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Merger Arbitrage Mondays – December 28, 2015

  • December 27, 2015

Merger activity decreased last week with two new deals announced and one closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2015200
Total Number of Deals Not Completed in 20158
Total Number of Pending Deals
Cash Deals52
Stock Deals21
Stock & Cash Deals21
Special Conditions11
Total Number of Pending Deals105
Total Deal Size$1525.02 billion

New Deals:

  1. The acquisition of Northern Tier Energy (NTI) by Western Refining (WNR) in a cash plus stock deal. Under the terms of the agreement, shareholders of Northern Tier Energy will receive $15.00 in cash and 0.2986 of a share of WNR common stock. As an alternative to the cash and stock consideration, each NTI unitholder may elect to receive, per NTI unit, either $26.06 in cash or 0.7036 of a share of WNR. The election will be subject to proration to ensure that the aggregate cash paid and WNR common stock issued in the merger will equal the total amount of cash and number of shares of WNR common stock that would have been paid and delivered if all NTI unitholders received $15.00 in cash and 0.2986 of a share of Western common stock per NTI common unit.
  2. The acquisition of Mecox Lane Limited (MCOX) by Minat Associated in a going private transaction. Upon completion of the merger, shareholders of Mecox Lane Limited will receive $4.00 per American Depositary Share of the company.

Deal Updates:

  1. On December 22, 2015, Galil Medical announced the expiration of the previously announced tender offer by Galil’s indirect wholly owned subsidiary Galil Merger Sub, Inc. to purchase all of the outstanding publicly traded shares of Perseon Corporation (PRSN)
  2. On December 23, 2015, Anadigics (ANAD) announced that affiliates of GaAs Labs delivered to the Company a proposed amendment raising the offer price to $0.48 per share from $0.35 per share as set forth in the previously announced November 11, 2015 agreement and plan of merger.
  3. On December 24, 2015, Bridgestone raised its offer for Pep Boys (PBY) to $947 million. The tire company’s bid is $17 per share from $15.50 per share.

Closed Deals:

  1. The acquisition of Alteva (ALTV) by Momentum Telecom on December 22, 2015. It took 110 days for this deal to be completed.

Top 10 deals with largest spreads:

SymbolAnnounced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

ProfitAnnualized

Profit

WMB09/28/2015Energy Transfer Equity, L.P. (ETE)$43.50$24.9106/30/201674.63%146.45%
ODP02/04/2015Staples, Inc. (SPLS)$9.35$5.6003/31/201667.05%257.62%
VSLR07/20/2015SunEdison, Inc. (SUNE)$15.25$9.8203/31/201655.30%212.45%
NKA06/14/2015Brookfield Infrastructure (N/A)$4.23$3.1912/31/201632.60%32.16%
TRIV10/26/2015Endologix Inc. (ELGX)$9.10$7.1201/31/201627.81%290.01%
BHI11/16/2014Halliburton Company (HAL)$58.37$47.7204/30/201622.31%65.16%
HUM07/03/2015Aetna Inc. (AET)$216.82$178.3012/31/201621.60%21.31%
CI07/24/2015Anthem, Inc. (ANTM)$175.82$146.4612/31/201620.04%19.77%
MDP09/08/2015Media General, Inc. (MEG)$51.53$43.2906/30/201619.03%37.35%
AGN11/23/2015Pfizer Inc. (PFE)$368.61$311.5512/31/201618.31%18.07%

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.

SymbolAnnounced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

VolumeClosing

Date

ProfitAnnu.

Profit

WMB09/28/2015Energy Transfer Equity, L.P. (ETE)Special Conditions$37.7 billion$43.50$24.9110,222,07206/30/201674.63%146.45%
Details of Williams Companies, Inc.

Expected to close in the first half of 2016 for a closing value of $37.7 billion. Under the terms of the transaction, Energy Transfer Corp LP (ETC), an affiliate of ETE, will acquire Williams at an implied current price of $43.50 per Williams share. Williams’ stockholders will have the right to elect to receive as merger consideration either ETC common shares, which would be publicly traded on the NYSE under the symbol ETC, and / or cash. Elections to receive ETC common shares and cash will be subject to proration. Williams stockholders electing to receive stock consideration will receive a fixed exchange ratio of 1.8716 ETC common shares for each share of WMB common stock, before giving effect to proration. If all Williams’ stockholders elect to receive all cash or all stock, then each share of Williams common stock would receive $8.00 in cash and 1.5274 ETC common shares. In addition, WMB stockholders will be entitled to a special one-time dividend of $0.10 per WMB share to be paid immediately prior to the closing of the transaction. The special one-time dividend is in addition to the regularly scheduled WMB dividends to be paid before closing.

Update(s)

December 14, 2015: Energy Transfer Equity (ETE) and Williams Companies (WMB) announced that they have entered into a Timing Agreement with the Federal Trade Commission. Under the terms of the Timing Agreement, ETE and WMB have agreed (1) not to consummate the proposed acquisition prior to 60 days after substantial compliance with the Second Requests, and (2) not to consummate the proposed acquisition before March 18, 2016. ETE and WMB continue to work cooperatively with the staff of the FTC as it conducts its review of the proposed acquisition.

ODP02/04/2015Staples, Inc. (SPLS)Cash Plus Stock$6.3 billion$9.35$5.602,342,26203/31/201667.05%257.62%
Details of Office Depot, Inc.

Expected to close by the end of the calendar year 2015 for a closing value of $6.3 billion in a cash plus stock deal. Under the terms of the agreement, Office Depot shareholders will receive, for each Office Depot share, $7.25 in cash and 0.2188 of a share in Staples stock at closing.

Update(s)

May 27, 2015: The American Postal Workers Union filed a formal report asking federal anti-trust regulators to strike down Staples’ (SPLS) $6.3 billion deal to purchase Office Depot (ODP).

VSLR07/20/2015SunEdison, Inc. (SUNE)Special Conditions$2.2 billion$15.25$9.82390,40603/31/201655.30%212.45%
Details of Vivint Solar, Inc.

Expected to close in the fourth quarter for a closing value of $2.2 billion in a combination of cash, shares of SunEdison common stock and SunEdison convertible notes. Under the merger agreement, Vivint Solar stockholders will receive $16.50 per share, consisting of $9.89 per share in cash, $3.31 per share in SunEdison stock, and $3.30 per share in SunEdison convertible notes.

The number of SunEdison shares to be received by Vivint Solar stockholders in the merger will be determined based upon the volume weighted average price per share of SunEdison common stock for the 30 consecutive trading days ending on (and including) the third trading day immediately prior to completion of the merger (the “Measurement Price”), subject to a collar. As a result of the collar, Vivint Solar stockholders will receive no more than 0.120 shares of SunEdison common stock and no less than 0.098 shares for each of their Vivint Solar shares. As part of the merger consideration, Vivint stockholders also will receive five-year notes convertible into SunEdison shares, which will be issued by SunEdison pursuant to an Indenture between SunEdison and a trustee. The convertible notes will be issuable only in registered form without coupons and will be direct, unsecured, senior obligations of SunEdison. The conversion price for these convertible notes will be 140 percent of the Measurement Price (but the Measurement Price may not exceed $33.62 or be lower than $27.51). The convertible notes will bear interest at a rate of 2.25% per year, payable semiannually in arrears in cash.

Update(s)

December 9, 2015: Vivint Solar (VSLR) announced an amendment to it’s previously announced merger with SunEdison (SUNE). According to the amendment, the cash portion of the deal will be reduced by $2 and the stock portion will be increased by $0.75. The total deal value will be $4.06 in stock, $3.30 in convertible notes and $7.89 in cash for a total value of $15.25. The closing of the merger is expected to occur in the first quarter of 2015.

NKA06/14/2015Brookfield Infrastructure (N/A)All Cash$911.9 million$4.23$3.1921,24512/31/201632.60%32.16%
Details of Niska Gas Storage Partners LLC

Expected to close in the second half of 2016 for a closing value of $911.9 million. Upon completion of the merger, shareholders of Niska Gas Storage Partners will receive $4.225 per share in cash.

TRIV10/26/2015Endologix Inc. (ELGX)Special Conditions$211 million$9.10$7.121,37101/31/201627.81%290.01%
Details of TriVascular Technologies, Inc.

Expected to close in January 2016 for a closing value of $211 million. Under the terms of the agreement, each outstanding TriVascular share will be entitled to receive a number of shares of Endologix common stock and an amount of cash, each to be determined at the closing of the merger. The stock portion of the consideration will equal in the aggregate 19.999% of Endologix’s outstanding shares of common stock as of the effective time of the merger. The cash portion of the consideration will be determined at closing based on the intrinsic value of TriVascular options, restricted stock units, and warrants and, if applicable, the conversion of TriVascular convertible debt prior to such time.

We are treating this as a ‘special conditions’ deal, since there is so much uncertainty about the actual value of the deal.

BHI11/16/2014Halliburton Company (HAL)Cash Plus StockN/A$58.37$47.721,497,99704/30/201622.31%65.16%
Details of Baker Hughes Incorporated

Expected to close in the second half of 2015 in a cash plus stock deal. Under the terms of the agreement, shareholders of Baker Hughes will receive 1.12 Haliburton shares plus $19.00 in cash for each share they own.

Update(s)

December 15, 2015: Baker Hughes (BHI) and Halliburton (HAL) extended the deadline for their merger to April 30, 2016.

HUM07/03/2015Aetna Inc. (AET)Cash Plus Stock$37 billion$216.82$178.30361,78712/31/201621.60%21.31%
Details of Humana Inc.

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

CI07/24/2015Anthem, Inc. (ANTM)Cash Plus Stock$54.2 billion$175.82$146.46717,06612/31/201620.04%19.77%
Details of Cigna Corp.

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

MDP09/08/2015Media General, Inc. (MEG)Special Conditions$3.1 billion$51.53$43.2975,67806/30/201619.03%37.35%
Details of Meredith Corporation

Expected to close by June 30, 2016 for a closing value of $3.1 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Meredith Corporation will receive $34.57 in cash and 1.5214 shares of the new holding company for each share of Meredith they own upon closing.

AGN11/23/2015Pfizer Inc. (PFE)All Stock$160 billion$368.61$311.55713,30612/31/201618.31%18.07%
Details of Allergan plc

Expected to close in the second half of 2016 for a closing value of $160 billion in an all stock deal. Immediately prior to the merger, Allergan will effect an 11.3-for-one-share-split so that each Allergan shareholder will receive 11.3 shares of the combined company for each of their Allergan shares, and the Pfizer stockholders will receive one share of the combined company for each of their Pfizer shares.

HE12/03/2014NextEra Energy, Inc. (NEE)Special Conditions$4.3 billion$33.50$28.6493,67406/30/201616.97%33.30%
Details of Hawaiian Electric Industries Inc.

Expected to close by the end of the year 2015 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Hawaiian Electric Industries will receive a $0.50 special dividend, 0.2413 shares of NextEra Energy common stock, and a share in ASB Hawaii valued at $8.00, per share held. In connection with the agreement, HEI plans to spin off ASB Hawaii to HEI shareholders and establish it as an independent publicly traded company, immediately prior to and contingent upon the completion of the combination of HEI with NextEra Energy.

Update (s)

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

SNDK10/21/2015Western Digital Corporation (WDC)Special Conditions$19 billion$86.50$75.28719,50609/30/201614.90%19.57%
Details of SanDisk Corp.

Expected to close in the third quarter of 2016 for a closing value of $19 billion in a cash plus stock deal. Under the terms of the agreement, if the previously announced investment in Western Digital by Unisplendour Corporation Limited closes prior to this acquisition, Western Digital will pay $85.10 per share in cash and 0.0176 shares of Western Digital common stock per share of SanDisk common stock; and if the Unisplendour transaction has not closed or has been terminated, $67.50 in cash and 0.2387 shares of Western Digital common stock per share of SanDisk common stock.

RAD10/27/2015Walgreens Boots Alliance, Inc. (WBA)All Cash$17.2 billion$9.00$7.862,354,88012/31/201614.50%14.31%
Details of Rite Aid Corporation

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

HOT11/16/2015Marriott International, Inc. (MAR)Special Conditions$12.2 billion$79.88$69.84362,04806/30/201614.38%28.21%
Details of Starwood Hotels & Resorts Worldwide Inc.

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

Since we are treating this deal as a ‘special conditions’ deal, the actual value is likely to fluctuate and hence will be different from what we have entered in the database.


HTCH11/02/2015TDK Corporation (N/A)Special Conditions$126 million$4.00$3.5834,98403/31/201611.73%45.07%
Details of Hutchinson Technology Inc.

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

CTCT11/02/2015Endurance International Group Holdings, Inc. (EIGI)All Cash$1.1 billion$32.00$28.71290,27712/31/201611.46%11.30%
Details of Constant Contact, Inc.

Expected to close in the first quarter of 2016 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Constant Contact will receive $32.00 per share in cash.

CVC09/17/2015Altice (N/A)All Cash$17.7 billion$34.90$31.714,563,05406/30/201610.06%19.74%
Details of Cablevision Systems Corporation

Expected to close in the first half of 2016 for a closing value of $17.7 billion Upon completion of the merger, shareholders of Cablevision Systems will receive $34.90 in cash for each Cablevision Class A and Class B share.

VBIV10/26/2015SciVac Therapeutics Inc. (SVACF)All StockN/A$2.81$2.575,31703/31/20169.30%35.75%
Details of VBI Vaccines Inc

Expected to close in an all stock deal. Under the terms of the agreement, each share of VBI common stock will be converted into the right to receive 20.808356 common shares of SciVac.

TWC05/26/2015Charter Communications, Inc. (CHTR)Cash Plus Stock$78.7 billion$198.38$184.50257,28806/30/20167.53%14.77%
Details of Time Warner Cable Inc.

Expected to close by the end of 2015 for a closing value of $78.7 billion in a cash plus stock deal. Under the terms of the agreement, Charter will provide $100.00 in cash and shares of a new public parent company (“New Charter”) equivalent to 0.5409 shares of CHTR for each Time Warner Cable share outstanding.

In addition, Charter will provide an election option for each Time Warner Cable stockholder, other than Liberty Broadband Corporation or Liberty Interactive Corporation, who will receive all stock, to receive $115.00 of cash and New Charter shares equivalent to 0.4562 shares of CHTR for each Time Warner Cable share they own.

MCOX12/22/2015Minat Associated Co. Ltd. (N/A)All CashN/A$4.00$3.7441,44206/30/20166.95%13.64%
Details of Mecox Lane Limited

Expected to close in the second quarter of 2016 in a going private transaction. Upon completion of the merger, shareholders of Mecox Lane Limited will receive $4.00 per American Depositary Share of the company.

AF10/29/2015New York Community Bancorp Inc. (NYCB)Cash Plus Stock$2 billion$17.06$15.98182,45812/31/20166.76%6.67%
Details of Astoria Financial Corporation

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

MTSN12/01/2015Beijing E-Town Dragon Semiconductor Industry Investment Center (N/A)All Cash$300 million$3.80$3.5740,66203/31/20166.44%24.75%
Details of Mattson Technology Inc.

Expected to close in the first calendar quarter of 2016 for a closing value of $300 million. Upon completion of the merger, shareholders of Mattson Technology will receive $3.80 per share in cash.

RLD11/09/2015Rizvi Traverse Management, LLC (N/A)All Cash$551 million$11.00$10.36219,61603/31/20166.18%23.74%
Details of RealD Inc.

Expected to close in the fourth quarter of fiscal 2016 for a closing value of $551 million. Upon completion of the merger, shareholders of RealD will receive $11.00 per share in cash.

RNF08/10/2015CVR Partners, LP (UAN)Cash Plus Stock$840 million$11.05$10.4126,88204/30/20166.11%17.84%
Details of Rentech Nitrogen Partners, L.P.

Expected to close by April 30, 2016 for a closing value of $840 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Rentech Nitrogen Partners will receive 1.04 units of CVR Partners and $2.57 cash for each unit held.

FGL11/09/2015Anbang Insurance Group Co., Ltd. (N/A)All CashN/A$26.80$25.3821,60606/30/20165.59%10.98%
Details of Fidelity & Guaranty Life Common

Expected to close in the second quarter of 2016. Upon completion of the merger, shareholders of Fidelity and Guaranty Life will receive $26.80 per share in cash.

PNY10/26/2015Duke Energy Corporation (DUK)All Cash$6.7 billion$60.00$56.9493,95812/31/20165.37%5.30%
Details of Piedmont Natural Gas Co. Inc.

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

CHEV11/24/2015MainSource Financial Group, Inc. (MSFG)All Stock$107.4 million$15.92$15.151,78709/30/20165.09%6.68%
Details of Cheviot Financial Corp.

Expected to close in the second or third quarter of 2016 for a closing value of $107.4 million in a cash or stock deal. Under the terms of the agreement, shareholders of Cheviot Financial may elect to receive either 0.6916 shares of MainSource common stock or $15.00 in cash for each share of Cheviot common stock owned, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of 50% of Cheviot shares being exchanged for common stock and 50% for cash.

HMIN12/07/2015BTG Hotels Group (N/A)All CashN/A$35.80$34.08161,30206/30/20165.05%9.90%
Details of Homeinns Hotel Group

Expected to close in the first half of 2016. Upon completion of the merger, shareholders of Homeinns Hotel Group will receive $35.80 per share in cash.

NGLS11/03/2015Targa Resources Corp. (TRGP)All Stock$5.54 billion$16.88$16.08775,88403/31/20164.95%19.03%
Details of Targa Resources Partners LP

Expected to close in the first quarter of 2016 in an all stock deal for $5.54 billion. Under the terms of the agreement, Targa Resources Partners will receive 0.62 TRC common shares per common unit of Targa Resources Partners.

NPBC08/17/2015BB&T Corporation (BBT)Special Conditions$1.8 billion$13.00$12.43509,43906/30/20164.59%9.00%
Details of National Penn Bancshares Inc.

Expected to close by mid 2016 for a closing value of $1.8 billion. Under the terms of the agreement, National Penn stockholders can elect to receive 0.3206 of a share of BB&T common stock or $13.00 in cash for each share of National Penn common stock, subject to proration such that total consideration will consist of approximately $550 million in cash and approximately 31.6 million BB&T common shares.

CNL10/20/2014Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC) (N/A)All Cash$4.7 billion$55.37$53.0495,61003/31/20164.39%16.88%
Details of Cleco Corporation

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

Update(s)

October 2, 2015: Cleco and the investor group expect the transaction to close in the first quarter of 2016

GAS08/24/2015Southern Company (SO)All Cash$12 billion$66.00$63.26171,68912/31/20164.33%4.27%
Details of AGL Resources Inc.

Expected to close in the second half of 2016 for a closing value of $12 billion. Upon completion of the merger, shareholders of AGL Resources will receive $66.00 per share in cash.

RIVR10/26/2015German American Bancorp Inc. (GABC)Cash Plus StockN/A$35.59$34.195803/31/20164.09%15.70%
Details of River Valley Bancorp

Expected to close in early 2016 in a cash plus stock deal. Under the terms of the agreement, River Valley common shareholders will receive 0.770 shares of German American common stock for each share of River Valley, plus a cash payment of $9.90 per River Valley share.

POM04/30/2014Exelon Corporation (EXC)All Cash$7.2 billion$27.25$26.20239,87403/31/20164.01%15.40%
Details of Pepco Holdings, Inc.

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

Update(s)

October 22, 2015: The Board of Directors of Pepco Holdings (POM) declared a quarterly dividend of $0.27 per share on Pepco Holdings’ common stock that is payable on Dec. 31, 2015, to shareholders of record on Dec. 10, 2015, provided that the company’s proposed merger with Exelon Corporation does not close on or prior to the close of business on Dec. 10, 2015. The board of directors also declared a contingent pro-rata dividend to be paid in lieu of the regular quarterly dividend described above in the event that the merger closes before the close of business on Dec. 10, 2015.

December 22, 2015: The merger has been approved in Maryland, Delaware, New Jersey and Virginia and by federal regulators. The D.C. PSC has set a schedule which would allow for completing the proceeding by the first quarter of 2016.

MNRK12/17/2015Towne Bank (TOWN)All Stock$221 million$18.60$17.895,04506/30/20163.95%7.74%
Details of Monarch Financial Holdings, Inc.

Expected to close in the second quarter of 2016 for a closing value of $221 million in an all stock deal. Under the terms of the agreement, shareholders of Monarch Financial Holdings will receive 0.8830 shares of TowneBank common stock for each share of Monarch.

KLAC10/21/2015Lam Research Corporation (LRCX)Cash Plus Stock$10.6 billion$72.20$69.51370,17506/30/20163.86%7.58%
Details of KLA-Tencor Corporation

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

FNFG10/30/2015KeyCorp. (KEY)Cash Plus Stock$4.1 billion$11.36$10.95917,42009/30/20163.78%4.97%
Details of First Niagara Financial Group Inc.

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

BONA12/15/2015Mountain Tiger International Limited (N/A)All Cash$1 billion$13.70$13.2368,21606/30/20163.55%6.97%
Details of Bona Film Group Limited

Expected to close in the second quarter of 2016 for a closing value of $1 billion. Upon completion of the merger, shareholders of Bona Film Group Limited will receive $13.70 per share in cash.

CCG10/16/2015affiliates of Harrison Street Real Estate Capital, LLC (N/A)All Cash$1.9 billion$7.03$6.79128,53703/31/20163.53%13.58%
Details of Campus Crest Communities, Inc.

Expected to close in the first quarter of 2016 for a closing value of $1.9 billion. Under the terms of the agreement, the final merger consideration will be determined following the closing of the Montreal Sale, currently expected to occur before October 30, 2015, pursuant to a sale agreement with the Company’s joint venture partner (the “Montreal Sale Agreement”).  Assuming the Montreal Sale is consummated on the terms and conditions set forth in the Montreal Sale Agreement, the total per share consideration to be received by Campus Crest shareholders is estimated to be $7.03 per share, consisting of $6.90 per share in cash (the “Cash Consideration”), plus a pro-rata portion of the net proceeds from the Montreal Sale (the “Contingent Consideration”), currently estimated to be $0.13 per share based on current exchange rates.

If the Montreal Sale does not occur prior to the closing of the merger with Harrison Street, the merger agreement provides for the creation of a non-transferrable contingent value right (“CVR”) whereby shareholders will receive approximately $6.23 per share in cash at the closing of the merger (based upon current exchange rates) and one CVR per share.

JAH12/14/2015Newell Rubbermaid Inc. (NWL)Cash Plus Stock$13 billion$58.59$56.601,045,32306/30/20163.52%6.91%
Details of Jarden Corp.

Expected to close in the second quarter of 2016 for a closing value of $13 billion in a cash plus stock deal. Under the terms of the agreement, Jarden shareholders will receive $21 in cash and 0.862 shares of Newell Rubbermaid stock at closing.

BNK11/09/2015Bank of the Ozarks, Inc. (OZRK)Special Conditions$402.5 million$25.00$24.168,83404/30/20163.48%10.15%
Details of C1 Financial, Inc.

Expected to close late in the first quarter of 2016 or early in the second quarter of 2016 for a closing value of $402.5 million in an all-stock transaction valued at approximately $25.00 per C1 share. Under the terms of the agreement, each holder of outstanding shares of common stock of C1 will receive shares of common stock of OZRK. The number of OZRK shares to be issued will be determined based on OZRK’s ten day average closing stock price as of the second business day prior to the closing date, subject to a minimum and maximum price of $39.79 to $66.31, respectively. The consideration payable to C1 shareholders is subject to downward adjustment if the net book value of C1 at the time of the merger is below a specified level and is subject to an upward adjustment if certain loans of C1 are sold at a price above a specified amount.

ARG11/17/2015Air Liquide (N/A)All Cash$13.4 billion$143.00$138.48214,45003/31/20163.26%12.54%
Details of Airgas, Inc.

The closing of the transaction is subject to Airgas shareholders’ approval, receipt of necessary antitrust and other regulatory approvals and other customary conditions and provisions. Upon completion of the merger, shareholders of Airgas will receive $143 per share in cash.

TE09/05/2015Emera (N/A)All Cash$10.4 billion$27.55$26.72336,88306/30/20163.11%6.10%
Details of TECO Energy, Inc.

Expected to close by mid-2016 for a closing value of $10.4 billion. Upon completion of the merger, shareholders of TECO Energy will receive $27.55 per share in cash.

PULB12/03/2015First Busey Corporation (BUSE)All Stock$210.7 million$16.38$15.9038,32406/30/20163.05%5.98%
Details of Pulaski Financial Corporation

Expected to close in the first half of 2016 for a closing value of $210.7 million in an all stock deal. Under the terms of the agreement, shareholders of Pulaski Financial Corporation will receive 0.79 shares of Busey common stock for each share of Pulaski common stock.

EZCH09/30/2015Mellanox Technologies, Ltd. (MLNX)All Cash$620 million$25.50$24.8259,45503/31/20162.74%10.53%
Details of EZchip Semiconductor Ltd.

Expected to close in the first quarter of 2016 for a closing value of $620 million. Upon completion of the merger, shareholders of EZchip Semiconductor will receive $25.5 per share in cash.

SWI10/21/2015Silver Lake Partners and Thoma Bravo, LLC (N/A)All Cash$4.5 billion$60.10$58.51157,51203/31/20162.72%10.44%
Details of SolarWinds, Inc.

Expected to close in the first quarter of 2016 for a closing value of $4.5 billion. Upon compleion of the merger, shareholders of SolarWinds will receive $60.10 per share in cash.

SYA08/11/2015Sumitomo Life Insurance Company (N/A)All Cash$3.8 billion$32.50$31.69101,74205/15/20162.56%6.66%
Details of Symetra Financial Corporation

Expected to close late in the first quarter or early in the second quarter of 2016 for a closing value of $3.8 billion. Under the terms of the agreement, shareholders of Symetra Financial Corporation will receive $32.00 per share in cash at closing, plus a previously announced special dividend of $0.50 per share in cash, which is payable on August 28, 2015 to Symetra shareholders of record as of August 10, 2015.

OVTI04/30/2015Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd. (N/A)All Cash$1.9 billion$29.75$29.04322,90704/30/20162.44%7.14%
Details of OmniVision Technologies, Inc.

Expected to close in the third or fourth quarter of fiscal year 2016 for a closing value of $1.9 billion or $29.75 per share in cash.

GMCR12/07/2015JAB Holding Company (N/A)All Cash$13.9 billion$92.00$89.88977,21203/31/20162.36%9.06%
Details of Keurig Green Mountain, Inc.

Expected to close in the first calendar quarter of 2016 for a closing value of $13.9 billion. Upon completion of the merger, shareholders of Keurig Green Mountain will receive $92.00 per share in cash.

ATML09/20/2015Dialog Semiconductor Plc (DLGNF)Cash Plus Stock$4.4 billion$8.81$8.61611,25003/31/20162.33%8.96%
Details of Atmel Corporation

Expected to close in the first quarter of 2016 for a closing value of $4.4 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Atmel Corporation will receive $4.65 in cash and 0.112 of a Dialog American Depository Share for each Atmel common share held.

SLH09/13/2015an affiliate of Vista Equity Partners (N/A)All Cash$6.5 billion$55.85$54.6180,96603/31/20162.27%8.72%
Details of Solera Holdings Inc.

Expected to close in the first calendar quarter of 2016 for a closing vlaue of $6.5 billion. Upon completion of the merger, shareholders of Solera Holdings will receive $55.85 per share in cash.

NBBC10/13/2015Yadkin Financial Corporation (YDKN)All Stock$456 million$12.64$12.3714,96506/30/20162.14%4.20%
Details of NewBridge Bancorp

Expected to close in the second quarter of 2016 for a closing value of $456 million in an all stock deal. Under the terms of the agreement, shareholders of NewBridge Bancorp will receive 0.50 shares of Yadkin’s common stock for each share of NewBridge.

FRM11/02/2015Team, Inc. (TISI)All Stock$335 million$7.01$6.8726,92803/31/20162.09%8.01%
Details of Furmanite Corporation

Expected to close in the first quarter of 2016 for a closing value of $335 million in an all stock deal. Under the terms of the agreement, shareholders of Furmanite will receive 0.215 shares of Team common stock for each share of Furmanite common stock they own.

MR11/04/2015Excelsior Union Limited and Solid Union Limited (N/A)All Cash$3.3 billion$28.00$27.43222,60003/31/20162.08%7.98%
Details of Mindray Medical International Limited

Expected to close in the first quarter of 2016 for a closing value of $3.3 billion. Upon completion of the merger, shareholders of Mindray Medical International Limited will receive $28.00 per share in cash.

BLT12/10/2015American Securities LLC and P2 Capital Partners, LLC (N/A)All Cash$855 million$10.00$9.81342,09206/30/20161.94%3.80%
Details of Blount International Inc.

Expected to close in the first half of 2016 for a closing value of $855 million. Upon completion of the merger, shareholders of Blount International will receive $10.00 per share in cash.

YOKU11/06/2015Alibaba Group Holding Limited (BABA)All Cash$5.37 billion$27.60$27.09298,76703/31/20161.88%7.23%
Details of Youku Tudou Inc.

Expected to close in the first quarter of 2016 for $5.37 billion. Upon completion of the merger, shareholders of Youku Tudou will receive US$27.60 per American Depositary Share.

CAM08/26/2015Schlumberger Limited (SLB)Cash Plus Stock$14.8 billion$64.94$63.74603,90703/31/20161.88%7.23%
Details of Cameron International Corporation

Expected to close in the first quarter of 2016 for a closing value of $14.8 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Cameron International will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.

PNX09/29/2015Nassau Reinsurance Group Holdings L.P. (N/A)All Cash$217.2 million$37.50$36.8162,96401/31/20161.87%19.55%
Details of The Phoenix Companies Inc.

Expected to close in early 2016 for a closing value of $217.2 million. Upon completion of the merger, shareholders of The Phoenix Companies will receive $37.50 per share in cash.

HPY12/15/2015Global Payments Inc. (GPN)Cash Plus Stock$4.3 billion$97.08$95.39293,86505/31/20161.77%4.14%
Details of Heartland Payment Systems, Inc.

Expected to close in the fourth quarter of Global Payment’s fiscal 2016 for a closing value of $4.3 billion in a cash plus stock deal. Under the terms of the agreement, Heartland shareholders will receive 0.6687 shares of Global Payments stock and $53.28 for each share of Heartland stock at closing.

PCP08/10/2015Berkshire Hathaway Inc. (BRK-A)All Cash$37.2 billion$235.00$231.19324,28503/31/20161.65%6.33%
Details of Precision Castparts Corp.

Expected to close in the first quarter of 2016 for a closing value of $37.2 billion. Upon completion of the merger, shareholders of Precision Castparts will receive $235.00 per share in cash.

MDAS11/02/2015Pamplona Capital Management (N/A)All Cash$2.7 billion$31.35$30.8651,69103/31/20161.59%6.10%
Details of MedAssets, Inc.

Expected to close in the first quarter of 2016 for a closing value of $2.7 billion. Upon completion of the merger, shareholders of MedAssets will receive $31.35 per share in cash.

DMND10/28/2015Snyder’s-Lance, Inc. (LNCE)Cash Plus Stock$1.91 billion$39.73$39.12291,12403/31/20161.57%6.03%
Details of Diamond Foods, Inc.

Expected to close early in 2016 for a closing value of $1.91 billion. Under the terms of the agreement, Diamond stockholders will receive 0.775 Snyder’s-Lance shares and $12.50 in cash per Diamond Foods share upon closing of the transaction.

DATE12/07/2015FutureWorld Inc. (N/A)All CashN/A$7.56$7.4571,44803/31/20161.48%5.67%
Details of Jiayuan.com International Ltd.

Expected to close in the first quarter of 2016. Upon completion of the merger, shareholders of Jiayuan.com International will receive $7.56 per share in cash.

PCL11/09/2015Weyerhaeuser Co. (WY)All Stock$8.44 billion$49.15$48.48382,75805/15/20161.39%3.61%
Details of Plum Creek Timber Co. Inc.

Expected to close late in the first quarter of next year or early in the second quarter for a closing value of $8.44 billion in an all stock deal. Under the terms of the agreement, shareholders of Plum Creek Timber will receive 1.60 shares of Weyerhaeuser for each Plum Creek share.

RENT09/29/2015comScore, Inc. (SCOR)All Stock$732 million$47.38$46.8694,25101/31/20161.11%11.57%
Details of Rentrak Corporation

Expected to close in early 2016 for a closing value of $732 million in a stock-for-stock merger. Under the terms of the agreement, Rentrak will merge into a wholly-owned subsidiary of comScore, and each share of Rentrak will be converted into the right to receive 1.15 shares of comScore.

HNT07/02/2015Centene Corp. (CNC)Cash Plus Stock$6.8 billion$69.03$68.30120,83703/31/20161.08%4.13%
Details of Health Net, Inc.

Expected to close early in 2016 for a closing value of $6.8 billion in a cash plus stock deal. Under the terms of the agreement, Health Net shareholders would receive 0.622 shares of Centene common stock and $28.25 in cash for each share of Health Net common stock.

UTIW10/09/2015DSV (N/A)All Cash$1.35 billion$7.10$7.03763,85203/31/20161.00%3.83%
Details of UTi Worldwide Inc.

Expected to close in between January 1, 2016 and March 31, 2016 for a closing value of $1.35 billion. Upon completion of the merger, shareholders of UTi Worldwide will receive $7.10 per share in cash.

FXEN10/13/2015ORLEN Upstream (N/A)All Cash119 million$1.15$1.14152,67803/31/20160.88%3.37%
Details of FX Energy Inc.

Expected to close in the fourth quarter of 2015 for a closing value of $119 million. Upon completion of the merger, shareholders of FX Energy will receive $1.15 per share in cash.

SFG07/23/2015Meiji Yasuda Life Insurance Company (N/A)All Cash$5 billion$115.00$114.0171,97503/31/20160.87%3.34%
Details of StanCorp Financial Group Inc.

Expected to close in the first quarter og 2015 for a closing value of $5 billion. Upon completion of the merger, shareholders of StanCorp Financial Group will receive $115.00 per share in cash.

COB11/23/2015Capital Bank Financial Corp. (CBF)All Stock$350 million$14.10$13.985,39903/31/20160.83%3.17%
Details of CommunityOne Bancorp

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

CB07/01/2015ACE Limited (ACE)Cash Plus Stock$28.3 billion$134.07$133.02597,57403/31/20160.79%3.03%
Details of The Chubb Corporation

Expected to close in the first quarter of 2016 for a closing value of $28.3 billion in a cash plus stock deal. Under the terms of the agreement, Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of ACE stock.

METR08/04/2015F.N.B. Corporation (FNB)All Stock$474 million$32.23$32.017,12103/31/20160.67%2.58%
Details of Metro Bancorp, Inc.

Expected to close in the first quarter of 2016 for a closing value of $474 million in an all stock deal. Under the terms of the agreement, shareholders of Metro Bancorp will receive 2.373 shares of FNB common stock for each common share of Metro.

PRE08/03/2015EXOR S.p.A. (N/A)All Cash$6.9 billion$140.50$139.6375,38403/31/20160.62%2.39%
Details of PartnerRe Ltd.

Expected to close in the first quarter of 2016 for a closing value of $6.9 billion. Upon completion of the merger, shareholders of PartnerRe will receive $137.50 per share in cash. PartnerRe common shareholders will also receive a special pre-closing dividend of $3.00 per share in addition to ordinary quarterly dividends through closing.

LBMH11/20/2015CR Bard Inc. (BCR)All Cash$181 million$3.35$3.3313,83803/31/20160.60%2.31%
Details of Liberator Medical Holdings, Inc.

Expected to close in the first quarter of 2016 for a closing value of $181 million. Upon completion of the merger, shareholders of Liberator Medical Holdings will receive $3.35 per share in cash.

SIRO09/15/2015DENTSPLY International Inc. (XRAY)All Stock$5.51 billion$110.50$109.8555,86203/31/20160.59%2.28%
Details of Sirona Dental Systems Inc.

Expected to close in the first calendar quarter of 2016 for a closing value of $5.51 billion in an all stock merger of equals. Under the terms of the agreement, Sirona shareholders will receive 1.8142 shares of DENTSPLY for each existing Sirona share. DENTSPLY shareholders will own 58% and Sirona shareholders will own 42% of the combined company.

OCAT11/10/2015Astellas Pharma Inc. (N/A)All Cash$379 million$8.50$8.45168,91605/09/20160.59%1.61%
Details of Ocata Therapeutics, Inc.

Expected to close in the first quarter of 2016 for a closing value of $379 million. Upon completion of the merger, shareholders of Ocata Therapeutics will receive $8.50 per share in cash.

KING11/02/2015Activision Blizzard, Inc. (ATVI)All Cash$5.9 billion$18.00$17.90238,10003/31/20160.56%2.15%
Details of King Digital Entertainment plc

Expected to close in the spring of 2016 for a closing value of $5.9 billion. Upon completion of the merger, shareholders of King Digital Entertainment will receive $18.00 per share in cash.

ALU04/15/2015Nokia Corporation (NOK)All Stock$16.6 billion$3.92$3.90755,50006/30/20160.55%1.08%
Details of Alcatel-Lucent

Expected to close in the first half of 2016 for a closing value of $16.6 billion in an all stock deal. Under the terms of the agreement, shareholders of Alcatel-Lucent will receive 0.55 of a new Nokia share for every Alcatel-Lucent share.

BMR10/08/2015Blackstone Real Estate Partners VIII (BX)All Cash$8 billion$23.75$23.621,741,30703/31/20160.55%2.11%
Details of BioMed Realty Trust Inc.

Expected to close in the first quarter of 2016 for a closing value of $8 billion. Upon completion of the merger, shareholders of BioMed Realty Trust will receive $23.75 per share in cash.

In addition to the common stock dividend of $0.26 per share previously declared on September 15, 2015 and payable on October 15, 2015, if the transaction is completed after January 1, 2016 BioMed stockholders will receive a per diem amount of approximately $0.003 per share for each day from January 1, 2016 until (but not including) the closing date.

PMCS11/24/2015Microsemi Corporation (MSCC)Cash Plus Stock$2.5 billion$11.76$11.70607,13703/31/20160.55%2.11%
Details of PMC-Sierra Inc.

Expected to close in the first quarter of calendar 2016 for a closing value of $2.5 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of PMC-Sierra will receive $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock.

ASBI06/29/2015First Merchants Corporation (FRME)All Stock$68.8 million$23.15$23.03N/A12/31/20150.53%48.65%
Details of Ameriana Bancorp

Expected to close in the fourth quarter of 2015 for a closing value of $68.8 million in an all stock deal. Under the terms of the agreement, shareholders of Ameriana Bancorp will have the right to exchange each Ameriana Bancorp common share held for 0.9037 shares of First Merchants’ common stock.

AVOL09/03/2015Bohai Leasing Co., Ltd. (N/A)All Cash$7.6 billion$31.00$30.878,71603/31/20160.42%1.62%
Details of Avolon Holdings Limited

Expected to close in the first quarter of 2016 for a closing value of $7.6 billion. Upon completion of the merger, shareholders of Avalon Holdings will receive $31.00 per share in cash.

TSYS11/23/2015Comtech Telecommunications Corp. (CMTL)All Cash$339.7 million$5.00$4.98614,75703/31/20160.40%1.54%
Details of TeleCommunication Systems Inc.

Expected to close by March 2016 for a closing value of $339.7 million. Upon completion of the merger, shareholders of TeleCommunication Systems will receive $5.00 per share in cash.

BDBD11/24/2015Pinnacle Foods (N/A)All Cash$710 million$11.00$10.97498,60403/31/20160.27%1.05%
Details of Boulder Brands, Inc.

Expected to close in the first quarter of 2016 for a closing value of $710 million. Upon completion of the merger, shareholders of Boulder Brands will receive $11.00 per share in cash.

NTLS08/10/2015Shenandoah Telecommunications Co. (SHEN)All Cash$640 million$9.25$9.2382,65403/31/20160.22%0.83%
Details of NTELOS Holdings Corp.

Expected to close in early 2016 for a closig value of $640 million. Upon completion of the merger, shareholders of NTELOS Holdings will receive $9.25 per share in cash.

NVSL06/04/2015Liberty Bank (N/A)All Cash$78 million$11.00$10.98N/A12/31/20160.18%0.18%
Details of Naugatuck Valley Financial Corporation

Expected to close in the fourth quarter of 2015 for a closing value of $78 million. Upon completion of the merger, shareholders of Naugatuck Valley Financial Corporation will receive $11.00 per share in cash.

Update(s)

October 13, 2015: Naugatuck Valley Financial Corporation (NVSL) announced that its shareholders approved the Company’s pending merger with Liberty Bank at a special meeting of shareholders held on October 8, 2015. The merger is expected to close in the first quarter of 2016 subject to the satisfaction of other customary closing conditions.

WPP10/13/2015SCA (N/A)All Cash$513 million$10.25$10.24217,96901/31/20160.10%1.02%
Details of Wausau Paper Corp.

Expected to close in the first quarter of 2016 for a closing value of $513 million. Upon completion of the merger, shareholders of Wausau Paper will receive $10.25 per share in cash.

ALTR06/01/2015Intel Corporation (INTC)All Cash$16.7 billion$54.00$53.963,079,93012/31/20150.07%6.76%
Details of Altera Corp.

Expected to close within six to nine months for a closing value of $16.7 billion. Upon completion of the merger, shareholders of Altera will receive $54.00 per share in cash.

BZC11/19/2015TransDigm Group Incorporated (TDG)All Cash$206 million$19.61$19.6211,61703/31/2016-0.05%-0.20%
Details of Breeze-Eastern Corporation

Expected to close for a closing vlaue of $206 million. Upon completion of the merger, shareholders of Breeze-Eastern Corporation will receive $19.61 per share in cash.

NTI12/21/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$26.16$26.181,358,23506/30/2016-0.07%-0.14%
Details of Northern Tier Energy LP

Expected to close in the first half of 2016 in a cash plus stock deal. Under the terms of the agreement, shareholders of Northern Tier Energy will receive $15.00 in cash and 0.2986 of a share of WNR common stock.

HFFC11/30/2015Great Western Bancorp. Inc. (GWB)All Stock$139.5 million$19.26$19.2874706/30/2016-0.11%-0.21%
Details of HF Financial Corp.

Expected to close in the second quarter of 2016 for a closing value of $139.5 million in a cash plus stock deal. Under the terms of the agreement, HF Financial stockholders will have the option to elect to receive either 0.6500 shares of Great Western common stock or $19.50 in cash for each HF Financial common share, subject to proration to ensure that in the aggregate 75% of HF Financial shares will be converted into stock.

FCS11/18/2015ON Semiconductor Corp. (ON)All Cash$2.4 billion$20.00$20.03282,13906/30/2016-0.15%-0.29%
Details of Fairchild Semiconductor International Inc.

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

FSYS09/01/2015Westport Innovations Inc. (WPRT)All Stock$126.36 million$5.26$5.2737,23912/31/2015-0.22%-19.69%
Details of Fuel Systems Solutions, Inc.

Expected to close in the fourth quarter of 2015 for a closing value of $126.36 million in an all stock deal. Under the terms of the agreement, shareholders of Fuel Systems Solutions will receive 2.129 Westport shares for each share of Fuel Systems common stock they own.

ARPI12/03/2015American Homes 4 Rent (AMH)All Stock$1.5 billion$18.52$18.5889,64206/30/2016-0.31%-0.60%
Details of American Residential Properties, Inc.

Expected to close in the first half of 2016 for a closing value of $1.5 billion in an all stock deal. Under the terms of the agreement, each share of American Residential Properties common stock and each limited partnership unit in its operating partnership will be exchanged for 1.135 common shares or limited partnership units of American Homes 4 Rent.

FXCB12/08/2015Univest Corporation of Pennsylvania (UVSP)All Stock$244.3 million$20.31$20.3810,19209/30/2016-0.35%-0.46%
Details of Fox Chase Bancorp, Inc.

Expected to close in the third quarter of 2016 for a closing value of $244.3 million in a cash or stock deal. Upon completion of the merger, Fox Chase shareholders will elect to receive either $21.00 in cash, or a fixed exchange ratio of 0.9731 shares of Univest, or a combination of the two, for outstanding shares of Fox Chase. The stock/cash election is subject to allocation provisions to assure that 40% of Fox Chase shares receive cash consideration and 60% of Fox Chase shares receive stock consideration.

NTI10/26/2015Western Refining, Inc. (WNR)Cash Plus StockN/A$25.97$26.181,358,23503/31/2016-0.80%-3.08%
Details of Northern Tier Energy LP

Expected to close in a cash plus stock deal. Under the terms of the agreement, shareholders of Northern Tier Energy will receive $17.50 per share in cash and 0.2266 a share of Western common stock.

WIBC12/07/2015BBCN Bancorp, Inc. (BBCN)All Stock$1 billion$12.17$12.28303,16606/30/2016-0.91%-1.78%
Details of Wilshire Bancorp Inc.

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

DYAX11/02/2015Shire plc (SHPG)All Cash$5.9 billion$37.30$37.69249,13606/30/2016-1.03%-2.03%
Details of Dyax Corp.

Expected to close in the first half of 2016 for a closing value of $5.9 billion. Upon completion of the merger, shareholders of Dyax will receive $37.30 per share in cash. Dyax shareholders may receive additional value through a non-tradable contingent value right (CVR) that will pay $4.00 in cash per Dyax share upon approval of DX-2930 in HAE, representing a potential additional $646 million in aggregate contingent consideration.

JMG10/07/2015Gannett Co., Inc. (GCI)All Cash$280 million$12.00$12.3017,02403/31/2016-2.44%-9.37%
Details of Journal Media Group, Inc.

Expected to close in the first quarter of 2016 for a closing value of $280 million. Upon completion of the merger, shareholders of Journal Media Group will receive $12.00 per share in cash.

IRC12/15/2015real estate funds managed by DRA Advisors LLC (N/A)All Cash$2.3 billion$10.60$10.87334,89606/30/2016-2.48%-4.87%
Details of Inland Real Estate Corp.

Expected to close in the first half of 2016 for a closing value of $2.3 billion. Upon completion of the merger, shareholders of Inland Real Estate will receive $10.60 per share in cash.

TW06/30/2015Willis Group Holdings Public Limited Company (WSH)Cash Plus Stock$8.7 billion$129.16$133.99226,93712/31/2015-3.60%-328.86%
Details of Towers Watson & Co.

Expected to close by December 31, 2015 for a closing value of $8.7 billion in a cash plus stock deal. Under the terms of the agreement, Towers Watson shareholders will receive 2.6490 Willis shares for each Towers Watson share. Towers Watson shareholders will also receive a one-time cash dividend of $4.87 per Towers Watson share pre-closing. Subject to Willis shareholder approval, Willis expects to implement a 2.6490 for one reverse stock split, so that each one Willis share will be converted into 0.3775 Willis Towers Watson shares. If the reverse stock split is approved, Towers Watson shareholders will receive one share of Willis Towers Watson for each Towers Watson share. The merger is not conditioned on Willis shareholder approval of the reverse stock split.

BRCM05/28/2015Avago Technologies Limited (AVGO)Special Conditions$37 billion$54.50$57.821,660,87303/31/2016-5.74%-22.06%
Details of Broadcom Corp.

Expected to close in the first calendar quarter of 2016 for a closing value of $37 billion. Under the terms of the agreement, Broadcom shareholders will have the ability to elect to receive, for each Broadcom share held: (i) $54.50 in cash; (ii) 0.4378 ordinary shares in a newly-formed Singapore holding company (“HoldCo”); (iii) a restricted equity security that is the economic equivalent of 0.4378 ordinary shares of HoldCo that will not be transferable or saleable for a period of one to two years after closing; or (iv) a combination thereof.

PBY10/26/2015Bridgestone Americas, Inc. (N/A)All Cash$947 million$15.50$17.51465,36903/31/2016-11.48%-44.10%
Details of Pep Boys – Manny, Moe & Jack

Expected to close in the beginning of 2016 for a closing value of $835 million. Upon completion of the merger, shareholders of Pep Boys – Manny, Moe & Jack will receive $15.00 per share in cash.

Update(s)

December 11, 2015: Pep Boys (PBY) and Bridgestone Retail Operations announced that they have amended their Agreement and Plan of Merger dated October 26, 2015. Pursuant to the amendment, BSRO increased the offer price to acquire all the outstanding shares of common stock of Pep Boys from $15.00 per share to $15.50 per share in cash, or approximately $863 million in aggregate equity value.

December 24, 2015: Bridgestone raised its offer for Pep Boys (PBY) to $947 million. The tire company’s bid is $17 per share from $15.50 per share.

ANAD11/12/2015GaAs Labs, LLC (N/A)All Cash$32 million$0.48$0.553395,19201/31/2016-13.20%-137.66%
Details of Anadigics, Inc.

Expected to close in December 2015 or January 2016 for a closing value of $32 million. Upon completion of the merger, shareholders of Anadigics will receive $0.35 per share in cash.

Update(s)

December 24, 2015: Anadigics (ANAD) announced that affiliates of GaAs Labs delivered to the Company a proposed amendment raising the offer price to $0.48 per share from $0.35 per share as set forth in the previously announced November 11, 2015 agreement and plan of merger.

CACQ12/22/2014Caesars Entertainment Corporation (CZR)All StockN/A$5.52$7.3324,84503/31/2015-24.63%33.18%
Details of Caesars Acquisition Company

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

Disclaimer: Clients of Signal Partners, LLC  and I may have positions in any of these stocks at any time. Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

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