy statement with the U.S. Securities and Exchange Commission and will commence mailing to stockholders of record the definitive proxy materials in connection with the previously announced transaction with China Oceanwide Holdings Group. The special meeting of Genworth stockholders will be held on Tuesday, March 7, 2017.

March 7, 2017: Genworth Financial (GNW) announced that at its stockholders adopted the previously announced merger agreement with China Oceanwide Holdings Group.

April 29, 2017: China Oceanwide Holdings Group said that it had refiled its application for U.S. approval of its $2.7 billion acquisition of life insurance company Genworth Financial (GNW), in a bid to add more time to the regulatory review.

July 13, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group reported that they have withdrawn and re-filed their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS) a second time to provide CFIUS more time to review and discuss the proposed transaction between Genworth and Oceanwide.

August 2, 2017: Genworth (GNW) and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.

September 19, 2017: China's Oceanwide Holdings is aiming to close its $2.7 billion acquisition of U.S. insurer Genworth Financial (GNW) by end of this year after securing approval from a U.S. government panel, said an executive of the Chinese firm.

October 2, 2017: A.M. Best commented that the Long-Term Issuer Credit Ratings of “bb-” of Genworth Financial (GNW) and Genworth Holdings as well as their existing Long-Term Issue Credit Ratings will remain under review with negative implications following the announcement that Genworth and China Oceanwide Holdings Group  have withdrawn their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS).

October 4, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the North Carolina Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's North Carolina-domiciled insurance companies, including Genworth Mortgage Insurance Corporation, as contemplated under the merger agreement entered into by Genworth and Oceanwide.

October 9, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that the South Carolina Department of Insurance has approved the proposed acquisition of control by Oceanwide of Genworth's South Carolina-domiciled special purpose financial captive insurance subsidiary, Rivermont Life Insurance Company I, as contemplated under the merger agreement.

Genworth and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.Genworth and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.
BCEI 03/31/2018 26.85% 77.17%
Bonanza Creek Energy Inc. merger details:

Expected to close in the first quarter of 2017 for a closing value of $746 million in a cash plus stock deal. Under the terms of the agreement, Bonanza Creek shareholders will receive $36.00 per share under the terms of the agreement, comprised of $19.20 per share in cash and $16.80 per share in common shares of SandRidge stock, subject to the collar mechanism.The stock portion will be subject to a collar based on the volume weighted average price of SandRidge common shares over the 20 business days ending on the third business day prior to the closing. If the Average Parent Stock Price is greater than or equal to $17.50 but less than or equal to $21.38, Bonanza Creek shareholders will receive a number of SandRidge shares between 0.7858 and 0.9600 equal to $16.80 in value per Bonanza Creek share. Bonanza Creek shareholders will receive 0.9600 SandRidge common shares if the Average Parent Stock Price is below $17.50 and 0.7858 SandRidge common shares if the Average Parent Stock Price is above $21.38.

MGI 12/31/2017 23.46% 231.40%
MoneyGram International, Inc. merger details:

Expected to close in the second half of 2017 for a closing value of $880 million. Upon completion of the merger, shareholders of MoneyGram International will receive $13.25 per share in cash.

Update(s)

March 14, 2017: MoneyGram (MGI), confirmed that it has received an unsolicited proposal from Euronet Worldwide (EEFT) to acquire all of the outstanding shares of MoneyGram Common Stock and Preferred Stock for $15.20 per share in cash on an as-converted basis.

March 17, 2017: Ant Financial Services Group said that it is confident of closing a deal for MoneyGram International (MGI), despite a higher bid from a U.S. rival.

March 20, 2017: MoneyGram (MGI) announced that its board of directors, after consultation with its outside legal and financial advisors, has determined that the unsolicited proposal received on March 14, 2017 from Euronet Worldwide (EEFT) to acquire all of the outstanding shares of MoneyGram Common Stock and Preferred Stock for $15.20 per share in cash on an as-converted basis could reasonably be expected to result in a "Company Superior Proposal" as defined in MoneyGram's merger agreement with Ant Financial Services Group.

March 26, 2017: MoneyGram (MGI) announced that it has entered into an Acceptable Confidentiality Agreement with Euronet Worldwide (EEFT) so that it can further consider Euronet's unsolicited proposal made on March 14, 2017 to acquire all of the outstanding shares of MoneyGram Common Stock and Preferred Stock for $15.20 per share in cash on an as-converted basis.

March 28, 2017: MoneyGram (MGI) and Ant Financial Services Group announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired with respect to the definitive agreement under which MoneyGram will merge with Ant Financial.

April 16, 2017: MoneyGram (MGI) and Ant Financial Services Group announced that the companies have entered into an amendment to the definitive agreement under which MoneyGram will merge with Ant Financial. Pursuant to the amendment, Ant Financial increased the offer price to acquire all of the outstanding shares of MoneyGram from $13.25 per share to $18.00 per share in cash. The MoneyGram board of directors has unanimously approved the Amended Merger Agreement.

May 16, 2017: MoneyGram (MGI) announced that its stockholders overwhelmingly voted to approve the company's pending transaction with Ant Financial at the Special Meeting of MoneyGram stockholders.

July 12, 2017: Ant Financial and MoneyGram (MGI) refiled their deal for U.S. approval after they were unable to secure clearance from CFIUS within the maximum time of 75 days that is awarded for assessing applications.

September 15, 2017: Ant Financial is planning to resubmit its application for U.S. review of its deal to buy MoneyGram International (MGI).

SXE 06/30/2018 17.65% 29.55%
Southcross Energy Partners, L.P. merger details:

Expected to close in the second quarter of 2018 for a closing value of $815 million in an all stock deal. Under the terms of the agreement, public unitholders of SXE will receive 0.160 AMID common units for each SXE common unit in a unit-for-unit merger.

TWX 12/31/2017 15.95% 157.31%
Time Warner Inc. merger details:

Expected to close before year-end 2017 for a closing value of $108.7 billion in a cash plus stock deal. Under the terms of the agreement, Time Warner shareholders will receive $107.50 per share under the terms of the merger, comprised of $53.75 per share in cash and $53.75 per share in AT&T stock. The stock portion will be subject to a collar such that Time Warner shareholders will receive 1.437 AT&T shares if AT&T’s average stock price is below $37.411 at closing and 1.3 AT&T shares if AT&T’s average stock price is above $41.349 at closing.

Update(s)

December 1, 2016: AT&T (T) executives reportedly met with members of Donald Trump’s transition team, which told the telecom company its proposed merger would be scrutinized without prejudice. Executives are apparently confident the deal can pass regulatory review.

December 22, 2016: AT&T (T) announced that it has found a leader for its integration with Time Warner (TWX). The Dallas telecom has chosen Lori Lee, who currently serves as senior executive vice president and global marketing officer.

December 23, 2016: Brean Capital’s Alan Gould mentioned in a note that the arbitrage discount to the AT&T (T) to acquire Time Warner (TWX) has shrunk from the high teens to 12 percent. Gould downgraded the rating on Time Warner from Buy to Hold.

January 6, 2017: Dallas-based AT&T (T) said in a securities filing that it anticipates Time Warner (TWX) will not need to transfer any of its FCC licenses to AT&T, which would likely mean the deal will only need the approval of the U.S. Justice Department. 

January 9, 2017: Time Warner (TWX) invited its stockholders to attend a special meeting of the shareholders of Time Warner that will be held on February 15. The deal could hit a roadblock unless Time Warner shareholders holding at least a majority of the shares outstanding as of the close of January 3, 2017 — the record for the special meeting — vote in favor of the transaction.

February 15, 2017: Time Warner (TWX) shareholders voted in unanimous favor of the company’s proposed $85-billion merger with AT&T (T).

February 23, 2017: Time Warner (TWX) said it plans to sell a broadcast station in Atlanta to Meredith (MDP) for $70 million, which could help speed the company's planned merger with AT&T Inc (T).

February 27, 2017: The new chairman of the Federal Communications Commission said he didn’t expect the agency to have a role in reviewing AT&T (T)’s $85 billion takeover of Time Warner (TWX).

March 15, 2017: The European Union approved AT&T's (T) proposed $85 billion purchase of Time Warner (TWX), saying that it raises no competition concerns in Europe.

April 18, 2017: The U.S. Federal Communications Commission said that it approved Time Warner’s (TWX) sale of a broadcast station in Atlanta to Meredith Corp (MDP), a transaction that could help speed Time Warner's planned merger with AT&T (T).

August 22, 2017: The Instituto Federal de Telecomunicaciones and the Comisión Federal de Competencia Económica approved AT&T’s (T) pending acquisition of Time Warner (TWX).

September 4, 2017: The Chilean Fiscalía Nacional Económica (FNE) approved AT&T's (T) pending acquisition of Time Warner (TWX).

October 23, 2017: Brazil's antitrust authority, the Conselho Administrativo de Defesa Econômica (CADE) approved AT&T's (T) pending acquisition of Time Warner (TWX). With CADE's approval, AT&T and Time Warner have received all required merger approvals outside of the United States.  In the United States, the transaction remains under review by the U.S. Department of Justice.  AT&T expects the transaction to close by the end of 2017.

October 26, 2017: Seven groups from across the political spectrum joined together to urge the Justice Department to reject AT&T's (T) $85B bid for Time Warner (TWX), objecting to the power over television that the combined company would have.

November 4, 2017: AT&T’s (T) late-stage talks with U.S. officials over the company’s $85.4 billion takeover of Time Warner (TWX) are dragging on as the Justice Department’s new antitrust chief takes a hands-on role in the review.

November 8, 2017: U.S. antitrust regulators pressed for major changes to AT&T’s (T) proposed takeover of Time Warner (TWX), with demands that threaten one of the biggest media deals ever.

November 16, 2017: According to Reuters, the U.S. Justice Department has approached 18 state attorneys general to try to win their support for an antitrust lawsuit to block AT&T Inc's (T) $85.4 billion deal to buy  Time (TWX).

November 20, 2017: The Justice Department sued to block AT&T (T) from taking over Time Warner (TWX), a sweeping challenge to a deal it says would give one company too much control in a rapidly evolving media landscape.

NXTM 06/30/2018 15.25% 25.54%
Nxstage Medical, Inc. merger details:

Expected to close in 2018 for a closing value of $1.62 billion. Upon completion of the merger, shareholders of Nxstage Medical will receive $30.00 per share in cash.

Update(s)

October 27, 2017: NxStage Medical (NXTM) announced that at a special meeting of stockholders, the Company's stockholders voted to adopt the previously announced Agreement and Plan of Merger with Fresenius Medical Care Holdings.

SNI 03/31/2018 11.98% 34.44%
Scripps Networks Interactive, Inc. merger details:

Expected to close early in 2018 for a closing value of $14.6 billion in a cash plus stock deal. Upon completion of the merger, Scripps shareholders will receive $90 per share under the terms of the agreement, comprised of $63.00 per share in cash and $27.00 per share in Class C Common shares of Discovery stock. The stock portion will be subject to a collar based on the volume weighted average price of Discovery Class C Common Shares over the 15 trading days ending on the third trading day prior to closing. Scripps shareholders will receive 1.2096 Discovery Class C Common shares if the Average Discovery Price is at or below $22.32, and 0.9408 Discovery Class C Common shares if the Average Discovery Price is at or above $28.70. If the Average Discovery Price is greater than $22.32 but less than $28.70, Scripps shareholders will receive a number of shares between 1.2096 and 0.9408 equal to $27.00 in value. If the Average Discovery Price is between $22.32 and $25.51, Discovery has the option to pay additional cash instead of issuing more shares. Scripps shareholders will have the option to elect to receive their consideration in cash, stock or the mixture described above, subject to pro rata cut backs to the extent cash or stock is oversubscribed. Because of the complex structure of this deal, we are treating it as a Special Conditions deal with a deal price of $90.

MON 03/31/2018 8.36% 24.01%
Monsanto Company merger details:

Expected to close by the end of 2017 for a closing value of $66 billion. Upon completion of the merger, shareholders of Monsanto will receive $128 per share in cash.

Update(s)

March 9, 2017: According to Reuters, Bayer (BAYRY) and Monsanto (MON) are launching asset sales worth roughly $2.5 billion as they seek regulatory clearance for their $66 billion merger, people close to the matter said.

June 12, 2017: BASF SE (BASFY) and Syngenta AG (SYT) are among companies that have submitted preliminary bids for assets that Bayer AG (BAYRY) plans to sell in order to get regulatory approval for its $66 billion takeover of Monsanto (MON).

September 19, 2017: Bayer said it would likely take until early next year to complete the planned $66 billion takeover of Monsanto (MON), which it had previously expected to be under wraps by the end of 2017. Bayer also said that it was unable to propose the sale of any digital farming assets to allay EU concerns about its planned $66 billion takeover of Monsanto.

October 13, 2017: Bayer AG reached a 5.9 billion euro ($7 billion) deal to sell parts of its Crop Science unit to German chemical company BASF to alleviate regulatory concerns over its planned takeover of Monsanto (MON).

October 26, 2017: Bayer cut the value of its takeover of Monsanto (MON) by $2.5 billion (£1.89 billion), which combined with windfalls from asset sales means it may have to raise less than expected from shareholders. The Monsanto deal is now valued at $63.5 billion including debt, down from an initial $66 billion, because the U.S. seeds giant had lowered its financial liabilities.

Bayer cut the value of its takeover of Monsanto (MON) by $2.5 billion (£1.89 billion), which combined with windfalls from asset sales means it may have to raise less than expected from shareholders. The Monsanto deal is now valued at $63.5 billion including debt, down from an initial $66 billion, because the U.S. seeds giant had lowered its financial liabilities.

November 6, 2017: The European Commission has resumed its antitrust review of Bayer’s planned takeover of Monsanto (MON) after the companies were given time to provide more information. The new deadline for the Commission to decide over the deal is now March 5, 2018. Bayer reiterated it was aiming to wrap up the deal in early 2018.

November 22, 2017: According to Reuters, Brazil’s antitrust agency Cade could extend by as up to 90 days its analysis of the takeover of seeds company Monsanto (MON) by Bayer AG.

YUME 03/31/2018 7.22% 20.76%
YuMe, Inc. merger details:

Expected to close in the first quarter of 2018 for a closing value of $102.36 million in a cash plus stock deal. Under the terms of the agreement, YuMe shareholders will receive $1.70 per share in cash and 7.325 shares in RhythmOne stock.

Update(s)

September 26, 2017: RhythmOne (RTHM.L) announced a 1/10 reverse stock split. We have adjusted the share portion of the cash plus stock transaction to 0.7325 shares. YuMe (YUME) shareholders will now receive $1.70 per share in cash and 0.7325 shares in RhythmOne stock.

COL 09/30/2018 5.60% 6.59%
Rockwell Collins, Inc. merger details:

Expected to close in the third quarter of 2018 for a closing value of $30 billion in a cash and stock deal. Under the terms of the agreement, each Rockwell Collins shareowner will receive $93.33 per share in cash and $46.67 in shares of UTC common stock, subject to a 7.5 percent collar centered on UTC's August 22, 2017 closing share price of $115.69. We are treating this as a special conditions deal.

NEWS 12/31/2017 5.42% 53.50%
NewStar Financial, Inc. merger details:

Expected to close by the end of the year 2017, for a closing value of $3.4 billion. Under the terms of the agreement, the NewStar stockholders will receive $11.44 in upfront cash and one non-transferable contingent value right (CVR) for each NewStar share held at the closing of the transaction. NewStar estimates these refunds to total $1.00 per share if the transaction closes in 2017 or $0.88 per share if the transaction closes in 2018. NewStar stockholders are expected to receive total consideration estimated at $12.32 to $12.44 per share. 

If the deal does not close by the end of the year, we will change the closing price to $12.32 per share.

Update(s)

November 9, 2017: NewStar Financial (NEWS) provided an update regarding the recent developments that could potentially affect the Contingent Value Rights that its shareholders are expected to receive based on the merger agreement with First Eagle Investment Management. The Tax Cuts and Jobs Act released by the House Ways and Means Committee, if enacted in its current form, would eliminate the ability to carryback net operating losses, arising in tax years beginning after 2017, subject to limited exceptions not relevant to the contingent value rights. As a result, if the Tax Bill were enacted as is and the transactions contemplated by the asset purchase agreement were to close in 2018, NewStar would not be able to carryback the losses generated in connection with the closing of the asset sale, and as such, holders of the contingent value rights would not be entitled to any payments thereunder.

November 20, 2017: NewStar Financial (NEWS) announced the expiration of the 30 day “go shop” period included in the previously announced merger agreement between First Eagle Investment Management and NewStar and related asset purchase agreement with a newly formed investment fund sponsored by GSO Capital Partners LP.

First Eagle will pay $11.44 per NewStar share in cash plus contingent value rights worth up to an estimated additional $0.88-1.00 per share.First Eagle will pay $11.44 per NewStar share in cash plus contingent value rights worth up to an estimated additional $0.88-1.00 per share.
CALL 06/30/2018 5.26% 8.80%
magicJack VocalTec Ltd. merger details:

Expected to close in the first half of 2018 for a closing value of $142 milion. Upon completion of the merger, shareholders of magicJack will receive $8.71 per share in cash.

WGL 06/30/2018 4.77% 7.99%
WGL Holdings, Inc. merger details:

Expected to close in the second quarter of 2018 for a closing value of $6.4 billion. Upon completion of the merger, sharheolders of WGL Holdings will receive $88.25 per share in cash.

AKRX 03/31/2018 4.26% 12.25%
Akorn, Inc. merger details:

Expected to close by early 2018 for a closing value of $4.75 billion. Upon completion of the merger, shareholders of Akorn will receive $34.00 per share in cash.

Update(s)

July 19, 2017: Akorn (AKRX) announced that its shareholders, at a special meeting, have overwhelmingly voted to approve the previously announced merger agreement providing for the acquisition of Akorn by Fresenius Kabi.

XCRA 12/31/2017 4.17% 41.10%
Xcerra Corporation merger details:

Expected to close before the end of the year for a closing value of $439.97 million. Upon completion of the merger, shareholders of Xcerra Corporation will receive $10.25 per share in cash.

Update(s)

October 13, 2017: Xcerra Stockholders (XCRA) approved merger with an affiliate of Sino IC Capital and Unic Capital Management. The transaction is expected to close as soon as all regulatory approvals are received.

Xcerra Stockholders (XCRA) approved merger with an affiliate of Sino IC Capital and Unic Capital Management. The transaction is expected to close as soon as all regulatory approvals are received.Xcerra Stockholders (XCRA) approved merger with an affiliate of Sino IC Capital and Unic Capital Management. The transaction is expected to close as soon as all regulatory approvals are received.

 

GLBL 12/31/2017 4.08% 40.26%
TerraForm Global, Inc. merger details:

Expected to close in the second half of 2017 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of TerraForm Global will receive $5.10 per share in cash.

Update(s)

September 11, 2017: Terraform Global (GLBL) filed a proxy statement inviting shareholders to a special meeting. The stock dropped immediately following this filing and the spread on the deal increased from nearly 0% to 6.81%. The spread was even higher at the end of the week. An investor who read the filing tipped me off to the presence of a holdback clause in the filing related to securities litigation if the litigation is still pending when the merger closes. The holdback will be in the form of a contingent value right (CVR).

November 13, 2017: TerraForm Global (GLBL) announced that its stockholders approved the Agreement and Plan of Merger with Orion US Holding, an affiliate of Brookfield Asset Management.

ANCB 06/30/2018 3.83% 6.41%
Anchor Bancorp merger details:

Expected to close in the third calendar quarter of 2017 for a closing value of $63.9 million. Under the terms of the merger agreement, each outstanding share of Anchor common stock will be exchanged for shares of Washington Federal, Inc. common stock upon the closing of the transaction. Each share of Anchor common stock was valued at $25.75, which is approximately equal to Anchor's tangible book value as of December 31, 2016. The exact number of shares to be issued and the exchange ratio will be determined based upon the average of the volume-weighted price of Washington Federal common stock for the twenty trading days ending on the fifth trading day immediately preceding the closing date, subject to a negotiated collar.

Update(s)

September 15, 2017: Anchor Bancorp (ANCB) stated in their 10K filed on September 15, 2017 that the merger with Washington Federal (WAFD) is expected to be completed in the fourth calendar quarter of 2017.

September 27, 2017: Washington Federal (WAFD) and Anchor Bancorp (ANCB) announced that they have mutually agreed to amend their merger agreement. The amendment extends from December 31, 2017 to June 30, 2018 the date after which either party can elect to terminate the agreement if the transaction contemplated by the agreement has not yet been completed.

HCOM 12/31/2018 3.83% 3.47%
Hawaiian Telcom Holdco, Inc. merger details:

 

Expected to close in the second half of 2018 for a closing value of $650 million in a cash plus stock deal. Under the agreement, Hawaiian Telcom stockholders will have the option to elect either $30.75 in cash, 1.6305 shares of Cincinnati Bell common stock, or a mix of $18.45 in cash and 0.6522 shares of Cincinnati Bell common stock for each share of Hawaiian Telcom, subject to proration such that the aggregate consideration to be paid to Hawaiian Telcom stockholders will be 60 percent cash and 40 percent Cincinnati Bell common stock.
Update(s): 
November 7, 2017: Hawaiian Telcom Holdco (HCOM) announced that its stockholders voted overwhelmingly to approve the merger agreement with Cincinnati Bell (CBB).

Expected to close in the second half of 2018 for a closing value of $650 million in a cash plus stock deal. Under the agreement, Hawaiian Telcom stockholders will have the option to elect either $30.75 in cash, 1.6305 shares of Cincinnati Bell common stock, or a mix of $18.45 in cash and 0.6522 shares of Cincinnati Bell common stock for each share of Hawaiian Telcom, subject to proration such that the aggregate consideration to be paid to Hawaiian Telcom stockholders will be 60 percent cash and 40 percent Cincinnati Bell common stock.

Update(s):

 
November 7, 2017:
Hawaiian Telcom Holdco (HCOM) announced that its stockholders voted overwhelmingly to approve the merger agreement with Cincinnati Bell (CBB).

 

TRCO 12/31/2017 3.53% 34.85%
Tribune Media Company merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $6.6 billion in a cash plus stock deal. Under the terms of the agreement, Tribune stockholders will receive $35.00 in cash and 0.23 shares of Sinclair Class A common stock for each share of Tribune Class A common stock and Class B common stock they own.

Update(s)

June 15, 2017: Tribune (TRCO) shares were up sharply following a federal court ruling that greatly improves chances that the broadcast chain's suitor, Sinclair Broadcast Group (SBGI), would be allowed to go through with their planned merger.

October 19, 2017: Tribune Media Company (TRCO) announced that at a special meeting, the stockholders of the Company voted overwhelmingly to approve the previously announced acquisition of the Company by Sinclair Broadcast Group (SBGI).

November 3, 2017: Four state attorneys general urged the Federal Communications Commission to reject Sinclair Broadcast Group’s (SBGI) proposed $3.9 billion acquisition of Tribune Media (TRCO), marking the latest hurdle for the controversial tie-up.

ACFC 06/30/2018 3.36% 5.63%
Atlantic Coast Financial Corporation merger details:

Expected to close in the second quarter of 2018 for a closing value of $145 million. Under the terms of the definitive merger agreement, each share of Atlantic Coast common stock will be converted into the right to receive 0.17 shares of Ameris common stock and $1.39 in cash.

CAVM 06/30/2018 3.36% 5.62%
Cavium, Inc. merger details:

Expected to close in mid-calendar 2018 for a closing value of $6 billion in a cash plus stock deal. Under the terms of the definitive agreement, Marvell will pay Cavium shareholders $40.00 in cash and 2.1757 Marvell common shares for each share of Cavium common stock.

FIG 12/31/2017 2.67% 26.32%
Fortress Investment Group LLC merger details:

Expected to close in the second half of 2017 for a closing value of $3.3 billion. Upon completin of the merger, shareholders of Fortress Investment Group will receive $8.08 per share in cash.

The Merger Agreement also provides that the Company's shareholders may also receive up to two regular quarterly dividends prior to the closing, each in an amount not to exceed $0.09 per Class A share. There are no appraisal or dissenters' rights available with respect to the Merger.

Update(s)

February 27, 2017: Fortress (FIG) declared a base quarterly cash dividend of $0.09 per Class A share for the fourth quarter of 2016. This dividend is payable on March 21, 2017 to holders of record of Class A shares on March 15, 2017. In connection with the proposed Merger, the company said that they have contractually agreed that they will not pay dividends for the quarterly period ended March 31, 2017 in any amount greater than $0.09 per share, and that they will not pay any dividends with respect to periods ending after that while the Merger Agreement remains in effect. Fortress Class A shareholders should therefore not anticipate receiving a dividend with respect to the quarterly periods ended June 30, 2017 or September 30, 2017, even if the Merger has not yet been consummated at the time of the customary dividend payment dates for such periods.

July 12, 2017: Fortress Investment Group (FIG) announced that, at its special meeting of shareholder, the Company’s shareholders had voted, among other things, in favor of the proposal to adopt the previously announced merger agreement pursuant to which certain subsidiaries of SoftBank Group will acquire Fortress. 

DEL 06/30/2018 2.64% 4.42%
Deltic Timber Corporation merger details:

Expected to close in the first half of 2018 for a closing value of $1.18 billion in an all stock deal. Under the terms of the agreement, Deltic stockholders will receive 1.80 common shares of Potlatch stock for each common share of Deltic that they own.

JASO 03/31/2018 2.58% 7.42%
JA Solar Holdings Co., Ltd. merger details:

Expected to close in the first quarter of 2018 for a closing value of $677.43 in a going-private transaction. Under the terms of the agreement, each ordinary share of the Company issued and outstanding immediately prior to the Effective Time will be cancelled and cease to exist in exchange for the right to receive $1.51 in cash without interest, and each American depositary share of the Company, representing 5 Shares, will be cancelled in exchange for the right to receive $7.55 in cash without interest.

AVA 12/31/2018 2.06% 1.87%
Avista Corporation merger details:

Expected to close in the second half of 2018 for a closing value of $5.3 billion. Upon completion of the merger, shareholders of Avista will receive $53 per share in cash.

Update(s)

September 14, 2017: Hydro One Limited and Avista Corporation (AVA) filed applications requesting regulatory approval of the proposed merger of the two companies. The applications have been filed with state utility commissions in Washington, Idaho, Oregon, Montana, and Alaska, as well as with the Federal Energy Regulatory Commission (FERC), requesting approval of the transaction on or before August 14, 2018.

November 21, 2017: Avista (AVA) shareholders approved the acquisition by Hydro One Limited.

OA 06/30/2018 1.55% 2.59%
Orbital ATK, Inc. merger details:

Expected to close in the first half of 2018 for a closing value of $9.2 billion. Upon completion of the merger, shareholders of Orbital ATK will receive $134.50 per share in cash.

CPN 03/31/2018 1.53% 4.40%
Calpine Corporation merger details:

Expected to close in the first quarter of 2018 for a closing value of $17.3 billion. Upon completion of the merger, shareholders of Calpine Corporation will receive $15.25 per share in cash.

Update(s)

October 3, 2017: Calpine Corporation (CPN) announced the expiration of the 45-day “go-shop” period pursuant to the terms of the previously announced definitive agreement under which Energy Capital Partners along with a consortium of investors led by Access Industries and Canada Pension Plan Investment Board will acquire Calpine. The acquisition is expected to be completed during the first quarter of calendar year 2018.

SPA 01/08/2018 1.25% 10.13%
Sparton Corporation merger details:

Expected to close no later than January 1, 2018 for a closing value of $308.13 million. Upon completion of the merger, shareholders of Sparton Corporation will receive $23.50 per share in cash.

Update(s)

October 5, 2017: Sparton Corporation (SPA) announced that at a special meeting of Sparton shareholders, the shareholders approved the adoption of the previously announced Agreement and Plan of Merger by and among Sparton, Ultra Electronics Holdings plc and Ultra Electronics Aneira.

November 20, 2017: Sparton Corporation (SPA) announced that the Committee on Foreign Investment in the United States (CFIUS) completed its review process and stated that there are no unresolved national security concerns with respect to the previously announced proposed acquisition of Sparton by Ultra Electronics Holdings plc.

DYN 06/30/2018 1.21% 2.03%
Dynegy Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $12.3 billion in an all stock deal. Under the terms of the agreement, Dynegy shareholders will receive 0.652 shares of Vistra Energy common stock for each share of Dynegy common stock they own.

CSBK 04/15/2018 1.06% 2.72%
Clifton Bancorp Inc. merger details:

Expected to close late in the first calendar quarter of 2018, or early in the second calendar quarter of 2018 for a closing value of $408 million in an all stock deal. Under the terms of the agreement, each outstanding share of CSBK common stock will be exchanged for 1.191 shares of KRNY common stock. 

AAAP 03/31/2018 0.96% 2.76%
Advanced Accelerator Applications S.A. merger details:

Expected to close for a closing value of $3.9 billion. Upon completion of the merger, shareholders of Advanced Accelerator Applications will receive $82.00 per ADS (each representing 2 ordinary shares).

ENZY 03/31/2018 0.85% 2.44%
Enzymotec Ltd. merger details:

Expected to close in the first quarter of 2018 for a closing value of $156.88 million. Upon completion of the merger, shareholders of Enzymotec will receive $11.90 per share in cash.

CBF 12/31/2017 0.84% 8.29%
Capital Bank Financial Corp. merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $2.2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Capital Bank Financial will be entitled to receive cash or stock with a value equivalent to 1.750 First Horizon shares and $7.90 in cash for each Capital Bank share held. In the aggregate, Capital Bank shareholders will receive a mix of approximately 80 percent stock and 20 percent cash.

STRP 03/15/2018 0.82% 2.70%
Straight Path Communications Inc. merger details:

Expected to close within nine months for a closing value of $3.1 billion. Under the terms of the agreement, shareholders of Straigh Path Communications will receive $184.00 per share in cash.

This is an all stock deal but the consideration is fixed at $184/share. The number of Verizon shares that shareholders will receive will vary to get to the $184/share fixed consideration. We are treating this as a special conditions deal.

Update(s)

August 2, 2017: Straight Path Communications (STRP) stockholders voted in favour of the proposal, to adopt the merger agreement between Straight Path Communications, Verizon Communications (VZ) and Waves Merger Sub.

MSFG 03/31/2018 0.78% 2.25%
MainSource Financial Group, Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $1 billion in an all stock deal. Under the terms of the merger agreement, shareholders of MainSource will receive 1.3875 common shares of First Financial common stock for each share of MainSource common stock.

SBCP 03/31/2018 0.71% 2.03%
Sunshine Bancorp, Inc. merger details:

Expected to close in the first quarter of 2018 for a closing value of $176.7 million in an all stock deal. Under the terms of the agreement, Sunshine shareholders will receive 0.89 shares of CSFL common stock for each outstanding share of Sunshine.

ARCX 01/31/2018 0.67% 3.60%
Arc Logistics Partners LP merger details:

Expected to close at the end of the fourth quarter of 2017 or early in the first quarter of 2018 for a closing vlaue of $632.96 million. Upon completion of the merger, shareholders of Arc Logistic Partners will receive $16.50 per share in cash.

BCR 11/30/2017 0.51% 30.81%
C. R. Bard, Inc. merger details:

Expected to close during the fall of 2017 for a closing value of $24 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of C. R. Bard will receive approximately $222.93 in cash and 0.5077 shares of BD stock per Bard share, or a total of value of $317.00 per Bard common share based on BD's closing price on April 21, 2017.

SSNI 03/31/2018 0.49% 1.42%
Silver Spring Networks, Inc. merger details:

Expected to close in late 2017 or early 2018 for a closing value of $712 million. Upon completion of the merger, shareholders of Silver Spring Networks will receive $16.25 per share in cash.

EXAC 03/31/2018 0.48% 1.38%
Exactech merger details:

Expected to close in the first quarter of 2017 for a closing value of $625 million. Upon completion of the merger, shareholders of Exactech will receive $42.00 per share in cash.

OME 01/31/2018 0.46% 2.45%
Omega Protein Corporation merger details:

Expected to close near the end of 2017 or early in 2018 for a closing value of $520.88 million. Upon completion of the merger, shareholders of Omega Protein will receive $22.00 per share in cash.

BKMU 03/31/2018 0.46% 1.31%
Bank Mutual Corporation merger details:

Expected to close in the first quarter of 2018 for a closing value of $482 million in an all stock deal. Under the terms of the agreement, Bank Mutual shareholders will receive 0.422 shares of Associated common stock for each share of Bank Mutual common stock.

Update(s)

October 24, 2017: Bank Mutual Corporation (BKMU) announced that its shareholders voted to approve the previously announced merger agreement providing for the merger of Bank Mutual with Associated Banc-Corp (ASB). The merger transaction remains subject to regulatory approvals and customary closing conditions; the companies expect the transaction will close in early 2018.

Bank Mutual Corporation (BKMU) announced that its shareholders voted to approve the previously announced merger agreement providing for the merger of Bank Mutual with Associated Banc-Corp (ASB). The merger transaction remains subject to regulatory approvals and customary closing conditions; the companies expect the transaction will close in early 2018.Bank Mutual Corporation (BKMU) announced that its shareholders voted to approve the previously announced merger agreement providing for the merger of Bank Mutual with Associated Banc-Corp (ASB). The merger transaction remains subject to regulatory approvals and customary closing conditions; the companies expect the transaction will close in early 2018.

 

RBPAA 12/31/2017 0.40% 3.93%
Royal Bancshares of Pennsylvania, Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $127.7 million in an all stock deal. Under the terms of the Merger Agreement, Class A shareholders of Royal will receive 0.1025 shares of the Corporation’s common stock for each share of Royal’s Class A common stock and Class B shareholders of Royal will receive 0.1179 shares of the Corporation’s common stock for each share of Royal Class B common stock.

Update(s)

May 25, 2017: Royal Bancshares of Pennsylvania (RBPAA) announced that its shareholders approved its pending merger transaction with Bryn Mawr Bank Corporation (BMTC) at a special meeting of shareholders held on May 24, 2017.

September 29, 2017: Royal Bancshares of Pennsylvania (RBPAA) announced that the Merger with Bryn Mawr Bank Corporation (BMTC) has been approved by RBPI shareholders and by the Pennsylvania Department of Banking and Securities, one of two required bank regulatory agencies.  The closing of the Merger is expected to occur in the fourth quarter of 2017, pending receipt of final regulatory approval.

Royal Bancshares of Pennsylvania (RBPAA) announced that the Merger with Bryn Mawr Bank Corporation (BMTC) has been approved by RBPI shareholders and by the Pennsylvania Department of Banking and Securities, one of two required bank regulatory agencies.  The closing of the Merger is expected to occur in the fourth quarter of 2017, pending receipt of final regulatory approval.Royal Bancshares of Pennsylvania (RBPAA) announced that the Merger with Bryn Mawr Bank Corporation (BMTC) has been approved by RBPI shareholders and by the Pennsylvania Department of Banking and Securities, one of two required bank regulatory agencies.  The closing of the Merger is expected to occur in the fourth quarter of 2017, pending receipt of final regulatory approval.

 

WFBI 01/01/2018 0.38% 3.62%
WashingtonFirst Bankshares, Inc. merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $489 million in an all stock deal. Under the terms of the agreement, WashingtonFirst shareholders are expected to receive .8713 shares of Sandy Spring common stock for each share owned of WashingtonFirst common stock, subject to adjustment if Sandy Spring’s average stock price during a specified measurement period prior to closing is more than $50.15 or less than $37.07 per share.

Update(s)

November 22, 2017: Sandy Spring Bancorp (SASR) announced that it has received all of the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, the Maryland Office of the Commissioner of Financial Regulation, and the Virginia State Corporation Commission to complete the acquisition of WashingtonFirst Bankshares (WFBI) and the related merger of WashingtonFirst Bank into Sandy Spring Bank. The transaction is expected to close on January 1, 2018.

BSFT 03/31/2018 0.36% 1.05%
BroadSoft, Inc. merger details:

Expected to close in the first calendar quarter of 2018 for a closing value of $1.9 billion. Upon completion of the merger, shareholders of BroadSoft will receive $55.00 per share in cash.

CPLA 09/30/2018 0.36% 0.42%
Capella Education Company merger details:

Expected to close in the third quarter of 2017 for a closing value of $820.96 million in an all stock deal. Under the terms of the agreement, Capella shareholders will receive 0.875 Strayer shares for each Capella share.

AFAM 06/30/2018 0.34% 0.56%
Almost Family, Inc. merger details:

Expected to close in the first half of 2018 for a closing value of $1.06 billion in an all stock deal. Under terms of the transaction, Almost Family shareholders will receive 0.9150 shares of LHC Group for each existing Almost Family share.

SNAK 12/31/2017 0.25% 2.47%
Inventure Foods, Inc. merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $165 million. Upon completion of the merger, shareholders of Inventure Foods will receive $4.00 per share in cash.

SNBC 01/31/2018 0.23% 1.22%
Sun Bancorp, Inc. merger details:

Expected to close early in the first quarter of 2018 for a closing value of $640.73 million in a cash plus stock deal. Under the terms of the agreement, Sun shareholders will receive 0.7884 shares of OceanFirst common stock and $3.78 in cash per share of Sun common stock. Sun shareholders will have the right to elect to receive stock or cash consideration for their shares, subject to proration, and the merger agreement will include a mechanic whereby the per share cash consideration and the implied value of the stock consideration will be equivalent based on the average OceanFirst share price over the five trading day period ending on the trading day immediately prior to the closing date.

PLPM 12/31/2017 0.22% 2.20%
Planet Payment, Inc. merger details:

Expected to close by the end of the year 2017 for a closing value of $184.93 million. Upon completion of the merger, shareholders of Planet Payment will receive $4.50 per share in cash.

XBKS 01/15/2018 0.21% 1.47%
Xenith Bankshares, Inc. merger details:

Expected to close in early January 2018 for a closing value of $701.2 million in an all stock deal. Under the terms of the merger agreement, each outstanding share of Xenith common stock will be converted into the right to receive 0.9354 shares of Union common stock. 

Update(s)

October 17, 2017: Union Bankshares Corporation (UBSH) and Xenith Bankshares (XBKS) jointly announced the receipt of regulatory approval from the Federal Reserve Bank of Richmond and from the Virginia State Corporation Commission to move forward with the proposed merger of Xenith into Union.  The proposed merger remains subject to approval by shareholders of Union and Xenith.

October 26, 2017: At separate special meetings, shareholders of both Union Bankshares Corporation (UBSH) and Xenith Bankshares (XBKS) approved the merger of Xenith with and into Union. All regulatory approvals have been received and the merger is expected to close during early January 2018.

 

Union Bankshares Corporation (UBSH) and Xenith Bankshares (XBKS) jointly announced the receipt of regulatory approval from the Federal Reserve Bank of Richmond and from the Virginia State Corporation Commission to move forward with the proposed merger of Xenith into Union.  The proposed merger remains subject to approval by shareholders of Union and Xenith.Union Bankshares Corporation (UBSH) and Xenith Bankshares (XBKS) jointly announced the receipt of regulatory approval from the Federal Reserve Bank of Richmond and from the Virginia State Corporation Commission to move forward with the proposed merger of Xenith into Union.  The proposed merger remains subject to approval by shareholders of Union and Xenith.

 

BSF 03/31/2018 0.19% 0.56%
Bear State Financial, Inc. merger details:

Expected to close in the fourth quarter of 2017 or the first quarter of 2018 for a closing value of $391 million. Upon completion of the merger, shareholders of Bear State Financial will receive $10.28 per share in cash.

PBNC 12/31/2017 0.19% 1.83%
Paragon Commercial merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $323.7 million in an all stcok deal. Under the terms of the agreement, shareholders of Paragon Commercial will receive 1.7250 shares of TowneBank common stock for each outstanding share of Paragon common stock.

TESO 12/31/2017 0.08% 0.81%
Tesco Corporation merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $157.23 million in an all stock deal. Under the terms of the agreement, TESCO shareholders will be issued 0.68 common shares of Nabors for each outstanding share of common stock of TESCO.

Update(s)

November 7, 2017: Nabors Industries (NBR) and Tesco Corporation (TESO), jointly announced that the two companies have recently received anti-trust clearance from the U.S. Department of Justice and the Canada Competition Bureau.  In addition, the approval process with the Federal Antimonopoly Service of the Russian Federation was initiated, with its determination expected in the next few weeks.

PSTB 11/30/2017 0.07% 3.97%
Park Sterling Corporation merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $690.8 million in an all stock deal. Under the terms of the agreement, shareholders of Park Sterling Corporation will receive 0.14 shares of South State common stock for each share of Park Sterling common stock. 

Update(s)

November 16, 2017: South State Corporation (SSB) announced today that it has received all necessary regulatory and shareholder approvals for its merger with Park Sterling Corporation (PSTB). The merger is scheduled to close on or around November 30, 2017.

RT 03/31/2018 0.00% 0.00%
Ruby Tuesday, Inc. merger details:

Expected to close during the first calendar quarter of 2018 for a closing value of $335 million. Upon completion of the merger, shareholders of RUby Tuesday will receive $2.40 per share in cash.

FGL 12/31/2017 0.00% 0.00%
Fidelity & Guaranty Life merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $1.835 billion. Upon completion of the merger, shareholders of Fidelity & Guaranty Life will receive $31.10 per share in cash.

PMC 05/01/2018 0.00% 0.00%
PharMerica Corporation merger details:

Expected to complete early in 2018 for a closing value of $1.39 billion. Upon completion of the merger, shareholders of PharMerica will receive $29.25 per share in cash.

Update(s)

November 9, 2017: PharMerica Corporation (PMC), announced that at its special meeting of stockholders, a majority of the outstanding shares of PharMerica common stock voted to approve the adoption of the previously disclosed definitive merger agreement pursuant to which a newly formed company controlled by KKR, with Walgreens Boots Alliance (WBA) as a minority investor, will acquire PharMerica.PharMerica Corporation (PMC), announced that at its special meeting of stockholders, a majority of the outstanding shares of PharMerica common stock voted to approve the adoption of the previously disclosed definitive merger agreement pursuant to which a newly formed company controlled by KKR, with Walgreens Boots Alliance (WBA) as a minority investor, will acquire PharMerica.

GIMO 03/31/2018 -0.26% -0.74%
Gigamon Inc. merger details:

Expected to close in the first quarter of 2017 for a closing value of $1.6 billion. Upon completion of the merger, shareholders of Gigamon will receive $38.50 per share in cash.

NMRX 12/31/2017 -0.40% -3.95%
Numerex Corp. merger details:

Expected to close by the end of 2017 for a closing value of $107 million in an all stock deal. Under the terms of the Merger Agreement, Numerex shareholders will receive a fixed exchange ratio of 0.1800 common shares of Sierra Wireless for each share of Numerex common stock. 

CCC 12/31/2017 -0.46% -4.57%
Calgon Carbon Corporation merger details:

Expected to be completed by the end of December, 2017 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Calgon Carbon will receive $21.50 per share in cash.

BYBK 06/30/2018 -0.61% -1.02%
Bay Bancorp, Inc. merger details:

Expected to close in the second quarter of 2018 for a closing value of $128.6 million in an all stock deal. Under the terms of the Agreement, each share of Bay Bancorp common stock  will be exchanged for a number of OLB Shares calculated by dividing $11.80 by the volume weighted average closing prices of Old Line Bancshares common stock for the 20 trading days ending five trading days before the closing date of the Merger, subject to a minimum average price of $25.65 and a maximum average price of $29.16 and adjustments for the proceeds recognized in the recent settlement of certain litigation and the resolution of certain loans. As such, the per share consideration may be as low as 0.4047 OLB Shares if the average price is $29.16 or more and as high as 0.4600 OLB Shares if the average price is $25.65 or less, subject to the adjustments provided for in the Merger Agreement. The closing price we have in the MAT takes the collar into account but not the adjustments related to litigation and problem loans.

CAA 03/31/2018 -0.64% -1.84%
CalAtlantic Group, Inc. merger details:

Expected to close in the first quarter of 2018 for a closing value of $9.3 billion in an all stock deal. Under the terms of the merger agreement, each share of CalAtlantic stock will be converted into the right to receive 0.885 shares of Lennar Class A common stock.

BOBE 03/31/2018 -0.81% -2.33%
Bob Evans Farms, Inc. merger details:

Expected to be completed in the first quarter of 2018 for a closing value of $1.53 billion. Upon completion of the merger, shareholders of Bob Evans Farms will receive $77 per share in cash.

HSNI 12/31/2017 -0.96% -9.47%
HSN, Inc. merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $2.6 billion in an all stock deal. Under the terms of the agreement, HSNi shareholders will receive fixed consideration of 1.65 shares of Series A QVC Group common stock for every share of HSNi common stock.

ALDW 03/31/2018 -1.15% -3.31%
Alon USA Partners, LP merger details:

Expected to close in the first quarter of 2018 for a closing value of $778.02 million in an all stock deal. Under terms of the merger agreement, the owners of the outstanding common units in Alon Partners that Delek US and its affiliates do not currently own will receive a fixed exchange ratio of 0.49 Delek US shares for each common unit of Alon Partners.

NXPI 12/31/2017 -4.06% -40.01%
NXP Semiconductors NV merger details:

Expected to close by the end of 2017 for a closing value of $38 billion. Upon completion of the merger, shareholders of NXP Semiconductors will receive $110 per share in cash.

Update(s)

November 18, 2016: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, an indirect wholly owned subsidiary of Qualcomm, has commenced the previously announced tender offer for all of the outstanding common shares of NXP Semiconductors (NXPI) at a price of $110.00 per share, less any applicable withholding taxes and without interest, to the holders thereof and payable in cash.

January 27, 2017: NXP Semiconductors (NXPI) announced that, during an extraordinary general meeting of shareholders, NXP obtained shareholder approval for all items proposed relating to the previously disclosed tender offer by Qualcomm River Holdings, an indirect wholly owned subsidiary of QUALCOMM Incorporated (QCOM), to acquire all of the outstanding shares of NXP. 

February 6, 2017: Qualcomm (QCOM) announced that it is extending its cash tender offer for all of the outstanding shares of NXP Semiconductors (NXPI). Qualcomm said the tender offer is now slated to expire March 7.

March 7, 2017: Qualcomm Incorporated (QCOM) announced that it has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI).  The tender offer is now scheduled to expire on April 4, 2017.

April 4, 2017: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings an indirect wholly owned subsidiary of Qualcomm, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on May 2, 2017, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement.

April 4, 2017: Qualcomm (QCOM) has received approval from U.S. antitrust regulators for its proposed $47 billion acquisition of NXP Semiconductors (NXPI).

June 2, 2017: EU antitrust regulators said that Qualcomm (QCOM) has not offered any concessions so far in its $38-billion bid for NXP Semiconductors (NXPI) increasing the risk of a lengthy investigation into the deal. Qualcomm had until June 1 to propose concessions to allay possible competition concerns over the biggest-ever deal in the semiconductor industry.

July 3, 2017: The European Commission decided to pause its antitrust review of the merger between Qualcomm (QCOM) and NXP Semiconductors (NXPI), because the regulators need more information from NXP and Qualcomm.

August 24, 2017: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI).  The tender offer is now scheduled to expire  on September 22, 2017, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement. The transaction is expected to close by the end of calendar 2017.

September 6, 2017: EU antitrust regulators have halted for a second time their review of U.S. smartphone chipmaker Qualcomm's (QCOM) $38-billion bid for NXP Semiconductors (NXPI) after the companies failed to provide key details of the deal.

September 22, 2017: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, an indirect wholly owned subsidiary of Qualcomm, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on October 20, 2017, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement. The transaction is expected to close by the end of calendar 2017.

October 10, 2017: Qualcomm (QCOM) offered to buy NXP Semiconductors (NXPI) without some of its patents in a bid to win EU antitrust regulatory approval.

November 6, 2017: Broadcom (AVGO) proposed to acquire Qualcomm (QCOM) for $70.00 per share in cash and stock in a transaction valued at $130 billion. Broadcom’s proposal will stand whether Qualcomm’s Pending Acquisition of NXP (NXPI) is consummated on the currently disclosed terms of $110 per share or the NXP transaction is terminated.

November 17, 2017: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors N.V. (NXPI). The tender offer is now scheduled to expire on December 15, 2017, unless extended or earlier terminated. 

November 18, 2017: According to Reuters, Qualcomm (QCOM) is set to win “imminent” Japanese antitrust clearance for its $38-billion bid for NXP Semiconductors (NXPI) and gain Europe’s approval by the end of the year with slight tweaks to its concessions.

IXYS 03/31/2018 -6.12% -17.60%
IXYS Corporation merger details:

Expected to close in the first quarter of 2018 for a closing value of $655 million in a cash or stock deal. Upon completion of the merger, each IXYS stockholder will be entitled to elect to receive, per IXYS share, either $23.00 in cash or 0.1265 of a share of Littelfuse common stock, subject to proration.

SVA 12/31/2017 -12.12% -119.52%
Sinovac Biotech Ltd. merger details:

Expected to close in the second half of 2017 for a closing value of $437.59 million. Upon completion of the merger, shareholders of Sinovac Biotech will receive $7.00 per share in cash.

Update(s)

July 1, 2017: Sinobioway Consortium raised its purchase price to $8 per share to acquire Sinovac Biotech (SVA).

November 3, 2017: Sinovac Biotech (SVA) announced that on November 1, 2017, the Company received a delisting determination letter from the Staff of the Listing Qualifications Department of The Nasdaq Stock Market related to the delisting of the Company’s shares.

Sinobioway Consortium raised its purchase price to $8 per share to acquire Sinovac Biotech (SVA).Sinobioway Consortium raised its purchase price to $8 per share to acquire Sinovac Biotech (SVA).
OCRX 12/31/2017 -12.14% -119.75%
Ocera Therapeutics, Inc. merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $42 million. Upon completion of the merger, shareholders of Ocera Therapeutics will receive $1.52 per share in cash, plus one Contingent Value Right to receive one or more payments in cash of up to $2.58 per share (up to approximately $75 million) based on the successful completion of certain development and sales milestones.

GNCMA 03/31/2018 -21.31% -61.24%
General Communication, Inc. merger details:

Expected to close for a closing value of $2.68 billion. Under the terms of the agreement, shareholders of GCI will receive total consideration of $32.50 per share comprised of $27.50 per share in GCI Liberty Class A common stock and $5.00 in newly issued Series A preferred shares, based on a Liberty Ventures reference price of $43.65.

Update(s)

June 8, 2017: The Justice Department gave its approval to a complicated transaction for Liberty Interactive (QVCA) to buy Alaska's biggest telecom, General Communication (GNCMA).

November 15, 2017: In connection with the previously announced proposed acquisition and subsequent split-off of General Communication (GNCMA) by Liberty Interactive Corporation (LVNTA) (1) on November 7, 2017, the Regulatory Commission of Alaska  approved the applications for acquisition of a controlling interest in certain RCA certificates of public convenience and necessity, and (2) on November 8, 2017, the Federal Communications Commission approved the applications for transfer of control and/or assignment of certain FCC licenses and authorizations. The proposed transactions are expected to close in the first quarter of 2018.