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

Updates(s)

1. On October 21, 2014, Exceed company announced that the termination date for the merger agreement has been extended to December 31, 2014.

Expected to close in late third or fourth quarter of 2014 for a closing value of $17.9 million. Upon completion of the merger, shareholders of First Financial Service will receive 0.153 shares of CBIN common stock.

This exchange ratio is subject to adjustment based on conditions related to the book value of First Financial and the ability of the company to gain $3 million from specifically identified special assets.

Espected to close in the first half of 2015 for a closing value of $27.4 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Lorillard will receive $50.50 in cash and 0.2909 of a share in RAI stock.

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

Expected to close within approximately 12 months for a closing value of $48.5 billion in a stock and cash transaction. Under the terms of the agreement, DIRECTV shareholders will receive $95.00 per share under the terms of the merger, comprised of $28.50 per share in cash and $66.50 per share in AT&T stock. The stock portion will be subject to a collar such that DIRECTV shareholders will receive 1.905 AT&T shares if AT&T stock price is below $34.90 at closing and 1.724 AT&T shares if AT&T stock price is above $38.58 at closing. If AT&T stock price at closing is between $34.90 and $38.58, DIRECTV shareholders will receive a number of shares between 1.724 and 1.905, equal to $66.50 in value.

On account of the collar, we are treating this deal as an all cash deal.

Expected to close in the first quarter of 2015 for a closing value of $2.6 billion. Upon completion of the merger, shareholders of LIN Media will get a stock or cash worth of $27.82 a share.

Investors of Austin, Texas-based LIN can opt for 1.5762 shares of the new company or $27.82 in cash, up to a maximum of $763 million in cash payouts, the companies said.

Update(s)

August 20, 2014: LIN Media LLC (LIN) and Media General (MEG) announced an amenment to their merger, where the merger consideration for each LIN Media common share will now be either $25.97 in cash or 1.4714 shares of the new holding company, subject to proration. The maximum cash amount that will be paid to the LIN shareholders remains $763 million.

Expected to close in the fourth quarter of 2014 or early 2015 for a closing value of $42.9 billion in a cash plus stock deal, Under the terms of the agreement, shareholders of Covidien will receive $35.19 in cash and 0.956 of an ordinary share of Medtronic plc.

Expected to close in the first and second quarter of 2015 for a closing value of $6.4 billion. Under the terms of the agreement, shareholders of International Game Technology will receive an aggregate value of $18.25 per IGT share in a combination of $13.69 in cash plus 0.1819 ordinary shares of NewCo for each share of IGT common stock, as described in greater detail below.  GTECH shareholders will exchange each of their existing GTECH shares for one (1) newly issued NewCo share.

Assuming a mixed consideration election, the stock consideration portion is subject to adjustment with a 15% up and down collar based on the trading price of GTECH shares prior to the closing of the transaction.  The exchange ratio of IGT common stock for NewCo stock will be determined by the average of the volume-weighted average price of GTECH stock (converted to USD) on ten randomly selected trading days occurring within the twenty trading-day period ending on (and including) the second full trading day prior to the closing of the transaction (the “GTECH Share Trading Price”).  If the GTECH Share Trading Price is between or equal to $25.08 and $28.84, the exchange ratio will vary between 0.1819x and 0.1582x.  Above $28.84, the exchange ratio will be fixed at 0.1582x.  Between or equal to $21.32 and $25.08, IGT shareholders will receive NewCo stock at a fixed ratio of 0.1819x plus additional cash consideration up to $0.68 per IGT share.  Below $21.32 IGT shareholders receive 0.1819 NewCo shares and additional cash consideration equal to the GTECH Share Trading Price multiplied by 0.0321.

Expected to close by early 2015 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of Compuware Corporation will receive approximately $10.92 per share in cash. The number is approximate because it includes an estimated payment $0.67 per Compuware share related to distribution of Covisint (COVS) shares owned by Compuware.

Deal Update(s)

1. On October 9, 2014, Compuware (CPWR) announced the spin-off of Covisint (COVS). Based on the number of Compuware shares outstanding and shares deliverable under RSUs as of October 8, 2014, holders of Compuware common stock are expected to receive approximately 0.1402 shares of Covisint common stock in the distribution with respect to each outstanding share of Compuware common stock they own at the close of business on the record date, and holders of RSUs are expected to receive approximately 0.1402 shares of Covisint common stock in the distribution with respect to each share of Compuware common stock deliverable under the RSUs they hold at the close of business on the record date.
2. On October 31, 2014, Compuware (CPWR) announced that it has completed the spin-off of Covisint (COVS).

Expected to close early in the first quarter of 2014 for a closing value of $3.7 billion in an all stock deal. Under the terms of the agreement, shareholders of Hudson City Bancorp will receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash.

Expected to close in the fourth quarter of 2014 for a closing value of $2.6 billion. Under the terms of the agreement, shareholders of American Realty Capital Healthcare Trust can choose to receive 0.1688 Ventas common shares or $11.33 in cash for each common share of ARC Healthcare they own.

Since the cash portion of the deal is subject to a cap of 10 percent of ARC Healthcare’s outstanding shares, we are treating this deal as an all-stock deal.

Expected to close in the first quarter of 2015 for a closing value of $840 million. Upon completion of the merger, shareholders of Digital River will receive $26.00 per share in cash.

Expected to close in early 2015 for a closing total transaction value of approximately $50 billion in an all stock deal. Under the terms of the merger agreement, WPZ will merge with a subsidiary of ACMP in a unit-for-unit exchange at a ratio of 0.86672 ACMP common units per WPZ common unit held by the WPZ public unitholders.

Prior to the completion of the merger, ACMP will effect a subdivision of its common units and each public unitholder of ACMP will receive 0.06152 additional ACMP common units for each ACMP common unit they hold. In the aggregate, the public unitholders of ACMP will receive approximately 6.3 million new ACMP common units with a value of approximately $381 million, or approximately $3.74 per public ACMP common unit, based on the closing price of ACMP as of October 24, 2014.

Expected to close in the first quarter of 2015 for a closing value of $130.6 million in an all stock deal. Under the terms of the agreement, 60% of outstanding Peoples Federal Bancshares, Inc. shares will be exchanged for Independent shares at a fixed exchange ratio of .5523 of an Independent share for each Peoples Federal Bancshares, Inc. share and the remaining 40% of outstanding Peoples Federal Bancshares, Inc. shares will be exchanged for $21.00 per share in cash.

Peoples Federal Bancshares, Inc. shareholders will be able to elect between receiving cash or Independent shares, subject to proration and allocation so that 60% of outstanding Peoples Federal Bancshares, Inc. shares are exchanged for Independent stock and 40% exchanged for cash.

Expected to close in 2015 for a closing value of $3.5 billion in an all stock deal. Under the terms of the agreement, shareholders of Trulia will receive 0.444 Class A Common Stock of Zillow for each share of Trulia.

Expected to close in the second half of 2015 for a closing value of $4.7 billion. Upon completion of the merger, shareholders of Cleco Corporation will receive $55.37 per share in cash.

Expected to close by the end of the year. Upon completion of the merger, shareholders of Safeway will receive $32.50 in cash, an estimated $3.65 in contingent value rights (based on their selling a Mexican retail chain and other real estate) and $3.95 related to a spin-off of BlackHawk Networks (a gift card company).

Update(s)

April 14, 2014: Safeway completed the distribution to its stockholders of 37,838,709 shares of Class B common stock of Blackhawk Networks Holdings, Inc. owned by Safeway. After the completion of the distribution, Safeway no longer owns any shares of Class B common stock of Blackhawk. After this spin-off, the adjusted purchase price for Safeway is $36.15 ($32.50 in cash and $3.65 in CVRs).

Expected to close in the first quarter of 2014 in an all stock deal. Immediately prior to the transaction, TGC will implement a 1-for-3 reverse stock split.  The reverse stock split will provide for a sufficient number of TGC authorized shares to consummate the transaction and adjust the number of post-transaction shares to facilitate trading within reasonable price ranges and volumes on NASDAQ.  After giving effect to the TGC reverse stock split, Dawson shareholders will receive 1.76 shares of TGC split-effected common stock for each share of Dawson common stock held at the effective time of the transaction, with cash to be paid in lieu of any fractional shares.

Expected to close in the fourth quarter of 2014 for a closing value of $275 milliion in an all stock deal. Under the terms of the agreement, shareholders of Franklin Financial Corporation will receive 1.40 shares of TowneBank common stock for each share of Franklin.

Expected to close in the first half of 2015 for a closing value of $2.6 billion. Subject to aggregate cash and equity consideration limits, Auxilium stockholders may elect one of three options with respect to transaction consideration: 100 percent equity which equates to 0.488 Endo shares per Auxilium share, 100 percent cash which equates to $33.25 per Auxilium share or a standard election of an equal mix of $16.625 in cash and 0.244 Endo shares per Auxilium share.  The total cash consideration will not exceed 50 percent of the total equity value and the equity consideration will not exceed 75 percent of the total equity value.

Expected to close by early 2015 for a closing value of $1.2 billion. Upon completion of the merger, shareholders of Multimedia Games will receive $36.50 per share in cash.

Expected to close in the first quarter of 2015 for a closing value of $7.7 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Atlas Pipeline Partners will receive a fixed ratio of 0.5846 units of Targa Resources Partners and $1.26 for each outstanding Atlas Pipeline common unit.

Expected to close in the fourth quarter of 2014 for a closing value of $307 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Omniamerican Bancorp will receive 0.4459 shares of Southside common stock plus $13.125 in cash for each outstanding share of OmniAmerican common stock.

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

Expected to close in th first half of 2015 for a closing value of $13.5 billion. Upon completion of the merger, shareholders of TRW Automotive Holdings will receive $105.60 per share in cash.

Expected to close early in the second quarter of 2015 for a closing value of $109 million in an all stock deal. Under the terms of the agreement, shareholders of Hampden Bancorp will receive 0.81 shares of Berkshire Hills common stock for each outstanding share of Hampden stock.

Expected to close in the first half of 2015 for a closing value of $927 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Viasystems will receive per share consideration equal to $11.33 in cash and 0.706 shares of TTM common stock for each Viasystems share.

Expected to close in the first half of 2015 for a closing value of $25.4 million. Upon completion of the merger, shareholders of CMS Bancorp will receive $13.25 per share in cash.

Expected to close for a closing value of $2.5 billion in a cash plus tock deal. Under the terms of the agreement, shareholders of Susquehanna Bancshares will receive 0.253 shares of BB&T common stock and $4.05 in cash for each share of Susquehanna common stock.

Expected to close by the end of the year for a closing value of $427 million. Upon completion of the merger, shareholders of Apco Oil & Gas International will receive $14.50 per share in cash.

Expected to close in the first half of calendar year 2015 for a closing value of $12.2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of CareFusion Corporation will receive $49.00 in cash and 0.0777 of a share of BD for each share of CareFusion.

Expected to close in the first quarter of 2015 for a closing value of $3 billion in an all stock deal. Under the terms of the agreement, Aviv shareholders will receive a fixed exchange ratio of 0.90 Omega shares for each share of Aviv common stock they own.

Expected to close in the second quarter of 2015 for a closing value of $167.09 million in an all stock deal. Under the terms of the agreement, shareholders of Hudson Valley Holding will receive 1.92 shares of Sterling Bancorp for each share of Hudson Valle Holding common stock.

Expected to close in the first or second quarter of 2014 for a closing value of $324.4 million. Upon completion of the merger, shareholders of ESB Financial will receive 0.502 shares of WesBanco common stock and cash in the amount of $1.76 per share for each share of ESB common stock.

Expected to close in the third quarter of 2014 for a closing value of $81.13 million in an all stock deal. Under the terms of the agreement, shareholders of Overland Storage will receive 0.510594 shares of Sphere 3D.

Update(s)

1. On October 14, 2014, Sphere 3D Corporation announced an update of its proposed merger with Overland Storage, Inc. to reduce the exchange ratio from 0.510594 common shares of Sphere 3D for each share of Overland common stock to 0.46385 common shares of Sphere 3D for each share of Overland common stock.

Expected to close in the first quarter of 2015 for a closing value of $5.6 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Covance will receive $75.76 in cash and 0.2686 LabCorp shares for each Covance share they own.

Expected to close in the first quarter of 2015 for a closing value of $363 million in a cash plus stock deal. Under the terms of the agreement, shareholders of The Bank of Kentucky Financial Corporation will receive 1.0126 shares of BB&T common stock and $9.40 of cash for each share of The Bank of Kentucky stock.

Expected to close in the summer of 2015 for a closing value of $7.6 billion. Upon completion of the merger, shareholders of Dresser-Rand Group will receive $83.00 per share in cash. Additional per share cash consideration of $0.55 shall be applied on the first day of each month starting March 1, 2015, until the closing occurs.

Expected to close in the first quarter of 2015 for a closing value of $1.8 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Gentiva Health Services will receive $14.50 per share in cash and 0.257 shares of Kindred common stock.

Expected to close in the first quarter of 2015 for a closing value of $6.2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Rockwood Holdings will receive $50.65 in cash and 0.4803 of a share of Albemarle common stock.

Expected to close in the summer of 2015 for a closing value of $9.1 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Integrys Energy Group will receive common stock at a fixed exchange ratio of 1.128 Wisconsin Energy shares plus $18.50 in cash per Integrys share.

Expected to close in the first quarter of 2015 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of Sapient will receive $25.00 per share in cash.

Expected to close by the fourth calendar quarter of 2014 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of TIBCO Software will receive $24.00 per share in cash.

Expected to close in January 2015 for a closing value of $70.5 million. Upon completion of the merger, shareholders of Elecsys Corporation will receive $17.50 per share in cash.

Expected to close in early 2015 for a closing value of $5.1 billion. Upon completion of the merger, shareholders of Bally Technologies will receive $83.30 per share in cash.

Expected to close by the end of the year in a cash plus stock deal. Under the terms of the agreement, shareholders of El Paso Pipieline Partners will receive 0.9451 KMI shares and $4.65 in cash for each EPB unit.

Expected to close in early January 2015. Upon completion of the merger, shareholders of World Energy Solutions will receive $5.50 per share in cash.

Expected to close in late 2014 or early 2015 for a closing value of $218 million. Upon completion of the merger, shareholders of Fortegra Financial Corporation will receive $10.00 per share in cash.

Expected to close by the end of the year in an all stock deal. Under the terms of the agrement, shareholders of Kinder Morgan Management will receive 2.4849 KMI shares for each share of KMR.

Expected to close by the end of the year in a cash plus stock deal. Under the terms of the agreement, shareholders of Kinder Morgan Energy Partners will receive 2.1931 KMI shares and $10.77 in cash for each KMP unit.

Expected to close in the first quarter of 2015 in an all stock deal. Under the terms of the agreement, shareholders of BTU International will receive 0.3291 shares of Amtech common stock for every share of BTU common stock.

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

Expected to close in the fourth quarter of 2014. Upon completion of the merger, shareholders of Pike Corporation will receive $12.00 per share in cash.

Expected to close in the first quarter of 2015 for a closing value of $4.3 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Glimcher Realty Trust will receive, for each Glimcher share, $10.40 in cash and 0.1989 of a share in WPG stock at closing.

Expected to close in the fourth quarter of 2014 or the first quarter of 2015 for a closing value of $109 million in a cash plus stock deal. Under the terms of the agreement, shareholders of NB&T Financial Group will receive 0.9319 shares of Peoples common stock and $7.75 in cash for each share of NBTF common stock.

Expected to close by the end of the year for a closing value of $1.6 billion in an all stock deal. Under the terms of the agreement, shareholders of TriQuint Semiconductor will receive 1.675 shares of RF Micro Devices common stock per share held.

This is a merger of equals deal where TQNT shareholders will receive 1.675 shares of a newly formed post-merger company and RFMD shareholders will receive 1 share. Since RFMD shareholders will receive one share of the new company for each share they hold, we are treating this merger as TQNT shareholders receiving 1.675 shares of RFMD to calculate the spread.

Update(s)

1. On September 18, 2014, RF Micro Devices (RFMD) and TriQuint Semiconductor (TQNT) revealed that the holding company under which the companies will combine in a merger of equals will be named Qorvo^TM, Inc. Qorvo is expected to be traded on the NASDAQ Global Stock Market under the ticker symbol QRVO following closing of the merger.

Expected to close in the fourth quarter 2014 or the first quarter of 2015 for a closing value of $8.3 billion. Upon completion of the merger, shareholders of Concur Technologies will receive $129 per share in cash.

Expected to close in the first quarter of 2015 in an all stock deal. Under the terms of the agreement, Simplicity stockholders are expected to receive one share of HomeStreet common stock for each share owned of Simplicity common stock, subject to adjustment if HomeStreet’s closing stock price during a specified measurement period prior to closing is more than $20 or less than $15 per share.

Expected to close in the fourth quarter of 2014 for a closing value of $6 billion in an all stock deal. Under the terms of the agreement, shareholders of Kodiak Oil & Gas will receive 0.177 of a share of Whiting stock in exchange for each share of Kodiak common stock they hold.

Expected to close in the third quarter of 2014 for a closing value of $693 million. Upon completion of the merger, shareholders of Montage Technology Group Limited will receive $22.60 per share in cash.

Expected to close by the end of 2014 or early 2015 for a closing value of $5.7 billion. Upon completion of the merger, shareholders of Protective Life Corporation will receive $70.00 per share in cash.

Expected to close by the end of the year or early 2015 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of Chiquita Brands International will receive $14.50 per share in cash.

Expected to close by late 2014 or early 2015 for a closing value of $471 million. Upon completion of the merger, sharheolders of Peregrine Semiconductors will receive $12.50 per share in cash.

Expected to close late in the calendar year 2014 or early in the calendar year 2015 for a closing value of $3 billion. Upon completion of the merger, shareholders of International Rectifier Corporation will receive $40.00 per share in cash.

Expected to close in the fourth quarter of 2014 for a closing value of $85.3 million. Upon completion of the merger, shareholders of LipoScience will receive $5.25 per share in cash.

Expected to close for a closing value of $171 million. Upon completion of the merger, shareholders of Bolt Technology will receive $22.00 per share in cash.

Expected to close in the fourth quarter of 2014 for a closing value of $2.8 billion. Upon completion of the merger, shareholders of Taminco Corporation will receive $26.00 per share in cash.

Expected to close in the first quarter of 2015. Upon completion of the merger, shareholders of AmREIT will receive $26.55 per share in cash.

Expected to close in early 2015 in an all stock deal. Under the terms of the agreement, shareholders of Oiltanking Partners will receive 1.3 Enterprise common units for each Oiltanking Partners common unit.

Expected to close by late 2014 or early 2015 for a closing value of $3 billion in an all stock deal. Under the terms of the agreement, shareholders of QR Energy will receive 0.9856 of a BBEP unit for each unit of QRE.

Expected to close in the second or third quarter of 2015 for a closing value of $7.2 billion. Upon completion of the merger, shareholders of Pepco Holdings will receive $27.25 per share in cash.

Expected to close prior to the end of 2014 for a closing value of $260 million in a cash plus stock deal. Under the terms of the agreement, shareholders of SWS Group will receive per share consideration of 0.2496 shares of Hilltop common stock and $1.94 of cash.

Expected to close by the end of the year for a closing value of $2.3 billion.

Under the terms of the transaction, the consideration to be received by Conversant shareholders is valued at $35.00 per share, representing a 34% premium to the 30 day average closing price of Conversant’s stock. At the announcement, the offer comprises 52% stock and 48% cash, which is equal to $18.20 per share of Alliance Data stock (based on a fixed exchange ratio of 0.07037) and $16.80 per share of cash to Conversant shareholders.

The exchange ratio of 0.07037 that determines the aggregate stock consideration will remain fixed at close. The cash portion of the aggregate consideration floats within a 10% symmetrical collar that provides for a minimum of $14.98 per share (at $284 per share of Alliance Data stock) up to a maximum of $18.62 per share (at a $233 price per share of Alliance Data stock) – equaling $35.00 of total value within the collar, as more fully described in the merger agreement. If such average Alliance Data stock price is outside of the collar range, Conversant shareholders will receive in the aggregate (i) 0.07037 shares of Alliance Data stock, and (ii) either the minimum $14.98 per share of cash above $284 or the maximum $18.62 of cash below $233. The final target Alliance Data share price used to calculate the collar and cash consideration mix will be based on the 15 day volume weighted average price of Alliance Data stock as of the second day prior to closing.

Conversant shareholders may elect to receive (i) all cash, (ii) all stock (each subject to proration in the event of oversubscription), or (iii) the aggregate mix of consideration.

Expected to close in the first half of 2015 for a closing value of $55 million in a cash or stock deal. Under the terms of the agreement, shareholders of Colonial Financial Services will be entitled to elect to receive either $14.50 per share in cash or 1.412 shares of Cape’s common stock, subject to 50% of the shares being exchanged for stock and 50% for cash.

Expected to close in the first half of 2015 for a closing value of $3.3 billion in an all stock deal. Under the terms of the agreement, shareholders of Wright Medical Group will receive 1.0309 ordinary shares of Tornier in exchange for each outstanding share of Wright common stock.

Expected to close by late 2014 or early 2015 for a closing value of $675 million. Upon completion of the merger, shareholders of Durata Therapeutics will receive $23.00 per share in cash and contingent value rights (CVRs) entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata’s lead product DALVANCE™ are achieved. If DALVANCE™ is approved in Europe for ABSSSI, holders of the CVR will receive $1.00 per share. If DALVANCE™ is approved for single dose administration by the FDA, holders of the CVR will receive $1.00 per share. If a net global DALVANCE™ revenue threshold is met over a designated time period, holders of the CVR will receive $3.00 per share.

Expected to close by early 2015 for a closing value of $9.2 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Family Dollar Stores will receive $59.60 in cash and $14.90 in Dollar Tree stock. The stock portion will be subject to a collar such that Family Dollar shareholders will receive 0.2484 Dollar Tree shares if the average Dollar Tree trading price during a specified period preceding closing is equal to or greater than $59.98 and 0.3036 Dollar Tree shares if this average trading price is less than or equal to $49.08. If the average trading price of Dollar Tree stock during this period is between $49.08 and $59.98, Family Dollar shareholders will receive a number of shares between 0.2484 and 0.3036 equal to $14.90 in value.

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

Update(s)

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

Expected to close in the first quarter of 2015 for a closing value of $82 million. The exchange ratio will depend on the average closing price of State Bank’s common stock during the twenty trading day period ending five business days before the closing of the transaction (the “Final State Bank Price”). If the Final State Bank Price is above $14.00 but below $17.00, the exchange ratio will be equal to $13.50 divided by the Final State Bank Price. If the Final State Bank Price is at or above $17.00, the exchange ratio will be 0.794. If the Final State Bank Price is at or below $14.00, the exchange ratio will be 0.964.

Expected to close in the first quarter of 2015 for a closing value of $1.9 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Atlas Energy will receive $9.12 in cash and 0.1809 of a share of TRGP common stock.