KKR Financial (KFN -0.6%) doesn't give much color on its earnings call about the timing of its takeover by KKR other than to say the deal awaits approval by KFN shareholders. The S-4 filed by KKR on January 15 is under review and has not yet become effective.
As for KFN, it ended the year with book value of $10.58, up form $10.42 at the end of Q3. Shareholders will get 0.51 shares of KKR for every share of KFN they own. KKR is currently trading at $24.43, putting KFN's value at $12.46, a couple of percent less than the deal was worth when announced back in mid-December.
Earlier: KKR Financial Q4 results