Merger Arbitrage Mondays - January 5, 2015

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Includes: AGN, AMRE, APAGF, APL, ASYS, ATLS, AUXL, AVIV, AVNR, BHGE, BIRT, BKYF, BTUI, CACQ, CFN, CHTR, CHYR, CIMT, CMCSA, CMSB, CNL, COBK, CQB, CVD, CY, DRC, DWSN, EDS, ESBF, ESYS, FDO, FFKY, FNBC, FRNK, GECR, GFIG, GTIV, GTKYY, HAL, HBNK, HBOS, HCBK, HCT, HE, HMST, HTH, HVB, IGT, IRF, LNBB, LO, MDT, MFI, MIG, MRK, MTB, NBTF, NGLS, NWBI, OILT, PENX, PETM, PL, PNFP, POM, PRLS, PTP, PTRY, RNA, RNR, RNST, ROC, RVBD, SAPE, SIBC, SUSQ, SWS, SWY, T, TEG, TLM, TRW, UPI, VIAS, VOLC, VSCI, VYFC, WMGI, WPG, XWES, YCB, Z
by: Asif Suria

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

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

Deal Statistics:

Total Number of Deals Closed in 2015 3
Total Number of Pending Deals
Cash Deals 32
Stock Deals 21
Stock & Cash Deals 17
Special Conditions 10
Total Number of Pending Deals 80
Total Deal Size $402.08 billion

New Deals:

  1. The acquisition of Meadowbrook Insurance Group (NYSE:MIG) by Fosun International Limited for $433 million or $8.65 per share in cash.
  2. The acquisition of State Investors Bancorp (NASDAQ:SIBC) by First NBC Bank Holding Company (NBCB) for $49 million or $21.25 per share in cash.

Closed Deals:

  1. The acquisition of First Financial Service (NASDAQ:FFKY) by Community Bank Shares of Indiana (CBIN) on January 2, 2015. It took 255 days for this deal to be completed.
  2. The acquisition of TriQuint Semiconductor (TQNT) by RF Micro Devices (RFMD) on January 2, 2015. It took 312 days for this deal to be completed.
  3. The acquisition of SWS Group (NYSE:SWS) by Hilltop Holdings (NYSE:HTH) on January 2, 2015. It took 276 days for this deal to be completed.

Top 10 deals with largest spreads:

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

UPI 12/22/2014 Vision-Sciences Inc. (NASDAQ:VSCI) $2.54 $2.10 06/30/2015 21.10% 43.77%
EDS 12/02/2013 Pan Long Company Limited (N/A) $1.78 $1.50 12/31/2014 18.67% -1362.67%
BHI 11/16/2014 Halliburton Company (NYSE:HAL) $63.23 $56.17 12/31/2015 12.57% 12.74%
LO 07/15/2014 Reynolds American Inc. (NYSE:RAI) $69.07 $62.64 06/30/2015 10.26% 21.27%
DTV 05/18/2014 AT&T, Inc. (NYSE:T) $95.00 $86.67 05/31/2015 9.61% 24.03%
TWC 02/13/2014 Comcast Corporation (NASDAQ:CMCSA) $164.88 $150.66 12/31/2014 9.44% -689.07%
APL 10/13/2014 Targa Resources Partners LP (NYSE:NGLS) $30.02 $28.04 03/31/2015 7.07% 30.36%
BTUI 10/22/2014 Amtech Systems Inc. (NASDAQ:ASYS) $3.38 $3.20 03/31/2015 5.62% 24.14%
AGN 11/16/2014 Actavis plc (NASDAQ:ACT) $224.66 $212.75 06/30/2015 5.60% 11.61%
IGT 07/16/2014 GTECH S.p.A. (OTCPK:GTKYY) $18.25 $17.29 06/30/2015 5.55% 11.51%
Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ UPI 12/22/2014 Vision-Sciences Inc. All Stock N/A $2.54 $2.10 46,436 06/30/2015 21.10% 43.77%
Details of Uroplasty, Inc.

Expected to close in the first half of 2015 in an all stock deal. Under the terms of the agreement, shareholders of Uroplasty will receive 3.6331 shares of Vision-Sciences' common stock for each outstanding share of Uroplasty's common stock.

+ EDS 12/02/2013 Pan Long Company Limited (N/A) All Cash $60.1 million $1.78 $1.50 50,397 12/31/2014 18.67% 0.00%
Details of Exceed Company Ltd.

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

Updates(s)

  1. On October 21, 2014, Exceed Company announced that the termination date for the merger agreement has been extended to December 31, 2014.
+ BHI 11/16/2014 Halliburton Company Cash Plus Stock N/A $63.23 $56.17 2,787,594 12/31/2015 12.57% 12.74%
Details of Baker Hughes Incorporated

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

+ LO 07/15/2014 Reynolds American Inc. Cash Plus Stock $27.4 billion $69.07 $62.64 1,340,395 06/30/2015 10.26% 21.27%
Details of Lorillard, Inc.

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

+ DTV 05/18/2014 AT&T, Inc. (T) Special Conditions $48.5 billion $95.00 $86.67 1,424,437 05/31/2015 9.61% 24.03%
Details of DIRECTV

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

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

+ TWC 02/13/2014 Comcast Corporation All Stock $45.2 billion $164.88 $150.66 825,259 12/31/2014 9.44% 0.00%
Details of Time Warner Cable Inc.

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

+ APL 10/13/2014 Targa Resources Partners LP Cash Plus Stock $5.8 billion $30.02 $28.04 323,737 03/31/2015 7.07% 30.36%
Details of Atlas Pipeline Partners, L.P.

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

+ BTUI 10/22/2014 Amtech Systems Inc. All Stock N/A $3.38 $3.20 20,501 03/31/2015 5.62% 24.14%
Details of BTU International Inc.

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

+ AGN 11/16/2014 Actavis plc Cash Plus Stock N/A $224.66 $212.75 2,106,522 06/30/2015 5.60% 11.61%
Details of Allergan Inc.

This is a cash plus stock deal, subject to a number of closing conditions. Under the terms of the agreement, shareholders of Allergan will receive $129.22 in cash and 0.3683 of an ordinary share of Actavis.

+ IGT 07/16/2014 GTECH S.p.A. Special Conditions $6.4 billion $18.25 $17.29 1,770,739 06/30/2015 5.55% 11.51%
Details of International Game Technology

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

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

+ PEOP 08/05/2014 Independent Bank Corp. All Stock $130.6 million $23.22 $22.12 800 03/31/2015 4.99% 21.44%
Details of Peoples Federal Bancshares, Inc.

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

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

+ WPZ 10/27/2014 Access Midstream Partners, L.P. All Stock $50 billion $48.41 $46.19 937,010 01/31/2015 4.82% 67.62%
Details of Williams Partners L.P.

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

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

+ PZG 12/17/2014 Coeur Mining, Inc. All Stock $146 million $1.07 $1.02 515,594 06/30/2015 4.75% 9.86%
Details of Paramount Gold and Silver Corp.

Expected to close in the second quarter of 2015 for a closing value of $146 million in an all stock deal. Under the terms of the agreement, shareholders of Paramount Gold and Silver will receive 0.2016 Coeur shares per Paramount shares.

In addition, Paramount stockholders will receive their pro rata share of the outstanding shares of an existing subsidiary or a newly incorporated subsidiary ("SpinCo") of Paramount. SpinCo will hold Paramount's interest in the Sleeper Gold, Mill Creek and Spring Valley Projects in Nevada and will be capitalized with $10 million in cash from Coeur. Upon completion of the Merger, Paramount stockholders will hold, in aggregate, a 95.1% interest in SpinCo and Coeur will hold the remaining 4.9%

+ DRIV 10/23/2014 Siris Capital Group, LLC All Cash $840 million $26.00 $24.86 212,181 03/31/2015 4.59% 19.69%
Details of Digital River Inc.

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

+ HCBK 08/27/2012 M&T Bank Corporation All Stock $3.7 billion $10.54 $10.13 1,705,093 04/30/2015 4.01% 12.74%
Details of Hudson City Bancorp, Inc.

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

Update(s)

On December 9, 2014, Hudson City Bancorp (NASDAQ:HCBK) and M&T Bank Corporation (NYSE:MTB) announced further extension of time to complete the proposed merger to April 30, 2015.

+ APAGF 10/03/2014 Pluspetrol Resources Corporation(N/A) All Cash $427 million $14.50 $13.97 16,025 12/31/2014 3.79% 0.00%
Details of Apco Oil & Gas International Inc.

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

+ LNBB 12/15/2014 Northwest Bancshares, Inc. (NASDAQ:NWBI) Special Conditions $183.3 million $18.70 $18.06 13,333 06/30/2015 3.54% 7.35%
Details of LNB Bancorp Inc.

Expected to close in the second quarter of 2015 for a closing value of $183.3 million. Under the terms of the agreement, shareholders of LNB Bancorp will be entitled to elect to receive either 1.461 shares of Northwest Bancshares common stock or $18.70 per share in cash.

+ VYFC 11/17/2014 BNC Bancorp (BNCN) Special Conditions $101.3 million $20.50 $19.80 7,839 06/30/2015 3.54% 7.33%
Details of Valley Financial Corporation

Expected to close in the second quarter of 2015 for a closing value of $101.3 million. Under the terms of the agreement, shareholders of Valley Financial Corporation will receive a fixed price of $20.50 for each share of Valley common stock, payable in shares of BNC common stock based upon the 20-day volume weighted average price of BNC common stock prior to the closing of the merger, subject to minimum and maximum exchange ratios. If the VWAP immediately prior to the merger is greater than or equal to $18.50 then each share of Valley common stock shall be converted into 1.1081 shares of BNC common stock. If the VWAP immediately prior to the merger is less than $14.25, then each share of Valley common stock shall be converted into 1.4386 shares of BNC common stock.

+ PTP 11/24/2014 RenaissanceRe Holdings Ltd (NYSE:RNR) Special Conditions $1.9 billion $76.00 $73.41 181,542 06/30/2015 3.53% 7.32%
Details of Platinum Underwriters Holdings Ltd.

Expected to close in the first half of 2015 for a closing value of $1.9 billion. Under the terms of the agreement, shareholders of Platinum Underwriters Holdings will receive a $10.00 per share special pre-closing dividend with the remainder of the consideration, at their election, consisting of (i) $66.00 per Platinum share in cash, (ii) 0.6504 RenaissanceRe common shares per Platinum share, or (iii) a combination of $35.96 in cash and 0.2960 RenaissanceRe common shares per Platinum share, subject to proration.

+ MIG 12/30/2014 Fosun International Limited (N/A) All Cash $433 million $8.65 $8.38 3,102,395 12/31/2015 3.22% 3.27%
Details of Meadowbrook Insurance Group Inc.

Expected to close in the second half of 2015 for a closing value of $433 million. Upon completion of the merger, shareholders of Meadowbrook Insurance Group will receive $8.65 per share in cash.

+ HBOS 12/10/2014 Renasant Corp. (NASDAQ:RNST) All Stock $258 million $26.41 $25.59 22,146 09/30/2015 3.20% 4.35%
Details of Heritage Financial Group, Inc.

Expected to close in the third quarter of 2015 for a closing value of $258 million in an all stock deal. Under the terms of the agreement, shareholders of Heritage Financial Group will receive 0.9266 shares of Renasant common stock for each share of Heritage common stock.

+ SIBC 12/30/2014 First NBC Bank Holding Company (NBCB) All Cash $49 million $21.25 $20.60 12,900 06/30/2015 3.16% 6.54%
Details of State Investors Bancorp, Inc.

Expected to close in the second quarter of 2015 for a closing value of $49 million. Upon completion of the merger, shareholders of State Investors Bancorp will receive $21.25 per share in cash.

+ RVBD 12/15/2014 Thoma Bravo, LLC and Teachers� Private Capital (N/A) All Cash $3.6 billion $21.00 $20.39 1,822,010 06/30/2015 2.99% 6.20%
Details of Riverbed Technology, Inc.

Expected to close in the first half of 2015 for a closing value of $3.6 billion. Upon completion of the merger, shareholders of Riverbed Technology will receive $21.00 per share in cash.

+ SWY 03/06/2014 AB Acquisition LLC (N/A) Special Conditions N/A $36.15 $35.13 1,154,007 12/31/2014 2.90% 0.00%
Details of Safeway Inc.

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

Update(s)

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

+ CMSB 09/25/2014 Putnam County Savings Bank(N/A) All Cash $25.4 million $13.25 $12.88 528 06/30/2015 2.87% 5.96%
Details of CMS Bancorp, Inc.

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

+ HCT 06/02/2014 Ventas, Inc. (NYSE:VTR) All Stock $2.6 billion $12.37 $12.05 2,161,179 12/31/2014 2.69% 0.00%
Details of American Realty Capital Healthcare Trust, Inc.

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

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

+ SUSQ 11/12/2014 BB&T Corporation (NYSE:BBT) Cash Plus Stock $2.5 billion $13.83 $13.47 1,572,728 06/30/2015 2.66% 5.52%
Details of Susquehanna Bancshares, Inc.

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

+ TRW 09/15/2014 ZF Friedrichshafen AG ("ZF") (N/A) All Cash $13.5 billion $105.60 $102.93 511,594 06/30/2015 2.59% 5.38%
Details of TRW Automotive Holdings Corp.

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

+ CODE 12/01/2014 Cypress Semiconductor Corporation (NASDAQ:CY) All Stock $4 billion $35.53 $34.67 1,127,984 06/30/2015 2.48% 5.13%
Details of Spansion Inc.

Expected to close in the first half of 2015 for a closing value of $4 billion in an all stock deal. Under the terms of the agreement, shareholders of Spansion will receive 2.457 Cypress shares for each Spansion share they own.

+ TLM 12/15/2014 Repsol S.A. (N/A) All Cash $13 billion $8.00 $7.81 19,431,584 06/30/2015 2.43% 5.05%
Details of Talisman Energy Inc.

Expected to close in the second quarter of 2014 for a closing value of $13 billion. Upon completion of the merger, shareholders of Talisman Energy will receive $8.00 per share in cash.

+ TRLA 07/28/2014 Zillow, Inc. (NASDAQ:Z) All Stock $3.5 billion $46.03 $44.97 269,571 03/31/2015 2.37% 10.16%
Details of Trulia, Inc.

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

+ NBTF 08/04/2014 Peoples Bancorp Inc. (NASDAQ:PEBO) Cash Plus Stock $109 million $31.46 $30.74 303 03/31/2015 2.33% 10.02%
Details of NB&T Financial Group Inc.

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

+ PRLS 12/22/2014 Mobius Acquisition, LLC (N/A) All Cash N/A $7.00 $6.85 25,792 03/31/2015 2.19% 9.40%
Details of Peerless Systems Corp.

Expected to close by February or March 2015. Under the terms of the agreement, shareholders of Peerless Systems will receive $7.00 per share in cash.

+ CACQ 12/22/2014 Caesars Entertainment Corporation (NASDAQ:CZR) All Stock N/A $10.25 $10.04 99,716 03/31/2015 2.11% 9.07%
Details of Caesars Acquisition Company

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

+ HVB 11/05/2014 Sterling Bancorp. (NYSE:STL) All Stock $539 million $27.03 $26.50 51,169 06/30/2015 2.01% 4.18%
Details of Hudson Valley Holding Corp.

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

+ PETM 12/14/2014 a consortium led by BC Partners (N/A) All Cash $8.7 billion $83.00 $81.38 735,870 06/30/2015 1.99% 4.13%
Details of PetSmart, Inc.

Expected to close in the first half of 2015 for a closing value of $8.7 billion. Upon completion of the merger, shareholder of PetSmart will receive $83.00 per share in cash.

+ CIMT 11/24/2014 3D Systems Corporation (NYSE:DDD) All Cash $97 million $8.97 $8.81 216,458 03/31/2015 1.82% 7.80%
Details of Cimatron Ltd.

Expected to close in the first quarter of 2015 for a closing value of $97 million. Under the terms of the agreement, shareholders of Cimatron will receive $8.97 per share in cash.

+ COV 06/15/2014 Medtronic, Inc. (NYSE:MDT) Cash Plus Stock $42.9 billion $103.91 $102.07 2,997,643 01/31/2015 1.80% 25.27%
Details of Covidien plc

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

Deal Update(s)

November 26, 2014: The Federal Trade Commission and the European Commission approved the merger between Medtronic (MDT) and Covidien plc (COV) with the proviso that Covidien divest its drug-coated catheter business before completing the transaction. Covidien agreed to sell the business for $30M to Spectranetics (NASDAQ:SPNC) several weeks ago.

+ AVIV 10/31/2014 Omega Healthcare Investors Inc.(NYSE:OHI) All Stock $3 billion $36.39 $35.77 148,799 03/31/2015 1.72% 7.41%
Details of Aviv REIT, Inc.

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

+ SMPL 09/29/2014 HomeStreet, Inc. (NASDAQ:HMST) All Stock N/A $17.29 $17.02 3,479 03/31/2015 1.59% 6.81%
Details of Simplicity Bancorp, Inc.

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

+ ESBF 10/29/2014 WesBanco Inc. (NASDAQ:WSBC) Cash Plus Stock $324.4 million $18.94 $18.67 11,618 06/30/2015 1.44% 2.98%
Details of ESB Financial Corp.

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

+ BKYF 09/08/2014 BB&T Corporation (BBT) Cash Plus Stock $363 million $48.54 $47.85 32,182 03/31/2015 1.44% 6.17%
Details of The Bank of Kentucky Financial Corporation

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

+ DRC 09/21/2014 Siemens (N/A) All Cash $7.6 billion $83.00 $81.88 561,439 06/30/2015 1.37% 2.84%
Details of Dresser-Rand Group Inc.

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

+ PENX 10/15/2014 Ingredion Incorporated (NYSE:INGR) All Cash $340 million $19.00 $18.75 26,045 12/31/2014 1.33% 0.00%
Details of Penford Corporation

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

+ CBST 12/08/2014 Merck & Co. Inc. (NYSE:MRK) All Cash $9.5 billion $102.00 $100.76 1,990,161 03/31/2015 1.23% 5.28%
Details of Cubist Pharmaceuticals Inc.

Expected to close in the first quarter of 2015 for a closing value of $9.5 billion. Upon completion of the merger, shareholders of Cubist Pharmaceuticals will receive $102 per share in cash.

+ VIAS 09/22/2014 TTM Technologies Inc. (NASDAQ:TTMI) Cash Plus Stock $927 million $16.54 $16.34 11,620 06/30/2015 1.23% 2.54%
Details of Viasystems Group, Inc.

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

+ HBNK 11/04/2014 Berkshire Hills Bancorp Inc.(NASDAQ:BHLB) All Stock $109 million $21.23 $21.00 1,441 05/15/2015 1.10% 3.08%
Details of Hampden Bancorp, Inc.

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

+ CNL 10/20/2014 Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC)(N/A) All Cash $4.7 billion $55.37 $54.79 255,075 12/31/2015 1.06% 1.07%
Details of Cleco Corporation

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

+ ESYS 11/04/2014 Lindsay Corporation (NYSE:LNN) All Cash $70.5 million $17.50 $17.35 7,622 01/31/2015 0.86% 12.14%
Details of Elecsys Corporation

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

+ ROC 07/15/2014 Albemarle Corporation (NYSE:ALB) Cash Plus Stock $6.2 billion $79.62 $78.94 420,090 03/31/2015 0.86% 3.68%
Details of Rockwood Holdings, Inc.

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

+ CVD 11/03/2014 Laboratory Corp. of America Holdings (NYSE:LH) Cash Plus Stock $5.6 billion $105.69 $104.83 668,543 03/31/2015 0.82% 3.51%
Details of Covance Inc.

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

+ VOLC 12/17/2014 Koninklijke Philips N.V (NYSE:PHG) All Cash $1.2 billion $18.00 $17.86 2,189,673 03/31/2015 0.78% 3.37%
Details of Volcano Corporation

Expected to close in the first quarter of 2015 for a closing value of $1.2 billion. Upon completion of the merger, shareholders of Volcano Corporation will receive $18.00 per share in cash.

+ CFN 10/05/2014 Becton, Dickinson and Company (NYSE:BDX) Cash Plus Stock $12.2 billion $59.87 $59.43 1,603,602 06/30/2015 0.74% 1.53%
Details of CareFusion Corporation

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

+ XWES 11/04/2014 EnerNOC, Inc. (NASDAQ:ENOC) All Cash N/A $5.50 $5.46 39,048 01/15/2015 0.73% 26.74%
Details of World Energy Solutions, Inc.

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

+ CHYR 11/17/2014 Vector Capital (N/A) All Cash N/A $2.82 $2.80 338,121 03/31/2015 0.71% 3.07%
Details of ChyronHego Corp.

Expected to close in the first quarter of 2015. Upon completion of the merger, shareholders of ChyronHego will receive $2.82 per share in cash.

+ SAPE 11/03/2014 Publicis Groupe (N/A) All Cash $3.7 billion $25.00 $24.85 584,009 03/31/2015 0.60% 2.59%
Details of Sapient Corp.

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

+ TEG 06/23/2014 Wisconsin Energy Corp. (NYSE:WEC) Cash Plus Stock $9.1 billion $78.58 $78.16 379,285 06/30/2015 0.54% 1.11%
Details of Integrys Energy Group, Inc.

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

+ PL 06/03/2014 Dai-ichi Life Insurance Company (N/A) All Cash $5.7 billion $70.00 $69.68 541,970 01/31/2015 0.46% 6.45%
Details of Protective Life Corporation

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

+ GTIV 10/09/2014 Kindred Healthcare Inc. (NYSE:KND) Cash Plus Stock $1.8 billion $19.07 $18.98 173,139 03/31/2015 0.46% 1.97%
Details of Gentiva Health Services Inc.

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

+ OILT 11/12/2014 Enterprise Products Partners L.P.(NYSE:EPD) All Stock N/A $47.88 $47.67 83,951 03/31/2015 0.44% 1.88%
Details of Oiltanking Partners, L.P.

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

+ PTRY 12/18/2014 Alimentation Couche-Tard Inc.(N/A) All Cash $1.7 billion $36.75 $36.60 617,618 06/30/2015 0.41% 0.85%
Details of The Pantry, Inc.

Expected to close in the first half of 2015 for a closing value of $1.7 billion. Upon completion of the merger, shareholders of The Pantry will receive $36.75 per share in cash.

+ POM 04/30/2014 Exelon Corporation (NYSE:EXC) All Cash $7.2 billion $27.25 $27.14 1,323,480 09/30/2015 0.41% 0.55%
Details of Pepco Holdings, Inc.

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

+ GRT 09/16/2014 Washington Prime Group Inc. (NYSE:WPG) Cash Plus Stock $4.3 billion $13.86 $13.81 527,990 01/15/2015 0.40% 14.49%
Details of Glimcher Realty Trust

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

+ AVNR 12/02/2014 Otsuka Pharmaceutical Co., Ltd. (N/A) All Cash $3.5 billion $17.00 $16.94 8,785,812 03/31/2015 0.35% 1.52%
Details of Avanir Pharmaceuticals, Inc.

Expected to close in the first quarter of 2015 for a closing value of $3.5 billion. Upon completion of the merger, shareholders of Avanir Pharmaceuticals will receive $17.00 per share in cash.

+ GFIG 07/30/2014 BGC Partners (NASDAQ:BGCP) All Cash N/A $5.45 $5.44 267,906 01/06/2015 0.18% 67.10%
Details of GFI Group Inc.

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

Update(s)

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

December 9, 2014: BGC Partners announced that it has extended the expiration date of its tender offer to acquire all the outstanding shares of GFI Group (NYSE:GFIG) to January 6, 2015 unless further extended.

December 19, 2014: BGC Partners announced that it has increased its all-cashtender offer to acquire all the outstanding shares of GFI Group to $5.45 per share.

+ IRF 08/20/2014 Infineon Technologies AG (OTCQX:IFNNY) All Cash $2.4 billion $40.00 $39.94 826,805 01/31/2015 0.15% 2.11%
Details of International Rectifier Corporation

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

+ CQB 10/27/2014 Cutrale-Safra group (N/A) All Cash $1.3 billion $14.50 $14.48 569,315 01/31/2015 0.14% 1.94%
Details of Chiquita Brands International Inc.

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

+ BIRT 12/05/2014 OpenText (N/A) All Cash $330 million $6.60 $6.60 161,372 03/31/2015 0.00% 0.00%
Details of Actuate Corporation

Expected to close in the first quarter of 2015 for a closing value of $330 million. Upon completion of the merger, shareholders of Actuate Corporation will receive $6.60 per share in cash.

+ MFI 12/15/2014 an affiliate of funds managed by affiliates of Fortress Investment Group LLC (NYSE:FIG) All Cash N/A $10.20 $10.20 645,069 03/31/2015 0.00% 0.00%
Details of MicroFinancial Inc.

Expected to close early in the first quarter of 2015. Upon completion of the merger, shareholders of MicroFinancial will receive $10.20 per share in cash.

+ AMRE 10/31/2014 Edens Investment Trust (N/A) All Cash N/A $26.55 $26.58 385,592 03/31/2015 -0.11% -0.48%
Details of AmREIT, Inc.

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

+ HE 12/03/2014 NextEra Energy, Inc. (NYSE:NEE) Special Conditions $4.3 billion $33.50 $33.61 939,652 12/31/2015 -0.33% -0.33%
Details of Hawaiian Electric Industries Inc.

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

+ FRNK 07/15/2014 Towne Bank (NASDAQ:TOWN) All Stock $275 million $21.49 $21.71 138,056 12/31/2014 -1.01% 73.98%
Details of Franklin Financial Corporation

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

+ COBK 09/10/2014 Cape Bancorp, Inc. (NASDAQ:CBNJ) All Stock $55 million $13.19 $13.38 1,841 03/31/2015 -1.43% -6.16%
Details of Colonial Financial Services, Inc.

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

+ WMGI 10/27/2014 Tornier N.V. (NASDAQ:TRNX) All Stock $1.72 billion $25.89 $26.67 727,173 06/30/2015 -2.94% -6.10%
Details of Wright Medical Group Inc.

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

+ AUXL 10/09/2014 Endo International plc (NASDAQ:ENDP) Special Conditions $2.6 billion $33.25 $34.47 344,003 06/30/2015 -3.54% -7.34%
Details of Auxilium Pharmaceuticals Inc.

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

+ DWSN 10/09/2014 TGC Industries Inc. (NYSE:TGE) All Stock N/A $11.99 $12.45 19,315 03/31/2015 -3.73% -16.02%
Details of Dawson Geophysical Company

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

+ FDO 07/28/2014 Dollar Tree, Inc. (NASDAQ:DLTR) Special Conditions $9.2 billion $74.50 $78.89 625,749 01/31/2015 -5.56% -78.12%
Details of Family Dollar Stores Inc.

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

+ RNA 11/24/2014 BioMarin Pharmaceutical Inc.(NASDAQ:BMRN) All Cash $680 million $17.75 $18.83 117,167 03/31/2015 -5.74% -24.63%
Details of Prosensa Holding N.V.

Expected to close in the first quarter of 2015 for a closing value of $680 million. Under the terms of the agreement, shareholders of Prosensa Holding will receive $17.75 per share in cash. In addition, two approximately $80 million contingent milestones are payable for the approval of drisapersen in the U.S. no later than May 15, 2016 and Europe no later than February 15, 2017, respectively.

+ GECR 06/23/2014 State Bank Financial Corporation (NASDAQ:STBZ) Special Conditions $82 million $22.35 $24.29 N/A 03/31/2015 -7.99% -34.30%
Details of Georgia Carolina Bancshares Inc.

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

+ ATLS 10/13/2014 Targa Resources Corp. (NYSE:TRGP) Cash Plus Stock $1.9 billion $28.49 $31.58 486,821 03/31/2015 -9.79% -42.06%
Details of Atlas Energy, L.P

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

Voluntary Disclosure: I hold a long position in Safeway.

Disclosure: See author's portfolio holdings here.

Editor's Note: This article covers one or more microcap stocks. Please be aware of the risks associated with these stocks.