Portfolio Commentary and Reports

  • Merger Environment

    Global deal activity was $3.6 trillion during 2017, which was largely in line with 2016 levels.

    The number of deals actually increased about 3% versus last year. There were fewer megadeals but there were a lot more small-to-mid-cap deals of a steady flow involving smaller companies. U.S.-based companies also saw record number of deals. However, the number of actual dollar for dollar deal activity was about $1.4 trillion which is down 16%. That was primarily driven by some of the uncertainty surrounding new tax bill. It was partially offset by strong activity in the rest the world, particularly in Europe, which was about $900 billion. That is up 70% year-over-year and continues to be a bright spot for M&A activity.

    Cross border merger and acquisition (M&A) activity totalled $1.3 trillion during 2017, a 10% decline and the slowest year for cross border deals since 2014. This was largely driven by a 35% decline in Chinese outbound deals. United States domiciled companies saw a record number of announced deals during 2017, up 14% year over year; however, this accounted for only $1.4 trillion in deal value, down 16%. This was partially offset by activity for European targets which totalled $868 billion, an increase of 17% year over year.

    The Real Estate sector was the biggest contributor to merger activity during the year, totaling $529 billion, an increase of 47% compared to 2016. The Energy and Technology sectors were also large contributors, each accounting for 13% of overall M&A activity.

    During the final week of the year, lawmakers in Washington joined the president as he signed into law the Tax Cuts and Jobs Act of 2017. We definitely expect this to increase corporate confidence, coupled with robust balance sheets, the resulting repatriation of foreign cash, which again was the result of the tax reform, and reduce policy uncertainty which we think was an overhang. We think all those will act as drivers for a corporate M&A activity in 2018 as companies use M&A as a means to grow. We are encouraged already by the results we are seeing in the start of M&A this year from pharma to finance deal-making in 2018. It has started on a very strong note globally.

    Just three weeks into the year, the value of M&A has already topped $152 billion. That is the highest since 2000. The tax reform, improving economies and strong capital markets are again giving executives’ confidence to enter these large transactions. We see acquirer stocks acting as well as or outperforming the target. Take SS&C which is buying DST, a software company. The buyer stock was up 20% after they announced the $84 per share agreed to offer totaling $5 billion for DST. We have seen a number of other deals in the utility space. Dominion proposed a bid to acquire SCANA in South Carolina for $14 billion. AIG is agreeing to pay $5.6 billion to buy insurer Validus. Pharma has been a hot space with Celgene, which made its biggest deals ever with about $9 billion or $87 a share acquisition of Juno Therapeutics. Sanofi is agreeing to pay $11.6 billion or $105 a share for hemophilic drug maker Bioverativ.  Private equity is also ramping up deal activity. A consortium led by Silver Lake agreed to buy Black Hawk Networks for $45.25 per share, which is roughly $3 billion with the possibility of other bidders circling as well. We have continued to find attractive opportunities investing and announce M&A and expect future deal activity to provide further prospects to generate returns, non-correlated to the market.

  • For more detailed information please see Factsheets section.

    GMP Snapshot – March 2018

    GMP Snapshot – February 2018

    GMP Snapshot – January 2018

    GMP Snapshot – December 2017

    GMP Snapshot – November 2017

    GMP Snapshot – October 2017

    GMP Snapshot – September 2017

    GMP Snapshot – August 2017

  • GMP Factsheet – December 2017

    2017 Year End Investor Letter

    GMP Factsheet – September 2017

  • 31 December 2017 – Schedule of Investments

  • TDC A/S (TDC DC-DKK49.75-Copenhagen) agreed to be acquired by a consortium of Danish pension funds and Macquarie Infrastructure. TDC provides fixed and wireless data and telephony services in the Nordic region. Under terms of the agreement, TDC shareholders will receive DKK50.25 cash per share, or about DKK61 billion. The transaction is subject to shareholder, and well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 02/28/18

    Sky plc (SKY LN-£13.48-London) received an indication from Comcast Corp. (CMCSA-$36.21-NASDAQ) that it would initiate an unsolicited proposal to acquire the company. Sky provides pay television services, broadband and telephony products, as well as original television content. Under terms of the indicated proposal Sky shareholders would receive £12.50 cash per share, valuing the transaction at approximately £30 billion. Sky had previously agreed to be acquired by Twenty-First Century Fox, Inc. (FOXA-$36.82-NASDAQ) for £10.75 cash per share. We continue to view Sky is a highly strategic asset and are dynamically assessing the potential for a counter bid. Announcement date: 02/27/18

    Student Transportation Inc. (STB CN-C$9.65-Toronto) agreed to be acquired by a consortium led by STB’s largest shareholder, Caisse de depot et placement du Quebec. Student Transportation provides school transportation, safety and fleet services in the U.S. and Canada with more than 13,500 vehicles. Under terms of the agreement Student Transportation shareholders will receive US$7.50 cash per share, or about C$1 billion. The transaction is subject to approval by Student Transportation shareholders, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 02/27/18

    PHH Corp. (PHH-$10.58-NYSE) agreed to be acquired by Ocwen Financial Corp. (OCN-$3.64-NYSE). PHH is a subservicer of mortgages in the U.S., providing servicing and portfolio retention solutions to investors of mortgage servicing rights, financial and wealth management institutions, regional and community banks and credit unions. Under terms of the agreement PHH shareholders will receive $11.00 cash per share, valuing the transaction around $500 million. The transaction is subject to approval by PHH shareholders, as well as regulatory approvals and is expected to close in the second half of 2018. Announcement date: 02/27/18

    Spectrum Brands Holdings, Inc. (SPB-$98.71-NYSE) agreed to merger with HRG Group, Inc. (HRG-$15.79-NYSE). Spectrum Brands is a leading supplier of batteries, locksets, personal care products, household appliances and other consumer products. Under terms of the agreement Spectrum shareholders will receive 1 shares of Newco common stock per share, valuing the transaction at approximately $4 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 02/26/18

    Blue Buffalo Pet Products, Inc. (BUFF-$40.06-NASDAQ) agreed to be acquired by General Mills, Inc. (GIS-$50.55-NYSE). Blue Buffalo Pet Products manufactures natural foods and treats for dogs and cats. Under terms of the agreement Blue Buffalo shareholders will receive $40.00 cash per share, valuing the transaction at approximately $8 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 02/23/18

    Fogo de Chao Inc. (FOGO-$15.60-NASDAQ) agreed to be acquired by Rhone Capital. Fogo de Chao operates more than 50 Brazilian steakhouses worldwide under the Fogo de Chao brand. Under terms of the agreement Fogo De Chao shareholders will receive $15.75 cash per share, valuing the transaction at approximately $600 million. Shareholders which collectively hold more than 60 percent of Fogo’s shares have approved the transaction by written consent, so the deal is subject to regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 02/20/18

    NXP Semiconductors NV (NXPI-$124.66-NASDAQ) agreed to be acquired by Qualcomm Inc. (QCOM-$65.00-NASDAQ) under improved terms. NXP is a semiconductor manufacturer that provides connectivity solutions for various automotive and internet of things (IoT) applications. Under improved terms of the agreement NXP shareholders will receive $127.50 cash per share, valuing the transaction at approximately $53 billion. The transaction is subject to the tender of at least 70% of shares outstanding, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 02/20/18

    A. Schulman, Inc. (SHLM-$43.85-NASDAQ) agreed to be acquired by LyondellBassell Industries NV (LYB-$108.22-NYSE). A. Schulman manufactures plastic compounds and resins used as raw materials inputs. Under terms of the agreement Schulman shareholders will receive $42 cash per, valuing the transaction at approximately $2.1 billion. In addition, Schulman shareholders will receive a Contingent Value Right (CVR) tied to ongoing litigation. The transaction is subject to A. Schulman shareholder, as well as regulatory approvals and is expected to close in mid-2018. Announcement date: 02/15/18

    CSRA Inc. (CSRA-$33.28-NYSE) agreed to be acquired by General Dynamics (GD-$222.48-NYSE).  CSRA provides information technology services to the Department of Defense, National Security Agency, and other intelligence agencies. Under terms of the agreement CSRA shareholders will receive $41.75 cash per share, valuing the transaction at approximately $10 billion. This bid was sweetened from $40.75 following a $44.00 cash and stock offer from CACI International Inc. (CACI-$149.05-NYSE). The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 02/12/18

    Hardinge Inc. (HDNG-$18.35-NASDAQ) agreed to be acquired by Privet Fund Management, which owns about 10% of Hardinge’s shares. Hardinge designs and manufactures high precision, computer-controlled machine tool solutions for hard-to-machine metal parts. Under terms of the agreement Hardinge shareholders will receive $18.50 cash per share, valuing the transaction at approximately $250 million. The transaction was the result of a strategic review conducted by Hardinge’s independent directors, and Hardinge may solicit superior proposals during a 45-day “go-shop” period that ends on March 28, 2018. The transaction is subject to approval by two-thirds of the shares of Hardinge common stock, as well as regulatory approvals and is expected to close by the end of the second quarter of 2018. Announcement date: 02/12/18

    Layne Christensen Co. (LAYN-$15.50-NASDAQ) agreed to be acquired by Granite Construction Inc. (GVA-$58.10-NYSE). Layne Christensen is a water management, construction and drilling company that provides its services for water, mineral and energy projects. Under terms of the agreement Layne shareholders will receive 0.27 shares of Granite common stock for each share of Layne, valuing the transaction at approximately $500 million. The transaction is subject to Layne shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 02/09/18

    Avigilon Corp. (AVO CN-C$26.89-Toronto) agreed to be acquired by Motorola Solutions (MSI-$106.15-NYSE). Avigilon designs and manufactures advanced security surveillance solutions, including video analytics, cameras and access control soltuions. Under terms of the agreement Avigilon shareholders will receive C$27.00 cash per share, valuing the transaction at approximately US$1 billion. The transaction is subject to approval by Avigilon shareholders as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 02/01/18

    Cascadian Therapeutics, Inc. (CASC-$10.06-NASDAQ) agreed to be acquired by Seattle Genetics, Inc. (SGEN-$52.30-NASDAQ).  Cascadian Therapeutics develops innovative product candidates for the treatment of cancer. Under terms of the agreement Cascadian shareholders will receive $10.00 cash per share, valuing the transaction at approximately $600 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 01/31/18

    Ply Gem Holdings, Inc. (PGEM-$21.45-NYSE) agreed to be acquired by Clayton, Dubilier & Rice. Ply Gem manufactures vinyl siding, windows, patio doors and other building products. Under terms of the agreement Ply Gem shareholders will receive $21.64 cash per share, valuing the transaction at approximately $2.4 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 01/31/18

    Xerox Corporation (XRX-$34.13-NYSE) agreed to be acquired by Fujifilm Holdings (4901 JP-¥4,190-Tokyo). Xerox provides digital print technology and related solutions. Under terms of the agreement Xerox shareholders will receive $9.80 cash per share and 1 share of Newco, valuing the transaction at approximately $12 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2018. Announcement date: 01/31/18

    Sirtex Medical Ltd. (SRX AU-A$27.45-Sydney) agreed to be acquired by Varian Medical Systems (VAR US-$127.50-NYSE). Sirtex develops and manufactures radiation devices to treat liver cancer. Under terms of the agreement Sirtex shareholders will receive A$28.00 in cash per share, valuing the transaction at approximately A$1.6 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 01/30/18

    Ablynx NV (ABLX BB-€43.84-Brussels) agreed to be acquired by Sanofi SA (SNY-$43.93-NYSE).  Ablynx develops drugs for various disorders from proteins known as Nanobodies. Under terms of the agreement Ablynx shareholders will receive €45.00 cash per share, valuing the transaction at approximately €4 billion. The transaction is subject to the tender of 75% of shares outstanding, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 01/29/18

    KapStone Paper and Packaging Corporation (KS-$34.64-NYSE) agreed to be acquired by WestRock Company (WRK-$66.63-NYSE).  KapStone produces containerboard, kraft paper, and other corrugated packing products. Under terms of the agreement KapStone shareholders will receive $35.00 cash per share or 0.4981 shares of WestRock common stock per share, subject to proration, valuing the transaction at approximately $5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2018. Announcement date: 01/29/18

    Callidus Software, Inc. (CALD-$35.95-NASDAQ) agreed to be acquired by SAP SE (SAP-$113.25-NYSE).  Callidus provides cloud based human resource, sales, and marketing software for enterprise clients. Under terms of the agreement Callidus shareholders will receive $36.00 cash per share, valuing the transaction at approximately $2.4 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 01/29/18

    Dr. Pepper Snapple Group, Inc. (DPS-$119.35-NYSE) agreed to be acquired by Keurig Green Mountain, Inc. Dr. Pepper Snapple bottles and distributes nearly fifty brands of flavored beverages, including Dr. Pepper and Snapple. Under terms of the agreement Dr. Pepper Snapple shareholders will receive $103.75 cash per share and 1 share of the combined company, valuing the transaction at approximately $26 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 01/29/18

    Key Technology Inc. (KTEC-$26.62-NASDAQ) agreed to be acquired by Duravant, LLC.  Key Technology manufactures food processing systems. Under terms of the agreement Key Technology shareholders will receive $26.75 cash per share, valuing the transaction at approximately $200 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 01/25/18

    U.S. Geothermal, Inc. (HTM-$5.38-NYSE) agreed to be acquired by Ormat Technologies, Inc. (ORA-$70.08-NYSE). U.S Geothermal owns and operates power plants that utilize geothermal resources to produce renewable energy. Under terms of the agreement U.S Geothermal shareholders will receive $5.45 cash per share, valuing the transaction at approximately $100 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 01/24/18

    Validus Holdings, Ltd. (VR-$67.70-NYSE) agreed to be acquired by American International Group, Inc. (AIG-$63.92-NYSE). Validus provides reinsurance, insurance, and asset management services. Under terms of the agreement Validus shareholders will receive $68.00 cash per share, valuing the transaction at approximately $5.6 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in mid- 2018. Announcement date: 01/22/18

    Yoox Net-A-Porter Group SPA (YNAP MI-€37.85-Milan) agreed to be acquired by Cie Financiere Richemont SA (CFR SW-€89.32-Zurich). Yoox is an online fashion retailer based in Italy. Under terms of the agreement Yoox shareholders will receive €38.00 cash per share, valuing the transaction at approximately €3.5 billion. Cie Financiere Richemonte will acquire the 50% of Yoox it does not already own. The transaction is subject to the tender of 90% of shares outstanding, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 01/22/18

    Bioverativ, Inc. (BIVV-$103.06-NASDAQ) agreed to be acquired by Sanofi SA (SNY-$43.93-NYSE).  Bioverativ develops therapies used in the treatment of hemophilia and other rare blood disorders. Under terms of the agreement Bioverativ shareholders will receive $105.00 cash per share, valuing the transaction at approximately $11 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 01/22/18

    Juno Therapeutics, Inc. (JUNO-$85.81-NASDAQ) agreed to be acquired by Celgene Corporation (CELG-$101.16-NASDAQ).  Juno Therapeutics develops cellular immunotherapies for the treatment of cancer. Under terms of the agreement Juno shareholders will receive $87.00 cash per share, valuing the transaction at approximately $9 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 01/22/18

    GKN plc (GKN LN-£4.23-London) received a hostile offer from Melrose Industries plc (MRO LN-£2.26-London).  GKN manufactures and services systems and components for original equipment manufacturers in the automotive and aerospace end markets. Under terms of the agreement GKN shareholders would receive 81p cash and 1.49 shares of Melrose common stock per share, valuing the transaction at approximately £7.5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 01/17/18

    Blackhawk Network Holdings, Inc. (HAWK-$45.45-NASDAQ) agreed to be acquired by Silver Lake and P2 Capital Partners.  Blackhawk Network offers gift cards and prepaid debit cards to consumers as well as other commerce solutions. Under terms of the agreement Blackhawk shareholders will receive $45.25 cash per share, valuing the transaction at approximately $3.5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in mid-2018. Blackhawk is also permitted to solicit superior bids from parties during a “go-shop” period. Announcement date: 01/16/18

    DST Systems, Inc. (DST-$83.37-NYSE) agreed to be acquired by SS&C Technologies, Inc. (SSNC-$50.28-NASDAQ).  DST Systems provides specialized technology and business operations outsourcing to financial and healthcare industries. Under terms of the agreement DST shareholders will receive $84.00 cash per share, valuing the transaction at approximately $5.5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close by the third quarter of 2018. Announcement date: 01/11/18

    Pure Industrial Real Estate Trust (AAR-U CN-C$8.08-Toronto) agreed to be acquired by Blackstone Property Partners. Pure Industrial is a REIT focused on investing in industrial properties across Canada and distribution and logistics related properties in the U.S. Under terms of the agreement Pure Industrial shareholders will receive C$8.10 cash per share, valuing the transaction at approximately C$3.8 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 01/09/18

    TiGenix NV (TIG BB-€1.74-Brussels) agreed to be acquired by Takeda Pharmaceutical Co. Ltd. (4502 JP-¥6,415.00-Tokyo).  TiGenix develops stem cell therapies used in treatment of various medical conditions. Under terms of the agreement TiGenix shareholders will receive €1.78 cash per share, valuing the transaction at approximately €500 million. The transaction is subject to the tender of 85% of shares outstanding, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 01/04/18

    SCANA Corporation (SCG-$40.64-NYSE) agreed to be acquired by Dominion Energy, Inc. (D-$76.44-NYSE).  SCANA is a public utility serving electric and gas customers in North and South Carolina. Under terms of the agreement SCANA shareholders will receive 0.669 shares of Dominion common stock per share, valuing the transaction at approximately $15 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2018. Announcement date: 01/03/18

    Sucampo Pharmaceuticals, Inc. (SCMP-$17.95-NASDAQ) agreed to be acquired by Mallinckrodt plc (MNK-$22.56-NYSE).  Sucampo develops highly specialized medicines for orphan diseases. Under terms of the agreement Sucampo shareholders will receive $18.00 cash per share, valuing the transaction at approximately $1.2 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 12/26/17

    Ladbrokes Coral Group plc (LCL LN-£1.82-London) agreed to be acquired by GVC Holdings plc (GVC LN-£9.25-London). Ladbrokes operates brick and mortar and digital sports betting and gaming properties. Under terms of the agreement Ladbrokes shareholders will receive 32.7p in cash and 0.141 shares of GVC common stock per share, as well as a contingent value right (CVR) valuing the transaction at approximately £3 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 12/22/17

    Ignyta, Inc. (RXDX-$26.70-NASDAQ) agreed to be acquired by Roche Holding AG (ROG SW-CHF246.50-Zurich).  Ignyta develops pharmaceutical medicines focused on treating rare cancer mutations. Under terms of the agreement Ignyta shareholders will receive $27.00 cash per share, valuing the transaction at approximately $2 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 12/22/17

    Gener8 Maritime, Inc. (GNRT-$6.62-NYSE) agreed to be acquired by Euronav NV (EURN-$9.25-NYSE).  Gener8 transports crude oil and petroleum products using its fleet of over 40 tankers. Under terms of the agreement Gener8 shareholders will receive 0.7272 shares of Euronav common stock per share, valuing the transaction at approximately $1.7 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 12/21/17

    Kindred Healthcare, Inc. (KND-$9.70-NYSE) agreed to be acquired by consortium led by Humana Inc. (HUM-$248.07-NYSE).  Kindred Healthcare operates hospitals and nursing centers and provides contract rehabilitation services throughout the United States. Under terms of the agreement Kindred shareholders will receive $9.00 cash per share, valuing the transaction at approximately $4 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close by mid-2018. Announcement date: 12/19/17

    Pinnacle Entertainment, Inc. (PNK-$32.73-NASDAQ) agreed to be acquired by Penn National Gaming, Inc. (PENN-$31.33-NASDAQ). Pinnacle Entertainment owns and operates various gaming and racing facilities in multiple jurisdictions across the United States. Under terms of the agreement Pinnacle shareholders will receive $20.00 in cash and 0.42 shares of Penn National common stock per share, valuing the transaction at approximately $4 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the second half of 2018. Announcement date: 12/18/17

    Snyder’s-Lance, Inc. (LNCE-$50.08-NASDAQ) agreed to be acquired by Campbell Soup Company (CPB-$48.11-NYSE).  Snyder’s-Lance manufactures and distributes snack food products throughout the U.S and internationally. Under terms of the agreement Snyder’s-Lance shareholders will receive $50.00 cash per share, valuing the transaction at approximately $5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 12/18/17

    Chicago Bridge & Iron Company N.V. (CBI-$16.14-NYSE) agreed to be acquired by McDermott International, Inc. (MDR-$6.58-NYSE).  Chicago Bridge & Iron provides technology and infrastructure services for the energy industry. Under terms of the agreement Chicago Bridge & Iron shareholders will receive 2.47221 shares of McDermott International common stock per share, valuing the transaction at approximately $3.5 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 12/18/17

    Lithium X Energy Corp. (LIX CN-C$2.40-Toronto) agreed to be acquired by NextView Capital. Lithium X Energy is a lithium exploration and development company focused on becoming a low cost supplier to the battery industry. Under terms of the agreement Lithium X shareholders will receive $C2.61 cash per share, valuing the transaction at approximately C$300 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 12/18/17

    Gemalto NV (GTO NA-€49.50-Amsterdam) agreed to be acquired by Thales SA (HO FP-€89.88-Paris). Gemalto produces SIM cards and near field chips for mobile phones as well as digital security chips used in payment processing and passports. Under terms of the agreement Gemalto shareholders will receive €51.00 cash per share, valuing the transaction at approximately €5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2018. Announcement date: 12/17/17

    Twenty-First Century Fox, Inc. (FOXA-$34.53-NASDAQ) agreed to sell select media assets to The Walt Disney Co. (DIS-$107.51-NYSE).  Twenty-First Century Fox owns various cable, broadcast, film, pay TV and satellite assets globally. Fox will be selling its studios as well as certain cable and international TV assets.  Under terms of the agreement Fox shareholders will receive 1 share of SpinCo and 0.2745 shares of Disney common stock per share, valuing the transaction at approximately $52 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in early 2019. Announcement date: 12/14/17

    Westfield Corp (WFD AU-A$9.49-Sydney) agreed to be acquired by Unibail Rodamco SE (UL NA-€210.00-Paris). Westfield develops shopping centers and retail outlets in the United States, United Kingdom, and Europe. Under terms of the agreement Westfield shareholders will receive $2.67 in cash and 0.01844 shares of Unibail-Rodamco common stock per share, as well as one share of SpinCo, valuing the transaction at approximately A$25 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 12/12/17

    Pure Technologies Ltd. (PUR CN-C$8.98-Toronto) agreed to be acquired by Xylem Inc. (XYL-$68.20-NYSE). Pure Technologies provides patented technologies for inspecting, monitoring and managing critical infrastructure. Under terms of the agreement Pure Technologies shareholders will receive C$9.00 in cash per share, valuing the transaction at approximately C$500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 12/11/17

    Entellus Medical (ENTL-$24.39-NASDAQ) agreed to be acquired by Stryker Corporation (SYK-$154.84-NYSE).  Entellus Medical offers portfolio of products that enable physicians to perform a range of minimally invasive ear, nose and throat related procedures. Under terms of the agreement Entellus shareholders will receive $24.00 cash per share, valuing the transaction at approximately $600 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 12/07/17

    Regal Entertainment Group (RGC-$23.01-NYSE) agreed to be acquired by Cineworld Group plc (CINE LN-£6.01-London).  Regal Entertainment Group operates over 500 movie theaters across the United States. Under terms of the agreement Regal shareholders will receive $23.00 cash per share, valuing the transaction at approximately $4 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 12/05/17

    General Cable Corporation (BGC-$29.60-NYSE) agreed to be acquired by Prysmian Group SpA (PRY IM-€27.19-Milan).  General Cable develops and manufactures aluminum, copper, and fiber optic wire and cable products. Under terms of the agreement General Cable shareholders will receive $30.00 cash per share, valuing the transaction at approximately $3 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 12/04/17

    Aetna Inc. (AET-$180.39-NYSE) agreed to be acquired by CVS Health (CVS-$72.50-NYSE).  Aetna is a diversified healthcare benefits company that offers various health insurance products. Under terms of the agreement Aetna shareholders will receive $145.00 cash per share and 0.8378 shares of CVS common stock per share, valuing the transaction at approximately $70 billion. . The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the second half of 2018. Announcement date: 12/03/17

    Buffalo Wild Wings, Inc. (BWLD-$155.95-NASDAQ) agreed to be acquired by Roark Capital.  Buffalo Wild Wings owns and franchises over 1,200 casual dining restaurants under the Buffalo Wild Wings brand. Under terms of the agreement Buffalo Wild Wings shareholders will receive $157.00 cash per share, valuing the transaction at approximately $3 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 11/28/17

    Cavium, Inc. (CAVM-$85.48-NASDAQ) agreed to be acquired by Marvell Technology Group Ltd. (MRVL-$22.34- NASDAQ).  Cavium designs and develops semiconductors used in networking applications. Under terms of the agreement Cavium shareholders will receive $40.00 cash and 2.1757 shares of Marvell common stock per share, valuing the transaction at approximately $6 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in mid-2018. Announcement date: 11/28/17

    Bazaarvoice, Inc. (BV-$5.45-NASDAQ) agreed to be acquired by Marlin Equity Partners.  Bazaarvoice offers subscription-based software services that allow retailers and brands to collect customer review data and other related content. Under terms of the agreement Bazaarvoice shareholders will receive $5.50 cash per share, valuing the transaction at approximately $500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 11/27/17

    Euler Hermes Group SA (ELE FP-€121.80-Paris) agreed to be acquired by Allianz (ALV GY-€198.15-Frankfurt). Allianz will acquire the 25.6% of Euler shares it does not already own. Euler Hermes offers a range of credit insurance products and services. Under terms of the agreement Euler Hermes shareholders will receive €122.00 cash per share, valuing the transaction at approximately €5 billion. The transaction is subject to tender in order that Allianz ownership will reach 95% threshold, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 11/27/17

    Time, Inc. (TIME-$18.60-NYSE) agreed to be acquired by Meredith Corp (MDP-$68.15-NYSE).  Time publishes more than 50 magazines and related online media content. Under terms of the agreement Time shareholders will receive $18.50 cash per share, valuing the transaction at approximately $3 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 11/26/17

    AlarmForce Industries Inc. (AF CN-C$16.00-Toronto) agreed to be acquired by BCE Inc. (BCE CN-C$61.74-Toronto). AlarmForce provides security alarm monitoring, video surveillance and related services to residential and commercial customers throughout Canada. Under terms of the agreement AlarmForce shareholders will receive C$16.00 in cash or shares of BCE common stock per share, subject to proration, valuing the transaction at approximately C$200 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 11/26/17

    Atlantic Coast Financial Corp. (ACFC-$9.60-NASDAQ) agreed to be acquired by Ameris Bancorp (ABCB-$49.60-NASDAQ).  Atlantic Coast Financial is a community bank with approximately $1 billion in assets serving customers primarily in northern Florida and southeast Georgia. Under terms of the agreement Atlantic Coast shareholders will receive $1.39 cash per share and 0.17 shares of Ameris Bancorp common stock per share, valuing the transaction at approximately $150 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 11/17/17

    Almost Family, Inc. (AFAM-$59.40-NASDAQ) agreed to be acquired by LHC Group, Inc. (LHCG-$65.77-NASDAQ).  Almost Family provides home healthcare and nursing services. Under terms of the agreement Almost Family shareholders will receive 0.915 shares of LHC Group common stock per share, valuing the transaction at approximately $1 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 11/16/17

    Bonanza Creek Energy, Inc. (BCEI-$27.77-NYSE) agreed to be acquired by SandRidge Energy, Inc. (SD-$18.61-NYSE).  Bonanza Creek Energy engages in the exploration and production of oil and natural gas in the Rocky Mountain region and southern Arkansas. Under terms of the agreement Bonanza Creek shareholders will receive $19.20 cash and $16.80 of SandRidge common stock per share, subject to a collar, valuing the transaction at approximately $700 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 11/15/17

    Axiare Patrimonio Socimi SA (AXIA SM-€18.36-Madrid) agreed to be acquired by Inmobiliaria Colonial Socimi SA (COL SM-€7.94-Madrid). Axiare manages a commercial real estate investment trust focused on office properties and shopping malls in Spain. Under terms of the agreement Axiare shareholders will receive €18.50 cash per share, valuing the transaction at approximately €2 billion. The transaction is subject to the tender of at least 75% of shares outstanding, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 11/13/17

    GGP, Inc. (GGP-$23.50-NYSE) received an unsolicited proposal to be acquired Brookfield Property Partners L.P. (BPY-$21.88-NYSE).  GGP manages, leases and redevelops high-quality retail properties throughout the United States. Under terms of the proposal GGP shareholders will receive $23.00 cash or 0.9656 shares of Brookfield Property Partners common stock per share, subject to proration, valuing the transaction at approximately $40 billion. We continue to monitor the situation. Announcement date: 11/13/17

    MagicJack Vocaltec Ltd. (CALL-$8.35-NASDAQ) agreed to be acquired by B.Riley Financial (RILY-$18.00-NASDAQ). MagicJack offers voice over IP technology and services. Under terms of the agreement MagicJack shareholders will receive $8.71 cash per share, valuing the transaction at approximately $150 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 11/09/17

    Aldermore Group plc (ALD LN-£3.11-London) agreed to be acquired by FirstRand Ltd. (FSR SJ-ZAR5,635.00-Johannesburg). Aldermore lends to small and medium-sized businesses and residential mortgage borrowers in the United Kingdom. Under terms of the agreement Aldermore shareholders will receive £3.13 in cash per share, valuing the transaction at approximately £1.1 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 11/06/17

    AuRico Metals, Inc. (AMI CN-C$1.79-Toronto) agreed to be acquired by Centerra Gold, Inc. (CG CN-C$7.30-Toronto). AuRico Metals operates gold and copper mining properties in British Columbia, Canada and owns a portfolio of royalty assets located in North America and Australia. Under terms of the agreement AuRico Metals shareholders will receive C$1.80 cash per share, valuing the transaction at approximately C$300 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 11/06/17

    Qualcomm Incorporated (QCOM-$66.34-NASDAQ) received an unsolicited proposal to be acquired by Broadcom Limited (AVGO-$277.94-NASDAQ). Qualcomm designs and licenses semiconductors and related technology utilized predominately in mobile phones. Under the proposed terms of the agreement Qualcomm shareholders would receive $60.00 cash and $10.00 of Broadcom common stock per share, valuing the transaction at approximately $105 billion. Qualcomm has rejected the offer as inadequate and Broadcom subsequently launched a proxy fight, proposing its own slate of eleven directors to Qualcomm’s Board. We continue to closely monitor the situation. Announcement date: 11/06/17

    CalAtlantic Group, Inc. (CAA-$49.34-NYSE) agreed to be acquired by Lennar Corporation (LEN-$55.67-NYSE).  CalAtlantic Group builds primarily single family homes across the United States. Under terms of the agreement CalAtlantic shareholders will receive $48.26 cash or 0.885 shares of Lennar common stock per share, subject to proration, valuing the transaction at approximately $9 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 10/30/17

    Capella Education Company (CPLA-$81.45-NASDAQ) agreed to be acquired by Strayer Education, Inc. (STRA-$93.73-NASDAQ). Capella provides educational services through online post-secondary degree programs. Under terms of the agreement Capella Education shareholders will receive 0.875 shares of Strayer Education common stock per share, valuing the transaction at approximately $1 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the third quarter of 2018. Announcement date: 10/30/17

    Dynegy, Inc. (DYN-$12.45-NYSE) agreed to be acquired by Vistra Energy (VST-$19.44-NYSE). Dynegy sells electricity in wholesale and retail markets in the U.S., which it generates from natural gas and coal resources. Under terms of the agreement Dynegy shareholders will receive 0.652 shares of Vistra Energy common stock per share, valuing the transaction at approximately $11 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 10/30/17

    Advanced Accelerator Applications SA (AAAP-$81.00-NASDAQ) agreed to be acquired by Novartis AG (NVS-$82.58-NYSE).  Advanced Accelerator develops diagnostic and therapeutic products for a variety of medical applications. Under terms of the agreement Advanced Accelerator Applications shareholders will receive $82.00 cash per share, valuing the transaction at approximately $4 billion. The transaction is subject to the tender of at least 80% of shares outstanding, as well as regulatory approvals and is expected to close in first quarter of 2018. Announcement date: 10/30/17

    Enzymotec Ltd. (ENZY-$11.75-NASDAQ) agreed to be acquired by Frutarom Industries, Ltd. (FRUT IT-ILS 289.90-Tel Aviv). Enzymotec supplies specialty lipid-based ingredients and products used in various foods and nutritional supplements. Under terms of the agreement Enzymotec shareholders will receive $11.90 cash per share, valuing the transaction at approximately $300 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 10/29/17

    Gigamon, Inc. (GIMO-$-NYSE) agreed to be acquired by Elliott Management. Gigamon provides network monitoring software and data services to various enterprise and government customers. Under terms of the agreement Gigamon shareholders will receive $38.50 cash per share, valuing the transaction at approximately $1.5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 10/26/17

    Inventure Foods, Inc. (SNAK-$4.00-NASDAQ) agreed to be acquired by Utz Quality Foods.  Inventure Foods manufactures and markets specialty snacks under various brand names. Under terms of the agreement Inventure Foods shareholders will receive $4.00 cash per share, valuing the transaction at approximately $170 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close by the end of 2017. Announcement date: 10/26/17

    Planet Payment, Inc. (PLPM-$4.47-NASDAQ) agreed to be acquired by Fintrax Group.  Planet Payment provides international payments processing and multi-currency processing services. Under terms of the agreement Planet Payment shareholders will receive $4.50 cash per share, valuing the transaction at approximately $200 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close by the end of 2017. Announcement date: 10/26/17

    Aecon Group Inc. (ARE CN-C$19.43-Toronto) agreed to be acquired by CCCC International Holding Limited. Aecon Group provides integrated turnkey services to private and public sector clients in the infrastructure, energy, and mining sectors. Under terms of the agreement Aecon shareholders will receive C$20.37 cash per share, valuing the transaction at approximately C$1.7 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018.

    Alterra Power Corporation (AXY CN-C$7.84-Toronto) agreed to be acquired by Innergex Renewable Energy, Inc. (INE CN-C$14.09-Toronto). Alterra Power owns, operates and develops renewable power projects in Canada and Iceland. Under terms of the agreement Alterra Power shareholders will receive C$2.06 cash and 0.4172 shares of Innergex common stock per share, valuing the transaction at approximately C$1.1 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 10/26/17

    Refresco Group NV (RFRG NA-€19.85-Amsterdam) agreed to be acquired by a consortium of PAI Partners SAS and British Columbia Investment Management Corporation. Refresco bottles soft drinks and fruit juices for retailers and branded customers. Under terms of the agreement Refresco shareholders will receive €20.00 cash per share, valuing the transaction at approximately €3.4 billion. The transaction is subject to the tender of at least 95% of shares outstanding, as well as regulatory approvals and is expected to close in first quarter of 2018. Announcement date: 10/25/17

    BroadSoft, Inc. (BSFT-$54.85-NASDAQ) agreed to be acquired by Cisco Systems, Inc. (CSCO-$34.15-NASDAQ).  BroadSoft provides contact center and unified communication solutions for businesses and service providers. Under terms of the agreement BroadSoft shareholders will receive $55.00 cash per share, valuing the transaction at approximately $2 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 10/23/17

    Deltic Timber Corporation (DEL-$92.61-NYSE) agreed to be acquired by Potlatch Corporation (PCH-$51.80-NASDAQ). Deltic owns and manages over 500,000 acres of timberland assets in the United States. Under terms of the agreement Deltic shareholders will receive 1.80 shares of Potlatch common stock per share, valuing the transaction at approximately $1.4 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 10/23/17

    Exactech, Inc. (EXAC-$41.85-NASDAQ) agreed to be acquired by TPG Capital. Exactech develops orthopedic implant devices, surgical instruments and biologic materials used by hospitals and physicians. Under terms of the agreement Exactech shareholders will receive $42.00 cash per share, valuing the transaction at approximately $600 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 10/23/17

    Abertis Infraestructuras SA (ABE SM-€16.29-Madrid) received a superior proposal from Hochtief AG (HOT GY-€151.50-Frankfurt) topping a previous offer from Atlantia SpA (ATL IM-€28.00-Milan). Abertis manages the construction, maintenance and operation of highways across Europe, South America and North America. Under proposed terms of the agreement Abertis shareholders would receive €18.76 cash or 0.1281 shares of Hochtief common stock per share, subject to proration, valuing the transaction at approximately €33 billion. We continue to closely monitor the situation. Announcement date: 10/18/17

    NewStar Financial, Inc. (NEWS-$12.28-NASDAQ) agreed to be acquired by First Eagle Investment Management. NewStar Financial provides commercial finance services through its commercial lending and asset management segments. Under terms of the agreement NewStar shareholders will receive $11.44 cash per share plus one Contingent Value Right (CVR) worth up to $1.00 per CVR, valuing the transaction at approximately $500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 10/17/17

    Ruby Tuesday, Inc. (RT-$2.37-NYSE) agreed to be acquired by NRD Capital. Ruby Tuesday owns and franchises approximately 600 of its brand name restaurants globally. Under terms of the agreement Ruby Tuesday shareholders will receive $2.40 cash per share, valuing the transaction at approximately $300 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 10/16/17

    Mantra Group Limited (MTR AU-A$3.90-Sydney) agreed to be acquired by Accor SA (AC FP-€10.03-Paris). Mantra Group manages over 125 hotel properties across Australia, New Zealand, Indonesia, and the United States. Under terms of the agreement Mantra shareholders would receive A$3.96 cash per share, valuing the transaction at approximately A$1.2 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 10/09/17

    Omega Protein Corp. (OME-$21.90-NYSE) agreed to be acquired by Cooke, Inc. Omega Protein produces nutritional products such as specialty oils and proteins used in foods, dietary supplements and animal feeds. Under terms of the agreement Omega Protein shareholders will receive $22.00 cash per share, valuing the transaction at approximately $500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 10/06/17

    The Jean Coutu Group, Inc. (PJC/A CN-C$24.48-Toronto) agreed to be acquired by Metro Inc. (MRU CN-C$40.61-Toronto). Jean Coutu operates a network of over 400 franchised retail pharmacies in Canada. Under terms of the agreement Jean Coutu shareholders will receive C$24.50 in cash and shares of Metro common stock per share, subject to proration, valuing the transaction at approximately C$4.5 billion The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 10/02/17

    Polaris Materials Corporation (PLS CN-C$3.36-Toronto) agreed to be acquired by U.S. Concrete, Inc. (USCR-$76.30-NASDAQ). Polaris Materials develops and operates construction aggregate quarries in Canada. Under terms of the agreement Polaris shareholders will receive $C3.40 cash per share, valuing the transaction at approximately C$400 million. Previously in August, Polaris agreed to be acquired by Vulcan Materials Company (VMC-$119.60-NYSE) for C$2.79 cash per share, but this transaction was terminated after Vulcan declined to increase its deal price. The transaction with U.S. Concrete is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 09/29/17

    Exa Corporation (EXA-$24.18-NASDAQ) agreed to be acquired by Dassault Systemes SE (DAST FP-€85.59-Paris). Exa develops simulation software that manufacturers use during the design and engineering processes. Under terms of the agreement Exa shareholders will receive $24.25 cash per share, valuing the transaction at approximately $400 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 09/28/17

    Nets A/S (NETS DC-DKK163.00-Copenhagen) agreed to be acquired by a consortium of private equity firms led by Hellman and Friedman. Nets provides payment technology and services that allow merchants and banks to process credit and debit transactions as well as online payments. Under terms of the agreement Nets shareholders will receive DKK165.00 cash per share, valuing the transaction at approximately DKK40 billion. The transaction is subject to the tender of at least 90% of shares outstanding, as well as regulatory approvals and is expected to close in first quarter of 2018. Announcement date: 09/25/17

    Imagination Technologies Group plc (IMG LN-£1.68-London) agreed to be acquired by Canyon Bridge Capital Partners, LLC. Imagination Technologies develops and licenses intellectual property for its semiconductor processors which are used in multimedia and communication applications. Under terms of the agreement Imagination Technologies shareholders will receive £1.82 cash per share, valuing the transaction at approximately £500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 09/22/17

    Calgon Carbon Corporation (CCC-$21.40-NYSE) agreed to be acquired by Kurary Co, Ltd. (3405 JP-¥2,104.00-Tokyo). Calgon Carbon manufactures activated carbon, which has applications in purification and treatment processes for liquids and gases. Under terms of the agreement Calgon shareholders will receive $21.50 cash per share, valuing the transaction at approximately $1.3 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close by the end of 2017. Announcement date: 09/21/17

    NYX Gaming Group Limited (NYX CN-C$2.36-Toronto) agreed to be acquired by Scientific Games Corporation (SGMS-$45.85-NASDAQ). NYX Gaming Group develops and provides digital games to casino operators globally. Under terms of the agreement NYX Gaming shareholders will receive $C2.40 cash per share, valuing the transaction at approximately C$600 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 09/20/17

    Bob Evans Farms, Inc. (BOBE-$77.51-NASDAQ) agreed to be acquired by Post Holdings, Inc. (POST-$88.27-NYSE). Bob Evans Farms produces and distributes a variety of refrigerated and frozen convenience food items including potatoes, pasta, pork sausage, and other vegetable-based side dishes. Under terms of the agreement Bob Evans shareholders will receive $77.00 cash per share, valuing the transaction at approximately $1.6 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 09/19/17

    Silver Spring Networks, Inc. (SSNI-$16.17-NYSE) agreed to be acquired by Itron, Inc. (ITRI-$77.45-NASDAQ). Silver Springs provides smart grid solutions which enable Internet of Things (IoT) applications for critical infrastructure. Under terms of the agreement Silver Springs shareholders will receive $16.25 cash per share, valuing the transaction at approximately $900 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 09/18/17

    Orbital ATK, Inc. (OA-$133.16-NYSE) agreed to be acquired by Northrop Grumman Corporation (NOC-$287.72-NYSE). Orbital ATK designs and manufactures space, defense and aviation systems as both a prime contractor and merchant supplier. Under terms of the agreement Orbital shareholders will receive $134.50 cash per share, valuing the transaction at approximately $9 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2018. Announcement date: 09/18/17

    Richmont Mines Inc. (RIC CN-C$11.63-Toronto) agreed to be acquired by Alamos Gold Inc. (AGI CN-C$8.43-NASDAQ). Richmont Mines operates two gold producing mines located in Canadian provinces of Ontario and Quebec. Under terms of the agreement Richmont shareholders will receive 1.385 shares of Alamos Gold common stock per share, valuing the transaction at approximately C$900 million. . The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 09/11/17

    Landauer, Inc. (LDR-$67.30-NYSE) agreed to be acquired by Fortive Corporation (FTV-$70.79-NYSE). Landauer provides radiation monitoring products and services for the healthcare, education and energy industries. Under terms of the agreement Landauer shareholders will receive $67.25 cash per share, valuing the transaction at approximately $700 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in fourth quarter of 2017. Announcement date: 09/06/17

    Rockwell Collins, Inc. (COL-$130.71-NYSE) agreed to be acquired by United Technologies Corporation (UTX-$116.08-NYSE). Rockwell Collins provides avionics and information technology systems to government agencies and aircraft manufacturers. Under terms of the agreement Rockwell Collins shareholders will receive $140.00 cash and shares of United Technologies common stock per share, subject to a collar, valuing the transaction at approximately $30 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close by the third quarter of 2018. Announcement date: 09/04/17

    Kite Pharma, Inc. (KITE-$177.99-NASDAQ), a biopharmaceutical company that develops treatments that enable patients’ immune systems to fight cancer, agreed to be acquired by Gilead Sciences for $180 cash per share, or about $10 billion. Announcement date: 8/28/2017

    Calpine Corp. (CPN-$14.70-NYSE), an independent power producer that generates and sells electricity in 19 U.S. states and Canada, agreed to be acquired by a consortium led by Canada Pension Plan for $15.25 cash per share, or about $17 billion. Announcement date: 8/18/2017

    Guidance Software, Inc. (GUID-$7.10-NASDAQ) agreed to be acquired by Open Text Corp. (OTEX-$32.36-NASDAQ). Guidance Software provides mission critical security software applications for businesses. Under the terms of the agreement Guidance Software shareholders will receive $7.10 cash per share, valuing the transaction at approximately $250 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in third quarter of 2017. Announcement date: 7/26/2017

    Jimmy Choo plc (CHOO LN-£2.29-London) agreed to be acquired by Michael Kors Holdings Ltd (KORS-$42.12-NYSE). Jimmy Choo manufactures and markets luxury shoes, handbags and other fashion apparel. Under the terms of the transaction Jimmy Choo shareholders will receive £2.30 cash per share, valuing the transaction at approximately £1 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 7/25/2017

    NeuroDerm Ltd. (NDRM-$38.60-NASDAQ), which develops products to treat central nervous system (CNS) disorders, agreed to be acquired by Mitsubishi Tanabe Pharma Corp. for $39.00 cash per share, or about $1 billion. Announcement date: 7/24/2017

    Dominion Diamond Corporation (DDC-$14.15-NYSE) agreed to be acquired by The Washington Companies under an improved offer. Dominion Diamond owns interest in two major producing diamond mines in the Northwest Territories of Canada. Under the terms of the transaction Dominion Diamond shareholders will receive $14.25 cash per share, valuing the transaction at approximately $1.2 billion. In February, Washington made an unsolicited bid to acquire Dominion for $13.50 cash per share, which prompted DDC to pursue a sale process. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 7/17/2017

    Sandvine Corp (SVC CN-C$4.29-Toronto) agreed to be acquired by Francisco Partners Management LLC. Sandvine provides network policy control solutions for communications service providers. Under terms of the agreement Sandvine shareholders will receive C$4.40 cash per share, valuing the transaction at approximately C$600 million. Sandvine previously had an agreement to be acquired by Vector Capital for C$3.80 per share, which it terminated after deeming Francisco Partners’ offer superior. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2017. Announcement date: 7/17/2017

    Westar Energy Inc. (WR – $53.02 – NYSE) is a Topeka, Kansas-based electric utility company. On May 31, 2016, Westar agreed to be acquired by Great Plains Energy for $60 per share — $51 in cash consideration and $9.00 in Great Plains Energy common stock, for a total value of $12.2 billion. The deal was subject to shareholder and regulatory approvals and was expected to close in the spring of 2017; however, the Kansas Corporation Commission blocked the deal. The companies reworked the merger in early July, such that it became an all-stock merger of equals that addressed many of the Commission’s concerns. Westar shareholders will now receive one share of the newly combined company, and Great Plains’ holders will receive 0.5981 of these shares. The newly crafted merger is expected to close in the first half of 2018. Announcement date: 7/10/2017

    ClubCorp Holdings Inc. (MYCC-$17.00-NYSE) agreed to be acquired by Apollo Global Management, LLC (APO-$29.46-NYSE). ClubCorp owns and operates private golf and country clubs throughout the United States. Under the terms of the agreement ClubCorp shareholders will receive $17.12 cash per share, valuing the transaction at approximately $2.2 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 7/09/2017

    Novae Group plc (NVA LN-£7.10-London) agreed to be acquired by Axis Capital Holdings (AXS-$64.58-NYSE). Novae Group underwrites property and casualty insurance policies in various risk markets. Under the terms of the agreement Novae Group shareholders will receive £7.00 cash per share, valuing the transaction at approximately £500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 7/05/2017

    Worldpay Group plc (WPG LN-£4.12-London), which provides payments processing technology to merchants, reached a preliminary agreement to be acquired by Vantiv for £0.55 cash and 0.0672 shares of Vantiv common stock per share, or about £9 billion. Announcement date: 7/05/2017

    Monogram Residential Trust, Inc. (MORE-$11.96-NYSE) agreed to be acquired by Greystar Growth and Income Fund. Monogram Residential Trust owns, operates, and develops luxury apartment communities with a significant presence in select coastal markets. Under terms of the agreement Monogram shareholders will receive $12.00 cash per share, valuing the transaction at approximately $3.4 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2017. Announcement date: 7/04/2017

    WebMD Health Corp. (WBMD-$66.47-NASDAQ), which provides health information services through its online portals, agreed to be acquired by KKR for $66.50 cash, or about $2.8 billion. Announcement date: 7/04/2017

    Bankrate Inc. (RATE-$13.90-NYSE) agreed to be acquired by Red Ventures LLC. Bankrate aggregates and distributes personal finance content through its online platform. Under the terms of the agreement Bankrate shareholders will receive $14.00 cash per share, valuing the transaction at approximately $1.4 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 7/03/2017

    Parkway, Inc. (PKY-$22.89-NASDAQ) agreed to be acquired by Canada Pension Plan Investment Board. Parkway is a REIT that owns and operates office properties in Houston, Texas. Under terms of the agreement Parkway shareholders will receive $23.05 cash per share, valuing the transaction at approximately $1.5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 6/30/2017

    PrivateBancorp, Inc. (PVTB-$59.59-NASDAQ) agreed to be acquired by Canadian Imperial Bank of Commerce (CM-$78.07-NYSE) under improved terms. PrivateBancorp provides commercial and personal banking, as well as investment management services. Under terms of the agreement PrivateBancorp shareholders will receive $27.20 cash and 0.4176 shares of CIBC common stock per share, valuing the transaction at approximately $5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2017. Announcement date: 06/29/2017

    West Marine, Inc. (WMAR-$12.85-NASDAQ) agreed to be acquired by Monomoy Capital Partners. West Marine is a retailer of boating, fishing, and watersports equipment and apparel through its 250+ stores and ecommerce platform. Under terms of the agreement West Marine shareholders will receive $12.97 cash per share, valuing the transaction at approximately $300 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2017. Announcement date: 6/29/2017

    Spectranetics Corporation (SPNC-$38.40-NASDAQ) agreed to be acquired by Royal Philips (PHG-$35.82-NYSE). Spectranetics develops, manufactures and markets medical devices used in minimally invasive procedures within the cardiovascular space. Under terms of the agreement Spectranetics shareholders will receive $38.50 cash per shares, valuing the transaction at approximately $2 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in third quarter of 2017. Announcement date: 6/28/2017

    Staples, Inc. (SPLS-$10.07-NASDAQ) agreed to be acquired by Sycamore Capital Partners. Staples provides products and services for business customers and consumers. Under terms of the agreement Staples shareholders will receive $10.25 cash per share, valuing the transaction at approximately $6.5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2017. Announcement date: 6/28/2017

    EnerNOC, Inc. (ENOC-$7.75-NASDAQ) agreed to be acquired by Enel SpA (ENEI IT-€4.69-Milan). EnerNOC develops cloud-based energy intelligence software used by companies to manage the budgeting, procurement, and optimization of energy. Under terms of the agreement EnerNOC shareholders will receive $7.67 cash per share, valuing the transaction at approximately $300 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in third quarter of 2017. Announcement date: 6/21/2017

    PAREXEL International Corporation (PRXL-$86.91-NASDAQ) agreed to be acquired by Pamplona Capital Management, LLP. PAREXEL provides research, consulting and technology solutions and services to the pharmaceutical, biotechnology, and medical device industries. Under terms of the agreement PAREXEL shareholders will receive $88.10 cash per share, valuing the transaction at approximately $5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 6/20/2017

    NOVADAQ Technologies Inc. (NVDQ-$11.72-NASDAQ) agreed to be acquired by Stryker Corporation (SYK-$138.78-NYSE). NOVADAQ Technologies develops and manufactures point of care imaging solutions used by physicians and surgeons. Under terms of the agreement NOVADAQ shareholders will receive $11.75 cash per share, valuing the transaction at approximately $700 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2017. Announcement date: 06/19/2017

    Whole Foods Market Inc.(WFM – $42.11 – NASDAQ) is an Austin, Texas based supermarket chain that offers organic food products. WFM agreed to be acquired by Amazon on June 16, 2017, for $42 per share in cash, which valued the company at $13.7 billion. The transaction requires shareholder and regulatory approvals, and is expected to close in the second half of 2017. Announcement date: 6/16/2017

    Rice Energy Inc. (RICE-$26.63-NYSE) agreed to be acquired by EQT Corporation (EQT-$58.59-NYSE). Rice Energy explores and develops natural gas and oil properties in the Appalachian Basin. Under terms of the agreement Rice Energy shareholders will receive $5.30 cash and 0.37 shares of EQT common stock per share, valuing the transaction at approximately $7 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 6/19/2017

    Rightside Group, Ltd. (NAME-$10.62-NASDAQ) agreed to be acquired by Donuts Inc. Rightside Group offers a platform for the discovery, registration, and usage of domain names. Under terms of the agreement Rightside Group shareholders will receive $10.60 cash per shares, valuing the transaction at approximately $200 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in third quarter of 2017. Announcement date: 6/14/2017

    DuPont Fabros Technology, Inc. (DFT-$61.16-NYSE) agreed to be acquired by Digital Realty Trust Inc. (DLR-$112.95-NYSE). DuPont Fabros is a REIT that owns, operates, and develops data center properties. Under terms of the agreement DuPont Fabros shareholders will receive 0.545 shares of Digital Realty common stock per share, valuing the transaction at approximately $6 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the second half of 2017. Announcement date: 6/09/2017

    Albany Molecular Research, Inc. (AMRI-$21.70-NASDAQ) agreed to be acquired by The Carlyle Group and GTCR LLC. Albany Molecular Research provides outsourced research and manufacturing services to the life sciences industry. Under terms of the agreement Albany Molecular shareholders will receive $21.75 cash per share, valuing the transaction at approximately $1.5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2017. Announcement date: 6/06/2017

    Covisint Corporation (COVS-$2.45-NASDAQ) agreed to be acquired by Open Text Corporation (OTEX-$31.54-NASDAQ). Covisint provides cloud-based Internet of Things and Identity Management-centric enterprise solutions to companies across various industries. Under terms of the agreement Covisint shareholders will receive $2.45 cash per share, valuing the transaction at approximately $100 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2017. Announcement date: 6/05/2017

    Forestar Group Inc. (FOR-$17.15-NYSE) agreed to sell 75% of the company to D.R. Horton, Inc. (DHI-$34.57-NYSE). Forestar Group develops real estate properties across the United States with interest in approximately 50 residential and mixed-use projects. Under terms of the agreement Forestar Group shareholders will receive $17.75 cash per share, valuing the transaction at approximately $700 million. The deal was the result of a bidding war that began with a $14.25 cash per share offer from Starwood Capital Group for 100% of the company. After increased bids from each party, D.R. Horton’s bid was deemed superior. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 6/05/2017

    Linde AG (LIN GR-€165.80-Frankfurt) agreed to be acquired by Praxair Inc. (PX-$132.55-NYSE). Linde is a global supplier of industrial, process and specialty gases. Under terms of the agreement Linde shareholders will receive 1.54 shares of Praxair common stock per share, valuing the transaction at approximately €42 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close by the end of 2017. Announcement date: 6/02/2017

    Atwood Oceanics, Inc. (ATW-$10.04-NYSE) agreed to be acquired by Ensco plc (ESV-$6.24-NYSE). Atwood Oceanics drills and completes exploration and development wells for the global oil and gas industry. Under terms of the agreement Atwood shareholders will receive 1.6 shares of Ensco common stock per share, valuing the transaction at approximately $1.7 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the third quarter of 2017. Announcement date: 5/30/2017

    Xactly Corporation (XTLY-$15.70-NYSE) agreed to be acquired by Vista Equity Partners. Xactly provides cloud-based, enterprise software solutions focused on employee and sales performance management. Under terms of the agreement Xactly shareholders will receive $15.65 cash per share, valuing the transaction at approximately $500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2017. Announcement date: 5/30/2017

    CardConnect Corp. (CCN-$15.00-NASDAQ) agreed to be acquired by First Data Corporation (FDC-$17.13-NYSE). CardConnect provides payment processing and technology solutions with offerings for businesses of all sizes. Under terms of the agreement CardConnect shareholders will receive $15.00 cash per shares, valuing the transaction at approximately $800 million.. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2017. Announcement date: 05/29/2017

    Tembec, Inc. (TMB CN-C$4.47-Toronto) agreed to be acquired by Rayonier Advanced Materials Inc. (RYAM-$17.39-NYSE). Tembec manufactures lumber, paper and other forest products. Under terms of the agreement Tembec shareholders will receive C$4.05 cash per share or 2.302 shares of Rayonier common stock per share, subject to proration, valuing the transaction at approximately C$800 million.. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 5/25/2017

    Fidelity & Guarantee Life (FGL-$30.85-NYSE) agreed to be acquired by CF Corporation (CFCO-$11.12-NASDAQ). Fidelity & Guarantee Life offers fixed annuity and life insurance products, which are distributed through a network of independent agents. Under terms of the agreement Fidelity & Guarantee shareholders will receive $31.10 cash per shares, valuing the transaction at approximately $2.2 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 05/24/2017

    Global Sources Ltd. (GSOL-$20.90-NASDAQ) agreed to be acquired by Expo Holdings Ltd. Global Sources provides integrated marketing services that allow global buyers to identify products and enable suppliers to market those products, predominately between China and the rest of the world. Under terms of the agreement Global Sources shareholders will receive $20.00 cash per shares, valuing the transaction at approximately $500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in June 2017. Announcement date: 05/23/2017

    Huntsman Corporation (HUN-$23.90-NYSE) agreed to be acquired by Clariant AG (CLN VX-€21.05-Zurich). Huntsman manufactures and markets thousands of chemical products for a variety of consumers and end markets. Under terms of the agreement Huntsman shareholders will receive 1.2196 shares of Clariant common stock per share, valuing the transaction at approximately $10 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close by the end of 2017. Announcement date: 5/22/2017

    Nutraceutical International Corporation (NUTR-$41.75-NASDAQ) agreed to be acquired by HGGC, LLC. Nutraceutical markets and distributes branded nutritional supplements and other natural products. Under terms of the agreement Nutraceutical shareholders will receive $41.80 cash per shares, valuing the transaction at approximately $500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2017. Announcement date: 5/22/2017

    Berendsen plc (BRSN FP-£12.30-London) agreed to be acquired by Elis SA (ELIS FP-€20.06-Paris) under improved terms. Berendsen provides outsourced uniform, hygiene, and safety solutions across Europe. Under terms of the agreement Berendsen shareholders will receive €5.40 cash and 0.403 shares of Elis common stock per share, valuing the transaction at approximately €2.2 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2017. Announcement date: 5/16/2017

    Abertis Infraestructuras SA (ABE SM-€16.29-Madrid) agreed to be acquired by Atlantia SpA (ATL IM-€24.78-Milan). Abertis manages the construction, maintenance and operation of highways across Europe, South America and North America. Under terms of the agreement Abertis shareholders will receive €16.50 common stock per share, valuing the transaction at approximately €30 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close by the end of 2017. Announcement date: 5/15/2017

    Patheon N.V. (PTHN-$34.71-NYSE) agreed to be acquired by Thermo Fisher Scientific Inc. (TMO-$172.79-NYSE). Patheon provides outsourced pharmaceutical development and manufacturing services. Under terms of the agreement Patheon shareholders will receive $35.00 cash per shares, valuing the transaction at approximately $7 billion. . The transaction is subject to the tender of at least 95% of shares outstanding, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 5/15/2017

    West Corporation (WSTC-$23.17-NASDAQ) agreed to be acquired by Apollo Global Management, LLC (APO-$27.03-NYSE). West Corporation provides communication and network infrastructure services. Under terms of the agreement West Corporation shareholders will receive $23.50 cash per share, valuing the transaction at approximately $5.1 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2017. Announcement date: 5/10/2017

    Kate Spade & Co. (KATE – $18.49 – NYSE) is a New York, New York based apparel and accessories retailer. On May 8, 2017 KATE agreed to be acquired by Coach, Inc. for $18.50 per share in cash representing a $2.4 billion enterprise value. The deal is contingent upon KATE shareholders meeting the minimum tender condition and it requires regulatory approval. The companies expect to close the transaction in the third quarter of 2017. Announcement date: 5/08/2017

    Care Capital Properties, Inc. (CCP-$26.29-NYSE) agreed to be acquired by Sabra Health Care REIT, Inc. (SBRA-$23.43-NASDAQ). Care Capital is a healthcare REIT with a portfolio of properties focused on post-acute care. Under terms of the agreement Care Capital shareholders will receive 1.123 shares of Sabra common stock per share, valuing the transaction at approximately $2.5 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the third quarter of 2017. Announcement date: 5/08/2017

    Tribune Media Co. (TRCO-$38.20-NYSE) agreed to be acquired by Sinclair Broadcast Group, Inc. (SBGI-$32.40-NASDAQ). Tribune Media owns a diverse portfolio of television and digital assets, including over forty owned local television stations, national cable network WGN America, Tribune Studios and other digital properties. Under terms of the agreement Tribune Media shareholders will receive $35.00 cash and 0.23 shares of Sinclair common stock per share, valuing the transaction at approximately $7 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 5/08/2017

    VWR Corporation (VWR-$33.06-NASDAQ) agreed to be acquired by Avantor. VWR provides laboratory products and services to life science customers and general research markets. Under terms of the agreement VWR shareholders will receive $33.25 cash per share, valuing the transaction at approximately $6.4 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2017. VWR is also permitted to solicit superior bids during a 30-day “go-shop” period. Announcement date: 5/05/2017

    Capital Bank Financial (CBF-$37.10-NASDAQ) agreed to be acquired by First Horizon National Corporation (FHN-$16.94-NYSE). Capital Bank is a bank holding company with $10 billion in assets that provides commercial and personal banking services in the Florida, North Carolina, South Carolina, and Tennessee. Under terms of the agreement Capital Bank shareholders will receive $7.90 cash and 1.75 shares of First Horizon common stock per share, subject to proration, valuing the transaction at approximately $2 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 05/04/2017

    OneBeacon Insurance Group, Ltd. (OB-$18.35-NYSE) agreed to be acquired by Intact Financial Corporation (IFC CN-$92.78-Toronto). OneBeacon Insurance underwrites a range of specialty insurance products sold through independent agencies, brokers, and wholesalers. Under terms of the agreement OneBeacon shareholders will receive $18.10 cash per shares, valuing the transaction at approximately $1.7 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 5/02/2017

    Jive Software, Inc. (JIVE-$5.28-NASDAQ) agreed to be acquired by ESW Capital, LLC. Jive provides subscription based communication and collaboration software for businesses. Under terms of the agreement Jive shareholders received $5.25 cash per shares, valuing the transaction at approximately $500 million. The transaction was subject to shareholder, as well as regulatory approvals and closed in June 2017. Announcement date: 5/01/2017

    Veresen Inc. (VSN CN-C$18.36-Toronto) agreed to be acquired by Pembina Pipeline Corporation (PPL CN-C$43.02-Toronto). Veresen owns and operates energy infrastructure assets across North America. Under terms of the agreement Versen shareholders will receive C$18.65 cash per share or 0.4287 shares of Pembina common stock per share, subject to proration, valuing the transaction at approximately C$10 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2017. Announcement date: 5/01/2017

    Angie’s List, Inc. (ANGI-$12.04-NASDAQ) agreed to be acquired by IAC/INTERACTIVECORP (IAC-$106.34-NASDAQ). Angie’s List provides its members with reviews, offers and information on various home improvement services. Under terms of the agreement Angie’s List shareholders will receive $8.50 cash per share or one share of Newco, valuing the transaction at approximately $500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2017. Announcement date: 5/01/2017

    C.R. Bard Inc. (BCR – $320.04 – NYSE) is a New Providence, New Jersey-based medical equipment company that distributes diagnostic and patient care products. BCR agreed to be acquired by Becton Dickinson and Co. on April 23, 2017 for $222.93 cash + 0.5077 BDX per share. The transaction requires regulatory and shareholder approval and is expected to close in the fall of 2017. Announcement date: 4/23/2017

    Straight Path Communications Inc. (STRP-$128.86-NYSE) agreed to be acquired by Verizon Communications Inc. (VZ-$45.91-NYSE). Straight Path holds an extensive portfolio of 39 GHz and 28GHz wireless spectrum licenses. Under terms of the agreement Straight Path shareholders will receive $184.00 cash per share, valuing the transaction at approximately $3 billion. The agreed upon terms were the result of a bidding war between AT&T and Verizon. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2018. Announcement date: 4/20/2017

    Panera Bread Co. (PNRA – $314.64 – NASDAQ) is a St. Louis, Missouri-based restaurant services company that operates over 2,000 locations in forty-six states. On April 5, 2017, PNRA agreed to be acquired by JAB for $315 cash per share, representing $7.5 billion in enterprise value. The deal requires regulatory approval and a shareholder vote, and is expected to close during the third quarter of this year. Announcement date: 4/05/2017

    UNIWHEELS AG (UNW PW-PLN248.95-Warsaw) agreed to be acquired by Superior Industries International, Inc. (SUP-$19.50-NYSE) under improved terms. UNIWHEELS manufactures original equipment and aftermarket alloy wheels for automobiles. Under terms of the agreement UNIWHEELS shareholders will receive PLN247.87 cash per share, valuing the transaction at approximately PLN3.4 billion. The transaction is subject to the tender of 75% of shares outstanding, as well as regulatory approvals and is expected to close in the second quarter of 2017. Announcement date: 3/23/2017

    Zodiac Aerospace SA (ZODC FP-€23.58-Paris) agreed to be acquired by Safran SA (SAF FP-€78.80-Paris) under restructured terms. Zodiac develops interior seating for aircrafts as well as other aerospace equipment and systems. Under terms of the agreement Zodiac shareholders will receive €25.00 cash per share, valuing the transaction at approximately €8 billion. The transaction is subject to the tender of at least 50% of shares outstanding, as well as regulatory approvals and is expected to close by the first quarter of 2018. Announcement date: 1/19/2017

    Time Warner Inc. (TWX – $101.60 – NYSE) is an entertainment company based in New York, New York. Through a variety of brands, including HBO, Turner, and Warner Bros, the company produces and distributes a wide array of entertainment and media products. On October 22, 2016, AT&T agreed to acquire Time Warner for $53.75 cash plus $53.75 worth of AT&T stock, subject to a collar. The deal requires both shareholder and regulatory approvals, and values Time Warner at $108.7 billion. It should close prior to year-end 2017. Announcement date: 10/24/2016

    Rite Aid Corp. (RAD – $2.95 – NYSE) is a Camp Hill, Pennsylvania based retail drugstore chain. The company originally entered into a $17.2 billion merger with Walgreens Boots Alliance Inc, another international pharmacy operator, during October of 2015. The deal was marked by a lengthy and complex regulatory review which lengthened the timeline past its January 30, 2017 termination date. At that point, the deal was subsequently extended to June 30, 2017 and the price revised to $14.2 billion. Approaching this second termination date and due to opposition by the Federal Trade Commission, the parties restructured the deal to an asset sale whereby Walgreens Boots Alliance will acquire 2,186 Rite Aid Corp. stores across the country for a price of $5.175 billion and the payment of a $325 million termination fee associated with the original deal. The asset sale is expected to face a simpler antitrust approval process and reach its conclusion by the end of the year. Announcement date: 10/27/2015

     

  • The attached research reports are examples of typical research produced by G.research, Inc., an affiliated broker-dealer of the funds. These reports are not intended as an example of the performance of any security purchased or sold by any of the funds, or any recommendation of any investment adviser to the funds. They are included to show how the advisers leverage the resources of a world class research organization.

    This is not and should not be construed as recommendation, an endorsement, investment advice, an offer or acceptance of an offer to sell or buy, a solicitation of an offer to purchase or subscribe or sell or redeem any investments.

    Manchester United (MANU – $15.86) The Team To Beat  We are initiating coverage of Manchester United with a Buy recommendation and a PMV £19/$23.40 per share based on 19x F17 EBITDA, the same multiple paid to acquire the club by the Glazer family. We believe that investors are re-rating sports as premium content due to sports being primarily watched live. Manchester United is ranked the third-most valuable soccer team by Forbes at $3.3 billion /£2.7 billion. United’s stock is trading at a 12% discount to the Forbes valuation. The club’s economic model is attractive as broadcast revenues are growing rapidly even though they have to be shared with the league and effectively the players. The primary attraction is that United has exclusive ownership of its high margin domestic and global sponsorship rights which now generate over half the revenue. We believe the main driver to our valuation is China. Earlier this year, the Chinese bought a minority position in Manchester City (#6 by Forbes), control of West Bromwich Albion, Aston Villa, and Wolverhampton Wanderers and is speculated to be negotiating with Liverpool FC (#8).

     

    CST Brands (CST – $47.51) Done Deal  Monday, before the market opened, CST Brands announced it reached a deal to be acquired by Alimentation Couche-Tard for $48.53 per share in cash. On a fully diluted basis, and including the value of CAPL units marked-to-market ($165 million), the GP interest at cost ($85 million), as well as the $390 million in net proceeds from the recently closed CA and WY stores sale, the $48.53 per share purchase price translates to about $4.2 billion or 9.7x TTM EBITDA of $430 million. The transaction is expected to close in early 2017, and includes Couche-Tard selling part of CST’s Canadian operations to Parkland Fuel Corp (TSE: PKI), we believe in order to appease the Canadian Competition Bureau. We are changing our recommendation to Hold from Buy based on valuation. Despite the purchase price being below our 2016 $55 per share PMV, at this time we believe it is unlikely that another bidder will come forth.

     

    International Gaming Technologies (IGT $16.97) Catalyst Surfaces – Moving to Hold We spoke with Scientific Games (SGMS) IR regarding the IGT/GTECH deal in which he mentioned that other potential bidders (mostly PE) do not have experience in gaming equipment and would not have a long term view of the industry recovery. As well, a financial buyer would not be able to harvest any synergies. SGMS IR described how the current weak state of the gaming market plays a significant role in valuation, and that although there may be near term pressure on fundamentals, he does not believe this is a long term-term state of the industry. Given this current state, GTECH likely has the longest-term view of the business and hence was the most likely bidder/winner.

     

    Hillshire Brands Company (HSH $35.78) Alternatives to a Pinnacle Acquisition On the heels of Hillshire’s May 12th announcement to acquire Pinnacle Foods, we consider JBS SA, the Brazilian protein company, as a potential strategic buyer of HSH following JBS’s requested registration of primary and secondary common shares for a public offering of its subsidiary, JBS Foods. As recently as September 2013, in a Bloomberg Business Week article when asked about possibly acquiring Hillshire, CEO Wesley Mendonça Battista commented, “Maybe at the right time, at the right price.

     

    International Game Technology (IGT – $14.07) Earnings Update Reported Q2 FY 2014 results, with adj. EPS of $0.20 vs. $0.36  last year, EBITDA -33% to $149.3M and revenues -15% to $512.8M. Given a tepid replacement cycle and anemic US gross gaming revenue trends, we believe FY 2014 will be challenging for IGT. However, we believe IGT’s earnings growth 2015 onward will be driven by increased momentum from leveraging its core business while broadening the distribution of its premier content. FY 2014 we expect IGT to generate $2.1 billion in revenue, $695 million in EBITDA and earnings per share of $1.00. IGT is trading at 21% discount to our FY 2015 PMV of $18.

    Investment AB Kinnevik (KINV’B – SEK 238.00) Online Takes Center Stage Over the last 12-18 months, Kinnevik’s online portfolio has arguably become the primary source of investor interest in the name. The stock is down ~20% year-to-date, mainly due to investor concerns about slowdown in traffic growth to Zalando sites and some disappointment around the lack of progress on the margin improvement front at the online retailer. However, we believe that Zalando’s long-term fundamentals are intact, helped by a strong secular growth trend (offline to online shift in retail).            Kinnevik is trading at a 26% discount to its NAV, on a marked-to-market basis (SEK 319), and a 32% discount to our marked-to-model NAV estimate (SEK 350). We believe the recent sell-off has improved the stock’s risk/reward profile and provides an attractive entry point for longer-term investors.

     

    Hillshire Brands Company (HSH – $37.32) Go Meat & More! We expect HSH to generate industry-leading growth over the next two years as it strives to attain its medium-term financial objectives of 10% operating margin from operating leverage, higher margin products, and $105 million of cost savings. HSH may be an attractive acquisition target, as protein competitors look to develop a portfolio of leading brands and shift its offering to more value-added products with higher and more stable margins. Valuation is attractive as shares trade at 9.5x June 2015 projected EBITDA and 18.7x earnings. We calculate a PMV of $50 based on 2015 estimates, a 25% discount to the current market price.

     

    The WOOF Pack: Consolidation in US Pet Care (HSIC, HSKA, PDCO, ZTS) Consolidation in US Pet Care Kevin Kedra & Jennie Tsai Review Consolidation in the US Pet Care Market. The US pet care market totaled $62.8B in 2016, +4.1% from $60.3B in 2015 according to the APPA. Healthcare for pets is being driven by improving standards for animal health & new technologies. Consolidation within the US pet care market remains active with seven large (>$2B) deals totaling $46B over the past 3-years. The most recent deal is Mars Inc.’s announced acquisition of VCA Inc. (WOOF), a leading operator of veterinary hospitals& clinics, for $9.1B. Among veterinary pharmaceutical manufacturers, we continue to recommend market leader ZTS as our favorite name. For the distributors, we recommend both PDCO and HSIC as opportunities to gain exposure to both the veterinary & dental markets. Among the diagnostic companies, we have a Hold recommendation on HSKA due to valuation.

     

    FORTUNE BRANDS (FO – $61.80 – NYSE) SPLIT! On December 8, 2010, the company announced that its Board of Directors approved in principle a separation of the company’s three businesses as follows: – Fortune Brands will continue as an independent, publicly-traded company focused solely on distilled spirits – The home & security business will be spun off to shareholders in a tax-free transaction and become an independent, publicly-traded company – The golf business will either be spun-off to shareholders or sold. We view the proposed business separation as the culmination of a long history of using financial engineering to the benefit of shareholders. We believe the plan has the potential to unlock value for shareholders, as one or more of the businesses may ultimately be attractive to strategic acquirors. With shares trading at a 22% discount to our 2012 PMV of $79 per share, we recommend Buying FO shares.

     

    FASTWEB (FWB MI – €18.89 – Milan Stock Exchange) Italian Connections Gaining market share in all segments of the under-penetrated (43% vs. >50% in EU) Italian broadband market – Trading at 4.4x 2010 EBITDA – Generating increasing free cash flow, having turned positive in 2008. The Italian broadband market remains attractive as the fourth-largest in Europe, with end user customer revenues of €16 billion in 2008. There are seven key national broadband players, with Telecom Italia holding more than a 60% share of total lines. From a below-average penetration level of 43%, Italian market is expected to surpass 60% broadband penetration by the end of 2012, with FASTWEB poised to take a disproportionate share of that growth.

  • 31 December 2017 – GMP Half Yearly Financial Report

Please send questions to GMPAssist@gabelli.com