PREVIEW: Merger Arbitrage Mondays – July 16, 2018

Merger activity decreased last week with two new deals announced. You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.

There were three new deals  announced in the Deals in the Works section.

Deal Statistics:

Total Number of Deals Closed in 2018 81
Total Number of Deals Not Completed in 2018 6
Total Number of Pending Deals
Cash Deals 43
Stock Deals 15
Stock & Cash Deals 18
Special Conditions 9
Total Number of Pending Deals 85
Total Deal Size $1.04 trillion

New Deals:

  1. The acquisition of CA, Inc. (CA) by Broadcom (AVGO) for $18.4 billion or $44.50 per share in cash. We added CA as a potential deal to the Deals in the Works section on June 20, 2017 and the price after the news of the potential deal came out was $36.39.
  2. The acquisition of Poage Bankshares (PBSK) by City Holding Company (CHCO) for $93.5 million in an all stock deal. Under the terms of the Poage merger agreement, Poage shareholders will receive 0.335 shares of City common stock for each outstanding share of Poage common stock.

Deal Updates:

  1. On July 9, 2018, Capella Education Company (CPLA) announced that the Higher Learning Commission has approved the change of ownership of Capella University in connection with the merger between Capella and Strayer Education (STRA). Upon closing, Strayer Education will be renamed Strategic Education. The merger is expected to close on or before August 1.
  2. On July 10, 2018, Takeda Pharmaceutical said it has received U.S. approval for its acquisition of London-listed Shire (SHPG). The drugmaker expects the deal to close in the first half of 2019.
  3. On July 10, 2018, Pebblebrook Hotel Trust (PEB) announced it has filed a preliminary proxy statement with the United States Securities and Exchange Commission to urge shareholders of LaSalle Hotel Properties (LHO) to vote with Pebblebrook against LaSalle’s merger agreement with BRE Landmark.
  4. On July 10, 2018, Oclaro (OCLR) announced that, based on the vote tally from Oclaro’s Special Meeting of Stockholders, Oclaro’s stockholders approved the merger agreement under which Lumentum Holdings (LITE). The parties continue to expect the transaction to close in the second half of 2018.
  5. On July 10, 2018, Rite Aid Corporation (RAD) announced that it has issued a letter to shareholders urging them to vote FOR the proposed merger with Albertsons Companies. Rite Aid will hold a Special Meeting of Stockholders on August 9, 2018 to vote on the proposed merger with Albertsons Companies.
  6. On July 11, 2018, Perry Ellis International (PERY) announced that it had been granted early termination, effective as of July 10, 2018, of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended in connection with the Feldenkreis transaction.
  7. On July 11, 2018, WesBanco (WSBC) announced that it has received all necessary regulatory approvals for the merger between WesBanco and Farmers Capital Bank Corporation (FFKT). WesBanco and Farmers anticipate that the closing of the merger will occur during the third quarter of 2018.
  8. On July 12, 2018, Klondex Mines (KLDX) announced that its shareholders and securityholders approved the proposed statutory plan of arrangement with Hecla Mining Company (HL) at the Klondex annual and special meeting of securityholders. Subject to customary closing conditions in accordance with the Plan of Arrangement, the transaction is expected to close on or about July 20, 2018.
  9. On July 12, 2018, The Williams Companies (WMB) and Williams Partners (WPZ) announced that, in connection with the previously announced merger transaction between Williams and Williams Partners, the registration statement on Form S-4 has been declared “effective” by the U.S. Securities and Exchange Commission. Williams also announced that it has scheduled a special meeting of Williams stockholders to vote on the proposed Merger. The special meeting of stockholders will be held on Aug. 9, 2018.
  10. July 12, 2018: According to Bloomberg, shares of CVS Health (CVS) and Aetna (AET) spiked Thursday after a report by Reorg Research that U.S. antitrust enforcers might not move to block the health-care companies’ deal.
  11. On July 13, 2018, Connecticut Water Service (CTWS) announced that it recently received a revised acquisition proposal from Eversource Energy (ES) to acquire all of the outstanding shares of Connecticut Water common stock for $64.00 per share in cash. The Connecticut Water Service Board of Directors concluded that it is not a superior proposal as compared to the terms, value and benefits of the SJW Group (SJW) merger of equals. SJW Group also issued a statement to clarify the anticipated regulatory timeline to complete its merger with Connecticut Water Service.
  12. On July 13, 2018, The proposed merger of Dominion Energy (D) and SCANA Corporation (SCG) achieved another significant milestone with the approval of the Federal Energy Regulatory Commission (FERC).
  13. On July 13, 2018, Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on July 20, 2018, unless extended or earlier terminated.
  14. July 13, 2018: According to Bloomberg, a shuffle among the top brass of Hydro One poses a threat to the timely completion of its acquisition of U.S. power supplier Avista (AVA).
  15. July 13, 2018: AT&T (T) CEO Randall Stephenson told CNBC, that the Department of Justice’s challenge to AT&T and Time Warner’s (TWX) merger could affect the bidding war between Disney (DIS) and Comcast (CMCSA) for Twenty-First Century Fox (FOX).

Top 10 deals with largest spreads:

Symbol Announced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
Profit Annualized
Profit
AKRX 04/24/2017 Fresenius Kabi (N/A) $34.00 $17.91 07/31/2018 89.84% 2186.06%
RAD 02/18/2018 Albertsons Companies, Inc. (N/A) $2.50 $1.65 09/30/2018 51.52% 247.41%
SCG 01/03/2018 Dominion Energy, Inc. (D) $46.82 $39.06 12/31/2018 19.88% 43.18%
NXPI 10/27/2016 QUALCOMM Incorporated (QCOM) $127.50 $107.52 07/31/2018 18.58% 452.18%
GNW 10/23/2016 China Oceanwide Holdings Group Co., Ltd. (N/A) $5.43 $4.61 08/15/2018 17.79% 216.41%
CTWS 03/15/2018 SJW Group (SJW) $75.33 $66.47 12/31/2018 13.32% 28.94%
SHPG 05/08/2018 Takeda Pharmaceutical Company Limited (TKPYY) $194.74 $172.88 06/30/2019 12.64% 13.22%
STC 03/16/2018 Fidelity National Financial, Inc. (FNF) $48.82 $43.4 06/30/2019 12.50% 13.07%
GGP 03/26/2018 Brookfield Property Partners (BPY) $23.50 $20.9 07/31/2018 12.44% 302.71%
S 04/29/2018 T-Mobile US, Inc. (TMUS) $6.33 $5.66 06/30/2019 11.77% 12.30%

List of all pending deals:

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

Symbol Announced
Date
Acquiring
Company
Deal
Type
Closing
Value
Closing
Price
Last
Price
Volume Closing
Date
Profit Annu.
Profit
AKRX 04/24/2017 Fresenius Kabi (N/A) All Cash $4.75 billion $34.00 $17.91 7,515,906 07/31/2018 89.84% 2186.06%
Akorn, Inc. merger details:

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

Update(s)

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

February 27, 2018: According to Reuters, German healthcare group Fresenius SE has raised doubts about its planned acquisition of Akorn (AKRX) because of a probe into data integrity at the U.S. maker of liquid generic drugs.

March 31, 2018: In Akorn’s (AKRX) 10K filed on February 28, 2018, it is mentioned that the merger may not be completed in a timely manner or at all. Since the deal did not close as scheduled on March 31, 2018, we have extended the closing date for this deal to April 30, 2018.

April 22, 2018: According to Bloomberg, Fresenius SE said it’s terminating the acquisition of Akorn (AKRX) after finding what it calls data-integrity issues at the U.S.-based generic-drug company.

April 23, 2018: Akorn (AKRXfiled a complaint in Delaware Chancery Court asking that Fresenius Kabi AG be required to fulfill its obligations under the definitive merger agreement.

May 1, 2018: Since the merger has not been completed, we have further extended the closing date for this deal to June 30, 2018.

May 18, 2018: Fresenius SE’s chief executive defended the company’s decision to pull out of a planned $4.8 billion takeover of Akorn (AKRX), saying it was the only option after uncovering data integrity breaches at the U.S drugmaker.

July 2, 2018: Since the merger has not been completed, we have further extended the closing date for this deal to July 31, 2018.

RAD 02/18/2018 Albertsons Companies, Inc. (N/A) Special Conditions $5.98 billion $2.50 $1.65 7,762,501 09/30/2018 51.52% 247.41%
Rite Aid Corporation merger details:

Expected to close early in the second half of calendar year 2018 for a closing value of $5.98 billion. Under the terms of the agreement, Ride Aid shareholders would receive 0.10 of Parent common stock plus either (i) an amount in cash equal to $0.1832 per share or (ii) 0.0079 share of the Parent common stock. Using these options we have calculated that one share of the combined company is estimated to be worth $23.16. Hence each Rite Aid share is worth an estimated $2.499.

Update(s)

March 29, 2018: Rite Aid Corporation (RAD) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, in connection with its previously announced merger with Albertsons Companies expired on March 28, 2018.

April 6, 2018: Albertsons Companies filed to withdraw its plan for an initial public offering, because of its deal to merge with Rite Aid (RAD).

April 13, 2018: According to The Wall Street Journal, some Rite Aid (RADshareholders plan to oppose a merger with grocer Albertsons that they believe undervalues the struggling pharmacy chain.

July 10, 2018: Rite Aid Corporation (RAD) announced that it has issued a letter to shareholders urging them to vote FOR the proposed merger with Albertsons Companies. Rite Aid will hold a Special Meeting of Stockholders on August 9, 2018 to vote on the proposed merger with Albertsons Companies.

SCG 01/03/2018 Dominion Energy, Inc. (D) All Stock $14.6 billion $46.82 $39.06 1,403,988 12/31/2018 19.88% 43.18%
SCANA Corporation merger details:

Expected to close in 2018 for a closing value of $14.6 billion in an all stock deal. Under the terms of the agreement, SCANA shareholders would receive 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock.

Update(s)

February 1, 2018: Dominion Energy (D), and SCANA Corporation (SCG) announced that their proposed combination has cleared a key condition needed for completion. The Federal Trade Commission has granted early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act with regard to the combination.

March 21, 2018: The Georgia Public Service Commission unanimously approved the merger of Dominion Energy (D), and SCANA Corporation (SCG).

April 19, 2018: According to Bloomberg, Dominion Energy’s (D) takeover of Scana (SCG) is looking even less likely to happen, or less likely on the current terms, after a bill passed by South Carolina legislators late Wednesday. The state Senate voted to cut the money Scana can collect from customers for a half-finished nuclear power project the company scrapped last year.

July 13, 2018: The proposed merger of Dominion Energy (D) and SCANA Corporation (SCG) achieved another significant milestone with the approval of the Federal Energy Regulatory Commission (FERC).

According to Bloomberg, Dominion Energy’s $7.9 billion takeover of Scana (SCG) is looking even less likely to happen, or less likely on the current terms, after a bill passed by South Carolina legislators late Wednesday. The state Senate voted to cut the money Scana can collect from customers for a half-finished nuclear power project the company scrapped last year. According to Bloomberg, Dominion Energy’s $7.9 billion takeover of Scana (SCG) is looking even less likely to happen, or less likely on the current terms, after a bill passed by South Carolina legislators late Wednesday. The state Senate voted to cut the money Scana can collect from customers for a half-finished nuclear power project the company scrapped last year.
NXPI 10/27/2016 QUALCOMM Incorporated (QCOM) All Cash $43.22 billion $127.50 $107.52 4,195,918 07/31/2018 18.58% 452.18%
NXP Semiconductors NV merger details:

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

Update(s)

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

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

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

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

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

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

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

June 15, 2017: Qualcomm Incorporated (QCOM) announced that the Taiwan Fair Trade Commission has given regulatory clearance to the pending acquisition of NXP Semiconductors (NXPI).

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

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

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

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

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

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

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

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

December 15, 2017: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on January 12, 2018, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement. While the parties are working diligently to promptly complete the transaction, the parties now expect the closing to occur in early 2018.

January 11, 2018: According to The Wall Street Journal, Qualcomm (QCOM) is set to clinch conditional European Union antitrust approval for its acquisition of NXP Semiconductors (NXPI) as soon as next week.

January 18, 2018: EU antitrust regulators approved Qualcomm’s (QCOM) planned $38 billion acquisition of NXP Semiconductors (NXPI) subject to a series of commitments Qualcomm has made.

January 25, 2018: NXP Semiconductors (NXPI) announced that in accordance with the terms of the Purchase Agreement with Qualcomm (QCOM), the End Date of the transaction with Qualcomm has been automatically extended to April 25, 2018.

February 5, 2018: Broadcom (AVGOsweetened its bid to buy Qualcomm (QCOM) for more than $121 billion. The new offer also puts pressure on Qualcomm to either buy NXP Semiconductors (NXPI) at $110 per share or terminate the $38 billion deal.

February 9, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on February 23, 2018, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement.

February 20, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, an indirect wholly owned subsidiary of Qualcomm, has reached an amended agreement with NXP Semiconductors (NXPI) to increase to $127.50 per share its previously announced cash tender offer to purchase all outstanding shares of NXP.

March 21, 2018: According to Bloomberg, in the latest complication for Qualcomm (QCOM), China’s regulators are seeking more protections for local companies before approving the U.S. chipmaker’s proposed purchase of NXP Semiconductors (NXPI).

March 23, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on April 2, 2018, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement.

March 27, 2018: NXP Semiconductors (NXPI) has sold its stake in a Chinese chip-design joint venture. The sale could potentially help ease competition concerns by lowering NXP’s exposure to the Chinese market as the country’s commerce ministry considers Qualcomm’s (QCOM) takeover bid. Qualcomm has received approval from the other eight of nine required regulators to finalize its acquisition.

April 6, 2018: 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 13, 2018, unless extended or earlier terminated.

April 13, 2018: 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 20, 2018, unless extended or earlier terminated.

April 13, 2018: According to The Wall Street Journal, China is slowing reviews of multibillion-dollar takeover deals being pursued by Qualcomm (QCOM) and Bain Capital, as U.S.-China trade tensions escalate. The delay could end up quashing Qualcomm’s planned purchase of NXP Semiconductors (NXPI).
April 16, 2018: According to Reuters, Qualcomm (QCOM) will refile as early as Monday an application with the Chinese government to clear its $44 billion takeover of NXP Semiconductors (NXPI), giving regulators more time to decide on the deal and averting a collapse.
April 19, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm and NXP Semiconductors (NXPI) at the request of the Ministry of Commerce in China (MOFCOM) have withdrawn and refiled the notice of acquisition regarding the companies’ planned combination.
April 27, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on May 11, 2018, unless extended or earlier terminated. We have extended the closing date for this deal to May 31, 2018.

May 11, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on May 25, 2018, unless extended or earlier terminated.

April 13, 2018: According to The Wall Street Journal, China is slowing reviews of multibillion-dollar takeover deals being pursued by Qualcomm (QCOM) and Bain Capital, as U.S.-China trade tensions escalate. The delay could end up quashing Qualcomm’s planned purchase of NXP Semiconductors (NXPI).

April 16, 2018: According to Reuters, Qualcomm (QCOM) will refile as early as Monday an application with the Chinese government to clear its $44 billion takeover of NXP Semiconductors (NXPI), giving regulators more time to decide on the deal and averting a collapse.

April 19, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm and NXP Semiconductors (NXPI) at the request of the Ministry of Commerce in China (MOFCOM) have withdrawn and refiled the notice of acquisition regarding the companies’ planned combination.

April 27, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on May 11, 2018, unless extended or earlier terminated. We have extended the closing date for this deal to May 31, 2018.

May 11, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on May 25, 2018, unless extended or earlier terminated.

May 14, 2018: According to Bloomberg, Chinese regulators have restarted their review of Qualcomm (QCOM)’s application to acquire NXP Semiconductors (NXPI) after having shelved the work earlier in reaction to growing trade tensions with the U.S.

June 1, 2018: According to Reuters, China’s markets regulator said that it is still reviewing Qualcomm’s (QCOM) proposed acquisition of NXP Semiconductors (NXPI) and is in talks with Qualcomm about ways to eliminate negative impact from the deal. The Qualcomm merger of NXP has been approved by eight of nine required global regulators, with Chinese clearance the only one pending. We have extended the closing date for this deal to June 30, 2018.

June 8, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on June 15, 2018, unless extended or earlier terminated.

June 15, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on June 22, 2018, unless extended or earlier terminated.

June 22, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on June 29, 2018, unless extended or earlier terminated.

June 28, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on July 6, 2018, unless extended or earlier terminated.

July 6, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on July 13, 2018, unless extended or earlier terminated.

July 13, 2018: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors (NXPI). The tender offer is now scheduled to expire on July 20, 2018, unless extended or earlier terminated.

GNW 10/23/2016 China Oceanwide Holdings Group Co., Ltd. (N/A) All Cash $2.7 billion $5.43 $4.61 1,190,373 08/15/2018 17.79% 216.41%
Genworth Financial, Inc. merger details:

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

Update(s)

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

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

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

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

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

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

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

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

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

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

November 29, 2017: Genworth Financial (GNW) and China Oceanwide Holdings Group announced that they have agreed to a second waiver and agreement of each party’s right to terminate the previously announced merger agreement. The second waiver and agreement extends the previous deadline of Nov. 30, 2017, to April 1, 2018, and allows additional time for regulatory reviews of the transaction.

January 4, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group issued an update on the status of their efforts to obtain clearance of their proposed transaction from CFIUS. There can be no assurances that CFIUS will ultimately agree to clear a transaction between Genworth and Oceanwide on terms acceptable to the parties or at all. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of state-level regulatory approvals that are pending in Delaware and New York, as well as regulatory reviews in China and other international jurisdictions and other closing conditions.

February 6, 2018: Genworth Financial (GNW) said that its application for assent to a takeover by China Oceanwide Holdings Group had been refiled, after agreeing changes the duo hope will alleviate U.S. regulatory concerns.

March 27, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group announced they have agreed to a fourth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The fourth waiver and agreement extends the previous deadline of April 1, 2018 to July 1, 2018, and allows additional time for regulatory reviews of the transaction.

April 24, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group reported that they have withdrawn and re-filed their joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS) to provide CFIUS additional time to review and discuss the proposed transaction between Genworth and Oceanwide.

June 9, 2018: China Oceanwide Holdings Group and Genworth Financial (GNW) announced that the Committee on Foreign Investment in the United States (CFIUS) has completed its review of their proposed transaction and concluded that there are no unresolved national security concerns with respect to the proposed transaction. The closing of the transaction remains subject to other conditions, including the receipt of required regulatory approvals in the U.S., China and other international jurisdictions.

June 28, 2018: Genworth Financial (GNW) and China Oceanwide Holdings Group announced they have agreed to a fifth waiver and agreement of each party’s right to terminate the previously announced merger agreement. The fifth waiver and agreement extends the previous deadline of July 1, 2018 to August 15, 2018 to allow additional time for continued regulatory review of the transaction.

Genworth and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.Genworth and Oceanwide continue to work diligently to satisfy the closing conditions under their previously announced proposed transaction and are committed to closing the transaction as soon as possible. In addition to clearance by CFIUS, the closing of the proposed transaction remains subject to the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions and other closing conditions. Because the timing of the regulatory reviews will delay the completion of the transaction beyond the originally targeted time frame of the middle of 2017, Genworth and Oceanwide have agreed in principle to extend the August 31, 2017, deadline set forth in the merger agreement to November 30, 2017.
CTWS 03/15/2018 SJW Group (SJW) All Stock $1.06 billion $75.33 $66.47 38,334 12/31/2018 13.32% 28.94%
Connecticut Water Service, Inc. merger details:

Expected to close by the end of the year 2018 for a closing value of $1.06 billion in an all stock deal. Under the terms of the agreement, Connecticut Water shareholders will receive 1.1375 shares of SJW Group common stock for each share of Connecticut Water common stock they own.

Update(s)

April 19, 2018: Connecticut Water Service (CTWSsaid it had rejected a $748 million takeover bid by Eversource Energy (ES), aimed at disrupting its merger with SJW Group (SJW) agreed in March.

April 30, 2018: SJW Group (SJW) and Connecticut Water Service (CTWS) announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the companies’ merger of equals.

May 31, 2018: Connecticut Water Service (CTWS) announced that it and SJW Group (SJWhave amended the terms of the companies’ merger agreement. The amended agreement, which was unanimously approved by the Connecticut Water Board of Directors, includes a new go-shop provision, pursuant to which Connecticut Water, with the assistance of its financial advisors, will actively solicit proposals for an alternative merger, acquisition or other strategic transaction involving Connecticut Water.

June 11, 2018: According to Reuters, California’s utilities regulator has told SJW Group (SJW) it must seek approval for its proposed merger with Connecticut Water Service (CTWS).

June 18, 2018: Connecticut Water Service (CTWS) announced that the deadline to submit non-binding indicative proposals under the Company’s previously announced “go-shop” process has expired and that no proposals or indications of interest were received.

July 13, 2018: Connecticut Water Service (CTWS) announced that it recently received a revised acquisition proposal from Eversource Energy (ES) to acquire all of the outstanding shares of Connecticut Water common stock for $64.00 per share in cash. The Connecticut Water Service Board of Directors concluded that it is not a superior proposal as compared to the terms, value and benefits of the SJW Group (SJW) merger of equals. SJW Group also issued a statement to clarify the anticipated regulatory timeline to complete its merger with Connecticut Water Service.

SHPG 05/08/2018 Takeda Pharmaceutical Company Limited (TKPYY) Special Conditions $77.78 billion $194.74 $172.88 487,106 06/30/2019 12.64% 13.22%
Shire plc merger details:

Expected to close in the first half of 2019 for a closing value of $77.78 billion. Under the terms of the acquisition, Shire shareholders will be entitled to receive, for each Shire share, $30.33 in cash and either 0.839 new Takeda shares or 1.678 Takeda ADSs. We have used $20.61 as the price for the Takeda ADS and multiplied it by 1.678 for the stock portion of the deal.

Update(s)

July 10, 2018: Takeda Pharmaceutical said it has received U.S. approval for its acquisition of London-listed Shire (SHPG). The drugmaker expects the deal to close in the first half of 2019.

STC 03/16/2018 Fidelity National Financial, Inc. (FNF) Cash Plus Stock $1.2 billion $48.82 $43.4 50,651 06/30/2019 12.50% 13.07%
Stewart Information Services Corporation merger details:

Expected to close in the first or second quarter of 2019 for a closing value of $1.2 billion in a cash plus stock deal. Under the terms of the agreement, Stewart shareholders will receive $25.00 in cash and 0.6425 common shares of Fidelity for each share of Stewart common stock they hold at closing.

GGP 03/26/2018 Brookfield Property Partners (BPY) Special Conditions $36.76 billion $23.50 $20.9 8,584,646 07/31/2018 12.44% 302.71%
GGP Inc. merger details:

Expected to close early in the third quarter of 2018 for a closing value of $36.76 billion. Under the terms of the agreement, GGP shareholders will be entitled to elect to receive, for each GGP common share, either $23.50 in cash or either one BPY unit or one BPR share.  Elections are subject to proration which will be based on aggregate consideration in the transaction of (1) a fixed amount of $9.25 billion in cash and (2) approximately 254 million BPY units / BPR shares, which represents aggregate consideration of approximately 61% cash and approximately 39% of BPY or BPR equity.

Update(s)

June 7, 2018: Brookfield Property Partners (BPY) announced that in connection with BPY’s previously announced agreement to acquire GGP (GGP), Brookfield Asset Management, has provided the Toronto Stock Exchange with written consent confirming that it is in favor of the Transaction.

S 04/29/2018 T-Mobile US, Inc. (TMUS) All Stock $59 billion $6.33 $5.66 6,744,764 06/30/2019 11.77% 12.30%
Sprint Corporation merger details:

Expected to close in the first half of 2019 for a closing value of $59 billion in an all stock deal. Under the terms of the agreement, Sprint shareholders will receive 0.10256 T-Mobile shares for each Sprint share or the equivalent of 9.75 Sprint shares for each T-Mobile US share.

Update(s)

May 23, 2018: A U.S. Senate committee plans to hold a hearing on June 27 on the proposed  merger of T-Mobile US (TMUS) and Sprint (S). T-Mobile and Sprint said they expected to complete their deal no later than the first half of 2019.

June 7, 2018: According to Reuters, the U.S. Department of Justice is examining how the proposed merger between T-Mobile (TMUS) and Sprint (S) could affect prices for smaller wireless operators.

June 15, 2018: According to Reuters, Sprint (S) and T-Mobile (TMUS) have informed the Federal Communications Commission that they will formally file an application asking for approval to merge on Monday, June 18, 2018.

ESRX 03/08/2018 Cigna Corporation (CI) Cash Plus Stock $67 billion $90.88 $81.48 1,085,724 12/31/2018 11.54% 25.06%
Express Scripts Holding Company merger details:

Expected to close by December 31, 2018 for a closing value of $67 billion in a cash plus stock deal. Under the terms of the definitive agreement, the transaction consideration will consist of $48.75 in cash and 0.2434 shares of stock of the combined company per Express Scripts share.

TRCO 05/08/2017 Sinclair Broadcast Group, Inc. (SBGI) Cash Plus Stock $6.6 billion $42.58 $38.56 450,454 09/30/2018 10.42% 50.05%
Tribune Media Company merger details:

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

Update(s)

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

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

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

December 14, 2017: According to Wall Street Journal, the Justice Department has signaled it is willing to grant approval to Sinclair Broadcast Group (SBGI) planned takeover of Tribune Media (TRCO).

January 11, 2018: The Federal Communications Commission paused its review of Sinclair Broadcast Group (SBGI)’s proposed purchase of Tribune Media (TRCO) to give time for the companies to arrange for the sale of some TV stations to bring the $3.9 billion deal in line with broadcast ownership limits.

February 15, 2018: According to Reuters, The Federal Communications Commission inspector general will investigate whether its chairman was biased in favor of Sinclair Broadcast Group (SBGI), which is seeking approval from the watchdog for a $3.9 billion acquisition of Tribune Media (TRCO).

March 31, 2018: In Tribune Media Company’s (TRCO) 10K filed on March 1, 2018, it is mentioned that the Company, currently anticipates the Merger will close in the second quarter of fiscal 2018, but it cannot be certain when or if the conditions for the Merger will be satisfied or waived.

April 10, 2018: According to The Wall Street Journal, Sinclair Broadcast Group (SBGI) is encountering resistance from the Federal Communications Commission as it seeks approval for its acquisition of Tribune Media (TRCO).

April 24, 2018: Sinclair Broadcast Group (SBGI) announced that it will sell nine TV stations to Standard Media Group for $441.7 million as part of its plan to meet regulatory approval for its pending $3.9 billion acquisition of Tribune Media (TRCO).

May 9, 2018: Media company Twenty-First Century Fox (FOX) agreed to buy seven TV stations from Sinclair Broadcast Group (SBGI) for $910 million. The move comes as Sinclair is selling some stations to meet regulatory approval for its pending acquisition of Tribune Media (TRCO).

May 21, 2018: The U.S. Federal Communications Commission said it wants additional comments on Sinclair Broadcast Group’s (SBGI) acquisition of Tribune Media (TRCO) and disclosed it does not expect to make a decision before July 12. We have extended the closing date for this deal to September 30, 2018.

Media company Twenty-First Century Fox (FOX) agreed to buy seven TV stations from Sinclair Broadcast Group for $910 million. The move comes as Sinclair is selling some stations to meet regulatory approval for its pending $3.9 billion acquisition of Tribune Media (TRCO).Media company Twenty-First Century Fox (FOX) agreed to buy seven TV stations from Sinclair Broadcast Group for $910 million. The move comes as Sinclair is selling some stations to meet regulatory approval for its pending $3.9 billion acquisition of Tribune Media (TRCO).
RSYS 07/02/2018 Reliance Industries Limited (N/A) All Cash $100.94 million $1.72 $1.57 334,859 12/31/2018 9.55% 20.76%
Radisys Corporation merger details:

Expected to close by the end of 2018 for a closing value of $100.94 million. Upon completion of the merger, shareholders of Radisys Corporation will receive $1.72 per share in cash.

SXE 11/01/2017 American Midstream Partners, LP (AMID) All Stock $815 million $1.67 $1.55 103,241 07/31/2018 7.87% 191.53%
Southcross Energy Partners, L.P. merger details:

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

Update(s)

March 27, 2018: Southcross Energy Partners (SXE) announced that its unitholders have voted to approve the previously announced proposed merger of Southcross and American Midstream Partners (AMID).

July 2, 2018: Since the merger has not been completed, we have further extended the closing date for this deal to July 31, 2018.

NXTM 08/07/2017 Fresenius Medical Care (N/A) All Cash $1.62 billion $30.00 $28 153,371 09/30/2018 7.14% 34.30%
Nxstage Medical, Inc. merger details:

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

Update(s)

October 27, 2017: NxStage Medical (NXTM) announced that at a special meeting of stockholders, the Company’s stockholders voted to adopt the previously announced Agreement and Plan of Merger with Fresenius Medical Care Holdings. In addition, the merger has cleared antitrust review in Germany. The Merger Agreement may be terminated by the company or Fresenius if it is not closed by August 7, 2018, although Fresenius may extend the End Date for up to 180 days under certain circumstances in order to obtain required antitrust clearances.

RMGN 04/03/2018 SCG Digital, LLC (N/A) All Cash $16.8 million $1.27 $1.2 35,629 09/30/2018 5.83% 28.02%
RMG Networks Holding Corporation merger details:

Expected to close in the second quarter of 2018 for a closing value of $10.19 million. Upon completion of the merger, shareholders of RMG Networks Holdings will receive $1.27 per share in cash.

Update(s)

May 10, 2018: According to the Quarterly Report filed on May 10, 2018, the company expects the deal to close in the third quarter of 2018.

AVA 07/19/2017 Hydro One Limited (N/A) All Cash $5.3 billion $53.00 $50.14 1,351,694 12/31/2018 5.70% 12.39%
Avista Corporation merger details:

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

Update(s)

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

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

January 17, 2018: Hydro One Limited and Avista Corporation (AVAreceived approval from the Federal Energy Regulatory Commission (FERC) on their merger application.

March 16, 2018: Hydro One Limited and Avista Corporation (AVAreached a significant milestone in the regulatory approval process of the proposed merger. Notification of a settlement in principle with various parties has been filed with the Washington Utilities and Transportation Commission. The parties intend to file a settlement agreement with the WUTC on or before March 27, 2018. The settlement in principle is subject to the review and approval of the WUTC.

March 27, 2018: Hydro One Limited and Avista Corporation (AVAannounced the achievement of an important milestone in the regulatory approval process of their proposed merger. The companies have filed an all-parties, all-issues settlement agreement in the merger proceeding before the Washington Utilities and Transportation Commission.

April 3, 2018: Avista Corporation (AVA) and Hydro One Limited filed a settlement agreement in the merger proceeding before the Regulatory Commission of Alaska (RCA) recommending approval of the acquisition of the Company by Hydro One and on April 6, 2018, Hydro One Limited and Avista Corporation announced that the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, for the merger of the two companies expired on April 6, 2018.

April 13, 2018: Hydro One Limited and Avista Corporation (AVAannounced the achievement of an important milestone in the regulatory approval process of their proposed merger. The companies have filed an all-parties settlement agreement in the merger proceeding before the Idaho Public Utilities Commission. This represents a full settlement which all parties have agreed is consistent with the public interest.

May 21, 2018: Hydro One Limited and Avista Corporation (AVA) announced that the Committee on Foreign Investment in the United States (“CFIUS”) has completed its review of the proposed merger, and has concluded that there are no unresolved national security concerns with respect to the transaction.

June 4, 2018: Avista Corporation (AVA) and Hydro One Limited received approval from the Regulatory Commission of Alaska (RCA) on the proposed merger.

June 12, 2018: Hydro One Limited and Avista Corporation (AVA) announced that the Montana Public Service Commission has voted to approve the proposed merger, with conditions.

July 13, 2018: According to Bloomberg, a shuffle among the top brass of Hydro One poses a threat to the timely completion of its acquisition of U.S. power supplier Avista (AVA).

AET 12/03/2017 CVS Health (CVS) Cash Plus Stock $77 billion $202.50 $191.89 1,994,652 12/31/2018 5.53% 12.01%
Aetna Inc. merger details:

Expected to close in the second half of 2018 for a closing value of $77 billion in a cash plus stock deal. Under the terms of the merger agreement, each outstanding share of Aetna common stock will be exchanged for $145.00 in cash and 0.8378 shares of CVS Health common stock.

Update(s)

December 8, 2017: CVS Health (CVS) expects the U.S. Justice Department to do the antitrust review of its planned acquisition of health insurer Aetna (AET).

January 12, 2018: CVS Health (CVSsaid that it plans to keep Aetna’s (AET) headquarters in Connecticut after it completes its $69 billion acquisition of the U.S. health insurer.

February 1, 2018: CVS Health (CVS) and Aetna (AET) confirmed that each company has received a so-called “second request” for additional information from the U.S. Department of Justice “in connection with the DOJ’s review of the transactions contemplated by the Merger Agreement.”

March 7, 2018: According to The Wall Street Journal, CVS Health (CVS) sold $40 billion of bonds on Tuesday to help pay for its acquisition of health insurer Aetna (AET) months before it needs the money, seeking to get ahead of an expected rise in interest rates and a flood of borrowing across the economy.

March 13, 2018: CVS Health Corporation (CVSstockholders voted to approve the shares of company stock to be issued in the company’s acquisition of Aetna (AET). According to the preliminary results announced at the meeting, more than 98 percent of the shares voted were in favor of the proposal. The merger is expected to close in the second half of 2018, subject to required regulatory approvals.

July 12, 2018: According to Bloomberg, shares of CVS Health (CVS) and Aetna (AET) spiked Thursday after a report by Reorg Research that U.S. antitrust enforcers might not move to block the health-care companies’ deal.

ORBK 03/19/2018 KLA-Tencor Corporation (KLAC) Cash Plus Stock $3.2 billion $65.08 $62.13 121,495 12/31/2018 4.74% 10.30%
Orbotech Ltd. merger details:

Expected to close by the end of the calendar year 2018 for a closing value of $3.2 billion in a cash plus stock deal. Under the terms of the agreement, Orbotech shareholders will receive $38.86 in cash and 0.25 of a share of KLA-Tencor common stock in exchange for each ordinary share of Orbotech.

TIG 01/05/2018 Takeda Pharmaceutical Company Limited (N/A) All Cash $520.25 million $42.72 $41.13 350 07/31/2018 3.87% 94.07%
TiGenix NV merger details:

Expected to close in the first quarter of 2018 or beginning of the second quarter of 2018 for a closing value of $520.25 million. Under the terms of the agreement, Takeda intends to acquire 100% of the securities with voting rights or giving access to voting rights of TiGenix not already owned by Takeda or affiliates at a price of EUR 1.78 per share in cash and an equivalent price in cash per American Depository Share, warrant and convertible bond. We are using the current Euro to Dollar Exchange rate of 1.2. The spread on the deal is subject to change based on the currency exchange rates. Each American Depository Share represents 20 ordinary shares of TiGenix.

Update(s)

April 27, 2018: TiGenix (TIGannounced the publication of the prospectus and response memorandum in relation to the previously announced takeover bid by Takeda Pharmaceutical Company Limited to acquire TiGenix. The first acceptance period of the Bid will commence on April 30, 2018 and expire on May 31, 2018. Takeda intends to announce the results of the first acceptance period on June 6, 2018. We have extended the closing date for this deal to June 30, 2018.

July 2, 2018: Since the merger has not been completed, we have further extended the closing date for this deal to July 31, 2018.

July 6, 2018: Takeda Pharmaceutical Company Limitedand TiGenix (TIGannounced the results of the second acceptance period of Takeda’s previously announced tender offer in cash for all outstanding ordinary shares of TiGenix. The number of Securities tendered into the Bid, gives access to 96.03% of the voting rights given access to by all of the outstanding Securities on a fully diluted basis. Following settlement of the Securities, Takeda will own 96.08% of the outstanding Ordinary Shares and will have acquired 95.76% of the Ordinary Shares that were the subject of the Bid. The conditions for a simplified squeeze-out under Belgian law have therefore been met. The squeeze-out period will commence from July 6, 2018, and will expire on July 26, 2018.

EHIC 04/06/2018 Teamsport Parent Limited (N/A) All Cash $1.19 billion $13.50 $13.02 43,114 09/30/2018 3.69% 17.71%
eHi Car Services Limited merger details:

Expected to close by the end of the second or third quarter for a closing value of $1.19 billion. Upon completion of the merger, shareholders of eHi Car Services Limited will receive $13.50 per share in cash.

OCLR 03/12/2018 Lumentum Holdings Inc. (LITE) Cash Plus Stock $1.8 billion $9.34 $9.03 1,691,300 12/31/2018 3.46% 7.53%
Oclaro, Inc. merger details:

Expected to close in the second half of 2018 for a closing value of $1.8 billion. Under the terms of the agreement, for each share of Oclaro stock held, Oclaro stockholders will be entitled to receive $5.60 in cash and 0.0636 of a share of Lumentum common stock.

Update(s)

April 4, 2018: The U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, as amended, with respect to the proposed acquisition of Oclaro (OCLR) by Lumentum Holdings (LITE). The transactions contemplated by the Merger Agreement remain subject to approval by Oclaro’s stockholders, antitrust regulatory approval in China and other customary closing conditions.

July 10, 2018: Oclaro (OCLR) announced that, based on the vote tally from Oclaro’s Special Meeting of Stockholders, Oclaro’s stockholders approved the merger agreement under which Lumentum Holdings (LITE). The parties continue to expect the transaction to close in the second half of 2018.

CYS 04/26/2018 Two Harbors Investment Corp. (TWO) Special Conditions $1.33 billion $7.79 $7.55 369,716 09/30/2018 3.18% 15.27%
CYS Investments, Inc. merger details:

Expected to close in the third quarter of 2018 for a closing value of $1.33 billion. In connection with the merger, CYS stockholders will exchange their shares of CYS common stock for newly issued shares of Two Harbors common stock as well as aggregate cash consideration of $15,000,000. The number of Two Harbors shares issued will be based on an exchange ratio to be determined by dividing 96.75% of CYS’ adjusted book value per share by 94.20% of Two Harbors’ adjusted book value per share. For illustrative purposes, assuming the merger occurs and the exchange ratio was based on March 31, 2018 adjusted book value per share, CYS stockholders would receive $7.79 of combined cash and stock consideration per share of CYS common stock owned, which represents a premium of approximately 17.7% over the CYS closing price per share on April 25, 2018. The actual exchange ratio for the merger will be publicly announced at least five business days prior to the required stockholder votes on the merger. We are treating this a “Special Conditions” deal with a deal value of $7.79/share.

PBSK 07/11/2018 City Holding Company (CHCO) All Stock $93.5 million $25.32 $24.60 8,909 12/31/2018 2.94% 6.38%
Poage Bankshares, Inc. merger details:

Expected to close in the fourth quarter of 2018 for a closing value of $93.5 million in an all stock deal. Under the terms of the Poage merger agreement, Poage shareholders will receive 0.335 shares of City common stock for each outstanding share of Poage common stock.

EVHC 06/11/2018 KKR (N/A) All Cash $9.9 billion $46.00 $44.71 1,437,208 12/31/2018 2.89% 6.27%
Envision Healthcare Corporation merger details:

Expected to close in the fourth quarter of 2018 for a closing value of $9.9 billion. Upon completion of the merger, shareholders of Envision Healthcare will receive $46.00 per share in cash.

CALL 11/09/2017 B. Riley Financial, Inc. (RILY) All Cash $143 million $8.71 $8.475 83,242 07/31/2018 2.77% 67.47%
magicJack VocalTec Ltd. merger details:

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

Update(s)

March 19, 2018: magicJack VocalTec (CALL) announced that at an extraordinary general meeting of magicJack shareholders, the shareholders approved the Agreement and Plan of Merger by B. Riley Financial (RILY).

June 28, 2018: magicJack VocalTec (CALL) announced that it has received from the Israel Tax Authority (“ITA”) the “Withholding Tax Ruling” contemplated by the merger agreement among magicJack, B. Riley Financial and B. R. Acquisition. magicJack is filing with the Securities and Exchange Commission a Form 8-K providing an overview of the requirements imposed by the ITA. The closing of the merger transaction is subject to the receipt of certain regulatory approvals. We have extended the closing date for this deal to July 31, 2018.

ELON 06/29/2018 Adesto Technologies (IOTS) All Cash $45 million $8.50 $8.29 74,095 09/30/2018 2.53% 12.17%
Echelon Corporation merger details:

Expected to close in the third quarter of 2018 for a closing value of $45 million. Upon completion of the merger, shareholders of Echelon Corporation will receive $8.50 per share in cash.

XL 03/05/2018 AXA (N/A) All Cash $15.3 billion $57.60 $56.36 1,122,840 12/31/2018 2.20% 4.78%
XL Group Ltd merger details:

Expected to close in the second half of 2018 for a closing value of $15.3 billion. Upon completion of the merger, shareholders of XL Group will receive $57.60 per share in cash.

Update(s)

June 6, 2018: XL Group (XL) announced that its common shareholders have approved an agreement for AXA to acquire 100% of XL Group.

QCP 04/26/2018 Welltower Inc. (WELL) All Cash $3.15 billion $20.75 $20.35 583,894 09/30/2018 1.97% 9.44%
Quality Care Properties, Inc. merger details:

Expected to close in the third quarter of 2018 for a closing valie of $3.15 billion. Upon completion of the merger, shareholders of Quality Care Properties will receive $20.75 per share in cash. This deal is contingent upon ProMedica Health System assuming the rights and obligations of QCP pursuant to the original plan sponsor agreement between QCP and HCR ManorCare Inc. (“HCR ManorCare”) entered into on March 2, 2018. As a result, ProMedica will acquire HCR ManorCare at the completion of HCR ManorCare’s Chapter 11 bankruptcy process.

FBNK 06/19/2018 People\’s United Financial, Inc. (PBCT) All Stock $544 million $31.15 $30.6 63,330 12/31/2018 1.81% 3.93%
First Connecticut Bancorp, Inc. merger details:

Expected to close in the fourth quarter of 2018 for a closing value of $544 million in an all stock deal. Under the terms of the agreement First Connecticut Bancorp shareholders will receive 1.725 shares of People’s United Financial stock for each First Connecticut Bancorp share.

EGC 06/18/2018 Cox Oil affiliate (N/A) All Cash $322 million $9.10 $8.94 623,327 09/30/2018 1.79% 8.60%
Energy XXI Gulf Coast, Inc. merger details:

Expected to close in the third quarter of 2018 for a closing value of $322 million. Upon completion of the merger, shareholders of Energy XXI Gulf Coast will receive $9.10 per share in cash.

USG 06/11/2018 Knauf (N/A) All Cash $7 billion $44.00 $43.23 687,062 01/31/2019 1.78% 3.27%
USG Corporation merger details:

Expected to close in early 2019 for a closing vlaue of $7 billion. Upon completion of the merger, shareholders of USG Corporation will receive $44 per share in cash.

RCII 06/18/2018 Vintage Capital (N/A) All Cash $1.365 billion $15.00 $14.75 795,927 12/31/2018 1.69% 3.68%
Rent-A-Center, Inc. merger details:

Expected to close by the end of 2018 for a closing value of $1.365 billion. Upon completion of the mergers, shareholders of Rent-A-Center will receive $15 per share in cash.

COBZ 06/18/2018 BOK Financial Corporation (BOKF) Cash Plus Stock $977 million $21.94 $21.6 192,371 12/31/2018 1.57% 3.42%
CoBiz Financial Inc. merger details:

Expected to close in the fourth quarter of 2018 for a closing value of $977 million in a cash plus stock deal. Under the terms of the agreement, shareholders of CoBiz Financial will receive 0.17 shares of BOK Financial common stock and $5.70 in cash for each share of CoBiz common stock.

PHH 02/27/2018 Ocwen Financial Corporation (OCN) All Cash $479 million $11.00 $10.83 155,850 12/31/2018 1.57% 3.41%
PHH Corporation merger details:

Expected to close in the third or fourth quarter of 2018 for a closing value of $479 million. Upon completion of the merger, shareholders of PHH Corporation will receive $11 per share in cash.

COL 09/04/2017 United Technologies Corp. (UTX) Special Conditions $30 billion $140.00 $137.86 580,463 09/30/2018 1.55% 7.46%
Rockwell Collins, Inc. merger details:

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

Update(s)

January 11, 2018: Rockwell Collins (COL) announced that its shareowners overwhelmingly approved the proposed acquisition of Rockwell Collins by United Technologies (UTX). The proposed transaction is expected to close by the third quarter of 2018.

March 19, 2018: According to The Wall Street Journal, Boeing (BA) dropped an opposition to plans for two of its largest suppliers, Rockwell Collins (COL) and United Technologies (UAL) to merge, reflecting pressure on the aerospace industry to deliver its record backlog of jetliners.

May 4, 2018: U.S. aerospace and industrial company United Technologies (UTXsecured conditional EU approval for its $23 billion bid for avionics maker Rockwell Collins (COL).

PF 06/27/2018 Conagra Brands, Inc. (CAG) Cash Plus Stock $10.9 billion $66.53 $65.52 2,416,516 12/31/2018 1.55% 3.36%
Pinnacle Foods Inc. merger details:

Expected to close by the end of calendar 2018 for a closing value of $10.9 billion in a cash plus stock deal. Under the terms of the agreement, each share of Pinnacle Foods common stock will be converted into the right to receive $43.11 per share in cash and 0.6494 shares of Conagra Brands common stock.

AFSI 03/01/2018 Karfunkel-Zyskind Family (N/A) All Cash $3.39 billion $14.75 $14.54 546,422 12/01/2018 1.44% 3.82%
AmTrust Financial Services, Inc. merger details:

Expected to close on or before December 1, 2018 for a closing value of $3.39 billion. Upon completion of the merger, shareholders of AmTrust Financial Services will receive $13.50 per share in cash.

Update(s)

June 4, 2018: AmTrust Financial Services (AFSI) announced that it intends to adjourn to June 21, 2018, the Special Meeting to be held to approve the adoption of the merger agreement between the Company and Evergreen Parent.

June 6, 2018: AmTrust Financial Services (AFSI) announced that it has entered into an amendment to the merger agreement with Evergreen Parent.  Under the terms of the amended agreement, Evergreen will acquire the approximately 45% of the Company’s shares of common stock that the Karfunkel-Zyskind Family and certain of its affiliates and related parties do not already own or control for $14.75 per share in cash. This represents an increase of $1.25 per share, or 9.3%, in cash consideration to AmTrust public stockholders.

June 21, 2018: AmTrust Financial Services (AFSI) announced that AmTrust stockholders have approved the proposed amended merger transaction in which Evergreen will acquire the approximately 45% of the Company’s issued and outstanding common shares that the Karfunkel-Zyskind Family and certain of its affiliates and related parties do not presently own or control.

CWAY 03/15/2018 HarborOne Bancorp, Inc. (HONE) All Cash $251.95 million $28.25 $27.85 5,569 12/31/2018 1.44% 3.12%
Coastway Bancorp, Inc. merger details:

Expected to close in the second half of 2018 for a closing value of $251.95 million. Upon completion of the merger, shareholders of Coastway Bancorp will receive $28.25 per share in cash.

XCRA 05/08/2018 Cohu, Inc. (COHU) Cash Plus Stock $627 million $14.32 $14.13 228,700 12/31/2018 1.37% 2.97%
Xcerra Corporation merger details:

Expected to close in the second half of 2018 for a closing value of $627 million in a cash plus stock deal. Under the terms of the agreement, Xcerra shareholders will be entitled to receive $9.00 in cash and 0.2109 of a share of Cohu common stock, subject to the terms of the definitive agreement.

XRM 06/25/2018 Andritz AG (ANDR) All Cash $1.27 billion $13.50 $13.32 91,940 12/31/2018 1.35% 2.94%
Xerium Technologies, Inc. merger details:

Expected to close in the second half of 2018 for a closing value of $1.27 billion. Upon completion of the merger, shareholders of Xerium Technologies will receive $13.50 per share in cash.

MBFI 05/21/2018 Fifth Third Bancorp (FITB) Cash Plus Stock $4.7 billion $47.72 $47.11 218,903 12/31/2018 1.30% 2.82%
MB Financial, Inc. merger details:

Expected to close for a closing value of $4.7 billion in a cash plus stock deal. Under the terms of the agreement, common shareholders of MB Financial will receive $54.20 of total consideration, consisting of 1.45 shares of Fifth Third common stock and $5.54 in cash for each share of MB Financial common stock.

NSM 02/13/2018 WMIH Corp. (WMIH) Special Conditions $17.37 billion $18.00 $17.77 70,783 12/31/2018 1.29% 2.81%
Nationstar Mortgage Holdings Inc. merger details:

Expected to close in the second half of 2018 for a closing value of $17.37 billion. Under the terms of the agreement, Nationstar shareholders may elect to receive $18.00 in cash or 12.7793 shares of WMIH common stock for each share of Nationstar common stock they own, subject to an overall proration to ensure that 32% of the total outstanding Nationstar shares are exchanged for the stock consideration. Upon completion of the transaction, Nationstar shareholders will own approximately 36% of the combined company and WMIH shareholders will own approximately 64%.

Capstone, a leading provider of policy analysis for institutional investors and companies in the US and Europe, provided regulatory due diligence advice to mortgage company WMIH Corp. (WMIH) on its acquisition of Nationstar Mortgage Holdings (NSM), a provider of mortgage servicing, origination and technology solutions across the U.S.Capstone, a leading provider of policy analysis for institutional investors and companies in the US and Europe, provided regulatory due diligence advice to mortgage company WMIH Corp. (WMIH) on its acquisition of Nationstar Mortgage Holdings (NSM), a provider of mortgage servicing, origination and technology solutions across the U.S.

Update(s)

June 29, 2018: WMIH Corp. (WMIH) and Nationstar Mortgage Holdings (NSM) announced that the stockholders of both companies approved all proposals relating to the merger of WMIH and Nationstar.

KS 01/29/2018 WestRock Company (WRK) All Cash $4.9 billion $35.00 $34.62 214,687 09/30/2018 1.10% 5.27%
KapStone Paper and Packaging Corporation merger details:

Expected to close by September 30, 2018 for a closing value of $4.9 billion. Upon completion of the merger, shareholders of KapStone Paper and Packaging Corporation will receive $35 per share in cash. KapStone stockholders will have the option to receive $35 per share in cash, or to elect to receive 0.4981 WestRock shares per KapStone share, with elections of stock consideration capped at 25% of the outstanding KapStone shares but no limit on the number of KapStone shares that can receive cash consideration. We are treating this as an all cash deal.

Update(s)

April 13, 2018: WestRock Company (WRK) and KapStone Paper and Packaging Corporation (KSreceived requests for additional information and documentary materials from the U.S. Department of Justice in connection with the pending acquisition of KapStone by WestRock.

COTV 06/19/2018 Verscend (N/A) All Cash $4.9 billion $44.75 $44.27 223,264 12/31/2018 1.08% 2.36%
Cotiviti Holdings, Inc. merger details:

Expected to close in the fourth quarter of 2018 for a closing value of $4.9 billion. Upon completion of the merger, shareholders of Cotiviti Holdings will receive $44.75 per share in cash.

JASO 11/17/2017 JASO Holdings Limited, JASO Parent Limited and JASO Acquisition Limited (N/A) All Cash $677.43 $7.55 $7.47 270,971 07/31/2018 1.07% 26.06%
JA Solar Holdings Co., Ltd. merger details:

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

Update(s)

March 12, 2018: JA Solar Holdings (JASOannounced shareholders’ approval of Merger Agreement.

March 27, 2018: JA Solar Holdings (JASO) announced that Herman Zhao has resigned as Chief Financial Officer effective March 27, 2018 to pursue other interests.

March 31, 2018: We have extended the closing date for the JA Solar Holdings (JASO) deal to April 30, 2018, since the deal did not close as scheduled on March 31, 2018.

May 1, 2018: We have further extended the closing date for the JA Solar Holdings (JASO) deal to June 30, 2018, since the deal did not close as scheduled on March 31, 2018.

July 2, 2018: Since the merger has not been completed, we have further extended the closing date for this deal to July 31, 2018.

JA Solar Holdings (JASO) announced shareholders’ approval of Merger Agreement.JA Solar Holdings (JASO) announced shareholders’ approval of Merger Agreement.
CA 07/11/2018 Broadcom Inc. (AVGO) All Cash $18.4 billion $44.50 $44.06 21,305,577 12/31/2018 1.00% 2.17%
CA, Inc. merger details:

Expected to close in the fourth quarter of 2018 for a closing value of $18.4 billion. Upon completion of the merger, shareholders of CA will receive $44.50 per share in cash.

VVC 04/23/2018 CenterPoint Energy, Inc. (CNP) All Cash $8.12 billion $72.00 $71.31 379,466 03/31/2019 0.97% 1.37%
Vectren Corporation merger details:

Expected to close in the first quarter of 2019 for a closing value of $8.12 billion. Upon completion of the merger, shareholders of Vectren Corporation will receive $72.00 per share in cash.

PNK 12/18/2017 Penn National Gaming, Inc. (PENN) Cash Plus Stock $5.85 billion $35.37 $35.04 505,756 12/31/2018 0.94% 2.03%
Pinnacle Entertainment, Inc. merger details:

Expected to close in the second half of 2018 for a closing value of $5.85 in a cash plus stock deal. Under the terms of the agreement, Pinnacle shareholders will receive $20.00 in cash and 0.42 shares of Penn National common stock for each Pinnacle share.

Update(s)

March 12, 2018: Penn (PENN) and Pinnacle (PNK) each received a Request for Additional Information and Documentary Materials, often referred to as a “Second Request,” from the FTC in connection with the FTC’s review of the Merger.

March 21, 2018: Penn National Gaming (PENN) announced that at separate meetings, The Pennsylvania Gaming Control Board and the West Virginia Lottery Commission approved the Company’s pending acquisition of Pinnacle Entertainment (PNK). The completion of the proposed transaction is contingent on receipt of additional regulatory approvals, as well as certain other conditions.

March 29, 2018: Stockholders of Pinnacle Entertainment (PNKapproved the acquisition of the Company by Penn National Gaming (PENN) by voting affirmatively to adopt the merger agreement for the transaction.

MATR 04/26/2018 affiliate of NICE Ltd. (N/A) All Cash $105.92 million $2.70 $2.675 11,591 12/31/2018 0.93% 2.03%
Mattersight Corporation merger details:

Expected to close in the second half of 2018 for a closing value of $105.92 million. Upon completion of the merger, shareholders of Mattersight will receive $2.7 per share in cash.

Update(s)

June 8, 2018: NICE (NICE) announced that it has extended the expiration of its tender offer to acquire all of the outstanding shares of Mattersight Corporation’s (MATR) common stock and 7% Series B Convertible Preferred Stock. The tender offer is being extended to allow additional time for the satisfaction of the conditions to the offer. The parties have not yet received the clearance of the Committee on Foreign Investment in the United States (CFIUS). The tender offer is now scheduled to expire on Thursday, June 21, 2018, unless it is further extended or earlier terminated.

JNP 07/03/2018 Catalent, Inc. (CTLT) All Cash $111.22 million $11.50 $11.4 365,885 09/30/2018 0.88% 4.21%
Juniper Pharmaceuticals, Inc. merger details:

Expected to close in the third quarter of 2018 for a closing value of $111.22 million. Upon completion of the merger, shareholders of Juniper Pharmaceuticals will receive $11.50 per share in cash.

STBZ 05/13/2018 Cadence Bancorporation (CADE) All Stock $1.4 billion $33.26 $32.97 191,208 12/31/2018 0.87% 1.89%
State Bank Financial Corporation merger details:

Expected to close in the fourth quarter of 2018 for a closing value of $1.6 billion in an all stock deal. Under the terms of the merger agreement, State Bank Financial Corporation  shareholders will receive 1.160 shares of Cadence Bancorporation Class A common stock for each share of State Bank common stock.

PAY 04/09/2018 Francisco Partners (N/A) All Cash $3.4 billion $23.04 $22.86 906,086 09/30/2018 0.79% 3.78%
VeriFone Systems, Inc. merger details:

Expected to close in the third calendar quarter of 2018 for a closing value of $3.4 billion. Upon completion of the merger, shareholders of Verifone Systems will receive $23.04 per share in cash.

KANG 03/26/2018 IK Healthcare Investment Limited (N/A) All Cash $1.5 billion $20.60 $20.44 82,569 09/30/2018 0.78% 3.76%
iKang Healthcare Group, Inc. merger details:

Expected to close in the third quarter of 2018 for a closing value of $1.5 billion. Under the terms of the agreement, IK Healthcare Investment Limited will acquire the Company for a cash consideration of US$41.20 per Class A common share or Class C common share of the Company or US$20.60 per American depositary share of the Company, each representing ½ of a Class A Share.

GBNK 05/22/2018 Independent Bank Group, Inc. (IBTX) All Stock $1 billion $30.17 $29.95 73,206 12/31/2018 0.74% 1.61%
Guaranty Bancorp merger details:

Expected to close in the fourth quarter of 2018 for a closing value of $1 billion in an all stock deal. Under the terms of the merger agreement, shareholders of Guaranty Bancorp will receive 0.45 shares of IBTX common stock for each share of GBNK common stock.

XPLR 07/05/2018 Zebra Technologies Corporation (ZBRA) All Cash $83.96 million $6.00 $5.96 82,610 09/30/2018 0.67% 3.22%
Xplore Technologies Corp. merger details:

Exoected to close in the third quarter of 2018 for a closing value of $83.96 million. Upon completion of the merger, shareholders of Xplore Technologies will receive $6.00 per share in cash.

UCBA 03/12/2018 Civista Bancshares, Inc. (CIVB) Cash Plus Stock $114.4 million $27.82 $27.65 1,201 09/30/2018 0.63% 3.04%
United Community Bancorp merger details:

Expected to close in the third quarter of 2018 for a closing value of $114.4 million in a cash plus stock deal. Under the terms of the agreement, the consideration United shareholders will receive is equivalent to 1.027 shares of Civista common stock and $2.54 in cash per share of United common stock.

VR 01/22/2018 American International Group, Inc. (AIG) All Cash $5.56 billion $68.00 $67.59 509,433 07/31/2018 0.61% 14.76%
Validus Holdings, Ltd. merger details:

Expected to close by mid 2018 for a closing value of $5.56 billion. Upon completion of the merger, shareholders of Validus Holdings will receive $68.00 per share in cash.

Update(s)

July 2, 2018: Since the merger has not been completed, we have further extended the closing date for this deal to July 31, 2018.

CHFN 04/24/2018 CenterState Bank Corporation (CSFL) Cash Plus Stock $360.1 million $23.90 $23.76 30,833 12/31/2018 0.59% 1.29%
Charter Financial Corporation merger details:

Expected to close in the fourth quarter of 2018 for a closing value of $360.1 million in a cash plus stock deal. Under the terms of the agreement, Charter stockholders will receive 0.738 of a share of CSFL common stock and $2.30 in cash consideration for each outstanding share of Charter common stock.

GPT 05/07/2018 affiliates of Blackstone Real Estate Partners VIII (N/A) All Cash $7.6 billion $27.50 $27.35 569,779 12/31/2018 0.55% 1.19%
Gramercy Property Trust merger details:

Expected to close in the second half of 2018 for a closing value of $7.6 billion. Upon completion of the merger, shareholders of Gramercy Property Trust will receive $27.50 per share in cash.

ILG 04/30/2018 Marriott Vacations Worldwide Corporation (VAC) Cash Plus Stock $5.44 billion $34.20 $34.05 1,103,122 12/31/2018 0.43% 0.93%
ILG, Inc. merger details:

Expected to close in the second half of 2018 for a closing value of $5.44 billion in a cash plus stock deal. Under the terms of the merger agreement, ILG shareholders will receive $14.75 in cash and 0.165 shares of MVW common stock for each ILG share.

Update(s)

July 3, 2018: ILG (ILG) announced that it will hold a special meeting of its stockholders on August 28, 2018, at which ILG stockholders will vote on the previously announced proposed merger of ILG and Marriott Vacations Worldwide Corporation (VAC).

FFKT 04/19/2018 WesBanco, Inc. (WSBC) Cash Plus Stock $378.2 million $52.59 $52.4 5,899 09/30/2018 0.35% 1.70%
Farmers Capital Bank Corporation merger details:

Expected to close in the second half of 2018 for a closing value of $378.2 million in an all stock deal. Under the terms of the agreement WesBanco will exchange a combination of its common stock and cash for Farmers common stock. Farmers shareholders will be entitled to receive 1.053 shares of WesBanco common stock and cash in the amount of $5.00 per share for each share of Farmers common stock.

Update(s)

July 11, 2018: WesBanco (WSBC) announced that it has received all necessary regulatory approvals for the merger between WesBanco and Farmers Capital Bank Corporation (FFKT). WesBanco and Farmers anticipate that the closing of the merger will occur during the third quarter of 2018.

DCT 04/29/2018 Prologis, Inc. (PLD) All Stock $8.4 billion $66.84 $66.65 276,627 09/30/2018 0.29% 1.37%
DCT Industrial Trust Inc. merger details:

Expected to close in the third quarter of 2018 for a closing value of $8.4 billion in an all stock deal. Under the terms of the agreement, DCT shareholders will receive 1.02 Prologis shares for each DCT share they own.

MTGE 05/02/2018 Annaly Capital Management, Inc. (NLY) Cash Plus Stock $900 million $19.75 $19.7 91,859 09/30/2018 0.25% 1.18%
MTGE Investment Corp. merger details:

Expected to close in the third quarter of 2018 for a closing value of $900 million in a cash plus stock deal. Under the terms of the agreement, MTGE shareholders may elect to receive: (a) $9.82 in cash and 0.9519 shares of Annaly common stock; (b) $19.65 in cash (the “Cash Consideration Option”); or (c) 1.9037 shares of Annaly common stock (the “Stock Consideration Option”). MTGE shareholders who elect the Cash Consideration Option or Stock Consideration Option will be subject to proration, in each of the exchange offer and the subsequent second step merger, so that the aggregate consideration will consist of approximately 50% of Annaly’s common stock and approximately 50% in cash.

Update(s)

June 15, 2018: Annaly Capital Management (NLY) announced that it has extended its previously announced exchange offer to purchase all of the outstanding shares of common stock of MTGE Investment Corp. (MTGE). The Offer will now expire on July 18, 2018, unless further extended.

FMI 06/19/2018 Roche (RHHBY) All Cash $4.89 billion $137.00 $136.7 301,381 12/31/2018 0.22% 0.48%
Foundation Medicine, Inc. merger details:

Expected to close in the second half of 2018 for a closing value of $4.89 billion. Upon completion of the merger, shareholders of Foundation Medicine will receive $137 per share in cash.

FNGN 04/30/2018 Hellman & Friedman (N/A) All Cash $3.02 billion $45.00 $44.925 88,752 09/30/2018 0.17% 0.80%
Financial Engines, Inc. merger details:

Expected to close in the third quarter of 2018 for a closing value of $3.02 billion. Upon completion of the merger, shareholders of Financial Engines will receive $45.00 per share in cash.

CPLA 10/30/2017 Strayer Education, Inc. (STRA) All Stock $820.96 million $104.57 $104.4 17,510 08/01/2018 0.16% 3.74%
Capella Education Company merger details:

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

Update(s)

January 19, 2018: Capella Education Company (CPLA) announced that at a special meeting its shareholders approved a proposal to effect the previously announced merger between Capella Education Company and Strayer Education (STRA).

July 9, 2018: Capella Education Company (CPLA) announced that the Higher Learning Commission has approved the change of ownership of Capella University in connection with the merger between Capella and Strayer Education (STRA). Upon closing, Strayer Education will be renamed Strategic Education. The merger is expected to close on or before August 1.

RSPP 03/28/2018 Concho Resources Inc. (CXO) All Stock $9.5 billion $47.39 $47.33 1,367,167 09/30/2018 0.12% 0.56%
RSP Permian, Inc. merger details:

Expected to close in the third quarter of 2018 for a closing value of $9.5 billion in an all stock deal. Under the terms of the definitive merger agreement, shareholders of RSP will receive 0.320 shares of Concho common stock in exchange for each share of RSP common stock.

CVG 06/28/2018 SYNNEX Corporation (SNX) Cash Plus Stock $2.8 billion $25.24 $25.22 891,400 12/31/2018 0.06% 0.14%
Convergys Corporation merger details:

Expected to close by the end of 2018 for a closing value of $2.8 billion in a cash plus stock deal. Under the terms of the agreement, Convergys shareholders will receive $13.25 per share in cash and 0.1193 shares of SYNNEX common stock for each Convergys common share they own, subject to a collar as described in the agreement. The collar mentioned in the agreement states that, (i) if the Parent Closing Price is less than 85% of the Base Parent Trading Price, which is $111.0766, the Base Exchange Ratio will be 0.1263 (ii) if the Parent Closing Price is greater than 115% of the Base Parent Trading Price, the Base Exchange Ratio will be 0.1141.

AVHI 06/07/2018 Taylor Morrison Home Corporation (TMHC) All Cash $963 million $21.50 $21.55 288,202 10/31/2018 -0.23% -0.79%
AV Homes, Inc. merger details:

Expected to close late in the third quarter or early in the fourth quarter of 2018 for a closing value of $963 million. Under the terms of the agreement, AV Homes stockholders will have the option to receive, at their election, consideration per share equal to (i) $21.50 in cash, (ii) 0.9793 shares of Taylor Morrison Class A common stock or (iii) the combination of $12.64 in cash and 0.4034 shares of Taylor Morrison Class A common stock, subject to an overall proration of approximately 60% cash and 40% stock.

EDR 06/25/2018 Greystar Student Housing Growth and Income Fund, LP (N/A) All Cash $4.6 billion $41.50 $41.63 2,431,204 12/31/2018 -0.31% -0.68%
Education Realty Trust, Inc. merger details:

Expected to close in the second half od 2018 for a closing value of $4.6 billion. Upon completion of the merger, shareholders of Education Realty Trust will receive $41.50 per share in cash. Under the Merger Agreement, EdR will discontinue its regular quarterly dividends. However, if the transaction is completed after October 15, 2018, EdR stockholders will receive a per diem amount of approximately $0.00435 per share for each day from October 15, 2018 until (but not including) the closing date.

ABAX 05/16/2018 Zoetis Inc. (ZTS) All Cash $1.7 billion $83.00 $83.28 84,800 12/31/2018 -0.34% -0.73%
Abaxis, Inc. merger details:

Expected to close before the end of 2018 for a closing value of $1.7 billion. Upon completion of the merger, shareholders of Abaxis will receive $83 per share in cash.

Update(s)

July 6, 2018: Zoetis (ZTS) and Abaxis (ABAX) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with Zoetis’ previously-announced acquisition of Abaxis.

WPZ 05/17/2018 The Williams Companies, Inc. (WMB) All Stock $10.5 billion $40.82 $41.05 1,617,373 09/30/2018 -0.57% -2.74%
Williams Partners L.P. merger details:

Expected to close in the fall of 2018 for a closing value of $10.5 billion in an all stock deal. Under the terms of the merger agreement, Williams will acquire all of the outstanding units of Williams Partners at a fixed exchange ratio of 1.494 Williams shares for each public unit of Williams Partners (or a fixed exchange ratio of 1.513 if the closing does not occur before the record date for Williams’ dividend to be paid in the third quarter of 2018).

Update(s)

July 12, 2018: The Williams Companies (WMB) and Williams Partners (WPZ) announced that, in connection with the previously announced merger transaction between Williams and Williams Partners, the registration statement on Form S-4 has been declared “effective” by the U.S. Securities and Exchange Commission. Williams also announced that it has scheduled a special meeting of Williams stockholders to vote on the proposed Merger. The special meeting of stockholders will be held on Aug. 9, 2018.

 

ANDV 04/30/2018 Marathon Petroleum Corp. (MPC) All Stock $35.6 billion $134.15 $135.49 841,949 12/31/2018 -0.99% -2.14%
Andeavor merger details:

Expected to close in the second half of 2018 for a closing value of $35.6 billion in a cash or stock deal. Under the terms of the agreement, ANDV shareholders will have the option to choose 1.87 shares of MPC stock, or $152.27 in cash subject to a proration mechanism that will result in 15 percent of ANDV’s fully diluted shares receiving cash consideration.

Update(s)

June 6, 2018: Marathon Petroleum Corporation (MPC) and Andeavor (ANDVcompleted the submission of their pre-merger notification filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and also submitted applications for approval of the merger to the Competition Bureau of Canada. The parties continue to expect the transaction to close in the second half of 2018, subject to customary closing conditions including regulatory and shareholder approvals.

July 3, 2018: Marathon Petroleum (MPC) and Andeavor (ANDV) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired in connection with the proposed transaction whereby MPC would acquire all of Andeavor’s outstanding shares. The parties have also received the necessary regulatory clearance by the Canadian Commissioner of Competition pursuant to the Competition Act (Canada).

CQH 06/19/2018 Cheniere Energy, Inc. (LNG) All Stock $7.12 billion $29.49 $29.92 81,264 09/30/2018 -1.43% -6.86%
Cheniere Energy Partners LP Holdings, LLC merger details:

Expected to close in the third quarter of 2018 for a closing value of $7.12 billion in an all stock deal. Under the terms of the agreement, Cheniere Partners Holdings’ shareholders will receive a fixed exchange ratio of 0.4750 Cheniere shares for each outstanding publicly-held share of Cheniere Partners Holdings.

WEB 06/21/2018 affiliate of Siris Capital Group, LLC (N/A) All Cash $2 billion $25.00 $25.6 459,605 12/31/2018 -2.34% -5.09%
Web.com Group, Inc. merger details:

Expected to close in the fourth quarter of 2018 for a closing value of $2 billion. Upon completion of the merger, shareholders of Web.com will receive $25.00 per share in cash.

STDY 04/30/2018 United Therapeutics Corporation (UTHR) Special Conditions $216 million $4.46 $4.6 12,400 09/30/2018 -3.04% -14.62%
SteadyMed Ltd. merger details:

Expected to close in the third quarter of 2018 for a closing value of $216 million. Upon completion of the merger, shareholders of SteadyMed will receive $4.46 per share in cash at closing and an additional $2.63 per share in cash upon the achievement of a milestone related to the commercialization of Trevyent®.

Update(s)

June 25, 2018: SteadyMed (STDY) issued a notice that an extraordinary general meeting of shareholders of SteadyMed will be held at the offices of SteadyMed Therapeutics on July 30, 2018.

SHLM 02/15/2018 LyondellBasell (LYB) All Cash $2.25 billion $42.00 $43.4 288,052 12/31/2018 -3.23% -7.01%
A. Schulman, Inc. merger details:

Expected to close in the second half of 2018 for a closing value of $2.25 billion. Upon completion of the merger, shareholders of A. Schulman will receive $42 per share in cash and one contingent value right per share.

Update(s)

March 21, 2018: LyondellBasell (LYB) announced that the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, with respect to its pending acquisition of A. Schulman (SHLM).

May 22, 2018: LyondellBasell (LYB) announced that it has received unconditional clearance from the Chinese State Administration of Market Regulation for its pending acquisition of A. Schulman (SHLM).

June 14, 2018: A. Schulman (SHLM) announced that during a special stockholder meeting, A. Schulman stockholders approved the merger agreement under which LyondellBasell Industries (LYB) will acquire all of the outstanding shares of A. Schulman common stock.

June 27, 2018: LyondellBasell (LYB) announced that it has received antitrust clearance from the European Commission for its pending acquisition of A. Schulman (SHLM).

KLDX 03/19/2018 Hecla Mining Company (HL) Cash Plus Stock $462 million $2.27 $2.35 313,571 07/31/2018 -3.31% -80.60%
Klondex Mines Ltd. merger details:

Expected to close in the second quarter of 2018 for a closing value of $462 million. Under the terms of the agreement, Klondex shareholders may elect to receive either US$2.47 in cash (Cash Alternative) or 0.6272 of a Hecla share (Share Alternative), each full Hecla share being currently valued at US$3.94, subject in each case to pro-ration based on a maximum cash consideration of US$157.4 million and a maximum number of Hecla shares issued of 77.4 million. If all Klondex shareholders elect either the Cash Alternative or the Share Alternative, each Klondex shareholder would be entitled to receive US$0.8411 in cash and 0.4136 Hecla shares. Klondex shareholders may also elect to receive US$0.8411 in cash and 0.4136 of a Hecla share and Klondex shareholders who fail to make an election will automatically receive US$0.8411 in cash and 0.4136 of a Hecla share. Klondex shareholders will also receive shares of a newly formed company (Klondex Canada) which will hold Klondex’s Canadian assets, including the True North and Bison Gold Resources properties.

Update(s)

July 2, 2018: Since the merger has not been completed, we have further extended the closing date for this deal to July 31, 2018.

July 12, 2018: Klondex Mines (KLDX) announced that its shareholders and securityholders approved the proposed statutory plan of arrangement with Hecla Mining Company (HL) at the Klondex annual and special meeting of securityholders. Subject to customary closing conditions in accordance with the Plan of Arrangement, the transaction is expected to close on or about July 20, 2018.

LHO 05/21/2018 affiliates of Blackstone Real Estate Partners VIII (N/A) All Cash $4.8 billion $33.50 $34.88 168,198 09/30/2018 -3.96% -19.00%
LaSalle Hotel Properties merger details:

Expected to close in the third quarter of 2018 for a closing value of $4.8 billion. Upon completion of the merger, shareholders will receive $33.50 per share in cash.

Update(s)

June 18, 2018: According to Reuters, LaSalle Hotel Properties (LHOsided with Blackstone Group’s offer to buy the company, as it looks to thwart Pebblebrook Hotel Trust (PEB)’s takeover bid.

July 10, 2018: Pebblebrook Hotel Trust (PEB) announced it has filed a preliminary proxy statement with the United States Securities and Exchange Commission to urge shareholders of LaSalle Hotel Properties (LHO) to vote with Pebblebrook against LaSalle’s merger agreement with BRE Landmark.

PERY 06/15/2018 George Feldenkreis, Perry Ellis’ founder (N/A) All Cash $492 million $27.50 $28.74 57,757 12/31/2018 -4.31% -9.37%
Perry Ellis International, Inc. merger details:

Expected to close in the second half of 2018 for a closing value of $492 million. Upon completion of the acquisition, shareholders of Perry Ellis International will receive $27.50 per share in cash.

Update(s)

July 2, 2018: The Special Committee of the Perry Ellis International (PERY) Board of Directors confirmed receipt of a non-binding, unsolicited proposal from privately-held Randa Accessories Leather Goods to acquire 100% of the fully diluted common stock of Perry Ellis for $28.00 per share in cash.

July 11, 2018: Perry Ellis International (PERY) announced that it had been granted early termination, effective as of July 10, 2018, of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended in connection with the Feldenkreis transaction.

ANCB 04/11/2017 Washington Federal, Inc. (WAFD) Special Conditions $63.9 million $25.75 $27.75 10,483 08/31/2018 -7.21% -57.19%
Anchor Bancorp merger details:

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

Update(s)

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

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

April 2, 2018: Washington Federal (WAFD) and Anchor Bancorp (ANCB) entered into Amendment No. 2 to the Agreement and Plan of Merger. One of the key provisions contained in Amendment No. 2 is the extension from  June 30, 2018 to August 31, 2018 the date after which either party may elect to terminate the Merger Agreement if the merger transaction contemplated by the Merger Agreement has not yet been completed and leaves in place the three additional extension periods that were previously agreed to.

SVA 06/26/2017 Sinovac Limited and Sinovac Amalgamation Sub Limited (N/A) All Cash $437.59 million $7.00 $7.85 60,136 07/31/2018 -10.83% -263.48%
Sinovac Biotech Ltd. merger details:

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

Update(s)

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

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

December 31, 2017: We are extending the closing date for this deal to January 31, 2018 in the absence of any information from the company about the status of the deal.

February 7, 2018: Sinovac Biotech (SVA) announced that, in connection with its previously announced going private transaction, the Company has filed a going-private transaction statement on Schedule 13E-3 with the United States Securities and Exchange Commission. The Company plans to announce the results of the shareholders meeting after it completes evaluating the quorum and results. We have extended the closing date for this deal to March 31, 2018.

March 27, 2018: Sinovac Biotech (SVA) announced that on March 26, 2018, it entered into Amendment No. 1 to the Amalgamation Agreement. Under the terms of the Amalgamation Agreement, the Amalgamation Agreement may be terminated by the Company or Parent if the amalgamation of Amalgamation Sub with and into the Company has not occurred on or before March 26, 2018. The Amendment extends the Termination Date to April 26, 2018.

April 26, 2018:  Sinovac Biotech (SVA) announced that it entered into Amendment No. 2 to the Amalgamation Agreement. The Amendment extends the Termination Date to May 26, 2018.

July 2, 2018: Since the merger has not been completed, we have further extended the closing date for this deal to July 31, 2018.

KERX 06/28/2018 Akebia Therapeutics, Inc. (AKBA) All Stock $567.35 $3.72 $4.39 718,295 12/31/2018 -15.16% -32.93%
Keryx Biopharmaceuticals, Inc. merger details:

Expected to close by the end of the year for a closing value of $567.35 in an all stock deal. Under the terms of the agreement, Keryx shareholders will receive 0.37433 common shares of Akebia for each share of Keryx they own.

FOX 12/14/2017 The Walt Disney Company (DIS) Special Conditions $85.1 billion $38.00 $47.19 3,611,314 09/30/2018 -19.47% -93.53%
Twenty-First Century Fox, Inc. merger details:

Expected to close for a closing value of $66.1 billion in an all stock deal. Under the terms of the agreement, shareholders of 21st Century Fox will receive 0.2745 Disney shares for each 21st Century Fox share they hold. The per share consideration is subject to adjustment for certain tax liabilities arising from the spinoff and other transactions related to the acquisition. The initial exchange ratio of 0.2745 Disney shares for each 21st Century Fox share was set based on an estimate of such tax liabilities to be covered by an $8.5 billion cash dividend to 21st Century Fox from the company to be spun off. The exchange ratio will be adjusted immediately prior to closing of the acquisition based on an updated estimate of such tax liabilities. Such adjustment could increase or decrease the exchange ratio, depending upon whether the final estimate is lower or higher, respectively, than the initial estimate. However, if the final estimate of the tax liabilities is lower than the initial estimate, the first $2 billion of that adjustment will instead be made by net reduction in the amount of the cash dividend to 21st Century Fox from the company to be spun off. The amount of such tax liabilities will depend upon several factors, including tax rates in effect at the time of closing as well as the value of the company to be spun off.

Update(s)

May 23, 2018: According to Bloomberg, Comcast (CMCSAconfirmed that it may make an offer for the entertainment assets that 21st Century Fox (FOX) has agreed to sell to Walt Disney (DIS), escalating a bidding war that’s already underway over Fox’s European satellite business.

June 20, 2018: The Walt Disney Company (DIS) announced that it has signed an amended acquisition agreement with Twenty-First Century Fox (FOX), for $38 per share in cash and stock. The collar on the stock consideration will ensure that 21st Century Fox shareholders will receive a number of Disney shares equal to $38 in value if the average Disney stock price at closing is between $93.53 and $114.32. 21st Century Fox shareholders will receive an exchange ratio of 0.3324 shares of Disney common stock if the average Disney stock price at closing is above $114.32 and 0.4063 shares of Disney common stock if the average Disney stock price at closing is below $93.53. Elections of cash and stock will be subject to proration to the extent cash or stock is oversubscribed.

June 27, 2018: The Walt Disney Company (DIS) announced that the Antitrust Division of the United States Department of Justice has cleared the pending acquisition by Disney of Twenty-First Century Fox (FOX).

July 13, 2018: AT&T (T) CEO Randall Stephenson told CNBC, that the Department of Justice’s challenge to AT&T and Time Warner’s (TWX) merger could affect the bidding war between Disney (DIS) and Comcast (CMCSA) for Twenty-First Century Fox (FOX).

Disclaimer: I hold positions in SteadyMed (STDY), GGP Inc. (GGP), magicJack VocalTec (CALL), Rite Aid (RAD) and Southcross Energy Partners (SXE). 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.

Connect with me on LinkedIn: http://www.linkedin.com/in/asifsuria or follow me on Twitter@asifsuria

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