| + | SIMO | 5/05/22 | MaxLinear, Inc. (MXL) | Cash Plus Stock | $8 B | $105.89 | $54.29 | 244,566 | 6/30/23 | 95.04% | 142.75% |
| Silicon Motion Technology Corporation merger details: Expected to close in the first hand of 2023 for a closing value of $8 billion in a cash plus stock deal. Under the terms of the definitive agreement, the transaction consideration will consist of $93.54 in cash and 0.388 shares of MaxLinear stock for each Silicon Motion ADS (American Depositary Share) and $23.385 in cash and 0.097 shares of MaxLinear common stock for each Silicon Motion ordinary share not represented by an ADS. Merger Agreement Silicon Motion Technology Corporation Investor Relations MaxLinear, Inc. Investor Relations Termination Fee Company Termination Fee (To be paid by Silicon Motion Technology Corporation): $132 million Parent Termination Fee (To be paid by MaxLinear): $160 million Update(s) June 28, 2022: MaxLinear (MXL) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the previously announced agreement under which MaxLinear will acquire Silicon Motion Technology Corporation (SIMO) in a cash and stock transaction. August 31, 2022: Shareholders of Silicon Motion (SIMO) approved the previously announced merger agreement under which MaxLinear (MXL) will acquire Silicon Motion, and approved other proposals related to the transaction. August 31, 2022: The State Administration for Market Regulation in the People’s Republic of China advised MaxLinear (MXL) to refile for the planned acquisition of Silicon Motion Technology Corporation (SIMO). |
| + | SAVE | 7/28/22 | JetBlue Airways Corporation (JBLU) | All Cash | $7.6 B | $33.50 | $21.59 | 697,573 | 6/30/24 | 55.16% | 33.06% |
| Spirit Airlines, Inc. merger details: Expected to close in the first half of 2024 for a closing value of $7.6 billion. Upon completion of the deal, shareholders of Spirit Airlines will receive $33.50 per share in cash, including a prepayment of $2.50 per share in cash payable upon Spirit stockholders’ approval of the transaction and a ticking fee of $0.10 per month starting in January 2023 through closing. Merger Agreement Spirit Airlines, Inc. Investor Relations JetBlue Airways Corporation Investor Relations Termination Fee Breakup Fee: $94.2 million Update(s) September 12, 2022: Spirit Airlines (SAVE) announced that the special meeting of stockholders will be on October 19, 2022. September 16, 2022: Senator Elizabeth Warren urged federal airline regulators to block JetBlue Airways’s (JBLU) proposed merger with Spirit Airlines (SAVE) by invoking a rarely used authority from the 1950s to argue that the deal isn’t “consistent with the public interest.” September 27, 2022: According to Reuters, the U.S. Justice Department urged a judge to force American Airlines (AAL) and JetBlue Airways (JBLU) to scrap their U.S. Northeast partnership because it would mean higher prices for consumers. September 29, 2022: According to The Wall Street Journal, John Kirby, Spirit’s (SAVE) vice president of network planning, testified in federal court in Boston that the alliance between American Airlines Group (AAL) and JetBlue Airways (JBLU) in the Northeast could eventually expand, and could inspire other large airlines to try to strike their own partnership deals, limiting competition in an already consolidated industry. September 30, 2022: An NYSE notice indicated that shareholders of Spirit Airlines (SAVE) of record on September 12 would be the only holders able to get a $2.50/share special dividend as part of the original agreement with JetBlue Airways Corporation (JBLU) from late July. October 6, 2022: Spirit Airlines (SAVE) announced that independent proxy advisory firms Institutional Shareholder Services and Glass, Lewis have recommended that Spirit stockholders vote FOR the merger agreement with JetBlue Airways Corporation (JBLU). October 19, 2022: Spirit Airlines (SAVE) announced that its stockholders approved the merger agreement with JetBlue Airways Corporation (JBLU). |
| + | BKI | 5/04/22 | Intercontinental Exchange, Inc. (ICE) | Special Conditions | $16 B | $85.00 | $60.27 | 888,054 | 6/30/23 | 41.03% | 61.63% |
| Black Knight, Inc. merger details: Expected to close in the first half of 2023 for a closing value of $16 billion in a cash or stock deal. Upon completion of the deal, shareholders of Black Knight will receive $85 per share. Black Knight shareholders can elect to receive either cash or stock, subject to proration, with the value of the cash election and the stock election equalized at closing. Merger Agreement Black Knight, Inc. Investor Relations Intercontinental Exchange, Inc. Investor Relations Termination Fee Company Termination Fee (To be paid by Black Knight): $398 million Parent Termination Fee (To be paid by Intercontinental Exchange): $725 million Update(s) May 5, 2022: Black Knight (BKI) announced unaudited financial results for the first quarter of 2022. The company reported revenues of $387.2 million, an increase of 11% and organic revenue growth of 9%. Operating income of $80.2 million was an increase of 18% as compared to the prior year quarter. June 17, 2022: Black Knight (BKI) and Intercontinental Exchange (ICE), each received a Request for Additional Information and Documentary Material, referred to as a “Second Request,” from the FTC with respect to the merger. Accordingly, the HSR waiting period will expire 30 days after ICE and Black Knight each certify their substantial compliance with the Second Request, unless earlier terminated by the FTC or extended by agreement of the parties or court order. August 19, 2022: Black Knight (BKI) announced that the special meeting of stockholders will be on September 21, 2022. September 21, 2022: Black Knight (BKI) announced that it has received shareholder approval to be acquired by Intercontinental Exchange (ICE). |
| + | ACI | 10/14/22 | The Kroger Co. (KR) | Special Conditions | $24.6 B | $27.25 | $20.38 | 4,235,354 | 3/31/24 | 33.71% | 23.75% |
| Albertsons Companies, Inc. merger details: Expected to close in early 2024 for a closing value of $24.6 billion. Under the terms of the agreement, shareholders of Albertsons Companies will receive $34.10 per share in cash. The cash component of the $34.10 per share consideration may be reduced by the per share value of a newly created standalone public company (“SpinCo”) that Albertsons is prepared to spin off at closing. As part of the transaction, Albertsons will pay a special cash dividend of up to $4 billion to its shareholders. The cash component of the $34.10 per share consideration will be reduced by the per share amount of the special cash dividend, which is expected to be approximately $6.85 per share. This cash dividend will be payable on November 7, 2022, to shareholders of record as of the close of business on October 24, 2022. Merger Agreement Albertsons Companies, Inc. Investor Relations The Kroger Co. Investor Relations Termination Fee Company Termination Fee (To be paid by Albertsons Companies): $318 million Parent Termination Fee (To be paid by The Kroger Co.): $600 million Update(s) October 18, 2022: According to Reuters, a U.S. Senate antitrust panel is expected to announce as soon as Tuesday a hearing on the merger of grocery giants Kroger (KR) and Albertsons (ACI), signaling growing scrutiny of the deal. October 19, 2022: Albertsons Companies (ACI) reported that, following the execution of the Merger Agreement with The Kroger Co. (KR): (i) the Cerberus Holders, (ii) entities affiliated with Klaff Realty, (iii) entities affiliated with Lubert-Adler Partners and (iv) KRS ABS, LLC, an entity affiliated with Kimco Realty Corporation, collectively the beneficial owners of 296,076,183 shares of Common Stock, which constitute approximately 55.4% of the voting power of the outstanding shares of Common Stock, each executed a written consent approving and adopting the Merger Agreement. No further approval of the stockholders of the company is required to adopt the Merger Agreement. October 19, 2022: Sen. Elizabeth Warren called for the Federal Trade Commission to block Kroger’s (KR) planned billion acquisition of rival supermarket chain Albertsons (ACI). October 21, 2022: Reuters reported that thousands of unionized retail workers from the U.S. Mid-Atlantic to the West Coast are lobbying regulators and lawmakers as part of a broader effort to nix the merger between supermarket operators Kroger (KR) and Albertsons (ACI). October 26, 2022: According to Bloomberg, Attorney General Karl Racine on behalf of a bipartisan group of attorneys general said that Albertsons (ACI) should hold off on the $4 billion dividend payment to shareholders while the pending merger with Kroger (KR) is reviewed. |
| + | LOTZ | 8/09/22 | Shift Technologies, Inc. (SFT) | All Stock | -$12.88 M | $0.37 | $0.28 | 466,324 | 12/31/22 | 31.78% | 187.10% |
| CarLotz, Inc. merger details: Expected to close in the fourth quarter of 2022 for a negative enterprise value considering net cash on the balance sheet exceeds the company’s market cap. Under the terms of the merger agreement, CarLotz shareholders are expected to receive approximately 0.692158 shares of Shift common stock for each share of CarLotz common stock. Merger Agreement CarLotz, Inc. Investor Relations Shift Technologies, Inc. Investor Relations Termination Fee: $4.25 million Update(s) September 28, 2022: CarLotz (LOTZ) received notice from the Lender pursuant to the Inventory Financing and Security Agreement, stating that if the business combination with Shift Technologies (SFT) does not occur by December 31, 2022, the company will have to provide a business plan to Lender, no later than January 10, 2023, or within 10 days of the announced dissolution of business combination discussions, at which time the Lender will revisit the facility arrangement and communicate additional go forward plans at that time. |
| + | ATVI | 1/18/22 | Microsoft Corporation (MSFT) | All Cash | $68.7 B | $95.00 | $72.85 | 6,145,760 | 6/30/23 | 30.40% | 45.67% |
| Activision Blizzard, Inc. merger details: Expected to close in fiscal year 2023 for a closing value of $68.7 billion. Upon completion of the deal, shareholders of Activision Blizzard will receive $95.00 per share in cash. Merger Agreement Activision Blizzard, Inc. Investor Relations Microsoft Corporation Investor Relations Termination Fee: Company Termination Fee (To be paid by Activision Blizzard): $2.27 billion Parent Termination Fee (To be paid by Microsoft) i) if termination notice is provided prior to January 18, 2023: $2 billion ii) if termination notice is provided after January 18, 2023, and prior to April 18, 2023: $2.5 billion iii) if termination notice is provided at any time after April 18, 2023: $3 billion Update(s) January 31, 2022: According to Bloomberg, The U.S. antitrust review of Microsoft Corp’s (MSFT) proposed acquisition of Activision Blizzard (ATVI) will be handled by the Federal Trade Commission (FTC). March 3, 2022: Activision Blizzard (ATVI) and Microsoft (MSFT) each received a request for additional information and documentary material (“Second Request”) from the FTC in connection with the FTC’s review of the transaction. The effect of the Second Request is to extend the waiting period imposed under the HSR Act until the 30th day after substantial compliance by Activision Blizzard and Microsoft with the Second Request, unless the waiting period is terminated earlier by the FTC or as otherwise agreed between the parties and the FTC. Completion of the transaction remains subject to the termination or expiration of the waiting period under the HSR Act and the satisfaction or waiver of the closing conditions specified in the merger agreement. The parties expect to complete the transaction in Microsoft’s fiscal year ending June 30, 2023. March 8, 2022: According to The Wall Street Journal, Federal prosecutors and securities regulators are investigating large bets that Barry Diller, Alexander von Furstenberg and David Geffen made on Activision Blizzard (ATVI) shares in January, days before the videogame maker agreed to be acquired by Microsoft (MSFT). March 21, 2022: Activision Blizzard (ATVI) announced that the special meeting of stockholders, to consider and vote on a proposal to adopt the Agreement and Plan of Merger with Microsoft Corporation (MSFT), will be held on April 28, 2022. March 31, 2022: According to The Wall Street Journal, four U.S. senators sent a letter to the Federal Trade Commission citing concern about Microsoft’s (MSFT) proposed acquisition of Activision Blizzard (ATVI), saying the deal could undermine employees’ calls for accountability over alleged misconduct at the videogame company. April 14, 2022: SOC Investment, an activist shareholder group urged investors to vote against the proposed Activision Blizzard (ATVI) and Microsoft (MSFT) merger during Activision’s upcoming meeting on April 28. April 28, 2022: Activision Blizzard (ATVI) announced that its stockholders approved Microsoft Corporation’s (MSFT) proposal to acquire Activision Blizzard. July 6, 2022: Bloomberg reported that the UK competition regulator has opened an investigation into Microsoft’s (MSFT) purchase of Activision Blizzard (ATVI) joining other regulators in scrutinizing the deal. September 1, 2022: The UK’s Competition and Markets Authority said that it’s concerned that Microsoft’s (MSFT) anticipated purchase of Activision Blizzard (ATVI) could “substantially lessen competition in gaming consoles, multi-game subscription services, and cloud gaming services (game streaming).” September 1, 2022: Activision Blizzard (ATVI) CEO Bobby Kotick, sent a letter to all ATVI employees stating that they have entered the second phase of our review in the United Kingdom, and they will continue to fully cooperate with the regulators there, and everywhere approvals are required. September 8, 2022: The Australian Competition & Consumer Commission delayed its decision on Microsoft’s (MSFT) planned purchase of Activision (ATVI). Activision CEO Bobby Kotick told employees in a letter, that he still expects the deal to close in Microsoft’s fiscal year ending in June 2023. September 15, 2022: According to Reuters, Microsoft’s (MSFT) deal to buy Activision Blizzard (ATVI) is expected to face an in-depth UK probe after the software maker did not offer any remedies to assuage competition concerns. September 22, 2022: Microsoft (MSFT) Chief Executive Officer Satya Nadella said he’s confident the company can gain regulatory approval for its purchase of Activision Blizzard (ATVI) even in the face of an in-depth regulatory probe in the UK. September 30, 2022: Microsoft (MSFT) filed its planned $69 billion purchase of Activision (ATVI) with the European antitrust authority. The authority set a provisional deadline of November 8, 2022, to make a decision on the transaction. September 30, 2022: The Wall Street Journal reported that Frances F. Townsend, the Chief Compliance Officer of Activision Blizzard (ATVI) will be stepping down from her position. October 4, 2022: The UK’s antitrust regulator set a deadline of March 1 to decide on Microsoft’s (MSFT) planned $69 billion acquisition of Activision (ATVI). October 5, 2022: Brazil’s antitrust regulator CADE approved Microsoft’s (MSFT) takeover of Activision (ATVI). October 6, 2022: Activision Blizzard (ATVI) announced that Lulu Cheng Meservey will assume a newly created role as Executive Vice President, Corporate Affairs and Chief Communications Officer. She will serve as Activision Blizzard’s public voice at a pivotal time ahead of the impending acquisition by Microsoft. October 6, 2022: According to Reuters, EU antitrust regulators are asking games developers whether Microsoft (MSFT) will be incentivized to block rivals’ access to Activision Blizzard’s (ATVI) best-selling games. October 12, 2022: According to Reuters, Microsoft (MSFT) said Britain’s competition regulator had relied on objections from its rival Sony in referring its Activision Blizzard (ATVI) deal to an in-depth inquiry, in particular “misplaced” concerns about ‘Call of Duty’. |
| + | VMW | 5/26/22 | Broadcom Inc. (AVGO) | Special Conditions | $69 B | $142.50 | $113.15 | 1,169,255 | 4/30/23 | 25.94% | 52.02% |
| VMware, Inc. merger details: Expected to close in Broadcom’s fiscal year 2023 for a closing value of $69 billion in a cash or stock deal. The closing value includes $8 billion of VMware’s net debt, that will be assumed by Broadcom. Under the terms of the agreement, VMware shareholders will elect to receive either $142.50 in cash or 0.2520 shares of Broadcom common stock for each VMware share. The shareholder election will be subject to proration, resulting in approximately 50% of VMware’s shares being exchanged for cash consideration and 50% being exchanged for Broadcom common stock. Merger Agreement VMware, Inc. Investor Relations Broadcom Inc. Investor Relations Go-Shop Period: 40 days Termination Fee Company Termination Fee (To be paid by VMware): If the agreement is terminated by the company prior to the No-Shop Period Start Date (July 5, 2022), an amount equal to $750 million and (b) if payable in any other circumstance pursuant to Article IX, an amount equal to $1.5 billion. Parent Termination Fee (To be paid by Broadcom): $1.5 billion Update(s) July 5, 2022: Bloomberg reported that Broadcom’s (AVGO) deal for VMware (VMW) will move forward after a rival bidder failed to emerge to break up the deal during the “go-shop” period. September 12, 2022: The Securities and Exchange Commission charged VMware (VMW) for misleading investors about its order backlog management practices. VMware reached a settlement with the SEC to resolve the investigation by agreeing to pay a civil monetary penalty of $8 million. October 3, 2022: VMware (VMW) announced that the special meeting of stockholders will be on November 4, 2022. October 17, 2022: According to Reuters, Broadcom (AVGO) will seek early European Union antitrust approval of its proposed acquisition of VMware (VMW) by pointing to competition from Amazon (AMZN), Microsoft (MSFT), and Google (GOOGL). |
| + | TSEM | 2/15/22 | Intel Corporation (INTC) | All Cash | $5.4 B | $53.00 | $42.75 | 259,671 | 2/15/23 | 23.98% | 81.03% |
| Tower Semiconductor Ltd. merger details: Expected to close in 12 months for a closing value of $5.4 billion. Upon completion of the merger, shareholders of Tower Semiconductor will receive $53 per share in cash. Merger Agreement Tower Semiconductor Ltd. Investor Relations Intel Corporation Investor Relations Termination Fee Company Termination Fee (To be paid by Tower Semiconductor): $206 million Parent Termination Fee (To be paid by Intel Corporation): $353 million Update(s) April 25, 2022: Tower Semiconductor (TSEM) announced that at its extraordinary general meeting of shareholders, certain proposals related to the agreement and plan of merger with Intel Corporation (INTC) were approved. |
| + | FSTX | 6/23/22 | invoX Pharma (N/A) | All Cash | $161 M | $7.12 | $5.76 | 1,240,084 | 12/31/22 | 23.61% | 139.00% |
| F-star Therapeutics, Inc. merger details: Expected to close in the second half of 2022 for a closing value of $161 million. Upon completion of the deal, shareholders of F-star Therapeutics will receive $7.12 per share in cash. Merger Agreement F-star Therapeutics, Inc. Investor Relations Termination Fee Company Termination Fee: $7.25 million Update(s) September 15, 2022: In mid-August, the ISU under the NSIA (National Security and Investment Act) issued a call-in notice to F-star Therapeutics (FSTX) and invoX Pharma, resulting in an additional review period of thirty (30) working days, which may be further extended. CFIUS informed F-star Therapeutics that its review of the transaction will continue for an additional forty-five (45) calendar days, which may be further extended. The companies extended the offer expiration date to November 1, 2022, in order to allow additional time to obtain required regulatory approvals. September 29, 2022: The United Kingdom’s Investment Security Unit informed F-star Therapeutics (FSTX) and invoX Pharma that its investigation was complete and that the parties were cleared to proceed with the proposed transaction under the UK’s National Security and Investment Act (“NSIA”). |
| + | OIIM | 9/30/22 | FNOF Precious Honour Limited and Rim Peak Technology Limited (N/A) | All Cash | $73.94 M | $5.00 | $4.19 | 70,007 | 3/31/23 | 19.33% | 46.42% |
| O2Micro International Limited merger details: Expected to close in the first quarter of 2023 for a closing value of $73.94 million in a ‘going-private’ transaction. Upon completion of the merger, shareholders of O2Micro International Limited will receive US$5.00 in cash per ADS without interest. O2Micro International Limited Investor Relations |
| + | SJR | 3/15/21 | Rogers Communications Inc. (RCI) | Special Conditions | $26 B | $29.75 | $24.95 | 1,078,318 | 12/31/22 | 19.25% | 113.33% |
| Shaw Communications Inc. merger details: Expected to close in the first half of 2022 for a closing value of $26 billion. Upon completion of the merger, shareholders of Shaw Communications will receive C$40.5 per share in cash, or $32.40 based on the 80 US cents per CAD exchange ratio. Merger Agreement Shaw Communications Inc. Investor Relations Rogers Communications Inc. Investor Relations Termination Fee: Termination Amount (To be paid by Shaw Communications): $800 million Reverse Termination Amount (To be paid by Rogers Communications): $1.2 billion Update(s) May 20, 2021: Shaw Communications (SJR) announced that its shareholders have overwhelmingly voted in favour of the previously announced plan of arrangement for the proposed business combination with Rogers Communications (RCI). August 5, 2021: According to Reuters, The Canadian regulator looking into telecom company Rogers Communications’ (RCI) planned purchase of Shaw Communications (SJR), has obtained court orders to advance its review. September 29, 2021: According to Reuters, a Canadian regulator asked for information from the public on telecom company Rogers Communications’s (RCI) planned purchase of Shaw Communications (SJR) to check for competition concerns. October 21, 2021: Rogers announced that John A. MacDonald has assumed the role of Chairman of the Board of Directors of Rogers Communications (RCI) after Edward Rogers was moved from the role. November 16, 2021: Rogers Communications (RCI) announced that Joe Natale has left his role as President and CEO of the company. Tony Staffieri has been appointed Interim President and CEO. March 3, 2022: Canada’s industry minister, François-Philippe Champagne, said that he will not permit the wholesale transfer of Shaw Communications’s (SJR) wireless licences to Rogers Communications (RCI) as part of a buyout bid for Shaw. March 8, 2022: The chief executive of Rogers Communications (RCI) said that the company will work with regulators to ensure that the takeover of Shaw Communications (SJR) doesn’t eliminate Canada’s fourth-largest wireless carrier. March 16, 2022: According to a report, Globalive Capital entered the race to buy Shaw Communication’s (SJR) wireless unit Freedom Mobile with a $3.75 billion offer in cash. April 13, 2022: Shaw Communications (SJR) announced consolidated financial and operating results for the quarter ended February 28, 2022. On a year-over-year basis, consolidated revenue decreased by 2.0% to $1.36 billion, adjusted EBITDA decreased 0.8% to $632 million and net income decreased 9.7% to $196 million. Subject to receipt of all required approvals and satisfaction of all closing conditions, closing of the Transaction is expected to occur in the first half of 2022. Rogers has extended the outside date for closing the Transaction from March 15, 2022 to June 13, 2022 in accordance with the terms of the Arrangement Agreement. May 7, 2022: Rogers Communications (RCI) and Shaw Communications (SJR) were notified this afternoon following the close of trading of the Commissioner of Competition’s intention to file applications to the Competition Tribunal opposing Rogers’ proposed merger with Shaw. May 31, 2022: The Commissioner of Competition’s application to seek an interim injunction has been resolved on the basis that Rogers Communications (RCI) and Shaw Communications (SJR) have agreed to not proceed with closing their proposed merger until either a negotiated settlement is agreed with the Commissioner or the Competition Tribunal has ruled on the matter. June 3, 2022: According to Reuters, Rogers Communications (RCI) asked a tribunal to scrap Canada competition bureau’s rejection to its purchase of Shaw Communications (SJR) arguing the merger would create more competition rather than stifle it. June 9, 2022: According to Reuters, Canada’s anti-trust regulator wants to speed up its case against Rogers Communications (RCI) purchase of Shaw Communications (SJR) with a process that would schedule a dispute hearing in five to six months. June 17, 2022: Rogers Communications (RCI), Shaw Communications (SJR) and Quebecor announced an agreement for the sale of Freedom Mobile to Quebecor, a critical step towards completing the merger between Rogers and Shaw. June 23, 2022: Rogers Communications (RCI) and Shaw Communications (SJR) have confirmed to Canada’s Competition Tribunal that they will seek mediation on their planned C$26B merger, with questions continuing to center on Shaw’s wireless business. July 6, 2022: According to a press release, the early mediation between Rogers Communications (RCI), Shaw Communications (SJR), and the Commissioner of Competition on July 4 and July 5, 2022, did not result in a resolution of the Commissioner’s objections to the proposed merger. We have extended the closing date for this deal to September 30, 2022. July 27, 2022: Rogers Communications (RCI) and Shaw Communications (SJR) agreed to extend the outside date of the proposed merger of Rogers and Shaw to December 31, 2022. August 12, 2022: Rogers Communications (RCI), Shaw Communications (SJR) and Quebecor announced that they have entered into a definitive agreement for the sale of Freedom Mobile to Videotron, a subsidiary of Quebecor. September 6, 2022: According to Reuters, Canada’s competition watchdog said that the sale of Shaw Communications (SJR) unit Freedom mobile to Quebecor was not enough to eliminate antitrust concerns with the proposed purchase of Shaw by Rogers Communications (RCI). October 17, 2022: According to Reuters, Canada’s Competition Tribunal has scheduled in late October a mediation between Rogers Communications (RCI), Shaw Communications (SJR) and the agency for the merger of the telecom firms. October 25, 2022: Canada imposed conditions on Rogers Communications’ (RCI) proposed remedy to overcome competition bureau concerns about its planned purchase of Shaw Communications (SJR). Rogers has offered to sell Shaw’s Freedom Mobile unit to Quebecor Inc’s Videotron to allay the antitrust bureau’s concerns over reduced competition in the Canadian market following the Shaw deal. Canadian Industry Minister François-Philippe Champagne told a media conference that Videotron would be required to hold the Freedom Mobile unit for at least 10 years. October 27, 2022: Rogers Communications (RCI), Shaw Communications (SJR) and Quebecor issued a statement saying mediation with Canada’s Competition Bureau to settle Rogers’ planned takeover of Shaw has failed. |
| + | FCRD | 10/04/22 | Crescent Capital BDC, Inc. (CCAP) | Special Conditions | $145.6 M | $4.79 | $4.02 | 91,604 | 3/31/23 | 19.15% | 46.00% |
| First Eagle Alternative Capital BDC, Inc. merger details: Expected to close for a closing value of $145.6 million. Upon completion of the merger, shareholders of First Eagle Alternative Capital BDC will receive $4.86 per share in cash. Under the terms of the Merger Agreement, First Eagle BDC stockholders are expected to receive a combination of (i) Crescent BDC shares valued at 100% of Crescent BDC’s net asset value per share at the time of closing of the transaction in an aggregate number equal to First Eagle BDC’s net asset value at closing, up to a maximum of 19.99% of outstanding Crescent BDC shares at the time of the closing (“Share Issuance Cap”); (ii) cash from Crescent BDC for any amounts not paid in Crescent BDC shares due to the Share Issuance Cap; and (iii) an additional cash payment from Crescent Cap Advisors, LLC of $35 million in aggregate, or approximately $1.17 per share of First Eagle BDC stock. The exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC pursuant to clauses (i) and (ii) in the foregoing sentence will be determined by the respective net asset values of Crescent BDC and First Eagle BDC at the time of closing. In addition, First Eagle BDC stockholders may make an election to receive the portion of the merger consideration paid by Crescent BDC pursuant to such clauses (i) and (ii) in either Crescent BDC shares or in cash, subject to pro rata cut backs such that the aggregate amount of shared issued and cash paid by Crescent BDC are equal to the amounts described in such clauses (i) and (ii). Under the terms of the Merger Agreement, First Eagle BDC stockholders are expected to receive a combination of (i) Crescent BDC shares valued at 100% of Crescent BDC’s net asset value per share at the time of closing of the transaction in an aggregate number equal to First Eagle BDC’s net asset value at closing, up to a maximum of 19.99% of outstanding Crescent BDC shares at the time of the closing (“Share Issuance Cap”); (ii) cash from Crescent BDC for any amounts not paid in Crescent BDC shares due to the Share Issuance Cap; and (iii) an additional cash payment from Crescent Cap Advisors, LLC of $35 million in aggregate, or approximately $1.17 per share of First Eagle BDC stock. The exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC pursuant to clauses (i) and (ii) in the foregoing sentence will be determined by the respective net asset values of Crescent BDC and First Eagle BDC at the time of closing. In addition, First Eagle BDC stockholders may make an election to receive the portion of the merger consideration paid by Crescent BDC pursuant to such clauses (i) and (ii) in either Crescent BDC shares or in cash, subject to pro rata cut backs such that the aggregate amount of shared issued and cash paid by Crescent BDC are equal to the amounts described in such clauses (i) and (ii).Under the terms of the Merger Agreement, First Eagle BDC stockholders are expected to receive a combination of (i) Crescent BDC shares valued at 100% of Crescent BDC’s net asset value per share at the time of closing of the transaction in an aggregate number equal to First Eagle BDC’s net asset value at closing, up to a maximum of 19.99% of outstanding Crescent BDC shares at the time of the closing (“Share Issuance Cap”); (ii) cash from Crescent BDC for any amounts not paid in Crescent BDC shares due to the Share Issuance Cap; and (iii) an additional cash payment from Crescent Cap Advisors, LLC of $35 million in aggregate, or approximately $1.17 per share of First Eagle BDC stock. The exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC pursuant to clauses (i) and (ii) in the foregoing sentence will be determined by the respective net asset values of Crescent BDC and First Eagle BDC at the time of closing. In addition, First Eagle BDC stockholders may make an election to receive the portion of the merger consideration paid by Crescent BDC pursuant to such clauses (i) and (ii) in either Crescent BDC shares or in cash, subject to pro rata cut backs such that the aggregate amount of shared issued and cash paid by Crescent BDC are equal to the amounts described in such clauses (i) and (ii). Merger Agreement First Eagle Alternative Capital BDC, Inc. Investor Relations Crescent Capital BDC, Inc. Investor Relations Termination Fee Company Termination Fee: $5.55 million Parent Termination Fee: $7.14 million |
| + | AKUS | 10/18/22 | Eli Lilly and Company (LLY) | Special Conditions | $248.84 M | $15.50 | $13.17 | 517,043 | 12/31/22 | 17.69% | 104.15% |
| Akouos, Inc. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $248.84 million. Under the terms of the agreement, Lilly will acquire Akouos for a purchase price of $12.50 per share in cash plus one non-tradeable contingent value right per share (“CVR”) that entitles the holder to receive up to an additional $3.00 in cash, for a total consideration of up to $15.50 per share in cash without interest. CVR holders would become entitled to receive contingent payments as follows: (i) $1.00 in cash, upon the fifth (5th) participant being administered with AK-OTOF in a Phase 1 or Phase 1/2 trial on or prior to Dec. 31, 2024; (ii) $1.00 in cash, upon the fifth (5th) participant being administered with an Akouos gene therapy product for a second monogenic form of sensorineural hearing loss (excluding AK-OTOF and AK-antiVEGF) on or prior to Dec. 31, 2026; and (iii) $1.00 in cash, upon (a) the first (1st) participant being administered with an Akouos gene therapy product (excluding AK-antiVEGF) for a monogenic form of sensorineural hearing loss in a Phase 3 trial, or (b) receipt of FDA approval in the U.S. for such Akouos product, whichever occurs first, on or prior to Dec. 31, 2026, or its value will be reduced by approximately 4.2 cents per month until Dec. 1, 2028 (at which point the CVR will expire). Merger Agreement Akouos, Inc. Investor Relations Eli Lilly and Company Investor Relations Termination Fee Company Termination Fee: $17.55 million |
| + | ROG | 11/02/21 | DuPont de Nemours, Inc. (DD) | All Cash | $5.2 B | $277.00 | $236.05 | 110,514 | 12/31/22 | 17.35% | 102.13% |
| Rogers Corporation merger details: Expected to close in the second quarter of 2022 for a closing value of $5.2 billion. Upon completion of the merger, shareholders of Rogers Corportaion will receive $277 per share in cash. Merger Agreement Rogers Corporation Investor Relations DuPont de Nemours, Inc. Investor Relations Termination Fee Company Termination Fee (To be paid by Rogers Corporation): $135 million Regulatory Termination Fee: $162.5 million Update(s) December 16, 2021: The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), expired in connection with the previously announced proposed merger between Rogers Corporation (ROG) and DuPont de Nemours (DD). January 25, 2022: Rogers Corporation (ROG) announced that, its shareholders voted to approve the previously announced acquisition of Rogers by DuPont de Nemours (DD). July 1, 2022: Since this deal has not yet been completed, we are extending the closing date to September 30, 2022. September 30, 2022: DuPont de Nemours (DD) and Rogers Corporation (ROG) announced that they have received all regulatory approvals required to consummate the merger except for approval, which remains pending, of the State Administration for Market Regulation of China. At the request of SAMR, DuPont recently withdrew and refiled with SAMR the notice of the parties’ planned merger. |
| + | TGNA | 2/22/22 | Standard General L.P. (N/A) | Special Conditions | $8.6 B | $24.00 | $20.61 | 1,038,064 | 12/31/22 | 16.45% | 96.83% |
| TEGNA Inc. merger details: Expected to close in the second half of 2022 for a closing value of $8.6 billion. Upon completion of the merger, shareholders of TEGNA will receive $24 per share in cash. TEGNA shareholders will receive additional cash consideration in the form of a “ticking fee” of $0.00167 per share per day (or $0.05 per month) if the closing occurs between the 9- and 12-month anniversary of signing, increasing to $0.0025 per share per day (or $0.075 per month) if the closing occurs between the 12- and 13-month anniversary of signing, $0.00333 per share per day (or $0.10 per month) if the closing occurs between the 13- and 14-month anniversary of signing, and $0.00417 per share per day (or $0.125 per month) if the closing occurs between the 14- and 15-month anniversary of signing. Merger Agreement TEGNA Inc. Investor Relations Termination Fee Company Termination Fee (To be paid by TEGNA): $163 million Parent Termination Fee (To be paid by Standard General): $272 million Update(s) April 13, 2022: TEGNA (TGNA) announced that the special meeting of stockholders will be on May 17, 2022. May 11, 2022: TEGNA (TGNA) and Standard General received a request for additional information and documentary material from the DOJ in connection with the DOJ’s review of the transactions contemplated by the Merger Agreement and the Contribution Agreement. Issuance of the Second Request extends the waiting period under the HSR Act until 30 days after the Parties have substantially complied with the Second Request, unless the waiting period is terminated earlier by the DOJ or extended by agreement of the Parties. May 17, 2022: TEGNA (TGNA) announced that at a special meeting of shareholders held, its shareholders voted to adopt the Agreement and Plan of Merger. June 3, 2022: Bloomberg reported that Tegna’s (TGNA) sale to Standard General is coming under more scrutiny from US regulators after critics said the deal would boost prices for consumers. In a letter Friday, the Federal Communications Commission posed a series of questions including how the deal for 64 TV stations would improve local broadcasting. September 29, 2022: According to Reuters, The Federal Communications Commission asked for further information pertaining to Tegna’s (TGNA) planned sale to Standard General. October 6, 2022: House Speaker Nancy Pelosi Commerce Chairman Frank Pallone (D-NJ) sent a letter to the Federal Trade Commission to express their concerns about the proposed purchase of Tegna (TGNA). October 6, 2022: Standard General issued a statement regarding its pending acquisition of TEGNA (TGNA), stating that the proposed TEGNA transaction complies with all FCC rules without the need for any waivers, divestitures, or special treatment. October 17, 2022: Standard General responded to the repeated ad hominem attacks made by opponents of its proposed acquisition of TEGNA (TGNA) at the U.S. Federal Communications Commission), raising concerns with certain opposing parties’ conduct in the proceeding. |
| + | TRQ | 9/06/22 | Rio Tinto (RIO) | All Cash | $5.63 B | $31.59 | $28.12 | 1,761,060 | 12/31/22 | 12.34% | 72.64% |
| Turquoise Hill Resources Ltd. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $5.63 billion. Under the terms of the agreement, Rio Tinto will acquire the approximately 49% of the issued and outstanding common shares of Turquoise Hill that it does not currently own for C$43 per share in cash or USD$32.68. Merger Agreement Turquoise Hill Resources Ltd. Investor Relations Rio Tinto Investor Relations Termination Fee Expense Reimburesment Amount: $15 million Update(s): September 9, 2022: Turquoise Hill Resources (TRQ) holder Pentwater Capital said it doesn’t support Rio Tinto’s (RIO) C$43/share planned acquisition of the miner and that it “significantly undervalues” the common shares. September 14, 2022: Turquoise Hill Resources (TRQ) announced that a federal court in New York has dismissed all claims made against the company and three of its current or former executives in a putative class action, backed by Pentwater Capital Management. September 16, 2022: Pentwater Capital Management increased its stake in Turquoise Hill Resources (TRQ) to 13.77%. September 21, 2022: Rio Tinto (RIO) Chief Executive Jakob Stausholm made it clear that its offer is final to take over a company that is behind one of the world’s largest copper mines. September 29, 2022: Turquoise Hill (TRQ) announced receipt of Interim Order for proposed arrangement with Rio Tinto (RIO). October 14, 2022: SailingStone Capital Partners, a long-time owner of Turquoise Hill Resources (TRQ) stated that it intends to vote against the proposed transaction with Rio Tinto (RIO) during the special meeting of shareholders currently scheduled for November 1, 2022. October 19, 2022: Turquoise Hill Resources (TRQ) announced that proxy advisor Glass Lewis has recommended that the company’s shareholders vote “FOR” the previously announced proposed plan of arrangement. October 24, 2022: The Board of Directors of Turquoise Hill (TRQ) unanimously recommended that minority shareholders vote FOR the arrangement resolution with Rio Tinto (RIO). October 25, 2022: Rio Tinto (RIO) has issued an open letter to the shareholders of Turquoise Hill Resources (TRQ), stating that Turquoise Hill Resources will need an additional $3.6B in funding over the next two years to unlock the long-term potential of the Oyu Tolgoi copper and gold project in Mongolia. Against that backdrop, Rio said its bid for Turquoise Hill is its best and final offer, which fully values the long-term potential of Oyu Tolgoi and the company. |
| + | AUY | 5/31/22 | Gold Fields Limited (GFI) | All Stock | $6.7 B | $4.90 | $4.4700 | 15,314,279 | 12/31/22 | 9.66% | 56.90% |
| Yamana Gold Inc. merger details: Expected to close in the second half of 2022 for a closing value of $6.7 billion in an all stock deal. Under the terms of the Transaction, all of the outstanding Yamana Shares will be exchanged at a ratio of 0.6 of an ordinary share in Gold Fields or 0.6 of a Gold Fields American depositary share for each Yamana Share. Yamana Gold Inc. Investor Relations Gold Fields Limited Investor Relations Update(s) July 15, 2022: According to Reuters, CEO Chris Griffith said on Friday that Gold Fields (GFI) shareholders are starting to better understand the miner’s proposed acquisition of Yamana Gold (AUY), as he tries to win investors over to the deal that was negatively received by the market. September 20, 2022: According to Bloomberg, CEO Chris Griffith is confident that investors will support Gold Fields’ (GFI) offer to buy Yamana Gold (AUY). October 4, 2022: Yamana Gold (AUY) announced that the special meeting of stockholders will be on November 21, 2022. October 24, 2022: According to Reuters, Gold Fields (GFI) talked up support for it proposed takeover of Yamana Gold (AUY) with shareholders set to vote on the deal in four weeks’ time. Joe Foster, who manages active gold funds at investment firm VanEck, which is Yamana’s biggest shareholder came out against Gold Fields’ proposed takeover of Canada’s Yamana Gold. October 27, 2022: Joe Foster, who manages active gold funds at investment firm VanEck, which is Yamana’s biggest shareholder has come out against Gold Fields’ (GFI) proposed takeover of Canada’s Yamana Gold (AUY). October 28, 2022: Bloomberg reported that South Africa’s Gold Fields (GFI) is seeking investor approval for its all-stock deal to buy Canadian miner Yamana Gold (AUY). Some shareholders, however, have balked at the premium and structure of the transaction. |
| + | PTRS | 11/04/21 | OceanFirst Financial Corp. (OCFC) | All Stock | $186 M | $10.12 | $9.3 | 10,871 | 12/31/22 | 8.77% | 51.65% |
| Partners Bancorp merger details: Expected to close in the first half of 2022 for a closing value of $186 million in a cash or stock deal. Under the terms of the agreement, Partners stockholders may elect to receive $10.00 in cash or 0.4512 shares of OceanFirst common stock. Merger Agreement Partners Bancorp Investor Relations OceanFirst Financial Investor Relations Termination Fee: $7.4 million Update(s) March 10, 2022: Shareholders of Partners Bancorp (PTRS) approved the company’s merger with OceanFirst Financial (OCFC). May 3, 2022: Partners Bancorp (PTRS), reported net income attributable to the company of $2.1 million, or $0.12 per share, for the three months ended March 31, 2022, a $1.0 million or 93.5% increase when compared to net income attributable to the company of $1.1 million, or $0.06 per share, for the same period in 2021. July 1, 2022: Since this deal has not yet been completed, we are extending the closing date to September 30, 2022. September 7, 2022: The Board of Directors of Partners Bancorp (PTRS) determined that the company’s 2022 Annual Meeting of Shareholders will be held online via live webcast on Wednesday, December 14, 2022. The company also stated that if all closing conditions for the completion of the merger with OceanFirst Financial (OCFC), including receipt of all required regulatory approvals, are satisfied or waived prior to December 14, 2022, the 2022 Annual Meeting will not be held. We have extended the closing date for this deal to December 31, 2022. |
| + | PNM | 10/21/20 | Avangrid, Inc. (AGR) | All Cash | $8.05 B | $50.30 | $46.34 | 616,457 | 12/31/22 | 8.55% | 50.31% |
| PNM Resources, Inc. merger details: Expected to close between October and December 2021 for a closing value of $8.05 billion. Upon completion of the merger, PNM Resources shareholders will receive $50.30 in cash. Merger Agreement PNM Resources, Inc. Investor Relations Avangrid, Inc. Investor Relations PNM Resources, Inc. Investor Relations Avangrid Investor Relations Termination Fee Company Termination Fee (To be paid by PNM Resources): $130 million Parent Termination Fee (To be paid by Avangrid): $184 million Update(s) February 2, 2021: AVANGRID (AGR) confirmed that it has received clearance from the Committee on Foreign Investment in the United States (CFIUS) after the conclusion of the initial review period in relation to the proposed merger combination with PNM Resources (PNM). February 12, 2021: PNM Resources (PNM) shareholders voted overwhelmingly to approve the merger agreement with AVANGRID (AGR) at a special shareholders meeting. April 21, 2021: AVANGRID (AGR) announced that it has received Federal Energy Regulatory Commission (FERC) approval for its proposed PNM Resources (PNM) merger. May 6, 2021: The Public Utility Commission of Texas (PUCT) voted to approve the unanimous stipulation and agreement among parties for the merger of PNM Resources (PNM), including its Texas utility subsidiary, Texas-New Mexico Power Company (TNMP), with AVANGRID (AGR). May 26, 2021: PNM Resources (PNM) and AVANGRID (AGR) received approval from the sixth regulatory entity, the Nuclear Regulatory Commission (NRC), for their proposed merger. August 25, 2021: AVANGRID (AGR) and PNM Resources (PNM) announced additional support for the Stipulation agreement in the New Mexico Public Regulation Commission (NMPRC) proceeding to review the merger between the parent company of the Public Service Company of New Mexico (PNM), PNM Resources and AVANGRID. November 13, 2021: PNM Resources (PNM) and Avangrid (AGR) said that they will accept all conditions recommended by a Public Regulation Commission hearing examiner if the five-member commission decides to approve their proposed merger. December 2, 2021: The New Mexico Public Regulation Commission (NMPRC) began its consideration of the merger application involving PNM Resources (PNM) and AVANGRID (AGR) during its regular open meeting. December 3, 2021: PNM Resources (PNM) and AVANGRID (AGR) answered open questions at a news conference about their proposed merger and addressed some concerns heard at the New Mexico Public Regulation Commission open meeting. December 9, 2021: New Mexico utility regulators voted to reject Avangrid (AGR) proposed acquisition of PNM Resources (PNM), saying the deal’s risks outweighed its promised benefits to state ratepayers. January 3, 2022: PNM Resources (PNM) and Avangrid (AGR) entered into an amendment of their merger agreement extending the end date to April 20, 2023. Additionally, the companies have filed a Notice of Appeal with the New Mexico Supreme Court of the December 2021 New Mexico Public Regulation Commission (NMPRC) order to reject a stipulated agreement reached with parties in the companies’ application for approval of the merger. We have extended the closing date for this deal to the end of the second quarter of 2022. February 2, 2022: PNM Resources (PNM) and Avangrid (AGR) filed their Statement of Issues in the appeal. On February 24, 2022, the requests for a 180-day extension were granted by the FCC. PNMR and Avangrid expect to make a new filing under the HSR Act later in 2022. No additional approvals are required from CFIUS, FERC or the PUCT. April 7, 2022: PNM Resources (PNM) and Avangrid (AGR) filed a Brief-in-Chief, providing the legal arguments on these issues. The briefing schedule also includes an answer brief from the New Mexico Public Regulation Commission, followed by the companies’ response brief. There is no statutory deadline for the Court to act. April 28, 2022: PNM Resources (PNM) released its 2022 first quarter results. July 1, 2022: Since this deal has not yet been completed, we are extending the closing date to September 30, 2022. September 30, 2022: Since this deal has not yet been completed, we are extending the closing date to December 31, 2022. |
| + | IRBT | 8/05/22 | Amazon (AMZN) | All Cash | $1.7 B | $61.00 | $56.34 | 216,331 | 12/31/22 | 8.27% | 48.69% |
| iRobot Corporation merger details: Expected to close in the fourth quarter of 2022 for a closing value of $1.7 billion. Upon completion of the merger, shareholders of iRobot Corporation will receive $61 per share in cash. Merger Agreement iRobot Corporation Investor Relations Amazon Investor Relations Termination Fee Company Termination Fee: $56 million Parent Termination Fee: $94 million Update(s) Septmber 3, 2022: According to Reuters, the U.S. Federal Trade Commission has begun a review of Amazon.com’s (AMZN) $1.7 billion takeover of robot vacuum maker iRobot (IRBT) to decide if the deal violates antitrust law. September 20, 2022: iRobot (IRBT) and Amazon (AMZN) each received a request for additional information and documentary materials from the FTC in connection with the FTC’s review of the Merger. The Second Request is a next step in the regulatory review process. September 28, 2022: iRobot Corporation (IRBT) announced that the special meeting of stockholders will be on October 17, 2022. October 17, 2022: Shareholders of iRobot Corporation (IRBT) approved the company’s merger with Amazon (AMZN) at a special meeting of shareholders. |
| + | VIVO | 7/07/22 | SD Biosensor and SJL Partners (N/A) | All Cash | $1.53 B | $34.00 | $32.01 | 238,817 | 12/31/22 | 6.22% | 36.60% |
| Meridian Bioscience, Inc. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $1.53 billion. Upon completion of the merger, shareholders of Meridian Bioscience will receive $34 per share in cash, Meridian Bioscience, Inc. Investor Relations Update(s) August 19, 2022: Meridian Bioscience (VIVO) and SD Biosensor and SJL Partners submitted a formal draft filing relating to the merger to CFIUS. The parties also filed merger notifications pursuant to foreign antitrust and foreign investment laws. August 22, 2022: Meridian Bioscience (VIVO) and SD Biosensor and SJL Partners withdrew and resubmitted the merger control filing to the FTC and DOJ. The waiting period will expire on September 21, 2022. September 8, 2022: Meridian Bioscience (VIVO) announced that the special meeting of stockholders will be on October 10, 2022. October 10, 2022: Shareholders of Meridian Bioscience (VIVO) approved the company’s merger with SD Biosensor and SJL Partners at a special meeting of shareholders. |
| + | HVBC | 10/19/22 | Citizens Financial Services, Inc. (CZFS) | All Stock | $67.4 M | $27.60 | $26 | 6,229 | 6/30/23 | 6.15% | 9.24% |
| HV Bancorp, Inc. merger details: Expected to close in the first half of 2023 for a closing value of $67.4 million in a cash or stock deal. Under the terms of the Agreement, the shareholders of HVBC will have the right to elect to receive for each share of HVBC common stock either $30.50 in cash or 0.400 shares of CZFS common stock. Elections will be subject to proration procedures whereby 80% of the shares of HVBC common stock will be exchanged for CZFS common stock and 20% of the shares of HVBC common stock will be exchanged for cash. Merger Agreement HV Bancorp, Inc. Investor Relations Citizens Financial Services, Inc. Investor Relations Termination Fee: $2.7 million |
| + | LMST | 10/25/22 | Peoples Bancorp Inc. (PEBO) | All Stock | $208.2 M | $27.05 | $25.52 | 94,933 | 6/30/23 | 5.98% | 8.98% |
| Limestone Bancorp, Inc. merger details: Expected to close in the second quarter of 2023 for a closing value of $208.2 million in an all stock deal. Under the terms of the agreement, shareholders of Limestone will receive 0.90 shares of Peoples common stock for each share of Limestone common stock, and the Merger is expected to qualify as a tax-free reorganization for Limestone shareholders. Merger Agreement Limestone Bancorp, Inc. Investor Relations Peoples Bancorp Inc. Investor Relations Termination Fee: $8.3 million |
| + | ONEM | 7/21/22 | Amazon (AMZN) | All Cash | $3.9 B | $18.00 | $17.01 | 8,081,020 | 12/31/22 | 5.82% | 34.26% |
| 1Life Healthcare, Inc. merger details: Expected to close for a closing value of $3.9 billion. Upon completion of the merger, shareholders of 1Life Healthcare will receive $18 per share in cash. Merger Agreement 1Life Healthcare, Inc. Investor Relations Amazon Investor Relations Termination Fee Company Termination Fee: $136 million Parent Termination Fee: $195 million Update(s) July 28, 2022: U.S. Senator Josh Hawley (R-Mo.) sent a letter to the Federal Trade Commission calling for an investigation into Amazon’s (AMZN) planned acquisition of 1Life Healthcare (ONEM), a medical company that oversees an extensive network of primary care providers. September 2, 2022: One Medical (ONEM) and Amazon (AMZN) each received a request for additional information and documentary materials from the FTC in connection with the FTC’s review of the Merger. The Second Request is a next step in the regulatory review process. September 7, 2022: 1Life Healthcare (ONEM) announced that the special meeting of stockholders will be on September 22, 2022. September 22, 2022: 1Life Healthcare (ONEM) announced that it has received shareholder approval to be acquired by an affiliate of Amazon (AMZN). |
| + | ELSE | 6/13/22 | Mobile X Global, Inc. (N/A) | All Cash | $9.89 M | $4.83 | $4.6 | 226 | 12/31/22 | 5.00% | 29.44% |
| Electro-Sensors, Inc. merger details: Expected to close in the third quarter of 2022 for a closing value of $9.89 million. Upon completion of the merger, shareholders of Electro-Sensors will receive cash dividends of $4.83 per fully diluted share of Electro-Sensors. Merger Agreement Electro-Sensors, Inc. Investor Relations Termination Fee Parent Termination Fee: $1.1 million Update(s) August 2, 2022: In its quarterly earnings report, Electro-Sensors (ELSE) reported that its Merger with Mobile X Global is structured as a statutory reverse triangular merger under Delaware and Minnesota law, under which Electro-Sensors will be merged with and into Mobile X Global, with Mobile X Global surviving the Merger and becoming a wholly owned subsidiary of ELSE. In connection with the Merger, ELSE will reincorporate in Delaware, be re-named Mobile X Global, and operate both the new MobileX wireless business and the existing Electro-Sensors business. The Merger Agreement also provides that Electro-Sensors will effect a four-for-one reverse stock split shortly before completion of the Merger, unless the Parties agree on a different reverse split ratio. September 20, 2022: Mobile X informed Electro-Sensors (ELSE) that it has entered into an amendment with the third-party institutional investor regarding the commitment letter by extending the commitment letter expiration date to January 31, 2023. The company expects the merger to close in the second half of 2022. The company expects the merger to close in the second half of 2022. |
| + | SPNE | 10/11/22 | Orthofix (OFIX) | All Stock | $249.93 M | $6.60 | $6.3 | 302,121 | 3/31/23 | 4.74% | 11.37% |
| SeaSpine Holdings Corporation merger details: Expected to close in the first quarter of 2023 for a closing value of $249.93 million in an all stock deal. Under the terms of the agreement, SeaSpine shareholders will receive 0.4163 shares of Orthofix common stock for each share of SeaSpine common stock owned. Merger Agreement SeaSpine Holdings Corporation Investor Relations Orthofix Investor Relations Termination Fee SeaSpine Termination Fee Orthofix Termination Fee SeaSpine Termination Fee: $10.58 million Orthofix Termination Fee: $13.74 million |
| + | SWIR | 8/02/22 | Semtech Corporation (SMTC) | All Cash | $1.2 B | $31.00 | $29.65 | 938,209 | 1/31/23 | 4.55% | 17.87% |
| Sierra Wireless, Inc. merger details: Expected to close in Semtech’s fiscal year 2023 for a closing value of $1.2 billion. Upon completion of the merger, shareholders of Sierra Wireless will receive $31 per share in cash. Merger Agreement Sierra Wireless, Inc. Investor Relations Semtech Corporation Investor Relations Termination Fee: $45 million Update(s) August 30, 2022: Sierra Wireless (SWIR) announced that the special meeting of stockholders will be on September 27, 2022. Sierra Wireless (SWIR) announced that the special meeting of stockholders will be on September 27, 2022.Sierra Wireless (SWIR) announced that the special meeting of stockholders will be on September 27, 2022. September 27, 2022: Shareholders of Sierra Wireless (SWIR) approved the acquisition of the company by Semtech Corporation. October 4, 2022: Sierra Wireless (SWIR) and Semtech Corporation (SMTC) received approval from the Canada Business Corporations Act. October 18, 2022: Semtech Corporation (SMTC) and Sierra Wireless (SWIR) announced that each company has received a request for additional information and documentary material from the U.S. Department of Justice in connection with Semtech’s previously announced acquisition of Sierra Wireless. |
| + | MITO | 8/01/22 | Stealth Parent Limited (N/A) | All Cash | $29.64 M | $0.33 | $0.3163 | 139,242 | 11/30/22 | 4.33% | 51.00% |
| Stealth BioTherapeutics Corp merger details: Expected to close during the second half of 2022 for a closing value of $29.64 million or $0.33per share in cash. Under the terms of the agreement, each outstanding American Depositary Share of the company (each an “ADS,” representing 12 Shares, and collectively, the “ADSs”) will be cancelled in exchange for the right to receive receive $0.375 per share in cash (less any ADS cancellation fees not to exceed $0.05 per ADS). Merger Agreement Stealth BioTherapeutics Corp Investor Relations Termination Fee Company Termination Fee: $1.5 million Parent Termination Fee: $3 million Update(s) August 18, 2022: Stealth BioTherapeutics (MITO) received a letter notifying it that the Nasdaq Hearings Panel had granted the company’s request for an exception to the Nasdaq continued listing standards, subject to the company completing a going-private transaction on or before November 30, 2022 and simultaneously voluntarily delisting its securities from Nasdaq. September 30, 2022: Stealth BioTherapeutics (MITO) announced that Robert Weiskopf, the company’s Chief Financial Officer will be stepping down from his position on September 30, 2022. October 7, 2022: Stealth BioTherapeutics (MITO) announced that the special meeting of stockholders will be on November 15, 2022. |
| + | SGFY | 9/05/22 | CVS Health Corporation (CVS) | All Cash | $8 B | $30.50 | $29.25 | 2,326,080 | 6/30/23 | 4.27% | 6.42% |
| Signify Health, Inc. merger details: Expected to close in the first half of 2023 for a closing value of $8 billion. Upon completion of the merger, shareholders of Signify Health will receive $30.50 per share in cash. Merger Agreement Signify Health, Inc. Investor Relations CVS Health Corporation Investor Relations Termination Fee Company Termination Fee: $228 million Parent Termination Fee: $380 million Update(s) September 30, 2022: Signify Health (SGFY) announced that the special meeting of stockholders will be on October 31, 2022. October 19, 2022: CVS Health (CVS) & Signify Health (SGFY) received a request for additional information (the second request) from the Dept. of Justice in connection with the merger review. |
| + | MGI | 2/15/22 | Madison Dearborn Partners, LLC (N/A) | All Cash | $1.8 B | $11.00 | $10.55 | 348,209 | 12/31/22 | 4.27% | 25.11% |
| MoneyGram International, Inc. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $1.8 billion. Upon completion of the merger, shareholders of MoneyGram International will receive $11 per share in cash. Merger Agreement MoneyGram International, Inc. Investor Relations Termination Fee Company Termination Fee (To be paid by MoneyGram International): $32.8 million However, in the event that (a)(i) this Agreement is terminated pursuant to a Change in Recommendation or if the Company receives a Superior Proposal and (ii) the Company enters into an agreement with an Exempted Person with respect to a Company Superior Proposal, and (b) if the counterparty to a transaction giving rise to the obligation to pay the Company Termination Fee (ii) (Future Transactions) is an Exempted Person on the date this Agreement is terminated, then in either instance, the Company Termination Fee shall be an amount in cash equal to $16,400,000 (provided, however, that in the event such Exempted Person is a Prior Bidder, the Company Termination Fee payable pursuant to either the foregoing clause (a) or (b) shall be an amount in cash equal to $30,000,000). Parent Termination Fee (To be paid by Madison Dearborn Partners): $65.5 million If a Parent Termination Fee is owed pursuant to Section 7.2(c)(i) (End Date) or Section 7.2(c)(iv) (Money Transfer Permit Denial), the Parent Termination Fee shall mean an amount in cash equal to $30 million. Update(s) March 16, 2022: The 30-day “go-shop” period expired under the terms of the Agreement and Plan of Merger between MoneyGram International and Madison Dearborn Partners. April 21, 2022: The Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James announced that they are filing a lawsuit against MoneyGram International (MGI) and MoneyGram Payment Systems for systemically and repeatedly violating various consumer financial protection laws and leaving families high and dry. May 23, 2022: MoneyGram International (MGI) announced that stockholders overwhelmingly approved the transaction with affiliates of funds managed by Madison Dearborn Partners. |
| + | RCOR | 9/20/22 | Rocket Pharmaceuticals, Inc. (RCKT) | All Stock | $53 M | $3.17 | $3.06 | 11,196 | 3/31/23 | 3.74% | 8.97% |
| Renovacor, Inc. merger details: Expected to close in the first quarter of 2023 for an implied equity value of $53 million in an all stock deal. Under the terms of the definitive agreement, Renovacor shareholders will receive approximately 0.1676 shares of Rocket in exchange for each of their shares in Renovacor. Renovacor has $62 million in cash on its balance sheet, giving it a negative enterprise value. Merger Agreement Renovacor, Inc. Investor Relations Rocket Pharmaceuticals, Inc. Investor Relations Termination Fee: $1.74 million Company Expense Reimbursement: $750,000 |
| + | MFGP | 8/25/22 | OpenText (OTEX) | All Cash | $6 B | $6.21 | $5.99 | 369,779 | 3/31/23 | 3.65% | 8.77% |
| Micro Focus International plc merger details: Expected to close for a closing value of $6 billion. Upon completion of the merger, shareholders of Micro Focus International will receive 532 pence per share. Micro Focus International plc Investor Relations OpenText Investor Relaions Update(s) September 20, 2022: Micro Focus International (MFGP) announced that the special meeting of stockholders will be on October 18, 2022. October 18, 2022: Shareholders of Micro Focus International (MFGP) approved the terms of the recommended all-cash offer by OpenText (OTEX). The acquisition is expected to close in the first quarter of calendar year 2023. Shareholders of Micro Focus International approved the terms of the recommended all-cash offer by OpenText.Shareholders of Micro Focus International approved the terms of the recommended all-cash offer by OpenText. |
| + | FORG | 10/11/22 | Thoma Bravo (N/A) | All Cash | $2.3 B | $23.25 | $22.53 | 1,887,452 | 6/30/23 | 3.20% | 4.80% |
| ForgeRock, Inc. merger details: Expected to close in the first half of 2023 for a closing value of $2.3 billion. Upon completion of the merger, shareholders of ForgeRock will receive $23.25 per share in cash. Merger Agreement ForgeRock, Inc. Investor Relations Termination Fee Company Termination Fee: $60 million |
| + | AIMC | 10/27/22 | Regal Rexnord Corporation (RRX) | All Cash | $5 B | $62.00 | $60.10 | 2,841,976 | 6/30/23 | 3.16% | 4.75% |
| Altra Industrial Motion Corp. merger details: Expected to close in the first half of 2023 for a closing value of $5 billion. Upon completion of the merger, shareholders of Altra Industrial Motion will receive $62.00 per share in cash. Merger Agreement Altra Industrial Motion Corp. Investor Relations Regal Rexnord Corporation Investor Relations Termination Fee Company Termination Fee: $100 million Parent Termination Fee: $200 million |
| + | SJI | 2/24/22 | Infrastructure Investments Fund (N/A) | All Cash | $8.1 B | $36.00 | $34.9 | 470,305 | 12/31/22 | 3.15% | 18.56% |
| South Jersey Industries, Inc. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $8.1 billion. Upon completion of the merger, shareholders of South Jersey Industries will receive $36 per share in cash. Merger Agreement South Jersey Industries, Inc. Investor Relations Termination Fee Company Termination Fee (To be paid by South Jersey Industries): $140 million Parent Termination Fee (To be paid by Infrastructure Investments Fund): $225 million Update(s) May 10, 2022: Shareholders of South Jersey Industries (SJI) approved the company’s merger with Infrastructure Investments Fund at a special meeting of shareholders. October 24, 2022: The New Jersey Board of Public Utilities pushed out rate counsel/intervenor testimony about 20 days until November 20, 2022 from an original schedule of October 20, 2022 to allow for further “settlement negotiations,” over the sale of South Jersey Industries (SJI) to Infrastructure Investments Fund. |
| + | MNRL | 9/06/22 | Sitio Royalties Corp. (STR) | All Stock | $2.21 B | $31.36 | $30.42 | 413,830 | 3/31/23 | 3.09% | 7.43% |
| Brigham Minerals, Inc. merger details: Expected to close in the first quarter of 2023 for a closing value of $2.21 billion in an all stock deal. Under the terms of the definitive merger agreement, Brigham shareholders will receive a fixed exchange ratio of 1.133 shares of common stock in the combined company for each share of Brigham common stock owned on the closing date, and Sitio’s shareholders will receive one share of common stock in the combined company for each share of Sitio common stock owned on the closing date. Brigham Minerals, Inc. Investor Relations Sitio Royalties Corp. Investor Relations |
| + | FHN | 2/28/22 | The Toronto-Dominion Bank (TD) | Special Conditions | $13.4 B | $25.00 | $24.38 | 5,104,272 | 11/27/22 | 2.54% | 33.15% |
| First Horizon Corporation merger details: Expected to close in the first quarter of TD’s 2023 fiscal year for a closing value of $13.4 billion. Upon completion of the merger, shareholders of First Horizon Corporation will receive $25 per share in cash. If the transaction does not close prior to November 27, 2022, First Horizon shareholders will receive, at closing, an additional US$0.65 per share on an annualized basis for the period from November 27, 2022 through the day immediately prior to the closing. Merger Agreement First Horizon Corporation Investor Relations The Toronto-Dominion Bank Investor Relations Termination Fee: $435.5 million Update(s) May 31, 2022: First Horizon Corporation (FHN) received shareholder approval for The Toronto-Dominion Bank (TD) to acquire First Horizon. June 15, 2022: Lawmakers led by Sen. Elizabeth Warren asked a key regulator to block Toronto-Dominion Bank’s $13.4 billion acquisition of First Horizon Corporation (FHN), because of allegations of customer abuse. |
| + | EURN | 7/11/22 | Frontline Ltd. (FRO) | All Stock | $4.08 B | $18.08 | $17.65 | 979,457 | 12/31/22 | 2.44% | 14.39% |
| Euronav NV merger details: Expected to be completed in the fourth quarter of 2022 for a closing value of $4.08 billion in an all stock deal. Under the terms of the agreement, the proposed combination is structured as a voluntary conditional exchange offer by Frontline for all outstanding shares of Euronav at an exchange ratio of 1.45 Frontline shares for 1.0 Euronav share. Merger Agreement Euronav NV Investor Relations Frontline Ltd. Investor Relations Update(s) October 17, 2022: Euronav NV (EURN) sold the ULCC (Ultra Large Crude Carrier) Europe. The vessel is debt free and the sale will generate a capital gain of USD 34.7 million. October 19, 2022: Euronav NV (EURN) sold the Suezmax Cap Philippe, generating a capital gain of USD 12.9 million. |
| + | RNWK | 7/28/22 | Greater Heights LLC (N/A) | All Cash | $12.65 M | $0.73 | $0.7138 | 26,557 | 12/31/22 | 2.27% | 13.36% |
| RealNetworks, Inc. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $12.65 million. Upon completion of the deal, shareholders of RealNetworks will receive $0.73 per share in cash. RealNetworks, Inc. Investor Relations |
| + | LHCG | 3/28/22 | Optum (N/A) | All Cash | $6.2 B | $170.00 | $166.5 | 262,623 | 12/31/22 | 2.10% | 12.38% |
| LHC Group, Inc. merger details: Expected to close in the second half of 2022 for a closing value of $6.2 billion. Upon completion of the merger, shareholders of LHC Group will receive $170 per share in cash. Merger Agreement LHC Group, Inc. Investor Relations Termination Fee: $180 million Update(s) June 10, 2022: LHC Group (LHCG) and UnitedHealth Group each received a request for additional information and documentary materials from the FTC in connection with the FTC’s review of the Merger. June 21, 2022: Shareholders of LHC Group (LHCG) approved the company’s merger with Optum at a special meeting of shareholders. |
| + | TEN | 2/23/22 | Apollo Global Management, Inc. (APO) | All Cash | $7.1 B | $20.00 | $19.65 | 10,727,800 | 12/31/22 | 1.78% | 10.49% |
| Tenneco Inc. merger details: Expected to close in the second half of 2022 for a closing value of $7.1 billion. Upon completion of the merger, shareholders of Tenneco will receive $20 per share in cash. Merger Agreement Tenneco Inc. Investor Relations Apollo Global Management, Inc. Investor Relations Termination Fee Company Termination Fee (To be paid by Tenneco): $54 million Reverse Termination Fee / Parent Termination Fee (To be paid by Apollo): $108 million Update(s) May 5, 2022: Tenneco (TEN) announced results for the first quarter of 2022 ending on March 31, 2022. First quarter total revenue was $4.6 billion, down 2% year-over-year. The company also reported net loss of $38 million, or a loss of $0.46 per diluted share, compared to net income of $65 million, or $0.79 per diluted share, in the prior year. Tenneco also reported that it is on-track to complete pending transaction with Apollo Funds in the second half of 2022. May 9, 2022: Tenneco’s (TEN) sale to Apollo Global (APO) has been filed under “simplified procedure” for China’s antitrust review. June 7, 2022: Tenneco (TEN) announced that its shareholders voted to approve Tenneco’s pending acquisition by affiliates of Apollo Global Management. July 7, 2022: Tenneco (TEN) announced that all conditions to closing under the Merger Agreement with respect to antitrust and/or foreign direct investment laws have been satisfied or waived in accordance with the terms and conditions of the Merger Agreement except for the conditions pertaining to the antitrust and competition laws of the European Union, Japan and Mexico. August 4, 2022: In its latest 10Q filing, Tenneco (TEN) reported that all conditions to closing under the Merger Agreement with respect to antitrust and/or foreign direct investment laws have been satisfied or waived in accordance with the terms and conditions of the Merger Agreement except for the conditions pertaining to the antitrust and competition laws of the European Union and Japan. September 7, 2022: Tenneco (TEN) announced that it has given notice of its intention to redeem all of its outstanding 5⅜% Senior Notes due 2024 and all of its outstanding 5.0% Senior Notes due 2026 on October 7, 2022 , subject to the satisfaction of certain conditions. September 9, 2022: Tenneco (TEN) rose after a report that Apollo Global (APO) plans to file its planned purchase with the European Commission imminently. September 22, 2022: Bloomberg reported that a group of banks led by Citigroup and Bank of America are planning to kick off a $5.4 billion debt sale in mid-October to help fund Apollo Global Management’s (APO) buyout of Tenneco (TEN). September 26, 2022: Tenneco’s (TEN) planned sale to Apollo Global (APO) was filed with the European antitrust regulator. The European Commission was notified of the deal on Friday and a provisional deadline for the regulator’s review has been set for October 28, 2022. October 17, 2022: Pegasus Merger Co., an affiliate of certain investment funds managed by affiliates of Apollo Global Management, announced that it has amended the terms of the company’s previously announced cash tender offers to purchase any and all of Tenneco’s (TEN) shares by extending the expiration date from October 17, 2022 to October 31, 2022. October 28, 2022: The European Commission issued its approval of the merger between Tenneco (TEN) and Apollo Global Management (APO) under the applicable provisions of the EU merger regulations. |
| + | STOR | 9/15/22 | GIC and Oak Street (N/A) | All Cash | $14 B | $32.25 | $31.73 | 2,871,555 | 3/31/23 | 1.64% | 3.94% |
| STORE Capital Corporation merger details: Expected to close in the first quarter of 2023 for a closing value of $14 billion. Upon completion of the merger, shareholders of STORE Capital Corporation will receive $32.25 per share in cash. Merger Agreement STORE Capital Corporation Investor Relations Termination Fee Company Termination Fee: $274 million (The Company Termination Fee shall be an amount equal to $137 million in the event this Agreement is terminated by the company prior to the Cut-Off Time.) Parent Termination Fee: $503 million Update(s) September 19, 2022: STORE Capital Corporation (STOR) declared a regular quarterly cash dividend on its common stock of $0.41 per share for the third quarter ending September 30, 2022, which represents an increase of 6.5% over the previous quarterly dividend. The dividend will be paid on October 17, 2022, to STORE Capital stockholders of record as of the close of business on September 30, 2022. October 15, 2022: STORE Capital Corporation (STOR) announced the expiration of the “go-shop” period set forth in the previously announced definitive merger agreement with GIC and Oak Street. |
| + | AAWW | 8/04/22 | Apollo (APO) | All Cash | $5.2 B | $102.50 | $100.86 | 308,294 | 3/31/23 | 1.63% | 3.90% |
| Atlas Air Worldwide Holdings, Inc. merger details: Expected to close in the fourth quarter 2022 or first quarter 2023 for a closing value of $5.2 billion. Upon completion of the merger, shareholders of Atlas Air Worldwide Holdings will receive $102.50 per share in cash. Merger Agreement Atlas Air Worldwide Holdings, Inc. Investor Relations Termination Fee Company Termination Fee: $97.5 million Parent Termination Fee: $227.4 million Update(s) September 30, 2022: The State Administration for Market Supervision (SAMR) disclosed that Air Worldwide (AAWW) and Apollo Global Management (APO) filed with SAMR under the simplified procedure. Third parties have until October 9, 2022, to object to the case being treated as simple. October 18, 2022: Atlas Air Worldwide Holdings (AAWW) announced that the special meeting of stockholders will be on November 29, 2022. |
| + | EVOP | 8/01/22 | Global Payments Inc. (GPN) | All Cash | $4 B | $34.00 | $33.48 | 361,778 | 3/31/23 | 1.55% | 3.73% |
| EVO Payments, Inc. merger details: Expected to close no later than the first quarter of 2023 for a closing value of $4 billion. Upon completion of the merger, shareholders of EVO Payments will receive $34 per share in cash. Merger Agreement EVO Payments, Inc. Investor Relations Global Payments Inc. Investor Relations Termination Fee Company Termination Fee: $100 million Update(s) October 14, 2022: EVO Payments (EVOP) announced that the special meeting of stockholders will be on October 26, 2022. October 26, 2022: Shareholders of EVO Payments (EVOP) approved the company’s merger with Global Payments (GPN) at a special meeting of shareholders. |
| + | AVEO | 10/18/22 | LG Chem, Ltd. (N/A) | All Cash | $440.99 M | $15.00 | $14.78 | 1,238,353 | 3/31/23 | 1.49% | 3.57% |
| AVEO Oncology merger details: Expected to close in early 2023 for a closing value of $440.99 million. Upon completion of the merger, shareholders of AVEO Oncology will receive $15.00 per share in cash. Merger Agreement AVEO Oncology Investor Relations Termination Fee: $20.4 million |
| + | USER | 10/27/22 | Thoma Bravo and Sunstone Partners (N/A) | All Cash | $1.3 B | $7.50 | $7.4 | 6,947,351 | 6/30/23 | 1.35% | 2.03% |
| UserTesting, Inc. merger details: Expected to close in the first half of 2023 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of UserTesting will receive $7.50 per share in cash. Merger Agreement UserTesting, Inc. Investor Relations Termination Fee Company Termination Fee: $33.88 million Parent Termination Fee: $67.76 million |
| + | ZEN | 6/24/22 | Permira and Hellman & Friedman LLC (N/A) | All Cash | $10.2 B | $77.50 | $76.51 | 1,144,690 | 12/31/22 | 1.29% | 7.62% |
| Zendesk, Inc. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $10.2 billion. Upon completion of the deal, shareholders of Zendesk will receive $77.5 per share in cash. Merger Agreement Zendesk, Inc. Investor Relations Termination Fee Company Termination Fee: $254 million Parent Termination Fee: $610 million Update(s) August 18, 2022: The European Union set a provisional deadline of September 21, 2022 to rule on Hellman & Friedman and Permira’s planned purchase of Zendesk (ZEN). August 29, 2022: Light Street Capital, which manages funds that own more than two percent of the outstanding shares of Zendesk (ZEN) proposed a superior alternative to the company’s proposed transaction with Hellman & Friedman and Permira and intends to vote against the current transaction. Light Street’s offer at $82.50 per share for shareholders who would like to sell their shares, represents a 6.5% premium to the $77.50 per share contemplated in the proposed transaction. September 1, 2022: Zendesk (ZEN) announced that its Board of Directors has determined that Light Street Capital Management’s unsolicited, non-binding recapitalization proposal is neither a Superior Proposal nor reasonably likely to lead to a Superior Proposal under the company’s merger agreement with the consortium led by Hellman & Friedman and Permira. September 12, 2022: Special Meeting of Zendesk Stockholders (ZEN) is scheduled for September 19, 2022. September 19, 2022: Zendesk (ZEN) stockholders voted to adopt the Agreement and Plan of Merger whereby Zendesk will be acquired by a consortium led by Hellman & Friedman and Permira. September 27, 2022: Jeffrey Titterton informed Zendesk (ZEN) of his intention to resign from his position as Chief Operating Officer of the company, effective as of November 15, 2022. |
| + | PFHD | 8/08/22 | Seacoast Banking Corporation of Florida (SBCF) | All Stock | $488.6 M | $27.62 | $27.28 | 128,849 | 3/31/23 | 1.24% | 2.97% |
| Professional Holding Corp. merger details: Expected to close in the first quarter of 2023 for a closing value of $488.6 million. Under the terms of the acquisition agreement, Professional shareholders are to receive 0.8909 shares of Seacoast common stock for each share of Professional common stock. Merger Agreement Professional Holding Corp. Investor Relations Seacoast Banking Corporation of Florida Investor Relations Termination Fee: $21.79 million |
| + | HIL | 8/16/22 | Global Infrastructure Solutions Inc. (N/A) | All Cash | $207 M | $3.40 | $3.36 | 604,196 | 12/31/22 | 1.19% | 7.01% |
| Hill International, Inc. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $173 million. Upon completion of the merger, shareholders of Hill International, will receive $2.85 per share in cash. Merger Agreement Hill International, Inc. Investor Relations Termination Fee: $5.2 million Update(s) August 27, 2022: Global Infrastructure Solutions and Hill International (HIL) announced enhancements to their definitive agreement. Amendment provides for a price increase from US$2.85 to $3.40 per share, a 19.3% increase from the previous price. September 30, 2022: Hill International (HIL) announced that the special meeting of stockholders will be on November 2, 2022. |
| + | MYOV | 10/23/22 | Sumitovant Biopharma Ltd. (N/A) | All Cash | $2.9 B | $27.00 | $26.72 | 3,306,118 | 3/31/23 | 1.05% | 2.52% |
| Myovant Sciences Ltd. merger details: Expected to close in the first quarter of 2022 for a closing value of $2.9 billion. Upon completon of the merger, shareholders of Myovant Sciences will receive $27.00 per share in cash. Myovant Sciences Ltd. Investor Relations Sumitovant Biopharma Ltd. Investor Relations |
| + | LBAI | 9/27/22 | Provident Financial Services, Inc. (PFS) | All Stock | $1.3 B | $18.63 | $18.46 | 326,036 | 6/30/23 | 0.95% | 1.42% |
| Lakeland Bancorp, Inc. merger details: Expected to close in the second quarter of 2023 for a closing value of $1.3 billion in an all stock deal. Under the terms of the merger agreement, Lakeland shareholders will receive 0.8319 shares of Provident common stock for each share of Lakeland common stock they own. Merger Agreement Lakeland Bancorp, Inc. Investor Relations Provident Financial Services, Inc. Investor Relations Termination Fee: $50 million Update(s) September 28, 2022: Lakeland Bank the wholly owned subsidiary of Lakeland Bancorp (LBAI) announced it has entered into a settlement with the U.S. Department of Justice (DOJ) to resolve allegations that it had violated fair lending laws in the Newark, New Jersey Metro Division. |
| + | KNBE | 10/12/22 | Vista Equity Partners (N/A) | All Cash | $4.6 B | $24.90 | $24.67 | 2,516,765 | 6/30/23 | 0.93% | 1.40% |
| KnowBe4, Inc. merger details: Expected to close in the first half of 2023 for a closing value of $4.6 billion. Upon completion of the merger, shareholders of KnowBe4 will receive $24.90 per share in cash. Merger Agreement KnowBe4, Inc. Investor Relations Termination Fee Company Termination Fee: $138 million Parent Termination Fee: $276 million |
| + | BTRS | 9/28/22 | EQT (N/A) | All Cash | $1.4 B | $9.50 | $9.42 | 1,085,389 | 3/31/23 | 0.85% | 2.04% |
| BTRS Holdings Inc. merger details: Expected to close in the first quarter of 2023 for a closing value of $1.4 billion. Upon completion of the merger, shareholders of BTRS Holdings will receive $9.50 per share in cash. Merger Agreement BTRS Holdings Inc. Investor Relations Termination Fee Company Termination Fee: $50.25 million Reverse Termination Fee: $100.49 million |
| + | SWCH | 5/11/22 | DigitalBridge Group, Inc. (DBRG) | All Cash | $11 B | $34.25 | $34.01 | 596,280 | 12/31/22 | 0.71% | 4.15% |
| Switch, Inc. merger details: Expected to close in the second half of 2022 for a closing value of $11 billion. Upon completion of the merger, shareholders of Switch will receive $34.25 per share in cash. Merger Agreement Switch, Inc. Investor Relations DigitalBridge Group, Inc. Investor Relations Termination Fee Company Termination Fee: $260 million Parent Termination Fee: $693 million Update(s) July 28, 2022: The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), expired in connection with the previously announced proposed merger between Switch (SWCH) and DigitalBridge Group (DBRG). August 4, 2022: Shareholders of Switch (SWCH) approved the company’s merger with DigitalBridge Group (DBRG) at a special meeting of shareholders. |
| + | LFG | 10/17/22 | BP p.l.c. (BP) | All Cash | $4.1 B | $26.00 | $25.83 | 2,731,184 | 12/31/22 | 0.66% | 3.87% |
| Archaea Energy Inc. merger details: Expected to close by the end of 2022 for a closing value of $4.1 billion. Upon completion of the merger, shareholders of Archaea Energy will receive $26 per share in cash. Merger Agreement Archaea Energy Inc. Investor Relations BP p.l.c. Investor Relations Termination Fee Company Termination Fee: $114.5 million Parent Termination Fee: $327.2 million |
| + | GSMG | 7/11/22 | Cheers Inc (N/A) | All Cash | $105.59 M | $1.55 | $1.54 | 1,050,297 | 12/31/22 | 0.65% | 3.82% |
| Glory Star New Media Group Holdings Limited merger details: Expected to close in the second half of 2022 for a closing value of $105.59 million. Upon completion of the merger, shareholders of Glory Star New Media Group Holdings Limited will receive $1.55 per share in cash. Merger Agreement Glory Star New Media Group Holdings Limited Investor Relations Termination Fee Company Termination Fee: $527,948.62 Parent Termination Fee: $1.06 million Update(s) September 22, 2022: Glory Star New Media Group Holdings Limited (GSMG) announced that the special meeting of stockholders will be on October 27, 2022. October 27, 2022: Shareholders of Glory Star New Media Group Holdings Limited (GSMG) approved the company’s merger with Cheers at a special meeting of shareholders. |
| + | COWN | 8/02/22 | TD Bank Group (TD) | All Cash | $1.3 B | $39.00 | $38.76 | 252,531 | 3/31/23 | 0.62% | 1.49% |
| Cowen Inc. merger details: Expected to close in the first calendar quarter of 2023 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Cowen will receive $39 per share in cash. Merger Agreement Cowen Inc. Investor Relations TD Bank Group Investor Relations Termination Fee Company Termination Fee: $42.25 million Update(s) October 11, 2022: Cowen (COWN) announced that the special meeting of stockholders will be on November 15, 2022. |
| + | POSH | 10/03/22 | Naver Corp. (N/A) | All Cash | $1.2 B | $17.90 | $17.8 | 1,658,743 | 3/31/23 | 0.56% | 1.35% |
| Poshmark, Inc. merger details: Expected to close in the first quarter of 2023 for a closing value of $1.2 billion. Upon completion of the deal, shareholders of Poshmark will receive $17.90 per share in cash. Merger Agreement Poshmark, Inc. Investor Relations Termination Fee Company Termination Fee: $52.91 million |
| + | LOGC | 10/03/22 | Alexio, AstraZeneca Rare Disease (N/A) | All Cash | $68.85 M | $2.07 | $2.06 | 403,690 | 12/31/22 | 0.49% | 2.86% |
| LogicBio Therapeutics, Inc. merger details: Under the terms of the agreement, Alexion, through a subsidiary, will initiate a cash tender offer to acquire all outstanding shares of LogicBio for $2.07 per share. Merger Agreement LogicBio Therapeutics, Inc. Investor Relations Termination Fee: $2.09 million |
| + | GRIN | 10/12/22 | Taylor Maritime Investments Limited and Good Falkirk Limited (N/A) | Special Conditions | $506 M | $26.00 | $25.88 | 535,762 | 3/31/23 | 0.46% | 1.11% |
| Grindrod Shipping Holdings Ltd. merger details: Expected to close for a closing value of $506 million. Upon completion of the merger, shareholders of Grindrod Shipping Holdings will receive $26.00 per share, comprising the offer price of $21.00 in cash and a special dividend of $5.00. Merger Agreement Grindrod Shipping Holdings Ltd. Investor Relations |
| + | CLR | 10/17/22 | Omega Acquisition, Inc. (N/A) | All Cash | $4.3 B | $74.28 | $73.97 | 4,840,631 | 12/31/22 | 0.42% | 2.47% |
| Continental Resources, Inc. merger details: Expected to close prior to December 31, 2022, for a closing value of $4.3 billion. Under the terms of the agreement, Omega Acquisition, an entity that is owned by Continental’s founder, Harold G. Hamm will purchase any and all of the outstanding shares of Continental’s common stock at $74.28 per share, other than (i) shares of common stock owned directly or indirectly by Mr. Hamm and the Hamm family and (ii) shares of common stock underlying unvested equity awards issued pursuant to Continental’s long-term incentive plans (the “Rollover Shares”). The offer price includes $0.28 in lieu of Continental’s anticipated dividend for the third quarter of 2022. Merger Agreement Continental Resources, Inc. Investor Relations |
| + | UMPQ | 10/12/21 | Columbia Banking System, Inc. (COLB) | All Stock | $4.5 B | $20.00 | $19.93 | 1,624,152 | 3/31/23 | 0.33% | 0.78% |
| Umpqua Holdings Corporation merger details: Expected to close by mid-2022 for a closing value of $4.5 billion in an all stock deal. Under the terms of the agreement, Umpqua shareholders will receive 0.5958 of a share of Columbia stock for each Umpqua share they own. Merger Agreement Umpqua Holdings Corporation Investor Relations Columbia Banking System, Inc. Investor Relations Umpqua Holdings Corporation Investor Relations
Columbia Banking System, Inc. Investor Relations Termination Fee: $145 million Update(s) January 26, 2022: Columbia Banking System (COLB) and Umpqua Holdings Corporation (UMPQ) jointly announced that they have received all required shareholder approvals related to the proposed combination between Columbia and Umpqua. July 1, 2022: Since this deal has not yet been completed, we are extending the closing date to September 30, 2022. September 7, 2022: Umpqua Holdings Corporation (UMPQ) provided information to investors related to its pending combination with Columbia Banking Systems (COLB). In the presentation, the company has stated that, although the closing date for the combination has not yet been set, the company continues to plan for and complete necessary milestones to execute a scheduled Q1 2023 core system conversion. October 3, 2022: Umpqua Holdings Corporation (UMPQ) announced that its Board of Directors approved a quarterly cash dividend of $0.21 per common share. The dividend is payable on October 28, 2022, to shareholders of record as of October 14, 2022. October 26, 2022: The Board of Governors of the Federal Reserve System approved the application of Columbia Banking System (COLB) with respect to the previously announced combination of Columbia and Umpqua Holdings Corporation (UMPQ). |
| + | STON | 5/25/22 | Axar Capital Management, LP (N/A) | All Cash | $927.7 M | $3.50 | $3.49 | 392,529 | 12/31/22 | 0.29% | 1.69% |
| StoneMor Inc. merger details: Expected to close during the fall of 2022 for a closing value of $927.7 million. Upon completion of the merger, shareholders of StoneMor will receive $3.50 per share in cash. Merger Agreement StoneMor Inc. Investor Relations Update(s) September 20, 2022: StoneMor (STON) announced that the special meeting of stockholders will be on November 1, 2022. |
| + | ECOM | 9/06/22 | CommerceHub (N/A) | All Cash | $596.19 M | $23.10 | $23.04 | 215,310 | 11/16/22 | 0.26% | 5.59% |
| ChannelAdvisor Corporation merger details: Expected to close in 2022 for a closing value of $596.19 million. Upon completion of the deal, shareholders of ChannelAdvisor Corporation will receive $23.10 per share in cash. Merger Agreement ChannelAdvisor Corporation Investor Relations Termination Fee Company Termination Fee: $23 million Parent Termination Fee: $62 million Update(s) October 11, 2022: ChannelAdvisor Corporation (ECOM) announced that the special meeting of stockholders will be on November 11, 2022. October 19, 2022: The waiting period applicable to the merger between ChannelAdvisor Corporation (ECOM) and CommerceHub under the HSR Act has expired. The merger is currently expected to close by November 16, 2022. |
| + | USWS | 6/21/22 | ProFrac Holding Corp. (PFHC) | All Stock | $546.29 M | $7.24 | $7.22 | 95,768 | 12/31/22 | 0.23% | 1.38% |
| U.S. Well Services, Inc. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $546.29 million in an all stock deal. Under the terms of the transaction, U.S. Well Services shareholders will receive ProFrac Holding common shares at a ratio of 0.0561. Merger Agreement U.S. Well Services, Inc. Investor Relations ProFrac Holding Corp. Investor Relations Termination Fee Company Termination Fee: $8 million Update(s) August 4, 2022: U.S. Well Services (USWS) announced that it is executing a reverse stock split. Holders of the company’s Class A common stock will receive 1 post-split share for every 6 pre-split shares of Class A common stock. Holders of USWS Class A common stock will now be entitled to receive 0.3366 shares of ProFrac (PFHC) Class A Common Stock for each share of USWS Class A common stock upon closing of the pending transaction, which is expected in the fourth quarter of 2022. September 28, 2022: U.S. Well Services (USWS) announced that the special meeting of stockholders will be on October 31, 2022. |
| + | AERI | 8/22/22 | Alcon (ALC) | All Cash | $770 M | $15.25 | $15.22 | 468,985 | 12/31/22 | 0.20% | 1.16% |
| Aerie Pharmaceuticals, Inc. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $770 million. Upon completion of the merger, shareholders of Aerie Pharmaceuticals will receive $15.25 per share in cash. Aerie Pharmaceuticals, Inc. Investor Relations Alcon Inc. Investor Relations |
| + | SRLP | 6/02/22 | Hartree Partners, LP (N/A) | All Cash | $1.44 B | $20.00 | $19.98 | 76,646 | 11/01/22 | 0.10% | 18.27% |
| Sprague Resources LP merger details: Expected to close prior to the end of Q3 2022 for a closing value of $1.44 billion. Upon completion of the mergers, shareholders of Sprague Resources will receive $19 per share in cash. Sprague Resources LP Investor Relations Merger Agreement Parent Termination Fee: $5 million Update(s) August 19, 2022: Sprague Resources (SRLP) announced that it has notified the New York Stock Exchange of the anticipated closing date of the previously-announced merger transaction. The Partnership anticipates that the merger will close on or about September 1, 2022. Sprague Resources entered into an amendment to the agreement and plan of merger with an affiliate of Hartree Partners. The inside date has been extended from July 31, 2022, to November 28, 2022. The date after which either party may terminate the Merger Agreement should the Merger have not closed, has been extended from December 2, 2022, to March 2, 2023. In addition to the previously agreed merger consideration of $19.00 per common unit, the partnership’s unitholders unaffiliated with Hartree will receive an additional $1.00 per common unit in cash as consideration for the amendment to the inside date. The partnership will pay a cash distribution to its unitholders for the calendar quarter ending September 30, 2022, in an amount not less than $0.4338 per common unit, regardless of whether the closing of the merger occurs prior to September 30, 2022. Following execution of the amendment, the partnership expects that the merger will close in the fourth quarter of 2022. August 31, 2022: Sprague Resources (SRLP) entered into an amendment to the agreement and plan of merger with an affiliate of Hartree Partners. The inside date has been extended from July 31, 2022, to November 28, 2022. The date after which either party may terminate the Merger Agreement should the Merger have not closed, has been extended from December 2, 2022, to March 2, 2023. In addition to the previously agreed merger consideration of $19.00 per common unit, the partnership’s unitholders unaffiliated with Hartree will receive an additional $1.00 per common unit in cash as consideration for the amendment to the inside date. The partnership will pay a cash distribution to its unitholders for the calendar quarter ending September 30, 2022, in an amount not less than $0.4338 per common unit, regardless of whether the closing of the merger occurs prior to September 30, 2022.Following execution of the amendment, the partnership expects that the merger will close in the fourth quarter of 2022. October 21, 2022: Sprague Resources (SRLP) announced that it anticipates that the merger with Hartree Partners will close on or about November 1, 2022. |
| + | IS | 7/13/22 | Unity (U) | All Stock | $3.61 B | $3.18 | $3.18 | 4,289,142 | 12/31/22 | 0.10% | 0.58% |
| ironSource Ltd. merger details: Expected to close in the fourth quarter of 2022 for a closing value of $3.61 billion in an all stock deal. Under the terms of the agreement, each ordinary share of ironSource will be exchanged for 0.1089 shares of Unity common stock. Merger Agreement ironSource Ltd. Investor Relations Unity Investor Relations Termination Fee Company Termination Fee: $150 million Parent Termination Fee: $150 million Update(s) August 9, 2022: AppLovin (APP) announced it has submitted a compelling non-binding proposal to the Board of Directors of Unity Software (U) to combine AppLovin with Unity. The execution of a definitive merger agreement between AppLovin and Unity would be subject to approval by each company’s Board of Directors, the termination of the proposed acquisition of ironSource (IS), and other customary signing conditions. August 15, 2022: Unity (U) announced that its Board of Directors has completed a thorough financial and strategic evaluation of the unsolicited proposal from AppLovin (APP), and has unanimously determined that it is not in the best interests of Unity shareholders and would not reasonably be expected to result in a “Superior Proposal” as defined in Unity’s merger agreement with ironSource (IS). August 29, 2022: ironSource (IS) announced that the special meeting of stockholders will be on October 3, 2022. September 8, 2022: IronSource (IS) pushes back shareholder vote to October 7, 2022 September 13, 2022: AppLovin (APP) said that it doesn’t intend to submit another proposal to combine with Unity Software (U) and has withdrawn its initial proposal from August 9, 2022. October 7, 2022: Shareholders of ironSource (IS) approved the company’s merger with Unity (U) at a special meeting of shareholders. |
| + | CYBE | 8/08/22 | Nordson Corporation (NDSN) | All Cash | $380 M | $54.00 | $53.95 | 184,281 | 12/31/22 | 0.09% | 0.55% |
| CyberOptics Corporation merger details: Expected to close for a closing value of $380 million. Upon completion of the merger, shareholders of CyberOptics Corporation will receive $54.00 per share in cash. Merger Agreement CyberOptics Corporation Investor Relations Termination Fee: $12.47 million Update(s) October 21, 2022: CyberOptics Corporation (CYBE) announced that the special meeting of stockholders will be on November 2, 2022. |
| + | PZN | 7/26/22 | Pzena Investment Management, LLC (N/A) | All Cash | $795 M | $9.60 | $9.65 | 1,371,477 | 10/31/22 | -0.52% | -189.12% |
| Pzena Investment Management, Inc merger details: Expected to close in the fourth quarter of 2022 for a closing value of $795 million. Upon completion of the merger, shareholders of Pzena Investment Management will receive $9.60 per share in cash. Pzena Investment Management, Inc Investor Relations Update(s) September 27, 2022: Pzena Investment Management (PZN) announced that the special meeting of stockholders will be on October 27, 2022. October 10, 2022: Pzena Investment Management (PZN) announced that it has received all regulatory approvals required under the merger agreement to complete the proposed transaction. The transaction is expected to close in the fourth quarter of 2022. October 27, 2022: Pzena Investment Management (PZN) announced that its stockholders approved the previously announced take-private transaction with Pzena Investment Management, LLC. The transaction is expected to close on October 31, 2022. |
| + | PBFX | 7/28/22 | PBF Energy Inc. (PBF) | Cash Plus Stock | $1.64 B | $21.61 | $21.73 | 194,693 | 3/31/23 | -0.55% | -1.32% |
| PBF Logistics LP merger details: Expected to close for a closing value of $1.64 billion in a cash plus stock deal. Under the merger agreement, each outstanding common unit of PBF Logistics that PBF Energy does not already beneficially own will be converted into 0.270 shares of PBF Energy Class A common stock and $9.25 in cash, without interest. Merger Agreement PBF Logistics LP Investor Relations PBF Energy Inc. Investor Relations Termination Fee Parent Termination Fee: $5 million Update(s) October 25, 2022: PBF Logistics (PBFX) announced that the special meeting of stockholders will be on November 30, 2022. |
| + | RFP | 7/06/22 | The Paper Excellence Group (N/A) | Special Conditions | $2.7 B | $20.50 | $20.89 | 276,930 | 6/30/23 | -1.87% | -2.80% |
| Resolute Forest Products Inc. merger details: Expected to close in the first half of 2023 for a closing value of $2.7 billion. Upon completion of the merger, shareholders of Resolute Forest Products will receive $20.5 per share in cash, together with a CVR entitling the holder to a share of future softwood lumber duty deposit refunds. Each share, on a fully diluted basis at closing, will be entitled to receive one CVR. Merger Agreement Resolute Forest Products Inc. Investor Relations Termination Fee Company Termination Fee: $40 million Parent Termination Fee: $80 million Update(s) September 20, 2022: Resolute Forest Products (RFP) announced that the special meeting of stockholders will be on October 31, 2022. October 27, 2022: The Paper Excellence Group and Resolute Forest Products (RFP) announced their intention to sell Resolute’s Thunder Bay pulp and paper mill to further facilitate the regulatory review process. |
| + | STCN | 6/13/22 | Steel Partners Holdings L.P. (SPLP) | All Cash | $519.36 M | $1.35 | $1.3800 | 113,971 | 12/31/22 | -2.17% | -12.80% |
| Steel Connect, Inc. merger details: Expected to close in the second half of 2022 for a closing value of $519.36 million. Upon completion of the merger, shareholders of Steel Connect will receive $1.35 per share in cash and one contingent value right (“CVR”) to receive their pro rata share of net proceeds, to the extent such net proceeds exceed $80 million plus certain related costs and expenses, if Steel Connect’s ModusLink subsidiary is sold during the two-year period following completion of the merger. Merger Agreement Steel Connect, Inc. Investor Relations Steel Partners Holdings L.P. Investor Relations Termination Fee Company Termination Fee: $1 million Parent Termination Fee: $1.5 million Update(s) September 16, 2022: Steel Connect (STCN) announced that the special meeting of stockholders will be on September 30, 2022. September 30, 2022: Steel Connect (STCN) announced that it intends to reconvene the company’s Annual Meeting of Stockholders on October 14, 2022. October 14, 2022: Steel Connect (STCN) announced that it intends to reconvene the company’s 2021 Annual Meeting of Stockholders on October 28, 2022. October 28, 2022: Steel Connect (STCN) announced that it intends to reconvene the company’s 2021 Annual Meeting of Stockholders on November 14, 2022. |
| + | FBC | 4/26/21 | New York Community Bancorp, Inc. (NYCB) | All Stock | $2.6 B | $37.18 | $38.41 | 7,030,748 | 12/31/22 | -3.20% | -18.85% |
| Flagstar Bancorp, Inc. merger details: Expected to close by the end of 2021 for a closing value of $2.6 billion in an all stock deal. Under terms of the agreement, Flagstar shareholders will receive 4.0151 shares of New York Community common stock for each Flagstar share they own. Merger Agreement Flagstar Bancorp, Inc. Investor Relations New York Community Bancorp Investor Relations Flagstar Bancorp, Inc. Investor Relations New York Community Bancorp Investor Relations Termination Fee: $90 million Update(s) August 4, 2021: New York Community Bancorp (NYCB) and Flagstar Bancorp (FBC) jointly announced that, at their respective special meetings of shareholders, they each received the necessary shareholder approval for the consummation of their planned merger. December 31, 2021: Since this deal has not yet been completed, we have extended the closing date to March 31, 2022. April 27, 2022: New York Community Bancorp (NYCB) and Flagstar Bancorp (FBC) announced that they have mutually extended their merger agreement to October 31, 2022. October 28, 2022: Flagstar (FBC) and New York Community Bancorp (NYCB) announced the receipt of the requisite approval of the Office of the Comptroller of the Currency to convert Flagstar Bank, FSB to a national bank to be known as Flagstar Bank and to merge New York Community Bank into Flagstar Bank. The companies also mutually agreed to extend their merger agreement from October 31, 2022, to December 31, 2022. October 28, 2022: The Board of Directors of Flagstar Bancorp (FBC) declared a special dividend of $2.50 per share. The dividend will be paid on November 17, 2022, to shareholders of record at the close of business on November 7, 2022. |
| + | EMCF | 3/24/22 | Farmers National Banc Corp. (FMNB) | All Stock | $105 M | $29.56 | $30.8 | 803 | 12/31/22 | -4.02% | -23.65% |
| Emclaire Financial Corp merger details: Expected to close in the second half of 2022 for a closing value of $105 million in a cash or stock deal. Under the terms of the agreement, each shareholder of Emclaire may elect to receive either $40.00 per share in cash or 2.15 shares of Farmers’ common stock, subject to an overall limitation of 70% of the shares being exchanged for Farmers’ shares and 30% for cash. Merger Agreement Emclaire Financial Corp Investor Relations Farmers National Banc Corp. Investor Relations Termination Fee: $3.75 million Update(s) April 29, 2022: Emclaire Financial (EMCF) reported consolidated net income available to common stockholders of $2.4 million, or $0.88 per diluted common share, for the three months ended March 31, 2022, an increase of $262,000, or 12.1%, from $2.2 million, or $0.79 per diluted common share, reported for the comparable period in 2021. June 27, 2022: Farmers National Banc Corp. (FMNB) and Emclaire Financial (EMCF), jointly announced an election deadline of July 19, 2022 for shareholders of Emclaire to elect the form of consideration they wish to receive for their shares of Emclaire common stock in connection with the proposed merge of Emclaire with and into FMNB Merger. July 20, 2022: Shareholders of Emclaire (EMCF) voted to approve the agreement and plan of merger with Farmers National Banc Corp (FMNB). September 19, 2022: The Pennsylvania Department of Banking and Securities approved Farmers National Banc Corp.’s (FMNB) acquisition of Emclaire Financial Corp (EMCF). |
| + | PCSB | 5/24/22 | Brookline Bancorp, Inc. (BRKL) | All Stock | $313 M | $18.13 | $19.39 | 266,642 | 12/31/22 | -6.48% | -38.17% |
| PCSB Financial Corporation merger details: Expected to be completed in the second half of 2022 for a closing value of $313 million in a cash or stock deal. Under the terms of the merger agreement, stockholders of PCSB will receive, for each share of PCSB, at the holder’s election, either $22.00 in cash consideration or 1.3284 shares of Brookline common stock for each share of PCSB common stock, subject to allocation procedures to ensure 60% of the outstanding shares of PCSB common stock will be converted to Brookline common stock. Merger Agreement PCSB Financial Corporation Investor Relations Brookline Bancorp, Inc. Investor Relations Termination Fee: $12 million Update(s) August 12, 2022: PCSB Financial Corporation (PCSB) announced that the special meeting of stockholders will be on September 21, 2022. September 21, 2022: PCSB Financial Corporation (PCSB) announced that it has received shareholder approval to be acquired by Brookline Bancorp (BRKL). October 12, 2022: Brookline Bancorp (BRKL) and PCSB Financial Corporation (PCSB) announced that the deadline for stockholders of PCSB to elect the form of consideration that they wish to receive in PCSB’s pending merger with Brookline has been extended to November 15, 2022. |
| + | AGTC | 10/23/22 | Syncona Limited (N/A) | Special Conditions | $23.5 M | $0.34 | $0.41 | 676,899 | 12/31/22 | -17.07% | -100.51% |
| Applied Genetic Technologies Corporation merger details: Expected to close in the fourth quarter of 2022 for a closing value of $23.5 million. Under the terms of the agreement, shareholders of Applied Genetic Technologies Corporation will receive $0.34 per share in cash at the closing of the transaction plus potential future aggregate cash payments of up to $50.0 million (up to $0.73 per share) pursuant to contingent value rights (CVRs). shareholders of Applied Genetic Technologies Corporation will receive $0.34 per share in cash at the closing of the transaction plus potential future aggregate cash payments of up to $50.0 million (up to $0.73 per share) pursuant to contingent value rights (CVRs). shareholders of Applied Genetic Technologies Corporation will receive $0.34 per share in cash at the closing of the transaction plus potential future aggregate cash payments of up to $50.0 million (up to $0.73 per share) pursuant to contingent value rights (CVRs). |
| + | AYLA | 10/19/22 | Advaxis, Inc. (ADXS) | All Stock | -$4.22 M | $0.38 | $0.6899 | 69,574 | 3/31/23 | -44.86% | -107.72% |
| Ayala Pharmaceuticals, Inc. merger details: The merger of Ayala Pharmaceuticals and Advaxis in an all stock deal. Under the terms of the agreement, each share of Ayala shall be automatically converted into the right to receive 0.1874 shares of Advaxis. Merger Agreement Ayala Pharmaceuticals, Inc. Investor Relations Advaxis, Inc. Investor Relations Termination Fee: $600,00 |
