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
RAD 10/27/2015 Walgreens Boots Alliance, Inc. (WBA) Cash $17.2 billion $6.50 $3.91 3,832,475 07/31/2017 66.24% 254.50%
Rite Aid Corporation merger details:

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

Update(s)

September 9, 2016: Walgreens (WBA) announced that it has been in talks with the Federal Trade Commission (FTC) since its announcement to discuss what actions need to be taken to gain the necessary regulatory blessings of its $17 billion acquisition of RiteAid (RAD).

September 12, 2016: Walgreens (WBA) to Divest More Stores to Close Rite Aid Deal. WBA provided an update to its proposed takeover of Rite Aid Corporation (RAD). Per the requirements stated by the U.S. Federal Trade Commission, for the acquisition to be closed, Walgreens now needs to divest between 500 and 1,000 drug stores.

October 20, 2016: Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that, in accordance with the terms of their merger agreement dated 27 October 2015, they have mutually agreed to extend the end date of their merger agreement from 27 October 2016 to 27 January 2017. The companies now expect the transaction will close in early calendar 2017. 

December 20, 2016: Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that they have entered into an agreement to sell 865 Rite Aid stores and certain assets related to store operations to Fred’s (FRED) for $950 million in an all-cash transaction.

January 20, 2017: Rite Aid (RAD) shares were halted after falling 18% on reports that the FTC will not approve Walgreens Boots Alliance's (WBA) acquisition of the company, even after the two sides promised store divestitures to Fred's (FRED).

January 26, 2017: The chief executive of Walgreens Boots Alliance (WBA) said that the biggest U.S. drug store chain was pressing on with its purchase of smaller Rite Aid (RAD), which was announced in October 2015 and has not closed.

January 30, 2017: Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that they have entered into an amendment and extension of their previously announced definitive merger agreement. Under the terms of the amendment, the parties have agreed to reduce the price for each share of Rite Aid common stock to be paid by Walgreens Boots Alliance. The revised price will be a maximum of $7.00 per share and a minimum of $6.50 per share.

In addition, Walgreens Boots Alliance will be required to divest up to 1,200 Rite Aid stores and certain additional related assets if required to obtain regulatory approval. The exact price per share will be determined based on the number of required store divestitures, with the price set at $7.00 per share if 1,000 stores or fewer are required for divestiture and at $6.50 per share if 1,200 stores are required for divestiture. If the required divestitures fall between 1,000 and 1,200 stores, then there will be a pro-rata adjustment of the price per share. Walgreens Boots Alliance agreement to divest up to 1,200 Rite Aid stores represents an increase of up to 200 stores over the 1,000 stores that Walgreens Boots Alliance had agreed to divest under the terms of the original agreement.

In addition, Walgreens Boots Alliance will be required to divest up to 1,200 Rite Aid stores and certain additional related assets if required to obtain regulatory approval. The exact price per share will be determined based on the number of required store divestitures, with the price set at $7.00 per share if 1,000 stores or fewer are required for divestiture and at $6.50 per share if 1,200 stores are required for divestiture. If the required divestitures fall between 1,000 and 1,200 stores, then there will be a pro-rata adjustment of the price per share. Walgreens Boots Alliance agreement to divest up to 1,200 Rite Aid stores represents an increase of up to 200 stores over the 1,000 stores that Walgreens Boots Alliance had agreed to divest under the terms of the original agreement.

Additionally, Walgreens Boots Alliance and Rite Aid agreed to extend the end date under the previously announced agreement from 27 January 2017 to 31 July 2017 in order to allow the parties additional time to obtain regulatory approval.

March 15, 2017: Walgreens Boots Alliance (WBA) is trying to secure a deal to sell more locations and assets to Fred’s (FRED) so that it can meet regulatory approval to acquire Rite Aid (RAD).

March 16, 2017: As Walgreens Boots Alliance's (WBA) acquisition of Rite Aid (RAD) nears FTC approval, Fred's has added several directors with retail experience to its board.

March 30, 2017: Walgreens (WBA) made a risky move to win regulatory approval for its $9.7 billion merger with Rite Aid (RAD). Walgreen has set a deadline of roughly three months for the FTC to either block the merger or let it go forward.

GNW 10/23/2016 China Oceanwide Holdings Group Co., Ltd. (N/A) Cash $2.7 billion $5.43 $4.10 759,921 06/30/2017 32.44% 185.00%
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.

LSCC 11/03/2016 Canyon Bridge Capital Partners, Inc. (N/A) Cash $1.3 billion $8.30 $6.89 100,565 03/31/2017 20.46% 0.00%
Lattice Semiconductor Corporation merger details:

Expected to close early in 2017 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Lattice Semiconductor will receive $8.30 per share in cash.

Update(s)

November 30, 2016: Lattice Semiconductor Corporation (LSCC) announced that under the HSR Act and the rules promulgated thereunder, certain transactions exceeding the applicable thresholds require notification to the FTC and DOJ and expiration or termination of the applicable waiting period before the transaction can be consummated, unless an exemption applies. Parent or Merger Sub, on the one hand, and the Company, on the other hand, filed with the FTC and the DOJ on December 9, 2016 a Notification and Report Form relating to the Merger Agreement and the transactions contemplated hereby as required by the HSR Act. Under the HSR Act, the Merger may not be consummated until expiration or early termination of a 30-day waiting period, which will expire on January 9, 2017.

January 27, 2017: Lattice Semiconductor (LSCC) invited its shareholders to attend a special meeting of stockholders of Lattice Semicondutors, which will be held on Feburary 28, 2017. The Merger is subject to routine review by antitrust authorities to determine whether the proposed transaction is likely to substantially lessen competition in any relevant market. Under the Merger Agreement, the Merger cannot be completed until (1) the expiration or termination of the applicable waiting period under the HSR Act, which early termination was granted on January 4, 2017, (2) the expiration or termination of the applicable waiting period under the Austrian Competition Act (Wettbewerbsgesetz) and/or the Austrian Cartel Act (Kartellgesetz), and (3) the clearance of the Merger by CFIUS.

February 28, 2017: Lattice Semiconductor Corporation (LSCC) announced that its shareholders have approved the adoption of the agreement and plan of merger.

March 24, 2017: Canyon Bridge Capital Partners, the China-backed buyout fund that agreed to acquire Lattice Semiconductor (LSCC) in November for $1.3 billion, has resubmitted the deal for U.S. government review.

Lattice Semiconductor Corporation (LSCC) announced that under the HSR Act and the rules promulgated thereunder, certain transactions exceeding the applicable thresholds require notification to the FTC and DOJ and expiration or termination of the applicable waiting period before the transaction can be consummated, unless an exemption applies.
Parent or Merger Sub, on the one hand, and the Company, on the other hand, filed with the FTC and the DOJ on December 9, 2016 a Notification and Report Form relating to the Merger Agreement and the transactions contemplated hereby as required by the HSR Act. Under the HSR Act, the Merger may not be consummated until expiration or early termination of a 30-day waiting period, which will expire on January 9, 2017.Lattice Semiconductor Corporation (LSCC) announced that under the HSR Act and the rules promulgated thereunder, certain transactions exceeding the applicable thresholds require notification to the FTC and DOJ and expiration or termination of the applicable waiting period before the transaction can be consummated, unless an exemption applies.Parent or Merger Sub, on the one hand, and the Company, on the other hand, filed with the FTC and the DOJ on December 9, 2016 a Notification and Report Form relating to the Merger Agreement and the transactions contemplated hereby as required by the HSR Act. Under the HSR Act, the Merger may not be consummated until expiration or early termination of a 30-day waiting period, which will expire on January 9, 2017.
WR 05/31/2016 Great Plains Energy Incorporated (GXP) Special Conditions $12.2 billion $60.00 $51.98 184,620 06/30/2017 15.43% 87.99%
Westar Energy, Inc. merger details:

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

Update(s)

September 27, 2016: The KCC issued an order setting a procedural schedule for the application, with a KCC order date of April 24, 2017.  On October 18, 2016, the KCC issued an order stating that, if the KCC staff or other interested parties believe that the joint application does not adequately address the standards by which public utility mergers should be evaluated in Kansas, KCC staff or other interested parties should file for relief, including the potential dismissal of the joint application.

December 20, 2016: The staff of the Kansas Corporation Commission said it couldn't recommend approval of a merger between Great Plains Energy (GXP) and Westar Energy (WR), saying it contains several flaws. We have extended the closing date for this deal to June 30, 2017.

April 19, 2017: The KCC rejected the merger application filed jointly by Westar Energy (WR) and Great Plains Energy (GXP) with the Kansas Corporation Commission requesting approval of the merger. Westar Energy is evaluating the written order.

CAB 10/03/2016 Bass Pro Shops (N/A) Cash $5 billion $61.50 $55.46 241,200 09/30/2017 10.89% 25.48%
Cabelas Incorporated merger details:

Expected to close in the first half of 2017 for a closing value of $5.5 billion. Upon completion of the merger, shareholders of Cabela's will receive $65.50 per share in cash.

Update(s)

October 25, 2016: Cabela’s Incorporated (CAB) and Parent each filed with the Canadian Competition Bureau pre-merger notification forms pursuant to Section 114(1) of the Competition Act, which triggered the start of the 30-day statutory waiting period under the Competition Act. The waiting period was originally scheduled to expire on November 24, 2016, unless a Supplementary Information Request (“SIR”) was issued by the Bureau pursuant to subsection 114(2) of the Competition Act. On November 24, 2016, the Company and Parent each received from the Bureau a SIR pursuant to subsection 114(2) of the Competition Act. The issuance of a SIR does not indicate that the Bureau has concluded that the transaction raises competition concerns. The SIR reflects a determination by the Bureau that it requires additional information to assess the proposed transaction. The Bureau’s decision has the effect of extending the waiting period applicable to the Merger under the Competition Act, before which the transaction is prohibited by law to close, until 30 days after the day on which the information requested in the SIR has been received by the Bureau from all SIR recipients. The Company and Parent intend to cooperate fully with this request.

On October 25, 2016, the Company and Parent filed their respective notification and report forms under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), with the Antitrust Division of the Department of Justice and the United States Federal Trade Commission, which triggered the start of the HSR Act waiting period. The statutory waiting period was originally scheduled to expire on November 25, 2016. Effective November 25, 2016, with the Company’s prior consent, Parent voluntarily withdrew its HSR Act notification to provide the FTC an extension beyond the initial 30-day HSR Act waiting period to conduct its review. On November 29, 2016, Parent re-filed its HSR Act notification with the FTC and DOJ. The new waiting period under the HSR Act will expire on December 29, 2016, unless the DOJ or FTC grants early termination of the HSR Act waiting period or formally requests additional information concerning the Merger.

December 30, 2016: U.S. fishing and hunting equipment retailer Cabela's (CAB), which is being bought by privately held rival Bass Pro Shops, said the Federal Trade Commission had sought more information from the companies about the deal. Capital One had informed the company that it does not expect to get approval for acquiring the credit card business, called World's Foremost Bank, before Oct. 3, 2017, hence not allowing the deal to close in the first half of 2017.

February 23, 2017: The possibility of Gander Mountain's bankruptcy could derail Cabela's (CAB) merger with Bass Pro Shops.

April 17, 2017: Bass Pro Shops announced that it is lowering the price it will pay to buy  Cabela's (CAB) as part of an amended merger agreement. Bass Pro will now acquire Cabela's for $61.50 per share in cash, or about $5 billion. The merger is now expected to close in the third quarter of 2017. 

ADGE 11/02/2016 Tecogen Inc. (TGEN) Stock $20 million $0.35 $0.32 36,766 06/30/2017 10.40% 59.31%
American DG Energy, Inc. merger details:

Expected to close in the first half of 2017 for $20 million in an all stock deal. Under the terms of the agreement, each share of American DG common stock will be exchanged for 0.092 shares of Tecogen common stock.

MON 09/14/2016 Bayer AG (BAYRY) Cash $66 billion $128.00 $116.48 819,326 12/31/2017 9.89% 14.56%
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.

MBVT 10/24/2016 Community Bank System Inc. (CBU) Stock $304 million $55.02 $50.30 13,458 06/30/2017 9.38% 53.47%
Merchants Bancshares Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $304 million. Under the terms of the agreement, shareholders of Merchants Bancshares will have the option to receive, at their election, consideration per share equal to (i) 0.963 shares of Community Bank System common stock, (ii) $40.00 in cash or (iii) the combination of 0.6741 shares of Community Bank System common stock and $12.00 in cash, subject to an overall proration to 70% stock and 30% cash.

GLBL 03/07/2017 Brookfield Asset Management Inc. (BAM) Cash $1.3 billion $5.10 $4.70 535,241 12/31/2017 8.51% 12.53%
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.

TWX 10/22/2016 AT&T, Inc. (T) Special Conditions $108.7 billion $107.50 $100.25 985,351 12/31/2017 7.23% 10.64%
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).

WGL 01/25/2017 AltaGas Ltd. (N/A) Cash $6.4 billion $88.25 $82.81 52,866 06/30/2018 6.57% 5.59%
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.

AMFW 03/13/2017 John Wood Group Plc (WG.L) Stock $4.3 billion $7.45 $7.00 23,093 12/31/2017 6.47% 9.52%
Amec Foster Wheeler plc merger details:

Expected to close in the second half of 2017 for a closing value of $2.7 billion in an all stock deal. Under the terms of the agreement, each Amec Foster Wheeler Shareholder will receive for each Amec Foster Wheeler Share, 0.75 New Wood Group Shares.

SGBK 03/27/2017 Home Bancshares, Inc. (HOMB) Special Conditions $778.4 million $49.00 $46.50 56,093 12/31/2017 5.38% 7.91%
Stonegate Bank merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $778.4 million. Under the terms of the agreement, shareholders of Stonegate Bank will receive $49 per share with $50 million paid in cash and $699.8 million paid in stock subject to a collar and based on a 20 day Volume Weighted-Average Price (“VWAP”) of Home BancShares three days prior to closing.

NXPI 10/27/2016 QUALCOMM Incorporated (QCOM) Cash $38 billion $110.00 $105.37 1,062,384 12/31/2017 4.39% 6.47%
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).

EGAS 10/11/2016 First Reserve Energy Infrastructure (N/A) Cash $196 million $13.10 $12.55 11,954 12/31/2017 4.38% 6.45%
Gas Natural Inc. merger details:

Expected to close in the second half of 2017 for a closing value of $196 million. Upon completion of the merger, shareholders of Gas Natural will receive $13.10 per share in cash.

Update(s)

December 28, 2016: Gas Natural (EGAS) announced that, based on votes cast at the Company's special meeting of shareholders, Gas Natural's shareholders voted to approve the Company's previously announced plan to merge with First Reserve Energy Infrastructure Fund.

CACQ 12/22/2014 Caesars Entertainment Corporation (CZR) Stock N/A $17.71 $17.00 371,349 03/31/2017 4.19% 0.00%
Caesars Acquisition Company merger details:

Expectes to close in the first quarter of 2015 in an all stock deal. Under the terms of the agreement, each outstanding share of Caesars Acquisition class A common stock will be exchanged for 0.664 share of Caesars Entertainment common stock.

Update(s)

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

January 16, 2017: We have extended the closing date for this deal to March 31, 2017.

February 21, 2017: Caesars Entertainment Corporation (CZR) and Caesars Acquisition Company (CACQ) announced that they have amended the terms of their proposed merger. Under the terms of the Merger Agreement, as amended, Caesars Acquisition stockholders will receive 1.625 shares of Caesars Entertainment for each Caesars Acquisition share they own, subject to anti-dilution adjustments in certain circumstances set forth in the Merger Agreement, as amended. Closing of the merger is subject to regulatory and stockholder approval, receipt of certain tax opinions and other customary closing conditions.

XCRA 04/10/2017 an affiliate of Sino IC Capital and Unic Capital Management (N/A) Cash $439.97 million $10.25 $9.85 521,209 12/31/2017 4.06% 5.98%
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.

LVLT 10/31/2016 CenturyLink, Inc. (CTL) Cash Plus Stock $34 billion $63.47 $61.06 803,841 09/30/2017 3.95% 9.24%
Level 3 Communications, Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $34 billion in a cash plus stock deal. Under terms of the agreement, Level 3 shareholders will receive $26.50 per share in cash and a fixed exchange ratio of 1.4286 shares of CenturyLink stock for each Level 3 share they own.

Update(s)

January 12, 2017: CenturyLink (CTL) refiled its pre-merger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its previously-announced acquisition of Level 3 Communications (LVLT). Each company first filed its HSR notification on December 12, 2016 and, following consultations with the U.S. Department of Justice, Antitrust Division, CenturyLink withdrew its original HSR notification on January 11, 2017.

March 16, 2017: CenturyLink (CTL) and Level 3 Communications (LVLT) announced that shareholders of both companies overwhelmingly approved all proposals related to the companies’ merger.

ALR 02/01/2016 Abbott Laboratories (ABT) Cash $5.3 billion $51.00 $49.11 743,655 09/30/2017 3.85% 9.00%
Alere Inc. merger details:

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

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

Update(s)

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

July 27, 2016: Alere received a U.S. Department of Justice subpoena regarding government-billing practices. The company released a statement claiming that the billing concerned "accounted for significantly less than 1% of Alere's total revenues" and is not material. 

August 26, 2016: Alere (ALR) issued a statement saying it’s suing the company it’s hoping to merge with, Abbott Laboratories (ABT). Alere said in a statement that it filed the complaint Thursday in Delaware Chancery Court hoping “to compel Abbott to fulfill its obligations under the terms of the merger agreement to take all actions necessary to promptly obtain all required anti-trust approvals.”

September 2, 2016: Representatives for Alere said that a Delaware judge granted a motion to expedite Alere's (ALR) lawsuit against Abbott Laboratories (ABT), which seeks to ensure that Abbott lives up to the terms of its $5.8 billion takeover of the diagnostics company.

September 8, 2016: Abbott Laboratories (ABT) and Alere (ALR) agreed to work with a mediator to settle their dispute over Abbott's role in obtaining U.S. antitrust clearance for its $5.8 billion takeover of the diagnostics company.

September 26, 2016: Alere said that mediation efforts between Abbott Laboratories (ABT) and Alere (ALR) have broken down. With the failure of the talks, Alere will likely proceed with a lawsuit in the Delaware Court of Chancery where it it trying to force Abbott to complete its $5.6 billion purchase of Alere.

October 21, 2016: Alere (ALR) announced that its shareholders have voted to approve the previously announced merger with Abbott (ABT). 

November 5, 2016: Abbott Laboratories (ABT) launched a lawsuit against Alere (ALR) for having not complying with the certain conditions contained in the $7.9 billion agreement.

December 7, 2016: Alere (ALR), issued a statement in response to a lawsuit filed by Abbott Laboratories (ABT) in the Delaware Court of Chancery to terminate Abbott's pending merger agreement with Alere. On December 8, 2016, Abbott Laboratories fired the latest salvo in its legal battle with Alere over their $5.8 billion buyout agreement, suing the troubled Waltham diagnostics firm in an effort to terminate the deal.

December 30, 2016: Arriva Medical, a Florida-based subsidiary of Alere (ALR), filed an appeal with the the Centers for Medicare and Medicaid Services on Wednesday seeking to reinstate its enrollment. The Medicare dispute is one reason why Abbott Laboratories (ABT) is currently seeking to terminate its February buyout of Alere. The companies have sued one another in Delaware court, with Alere arguing that the $5.8 billion deal should go forward.

January 4, 2017: Alere (ALR) provided an update in connection with Arriva Medical's complaint filed on December 28, 2016, against the Centers for Medicare & Medicaid Services. We have extended the closing date for this deal to March 31, 2017.

January 25, 2017: Alere (ALR) announced that the European Commission has granted clearance for Abbott Laboratories (ABT) to acquire Alere.

April 14, 2017: Abbott (ABT) and Alere (ALR) announced that the companies have agreed to amend the existing terms of their agreement for Abbott's acquisition of Alere. Under the amended terms, Abbott will pay $51 per common share to acquire Alere, for a new expected equity value of approximately $5.3 billion, reduced from the originally expected equity value of approximately $5.8 billion. The transaction is expected to close by the end of the third quarter of 2017. Under the amended terms, the date by which necessary regulatory approvals must be received has been extended to Sept. 30, 2017, from April 30, 2017.

BCR 04/23/2017 Becton, Dickinson and Company (BDX) Cash Plus Stock $24 billion $315.18 $305.21 760,999 11/30/2017 3.27% 5.50%
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.

ANCB 04/11/2017 Washington Federal, Inc. (WAFD) Special Conditions $63.9 million $25.75 $24.95 13,629 09/30/2017 3.21% 7.50%
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.

RBPAA 01/30/2017 Bryn Mawr Bank Corporation (BMTC) Stock $127.7 million $4.38 $4.26 15,255 09/30/2017 2.86% 6.69%
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.

CUNB 04/06/2017 PacWest Bancorp (PACW) Cash Plus Stock $705 million $38.80 $37.75 57,263 12/31/2017 2.78% 4.09%
CU Bancorp merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $705 million. Under terms of the Agreement, CU Bancorp shareholders will receive 0.5308 shares of PacWest common stock and $12.00 in cash for each share of CU Bancorp.

MBLY 03/13/2017 Intel Corporation (INTC) Cash $14.7 billion $63.54 $61.88 1,584,422 12/31/2017 2.69% 3.95%
Mobileye N.V. merger details:

Expected to close in the next nine months for a closing value of $14.7 billion. Upon completion of the merger, shareholders of Mobileye will reeive $63.54 per share in cash.

FBRC 02/21/2017 B. Riley Financial, Inc. (RILY) Cash Plus Stock $160.1 million $18.57 $18.15 12,833 06/30/2017 2.29% 13.04%
FBR & Co. merger details:

Expected to close in the second quarter of 2017 for a closing value of $160.1 million in an all stock deal. Under the terms of the agreement, FBR shareholders will receive .671 shares of B. Riley common stock and an anticipated pre-closing cash dividend of $8.50 per share assuming sufficient funds are available for distribution.

SAJA 04/26/2017 AMPLEXOR International SA (N/A) Cash 15.19 million $5.83 $5.71 246,522 07/31/2017 2.10% 8.07%
Sajan, Inc. merger details:

Expected to close shortly after the shareholders meeting which is to be held in July 2017 for a closing value of $15.19 million. Upon completion of the merger, shareholders of Sajan will receive $5.83 per share in cash.

AKRX 04/24/2017 Fresenius Kabi (N/A) Cash $4.3 billion $34.00 $33.31 3,087,847 03/31/2018 2.09% 2.25%
Akorn, Inc. merger details:

Expected to close by early 2018 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Akorn will receive $34.00 per share in cash.

HW 11/20/2016 Boral Limited (N/A) Cash $2.6 billion $24.25 $23.81 281,402 06/30/2017 1.87% 10.66%
Headwaters Incorporated merger details:

Expected to close in mid-calendar year 2017 for a closing value of $2.6 billion. Upon completion of the merger, shareholders of Headwaters will receive $24.25 per share in cash.

Update(s)

December 29, 2016: Headwaters (HW) invited its stockholders to attend the Special Meeting of Stockholders of Headwaters Incorporated, which will be held on Friday, February 3, 2017 to approve the merger agreement with Boral Limited and Enterprise Merger Sub.

January 5, 2017: Boral Limited, in consultation with Headwaters Incorporated (HW), voluntarily withdrew its Premerger Notification and Report Form on January 6, 2017, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the proposed acquisition of Headwaters by Boral. Boral plans to re-file the HSR Filing on January 10, 2017 in order to restart the initial waiting period under the HSR Act and to provide the U.S. Federal Trade Commission additional time to review the proposed transaction.

February 3, 2017: Headwaters Incorporated (HW) announced that its stockholders approved the acquisition of Headwaters by Boral Limited at its special meeting of stockholders.

February 9, 2017: Headwaters Incorporated (HW) and Boral Limited received a Request for Additional Information and Documentary Materials, commonly referred to as a “second request,” from the U.S. Federal Trade Commission. The FTC’s second request has the effect of extending the waiting period under the HSR Act until 30 days after the parties substantially comply with the request, unless the waiting period is extended voluntarily by the parties or terminated earlier by the FTC. The Company and Boral intend to continue to cooperate fully with the FTC in connection with its review.

AWH 12/18/2016 Fairfax Financial Holdings Limited (FFH.TO) Special Conditions $4.9 billion $54.00 $53.06 293,530 06/30/2017 1.77% 10.10%
Allied World Assurance Company Holdings merger details:

Expected to close in the second quarter of 2017 for a closing value of $4.9 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Allied World will receive cash and stock for a total value of $54.00 per Allied World share. The cash portion of the deal is $10, half of which will be paid as a  pre-closing dividend. The share portion of the deal is worth approximately $44.00 in Fairfax Shares and is subject to collars based on the price of Fairfax. Fairfax also has the option to covert $30 of the share portion into a cash offer.

A portion of the stock consideration, having a value of $14.00 based on the closing price of Fairfax Shares as of December 16, 2016, is payable at a fixed exchange ratio of 0.030392. The remaining portion of the stock consideration to Allied World will be a number of Fairfax Shares with a value equal to $30.00, with such number of Fairfax Shares determined based on the volume weighted average closing price of Fairfax Shares for the 20 trading days ending on the day prior to closing (provided that this volume weighted average price is no less than $435.65 and no greater than $485.65 per share, $25.00 below and above the Fairfax Closing Price, respectively). If the volume weighted average price of Fairfax Shares during this period is above $485.65, the stock portion of the consideration will be fixed at 0.061772 Fairfax Shares for each share of Allied World, and if it is below $435.65 per share, the stock portion of the consideration will be fixed at 0.068862 Fairfax Shares for each share of Allied World.  Additionally, on or before 75 days after the date of the Agreement, Fairfax has the option to replace on a dollar-for-dollar basis this portion of the stock consideration with cash in an amount up to $30.00 per Allied World Share, together with the dividend, for up to a total cash consideration of $40.00 per Allied World Share.  Fairfax may elect to fund the $30.00 in cash by an equity or debt issuance or by bringing in third party partners.

Given the complexity of the deal, we have entered this deal as a "Special Conditions" deal with a value of $54.

Update(s)

March 3, 2017: Fairfax Financial Holdings Limited (FFH.TO) and Allied World Assurance Company Holdings (AWH) announced that they have agreed to extend to March 10, 2017 the deadline by which Fairfax has the option to increase the cash consideration, and correspondingly reduce the “Fixed Value Stock Consideration” under the terms of the previously announced definitive merger agreement. In connection with the transaction, Allied World will hold a Special Shareholder Meeting on Wednesday, March 22, 2017.

March 10, 2017: Fairfax Financial Holdings Limited (FFH.TO) and Allied World Assurance Company Holdings (AWH) announced that Fairfax has exercised its option to increase the cash consideration component of its offer to Allied World shareholders by $18.00 out of a possible increase of $30.00 per ordinary share. As a result, the cash consideration component of the offer will increase from $5.00 per ordinary share to $23.00 per ordinary share, together with the $5.00 special dividend that, subject to Allied World shareholder approval, will be payable in connection with the transaction, for total cash consideration of $28.00 per Allied World ordinary share.

March 22, 2017: Allied World Assurance Company Holdings (AWH) announced that its shareholders have approved both of the proposals that were voted on at the company’s special shareholder meeting held in connection with the previously announced merger transaction with Fairfax Financial Holdings Limited.

BRCD 11/02/2016 Broadcom Limited (AVGO) Cash $5.5 billion $12.75 $12.54 1,293,585 10/31/2017 1.67% 3.27%
Brocade Communications Systems, Inc. merger details:

Expected to close in the second half of Broadcom's fiscal year 2017 for a closing value of $5.5 billion. Upon completion of the merger, shareholders of Brocade Communications Systems wil receive $12.75 per share in cash.

Update(s)

January 9, 2017: Broadcom (AVGO) and Brocade (BRCD) submitted filings to grant the Federal Trade Commission a little more time to review their $5.9B merger deal.

January 26, 2017: Brocade Communications (BRCD) confirmed that its shareholders voted in favor of the company's buyout by Broadcom (AVGO).

NVET 04/13/2017 Zoetis Inc. (ZTS) Cash $26.93 million $6.72 $6.61 2,577 12/31/2017 1.66% 2.45%
Nexvet Biopharma Public Limited Company merger details:

Expected to close in the second half of 2017 for a closing value of $26.93 million. Upon completion of the merger, shareholders of Nexvet Biopharma will receive $6.72 per share in cash.

FCH 04/24/2017 RLJ Lodging Trust (RLJ) Stock $2.58 billion $8.17 $8.04 616,465 12/31/2017 1.62% 2.39%
FelCor Lodging Trust Incorporated merger details:

Expected to close by the end of 2017 for a closing value of $2.58 billion in an all stock deal. Under the terms of the agreement, each share of FelCor common stock will be converted into 0.362 shares of newly issued common shares of RLJ common stock in a taxable merger.

PCBK 01/09/2017 Columbia Banking System, Inc. (COLB) Stock $644.1 million $26.01 $25.60 35,379 06/30/2017 1.60% 9.12%
Pacific Continental Corporation merger details:

Expected to close by mid-2017 for a closing value of $644.1 million in an all stock deal. Under the terms of the merger agreement, Pacific Continental shareholders are entitled to receive 0.6430 of a share of Columbia common stock for each share of Pacific Continental stock, subject to certain potential adjustments.

CFCB 01/26/2017 Midland States Bancorp, Inc. (MSBI) Special Conditions $175.1 million $26.75 $26.35 N/A 06/30/2017 1.52% 8.66%
Centrue Financial Corporation merger details:

Expected to close by mid-2017 for a closing value of $175.1 million. Under the terms of the definitive agreement, holders of Centrue common stock will have the right to receive a fixed exchange ratio of 0.7604 shares of Midland common stock, a fixed consideration of $26.75 in cash, or a combination of cash and stock for each share of Centrue common stock they own, paid 65% in Midland common stock and 35% in cash, and subject to potential adjustment based on Centrue’s adjusted stockholders’ equity at closing.

OKSB 12/14/2016 Simmons First National Corporation (SFNC) Cash Plus Stock $564.4 million $26.44 $26.05 27,476 09/30/2017 1.50% 3.50%
Southwest Bancorp, Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $564.4 million in a cash plus stock deal. Under the terms of the Agreement, each outstanding share of common stock and equivalents of SBI will be converted into the right to receive 0.3903 shares of the Company’s common stock and $5.11 in cash.

Update(s)

March 9, 2017: Southwest Bancorp (OKSB) announced that its Annual Meeting of Shareholders will be held on April 25, 2017.

FRP 12/05/2016 Consolidated Communications Holdings, Inc. (CNSL) Stock $1.5 billion $17.55 $17.30 24,213 06/30/2017 1.46% 8.34%
Fairpoint Communications, Inc. merger details:

Expected to close by mid-2017 for for a closing value of $1.5 billion in an all stock deal. Under the terms of the agreement, FairPoint shareholders will receive a fixed exchange ratio of 0.7300 shares of Consolidated Communications common stock for each share of FairPoint common stock.

Update(s)

January 12, 2017: The $1.5B merger of FairPoint Communications (FRP) and Consolidated Communications (CNSL) received its antitrust approval. That came in an early termination notice Thursday from the Federal Trade Commission, which means that neither it nor the Justice Department had issues with the merger that required either conditions or suing to block it, so its Hart-Scott-Rodino antitrust review was terminated early. The merger still needs to get the approval of the FCC, whose review extends beyond antitrust to public interest concerns.

March 28, 2017: FairPoint Communications (FRP) shareholders voted to adopt the merger agreement between FairPoint and Consolidated Communications Holdings (CNSL) during a special meeting.

WOOF 01/07/2017 Mars, Incorporated (N/A) Cash $9.1 billion $93.00 $91.69 419,330 09/30/2017 1.43% 3.34%
VCA Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $9.1 billion. Upon completion of the merger, shareholders of VCA will receive $93.00 per share in cash.

Update(s)

February 15, 2017: VCA invited its shareholders to attend a special meeting of the stockholders on March 28, 2017.

FCFP 02/06/2017 First Busey Corporation (BUSE) Cash Plus Stock $235.8 million $13.64 $13.45 2,200 06/30/2017 1.43% 8.13%
First Community Financial Partners, Inc. merger details:

Expected to close by mid-2017 for a closing value of $235.8 million in a cash plus stock deal. Under the terms of the merger agreement, First Community shareholders will receive 0.396 shares of BUSE common stock and $1.35 in cash for each share of FCFP common stock.

DGI 02/24/2017 MacDonald, Dettwiler and Associates Ltd. (MDA.TO) Cash Plus Stock $3.6 billion $33.01 $32.55 118,313 12/31/2017 1.40% 2.06%
DigitalGlobe, Inc. merger details:

Expected to close in the second half of 2017 for a closing value of $3.6 billion in a cash plus stock deal. Under the terms of the agreement, each DigitalGlobe common share will be exchanged for US$17.50 in cash and 0.3132 MDA common shares, representing a per share value of US$17.50 based on MDA’s unaffected closing share price of C$73.40 on the Toronto Stock Exchange (TSX) on February 16, 2017.

MJN 02/10/2017 Reckitt Benckiser Group (N/A) Cash $17.9 billion $90.00 $88.78 1,326,823 09/30/2017 1.37% 3.22%
Mead Johnson Nutrition Company merger details:

Expected to close in the third quarter of 2017 for a closing value of $17.9 billion. Upon completion of the merger, shareholders of Mead Johnson Nutrition Company will receive $90.00 per share in cash.

SYUT 11/17/2016 Beams Power Investment Limited (N/A) Cash N/A $6.05 $5.98 4,696 04/30/2017 1.26% 152.72%
Synutra International, Inc. merger details:

Under the terms of the agreement, shareholders of Synutra will receive $6.05 per share in cash.

Update(s)

March 9, 2017: Synutra International (SYUT) announced that its Annual Meeting of Shareholders will be held on April 28, 2017.

March 13, 2017: Synutra International (SYUT) announced that it has called a special meeting of its stockholders, to be held on April 28, 2017. We have extended the closing date for this deal to April 30, 2017.

MGI 01/26/2017 Ant Financial Services Group (N/A) Cash $1.2 billion $18.00 $17.78 175,591 12/31/2017 1.24% 1.82%
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.

AIQ 04/11/2017 Tahoe Investment Group Co., Ltd. (N/A) Cash $682 million $13.25 $13.10 14,158 09/30/2017 1.15% 2.68%
Alliance Healthcare Services, Inc. merger details:

Expected to close for a closing value of $682 million. Upon completion of the merger, shareholders of Alliance Healthcare Services will receive $13.25 per share in cash.

Note: The closing date for this deal was not provided and hence we are using September 30, 2017 as a placeholder closing date.

SWFT 04/10/2017 Knight Transportation, Inc. (KNX) Stock $3.24 bilion $24.57 $24.30 1,625,431 09/30/2017 1.13% 2.65%
Swift Transportation Company merger details:

Expected to close in the third quarter of 2017 for a closing value of $3.24 billion. Under the terms of the definitive agreement each Swift share will convert into 0.72 shares of Knight- Swift by means of a reverse stock split. Each share of Knight will be exchanged for one Knight-Swift share. Based on the $30.65 closing price of Knight shares on April 7, 2017, the last trading day prior to the announcement, the implied value per share of Swift is $22.07.

 

Disclaimer: We normally don't track mergers of companies that result in the creation of a new entity because of uncertainty around the value of the new company. In this case, because Knight shareholders will receive one share of the new company, we are going to treat this as an acquisition of Swift by Knight in order to figure out the spread on the deal.

ZPIN 04/06/2017 SEEK International Investments Pty Ltd. (N/A) Cash $678.59 million $18.20 $17.95 11,838 12/31/2017 1.11% 1.64%
Zhaopin Limited merger details:

Expected to close in the second half of 2017. Under the terms of the agreement, SEEK International Investments will acquire all of the outstanding shares of Zhaopin for cash consideration, that together with the amount of the Special Dividend will equal US$9.10 per ordinary share of the Company and US$18.20 per American Depositary Share of the Company, each representing two Shares. Holders of Shares and ADSs as of immediately prior to the Effective Time will be entitled to receive a cash special dividend, which, will be a minimum US$0.28 and maximum US$1.35 per Share (corresponding with a minimum US$0.56 and maximum US$2.70 per ADS), which will be paid to such shareholders and ADS holders as promptly as practicable following the Effective Time.

XRA 03/28/2017 Goldcorp Inc. (GG) Stock $184.45 $1.65 $1.63 68,560 06/30/2017 1.04% 5.95%
Exeter Resource Corporation merger details:

Expected to close no later than June 30, 2017 for a closing value of $184.45 million in an all stock deal. Under the terms of the agreement, shareholders of Exeter Resource Corporation will receive 0.12 of a Goldcorp share for each Exeter share.

SYT 02/03/2016 ChemChina (N/A) Cash $43 billion $93.95 $92.99 1,548,913 06/30/2017 1.03% 5.89%
Syngenta AG merger details:

Expected to close by the end of the year for a closing value of $43 billion. Under the terms of the agreement, shareholders of Syngenta will receive US$465 per ordinary share plus a special dividend of CHF 5 to be paid conditional upon and prior to closing. The offer is equivalent to a Swiss franc value of CHF 480 per share. 

Update(s)

May 23, 2016: An ordinary dividend of up to CHF 11 gross per Common Share for the financial year ended December 31, 2015, and, upon the Offers becoming unconditional, a special dividend of CHF 5 gross per Common Share, in each case, if approved by an ordinary meeting of Syngenta shareholders scheduled to take place on April 26, 2016, will be paid to Syngenta shareholders. The price payable by Purchaser per Common Share or per ADS tendered into the U.S. Offer will not be adjusted as a result of the payment of the Ordinary Dividend and the Special Dividend.

October 28, 2016: European Union antitrust regulators opened an in-depth investigation into state-owned Chinese chemicals group ChemChina's $43 billion bid for Swiss pesticides and seeds group Syngenta (SYT), China's biggest-ever foreign acquisition.

November 1, 2016: ChemChina said it has extended its $43 billion cash offer for Swiss agrichemicals group Syngenta (SYT) to January 5 while it works to gain regulatory approval for the deal.

November 17, 2016: The European Commission pushed back its deadline for a decision on ChemChina's plan to acquire Swiss pesticides and seeds group Syngenta (SYT) by 10 working days to March 29. We have extended the closing date for this deal to April 15, 2017.

December 2, 2016: Reuters noted that ChemChina has put together a fund aimed at raising around $5 billion to help finance its Syngenta (SYT) purchase.

January 3, 2017: European Union antitrust regulators extended the deadline for a decision on ChemChina's proposed buy of Swiss pesticides and seeds group Syngenta (SYT) by 10 working days to April 12.

January 10, 2017: ChemChina and Syngenta (SYT) proposed minor concessions to the EU's competition watchdog to address concerns over their $43 billion merger plan.

January 16, 2017: Syngenta (SYT) Chief Executive Erik Fyrwald said that he expects regulatory approval soon for ChemChina's proposed $43 billion takeover of the Swiss pesticides and seeds group.

January 20, 2017: ChemChina announced that it has sought the U.S. anti-trust regulator's approval for its planned $43 billion acquisition of Swiss crop protection and seed group Syngenta AG (SYT).

February 2, 2017: According to sources, ChemChina is set to secure conditional EU antitrust approval for its $43 billion bid for Syngenta (SYT).

February 8, 2017: ChemChina and Syngenta (SYT) have made significant progress towards achieving the necessary regulatory approvals and closing the transaction. To date approvals have been achieved from 13 regulatory authorities; approvals are still awaited from Brazil, Canada, China, the EU, India, Mexico and the United States. National security clearance has been granted by CFIUS in the United States. ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure.

February 23, 2017: China National Chemical Corporation extended until April 28 its $43 billion tender offer for Swiss pesticides and seeds group Syngenta (SYT).

April 4, 2017: ChemChina and Syngenta (SYT) announced that they have received approval from the US Federal Trade Commission for the proposed acquisition of Syngenta by ChemChina. This represents a major step towards the closing of the transaction, which is expected to take place in the second quarter of 2017.

April 6, 2017: ChemChina won conditional EU antitrust approval for its $43 billion bid for Syngenta (SYT).

April 12, 2017: ChemChina and Syngenta (SYT) announced that they have received approval from the Ministry of Commerce of the People’s Republic of China for the proposed acquisition of Syngenta by ChemChina.

April 13, 2017: ChemChina announced that the tender offers to purchase all publicly held Syngenta (SYT) shares and ADSs will end on 4 May, 2017.

KCG 04/20/2017 Virtu Financial, Inc. (VIRT) Cash $1.56 billion $20.00 $19.82 619,681 09/30/2017 0.91% 2.12%
KCG Holdings, Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $1.56 billion . Upon completion of the merger, shareholders of KCG Holdings will receive $20.00 per share in cash.

LMIA 02/17/2017 Sonaca Group (N/A) Cash $381.47 million $14.00 $13.88 6,637 06/30/2017 0.90% 5.14%
LMI Aerospace, Inc. merger details:

Expected to close by mid-2017 for a closing value of $381.48 million. Upon completion of the merger, shareholders of LMI Aerospace will receive $14.00 per share in cash.

FOR 04/13/2017 affiliates of Starwood Capital Group (N/A) Cash $442.77 million $14.25 $14.15 331,928 09/30/2017 0.71% 1.65%
Forestar Group Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $442.77 million. Upon completion of the merger, shareholders of Forestar Group will receive $14.25 per share in cash.

OKS 02/01/2017 ONEOK, Inc. (OKE) Stock $17.2 billion $51.95 $51.60 432,240 06/30/2017 0.68% 3.86%
ONEOK Partners, L.P. merger details:

Expected to close in the second quarter of 2017 for a closing value of $17.2 billion in an all stock deal. Under the terms of the agreement, each outstanding common unit of ONEOK Partners that ONEOK does not already own will be converted into 0.985 shares of ONEOK common stock.

MEP 01/26/2017 Enbridge Inc. (ENB) Cash $170.2 million $8.00 $7.95 N/A 06/30/2017 0.63% 3.59%
Midcoast Energy Partners, L.P. merger details:

Expected to close in the second quarter of 2017 for a closing value of $170.2 million. Upon completion of the merger, shareholders of Midcoast Energy Partners will receive $8.00 per share in cash.

FIG 02/14/2017 SoftBank Group Corp. (SFTBY) Cash $3.3 billion $8.08 $8.03 1,035,574 12/31/2017 0.62% 0.92%
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.

LMOS 02/20/2017 EQT Infrastructure investment strategy (N/A) Cash $950 million $18.00 $17.89 36,332 09/30/2017 0.61% 1.44%
Lumos Networks Corp. merger details:

Expected to close during the third quarter of 2017 for a closing value of $950 million. Upon completion of the merger, shareholders of Lumos Networks will receive $18.00 per share in cash.

NSR 12/14/2016 private investment group led by Golden Gate Capital (N/A) Cash $2.9 billion $33.50 $33.30 159,672 09/30/2017 0.60% 1.41%
NeuStar, Inc. merger details:

Expected to close in the third calendar wuarter of 2017 for a closing value of approximately $2.9 billion. Upon completion of the merger, shareholders of NeuStar will receive $33.50 per share in cash.

Update(s)

March 15, 2017: Neustar (NSR) announced that Neustar stockholders voted to approve the previously announced definitive merger agreement pursuant to which a private investment group led by Golden Gate Capital will acquire Neustar. 

AF 03/07/2017 Sterling Bancorp (STL) Stock $2.2 billion $20.93 $20.81 457,114 12/31/2017 0.60% 0.88%
Astoria Financial Corporation merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $2.2 billion in an all stock deal. Under the terms of the agreement, shareholders of Astoria Financial will receive a fixed exchange of 0.875 shares of Sterling common stock for each share of Astoria common stock.

fixed exchange of 0.875 shares of Sterling common stock for each share of Astoria common stock.fixed exchange of 0.875 shares of Sterling common stock for each share of Astoria common stock.

 

SNOW 04/10/2017 An entity controlled by affiliates of the Aspen Skiing Compan and KSL Capital Partners (N/A) Cash $1.5 billion $23.75 $23.63 86,207 09/30/2017 0.51% 1.19%
Intrawest Resorts Holdings, Inc. merger details:

Expected to close in the third quarter of calendar 2017 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of Intrawest Resorts Holdings will receive $23.75 per share in cash.

VAL 03/20/2016 The Sherwin-Williams Company (SHW) Cash $11.3 billion $113.00 $112.43 226,502 06/21/2017 0.51% 3.36%
The Valspar Corporation merger details:

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

Update(s)

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

October 29, 2016: The Sherwin-Williams Company (SHW) and The Valspar Corporation (VAL) issued the following statement in response to unfounded market rumors concerning regulatory approvals for the definitive agreement between Sherwin-Williams and Valspar, which was announced on March 20, 2016: Sherwin-Williams and Valspar continue to cooperate fully with the FTC staff and continue to expect the transaction will close by the end of Q1 calendar year 2017.  Given the complementary nature of the businesses and the benefits this transaction will provide to customers, Sherwin-Williams and Valspar continue to believe that no or minimal divestitures should be required to complete the transaction.

December 19, 2016: The Sherwin-Williams Company (SHW) and The Valspar Corporation (VAL) issued the following statement in response to unfounded market rumors concerning regulatory approvals for the definitive agreement between Sherwin-Williams and Valspar, which was announced on March 20, 2016: Sherwin-Williams and Valspar continue to cooperate fully with the FTC staff and continue to expect the transaction will close by the end of Q1 calendar year 2017. Given the complementary nature of the businesses and the benefits this transaction will provide to customers, Sherwin-Williams and Valspar continue to believe that no or minimal divestitures should be required to complete the transaction.

Janaury 26, 2017: Sherwin-Williams (SHW) said it now expects to sell part of its business to complete its acquisition of rival Valspar (VAL).

March 21, 2017: The Sherwin-Williams Company (SHW) and The Valspar Corporation (VAL) announced that they have extended the termination date of the definitive agreement under which Sherwin-Williams will acquire Valspar for $113 per share in an all-cash transaction, from March 21, 2017 to June 21, 2017.

PNRA 04/05/2017 JAB (N/A) Cash $7.5 billion $315.00 $313.42 139,904 09/30/2017 0.50% 1.18%
Panera Bread Company merger details:

Expected to close in the third quarter of 2017 for a closing value of $7.5 billion. Upon completion of the merger, shareholders of Panera Bread Company will receive $315 per share in cash.

SGM 01/26/2017 Home Point Financial Corporation (N/A) Cash $211 million $8.00 $7.96 849 06/30/2017 0.50% 2.87%
Stonegate Mortgage Corporation merger details:

Expected to close by the end of the second quarter of 2017 for a closing value of $211 million. Upon completion of the merger, shareholders of Stonegate Mortgage Corporation will receive $8.00 per share in cash.

Update(s)

March 13, 2017: Stonegate Mortgage Corporation (SGM) announced that it has set a date for a special meeting of its stockholders to consider and vote on a proposal to adopt the previously announced merger agreement which provides for the acquisition of Stonegate Mortgage by Home Point Financial Corporation. The special meeting is scheduled to be held on April 27, 2017.

INVN 12/21/2016 TDK Corporation (TTDKY) Cash $1.3 billion $13.00 $12.94 1,117,713 09/30/2017 0.46% 1.08%
InvenSense, Inc. merger details:

Expected to close in the second quarter of the fiscal year ending March 31, 2018 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of InvenSense will receive $13.00 per share in cash.

Update(s)

April 18, 2017: InvenSense (INVN) announced that all necessary regulatory clearances have been received for the acquisition by TDK Corporation (TTDKY) of InvenSense, including from the Committee on Foreign Investment in the United States (CFIUS) and all other necessary regulatory authorities, and the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired. InvenSense will hold a special meeting of its stockholders on May 17, 2017, at which stockholders will be asked to approve, among other items, the previously announced transaction. The companies expect to close the transaction shortly thereafter.

NORD 04/25/2017 Canada Pension Plan Investment Board and Baring Private Equity Asia (N/A) Cash $4.3 billion $32.50 $32.36 435,442 08/31/2017 0.45% 1.30%
NORD ANGLIA EDUCATION, INC. merger details:

Expected to close before the end of Nord Anglia Education’s fiscal year ending August 31, 2017 for a closing value of $4.3 billion. Under the terms of the Merger Agreement, at the effective time of the merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time of the merger will be cancelled and cease to exist in exchange for the right to receive $32.50 in cash without interest.

WNR 11/17/2016 Tesoro Corporation (TSO) Stock $6.4 billion $34.14 $34.00 394,090 06/30/2017 0.41% 2.36%
Western Refining, Inc. merger details:

Expected to close in the first half of 2017 for a closing value of $6.4 billion in an all stock deal. Under the terms of the agreement, Western shareholders can elect to receive 0.4350 shares of Tesoro for each share of Western stock they own, or $37.30 in cash per share of Western stock, up to a cap of 10% of the equity consideration. Because 90% of the consideration will be paid out in stock we are going to treat this as an all stock deal.

Update(s)

December 8, 2016: Tesoro (TSO) and Western Refining (WNR) filed their respective notification and report forms under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with the Antitrust Division of the Department of Justice  and the United States Federal Trade Commission, which triggered the start of the HSR Act waiting period. The statutory waiting period was originally scheduled to expire on January 9, 2017. Effective January 9, 2017, as permitted by the Merger Agreement, Tesoro voluntarily withdrew its HSR Act notification to provide the FTC an extension beyond the initial 30-day HSR Act waiting period to conduct its review. On January 11, 2017, Tesoro re-filed its HSR Act notification with the FTC and DOJ. The new waiting period under the HSR Act will expire on February 10, 2017, unless the DOJ or FTC grants early termination of the HSR Act waiting period or formally requests additional information concerning the Merger.

March 24, 2017: Western Refining (WNR) announced that WNR stockholders have approved the proposed acquisition of Western Refining by Tesoro Corporation (TSO).

CST 08/22/2016 Alimentation Couche-Tard Inc. (N/A) Cash $4.4 billion $48.53 $48.34 204,664 03/31/2017 0.40% 0.00%
CST Brands, Inc. merger details:

Expected to close early calendar year 2017 for a closing value of $4.4 billion. Upon completion of the merger, shareholders of CST Brands will receive $48.53 per share in cash.

Update(s)

October 11, 2016: On August 30, 2016, Circle K filed with the commissioner a request for an Advance Ruling Certificate or no-action letter. Circle K and CST filed their notifications with the commissioner on or before September 7, 2016, commencing the applicable waiting period from that date. On October 7, 2016, the commissioner issued supplementary information requests to each of Circle K and CST, thereby extending the waiting period until 30 days after both Circle K and CST comply with the supplementary information requests.

November 16, 2016: The Company received a request for additional information and documentary material from the United States Federal Trade Commission with respect to the pending acquisition of the Company by Alimentation Couche-Tard. Accordingly, the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, will expire 30 days after substantial compliance with the Second Request has been certified by all parties to the transaction that received a Second Request, unless that period is extended by court order or terminated earlier by the FTC.

December 9, 2016: CST Brands (CST) stockholders approved the merger agreement with one of the Alimentation Couche-Tard Inc.´s wholly owned U.S. subsidiaries.

UCP 04/11/2017 Century Communities, Inc. (CCS) Cash Plus Stock $336 million $11.74 $11.70 12,089 09/30/2017 0.38% 0.90%
UCP, Inc. merger details:

Expected to close by the end of the third quarter of 2017 for a closing value of $336 million in a cash plus stock deal. Under the terms of the agreement, each outstanding share of UCP common stock will be converted into the right to receive $5.32 in cash and 0.2309 of a newly issued share of Century common stock.

MOCO 04/17/2017 AMETEK, Inc. (AME) Cash $182 million $30.00 $29.90 4,052 09/30/2017 0.33% 0.78%
MOCON, Inc. merger details:

Expected to close late in the second quarter or third calendar quarter of 2017 for a closing value of $182 million. Upon completion of the merger, shareholders of MOCON will receive $30.00 per share in cash.

PVTB 06/29/2016 Canadian Imperial Bank of Commerce (CM) Cash Plus Stock $4.9 billion $57.75 $57.57 314,251 06/30/2017 0.32% 1.82%
PrivateBancorp, Inc. merger details:

Expected to close in the first calendar quarter of 2017 for a closing value of $3.8 billion in a cash plus stock deal. Under the terms of the agreement, CIBC will pay US$18.80 in cash and 0.3657 of a CIBC common share for each share of PrivateBancorp common stock.

Update(s)

December 7, 2016: PrivateBancorp (PVTB) postponed a shareholder vote due Thursday on a proposed takeover by Canadian Imperial Bank of Commerce (CM), raising doubts about whether the deal will proceed.

January 18, 2017: PrivateBancorp (PVTB) announced that they continue to work toward the successful completion of their proposed merger with CIBC. The long-term strategic benefits of the transaction remain compelling. They will announce the rescheduled stockholder meeting date when it is established by their Board of Directors.

February 23, 2017: Canadian Imperial Bank of Commerce (CM) said that it would be "disciplined" in assessing whether to raise its C$3.8 billion ($2.9 billion) offer for Chicago-based PrivateBancorp (PVTB) and could buy back shares if the deal collapses.

March 6, 2017: PrivateBancorp (PVTB) announced that it has set a new record date for its special meeting of stockholders to consider and act upon the Agreement and Plan of Merger by and among PrivateBancorp, Canadian Imperial Bank of Commerce and CIBC Holdco. PrivateBancorp stockholders of record at the close of business on March 31, 2017, will be entitled to receive the notice of, and to vote at, the PrivateBancorp special meeting. The PrivateBancorp special meeting is currently expected to be held on or about May 4, 2017.

March 30, 2017: PrivateBancorp (PVTB) and Canadian Imperial Bank of Commerce (CM) announced that they have entered into an amended merger agreement. Under the Amended Agreement, PrivateBancorp stockholders will receive, upon completion of the proposed merger with CIBC, US$24.20 in cash and 0.4176 of a CIBC common share for each share of common stock of PrivateBancorp held. The Amended Agreement values PrivateBancorp at approximately US$4.9 billion. The companies currently expect to close the transaction in the second calendar quarter of 2017. PrivateBancorp has set March 31, 2017 as the new record date for its special meeting of stockholders to consider and act upon the revised merger agreement.

ALJ 01/03/2017 Delek US Holdings, Inc. (DK) Stock $1.27 billion $12.06 $12.02 95,151 06/30/2017 0.30% 1.69%
Alon USA Energy, Inc. merger details:

Expected to close in the first half of 2017 for a closing value of $1.27 billion in an all stock deal. Under terms of the agreement, the owners of the remaining outstanding shares in Alon that Delek US does not currently own will receive a fixed exchange ratio of 0.5040 Delek US shares for each share of Alon.

DGAS 02/21/2017 Peoples Natural Gas (N/A) Cash $227 million $30.50 $30.41 1,822 12/31/2017 0.30% 0.44%
Delta Natural Gas Company, Inc. merger details:

Expected to close by the end of 2017 for a closing value of $227 million. Upon completion of the merger, shareholders of Delta Natural Gas will receive $30.50 per share in cash.

TRR 03/31/2017 New Mountain Capital (N/A) Cash $438 million $17.55 $17.50 17,845 06/30/2017 0.29% 1.63%
TRC Companies, Inc. merger details:

Expected to be completed prior to June 30, 2017 for a closing value of $438 million . Upon completion of the merger, shareholders of TRC Companies will receive $17.55 per share in cash.

UAM 11/17/2016 WellCare Health Plans, Inc. (WCG) Cash $800 million $10.00 $9.98 67,058 06/30/2017 0.25% 1.43%
Universal American Corp merger details:

Expected to close in the second quarter of 2017 for a closing value of $800 million. Upon completion of the merger, shareholders of Universal American Corp will receive $10.00 per share in cash.

Update(s)

January 4, 2017: WellCare Health Plans (WCG) and Universal American Corp. (UAM) announced the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) for WellCare’s proposed acquisition of Universal American Corp.

January 17, 2016: Universal American Corp (UAM) announced that it will hold a special meeting of our stockholders in connection with the proposed merger on February 16, 2017.

February 17, 2017: Universal American (UAM) announced that during a special stockholder meeting, its stockholders voted to approve the adoption of the previously announced merger agreement, dated as of November 17, 2016, providing for the acquisition of Universal American by WellCare Health Plans (WCG).

MPSX 01/24/2017 WestRock Company (WRK) Cash $2.28 billion $18.00 $17.96 67,886 06/30/2017 0.22% 1.27%
Multi Packaging Solutions International Limited merger details:

Expected to close in WestRock's third quarter fiscal 2017 for a closing value of $2.28 billion. Upon completion of the merger, shareholders of Multi Packaging Solutions will receive $18.00 per share in cash.

Update(s)

March 3, 2017: Multi Packaging Solutions (MPSX) invited its shareholders to attend a special general meeting of shareholders of Multi Packaging Solutions to be held on April 5, 2017.

SALE 04/10/2017 Harland Clarke Holdings Corp. (N/A) Cash $216 million $11.60 $11.58 163,756 06/30/2017 0.22% 1.23%
RetailMeNot, Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $216 million. Upon completion of the merger, shareholders of RetailMeNot will receive $11.60 per share in cash.

GTWN 10/06/2016 Salem Five Bancorp (N/A) Cash $49.2 million $26.00 $25.95 N/A 03/31/2017 0.19% 0.00%
Georgetown Bancorp Inc. merger details:

Expected to close in the first quarter of 2017 for a closing value of $49.2 million. Upon completion of the merger, shareholders of Georgetown Bancorp will receive $26.00 per share in cash.

Update(s)

January 3, 2017: Georgetown Bancorp (GTWN) invited its shareholders to attend a special meeting of stockholders that will be held at the headquarters of Georgetown Bancorp on February 13, 2017.

BNCN 01/23/2017 Pinnacle Financial Partners, Inc. (PNFP) Stock $1.9 billion $34.21 $34.15 34,116 09/30/2017 0.18% 0.42%
BNC Bancorp merger details:

Expected to close in the third quarter of 2017 for a closing value of $1.9 billion in an all stock deal. Under the terms of the merger agreement, BNC shareholders will receive 0.5235 shares of Pinnacle common stock for every BNC share.

Update(s)

April 7, 2017: Pinnacle Financial Partners (PNFP) and BNC Bancorp (BNCN) announced that Pinnacle has received approvals of its applications to merge with BNC from the Federal Reserve Bank of Atlanta, the Tennessee Department of Financial Institutions and the North Carolina Office of the Commissioner of Banks. Accordingly, all banking regulatory approvals required for consummation of the proposed mergers have been received.

EXAR 03/29/2017 MaxLinear, Inc. (MXL) Cash $472 million $13.00 $12.98 1,402,305 06/30/2017 0.15% 0.88%
Exar Corporation merger details:

Expected to close in the second quarter of 2017 for a closing value of $472 million. Upon completion of the merger, shareholders of Exar Corporation will receive $13.00 per share in cash.

ERS 03/31/2017 A unit of Ta Chen Stainless Pipe Co., Ltd. (N/A) Cash $160.57 million $7.00 $6.99 16,792 06/30/2017 0.14% 0.82%
Empire Resources, Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $160.57 million. Upon completion of the merger, shareholders of Empire Resources will receive $7.00 per share in cash.

UTEK 02/02/2017 Veeco Instruments Inc. (VECO) Cash Plus Stock $550 million $30.83 $30.81 298,836 06/30/2017 0.07% 0.40%
Ultratech, Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $550 million in a cash plus stock deal. Under the terms of the agreement, Ultratech shareholders will receive (i) $21.75 per share in cash and (ii) 0.2675 of a share of Veeco common stock for each Ultratech common share outstanding.

SWC 12/09/2016 Sibanye Gold Limited (SBGL) Cash $2.2 billion $18.00 $17.99 457,414 05/04/2017 0.06% 2.90%
Stillwater Mining Company merger details:

Expected to close in the second quarter of 2017 for a closing value of $2.2 billion. Upon completion of the merger, shareholders of Stillwater Mining Companies will receive $18.00 per share in cash.

Update(s)

March 3, 2017: The Committee on Foreign Investment in the United States will extend its scrutiny of a $2.2 billion takeover by South Africa's Sibanye Gold of the only U.S. miner of platinum and palladium, Stillwater Mining (SWC). The committee, which examines deals for potential U.S. national security concerns, extended the deadline for its review from February 28 to no later than April 14, 2017 which the company said was part of the normal process.

April 17, 2017: Stillwater Mining Company (SWC) announced that it has been informed that the review by the Committee on Foreign Investment in the United States (CFIUS) related to the proposed acquisition of the Company by Sibanye Gold Limited (SBGL) has been completed, and there are no unresolved national security issues with respect to the transaction. Both Stillwater and Sibanye Gold Limited have scheduled shareholders’ meetings on April 25, 2017 to conduct voting related to the proposed merger.  

April 25, 2017: Stillwater Mining Company (SWC) announced that its shareholders adopted the merger agreement with Sibanye Gold Limited at Stillwater’s annual shareholder meeting. In addition, Sibanye announced that its shareholders approved the transaction and the related issuance of shares by Sibanye in a rights offering. Subject to customary closing conditions in accordance with the merger agreement, the merger is expected to close on or about May 4, 2017.

The Committee on Foreign Investment in the United States will extend its scrutiny of a $2.2 billion takeover by South Africa's Sibanye Gold of the only U.S. miner of platinum and palladium, Stillwater Mining (SWC).
The committee, which examines deals for potential U.S. national security concerns, extended the deadline for its review from February 28 to no later than April 14, 2017 which the company said was part of the normal process.The Committee on Foreign Investment in the United States will extend its scrutiny of a $2.2 billion takeover by South Africa's Sibanye Gold of the only U.S. miner of platinum and palladium, Stillwater Mining (SWC).The committee, which examines deals for potential U.S. national security concerns, extended the deadline for its review from February 28 to no later than April 14, 2017 which the company said was part of the normal process.
ETP 11/21/2016 Sunoco Logistics Partners L.P. (SXL) Stock $19.93 billion $35.48 $35.46 3,442,749 03/31/2017 0.04% 0.00%
Energy Transfer Partners, L.P. merger details:

Expected to close in the first quarter of 2017 for a closing value of $19.93 billionin an all stock deal. Under the terms of the transaction, ETP unitholders will receive 1.5 common units of SXL for each common unit of ETP they own.

Update(s)

March 24, 2017: Energy Transfer Partners (ETP) announced that it is holding a special meeting of its common unitholders on April 26, 2017, to obtain the vote of its common unitholders to adopt the merger agreement and the transactions contemplated thereby.

April 17, 2017: Energy Transfer Partners (ETP) announced that all three proxy advisory firms, Institutional Shareholder Services, Glass Lewis & Co., and Egan-Jones Proxy Services have recommended that ETP unitholders vote “FOR” approval of the proposed merger with Sunoco Logistics Partners (SXL), which will be considered at the April 26, 2017 special meeting of ETP unitholders.

ZLTQ 02/13/2017 Allergan plc (AGN) Cash $2.475 billion $56.50 $56.49 337,842 12/31/2017 0.03% 0.04%
ZELTIQ Aesthetics, Inc. merger details:

Expected to close in the second half of 2017 for a closing value of $2.475 billion. Upon completion of the merger, shareholders of ZELTIQ Aesthetics will receive $56.50 per share in cash.

EVER 08/08/2016 TIAA (N/A) Cash $2.5 billion $19.50 $19.50 141,115 06/30/2017 0.03% 0.15%
EverBank Financial Corp. merger details:

Expected to close in the first half of 2017 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of EverBank Financial will receive $19.50 per share in cash.

Update(s)

November 9, 2016: EverBank Financial (EVER) announced that the Company’s stockholders voted to approve its acquisition by Teachers Insurance and Annuity Association of America (TIAA) at a special stockholder meeting.

SBY 02/27/2017 Tricon Capital Group Inc. (N/A) Cash $1.4 billion $21.50 $21.52 56,612 06/30/2017 -0.09% -0.53%
Silver Bay Realty Trust Corp. merger details:

Expected to close in the second quarter of 2017 for a closing value of $1.4 billion. Upon completion of the merger, shareholders of Silver Bay will receive $21.50 per share in cash.

ELOS 04/03/2017 Funds advised by Apax Partners (N/A) Cash $319.66 million $11.00 $11.03 97,263 06/30/2017 -0.23% -1.29%
Syneron Medical Ltd. merger details:

Expected to close for a closing value of $319.66 million. Upon completion of the merger, shareholders of Syneron Medical will receive $11.00 per share in cash.

ISLE 09/19/2016 Eldorado Resorts, Inc. (ERI) Cash $1.7 billion $23.00 $23.17 1,450,266 06/30/2017 -0.74% -4.19%
Isle of Capri Casinos, Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $1.7 billion in a cash or stock deal. Under the terms of the agreement, Eldorado will acquire all of the outstanding shares of Isle of Capri for $23.00 in cash or 1.638 shares of Eldorado common stock. Elections are subject to proration such that the outstanding shares of Isle common stock will be exchanged for aggregate consideration comprised of 58% cash and 42% Eldorado common stock.

Update(s)

December 15, 2016: Eldorado Resorts (ERI) announced that it received approval from the West Virginia Lottery Commission for its pending acquisition of Isle of Capri Casinos (ISLE).

January 25, 2017: Shareholders of Eldorado Resorts (ERI) and Isle of Capri Casinos (ISLE) voted to approve Eldorado's acquisition of Creve Coeur-based Isle of Capri.

EVBS 12/13/2016 Southern National Bancorp of Virginia, Inc. (SONA) Stock $178.3 million $11.57 $11.66 2,871 06/30/2017 -0.81% -4.63%
Eastern Virginia Bankshares, Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $178.3 million in an all stock deal. Under the terms of the agreement, Eastern Virginia common and preferred shareholders will receive a fixed exchange ratio equal to 0.6313 shares of Southern National common stock for each share of Eastern Virginia common stock or preferred stock owned.

Update(s)

February 23, 2017: The Eastern Virginia Bankshares (EVBS) Board of Directors decided to postpone the 2017 Annual Meeting of Shareholders because of the pending transactions contemplated by the Merger Agreement, which are expected to close in the second quarter of 2017.

APFH 04/25/2017 Tyson Foods, Inc. (TSN) Cash $4.2 billion $40.25 $40.65 556,116 07/01/2017 -0.98% -5.53%
ADVANCEPIERRE FOODS HOLDINGS, INC. merger details:

Expected to close in the third quarter of Tyson's fiscal 2017 for a closing value of $4.2 billion. Upon completion of the merger, shareholders of Advancepierre Foods will receive $40.25 per share in cash.

GNVC 01/24/2017 Intrexon Corporation (XON) Stock $6.3 million $6.32 $6.52 25,212 06/30/2017 -3.00% -17.09%
GenVec, Inc. merger details:

Expected to close in the second quarter of 2017 in an all stock deal. Under the terms of the agreement, GenVec stockholders will receive 0.297 of a share of Intrexon Common Stock in exchange for each share of GenVec common stock. GenVec stockholders will also receive a right to contingent consideration equal to 50% of any milestone or royalty payments received within 36 months after the closing of the transaction under GenVec's Research Collaboration and License Agreement with Novartis.

NSAT 03/27/2017 Hytera Project Corp. (N/A) Cash $62 million $10.25 $10.90 16,281 06/30/2017 -5.96% -34.01%
Norsat International Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $62 million. Upon completion of the merger, shareholders of Norsat will receive $10.25 per share in cash.

INNL 04/04/2017 Gurnet Point L.P. (N/A) Special Conditions $209 million $1.75 $2.05 151,009 06/30/2017 -14.63% -83.46%
Innocoll Holdings plc merger details:

Expected to close for a closing value of $209 million. Under the recommended offer, Gurnet Point will acquire Innocoll for $1.75 per share in cash, and up to $4.90 in cash from a contingent value right (CVR), for a total potential per share value of up to $6.65 or up to approximately $209 million in aggregate. We are entering this deal as a "Special Conditions" deal with a value of $1.75 and are not assigning a value to the CVR because it is both difficult and highly subjective.

GNCMA 04/04/2017 Liberty Ventures (LVNTA) Special Conditions $2.68 billion $32.50 $38.08 88,921 06/30/2017 -14.65% -83.57%
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.

RAI 01/17/2017 British American Tobacco p.l.c. (BTI) Cash Plus Stock $49.4 billion $47.29 $64.34 1,287,035 09/30/2017 -26.49% -61.98%
Reynolds American Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $49.4 billion in a cash plus stock deal. Under the terms of the agreement, BAT will acquire the 57.8% of RAI common stock that BAT does not currently own for $29.44 per share in cash and a number of BAT American Depositary Shares (ADS) representing 0.5260 of a BAT ordinary share. Each ADS represents two ordinary shares.

Update(s)

March 9, 2017: Reynolds American (RAI) and British American Tobacco (BTI) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to BAT’s proposed acquisition of RAI has expired without a request for additional information by the U.S. Department of Justice or the Federal Trade Commission. The expiration of the Act’s waiting period satisfies the transaction closing condition related to U.S. antitrust approval. The transaction still requires approval by RAI and BAT shareholders and regulatory clearance from Japan, and is subject to the satisfaction or waiver of the other closing conditions specified in the merger agreement. Both companies continue to expect the transaction to close in the third quarter of 2017.

April 5, 2017: Reynolds American (RAI) announced that British American Tobacco (BTI) has obtained unconditional antitrust approval from the Japanese authorities in relation to its proposed acquisition of RAI.

Reynolds American (RAI) and British American Tobacco (BAT) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to BAT’s proposed acquisition of RAI has expired without a request for additional information by the U.S. Department of Justice or the Federal Trade Commission. The expiration of the Act’s waiting period satisfies the transaction closing condition related to U.S. antitrust approval. The transaction still requires approval by RAI and BAT shareholders and regulatory clearance from Japan, and is subject to the satisfaction or waiver of the other closing conditions specified in the merger agreement.
Both companies continue to expect the transaction to close in the third quarter of 2017.Reynolds American (RAI) and British American Tobacco (BAT) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to BAT’s proposed acquisition of RAI has expired without a request for additional information by the U.S. Department of Justice or the Federal Trade Commission. The expiration of the Act’s waiting period satisfies the transaction closing condition related to U.S. antitrust approval. The transaction still requires approval by RAI and BAT shareholders and regulatory clearance from Japan, and is subject to the satisfaction or waiver of the other closing conditions specified in the merger agreement.Both companies continue to expect the transaction to close in the third quarter of 2017.
STRP 04/10/2017 AT&T Inc. (T) Special Conditions $1.6 billion $95.63 $131.21 134,033 03/31/2018 -27.12% -29.28%
Straight Path Communications Inc. merger details:

Expected to close within 12 months for a closing value of $1.6 billion. Under the terms of the agreement, the stock consideration received by Straight Path shareholders will be based on a variable number of AT&T common stock issued at transaction close to ensure fixed consideration of $95.63 per share.

Update(s)

April 25, 2017: Straight Path Communications (STRP) announced that the Straight Path Board of Directors determined that an unsolicited offer from a multi-national telecommunications company to acquire 100% of the issued and outstanding shares of Straight Path for $104.64 per share, which will be paid in Bidder stock in an all-stock transaction constitutes a “Superior Proposal” as defined in Straight Path’s previously announced definitive agreement and plan of merger with AT&T (T). Straight Path has notified AT&T of the Straight Path Board’s determination and, pursuant to the AT&T Merger Agreement, AT&T has the option for the next five business days to negotiate a possible amendment of that agreement to match or exceed the Bidder’s offer.

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

  Symbol Clo. Date Profit Annu. Profit
RAD 07/31/2017 66.24% 254.50%
Rite Aid Corporation merger details:

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

Update(s)

September 9, 2016: Walgreens (WBA) announced that it has been in talks with the Federal Trade Commission (FTC) since its announcement to discuss what actions need to be taken to gain the necessary regulatory blessings of its $17 billion acquisition of RiteAid (RAD).

September 12, 2016: Walgreens (WBA) to Divest More Stores to Close Rite Aid Deal. WBA provided an update to its proposed takeover of Rite Aid Corporation (RAD). Per the requirements stated by the U.S. Federal Trade Commission, for the acquisition to be closed, Walgreens now needs to divest between 500 and 1,000 drug stores.

October 20, 2016: Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that, in accordance with the terms of their merger agreement dated 27 October 2015, they have mutually agreed to extend the end date of their merger agreement from 27 October 2016 to 27 January 2017. The companies now expect the transaction will close in early calendar 2017. 

December 20, 2016: Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that they have entered into an agreement to sell 865 Rite Aid stores and certain assets related to store operations to Fred’s (FRED) for $950 million in an all-cash transaction.

January 20, 2017: Rite Aid (RAD) shares were halted after falling 18% on reports that the FTC will not approve Walgreens Boots Alliance's (WBA) acquisition of the company, even after the two sides promised store divestitures to Fred's (FRED).

January 26, 2017: The chief executive of Walgreens Boots Alliance (WBA) said that the biggest U.S. drug store chain was pressing on with its purchase of smaller Rite Aid (RAD), which was announced in October 2015 and has not closed.

January 30, 2017: Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that they have entered into an amendment and extension of their previously announced definitive merger agreement. Under the terms of the amendment, the parties have agreed to reduce the price for each share of Rite Aid common stock to be paid by Walgreens Boots Alliance. The revised price will be a maximum of $7.00 per share and a minimum of $6.50 per share.

In addition, Walgreens Boots Alliance will be required to divest up to 1,200 Rite Aid stores and certain additional related assets if required to obtain regulatory approval. The exact price per share will be determined based on the number of required store divestitures, with the price set at $7.00 per share if 1,000 stores or fewer are required for divestiture and at $6.50 per share if 1,200 stores are required for divestiture. If the required divestitures fall between 1,000 and 1,200 stores, then there will be a pro-rata adjustment of the price per share. Walgreens Boots Alliance agreement to divest up to 1,200 Rite Aid stores represents an increase of up to 200 stores over the 1,000 stores that Walgreens Boots Alliance had agreed to divest under the terms of the original agreement.

In addition, Walgreens Boots Alliance will be required to divest up to 1,200 Rite Aid stores and certain additional related assets if required to obtain regulatory approval. The exact price per share will be determined based on the number of required store divestitures, with the price set at $7.00 per share if 1,000 stores or fewer are required for divestiture and at $6.50 per share if 1,200 stores are required for divestiture. If the required divestitures fall between 1,000 and 1,200 stores, then there will be a pro-rata adjustment of the price per share. Walgreens Boots Alliance agreement to divest up to 1,200 Rite Aid stores represents an increase of up to 200 stores over the 1,000 stores that Walgreens Boots Alliance had agreed to divest under the terms of the original agreement.

Additionally, Walgreens Boots Alliance and Rite Aid agreed to extend the end date under the previously announced agreement from 27 January 2017 to 31 July 2017 in order to allow the parties additional time to obtain regulatory approval.

March 15, 2017: Walgreens Boots Alliance (WBA) is trying to secure a deal to sell more locations and assets to Fred’s (FRED) so that it can meet regulatory approval to acquire Rite Aid (RAD).

March 16, 2017: As Walgreens Boots Alliance's (WBA) acquisition of Rite Aid (RAD) nears FTC approval, Fred's has added several directors with retail experience to its board.

March 30, 2017: Walgreens (WBA) made a risky move to win regulatory approval for its $9.7 billion merger with Rite Aid (RAD). Walgreen has set a deadline of roughly three months for the FTC to either block the merger or let it go forward.

GNW 06/30/2017 32.44% 185.00%
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.

LSCC 03/31/2017 20.46% 0.00%
Lattice Semiconductor Corporation merger details:

Expected to close early in 2017 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Lattice Semiconductor will receive $8.30 per share in cash.

Update(s)

November 30, 2016: Lattice Semiconductor Corporation (LSCC) announced that under the HSR Act and the rules promulgated thereunder, certain transactions exceeding the applicable thresholds require notification to the FTC and DOJ and expiration or termination of the applicable waiting period before the transaction can be consummated, unless an exemption applies. Parent or Merger Sub, on the one hand, and the Company, on the other hand, filed with the FTC and the DOJ on December 9, 2016 a Notification and Report Form relating to the Merger Agreement and the transactions contemplated hereby as required by the HSR Act. Under the HSR Act, the Merger may not be consummated until expiration or early termination of a 30-day waiting period, which will expire on January 9, 2017.

January 27, 2017: Lattice Semiconductor (LSCC) invited its shareholders to attend a special meeting of stockholders of Lattice Semicondutors, which will be held on Feburary 28, 2017. The Merger is subject to routine review by antitrust authorities to determine whether the proposed transaction is likely to substantially lessen competition in any relevant market. Under the Merger Agreement, the Merger cannot be completed until (1) the expiration or termination of the applicable waiting period under the HSR Act, which early termination was granted on January 4, 2017, (2) the expiration or termination of the applicable waiting period under the Austrian Competition Act (Wettbewerbsgesetz) and/or the Austrian Cartel Act (Kartellgesetz), and (3) the clearance of the Merger by CFIUS.

February 28, 2017: Lattice Semiconductor Corporation (LSCC) announced that its shareholders have approved the adoption of the agreement and plan of merger.

March 24, 2017: Canyon Bridge Capital Partners, the China-backed buyout fund that agreed to acquire Lattice Semiconductor (LSCC) in November for $1.3 billion, has resubmitted the deal for U.S. government review.

Lattice Semiconductor Corporation (LSCC) announced that under the HSR Act and the rules promulgated thereunder, certain transactions exceeding the applicable thresholds require notification to the FTC and DOJ and expiration or termination of the applicable waiting period before the transaction can be consummated, unless an exemption applies.
Parent or Merger Sub, on the one hand, and the Company, on the other hand, filed with the FTC and the DOJ on December 9, 2016 a Notification and Report Form relating to the Merger Agreement and the transactions contemplated hereby as required by the HSR Act. Under the HSR Act, the Merger may not be consummated until expiration or early termination of a 30-day waiting period, which will expire on January 9, 2017.Lattice Semiconductor Corporation (LSCC) announced that under the HSR Act and the rules promulgated thereunder, certain transactions exceeding the applicable thresholds require notification to the FTC and DOJ and expiration or termination of the applicable waiting period before the transaction can be consummated, unless an exemption applies.Parent or Merger Sub, on the one hand, and the Company, on the other hand, filed with the FTC and the DOJ on December 9, 2016 a Notification and Report Form relating to the Merger Agreement and the transactions contemplated hereby as required by the HSR Act. Under the HSR Act, the Merger may not be consummated until expiration or early termination of a 30-day waiting period, which will expire on January 9, 2017.
WR 06/30/2017 15.43% 87.99%
Westar Energy, Inc. merger details:

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

Update(s)

September 27, 2016: The KCC issued an order setting a procedural schedule for the application, with a KCC order date of April 24, 2017.  On October 18, 2016, the KCC issued an order stating that, if the KCC staff or other interested parties believe that the joint application does not adequately address the standards by which public utility mergers should be evaluated in Kansas, KCC staff or other interested parties should file for relief, including the potential dismissal of the joint application.

December 20, 2016: The staff of the Kansas Corporation Commission said it couldn't recommend approval of a merger between Great Plains Energy (GXP) and Westar Energy (WR), saying it contains several flaws. We have extended the closing date for this deal to June 30, 2017.

April 19, 2017: The KCC rejected the merger application filed jointly by Westar Energy (WR) and Great Plains Energy (GXP) with the Kansas Corporation Commission requesting approval of the merger. Westar Energy is evaluating the written order.

CAB 09/30/2017 10.89% 25.48%
Cabelas Incorporated merger details:

Expected to close in the first half of 2017 for a closing value of $5.5 billion. Upon completion of the merger, shareholders of Cabela's will receive $65.50 per share in cash.

Update(s)

October 25, 2016: Cabela’s Incorporated (CAB) and Parent each filed with the Canadian Competition Bureau pre-merger notification forms pursuant to Section 114(1) of the Competition Act, which triggered the start of the 30-day statutory waiting period under the Competition Act. The waiting period was originally scheduled to expire on November 24, 2016, unless a Supplementary Information Request (“SIR”) was issued by the Bureau pursuant to subsection 114(2) of the Competition Act. On November 24, 2016, the Company and Parent each received from the Bureau a SIR pursuant to subsection 114(2) of the Competition Act. The issuance of a SIR does not indicate that the Bureau has concluded that the transaction raises competition concerns. The SIR reflects a determination by the Bureau that it requires additional information to assess the proposed transaction. The Bureau’s decision has the effect of extending the waiting period applicable to the Merger under the Competition Act, before which the transaction is prohibited by law to close, until 30 days after the day on which the information requested in the SIR has been received by the Bureau from all SIR recipients. The Company and Parent intend to cooperate fully with this request.

On October 25, 2016, the Company and Parent filed their respective notification and report forms under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), with the Antitrust Division of the Department of Justice and the United States Federal Trade Commission, which triggered the start of the HSR Act waiting period. The statutory waiting period was originally scheduled to expire on November 25, 2016. Effective November 25, 2016, with the Company’s prior consent, Parent voluntarily withdrew its HSR Act notification to provide the FTC an extension beyond the initial 30-day HSR Act waiting period to conduct its review. On November 29, 2016, Parent re-filed its HSR Act notification with the FTC and DOJ. The new waiting period under the HSR Act will expire on December 29, 2016, unless the DOJ or FTC grants early termination of the HSR Act waiting period or formally requests additional information concerning the Merger.

December 30, 2016: U.S. fishing and hunting equipment retailer Cabela's (CAB), which is being bought by privately held rival Bass Pro Shops, said the Federal Trade Commission had sought more information from the companies about the deal. Capital One had informed the company that it does not expect to get approval for acquiring the credit card business, called World's Foremost Bank, before Oct. 3, 2017, hence not allowing the deal to close in the first half of 2017.

February 23, 2017: The possibility of Gander Mountain's bankruptcy could derail Cabela's (CAB) merger with Bass Pro Shops.

April 17, 2017: Bass Pro Shops announced that it is lowering the price it will pay to buy  Cabela's (CAB) as part of an amended merger agreement. Bass Pro will now acquire Cabela's for $61.50 per share in cash, or about $5 billion. The merger is now expected to close in the third quarter of 2017. 

ADGE 06/30/2017 10.40% 59.31%
American DG Energy, Inc. merger details:

Expected to close in the first half of 2017 for $20 million in an all stock deal. Under the terms of the agreement, each share of American DG common stock will be exchanged for 0.092 shares of Tecogen common stock.

MON 12/31/2017 9.89% 14.56%
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.

MBVT 06/30/2017 9.38% 53.47%
Merchants Bancshares Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $304 million. Under the terms of the agreement, shareholders of Merchants Bancshares will have the option to receive, at their election, consideration per share equal to (i) 0.963 shares of Community Bank System common stock, (ii) $40.00 in cash or (iii) the combination of 0.6741 shares of Community Bank System common stock and $12.00 in cash, subject to an overall proration to 70% stock and 30% cash.

GLBL 12/31/2017 8.51% 12.53%
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.

TWX 12/31/2017 7.23% 10.64%
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).

WGL 06/30/2018 6.57% 5.59%
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.

AMFW 12/31/2017 6.47% 9.52%
Amec Foster Wheeler plc merger details:

Expected to close in the second half of 2017 for a closing value of $2.7 billion in an all stock deal. Under the terms of the agreement, each Amec Foster Wheeler Shareholder will receive for each Amec Foster Wheeler Share, 0.75 New Wood Group Shares.

SGBK 12/31/2017 5.38% 7.91%
Stonegate Bank merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $778.4 million. Under the terms of the agreement, shareholders of Stonegate Bank will receive $49 per share with $50 million paid in cash and $699.8 million paid in stock subject to a collar and based on a 20 day Volume Weighted-Average Price (“VWAP”) of Home BancShares three days prior to closing.

NXPI 12/31/2017 4.39% 6.47%
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).

EGAS 12/31/2017 4.38% 6.45%
Gas Natural Inc. merger details:

Expected to close in the second half of 2017 for a closing value of $196 million. Upon completion of the merger, shareholders of Gas Natural will receive $13.10 per share in cash.

Update(s)

December 28, 2016: Gas Natural (EGAS) announced that, based on votes cast at the Company's special meeting of shareholders, Gas Natural's shareholders voted to approve the Company's previously announced plan to merge with First Reserve Energy Infrastructure Fund.

CACQ 03/31/2017 4.19% 0.00%
Caesars Acquisition Company merger details:

Expectes to close in the first quarter of 2015 in an all stock deal. Under the terms of the agreement, each outstanding share of Caesars Acquisition class A common stock will be exchanged for 0.664 share of Caesars Entertainment common stock.

Update(s)

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

January 16, 2017: We have extended the closing date for this deal to March 31, 2017.

February 21, 2017: Caesars Entertainment Corporation (CZR) and Caesars Acquisition Company (CACQ) announced that they have amended the terms of their proposed merger. Under the terms of the Merger Agreement, as amended, Caesars Acquisition stockholders will receive 1.625 shares of Caesars Entertainment for each Caesars Acquisition share they own, subject to anti-dilution adjustments in certain circumstances set forth in the Merger Agreement, as amended. Closing of the merger is subject to regulatory and stockholder approval, receipt of certain tax opinions and other customary closing conditions.

XCRA 12/31/2017 4.06% 5.98%
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.

LVLT 09/30/2017 3.95% 9.24%
Level 3 Communications, Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $34 billion in a cash plus stock deal. Under terms of the agreement, Level 3 shareholders will receive $26.50 per share in cash and a fixed exchange ratio of 1.4286 shares of CenturyLink stock for each Level 3 share they own.

Update(s)

January 12, 2017: CenturyLink (CTL) refiled its pre-merger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its previously-announced acquisition of Level 3 Communications (LVLT). Each company first filed its HSR notification on December 12, 2016 and, following consultations with the U.S. Department of Justice, Antitrust Division, CenturyLink withdrew its original HSR notification on January 11, 2017.

March 16, 2017: CenturyLink (CTL) and Level 3 Communications (LVLT) announced that shareholders of both companies overwhelmingly approved all proposals related to the companies’ merger.

ALR 09/30/2017 3.85% 9.00%
Alere Inc. merger details:

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

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

Update(s)

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

July 27, 2016: Alere received a U.S. Department of Justice subpoena regarding government-billing practices. The company released a statement claiming that the billing concerned "accounted for significantly less than 1% of Alere's total revenues" and is not material. 

August 26, 2016: Alere (ALR) issued a statement saying it’s suing the company it’s hoping to merge with, Abbott Laboratories (ABT). Alere said in a statement that it filed the complaint Thursday in Delaware Chancery Court hoping “to compel Abbott to fulfill its obligations under the terms of the merger agreement to take all actions necessary to promptly obtain all required anti-trust approvals.”

September 2, 2016: Representatives for Alere said that a Delaware judge granted a motion to expedite Alere's (ALR) lawsuit against Abbott Laboratories (ABT), which seeks to ensure that Abbott lives up to the terms of its $5.8 billion takeover of the diagnostics company.

September 8, 2016: Abbott Laboratories (ABT) and Alere (ALR) agreed to work with a mediator to settle their dispute over Abbott's role in obtaining U.S. antitrust clearance for its $5.8 billion takeover of the diagnostics company.

September 26, 2016: Alere said that mediation efforts between Abbott Laboratories (ABT) and Alere (ALR) have broken down. With the failure of the talks, Alere will likely proceed with a lawsuit in the Delaware Court of Chancery where it it trying to force Abbott to complete its $5.6 billion purchase of Alere.

October 21, 2016: Alere (ALR) announced that its shareholders have voted to approve the previously announced merger with Abbott (ABT). 

November 5, 2016: Abbott Laboratories (ABT) launched a lawsuit against Alere (ALR) for having not complying with the certain conditions contained in the $7.9 billion agreement.

December 7, 2016: Alere (ALR), issued a statement in response to a lawsuit filed by Abbott Laboratories (ABT) in the Delaware Court of Chancery to terminate Abbott's pending merger agreement with Alere. On December 8, 2016, Abbott Laboratories fired the latest salvo in its legal battle with Alere over their $5.8 billion buyout agreement, suing the troubled Waltham diagnostics firm in an effort to terminate the deal.

December 30, 2016: Arriva Medical, a Florida-based subsidiary of Alere (ALR), filed an appeal with the the Centers for Medicare and Medicaid Services on Wednesday seeking to reinstate its enrollment. The Medicare dispute is one reason why Abbott Laboratories (ABT) is currently seeking to terminate its February buyout of Alere. The companies have sued one another in Delaware court, with Alere arguing that the $5.8 billion deal should go forward.

January 4, 2017: Alere (ALR) provided an update in connection with Arriva Medical's complaint filed on December 28, 2016, against the Centers for Medicare & Medicaid Services. We have extended the closing date for this deal to March 31, 2017.

January 25, 2017: Alere (ALR) announced that the European Commission has granted clearance for Abbott Laboratories (ABT) to acquire Alere.

April 14, 2017: Abbott (ABT) and Alere (ALR) announced that the companies have agreed to amend the existing terms of their agreement for Abbott's acquisition of Alere. Under the amended terms, Abbott will pay $51 per common share to acquire Alere, for a new expected equity value of approximately $5.3 billion, reduced from the originally expected equity value of approximately $5.8 billion. The transaction is expected to close by the end of the third quarter of 2017. Under the amended terms, the date by which necessary regulatory approvals must be received has been extended to Sept. 30, 2017, from April 30, 2017.

BCR 11/30/2017 3.27% 5.50%
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.

ANCB 09/30/2017 3.21% 7.50%
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.

RBPAA 09/30/2017 2.86% 6.69%
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.

CUNB 12/31/2017 2.78% 4.09%
CU Bancorp merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $705 million. Under terms of the Agreement, CU Bancorp shareholders will receive 0.5308 shares of PacWest common stock and $12.00 in cash for each share of CU Bancorp.

MBLY 12/31/2017 2.69% 3.95%
Mobileye N.V. merger details:

Expected to close in the next nine months for a closing value of $14.7 billion. Upon completion of the merger, shareholders of Mobileye will reeive $63.54 per share in cash.

FBRC 06/30/2017 2.29% 13.04%
FBR & Co. merger details:

Expected to close in the second quarter of 2017 for a closing value of $160.1 million in an all stock deal. Under the terms of the agreement, FBR shareholders will receive .671 shares of B. Riley common stock and an anticipated pre-closing cash dividend of $8.50 per share assuming sufficient funds are available for distribution.

SAJA 07/31/2017 2.10% 8.07%
Sajan, Inc. merger details:

Expected to close shortly after the shareholders meeting which is to be held in July 2017 for a closing value of $15.19 million. Upon completion of the merger, shareholders of Sajan will receive $5.83 per share in cash.

AKRX 03/31/2018 2.09% 2.25%
Akorn, Inc. merger details:

Expected to close by early 2018 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Akorn will receive $34.00 per share in cash.

HW 06/30/2017 1.87% 10.66%
Headwaters Incorporated merger details:

Expected to close in mid-calendar year 2017 for a closing value of $2.6 billion. Upon completion of the merger, shareholders of Headwaters will receive $24.25 per share in cash.

Update(s)

December 29, 2016: Headwaters (HW) invited its stockholders to attend the Special Meeting of Stockholders of Headwaters Incorporated, which will be held on Friday, February 3, 2017 to approve the merger agreement with Boral Limited and Enterprise Merger Sub.

January 5, 2017: Boral Limited, in consultation with Headwaters Incorporated (HW), voluntarily withdrew its Premerger Notification and Report Form on January 6, 2017, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the proposed acquisition of Headwaters by Boral. Boral plans to re-file the HSR Filing on January 10, 2017 in order to restart the initial waiting period under the HSR Act and to provide the U.S. Federal Trade Commission additional time to review the proposed transaction.

February 3, 2017: Headwaters Incorporated (HW) announced that its stockholders approved the acquisition of Headwaters by Boral Limited at its special meeting of stockholders.

February 9, 2017: Headwaters Incorporated (HW) and Boral Limited received a Request for Additional Information and Documentary Materials, commonly referred to as a “second request,” from the U.S. Federal Trade Commission. The FTC’s second request has the effect of extending the waiting period under the HSR Act until 30 days after the parties substantially comply with the request, unless the waiting period is extended voluntarily by the parties or terminated earlier by the FTC. The Company and Boral intend to continue to cooperate fully with the FTC in connection with its review.

AWH 06/30/2017 1.77% 10.10%
Allied World Assurance Company Holdings merger details:

Expected to close in the second quarter of 2017 for a closing value of $4.9 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Allied World will receive cash and stock for a total value of $54.00 per Allied World share. The cash portion of the deal is $10, half of which will be paid as a  pre-closing dividend. The share portion of the deal is worth approximately $44.00 in Fairfax Shares and is subject to collars based on the price of Fairfax. Fairfax also has the option to covert $30 of the share portion into a cash offer.

A portion of the stock consideration, having a value of $14.00 based on the closing price of Fairfax Shares as of December 16, 2016, is payable at a fixed exchange ratio of 0.030392. The remaining portion of the stock consideration to Allied World will be a number of Fairfax Shares with a value equal to $30.00, with such number of Fairfax Shares determined based on the volume weighted average closing price of Fairfax Shares for the 20 trading days ending on the day prior to closing (provided that this volume weighted average price is no less than $435.65 and no greater than $485.65 per share, $25.00 below and above the Fairfax Closing Price, respectively). If the volume weighted average price of Fairfax Shares during this period is above $485.65, the stock portion of the consideration will be fixed at 0.061772 Fairfax Shares for each share of Allied World, and if it is below $435.65 per share, the stock portion of the consideration will be fixed at 0.068862 Fairfax Shares for each share of Allied World.  Additionally, on or before 75 days after the date of the Agreement, Fairfax has the option to replace on a dollar-for-dollar basis this portion of the stock consideration with cash in an amount up to $30.00 per Allied World Share, together with the dividend, for up to a total cash consideration of $40.00 per Allied World Share.  Fairfax may elect to fund the $30.00 in cash by an equity or debt issuance or by bringing in third party partners.

Given the complexity of the deal, we have entered this deal as a "Special Conditions" deal with a value of $54.

Update(s)

March 3, 2017: Fairfax Financial Holdings Limited (FFH.TO) and Allied World Assurance Company Holdings (AWH) announced that they have agreed to extend to March 10, 2017 the deadline by which Fairfax has the option to increase the cash consideration, and correspondingly reduce the “Fixed Value Stock Consideration” under the terms of the previously announced definitive merger agreement. In connection with the transaction, Allied World will hold a Special Shareholder Meeting on Wednesday, March 22, 2017.

March 10, 2017: Fairfax Financial Holdings Limited (FFH.TO) and Allied World Assurance Company Holdings (AWH) announced that Fairfax has exercised its option to increase the cash consideration component of its offer to Allied World shareholders by $18.00 out of a possible increase of $30.00 per ordinary share. As a result, the cash consideration component of the offer will increase from $5.00 per ordinary share to $23.00 per ordinary share, together with the $5.00 special dividend that, subject to Allied World shareholder approval, will be payable in connection with the transaction, for total cash consideration of $28.00 per Allied World ordinary share.

March 22, 2017: Allied World Assurance Company Holdings (AWH) announced that its shareholders have approved both of the proposals that were voted on at the company’s special shareholder meeting held in connection with the previously announced merger transaction with Fairfax Financial Holdings Limited.

BRCD 10/31/2017 1.67% 3.27%
Brocade Communications Systems, Inc. merger details:

Expected to close in the second half of Broadcom's fiscal year 2017 for a closing value of $5.5 billion. Upon completion of the merger, shareholders of Brocade Communications Systems wil receive $12.75 per share in cash.

Update(s)

January 9, 2017: Broadcom (AVGO) and Brocade (BRCD) submitted filings to grant the Federal Trade Commission a little more time to review their $5.9B merger deal.

January 26, 2017: Brocade Communications (BRCD) confirmed that its shareholders voted in favor of the company's buyout by Broadcom (AVGO).

NVET 12/31/2017 1.66% 2.45%
Nexvet Biopharma Public Limited Company merger details:

Expected to close in the second half of 2017 for a closing value of $26.93 million. Upon completion of the merger, shareholders of Nexvet Biopharma will receive $6.72 per share in cash.

FCH 12/31/2017 1.62% 2.39%
FelCor Lodging Trust Incorporated merger details:

Expected to close by the end of 2017 for a closing value of $2.58 billion in an all stock deal. Under the terms of the agreement, each share of FelCor common stock will be converted into 0.362 shares of newly issued common shares of RLJ common stock in a taxable merger.

PCBK 06/30/2017 1.60% 9.12%
Pacific Continental Corporation merger details:

Expected to close by mid-2017 for a closing value of $644.1 million in an all stock deal. Under the terms of the merger agreement, Pacific Continental shareholders are entitled to receive 0.6430 of a share of Columbia common stock for each share of Pacific Continental stock, subject to certain potential adjustments.

CFCB 06/30/2017 1.52% 8.66%
Centrue Financial Corporation merger details:

Expected to close by mid-2017 for a closing value of $175.1 million. Under the terms of the definitive agreement, holders of Centrue common stock will have the right to receive a fixed exchange ratio of 0.7604 shares of Midland common stock, a fixed consideration of $26.75 in cash, or a combination of cash and stock for each share of Centrue common stock they own, paid 65% in Midland common stock and 35% in cash, and subject to potential adjustment based on Centrue’s adjusted stockholders’ equity at closing.

OKSB 09/30/2017 1.50% 3.50%
Southwest Bancorp, Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $564.4 million in a cash plus stock deal. Under the terms of the Agreement, each outstanding share of common stock and equivalents of SBI will be converted into the right to receive 0.3903 shares of the Company’s common stock and $5.11 in cash.

Update(s)

March 9, 2017: Southwest Bancorp (OKSB) announced that its Annual Meeting of Shareholders will be held on April 25, 2017.

FRP 06/30/2017 1.46% 8.34%
Fairpoint Communications, Inc. merger details:

Expected to close by mid-2017 for for a closing value of $1.5 billion in an all stock deal. Under the terms of the agreement, FairPoint shareholders will receive a fixed exchange ratio of 0.7300 shares of Consolidated Communications common stock for each share of FairPoint common stock.

Update(s)

January 12, 2017: The $1.5B merger of FairPoint Communications (FRP) and Consolidated Communications (CNSL) received its antitrust approval. That came in an early termination notice Thursday from the Federal Trade Commission, which means that neither it nor the Justice Department had issues with the merger that required either conditions or suing to block it, so its Hart-Scott-Rodino antitrust review was terminated early. The merger still needs to get the approval of the FCC, whose review extends beyond antitrust to public interest concerns.

March 28, 2017: FairPoint Communications (FRP) shareholders voted to adopt the merger agreement between FairPoint and Consolidated Communications Holdings (CNSL) during a special meeting.

WOOF 09/30/2017 1.43% 3.34%
VCA Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $9.1 billion. Upon completion of the merger, shareholders of VCA will receive $93.00 per share in cash.

Update(s)

February 15, 2017: VCA invited its shareholders to attend a special meeting of the stockholders on March 28, 2017.

FCFP 06/30/2017 1.43% 8.13%
First Community Financial Partners, Inc. merger details:

Expected to close by mid-2017 for a closing value of $235.8 million in a cash plus stock deal. Under the terms of the merger agreement, First Community shareholders will receive 0.396 shares of BUSE common stock and $1.35 in cash for each share of FCFP common stock.

DGI 12/31/2017 1.40% 2.06%
DigitalGlobe, Inc. merger details:

Expected to close in the second half of 2017 for a closing value of $3.6 billion in a cash plus stock deal. Under the terms of the agreement, each DigitalGlobe common share will be exchanged for US$17.50 in cash and 0.3132 MDA common shares, representing a per share value of US$17.50 based on MDA’s unaffected closing share price of C$73.40 on the Toronto Stock Exchange (TSX) on February 16, 2017.

MJN 09/30/2017 1.37% 3.22%
Mead Johnson Nutrition Company merger details:

Expected to close in the third quarter of 2017 for a closing value of $17.9 billion. Upon completion of the merger, shareholders of Mead Johnson Nutrition Company will receive $90.00 per share in cash.

SYUT 04/30/2017 1.26% 152.72%
Synutra International, Inc. merger details:

Under the terms of the agreement, shareholders of Synutra will receive $6.05 per share in cash.

Update(s)

March 9, 2017: Synutra International (SYUT) announced that its Annual Meeting of Shareholders will be held on April 28, 2017.

March 13, 2017: Synutra International (SYUT) announced that it has called a special meeting of its stockholders, to be held on April 28, 2017. We have extended the closing date for this deal to April 30, 2017.

MGI 12/31/2017 1.24% 1.82%
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.

AIQ 09/30/2017 1.15% 2.68%
Alliance Healthcare Services, Inc. merger details:

Expected to close for a closing value of $682 million. Upon completion of the merger, shareholders of Alliance Healthcare Services will receive $13.25 per share in cash.

Note: The closing date for this deal was not provided and hence we are using September 30, 2017 as a placeholder closing date.

SWFT 09/30/2017 1.13% 2.65%
Swift Transportation Company merger details:

Expected to close in the third quarter of 2017 for a closing value of $3.24 billion. Under the terms of the definitive agreement each Swift share will convert into 0.72 shares of Knight- Swift by means of a reverse stock split. Each share of Knight will be exchanged for one Knight-Swift share. Based on the $30.65 closing price of Knight shares on April 7, 2017, the last trading day prior to the announcement, the implied value per share of Swift is $22.07.

 

Disclaimer: We normally don't track mergers of companies that result in the creation of a new entity because of uncertainty around the value of the new company. In this case, because Knight shareholders will receive one share of the new company, we are going to treat this as an acquisition of Swift by Knight in order to figure out the spread on the deal.

ZPIN 12/31/2017 1.11% 1.64%
Zhaopin Limited merger details:

Expected to close in the second half of 2017. Under the terms of the agreement, SEEK International Investments will acquire all of the outstanding shares of Zhaopin for cash consideration, that together with the amount of the Special Dividend will equal US$9.10 per ordinary share of the Company and US$18.20 per American Depositary Share of the Company, each representing two Shares. Holders of Shares and ADSs as of immediately prior to the Effective Time will be entitled to receive a cash special dividend, which, will be a minimum US$0.28 and maximum US$1.35 per Share (corresponding with a minimum US$0.56 and maximum US$2.70 per ADS), which will be paid to such shareholders and ADS holders as promptly as practicable following the Effective Time.

XRA 06/30/2017 1.04% 5.95%
Exeter Resource Corporation merger details:

Expected to close no later than June 30, 2017 for a closing value of $184.45 million in an all stock deal. Under the terms of the agreement, shareholders of Exeter Resource Corporation will receive 0.12 of a Goldcorp share for each Exeter share.

SYT 06/30/2017 1.03% 5.89%
Syngenta AG merger details:

Expected to close by the end of the year for a closing value of $43 billion. Under the terms of the agreement, shareholders of Syngenta will receive US$465 per ordinary share plus a special dividend of CHF 5 to be paid conditional upon and prior to closing. The offer is equivalent to a Swiss franc value of CHF 480 per share. 

Update(s)

May 23, 2016: An ordinary dividend of up to CHF 11 gross per Common Share for the financial year ended December 31, 2015, and, upon the Offers becoming unconditional, a special dividend of CHF 5 gross per Common Share, in each case, if approved by an ordinary meeting of Syngenta shareholders scheduled to take place on April 26, 2016, will be paid to Syngenta shareholders. The price payable by Purchaser per Common Share or per ADS tendered into the U.S. Offer will not be adjusted as a result of the payment of the Ordinary Dividend and the Special Dividend.

October 28, 2016: European Union antitrust regulators opened an in-depth investigation into state-owned Chinese chemicals group ChemChina's $43 billion bid for Swiss pesticides and seeds group Syngenta (SYT), China's biggest-ever foreign acquisition.

November 1, 2016: ChemChina said it has extended its $43 billion cash offer for Swiss agrichemicals group Syngenta (SYT) to January 5 while it works to gain regulatory approval for the deal.

November 17, 2016: The European Commission pushed back its deadline for a decision on ChemChina's plan to acquire Swiss pesticides and seeds group Syngenta (SYT) by 10 working days to March 29. We have extended the closing date for this deal to April 15, 2017.

December 2, 2016: Reuters noted that ChemChina has put together a fund aimed at raising around $5 billion to help finance its Syngenta (SYT) purchase.

January 3, 2017: European Union antitrust regulators extended the deadline for a decision on ChemChina's proposed buy of Swiss pesticides and seeds group Syngenta (SYT) by 10 working days to April 12.

January 10, 2017: ChemChina and Syngenta (SYT) proposed minor concessions to the EU's competition watchdog to address concerns over their $43 billion merger plan.

January 16, 2017: Syngenta (SYT) Chief Executive Erik Fyrwald said that he expects regulatory approval soon for ChemChina's proposed $43 billion takeover of the Swiss pesticides and seeds group.

January 20, 2017: ChemChina announced that it has sought the U.S. anti-trust regulator's approval for its planned $43 billion acquisition of Swiss crop protection and seed group Syngenta AG (SYT).

February 2, 2017: According to sources, ChemChina is set to secure conditional EU antitrust approval for its $43 billion bid for Syngenta (SYT).

February 8, 2017: ChemChina and Syngenta (SYT) have made significant progress towards achieving the necessary regulatory approvals and closing the transaction. To date approvals have been achieved from 13 regulatory authorities; approvals are still awaited from Brazil, Canada, China, the EU, India, Mexico and the United States. National security clearance has been granted by CFIUS in the United States. ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure.

February 23, 2017: China National Chemical Corporation extended until April 28 its $43 billion tender offer for Swiss pesticides and seeds group Syngenta (SYT).

April 4, 2017: ChemChina and Syngenta (SYT) announced that they have received approval from the US Federal Trade Commission for the proposed acquisition of Syngenta by ChemChina. This represents a major step towards the closing of the transaction, which is expected to take place in the second quarter of 2017.

April 6, 2017: ChemChina won conditional EU antitrust approval for its $43 billion bid for Syngenta (SYT).

April 12, 2017: ChemChina and Syngenta (SYT) announced that they have received approval from the Ministry of Commerce of the People’s Republic of China for the proposed acquisition of Syngenta by ChemChina.

April 13, 2017: ChemChina announced that the tender offers to purchase all publicly held Syngenta (SYT) shares and ADSs will end on 4 May, 2017.

KCG 09/30/2017 0.91% 2.12%
KCG Holdings, Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $1.56 billion . Upon completion of the merger, shareholders of KCG Holdings will receive $20.00 per share in cash.

LMIA 06/30/2017 0.90% 5.14%
LMI Aerospace, Inc. merger details:

Expected to close by mid-2017 for a closing value of $381.48 million. Upon completion of the merger, shareholders of LMI Aerospace will receive $14.00 per share in cash.

FOR 09/30/2017 0.71% 1.65%
Forestar Group Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $442.77 million. Upon completion of the merger, shareholders of Forestar Group will receive $14.25 per share in cash.

OKS 06/30/2017 0.68% 3.86%
ONEOK Partners, L.P. merger details:

Expected to close in the second quarter of 2017 for a closing value of $17.2 billion in an all stock deal. Under the terms of the agreement, each outstanding common unit of ONEOK Partners that ONEOK does not already own will be converted into 0.985 shares of ONEOK common stock.

MEP 06/30/2017 0.63% 3.59%
Midcoast Energy Partners, L.P. merger details:

Expected to close in the second quarter of 2017 for a closing value of $170.2 million. Upon completion of the merger, shareholders of Midcoast Energy Partners will receive $8.00 per share in cash.

FIG 12/31/2017 0.62% 0.92%
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.

LMOS 09/30/2017 0.61% 1.44%
Lumos Networks Corp. merger details:

Expected to close during the third quarter of 2017 for a closing value of $950 million. Upon completion of the merger, shareholders of Lumos Networks will receive $18.00 per share in cash.

NSR 09/30/2017 0.60% 1.41%
NeuStar, Inc. merger details:

Expected to close in the third calendar wuarter of 2017 for a closing value of approximately $2.9 billion. Upon completion of the merger, shareholders of NeuStar will receive $33.50 per share in cash.

Update(s)

March 15, 2017: Neustar (NSR) announced that Neustar stockholders voted to approve the previously announced definitive merger agreement pursuant to which a private investment group led by Golden Gate Capital will acquire Neustar. 

AF 12/31/2017 0.60% 0.88%
Astoria Financial Corporation merger details:

Expected to close in the fourth quarter of 2017 for a closing value of $2.2 billion in an all stock deal. Under the terms of the agreement, shareholders of Astoria Financial will receive a fixed exchange of 0.875 shares of Sterling common stock for each share of Astoria common stock.

fixed exchange of 0.875 shares of Sterling common stock for each share of Astoria common stock.fixed exchange of 0.875 shares of Sterling common stock for each share of Astoria common stock.

 

SNOW 09/30/2017 0.51% 1.19%
Intrawest Resorts Holdings, Inc. merger details:

Expected to close in the third quarter of calendar 2017 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of Intrawest Resorts Holdings will receive $23.75 per share in cash.

VAL 06/21/2017 0.51% 3.36%
The Valspar Corporation merger details:

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

Update(s)

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

October 29, 2016: The Sherwin-Williams Company (SHW) and The Valspar Corporation (VAL) issued the following statement in response to unfounded market rumors concerning regulatory approvals for the definitive agreement between Sherwin-Williams and Valspar, which was announced on March 20, 2016: Sherwin-Williams and Valspar continue to cooperate fully with the FTC staff and continue to expect the transaction will close by the end of Q1 calendar year 2017.  Given the complementary nature of the businesses and the benefits this transaction will provide to customers, Sherwin-Williams and Valspar continue to believe that no or minimal divestitures should be required to complete the transaction.

December 19, 2016: The Sherwin-Williams Company (SHW) and The Valspar Corporation (VAL) issued the following statement in response to unfounded market rumors concerning regulatory approvals for the definitive agreement between Sherwin-Williams and Valspar, which was announced on March 20, 2016: Sherwin-Williams and Valspar continue to cooperate fully with the FTC staff and continue to expect the transaction will close by the end of Q1 calendar year 2017. Given the complementary nature of the businesses and the benefits this transaction will provide to customers, Sherwin-Williams and Valspar continue to believe that no or minimal divestitures should be required to complete the transaction.

Janaury 26, 2017: Sherwin-Williams (SHW) said it now expects to sell part of its business to complete its acquisition of rival Valspar (VAL).

March 21, 2017: The Sherwin-Williams Company (SHW) and The Valspar Corporation (VAL) announced that they have extended the termination date of the definitive agreement under which Sherwin-Williams will acquire Valspar for $113 per share in an all-cash transaction, from March 21, 2017 to June 21, 2017.

PNRA 09/30/2017 0.50% 1.18%
Panera Bread Company merger details:

Expected to close in the third quarter of 2017 for a closing value of $7.5 billion. Upon completion of the merger, shareholders of Panera Bread Company will receive $315 per share in cash.

SGM 06/30/2017 0.50% 2.87%
Stonegate Mortgage Corporation merger details:

Expected to close by the end of the second quarter of 2017 for a closing value of $211 million. Upon completion of the merger, shareholders of Stonegate Mortgage Corporation will receive $8.00 per share in cash.

Update(s)

March 13, 2017: Stonegate Mortgage Corporation (SGM) announced that it has set a date for a special meeting of its stockholders to consider and vote on a proposal to adopt the previously announced merger agreement which provides for the acquisition of Stonegate Mortgage by Home Point Financial Corporation. The special meeting is scheduled to be held on April 27, 2017.

INVN 09/30/2017 0.46% 1.08%
InvenSense, Inc. merger details:

Expected to close in the second quarter of the fiscal year ending March 31, 2018 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of InvenSense will receive $13.00 per share in cash.

Update(s)

April 18, 2017: InvenSense (INVN) announced that all necessary regulatory clearances have been received for the acquisition by TDK Corporation (TTDKY) of InvenSense, including from the Committee on Foreign Investment in the United States (CFIUS) and all other necessary regulatory authorities, and the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired. InvenSense will hold a special meeting of its stockholders on May 17, 2017, at which stockholders will be asked to approve, among other items, the previously announced transaction. The companies expect to close the transaction shortly thereafter.

NORD 08/31/2017 0.45% 1.30%
NORD ANGLIA EDUCATION, INC. merger details:

Expected to close before the end of Nord Anglia Education’s fiscal year ending August 31, 2017 for a closing value of $4.3 billion. Under the terms of the Merger Agreement, at the effective time of the merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time of the merger will be cancelled and cease to exist in exchange for the right to receive $32.50 in cash without interest.

WNR 06/30/2017 0.41% 2.36%
Western Refining, Inc. merger details:

Expected to close in the first half of 2017 for a closing value of $6.4 billion in an all stock deal. Under the terms of the agreement, Western shareholders can elect to receive 0.4350 shares of Tesoro for each share of Western stock they own, or $37.30 in cash per share of Western stock, up to a cap of 10% of the equity consideration. Because 90% of the consideration will be paid out in stock we are going to treat this as an all stock deal.

Update(s)

December 8, 2016: Tesoro (TSO) and Western Refining (WNR) filed their respective notification and report forms under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with the Antitrust Division of the Department of Justice  and the United States Federal Trade Commission, which triggered the start of the HSR Act waiting period. The statutory waiting period was originally scheduled to expire on January 9, 2017. Effective January 9, 2017, as permitted by the Merger Agreement, Tesoro voluntarily withdrew its HSR Act notification to provide the FTC an extension beyond the initial 30-day HSR Act waiting period to conduct its review. On January 11, 2017, Tesoro re-filed its HSR Act notification with the FTC and DOJ. The new waiting period under the HSR Act will expire on February 10, 2017, unless the DOJ or FTC grants early termination of the HSR Act waiting period or formally requests additional information concerning the Merger.

March 24, 2017: Western Refining (WNR) announced that WNR stockholders have approved the proposed acquisition of Western Refining by Tesoro Corporation (TSO).

CST 03/31/2017 0.40% 0.00%
CST Brands, Inc. merger details:

Expected to close early calendar year 2017 for a closing value of $4.4 billion. Upon completion of the merger, shareholders of CST Brands will receive $48.53 per share in cash.

Update(s)

October 11, 2016: On August 30, 2016, Circle K filed with the commissioner a request for an Advance Ruling Certificate or no-action letter. Circle K and CST filed their notifications with the commissioner on or before September 7, 2016, commencing the applicable waiting period from that date. On October 7, 2016, the commissioner issued supplementary information requests to each of Circle K and CST, thereby extending the waiting period until 30 days after both Circle K and CST comply with the supplementary information requests.

November 16, 2016: The Company received a request for additional information and documentary material from the United States Federal Trade Commission with respect to the pending acquisition of the Company by Alimentation Couche-Tard. Accordingly, the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, will expire 30 days after substantial compliance with the Second Request has been certified by all parties to the transaction that received a Second Request, unless that period is extended by court order or terminated earlier by the FTC.

December 9, 2016: CST Brands (CST) stockholders approved the merger agreement with one of the Alimentation Couche-Tard Inc.´s wholly owned U.S. subsidiaries.

UCP 09/30/2017 0.38% 0.90%
UCP, Inc. merger details:

Expected to close by the end of the third quarter of 2017 for a closing value of $336 million in a cash plus stock deal. Under the terms of the agreement, each outstanding share of UCP common stock will be converted into the right to receive $5.32 in cash and 0.2309 of a newly issued share of Century common stock.

MOCO 09/30/2017 0.33% 0.78%
MOCON, Inc. merger details:

Expected to close late in the second quarter or third calendar quarter of 2017 for a closing value of $182 million. Upon completion of the merger, shareholders of MOCON will receive $30.00 per share in cash.

PVTB 06/30/2017 0.32% 1.82%
PrivateBancorp, Inc. merger details:

Expected to close in the first calendar quarter of 2017 for a closing value of $3.8 billion in a cash plus stock deal. Under the terms of the agreement, CIBC will pay US$18.80 in cash and 0.3657 of a CIBC common share for each share of PrivateBancorp common stock.

Update(s)

December 7, 2016: PrivateBancorp (PVTB) postponed a shareholder vote due Thursday on a proposed takeover by Canadian Imperial Bank of Commerce (CM), raising doubts about whether the deal will proceed.

January 18, 2017: PrivateBancorp (PVTB) announced that they continue to work toward the successful completion of their proposed merger with CIBC. The long-term strategic benefits of the transaction remain compelling. They will announce the rescheduled stockholder meeting date when it is established by their Board of Directors.

February 23, 2017: Canadian Imperial Bank of Commerce (CM) said that it would be "disciplined" in assessing whether to raise its C$3.8 billion ($2.9 billion) offer for Chicago-based PrivateBancorp (PVTB) and could buy back shares if the deal collapses.

March 6, 2017: PrivateBancorp (PVTB) announced that it has set a new record date for its special meeting of stockholders to consider and act upon the Agreement and Plan of Merger by and among PrivateBancorp, Canadian Imperial Bank of Commerce and CIBC Holdco. PrivateBancorp stockholders of record at the close of business on March 31, 2017, will be entitled to receive the notice of, and to vote at, the PrivateBancorp special meeting. The PrivateBancorp special meeting is currently expected to be held on or about May 4, 2017.

March 30, 2017: PrivateBancorp (PVTB) and Canadian Imperial Bank of Commerce (CM) announced that they have entered into an amended merger agreement. Under the Amended Agreement, PrivateBancorp stockholders will receive, upon completion of the proposed merger with CIBC, US$24.20 in cash and 0.4176 of a CIBC common share for each share of common stock of PrivateBancorp held. The Amended Agreement values PrivateBancorp at approximately US$4.9 billion. The companies currently expect to close the transaction in the second calendar quarter of 2017. PrivateBancorp has set March 31, 2017 as the new record date for its special meeting of stockholders to consider and act upon the revised merger agreement.

ALJ 06/30/2017 0.30% 1.69%
Alon USA Energy, Inc. merger details:

Expected to close in the first half of 2017 for a closing value of $1.27 billion in an all stock deal. Under terms of the agreement, the owners of the remaining outstanding shares in Alon that Delek US does not currently own will receive a fixed exchange ratio of 0.5040 Delek US shares for each share of Alon.

DGAS 12/31/2017 0.30% 0.44%
Delta Natural Gas Company, Inc. merger details:

Expected to close by the end of 2017 for a closing value of $227 million. Upon completion of the merger, shareholders of Delta Natural Gas will receive $30.50 per share in cash.

TRR 06/30/2017 0.29% 1.63%
TRC Companies, Inc. merger details:

Expected to be completed prior to June 30, 2017 for a closing value of $438 million . Upon completion of the merger, shareholders of TRC Companies will receive $17.55 per share in cash.

UAM 06/30/2017 0.25% 1.43%
Universal American Corp merger details:

Expected to close in the second quarter of 2017 for a closing value of $800 million. Upon completion of the merger, shareholders of Universal American Corp will receive $10.00 per share in cash.

Update(s)

January 4, 2017: WellCare Health Plans (WCG) and Universal American Corp. (UAM) announced the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) for WellCare’s proposed acquisition of Universal American Corp.

January 17, 2016: Universal American Corp (UAM) announced that it will hold a special meeting of our stockholders in connection with the proposed merger on February 16, 2017.

February 17, 2017: Universal American (UAM) announced that during a special stockholder meeting, its stockholders voted to approve the adoption of the previously announced merger agreement, dated as of November 17, 2016, providing for the acquisition of Universal American by WellCare Health Plans (WCG).

MPSX 06/30/2017 0.22% 1.27%
Multi Packaging Solutions International Limited merger details:

Expected to close in WestRock's third quarter fiscal 2017 for a closing value of $2.28 billion. Upon completion of the merger, shareholders of Multi Packaging Solutions will receive $18.00 per share in cash.

Update(s)

March 3, 2017: Multi Packaging Solutions (MPSX) invited its shareholders to attend a special general meeting of shareholders of Multi Packaging Solutions to be held on April 5, 2017.

SALE 06/30/2017 0.22% 1.23%
RetailMeNot, Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $216 million. Upon completion of the merger, shareholders of RetailMeNot will receive $11.60 per share in cash.

GTWN 03/31/2017 0.19% 0.00%
Georgetown Bancorp Inc. merger details:

Expected to close in the first quarter of 2017 for a closing value of $49.2 million. Upon completion of the merger, shareholders of Georgetown Bancorp will receive $26.00 per share in cash.

Update(s)

January 3, 2017: Georgetown Bancorp (GTWN) invited its shareholders to attend a special meeting of stockholders that will be held at the headquarters of Georgetown Bancorp on February 13, 2017.

BNCN 09/30/2017 0.18% 0.42%
BNC Bancorp merger details:

Expected to close in the third quarter of 2017 for a closing value of $1.9 billion in an all stock deal. Under the terms of the merger agreement, BNC shareholders will receive 0.5235 shares of Pinnacle common stock for every BNC share.

Update(s)

April 7, 2017: Pinnacle Financial Partners (PNFP) and BNC Bancorp (BNCN) announced that Pinnacle has received approvals of its applications to merge with BNC from the Federal Reserve Bank of Atlanta, the Tennessee Department of Financial Institutions and the North Carolina Office of the Commissioner of Banks. Accordingly, all banking regulatory approvals required for consummation of the proposed mergers have been received.

EXAR 06/30/2017 0.15% 0.88%
Exar Corporation merger details:

Expected to close in the second quarter of 2017 for a closing value of $472 million. Upon completion of the merger, shareholders of Exar Corporation will receive $13.00 per share in cash.

ERS 06/30/2017 0.14% 0.82%
Empire Resources, Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $160.57 million. Upon completion of the merger, shareholders of Empire Resources will receive $7.00 per share in cash.

UTEK 06/30/2017 0.07% 0.40%
Ultratech, Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $550 million in a cash plus stock deal. Under the terms of the agreement, Ultratech shareholders will receive (i) $21.75 per share in cash and (ii) 0.2675 of a share of Veeco common stock for each Ultratech common share outstanding.

SWC 05/04/2017 0.06% 2.90%
Stillwater Mining Company merger details:

Expected to close in the second quarter of 2017 for a closing value of $2.2 billion. Upon completion of the merger, shareholders of Stillwater Mining Companies will receive $18.00 per share in cash.

Update(s)

March 3, 2017: The Committee on Foreign Investment in the United States will extend its scrutiny of a $2.2 billion takeover by South Africa's Sibanye Gold of the only U.S. miner of platinum and palladium, Stillwater Mining (SWC). The committee, which examines deals for potential U.S. national security concerns, extended the deadline for its review from February 28 to no later than April 14, 2017 which the company said was part of the normal process.

April 17, 2017: Stillwater Mining Company (SWC) announced that it has been informed that the review by the Committee on Foreign Investment in the United States (CFIUS) related to the proposed acquisition of the Company by Sibanye Gold Limited (SBGL) has been completed, and there are no unresolved national security issues with respect to the transaction. Both Stillwater and Sibanye Gold Limited have scheduled shareholders’ meetings on April 25, 2017 to conduct voting related to the proposed merger.  

April 25, 2017: Stillwater Mining Company (SWC) announced that its shareholders adopted the merger agreement with Sibanye Gold Limited at Stillwater’s annual shareholder meeting. In addition, Sibanye announced that its shareholders approved the transaction and the related issuance of shares by Sibanye in a rights offering. Subject to customary closing conditions in accordance with the merger agreement, the merger is expected to close on or about May 4, 2017.

The Committee on Foreign Investment in the United States will extend its scrutiny of a $2.2 billion takeover by South Africa's Sibanye Gold of the only U.S. miner of platinum and palladium, Stillwater Mining (SWC).
The committee, which examines deals for potential U.S. national security concerns, extended the deadline for its review from February 28 to no later than April 14, 2017 which the company said was part of the normal process.The Committee on Foreign Investment in the United States will extend its scrutiny of a $2.2 billion takeover by South Africa's Sibanye Gold of the only U.S. miner of platinum and palladium, Stillwater Mining (SWC).The committee, which examines deals for potential U.S. national security concerns, extended the deadline for its review from February 28 to no later than April 14, 2017 which the company said was part of the normal process.
ETP 03/31/2017 0.04% 0.00%
Energy Transfer Partners, L.P. merger details:

Expected to close in the first quarter of 2017 for a closing value of $19.93 billionin an all stock deal. Under the terms of the transaction, ETP unitholders will receive 1.5 common units of SXL for each common unit of ETP they own.

Update(s)

March 24, 2017: Energy Transfer Partners (ETP) announced that it is holding a special meeting of its common unitholders on April 26, 2017, to obtain the vote of its common unitholders to adopt the merger agreement and the transactions contemplated thereby.

April 17, 2017: Energy Transfer Partners (ETP) announced that all three proxy advisory firms, Institutional Shareholder Services, Glass Lewis & Co., and Egan-Jones Proxy Services have recommended that ETP unitholders vote “FOR” approval of the proposed merger with Sunoco Logistics Partners (SXL), which will be considered at the April 26, 2017 special meeting of ETP unitholders.

ZLTQ 12/31/2017 0.03% 0.04%
ZELTIQ Aesthetics, Inc. merger details:

Expected to close in the second half of 2017 for a closing value of $2.475 billion. Upon completion of the merger, shareholders of ZELTIQ Aesthetics will receive $56.50 per share in cash.

EVER 06/30/2017 0.03% 0.15%
EverBank Financial Corp. merger details:

Expected to close in the first half of 2017 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of EverBank Financial will receive $19.50 per share in cash.

Update(s)

November 9, 2016: EverBank Financial (EVER) announced that the Company’s stockholders voted to approve its acquisition by Teachers Insurance and Annuity Association of America (TIAA) at a special stockholder meeting.

SBY 06/30/2017 -0.09% -0.53%
Silver Bay Realty Trust Corp. merger details:

Expected to close in the second quarter of 2017 for a closing value of $1.4 billion. Upon completion of the merger, shareholders of Silver Bay will receive $21.50 per share in cash.

ELOS 06/30/2017 -0.23% -1.29%
Syneron Medical Ltd. merger details:

Expected to close for a closing value of $319.66 million. Upon completion of the merger, shareholders of Syneron Medical will receive $11.00 per share in cash.

ISLE 06/30/2017 -0.74% -4.19%
Isle of Capri Casinos, Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $1.7 billion in a cash or stock deal. Under the terms of the agreement, Eldorado will acquire all of the outstanding shares of Isle of Capri for $23.00 in cash or 1.638 shares of Eldorado common stock. Elections are subject to proration such that the outstanding shares of Isle common stock will be exchanged for aggregate consideration comprised of 58% cash and 42% Eldorado common stock.

Update(s)

December 15, 2016: Eldorado Resorts (ERI) announced that it received approval from the West Virginia Lottery Commission for its pending acquisition of Isle of Capri Casinos (ISLE).

January 25, 2017: Shareholders of Eldorado Resorts (ERI) and Isle of Capri Casinos (ISLE) voted to approve Eldorado's acquisition of Creve Coeur-based Isle of Capri.

EVBS 06/30/2017 -0.81% -4.63%
Eastern Virginia Bankshares, Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $178.3 million in an all stock deal. Under the terms of the agreement, Eastern Virginia common and preferred shareholders will receive a fixed exchange ratio equal to 0.6313 shares of Southern National common stock for each share of Eastern Virginia common stock or preferred stock owned.

Update(s)

February 23, 2017: The Eastern Virginia Bankshares (EVBS) Board of Directors decided to postpone the 2017 Annual Meeting of Shareholders because of the pending transactions contemplated by the Merger Agreement, which are expected to close in the second quarter of 2017.

APFH 07/01/2017 -0.98% -5.53%
ADVANCEPIERRE FOODS HOLDINGS, INC. merger details:

Expected to close in the third quarter of Tyson's fiscal 2017 for a closing value of $4.2 billion. Upon completion of the merger, shareholders of Advancepierre Foods will receive $40.25 per share in cash.

GNVC 06/30/2017 -3.00% -17.09%
GenVec, Inc. merger details:

Expected to close in the second quarter of 2017 in an all stock deal. Under the terms of the agreement, GenVec stockholders will receive 0.297 of a share of Intrexon Common Stock in exchange for each share of GenVec common stock. GenVec stockholders will also receive a right to contingent consideration equal to 50% of any milestone or royalty payments received within 36 months after the closing of the transaction under GenVec's Research Collaboration and License Agreement with Novartis.

NSAT 06/30/2017 -5.96% -34.01%
Norsat International Inc. merger details:

Expected to close in the second quarter of 2017 for a closing value of $62 million. Upon completion of the merger, shareholders of Norsat will receive $10.25 per share in cash.

INNL 06/30/2017 -14.63% -83.46%
Innocoll Holdings plc merger details:

Expected to close for a closing value of $209 million. Under the recommended offer, Gurnet Point will acquire Innocoll for $1.75 per share in cash, and up to $4.90 in cash from a contingent value right (CVR), for a total potential per share value of up to $6.65 or up to approximately $209 million in aggregate. We are entering this deal as a "Special Conditions" deal with a value of $1.75 and are not assigning a value to the CVR because it is both difficult and highly subjective.

GNCMA 06/30/2017 -14.65% -83.57%
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.

RAI 09/30/2017 -26.49% -61.98%
Reynolds American Inc. merger details:

Expected to close in the third quarter of 2017 for a closing value of $49.4 billion in a cash plus stock deal. Under the terms of the agreement, BAT will acquire the 57.8% of RAI common stock that BAT does not currently own for $29.44 per share in cash and a number of BAT American Depositary Shares (ADS) representing 0.5260 of a BAT ordinary share. Each ADS represents two ordinary shares.

Update(s)

March 9, 2017: Reynolds American (RAI) and British American Tobacco (BTI) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to BAT’s proposed acquisition of RAI has expired without a request for additional information by the U.S. Department of Justice or the Federal Trade Commission. The expiration of the Act’s waiting period satisfies the transaction closing condition related to U.S. antitrust approval. The transaction still requires approval by RAI and BAT shareholders and regulatory clearance from Japan, and is subject to the satisfaction or waiver of the other closing conditions specified in the merger agreement. Both companies continue to expect the transaction to close in the third quarter of 2017.

April 5, 2017: Reynolds American (RAI) announced that British American Tobacco (BTI) has obtained unconditional antitrust approval from the Japanese authorities in relation to its proposed acquisition of RAI.

Reynolds American (RAI) and British American Tobacco (BAT) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to BAT’s proposed acquisition of RAI has expired without a request for additional information by the U.S. Department of Justice or the Federal Trade Commission. The expiration of the Act’s waiting period satisfies the transaction closing condition related to U.S. antitrust approval. The transaction still requires approval by RAI and BAT shareholders and regulatory clearance from Japan, and is subject to the satisfaction or waiver of the other closing conditions specified in the merger agreement.
Both companies continue to expect the transaction to close in the third quarter of 2017.Reynolds American (RAI) and British American Tobacco (BAT) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to BAT’s proposed acquisition of RAI has expired without a request for additional information by the U.S. Department of Justice or the Federal Trade Commission. The expiration of the Act’s waiting period satisfies the transaction closing condition related to U.S. antitrust approval. The transaction still requires approval by RAI and BAT shareholders and regulatory clearance from Japan, and is subject to the satisfaction or waiver of the other closing conditions specified in the merger agreement.Both companies continue to expect the transaction to close in the third quarter of 2017.
STRP 03/31/2018 -27.12% -29.28%
Straight Path Communications Inc. merger details:

Expected to close within 12 months for a closing value of $1.6 billion. Under the terms of the agreement, the stock consideration received by Straight Path shareholders will be based on a variable number of AT&T common stock issued at transaction close to ensure fixed consideration of $95.63 per share.

Update(s)

April 25, 2017: Straight Path Communications (STRP) announced that the Straight Path Board of Directors determined that an unsolicited offer from a multi-national telecommunications company to acquire 100% of the issued and outstanding shares of Straight Path for $104.64 per share, which will be paid in Bidder stock in an all-stock transaction constitutes a “Superior Proposal” as defined in Straight Path’s previously announced definitive agreement and plan of merger with AT&T (T). Straight Path has notified AT&T of the Straight Path Board’s determination and, pursuant to the AT&T Merger Agreement, AT&T has the option for the next five business days to negotiate a possible amendment of that agreement to match or exceed the Bidder’s offer.