Portfolio Commentary and Reports

Merger Environment

AUDIO: Q2 2019 Merger Investing Conference Call

Q2 2019 Merger Investing Conference Call Summary

AUDIO: Q1 2019 Merger Investing Conference Call

Q1 2019 Merger Investing Conference Call Summary

AUDIO: Q4 2018 Merger Investing Conference Call

Q4 2018 Merger Investing Conference Call Summary

AUDIO: Q3 2018 Merger Investing Conference Call

Q3 2018 Merger Investing Conference Call Summary

August 2018: Gabelli Merger Plus+ Market Price Update

July 2018: NXP Semiconductors Position Update

Q2 2018 Merger Investing Conference Call Summary

AUDIO: Q2 2018 Merger Investing Conference Call


Global deal merger and acquisition activity totaled $4 trillion in 2018, an increase of 19% year over year. While the number of deals announced was down slightly, deals with a value of $5 billion or greater totaled $1.5 trillion, an increase of 51% compared to 2017. Cross border M&A activity totaled $1.6 trillion during the year, a 32% increase and the strongest year since 2007. Private Equity backed transactions accounted for its highest total in over a decade at over 20% of total M&A activity.

In terms of targets, European companies saw $1 trillion in deal activity during the year, an increase of 32% and highest level in 11 years. U.S. targets had another healthy year, totaling $1.7 trillion, which was also an increase of 32% year over year. The Energy & Power sector was the biggest contributor to merger activity during the year, totaling $705 billion, an increase of 52% compared to 2017 levels. This accounted for nearly 13% of total announced deal volume. The technology sector was also a large contributor, accounting for 13% of overall M&A activity.

While global markets continued their rally throughout the third quarter, September marked the peak, and the year ended with one of the worst Decembers on record. All major asset classes retreated in the month, capping off a year headlined by the return of volatility. Contributing to volatility, investor anxiety has increased from a number of events. Trade tensions between the U.S. and China threaten corporate profits as we head into the New Year. After reaching a temporary accord at the G20 Summit in November, the prospects for a longer term deal will depend on where the two parties can meet on tariffs, technology transfers, and China’s commitment to purchasing U.S. goods.

After delivering four rate hikes in 2018, there are also concerns that Jerome Powell and the Fed may tighten too quickly, stymie growth, and increase the odds of a recession. While the Fed is forecasting 2.3% GDP growth in 2019, a slight slowdown from 3% in 2018, the U.S. economy appears healthy. Companies are hiring and paying more, as unemployment remains under 4% and wage growth is up 3% on the year—all against a backdrop of manageable inflation.



The third quarter of 2018 continued the year's record pace of deal making with global M&A totaling $3.3 trillion. This was up 37% year over year and the highest first nine months since the records began in 1980 according to Thomson Reuters. Mega deals, over $5 billion, added $1.4 trillion to the year to date volume. One hundred of those accounted for greater than 40% of total activity a new record.

Cross border activity also set a new record surpassing the previous high of 2007 with $1.3 trillion for the first 9 months. Deals with U.S. targets saw a 50% rise versus 2017 and European M&A was up 64%. In Asia, deal making was up 8.5% year over year with industrials leading the charge.

The United States has been central to merger momentum globally. The U.S. tax reforms continue to support event activity as the repatriation of overseas cash bolsters balance sheets and spurs deal activity. Progressive initiatives for deregulation are expected to alleviate burdens and hurdles for deals that otherwise would not have been contemplated or actually transacted. Additionally, the U.S. Federal Reserve continued its path of raising interest rates, a key component of deal spreads coupled with the time value of money and the deal risk premium. With the positive correlation of rates and spreads, we would expect to see a rise in annualized returns benefitting the Company. Deals will continue to be "re-priced" in the market as rates increase.


For the 1st Half 2018, it has been a record setting for global merger activity. In the first quarter, corporate buyers engaged in a record breaking $1.2 trillion worth of transactions, and the robust appetite for corporate assets continued in the second quarter. Over $1 trillion in transaction value was announced in the second quarter, bringing the first half total to $2.5 trillion, a record setting number. As was the case in the first quarter, deal volume in the first half of the year was driven by larger transactions. Of the $2.5 trillion in global deal activity announced in the first half of the year, $1.3 trillion came from eighty-one transactions that exceeded $5 billion in size. It should be noted that overall deal count in the first half of the year declined 10% from 2017 levels to 23,050, further highlighting the impact that larger transactions had on overall deal volume. Demand for U.S. and European targets also represented a significant driver of total deal volumes in the first half of the year. Merger and acquisition (M&A) activity in the U.S. increased 79% year over year to $1 trillion, and increased 97% year over year in Europe to $784.9 billion.

The first half of 2018 also proved to be the strongest first half on record for cross border deal activity, as volumes surged 84% year over year to $1 trillion. Cross border merger activity represented 41% of the $2.5 trillion in announced deals in the first half of the year, a 36% increase over 2017 levels.

As the Federal Reserve continues to raise rates, it is important to recall that, historically, there has been a positive correlation between interest rates and arbitrage spreads. This is due to the fact that the spread is driven by the risks inherent to a particular deal as well as the risk-free rate and the time value of money. Typically, as the risk-free rate rises, so do annualized spreads. Corporations have held high cash balances and shown an appetite to grow inorganically since quantitative easing took effect in 2008. And while the appetite to grow inorganically has remained strong, the supply of high quality assets has come down, leading to increased competition and bidding wars that should be a positive for the arbitrage community. This competitive dynamic has been magnified by U.S. tax reform, as lower tax rates have freed up even more cash for corporations to do deals. We anticipate that this will continue to drive M&A into the future.


Global deal activity reached $1.2 trillion in the first quarter of 2018, an increase of 60% compared to the first quarter of 2017 and the strongest first quarter for global M&A since records began in 1980. The value of worldwide M&A greater than US$5 billion totaled US$699.1 billion during the first quarter of 2018, more than three times the levels seen a year ago, accounting for 57% of announced M&A activity during the first quarter.

The Merger Environment in the United States is undergoing a profound change under the Trump administration driven by regulatory and interest rate related adjustments. This dynamic has led to an increase in the risk premium ("spreads") assigned to event driven transactions and the potential for improved nominal returns.

The U.S. regulatory landscape has become more uncertain this year. As an example within the U.S., the Justice Department is trying to block AT&T Inc.'s planned $85 billion purchase of Time Warner Inc. in an antitrust case seen as a key test of vertical mergers, which involve two complementary companies operating at different levels of the same industry. This case challenges the established rules framework which arbitrageurs have operated under for over four decades. The prospect of examining market share in a global context is surfacing new understandings of Federal Trade Commission inquiries, and growing protectionism by industry will increase uncertainties related to global deal approvals across nations.

The pickup in spreads has primarily come in sectors affected by the more protectionist stance from the White House and the growing threat of global trade quarrels that could block or delay deals. President Donald Trump in March blocked Broadcom Ltd.'s $117 billion hostile bid for Qualcomm because of concerns it could hurt the U.S. in its technology race with China. Qualcomm Inc. in turn has announced the acquisition of NXP Semiconductors NV. 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.

Spreads are also improving as the Federal Reserve raised its benchmark interest rate by 25 basis points in the first quarter to a target range of 1.50% to 1.75%. As the Fed continues to raise rates, it is important to recall that historically there has been a positive correlation between interest rates and arbitrage spreads. This is due to the fact that the spread is driven by the risks inherent to a particular deal as well as the risk-free rate. Typically, as the risk-free rate rises, so do annualized spreads. Corporations have had high cash balances and an appetite to grow inorganically since quantitative easing took effect in 2008. These two factors will be magnified as businesses begin to digest the effects of US tax reform. The new tax law will charge a 21% corporate tax rate and one time repatriation charges of 15.5% for cash and 8% for illiquid assets overseas. These lower rates will allow corporations to expand their cash balances and unlock cash overseas. Management teams will deploy the additional excess capital in shareholder friendly ways and we anticipate that this will continue to drive M&A into the future

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.

Anixter International, Inc. (AXE-$82.69-NYSE) agreed to be acquired by Clayton, Dubilier & Rice. Anixter International distributes enterprise cabling and security solutions, electrical and electronic wire and cable solutions, and utility power solutions worldwide. Under terms of the agreement Anixter shareholders will receive $81.00 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 in the first quarter of 2020. Anixter is also permitted to solicit superior bids from parties during a 40 day “go-shop” period. Announcement Date: 10/30/2019

InterXion Holding NV (INXN-$88.22-NYSE) agreed to be acquired by Digital Realty Trust, Inc. (DLR-$127.07-NYSE). InterXion Holding NV provides carrier and cloud-neutral colocation data center services in Europe. Under terms of the agreement InterXion shareholders will receive 0.7067 shares of Digital Realty common stock per share, valuing the transaction at approximately $8 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the first half of 2020. Announcement Date: 10/29/2019

MutualFirst Financial, Inc. (MFSF-$39.89-NASDAQ) agreed to be acquired by Northwest Bancshares, Inc. (NWBI-$16.87-NASDAQ). MutualFirst Financial operates as the bank holding company for MutualBank that provides various financial services in the U.S. Under terms of the agreement MutualFirst shareholders will receive 2.4 shares of Northwest common stock 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 second quarter of 2020. Announcement Date: 10/29/2019

Central European Media Enterprises Ltd. (CETV-$4.49-NASDAQ) agreed to be acquired by PPF Group NV. Central European Media Enterprises operates as a media and entertainment company in Bulgaria, the Czech Republic, Romania, the Slovak Republic, and Slovenia. Under terms of the agreement Central European shareholders will receive $4.58 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 half of 2020. Announcement Date: 10/27/2019

Liberty Property Trust (LPT-$59.09-NYSE) agreed to be acquired by Prologis, Inc. (PLD-$87.74-NYSE). Liberty Property Trust develops, acquires and manages superior logistics, warehouse, manufacturing, and R&D facilities in the U.S. and U.K. Under terms of the agreement Liberty shareholders will receive 0.675 shares of Prologis common stock per share, valuing the transaction at approximately $13 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2020. Announcement Date: 10/27/2019

Cision Ltd. (CISN-$10.07-NYSE) agreed to be acquired by Platinum Equity. Cision provides public relations software, media distribution, and related professional services to businesses worldwide. Under terms of the agreement Cision shareholders will receive $10.00 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 2020. Cision is also permitted to solicit superior bids from parties during a 20 day “go-shop” period. Announcement Date: 10/22/2019

Just Eat plc (JE LN-£7.35-London) received an unsolicited offer to be acquired by Prosus NV (PRX NA-€61.83-Amsterdam). Just Eat operates a hybrid marketplace for online food delivery. Under terms of the offer Just Eat shareholders would receive £7.10 cash per share, valuing the transaction at approximately £5 billion. Just Eat had previously agreed to be acquired by Takeaway.com NV (TKWY NA-€73.00-Amsterdam) for 0.09744 shares of Takeaway.com common stock per share. The proposal is under review as part of Just Eat’s broader strategy, and we continue to monitor the situation. Announcement Date: 10/22/2019

Innophos Holdings, Inc. (IPHS-$32.62-NASDAQ) agreed to be acquired by One Rock Capital Partners LLC. Innophos Holdings produces specialty ingredients with applications in food, health, nutrition, and industrial markets. Under terms of the agreement Innophos shareholders will receive $32.00 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 2020. Innophos is also permitted to solicit superior bids from parties during a 30 day “go-shop” period. Announcement Date: 10/21/2019

Steuben Trust Corp. (SBHO-$66.50-OTC) agreed to be acquired by Community Bank System, Inc. (CBU-$67.78-NYSE). Steuben Trust operates as a bank holding company for Steuben Trust Company which offers financial and banking services in the New York counties of Steuben, Allegany, Monroe, and Wyoming. Under terms of the agreement Steuben shareholders will receive $12.60 cash and 0.8054 shares of Community common stock 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 2020. Announcement Date: 10/21/2019

AltaGas Canada, Inc. (ACI CN-C$33.52-Toronto) agreed to be acquired by a Consortium of Investors. AltaGas Canada is a natural gas distribution utility company that provides rate-regulated utility services in northern British Columbia. Under terms of the agreement AltaGas shareholders will receive C$33.50 cash per share, valuing the transaction at approximately C$2 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2020. Announcement Date: 10/21/2019

Hudson’s Bay Co. (HBC CN-C$9.98-Toronto) agreed to be acquired by a Group of Hudson’s Bay Shareholders. Hudson’s Bay owns and operates department stores in the U.S. and Canada. Under terms of the agreement Hudson’s shareholders will receive C$10.30 cash per share, valuing the transaction at approximately C$2 billion. The transaction is subject to shareholder, as well as regulatory approval and is expected to close in the first quarter of 2020. Announcement Date: 10/21/2019

Achillion Pharmaceuticals, Inc. (ACHN-$6.41-NASDAQ) agreed to be acquired by Alexion Pharmaceuticals, Inc. (ALXN-$105.40-NASDAQ). Achillion discovers, develops, and commercializes small molecule drug therapies for immune system disorders. Under terms of the agreement Achillion shareholders will receive $6.30 cash per share, valuing the transaction at approximately $900 million.  The agreement also includes two Contingent Value Rights (“CVRs”), each of $1.00 per share, which will be paid upon the U.S. FDA’s approval of danicopan and the ACH-5228 Phase 3 initiation. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2020. Announcement Date: 10/16/2019

Eland Oil & Gas plc (ELA LN-£1.64-London) agreed to be acquired by Seplat Petroleum Development Company plc (SEPL LN-£1.25-London). Eland Oil & Gas engages in the development and production of oil and gas properties in West Africa. Under terms of the agreement Eland shareholders will receive £1.66 cash per share, valuing the transaction at approximately £400 million. The transaction is subject to shareholder approval and is expected to close in the fourth quarter of 2019. Announcement Date: 10/15/2019

Jagged Peak Energy, Inc. (JAG-$7.08-NYSE) agreed to be acquired by Parsley Energy, Inc. (PE-$15.82-NYSE). Jagged Peak Energy is an independent oil and natural gas company focused on the acquisition of unconventional oil and natural gas reserves in the Southern Delaware basin. Under terms of the agreement Jagged shareholders will receive 0.447 shares of Parsley common stock per share, 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 first quarter of 2020. Announcement Date: 10/14/2019

Sophos Group plc (SOPH LN-£5.68-London) agreed to be acquired by Thoma Bravo LLC. Sophos Group provides cloud-enabled end-user and network security solutions. Under terms of the agreement Sophos shareholders will receive $7.40 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 in the first quarter of 2020. Announcement Date: 10/14/2019

Ra Pharmaceuticals, Inc. (RARX-$47.07-NASDAQ) agreed to be acquired by UCB SA (UCB BR-€72.26-Brussels). Ra Pharmaceuticals develops therapeutics for the treatment of diseases caused by excessive or uncontrolled activation of the complement system. Under terms of the agreement Ra shareholders will receive $48.00 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 2020. Announcement Date: 10/10/2019

Progenics Pharmaceuticals, Inc. (PGNX-$5.31-NASDAQ) agreed to be acquired by Lantheus Holdings, Inc. (LNTH-$20.85-NASDAQ). Progenics Pharmaceuticals develops, manufactures and commercializes pharmaceutical products to target, diagnose, and treat cancer in the U.S. and internationally. Under terms of the agreement Progenics shareholders will receive 0.2502 shares of Lantheus common stock per share, valuing the transaction at approximately $500 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the first quarter of 2020. Announcement Date: 10/02/2019

The Stars Group, Inc. (TSG-$21.76-NASDAQ) agreed to be acquired by Flutter Entertainment plc (FLTR LN-£79.58-London). The Stars Group engages in online gaming and betting businesses primarily in Europe, Australia, and the Americas. Under terms of the agreement Stars shareholders will receive 0.2253 shares of Flutter 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 approval and is expected to close in the third quarter of 2020. Announcement Date: 10/02/2019

State Bank Corp. (SBAZ-$17.42-OTC) agreed to be acquired by Glacier Bancorp, Inc. (GBCI-$42.32-NASDAQ). State Bank Corp. is the holding company for Mohave State Bank which provides various banking services to individuals, businesses, and professionals in the U.S. Under terms of the agreement State Bank shareholders will receive $1.69 cash and 0.3706 shares of Glacier common stock 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 fourth quarter of 2019. Announcement Date: 10/01/2019

Dova Pharmaceuticals, Inc. (DOVA-$27.95-NASDAQ) agreed to be acquired by Swedish Orphan Biovitrum AB (SOBI SS-SEK150.85-Stockholm). Dova Pharmaceuticals focuses on acquiring and developing drug candidates for thrombocytopenia (“CIT”) disease. Under terms of the agreement, Dova shareholders will receive $27.50 cash per share, valuing the transaction at approximately $900 million. The agreement also includes a Contingent Value Right (“CVR”) of $1.50 per share, which will be paid upon regulatory approval of DOPTELET for the treatment of chemotherapy-induced CIT. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 9/30/2019

Teekay Offshore Partners LP (TOO-$1.16-NYSE) agreed to be acquired by Brookfield Business Partners LP (BBU-$39.29-NYSE) under revised terms. Teekay Offshore Partners provides marine transportation, oil production, storage, long-distance towing and offshore installation for the oil industry. Under terms of the agreement Teekay shareholders will receive $1.55 cash per share, valuing the transaction at approximately $600 million. Brookfield previously proposed $1.05 in May 2019. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2019. Announcement Date: 9/30/2019

The Scottish Salmon Company plc (SSC NO-NOK28.20-Oslo) agreed to be acquired by P/F Bakkafrost (BAKKA NO-NOK537.00-Oslo). The Scottish Salmon Company produces, processes, and sells Scottish seafood products primarily in Scotland. Under terms of the agreement Scottish Salmon shareholders will receive NOK 28.25 cash per share, valuing the transaction at approximately $600 million. The transaction has been agreed to by the holder of 68.6% of shares outstanding, and is expected to close in the first quarter of 2020. Announcement Date: 9/25/2019

Arotech Corp. (ARTX-$2.94-NASDAQ) agreed to be acquired by Greenbriar Equity Group LP. Arotech is a defense and security company operating in the interactive simulation and mobile power systems business areas. Under terms of the agreement Arotech shareholders will receive $3.00 cash per share, valuing the transaction at approximately $100 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the first quarter of 2020. Announcement Date: 9/23/2019

Barkerville Gold Mines Ltd. (BGM CN-C$0.43-Toronto) agreed to be acquired by Osisko Gold Royalties Ltd. (OR CN-C$12.32-Toronto). Barkerville acquires and develops gold properties in Canada. Under terms of the agreement Barkerville shareholders will receive 0.0357 shares of Osisko common stock per share, valuing the transaction at approximately C$400 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2019. Announcement Date: 9/23/2019

Alder BioPharmaceuticals, Inc. (ALDR-$18.86-NASDAQ) agreed to be acquired by H. Lundbeck A/S (LUN DC-DKK227.20-Copenhagen). Alder BioPharmaceuticals operates as a clinical-stage biopharmaceutical company engaged in the development of therapeutic antibodies to transform migraine treatment. Under terms of the agreement Alder shareholders will receive $18.00 cash per share, valuing the transaction at approximately $2 billion. The agreement also includes a Contingent Value Right (“CVR”) of $2.00 per share which will be paid upon the European Medicines Agency’s approval of Alder’s migraine prevention drug, eptinezumab. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 9/16/2019

SemGroup Corp. (SEMG-$16.37-NYSE) agreed to be acquired by Energy Transfer LP (ET-$13.09-NYSE). SemGroup provides gathering, transportation, storage, distribution, marketing, and other midstream services for producers and refiners of petroleum products. Under terms of the agreement SemGroup shareholders will receive $6.80 cash and 0.7275 shares of Energy Transfer 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 fourth quarter of 2019. Announcement Date: 9/16/2019

Bellamy’s Australia Ltd. (BAL AU-A$13.02-Sydney) agreed to be acquired by China Mengniu Dairy Co. Ltd. (2319 HK-HKD29.35-Hong Kong). Bellamy's Australia produces and markets organic food and formula products for babies and toddlers. Under terms of the agreement Bellamy’s shareholders will receive A$13.25 cash per share, valuing the transaction at approximately A$2 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 9/15/2019

Dream Global REIT (DRG-U CN-C$16.62-Toronto) agreed to be acquired by The Blackstone Group, Inc. (BX-$48.86-NYSE). Dream Global REIT is an owner and operator of a diversified portfolio of office and industrial properties located in key markets in Western Europe with a focus on Germany and the Netherlands. Under terms of the agreement Dream shareholders will receive C$16.79 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 2019. Announcement Date: 9/15/2019

MAM Software Group, Inc. (MAMS-$12.08-NASDAQ) agreed to be acquired by Kerridge Commercial Systems. MAM Software Group provides software, information, and e-commerce and related services to businesses engaged in the automotive aftermarket in the U.S. Under terms of the agreement MAM shareholders will receive $12.12 cash per share, valuing the transaction at approximately $200 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2019. Announcement Date: 9/03/2019

Castle Brands, Inc. (ROX-$1.27-NYSE) agreed to be acquired by Pernod Ricard SA (RI FP-€173.70-Paris). Castle Brands develops, imports, and sells alcoholic and non-alcoholic beverage products. Under terms of the agreement Castle shareholders will receive $1.27 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 approval and is expected to close in the fourth quarter of 2019. Announcement Date: 8/28/2019

Tallgrass Energy LP (TGE-$19.58-NYSE) received an unsolicited offer to be acquired by Blackstone Infrastructure Partners. Tallgrass Energy provides crude oil transportation services to customers in the Midwest U.S. Under terms of the offer Tallgrass shareholders would receive $19.50 cash per share, valuing the transaction at approximately $6 billion. The transaction would be subject to shareholder, as well as regulatory approvals and we continue to monitor the situation. Announcement Date: 8/27/2019

SRC Energy, Inc. (SRCI-$5.02-NYSE) agreed to be acquired by PDC Energy, Inc. (PDCE-$31.85-NASDAQ). SRC Energy acquires, develops and produces oil, natural gas, and natural gas liquids primarily in the Denver-Julesburg Basin of Colorado. Under terms of the agreement SRC shareholders will receive 0.158 shares of PDC 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 approval and is expected to close in the fourth quarter of 2019. Announcement Date: 8/26/2019

Entertainment One Ltd. (ETO LN-£5.85-London) agreed to be acquired by Hasbro, Inc. (HAS-$110.47-NASDAQ). Entertainment One develops family, television, music, and film content across various media globally. Under terms of the agreement Entertainment One shareholders will receive £5.60 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 fourth quarter of 2019. Announcement Date: 8/22/2019

Pivotal Software, Inc. (PVTL-$14.91-NYSE) agreed to be acquired by VMware, Inc. (VMW-$141.44-NYSE). Pivotal Software provides a cloud-native application platform and services in the U.S. Under terms of the agreement Pivotal shareholders will receive $15.00 cash per Class A 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 fourth quarter of 2019. Announcement Date: 8/22/2019

Carbon Black, Inc. (CBLK-$26.10-NASDAQ) agreed to be acquired by VMware, Inc. (VMW-$141.44-NYSE). Carbon Black provides security solutions that allow customers to prevent and respond to cyber-attacks. Under terms of the agreement Carbon shareholders will receive $26.00 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 approval and is expected to close in the fourth quarter of 2019. Announcement Date: 8/22/2019

Kinder Morgan Canada Ltd. (KML CN-C$14.68-Toronto) agreed to be acquired by Pembina Pipeline Corp. (PPL CN-C$48.74-Toronto). Kinder Morgan Canada owns and operates pipeline systems and terminal facilities in Canada. Under terms of the agreement Kinder shareholders will receive 0.3068 shares of Pembina common stock per share, valuing the transaction at approximately C$2 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2019. Announcement Date: 8/21/2019

Greene REIT plc (GRN ID-€1.91-Ireland) agreed to be acquired by The Henderson Park Funds. Green REIT was the first REIT established in Ireland and has a property portfolio consisting primarily of commercial property in Ireland. Under terms of the agreement Green REIT shareholders will receive €1.91 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 fourth quarter of 2019. Announcement Date: 8/14/2019

Presidio, Inc. (PSDO-$16.02-NASDAQ) agreed to be acquired by BC Partners. Presidio provides digital and cloud infrastructure solutions to the middle market in North America. Under terms of the agreement Presidio shareholders will receive $16.00 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 fourth quarter of 2019. Announcement Date: 8/14/2019

Viacom, Inc. (VIA-$27.27-NASDAQ) agreed to be acquired by CBS Corp. (CBS-$42.06-NYSE). Viacom is a media conglomerate with a portfolio of cable TV and film production assets including MTV, Nickelodeon and Paramount Pictures. Under terms of the agreement Viacom shareholders will receive 0.59625 shares of CBS common stock per share, valuing the transaction at approximately $20 billion. The transaction is subject to regulatory approval and is expected to close by the end of 2019. Announcement Date: 8/13/2019

TSO3, Inc. (TOS CN-C$0.43-Toronto) agreed to be acquired by Stryker Corp. (SYK-$220.66-NYSE). TSO3 develops sterilization processes, related consumable supplies, and accessories for heat and moisture sensitive medical devices. Under terms of the agreement TSO3 shareholders will receive C$0.43 cash per share, valuing the transaction at approximately C$70 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2019. Announcement Date: 8/12/2019

Eidos Therapeutics, Inc. (EIDX-$41.81-NASDAQ) received an unsolicited offer to be acquired by BridgeBio Pharma, Inc. (BBIO-$30.48-NASDAQ). Eidos Therapeutics focuses on the development of drugs to treat diseases caused by transthyretin amyloidosis. Under terms of the offer Eidos shareholders would receive 1.30 shares of BridgeBio common stock per share, valuing the transaction at approximately $1 billion. BridgeBio already owns approximately 66% of outstanding shares of Eidos.  The proposal is under review as part of Eidos’ broader strategy, and we continue to monitor the situation. Announcement Date: 8/12/2019

Canfor Corp. (CFP CN-C$15.32-Toronto) received an unsolicited offer to be acquired by Great Pacific Capital Corp. Canfor is an integrated forest products company in Canada. Under terms of the offer Canfor shareholders would receive C$16.00 cash per share, valuing the transaction at approximately C$2 billion. The proposal is under review as part of Canfor’s broader strategy, and we continue to monitor the situation. Announcement Date: 8/10/2019

Holloway Lodging Corp. (HLC CN-C$8.30-Toronto) agreed to be acquired by Clarke, Inc. (CKI CN-C$12.71-Toronto). Holloway Lodging is a real estate corporation focused on acquiring and operating select service hotels. Under terms of the agreement Holloway shareholders will receive 0.65 shares of Clarke common stock per share, valuing the transaction at approximately C$300 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 8/09/2019

Wesco Aircraft Holdings, Inc. (WAIR-$11.00-NYSE) agreed to be acquired by Platinum Partners. Wesco Aircraft Holdings distributes aerospace products and provides supply chain management services to the aerospace industry. Under terms of the agreement Wesco shareholders will receive $11.05 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 fourth quarter of 2019. Announcement Date: 8/09/2019

Corindus Vascular Robotics, Inc. (CVRS-$4.25-NYSE) agreed to be acquired by Siemens Healthineers AG (SHL GY-€35.71-Frankfurt). Corindus Vascular designs robotic-assisted systems for use in interventional vascular procedures. Under terms of the agreement Corindus shareholders will receive $4.28 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 2019. Announcement Date: 8/08/2019

Vitamin Shoppe, Inc. (VSI-$6.45-NYSE) agreed to be acquired by Liberty Tax, Inc. (TAXA-$11.96-OTC) & Vintage Capital. Vitamin Shoppe is an omni-channel specialty retailer of nutritional products. Under terms of the agreement Vitamin Shoppe shareholders will receive $6.50 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 fourth quarter of 2019. Announcement Date: 8/08/2019

Avedro, Inc. (AVDR-$23.42-NASDAQ) agreed to be acquired by Glaukos Corp. (GKOS-$64.31-NYSE). Avedro develops products to treat ophthalmic disorders and conditions, primarily associated with corneal weakness. Under terms of the agreement Avedro shareholders will receive 0.365 shares of Glaukos common stock per share, valuing the transaction at approximately $500 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 8/07/2019

Cambrex Corp. (CBM-$59.93-NYSE) agreed to be acquired by Permira. Cambrex offers various products and services for the development and commercialization of new and generic therapeutics. Under terms of the agreement Cambrex shareholders will receive $60.00 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 fourth quarter of 2019. Cambrex is also permitted to solicit superior bids from parties during a 45 day “go-shop” period. Announcement Date: 8/07/2019

Cxense ASA (CXENSE ON-NOK15.40-Oslo) agreed to be acquired by Piano Software, Inc. Cxense provides data management software worldwide. Under terms of the agreement Cxense shareholders will receive NOK 16.00 cash per share, valuing the transaction at approximately NOK 200 million. The transaction is subject to the tender of at least 90% of shares outstanding. No closing guidance has been provided and we continue to monitor the situation. Announcement Date: 8/05/2019

easyHotel plc (EZH LN-£0.95-London) agreed to be acquired by Ivanhoé Cambridge & ICAMAP Investments. easyHotel owns, develops, operates and franchises hotels in the U.K, the rest of Europe, and internationally. Under terms of the agreement easyHotels shareholders will receive £0.95 cash per share, valuing the transaction at approximately £100 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 8/05/2019

Gannett Co., Inc. (GCI-$10.52-NYSE) agreed to be acquired by New Media Investment Group, Inc. (NEWM-$8.78-NYSE). Gannett is a media and marketing solutions company. Under terms of the agreement Gannett shareholders will receive $6.25 cash and 0.5427 shares of New Media common stock per share, valuing the transaction at approximately $2 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 8/05/2019

Navigant Consulting, Inc. (NCI-$27.87-NYSE) agreed to be acquired by Guidehouse & Veritas Capital. Navigant Consulting offers professional services through its Healthcare, Energy, and Financial Services advisory and compliance segments. Under terms of the agreement Navigant shareholders will receive $28.00 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 2019. Announcement Date: 8/02/2019

Genomic Health, Inc. (GHDX-$72.97-NASDAQ) agreed to be acquired by Exact Sciences Corp. (EXAS-$115.11-NASDAQ). Genomic Health focuses on genetic research in cancer detection. Under terms of the agreement Genomic shareholders will receive $27.50 cash and $44.50 in Exact Sciences common stock 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 fourth quarter of 2019. Announcement Date: 7/29/2019

KappAhl AB (KAHL SS-SEK19.58-Stockholm) agreed to be acquired by Melby Gard. KappAhl engages in the retail sale of clothes and accessories for women, men, and children. Under terms of the agreement KappAhl shareholders will receive SEK 20.00 cash per share, valuing the transaction at approximately SEK1.6 billion. Melby Gard already owns approximately 30% of outstanding shares of KappAhl. The transaction is subject to the tender of at least 90% of shares outstanding, and is expected to close in the third quarter of 2019. Announcement Date: 7/29/2019

Cobham plc (COB LN-£1.653-London) agreed to be acquired by Advent International Corp. Cobham provides a range of technologies and services to commercial, defense, aerospace, space, and security markets. Under terms of the agreement Cobham shareholders will receive £1.65 cash per share, valuing the transaction at approximately £4 billion. The transaction is subject to shareholder, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 7/25/2019

Speedway Motorsports, Inc. (TRK-$19.80-NYSE) agreed to be acquired by Sonic Financial Corp. Speedway Motorsports is a marketer and promoter of motorsports entertainment in the U.S. Under terms of the agreement Speedway shareholders will receive $19.75 cash per share, valuing the transaction at approximately $200 million. The transaction is subject to the tender of at least 50% of shares outstanding and is expected to close in the third quarter of 2019. Announcement Date: 7/24/2019

Old Line Bancshares, Inc. (OLBK-$28.24-NASDAQ) agreed to be acquired by WesBanco, Inc. (WSBC-$36.58-NASDAQ). Old Line Bancshares is the parent company of Old Line Bank, a Maryland-chartered trust company with the powers of a commercial bank. Under terms of the agreement Old Line shareholders will receive 0.7844 shares of WesBanco common stock per share, valuing the transaction at approximately $500 million. The transaction is subject to approval by shareholders of both companies and is expected to close in the first quarter of 2020. Announcement Date: 7/23/2019

Atrium European Real Estate Ltd. (ATRS AV-€3.69-Vienna) agreed to be acquired by Gazit Globe Ltd. (GZT IT-Ils3,164-Tel Aviv). Atrium European Real Estate is an owner and redeveloper of shopping centers and retail real estate in Central Europe. Under terms of the agreement Atrium shareholders will receive €3.75 cash per share, valuing the transaction at approximately €600 million. The transaction is subject to shareholder approval. Atrium is also permitted to solicit superior bids from parties during a 7-week “go shop” period. Announcement Date: 7/23/2019

Condor Hospitality Trust, Inc. (CDOR-$11.02-NYSE) agreed to be acquired by NexPoint Hospitality Trust (NHT/U CN-$5.25-Toronto). Condor Hospitality is a self-administered real estate investment trust that specializes in the investment of upper midscale and upscale limited-service hotels. Under terms of the agreement Condor shareholders will receive $11.10 cash per share, valuing the transaction at approximately $300 million. The transaction is subject to shareholder approval and is expected to close in the fourth quarter of 2019. Announcement Date: 7/22/2019

Peak Resorts, Inc. (SKIS-$10.87-NASDAQ) agreed to be acquired by Vail Resorts, Inc. (MTN-$246.52-NYSE). Peak Resorts owns and operates day and overnight ski resorts in the U.S. Under terms of the agreement Peak shareholders will receive $11.00 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 2019. Announcement Date: 7/22/2019

Carolina Trust BancShares, Inc. (CART-$10.34-NASDAQ) agreed to be acquired by Carolina Financial Corp. (CARO-$35.12-NASDAQ). Carolina Trust operates as the bank holding company for Carolina Trust Bank. Under terms of the agreement Carolina Trust shareholders will have the option to receive $10.57 cash or 0.30 shares of Carolina Financial common stock per share, subject to proration, 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 first quarter of 2020. Announcement Date: 7/15/2019

United Financial Bancorp, Inc. (UBNK-$14.34-NASDAQ) agreed to be acquired by People’s United Financial, Inc. (PBCT-$16.42-NASDAQ). United Financial Bancorp operates as the holding company for United Bank that provides retail, commercial, and consumer banking services to individuals and businesses. Under terms of the agreement United Financial shareholders will receive 0.875 shares of People’s United common stock per share, valuing the transaction at approximately $800 million. The transaction is subject to shareholder, as well as regulatory approvals. No closing guidance has been provided and we continue to monitor the situation. Announcement Date: 7/15/2019

Carrizo Oil & Gas, Inc. (CRZO-$9.53-NASDAQ) agreed to be acquired by Callon Petroleum Co. (CPE-$4.92-NYSE). Carrizo Oil & Gas explores for and produces crude oil, natural gas liquids, and gas from resource plays primarily in the U.S. Under terms of the agreement Carrizo shareholders will receive 2.05 shares of Callon common stock per share, valuing the transaction at approximately $3 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 7/15/2019

Milacron Holdings Corp. (MCRN-$16.84-NYSE) agreed to be acquired by Hillenbrand, Inc. (HI-$33.69-NYSE). Milacron Holdings manufactures engineered and customized systems within the plastic technology and processing industry. Under terms of the agreement Milacron shareholders will receive $11.80 cash and 0.1612 shares of Hillenbrand common stock 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 2020. Announcement Date: 7/12/2019

Tower International, Inc. (TOWR-$30.80-NYSE) agreed to be acquired by Autokiniton Global Group. Tower International manufactures engineered automotive structural metal components and assemblies primarily for original equipment manufacturers. Under terms of the agreement Tower shareholders will receive $31.00 cash per share, valuing the transaction at approximately $900 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in September or October of 2019. Tower is also permitted to solicit superior bids from parties during a 35 day “go-shop” period. Announcement Date: 7/12/2019

Acacia Communications, Inc. (ACIA-$67.17-NASDAQ) agreed to be acquired by Cisco Systems, Inc. (CSCO-$55.40-NASDAQ). Acacia Communications develops high-speed coherent optical interconnect products. Under terms of the agreement Acacia shareholders will receive $70.00 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 second or third quarter of 2020. Announcement Date: 7/09/2019

OMNOVA Solutions, Inc. (OMN-$9.95-NYSE) agreed to be acquired by Synthomer plc (SYNT LN-£3.028-London). OMNOVA Solutions creates specialty solutions and performance materials for various commercial, industrial, and residential uses in the U.S., Europe, and Asia. Under terms of the agreement OMNOVA shareholders will receive $10.15 cash per share, valuing the transaction at approximately $800 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close by the end of 2019. Announcement Date: 7/03/2019

Telford Homes plc (TEF LN-£3.50-London) agreed to be acquired by CBRE Group, Inc. (CBRE-$53.01-NYSE). Telford Homes is one of London’s largest residential property developers. Under terms of the agreement Telford shareholders will receive £3.50 cash per share, valuing the transaction at approximately £300 million. The transaction is subject to the tender of at least 75% of shares outstanding, as well as regulatory approval and is expected to close in the third quarter of 2019. Announcement Date: 7/03/2019

Genesee & Wyoming, Inc. (GWR-$109.81-NYSE) agreed to be acquired by Brookfield Infrastructure Partners LP (BIP-$44.28-NYSE). Genesee & Wyoming owns and operates freight short line and regional freight railroads worldwide. Under terms of the agreement Genesee shareholders will receive $112.00 cash per share, valuing the transaction at approximately $9 billion. The transaction is subject the approval of two-thirds of shares outstanding, as well as regulatory approval and is expected to close by the end of 2019. Announcement Date: 7/01/2019

Latécoère SA (LAT FP-€3.82-Paris) received an unsolicited offer to be acquired by Searchlight Capital Partners. Latécoère designs and develops aerostructures and interconnection systems. Under terms of the offer Latécoère shareholders would receive €3.85 cash per share, valuing the transaction at approximately €300 million. Searchlight already owns approximately 26% of outstanding shares of Latécoère. The proposal is under review as part of Latécoère’s broader strategy, and we continue to monitor the situation. Announcement Date: 7/01/2019

WageWorks, Inc. (WAGE-$50.79-NYSE) agreed to be acquired by HealthEquity, Inc. (HQY-$65.40-NASDAQ) under revised terms. WageWorks administers consumer-directed benefits which empower employees to save money on taxes, as well as provides corporate tax advantages for employers in the U.S. Under terms of the agreement WageWorks shareholders will receive $51.35 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 by the end of 2019. Announcement Date: 6/27/2019

Aerohive Networks, Inc. (HIVE-$4.43-NYSE) agreed to be acquired by Extreme Networks, Inc. (EXTR-$6.47-NASDAQ). Aerohive Networks designs and develops cloud networking and enterprise Wi-Fi solutions. Under terms of the agreement Aerohive shareholders will receive $4.45 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 approval and is expected to close in the first quarter of 2020. Announcement Date: 6/26/2019

Oritani Financial Corp. (ORIT-$17.74-NASDAQ) agreed to be acquired by Valley National Bancorp (VLY-$10.78-NASDAQ). Oritani Financial is the savings and loan holding company for Oritani Bank which offers various banking services for individual and corporate customers. Under terms of the agreement Oritani shareholders will receive 1.6 shares of Valley National common stock 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 fourth quarter of 2019. Announcement Date: 6/26/2019

Allergan plc (AGN-$167.43-NYSE) agreed to be acquired by AbbVie, Inc. (ABBV-$72.72-NYSE). Allergan develops and manufactures branded pharmaceutical, biologic, surgical, and regenerative medicine products. Under terms of the agreement Allergan shareholders will receive $120.30 cash and 0.866 shares of AbbVie common stock per share, valuing the transaction at approximately $84 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in early 2020. Announcement Date: 6/25/2019

Altran Technologies SA (ALT FP-€13.95-Paris) agreed to be acquired by Capgemini SE (CAP FP-€109.35-Paris). Altran Technologies offers engineering consulting services in France, other European countries, the Americas, and Asia. Under terms of the agreement Altran shareholders will receive €14.00 cash per share, valuing the transaction at approximately €4 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close by the end of 2019. Announcement Date: 6/25/2019

Del Frisco’s Restaurant Group, Inc. (DFRG-$7.96-NASDAQ) agreed to be acquired by L Catterton. Del Frisco’s Restaurant Group owns and operates restaurants under the Del Frisco’s Double Eagle Steakhouse, Barcelona Wine Bar, bartaco, and Del Frisco’s Grille brand names. Under terms of the agreement Del Frisco’s shareholders will receive $8.00 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 fourth quarter of 2019. Announcement Date: 6/24/2019

NRC Group Holdings Corp. (NRCG-$11.12-NYSE) agreed to be acquired by US Ecology, Inc. (ECOL-$59.54-NASDAQ). NRC Group Holdings provides various environmental, compliance, and waste management services. Under terms of the agreement NRC Group shareholders will receive 0.196 shares of US Ecology common stock per share, valuing the transaction at approximately $500 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 6/24/2019

PCM, Inc. (PCMI-$35.04-NASDAQ) agreed to be acquired by Insight Enterprises, Inc. (NSIT-$58.20-NASDAQ). PCM is a multi-vendor provider of technology products and solutions in the U.S. and Europe. Under terms of the agreement PCM shareholders will receive $35.00 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 second half of 2019. Announcement Date: 6/24/2019

Rudolph Technologies, Inc. (RTEC-$27.63-NYSE) agreed to be acquired by Nanometrics, Inc. (NANO-$34.71-NASDAQ). Rudolph Technologies designs and develops process control software systems for microelectronic device manufacturers. Under terms of the agreement Rudolph shareholders will receive 0.8042 shares of Nanometrics common stock per share, valuing the transaction at approximately $800 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the second half of 2019. Announcement Date: 6/24/2019

Caesars Entertainment Corp. (CZR-$11.82-NASDAQ) agreed to be acquired by Eldorado Resorts, Inc. (ERI-$46.07-NASDAQ). Caesars Entertainment provides casino-entertainment and hospitality services internationally. Under term of the agreement Caesars shareholders will receive $8.40 cash and 0.0899 shares of Eldorado common stock per share, valuing the transaction at approximately $27 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the first half of 2020. Announcement Date: 6/23/2019

BCA Marketplace plc (BCA LN-£2.43-London) received an unsolicited offer to be acquired by TDR Capital. BCA Marketplace owns and operates a used vehicle exchange in Europe. Under terms of the offer BCA shareholders will receive £2.43 cash per share, valuing the transaction at approximately £2 billion. BCA’s Board of Directors is ready to recommend that BCA shareholders accept should TDR announce a firm offer. We continue to monitor the situation. Announcement Date: 6/20/2019

Premier Technical Services Group plc (PTSG LN-£2.08-London) agreed to be acquired by Macquarie Group Ltd. (MQG AU-A$125.39-Sydney). Premier Technical Services maintains and repairs permanent façade access equipment, fall arrest and lightning protection systems, and electrical services in the U.K. Under terms of the agreement Premier shareholders will receive £2.10 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 July of 2019. Announcement Date: 6/20/2019

Array BioPharma, Inc. (ARRY-$46.33-NASDAQ) agreed to be acquired by Pfizer, Inc. (PFE-$43.32-NYSE). Array BioPharma focuses on the development of small molecule drugs to treat cancer and other diseases. Under terms of the agreement Array shareholders will receive $48.00 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 approval and is expected to close in the second half of 2019. Announcement Date: 6/17/2019

C&J Energy Services, Inc. (CJ-$11.78-NYSE) agreed to be acquired by Keane Group, Inc. (FRAC-$6.72-NYSE). C&J Energy Services provides well construction, completion, and support to oil and gas exploration companies through the U.S. Under terms of the agreement C&J shareholders will receive 1.6149 shares of Keane common stock per share, as well as C&J’s previously declared dividend of $1.00, valuing the transaction at approximately $2 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 6/17/2019

LegacyTexas Financial Group, Inc. (LTXB-$40.71-NASDAQ) agreed to be acquired by Prosperity Bancshares, Inc. (PB-$66.05-NYSE). LegacyTexas Financial Group offers various banking products and services in the U.S. Under terms of the agreement LegacyTexas shareholders will receive $6.28 cash and 0.528 shares of Prosperity common stock per share, valuing the transaction at approximately $2 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 6/17/2019

Sotheby’s (BID-$58.13-NYSE) agreed to be acquired by Patrick Drahi. Sotheby’s operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine and collectibles internationally. Under terms of the agreement Sotheby’s shareholders will receive $57.00 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 in the fourth quarter of 2019. Announcement Date: 6/17/2019

SCISYS Group plc (SSY LN-£2.50-London) agreed to be acquired by CGI, Inc. (GIB-$76.77-NYSE). SCISYS Group provides IT services to large corporations and public sector organizations internationally. Under terms of the agreement SCISYS shareholders will receive £2.54 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 half of 2019. Announcement Date: 6/14/2019

TheStreet, Inc. (TST-$6.13-NASDAQ) agreed to be acquired by TheMaven, Inc. (MVEN-$0.65-OTC). TheStreet provides financial news and information to investors and institutions. Under terms of the agreement TheStreet shareholders will receive a total cash consideration, including payments under a Contingent Value Right (CVR), of $6.19 to $6.47 cash per share, valuing the transaction at approximately $35 million. The transaction is subject to shareholder approval and is expected to close in the third quarter of 2019. Announcement Date: 6/12/2019

Medidata Solutions, Inc. (MDSO-$90.51-NASDAQ) agreed to be acquired by Dassault Systèmes SE (DSY FP-€140.30-Paris). Medidata Solutions provides cloud-based solutions for life sciences. Under terms of the agreement Medidata shareholders will receive $92.25 cash per share, valuing the transaction at approximately $6 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 6/12/2019

Axel Springer SE (SPR GY-€61.95-Frankfurt) agreed to be acquired by KKR & Co., Inc. (KKR-$25.27-NYSE). Axel Springer is a publishing company offering Classifieds Media, News Media, and Marketing Media. Under terms of the agreement Axel shareholders will receive €63.00 cash per share, valuing the transaction at approximately €7 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval. No closing guidance has been provided, and we continue to monitor the situation. Announcement Date: 6/12/2019

Tableau Software, Inc. (DATA-$166.02-NYSE) agreed to be acquired by salesforce.com, inc. (CRM-$151.73-NYSE). Tableau Software provides business analytics software products. Under terms of the agreement Tableau shareholders will receive 1.103 shares of salesforce.com common stock per share, valuing the transaction at approximately $14 billion. The transaction is subject to the tender of at least a majority of shares of shares outstanding, as well as regulatory approval and is expected to close in the third quarter of 2019. Announcement Date: 6/10/2019

Barnes & Noble, Inc. (BKS-$6.69-NYSE) agreed to be acquire by Elliott Management Corp. Barnes & Noble primarily operates as a bookseller in the U.S. Under terms of the agreement Barnes & Noble shareholders will receive $6.50 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 2019. Announcement Date: 6/07/2019

Stewardship Financial Corp. (SSFN-$15.46-NASDAQ) agreed to be acquired by Columbia Financial, Inc. (CLBK-$15.10-NASDAQ). Stewardship Financial provides various commercial and retail banking products and services for small and medium-sized businesses, professionals, and individuals. Under terms of the agreement Stewardship shareholders will receive $15.75 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 fourth quarter of 2019. Announcement Date: 6/07/2019

DNB Financial Corp. (DNBF-$44.47-NASDAQ) agreed to be acquired by S&T Bancorp, Inc. (STBA-$37.48-NASDAQ). DNB Financial provides a range of commercial banking products and services to individuals and small to medium sized businesses. Under terms of the agreement DNB shareholders will receive 1.22 shares of S&T common stock per share, valuing the transaction at approximately $200 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2019. Announcement Date: 6/05/2019

Australian Unity Office Fund (AOF AU-A$2.94-Sydney) received an unsolicited offer to be acquired by Abacus Property Group (ABP AU-A$4.10-Sydney) and Charter Hall Group (CHC AU-A$10.83-Sydney). Australian Unity Office Fund owns a portfolio of office properties in Sydney, Adelaide, Melbourne, Brisbane, and Canberra, Australia. Under terms of the offer Australian Unity shareholders would receive A$2.95 cash per share, valuing the transaction at approximately A$500 million. The Consortium already owns approximately 20% of outstanding shares of Australian Unity.  The proposal is under review as part of Australian Unity’s broader strategy, and we continue to monitor the situation. Announcement Date: 6/04/2019

El Paso Electric Co. (EE-$65.40-NYSE) agreed to be acquired by J.P. Morgan’s Infrastructure Investments Fund. El Paso Electric engages in the generation, transmission, and distribution of electricity in west Texas and southern New Mexico. Under terms of the agreement El Paso shareholders will receive $68.25 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 2020. Announcement Date: 6/03/2019

First Sensor AG (SIS GY-€28.05-Frankfurt) agreed to be acquired by TE Connectivity Ltd. (TEL-$95.78-NYSE). First Sensor develops sensor chips, sensor components, sensors, and sensor systems for industrial, medical, and mobility markets. Under terms of the agreement First Sensor shareholders will receive €28.25 cash per share, valuing the transaction at approximately €300 million. The transaction is subject to regulatory approval and is expected to close in the first half of 2020. Announcement Date: 6/03/2019

Sears Hometown and Outlet Stores, Inc. (SHOS-$2.38-NASDAQ) agreed to be acquired by Transform Holdco LLC. Sears Hometown and Outlet Stores sells home appliances, lawn and garden equipment, tools, and hardware in the U.S. Under terms of the agreement Sears Hometown shareholders will receive $2.25 cash per share, valuing the transaction at approximately $50 million. The transaction is subject to regulatory approval and is expected to close in the third quarter of 2019. Announcement Date: 6/03/2019

Cypress Semiconductor Corp. (CY-$22.24-NASDAQ) agreed to be acquired by Infineon Technologies AG (IFX GY-€15.55-Frankfurt). Cypress Semiconductor designs embedded system solutions in the Microcontroller and Connectivity and Memory Products segments. Under terms of the agreement Cypress shareholders will receive $23.85 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 by early 2020. Announcement Date: 6/02/2019

Total System Services, Inc. (TSS-$123.53-NYSE) agreed to be acquired by Global Payments, Inc. (GPN-$154.04-NYSE). Total System Services is a global payments provider offering secure and innovative solutions across the payments spectrum for issuers, merchants, and consumers. Under terms of the agreement Total System shareholders will receive 0.8101 shares of Global Payments common stock per share, valuing the transaction at approximately $25 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 5/28/2019

Tarsus Group plc (TRS LN-£4.33-London) agreed to be acquired by Charterhouse Capital Partners LLP. Tarsus Group is an integrated media company operating in Europe, the Middle East, Africa, the Americas, and Asia. Under terms of the agreement Tarsus shareholders will receive £4.25 cash per share, valuing the transaction at approximately £600 million. The transaction is subject to shareholder, as well as regulatory approvals. No closing guidance has been provided, and we continue to monitor the situation. Announcement Date: 5/24/2019

A&J Mucklow Group plc (MKLW LN-£6.40-London) agreed to be acquired by LondonMetric Property plc (LMP LN-£2.04-London). A&J Mucklow is a Midlands based property company focusing on the long-term ownership and development of industrial and commercial property. Under terms of the agreement A&J shareholders will receive £2.05 cash and 2.19 shares of LondonMetric common stock per share, valuing the transaction at approximately £400 million. The transaction is subject to approval by shareholders of both companies. No closing guidance has been provided, and we continue to monitor the situation. Announcement Date: 5/23/2019

International Speedway Corp. (ISCA-$44.76-NASDAQ) agreed to be acquired by NASCAR Holdings, Inc. International Speedway promotes motorsports-themed entertainment activities in the U.S. Under terms of the agreement International Speedway shareholders will receive $45.00 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 and is expected to close by the end of 2019. Announcement Date: 5/22/2019

Avon Products, Inc. (AVP-$3.76-NYSE) agreed to be acquired by Natura Cosméticos SA (NATU3 BZ-R$59.65-Sao Paolo). Avon Products manufactures and markets beauty products in Europe, the Middle East, Africa, Latin America, and the Asia Pacific. Under terms of the agreement Avon shareholders will receive 0.3 shares of Natura common stock per share, valuing the transaction at approximately $4 billion. Upon closing, Avon common shareholders will own approximately 24% of the combined company. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the first quarter of 2020. Announcement Date: 5/22/2019

Acacia Mining plc (ACA LN-£1.57-London) has received an unsolicited offer to be acquired by Barrick Gold Corp. (GOLD-$12.42-NYSE). Acacia Mining mines, processes, and sells gold in Africa. Under terms of the offer Acacia shareholders would receive 0.153 shares of Barrick common stock per share, valuing the transaction at approximately $800 million. The proposal is under review as part of Acacia’s broader strategy, and we continue to monitor the situation. Announcement Date: 5/22/2019

Nuevolution AB (NUE SS-SEK32.30-Stockholm) agreed to be acquired by Amgen, Inc. (AMGN-$166.70-NASDAQ). Nuevolution develops drug treatments for oncology and chronic inflammatory diseases. Under terms of the agreement Nuevolution shareholders will receive SEK 32.50 cash per share, valuing the transaction at approximately SEK 2 billion. The transaction is subject to the tender of at least 90% of shares outstanding and is expected to close in July of 2019. Announcement Date: 5/22/2019

Oriflame Holding AG (ORI SS-SEK222.70-Stockholm) agreed to be acquired by the Jochnick Family. Oriflame manufactures and sells cosmetics and accessories worldwide. Under terms of the agreement Oriflame shareholders will receive SEK 227 cash per share, valuing the transaction at approximately SEK 13 billion. The Jochnick Family already owns approximately 31% of outstanding shares of Oriflame. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close by July 2019. Announcement Date: 5/22/2019

SafeCharge International Group Ltd. (SCH LN-£4.33-London) agreed to be acquired by Nuvei Corp. SafeCharge is a global payments technology company that offers omnichannel payment services, fraud prevention solutions and connection to payment methods. Under terms of the agreement SafeCharge shareholders will receive $5.55 cash per share, valuing the transaction at approximately $900 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the third quarter of 2019. Announcement Date: 5/22/2019

CIRCOR International, Inc. (CIR-$42.26-NYSE) received an unsolicited offer to be acquired by Crane Co. (CR-$76.46-NYSE). CIRCOR designs engineered products and sub-systems worldwide. Under terms of the offer CIRCOR shareholders would receive $45.00 cash per share, valuing the transaction at approximately $2 billion. The proposal is under review as part of CIRCOR’s broader strategy, and we continue to monitor the situation. Announcement Date: 5/21/2019

Teekay Offshore Partners LP (TOO-$1.15-NYSE) received an unsolicited offer to be acquired by Brookfield Business Partners LP (BBU-$37.15-NYSE). Teekay Offshore Partners provides marine transportation, oil production, storage, long-distance towing and offshore installation for the oil industry. Under terms of the offer Teekay shareholders would receive $1.05 cash per share, valuing the transaction at approximately $400 million. The proposal is under review as part of Teekay’s broader strategy, and we continue to monitor the situation. Announcement Date: 5/20/2019

Cray, Inc. (CRAY-$35.01-NASDAQ) agreed to be acquired by Hewlett Packard Enterprise Co. (HPE-$13.72-NYSE). Cray designs and develops computing products for high-performance computing, data analytics, and artificial intelligence markets. Under terms of the agreement Cray shareholders will receive $35.00 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 first quarter of 2020. Announcement Date: 5/17/2019

Atlantic Gold Corp. (AGB CN-C$2.89-Toronto) agreed to be acquired by St. Barbara Ltd. (SBM AU-A$2.56-Sydney). Atlantic Gold is a growth-oriented gold development group that acquires, explores, and develops gold properties in Canada. Under terms of the agreement Atlantic shareholders will receive C$2.90 cash and one share of SpinCo, valued at approximately C$0.05, per share, 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 July of 2019. Announcement Date: 5/14/2019

WestJet Airlines Ltd. (WJA CN-C$30.19-Toronto) agreed to be acquired by Onex Corp. (ONEX CN-C$77.09 -Toronto). WestJet Airlines offers scheduled airline services and travel packages, as well as cargo and charter services. Under terms of the agreement WestJet shareholders will receive C$31.00 cash per share, valuing the transaction at approximately C$5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close by early 2020. Announcement Date: 5/13/2019

Amber Road, Inc. (AMBR-$12.98-NYSE) agreed to be acquired by E2open. Amber Road provides cloud-based global trade management solutions in the U.S. and internationally. Under terms of the agreement Amber shareholders will receive $13.05 cash per share, valuing the transaction at approximately $400 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the third quarter of 2019. Announcement Date: 5/13/2019

Buckeye Partners LP (BPL-$40.76-NYSE) agreed to be acquired by IFM Global Infrastructure Fund. Buckeye Partners is a master limited partnership which owns a diversified global network of integrated assets providing midstream logistic solutions. Under terms of the agreement Buckeye shareholders will receive $41.50 cash per share, valuing the transaction at approximately $10 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2019. Announcement Date: 5/10/2019

Control4 Corp. (CTRL-$23.66-NASDAQ) agreed to be acquired by SnapAV. Control4 provides automation and networking systems for homes and businesses. Under terms of the agreement Control4 shareholders will receive $23.91 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 second half of 2019. Control4 is also permitted to solicit superior bids from parties during a 30 day “go shop” period. Announcement Date: 5/09/2019

EMC Insurance Group, Inc. (EMCI-$36.08-NASDAQ) agreed to be acquired by Employers Mutual Casualty Co. EMC Insurance is an insurance holding company. Under terms of the agreement EMC shareholders will receive $36.00 cash per share, 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 second half of 2019. Announcement Date: 5/09/2019

Andeavor Logistics LP (ANDX-$34.88-NYSE) agreed to be acquired by MPLX LP (MPLX-$30.58-NYSE). Andeavor Logistics is a fee-based, full-service midstream logistics company with integrated assets across the western and mid-continent regions of the U.S. Under terms of the agreement Andeavor shareholders will receive 1.135 shares of MPLX common stock 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 second half of 2019. Announcement Date: 5/08/2019

Zayo Group Holdings, Inc. (ZAYO-$32.70-NYSE) agreed to be acquired by EQT and Digital Colony Partners. Zayo Group provides mission-critical bandwidth with a 130,000-mile network in North America and Europe. Under terms of the agreement Zayo shareholders will receive $35.00 cash per share, valuing the transaction at approximately $14 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2020. Announcement Date: 5/08/2019

Amplify Energy Corp. (AMPY-$6.10-OTCQX) agreed to be acquired by Midstates Petroleum Company, Inc. (MPO-$6.69-NYSE). Amplify Energy engages in the acquisition, development, exploration, and production of oil and natural gas properties in the Rockies, offshore California, East Texas, North Louisiana, and South Texas. Under terms of the agreement Amplify shareholders will receive 0.933 shares of Midstates common stock 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 2019. Announcement Date: 5/06/2019

Aquantia Corp. (AQ-$13.14-NYSE) agreed to be acquired by Marvell Technology Group Ltd. (MRVL-$22.30-NASDAQ). Aquantia designs and develops advanced, high-speed communications ICs for Ethernet connectivity. Under terms of the agreement Aquantia shareholders will receive $13.25 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 by the end of 2019. Announcement Date: 5/06/2019

Chesapeake Lodging Trust (CHSP-$28.77-NYSE) agreed to be acquired by Park Hotels & Resorts, Inc. (PK-$27.62-NYSE). Chesapeake Lodging Trust is a self-advised lodging real estate investment trust focused primarily on investments in upscale hotels. Under terms of the agreement Chesapeake shareholders will receive $11.00 cash and 0.628 shares of Park Hotels common stock 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 third or fourth quarter of 2019. Announcement Date: 5/06/2019

Liberty Tax, Inc. (TAXA-$10.00-OTC) received an unsolicited offer to be acquired by Vintage Capital Management LLC. Liberty Tax is the parent company of Liberty Tax Service and prepared approximately 2 million individual income tax returns in 2018. Under terms of the offer Liberty shareholders would receive $12.00 cash per share, valuing the transaction at approximately $200 million. The proposal is under review as part of Liberty’s broader strategy, and we continue to monitor the situation. Announcement Date: 5/06/2019

Kidman Resources Ltd. (KDR AU-A$1.88-Sydney) received an offer to be acquired by Wesfarmers Ltd. (WES AU-A$37.05-Sydney). Kidman Resources explores for and develops base meals and rare earth deposits in Australia. Under terms of the offer Kidman shareholders would receive A$1.90 cash per share, valuing the transaction at approximately A$800 million. The transaction would be subject to shareholder, as well as regulatory approvals and is under review as part of Kidman’s broader strategy. Announcement Date: 5/02/2019

Spectrum ASA (SPU NO-NOK61.70-Oslo) agreed to be acquired by TGS-NOPEC Geophysical Co. ASA (TGS NO-NOK219.30-Oslo). Spectrum produces multi-client seismic surveys and seismic data imaging in the oil and gas market. Under terms of the agreement Spectrum shareholders will receive $0.075 cash and 0.28 shares of TGS common stock per share, valuing the transaction at approximately NOK 3 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2019. Announcement Date: 5/02/2019

WageWorks, Inc. (WAGE-$48.79-NYSE) has received an unsolicited offer to be acquired by HealthEquity, Inc. (HQY-$67.75-NASDAQ). WageWorks administers consumer-directed benefits which empower employees to save money on taxes, as well as provides corporate tax advantages for employers in the U.S. Under terms of the offer WageWorks shareholders would receive $50.50 cash per share, valuing the transaction at approximately $2 billion. The proposal is under review as part of WageWorks’ broader strategy, and we continue to monitor the situation. Announcement Date: 04/30/2019

Independent News & Media plc (INM ID-€0.103-Ireland) agreed to be acquired by Mediahuis NV. Independent News & Media primarily publishes and distributes newspapers in Ireland. Under terms of the agreement Independent News shareholders will receive €0.105 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 third quarter of 2019. Announcement Date: 04/30/2019

Parques Reunidos Servicios Centrales SA (PQR SM-€13.90-Madrid) agreed to be acquired by Piolin BidCo. Parques Reunidos operates leisure parks, theme parks, zoos and other attractions across Europe, the Americas, and the Middle East. Under terms of the agreement Parques shareholders will receive €14.00 cash per share, valuing the transaction at approximately €1 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close mid-2019. Announcement Date: 04/26/2019

Aratana Therapeutics, Inc. (PETX-$4.70-NASDAQ) agreed to be acquired by Elanco Animal Health Inc. (ELAN-$31.50-NYSE). Aratana Therapeutics is a pet therapeutics company focused on developing and commercializing innovative therapeutics for dogs and cats. Under terms of the agreement Aratana shareholders will receive 0.1481 shares of Elanco common stock per share, valuing the transaction at approximately $200 million. The agreement also includes a Contingent Value Right of $0.25 per share which will be paid if capromorelin achieves certain sales levels on or before the end of 2021. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close mid-2019. Announcement Date: 04/26/2019

SORL Auto Parts, Inc. (SORL-$3.71-NASDAQ) has received an unsolicited offer to be acquired by a CEO Consortium. SORL Auto Parts develops, manufactures, and distributes automotive brake systems and other safety related auto parts to automotive original equipment manufacturers in China. Under terms of the agreement SORL shareholders will receive $4.26 cash per share, valuing the transaction at approximately $100 million. The Consortium already owns approximately 58.9% of outstanding shares of SORL. The proposal is under review as part of SORL’s broader strategy, and we continue to monitor the situation. Announcement Date: 04/26/2019

KCOM Group plc (KCOM LN-£0.98-London) agreed to be acquired by USSL. KCOM Group provides communication and Internet-based services to enterprises, public sector organizations, and residential consumers in the U.K. Under terms of the agreement KCOM shareholders will receive £0.97 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 mid-2019. Announcement Date: 04/24/2019

Speedway Motorsports, Inc. (TRK-$18.35-NYSE) has received an unsolicited offer to be acquired by Sonic Financial Corp. Speedway Motorsports is a marketer and promoter of motorsports entertainment in the U.S. Under terms of the offer Speedway shareholders would receive $18.00 cash per share, valuing the transaction at approximately $700 million. The proposal is under review as part of Speedway’s broader strategy, and we continue to monitor the situation. Announcement Date: 04/24/2019

Anadarko Petroleum Corp. (APC-$72.85-NYSE) received an unsolicited offer to be acquired by Occidental Petroleum Corp. (OXY-$58.88-NYSE). Anadarko Petroleum explores for and produces oil, natural gas, and natural gas liquids. Under terms of the offer Anadarko shareholders would receive $38.00 cash and 0.6094 shares of Occidental common stock per share, valuing the transaction at approximately $55 billion. Anadarko previously agreed to be acquired by Chevron Corp. (CVX-$120.06-NYSE) on April 12 for $48 billion. Under Chevron’s agreement Anadarko shareholders would receive $16.25 cash and 0.3869 shares of Chevron common stock per share. Both proposals are under review as part of Anadarko’s broader strategy, and we continue to monitor the situation. Announcement Date: 04/24/2019

Entegra Financial Corp. (ENFC-$29.50-NASDAQ) agreed to be acquired by First Citizens BancShares, Inc. (FCNCA-$448.25-NASDAQ). Entegra is the holding company of Entegra Bank which operates 18 branches located throughout Western North Carolina, Upstate South Carolina, and North Georgia. Under terms of the agreement Entegra shareholders will receive $30.18 cash per share, valuing the transaction at approximately $200 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2019. Announcement Date: 04/24/2019

KeyW Holding Corp. (KEYW-$11.34-NASDAQ) agreed to be acquired by Jacobs Engineering Group, Inc. (JEC-$77.94-NYSE). KeyW provides national security solutions to the Intelligence, Cyber, and Counterterrorism communities. Under terms of the agreement KeyW shareholders will receive $11.25 cash per share, valuing the transaction at approximately $800 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close by the end of August 2019. Announcement Date: 04/22/2019

Smart & Final Stores, Inc. (SFS-$6.53-NYSE) agreed to be acquired by Apollo Global Management LLC. Smart & Final is a value-oriented food retailer operating 257 stores across the Northwest and Pacific Coast. Under terms of the agreement Smart & Final shareholders will receive $6.50 cash per share, valuing the transaction at approximately $500 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close by the third quarter of 2019. Announcement Date: 04/16/2019

DuluxGroup Ltd. (DLX AU-A$9.75-Sydney) agreed to be acquired by Nippon Paint Holdings Co. Ltd. (4612 JP-¥4,215-Tokyo). DuluxGroup markets and manufactures premium branded products, primarily in the home improvement market in Australia and New Zealand. Under terms of the agreement DuluxGroup shareholders will receive A$9.80 cash per share, valuing the transaction at approximately A$4 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in August 2019. Announcement Date: 04/16/2019

Advanced Disposal Services, Inc. (ADSW-$32.34-NYSE) agreed to be acquired by Waste Management, Inc. (WM-$107.34-NYSE). Advanced Disposal Services is the fourth largest solid waste company in the U.S. and provides integrated, non-hazardous solid waste collection, recycling and disposal services. Under terms of the agreement Advanced Disposal shareholders will receive $33.15 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 by the first quarter of 2020. Announcement Date: 04/15/2019

Electronics for Imaging, Inc. (EFII-$37.19-NASDAQ) agreed to be acquired by Siris Capital Group LLC. Electronics for Imaging provides industrial format display graphics, corrugated packaging and display, textile, and ceramic tile decoration digital inkjet printers worldwide. Under terms of the agreement Electronics for Imaging shareholders will receive $37.00 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 third quarter of 2019. Electronics for Imaging is also permitted to solicit superior bids from parties during a 45 day “go shop” period. Announcement Date: 04/15/2019

HomeFed Corp. (HOFD-$39.25-OTCMKTS) agreed to be acquired by Jefferies Financial Group, Inc. (JEF-$20.57-NYSE). HomeFed is a developer and owner of residential and missed-use real estate properties in California and New York. Under terms of the agreement HomeFed shareholders will have the option to receive $38.00 cash or $42.00 worth of Jefferies common stock per share, subject to proration, valuing the transaction at approximately $700 million. Jefferies already owns approximately 70% of outstanding shares of HomeFed. The transaction is subject to shareholder approval and is expected to close in the third quarter of 2019. Announcement Date: 04/15/2019

Versum Materials, Inc. (VSM-$52.18-NYSE) agreed to be acquired by Merck KGaA (MRK GY-€95.06-Frankfurt). Versum Materials develops, transports, and handles specialty materials for the semiconductor and display industries. Under terms of the agreement Versum shareholders will receive $53.00 cash per share, valuing the transaction at approximately $6 billion. Merck previously proposed $48.00 in February 2019 and subsequently raised the offer price in April, resulting in Versum accepting the offer and terminating their merger agreement with Entegris, Inc. (ENTG-$40.86-NASDAQ). The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2019. Announcement Date: 04/12/2019

Papa Murphy’s Holdings, Inc. (FRSH-$6.47-NASDAQ) agreed to be acquired by MTY Food Group, Inc. (MTY CN-C$55.35-Toronto). Papa Murphy’s is the owner and franchiser of the Take ‘n’ Bake pizza brand and is the fifth largest pizza chain in the U.S. Under terms of the agreement Papa Murphy’s shareholders will receive $6.45 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 approval and is expected to close in the second quarter of 2019. Announcement Date: 04/11/2019

Koninklijke Wessanen NV (WES NA-€11.56-Amsterdam) agreed to be acquired by a Consortium of Investors led by PAI Partners SAS. Koninklijke Wessanen operates in the European market for healthy, organic, and sustainable food. Under terms of the agreement Koninklijke shareholders will receive €11.50 cash per share, valuing the transaction at approximately €900 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the second half of 2019. Announcement Date: 04/10/2019

Global Brass and Copper Holdings, Inc. (BRSS-$43.39-NYSE) agreed to be acquired by Wieland-werke AG. Global Brass and Copper is a value-added converter, fabricator, processor and distributor of specialized non-ferrous products in North America. Under terms of the agreement Global Brass shareholders will receive $44.00 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 second half of 2019. Announcement Date: 04/10/2019

Crown Resorts Ltd. (CWN AU-A$13.29-Sydney) has received an unsolicited offer to be acquired by Wynn Resorts Ltd. (WYNN-$144.45-NASDAQ). Crown Resorts operates in the entertainment industry primarily in Australia. Under terms of the offer Crown shareholders would receive A$14.75 in equal parts cash and stock, valuing the transaction at approximately A$14 billion. The proposal is under review as part of Crown’s broader strategy, and we continue to monitor the situation. Announcement Date: 04/09/2019

DNA Oyj (DNA FH-€21.22-Helsinki) agreed to be acquired by Telenor ASA (TEL NO-NOK173.20-Oslo). DNA is an integrated fixed and mobile telecom operator in Finland. Under terms of the agreement DNA shareholders will receive €20.90 cash per share, valuing the transaction at approximately €3 billion. Telenor will first acquire the main shareholders’ stakes, triggering a mandatory tender for the remaining outstanding shares. The transaction is expected to close in the third quarter of 2019. Announcement Date: 04/09/2019

J. Alexander’s Holdings, Inc. (JAX-$10.99-NYSE) has received an unsolicited offer to be acquired by Ancora Advisors. J. Alexander’s, through its subsidiaries, owns and operates upscale dining restaurants in the U.S., including J. Alexander’s, Redlands Grill, Overland Park Grill, and River Steakhouse and Grill. Under terms of the offer J. Alexander’s shareholders would receive $11.75 cash per share, valuing the transaction at approximately $200 million. The proposal is under review as part of J. Alexander’s broader strategy, and we continue to monitor the situation. Announcement Date: 04/08/2019

BSM Technologies, Inc. (GPS CN-C$1.39-Toronto) agreed to be acquired by Geotab. BSM Technologies provides global positioning system fleet and asset management solutions. Under terms of the agreement BSM shareholders will receive C$1.40 cash per share, valuing the transaction at approximately C$100 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2019. Announcement Date: 04/08/2019

Lighthouse Group plc (LGT LN-£0.33-London) agreed to be acquired by Quilter plc (QLT LN-£1.48-London). Lighthouse Group provides financial advice to retail and corporate customers, and regulatory authorization to financial advisers in the U.K. Under terms of the agreement Lighthouse shareholders will receive £0.33 cash per share, valuing the transaction at approximately £50 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2019. Announcement Date: 04/03/2019

AmeriGas Partners LP (APU-$36.26-NYSE) agreed to be acquired by UGI Corp. (UGI-$54.51-NYSE). AmeriGas Partners is the largest retail propane marketer in the U.S. Under terms of the agreement AmeriGas shareholders will have the option to receive $35.33 cash, 0.6378 shares of UGI common stock per share, or a combination of $7.63 cash and 0.50 shares of UGI common stock 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 third quarter of 2019. Announcement Date: 04/02/2019

Panalpina Welttransport Holding AG (PWTN SW-CHF218.80-Switzerland) agreed to be acquired by DSV A/S (DSV DC-DKK615.00-Copenhagen). Panalpina provides air and ocean freight and logistics services. Under terms of the agreement Panalpina shareholders will receive 2.375 shares of DSV common stock per share, valuing the transaction at approximately CHF 5 billion. DSV previously proposed CHF 55.00 cash and 1.58 shares of DSV common stock per share in January 2019 and revised the offer in February, both of which Panalpina rejected. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the fourth quarter of 2019. Announcement Date: 04/01/2019

WABCO Holdings, Inc. (WBC-$131.83-NYSE) agreed to be acquired by ZF Group. WABCO Holdings supplies electronic, mechanical, electro-mechanical, and aerodynamic products worldwide. Under terms of the agreement WABCO shareholders will receive $136.50 cash 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 early 2020. Announcement Date: 03/28/2019

WellCare Health Plans, Inc. (WCG-$269.75-NYSE) agreed to be acquired by Centene Corp. (CNC-$53.10-NYSE). WellCare Health Plans provides government-sponsored managed care services. Under terms of the agreement WellCare shareholders will receive $120.00 cash and 3.38 shares of Centene common stock per share, valuing the transaction at approximately $17 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the first half of 2020. Announcement Date: 03/27/2019

Quantenna Communications, Inc. (QTNA-$24.33-NASDAQ) agreed to be acquired by ON Semiconductor Corp. (ON-$20.57-NASDAQ). Quantenna designs, develops, and markets wireless communication solutions enabling wireless local area networking. Under terms of the agreement Quantenna shareholders will receive $24.50 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 second half of 2019. Announcement Date: 03/27/2019

Valener, Inc. (VNR CN-C$26.15-Toronto) agreed to be acquired by Noverco, Inc. Valener is a natural gas business in Canada and the U.S. that operates in two segments, energy and electricity distribution. Under terms of the agreement Valener shareholders will receive C$26.00 cash per share, valuing the transaction at approximately C$1 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the next 6 months. Announcement Date: 03/27/2019

TIER REIT, Inc. (TIER-$28.66-NYSE) agreed to be acquired by Cousins Properties, Inc. (CUZ-$9.66-NYSE). TIER REIT is a Dallas-based real estate investment trust focused on owning commercial office properties in dynamic markets throughout the U.S. Under terms of the agreement TIER shareholders will receive 2.98 shares of Cousins common stock per share, valuing the transaction at approximately $2 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the third quarter of 2019. Announcement Date: 03/25/2019

Gluskin Sheff + Associates, Inc. (GS CN-C$14.35-Toronto) agreed to be acquired by Onex Corp. (ONEX CN-C$75.38-Toronto). Gluskin Sheff + Associates is an investment manager that also provides wealth management services. Under terms of the agreement Gluskin shareholders will receive C$14.25 cash per share, valuing the transaction at approximately C$450 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2019. Announcement Date: 03/25/2019

Inmarsat plc (ISAT LN-£5.55-London) agreed to be acquired by a Consortium of Private Equity Buyers. Inmarsat provides mobile satellite communications services on land, at sea, and in the air. Under terms of the agreement Inmarsat shareholders will receive $7.09 cash per share, as well as Inmarsat’s previously declared dividend of $0.12, for a $7.21 total per share deal consideration. The transaction is valued at approximately £3 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the fourth quarter of 2019.  Announcement Date: 03/25/2019

Stallergenes Greer plc (STAGR FP-€36.50-Paris) agreed to be acquired by Waypoint Group. Stallergenes Greer is a biopharmaceutical company that engages in the diagnosis and treatment of allergies. Under terms of the agreement Stallergenes shareholders will receive €37.00 cash per share, valuing the transaction at approximately €700 million. The transaction is subject to the tender of at least 75% of shares outstanding and is expected to close in May of 2019. Announcement Date: 03/21/2019

HFF, Inc. (HF-$47.75-NYSE) agreed to be acquired by Jones Lang LaSalle Incorporated (JLL-$154.18-NYSE). HFF is a full-service commercial real estate financial intermediary that provides commercial real estate and capital markets services to both the consumer and providers of capital in the commercial real estate sector. Under terms of the agreement HFF shareholders will receive $24.63 cash and 0.1505 shares of Jones Lang LaSalle common stock 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 third quarter of 2019. Announcement Date: 03/19/2019

American Midstream Partners LP (AMID-$5.17-NYSE) agreed to be acquired by ArcLight Energy Partners Fund V LP. American Midstream Partners is a limited partnership formed to provide critical midstream infrastructure that links natural gas, crude oil, and specialty chemical producers to end-use markets.  Under terms of the agreement American Midstream shareholders will receive $5.25 cash per share, valuing the transaction at approximately $400 million. The transaction is subject to written consent from the Partnership’s leaders, as well as regulatory approval and is expected to close in the second quarter of 2019. Announcement Date: 03/18/2019

Worldpay, Inc. (WP-$113.50-NYSE) agreed to be acquired by Fidelity National Information Services, Inc. (FIS-$113.10-NYSE). Worldpay is a payments technology company with a comprehensive suite of products and services. Under terms of the agreement Worldpay shareholders will receive $11.00 cash and 0.9287 shares of Fidelity National common stock per share, valuing the transaction at approximately $43 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the second half of 2019. Announcement Date: 03/18/2019

Oaktree Capital Group LLC (OAK-$49.65-NYSE) agreed to be acquired by Brookfield Asset Management, Inc. (BAM-$46.65-NYSE). Oaktree is an investment manager specializing in alternative investments with approximately $120 billion in assets under management at the end of 2018. Under terms of the agreement Oaktree shareholders will have the option to receive, on a pro-rated basis, $49.00 cash or 1.0770 shares of Brookfield Class A stock 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 in the third quarter of 2019. Announcement Date: 03/13/2019

Osiris Therapeutics, Inc. (OSIR-$19.00-NASDAQ) agreed to be acquired by Smith & Nephew plc (SNN-$40.11-NYSE). Osiris researches, develops, and manufactures regenerative medicine products intended to improve the health of patients and lower overall healthcare costs. Under terms of the agreement Osiris shareholders will receive $19.00 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 the second quarter of 2019. Announcement Date: 03/12/2019

Acando AB (ACANB SS-SEK41.30-Stockholm) agreed to be acquired by CGI Group, Inc. (GIB-$68.76-NYSE). Acando offers consulting services in Sweden, Norway, Germany, and internationally. Under terms of the agreement Acando shareholders will receive SEK 41.45 cash per share, valuing the transaction at approximately SEK 4 billion. The transaction is subject to the tender of at least 90% of shares outstanding, as well as regulatory approval and is expected to close in the April of 2019.  Announcement Date: 03/11/2019

Mellanox Technologies Ltd. (MLNX-$118.36-NASDAQ) agreed to be acquired by NVIDIA Corp. (NVDA-$179.56-NASDAQ). Mellanox supplies end-to-end Ethernet and InfiniBand smart interconnect solutions and services for servers and storage. Under terms of the agreement Mellanox shareholders will receive $125.00 cash 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 by the end of 2019. Announcement Date: 03/11/2019

Bluegreen Vacations Corp. (BXG-$14.86-NYSE) agreed to be acquired by BBX Capital Corp. (BBX-$5.92-NYSE). Bluegreen Vacations markets and sells vacation ownership interests and manages resorts in leisure and urban destinations. Under terms of the agreement Bluegreen shareholders will receive $16.00 cash per share, valuing the transaction at approximately $1 billion. The transaction is a short-form merger as BBX Capital already owns approximately 90% of Bluegreen and thus no approvals are required. Announcement Date: 03/04/2019

Nightstar Therapeutics plc (NITE-$25.37-NASDAQ) agreed to be acquired by Biogen, Inc. (BIIB-$236.38-NASDAQ). Nightstar is a clinical-stage gene therapy company focused on developing and commercializing novel one-time treatments for patients suffering from rare inherited retinal diseases. Under terms of the agreement Nightstar shareholders will receive $25.50 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 mid-2019. Announcement Date: 03/04/2019

Versum Materials, Inc. (VSM-$49.00-NYSE) has received an unsolicited offer to be acquired by Merck KGaA (MRK GY-€90.78-Frankfurt). Versum Materials develops, transports, and handles specialty materials for the semiconductor and display industries. Under terms of the offer Versum shareholders would receive $48.00 cash per share, valuing the transaction at approximately $5 billion. In January, Versum agreed to be acquired by Entegris (ENTG-$35.33-NASDAQ) in an all-stock transaction that values Versum at $4.1 billion. The proposal is under review as part of Versum’s broader strategy, and we continue to monitor the situation. Announcement Date: 02/27/2019

Ruralco Holdings Ltd. (RHL AU-A$4.47-ASX) agreed to be acquired by Nutrien Ltd. (NTR-$54.44-NYSE). Ruralco sells and markets merchandise, fertilizers, and water products to rural customers in Australia. Under terms of the agreement Ruralco shareholders will receive A$4.40 cash per share, valuing the transaction at approximately A$500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in June 2019. Announcement Date: 02/26/2019

Clementia Pharmaceuticals, Inc. (CMTA-$25.83-NASDAQ) agreed to be acquired by Ipsen SA (IPN FP-€121.60-Paris). Clementia Pharmaceuticals is a clinical stage biopharmaceutical company that develops treatments for patients suffering from bone disorders and other diseases. Under terms of the agreement Clementia shareholders will receive $25.00 cash per share, valuing the transaction at approximately $1 billion. The agreement also includes a Contingent Value Right of $6.00 per share, dependent on the FDA’s acceptance of the NDA filing for palovarotene for the treatment of multiple osteochondromas.  The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2019. Announcement Date: 02/25/2019

Multi-Color Corp. (LABL-$49.85-NASDAQ) agreed to be acquired by Platinum Equity LLC. Multi-Color Corp. provides various label solutions, including pressure sensitive, in-mold, heat transfer, and cut and stack labels. Under terms of the agreement Multi-Color shareholders will receive $50.00 cash per share, valuing the transaction at approximately $2.5 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2019. Announcement Date: 02/25/2019

Spark Therapeutics, Inc. (ONCE-$113.30-NASDAQ) agreed to be acquired by Roche Holding AG (ROG SW-CHF277.30-Switzerland). Spark Therapeutics develops gene therapy treatments for patients suffering from debilitating genetic diseases. Under terms of the agreement Spark shareholders will receive $114.50 cash per share, valuing the transaction at approximately $5 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the second quarter of 2019. Announcement Date: 02/25/2019

Dairy Crest Group plc (DCG LN-£6.30-London) agreed to be acquired by Saputo, Inc. (SAP CN-C$42.89-Toronto). Dairy Crest processes and markets branded dairy products in the U.K. and internationally. Under terms of the agreement Dairy Crest shareholders will receive £6.20 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 second quarter of 2019. Announcement Date: 02/22/2019

Attunity Ltd. (ATTU-$23.38-NASDAQ) agreed to be acquired by Qlik Technologies. Attunity develops, markets, and sells data integration and Big Data management software solutions. Under terms of the agreement Attunity shareholders will receive $23.50 cash per share, valuing the transaction at approximately $500 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the second quarter of 2019. Announcement Date: 02/21/2019

Immune Design Corp. (IMDZ-$5.82-NASDAQ) agreed to be acquired by Merck & Co., Inc. (MRK-$81.29-NYSE). Immune Design Corp is a clinical-stage immunotherapy company that researches and develops in vivo treatments for cancer. Under terms of the agreement Immune Design shareholders will receive $5.85 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 second quarter of 2019. Announcement Date: 02/21/2019

NextGenTel Holding ASA (NGT NO-NOK13.85-Oslo) agreed to be acquired by Telecom Holding 3 AS. NextGenTel provides fixed and mobile internet communication services to individuals and small businesses. Under terms of the agreement NextGenTel shareholders will receive NOK 14.00 cash per share, valuing the transaction at approximately NOK 300 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval. No closing guidance has been provided and we continue to monitor the situation. Announcement Date: 02/15/2019

Scout24 AG (G24 GY-€46.30-Frankfurt) agreed to be acquired by Hellman & Friedman Group and Blackstone. Scout24 operates digital marketplaces specializing in the real estate and automotive sectors in Germany and other European countries. Under terms of the agreement Scout24 shareholders will receive €46.00 cash per share, valuing the transaction at approximately €6 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval. No closing guidance has been provided and we continue to monitor the situation. Announcement Date: 02/15/2019

Solium Capital, Inc. (SUM CN-C$19.14-Toronto) agreed to be acquired by Morgan Stanley (MS-$41.98-NYSE). Solium Capital offers cloud-enabled services for administration, financial reporting, and compliance related to equity-based incentive plans. Under terms of the agreement Solium shareholders will receive C$19.15 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 second quarter of 2019. Announcement Date: 02/11/2019

SunTrust Banks, Inc. (STI-$64.87-NYSE) agreed to be acquired by BB&T Corp. (BBT-$50.97-NYSE). SunTrust is the holding company for SunTrust Bank which provides various financial services for consumers, businesses, corporations, and institutions in the U.S. Under terms of the agreement SunTrust shareholders will receive 1.295 shares of BB&T 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 approval and is expected to close in the fourth quarter of 2019. Announcement Date: 02/07/2019

Crius Energy Trust (KWH-U CN-C$8.95-Toronto) agreed to be acquired by Vistra Energy (VST-$26.04-NYSE). Crius Energy sells electricity, natural gas, and solar energy products to residential and commercial customers. Under terms of the agreement Crius shareholders will receive C$7.57 cash per share, as well as Vistra’s previously-declared first quarter distribution of C$0.209, for a C$7.78 total per share deal consideration. The transaction is valued at approximately C$500 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second quarter of 2019. Announcement Date: 02/07/2019

SunCoke Energy Partners LP (SXCP-$14.46-NYSE) agreed to be acquired by SunCoke Energy, Inc. (SXC-$9.92-NYSE). SunCoke Energy Partners, the sponsored master limited partnership subsidiary of SunCoke Energy, supplies high-quality coke used in the blast furnace production of steel. Under terms of the agreement SunCoke shareholders will receive 1.40 shares of SunCoke Energy, Inc. common stock per share, valuing the transaction at approximately $700 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close by the third quarter of 2019. Announcement Date: 02/05/2019

Maxwell Technologies, Inc. (MXWL-$4.72-NASDAQ) agreed to be acquired by Tesla, Inc. (TSLA-$319.88-NASDAQ). Maxwell Technologies develops and manufactures innovative, cost-effective energy and power delivery solutions. Under terms of the agreement Maxwell shareholders will receive $4.75 worth of Tesla stock 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 approval and is expected to close in the second quarter of 2019. Announcement Date: 02/04/2019

Ultimate Software Group, Inc. (ULTI-$331.50-NASDAQ) agreed to be acquired by Hellman & Friedman Group. Ultimate Software provides cloud-based human capital management and employee experience solutions. Under terms of the agreement Ultimate Software shareholders will receive $331.50 cash per share, valuing the transaction at approximately $11 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close mid-2019. Ultimate Software is also permitted to solicit superior bids from parties during a 50 day “go shop” period. Announcement Date: 02/04/2019

TCF Financial Corp. (TCF-$22.16-NYSE) agreed to be acquired by Chemical Financial Corp. (CHFC-$44.46-NASDAQ). TCF Financial is a Wayzata, Minnesota-based national bank holding company with 314 bank branches located across the Midwest offering retail and commercial banking services. Under terms of the agreement TCF shareholders will receive 0.5081 shares of Chemical Financial 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 approval and is expected to close by the fourth quarter of 2019. Announcement Date: 01/28/2019

Versum Materials, Inc. (VSM-$36.77-NYSE) agreed to be acquired by Entegris, Inc. (ENTG-$33.05-NASDAQ). Versum Materials offers high-purity chemicals and gases, delivery systems, services and materials expertise to meet the needs of the global semiconductor and display industries. Under terms of the agreement Versum shareholders will receive 1.12 shares of Entegris 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 approval and is expected to close in the second half of 2019. Announcement Date: 01/28/2019

RPC Group plc (RPC LN-£7.95-London) agreed to be acquired by Apollo Global Management LLC (APO-$29.28-NYSE). RPC is a global plastic product design and engineering company. Under terms of the agreement RPC shareholders will receive £7.82 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 second quarter of 2019. Announcement Date: 01/23/2019

ZCL Composites, Inc. (ZCL CN-C$9.92-Toronto) agreed to be acquired by Shawcor Ltd. (SCL CN-C$20.27-Toronto). ZCL Composites is the largest North American manufacturer of environmentally friendly fiberglass reinforced plastic underground storage tanks for the fuel, water and wastewater, and oil and gas markets. Under terms of the agreement ZCL shareholders will receive C$10.00 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 second quarter of 2019. Announcement Date: 01/20/2019

Panalpina Welttransport Holding AG (PWTN SW-CHF174.60-Switzerland) received an unsolicited offer to be acquired by DSV A/S (DSV DC-DKK519.40-Copenhagen). Panalpina provides air and ocean freight and logistics services. Under terms of the offer Panalpina shareholders would receive CHF 55.00 cash and 1.58 shares of DSV common stock per share, valuing the transaction at approximately CHF 4 billion. The proposal is under review as part of Panalpina’s broader strategy, and we continue to monitor the situation. Announcement Date: 01/16/2019

First Data Corp. (FDC-$24.65-NYSE) agreed to be acquired by Fiserv, Inc. (FISV-$82.93-NASDAQ). First Data provides electronic commerce solutions for merchants, financial institutions, and card issuers. Under terms of the agreement First Data shareholders will receive 0.303 shares of Fiserv common stock per share, valuing the transaction at approximately $38 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the second half of 2019. Announcement Date: 01/16/2019

Gannett Co., Inc. (GCI-$11.09-NYSE) received an unsolicited offer to be acquired by MNG Enterprises, Inc. Gannett is a digitally focused media and marketing solutions company. Under terms of the offer, Gannett shareholders would receive $12.00 cash per share, valuing the transaction at approximately $2 billion. The proposal is under review as part of Gannett’s broader strategy, and we continue to monitor the situation. Announcement Date: 01/14/2019

Goldcorp, Inc. (GG-$11.19-NYSE) agreed to be acquired by Newmont Mining Corp. (NEM-$34.11-NYSE). Goldcorp acquires, explores for, and develops precious metal properties, primarily gold, silver, zinc and copper deposits, across the Americas. Under terms of the agreement Goldcorp shareholders will receive $0.02 cash and 0.3280 shares of Newmont common stock per share, valuing the transaction at approximately $13 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the second quarter of 2019. Announcement Date: 01/14/2019

Loxo Oncology, Inc. (LOXO-$234.60-NASDAQ) agreed to be acquired by Eli Lilly and Co. (LLY-$119.86-NYSE). Loxo Oncology is a biopharmaceutical company that develops medicines for patients with genomically defined cancers. Under terms of the agreement Loxo shareholders will receive $235.00 cash per share, valuing the transaction at approximately $8 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the first quarter of 2019. Announcement Date: 01/07/2019

Luxoft Holding, Inc. (LXFT-$58.03-NYSE) agreed to be acquired by DXC Technology Co. (DXC-$64.12-NYSE). Luxoft provides bespoke technology solutions to customers in 22 countries through strategy, consulting and engineering services. Under terms of the agreement Luxoft shareholders will receive $59.00 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 by June 2019. Announcement Date: 01/07/2019

Celgene Corp. (CELG-$88.46-NASDAQ) agreed to be acquired by Bristol-Myers Squibb Co. (BMY-$49.37-NYSE). Celgene is an integrated global biopharmaceutical company engaged in the discovery, development and commercialization of innovative cancer therapies. Under terms of the agreement Celgene shareholders will receive $50.00 cash and 1.0 share of Bristol-Myers common stock per share, valuing the transaction at approximately $89 billion. The agreement also includes a Contingent Value Right of $9.00 per share, dependent on the U.S. FDA’s approval of Celgene’s ozanimod, liso-cel and bb2121 drugs. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the third quarter of 2019. Announcement Date: 01/03/2019

MedEquities Realty Trust, Inc. (MRT-$11.57-NYSE) agreed to be acquired by Omega Healthcare Investors, Inc. (OHI-$40.19-NYSE). MedEquities invests in healthcare properties and healthcare-related real estate debt investments. Under terms of the agreement MedEquities shareholders will receive $2.00 cash and 0.235 shares of Omega common stock 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 2019. Announcement Date: 01/02/2019

Nice S.p.A (NICE IM-€3.49-Milan) has received an offer to be acquired by Nice Group S.p.A. Nice designs home and building automation systems. Under terms of the offer Nice shareholders would receive €3.50 cash per share, valuing the transaction at approximately €400 million. Nice Group is required to extend an offer as the group currently owns over 90% of Nice. The transaction would result in Nice being delisted. Announcement Date: 12/27/2018

Earthport plc (EPO LN-₤0.28-London) agreed to be acquired by Visa, Inc. (V-$131.94-NYSE). Earthport offers cross-border payment services in the U.K. and internationally. Under terms of the agreement Earthport shareholders will receive ₤0.30 cash per share, valuing the transaction at approximately ₤200 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close by June 2019. Announcement Date: 12/27/2018

MINDBODY, Inc. (MB-$36.40-NASDAQ) agreed to be acquired by Vista Equity Partners. MINDBODY offers cloud-based business management software and payments platforms to the wellness services industry. Under terms of the agreement MINDBODY shareholders will receive $36.50 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 2019. Announcement Date: 12/24/2018

Oslo Bors VPS Holding ASA (OSLO NS-NOK139.00-Oslo) received an unsolicited offer to be acquired by Euronext NV (ENX FP-€50.30-Paris). Oslo Bors operates and develops marketplaces for the listing and trading of securities in Norway. Under terms of the offer Oslo shareholders would receive NOK 145.00 cash per share, valuing the transaction at approximately NOK 6 billion. The transaction is subject to shareholder, as well as regulatory approvals. The proposal is under review as part of Oslo’s broader strategy, and we continue to monitor the situation. Announcement Date: 12/24/2018

MYOB Group Ltd. (MYO AU-A$3.36-Sydney) agreed to be acquired by KKR & Co., Inc. (KKR-$19.63-NYSE) under revised terms. MYOB Group provides online business management solutions in Australia and New Zealand. Under terms of the agreement MYOB shareholders will receive A$3.40 cash per share, valuing the transaction at approximately A$2 billion. KKR previously proposed A$3.70 in October 2018 and subsequently lowered the offer price in December. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in May 2019. Announcement Date: 12/24/2018

Civitas Solutions, Inc. (CIVI-$17.51-NYSE) agreed to be acquired by Centerbridge Partners LP. Civitas provides home- and community-based health and human services to individuals with disabilities. Under terms of the agreement Civitas shareholders will receive $17.75 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 second quarter of 2019. Announcement Date: 12/18/2018

Cherry AB (CHERB SS-SEK86.60-Stockholm) agreed to be acquired by a Consortium of Investors. Cherry is a Sweden-based gaming company that offers online casino and sports betting in addition to managing traditional casino games in Swedish establishments. Under terms of the agreement Cherry shareholders will receive SEK 87.00 cash per share, valuing the transaction at approximately SEK 10 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in January 2019. Announcement Date: 12/18/2018

Fidelity Southern Corp. (LION-$26.02-NASDAQ) agreed to be acquired by Ameris Bancorp (ABCB-$31.67-NASDAQ). Fidelity Southern Corporation, through its operating subsidiary, Fidelity Bank, provides a range of banking, mortgage, and investment services in Georgia and Florida. Under terms of the agreement Fidelity shareholders will receive 0.80 shares of Ameris common stock per share, valuing the transaction at approximately $900 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the second quarter of 2019. Announcement Date: 12/17/2018

BinckBank NV (BINCK NA-€6.09-Amsterdam) agreed to be acquired by Saxo Bank. BinckBank provides online brokerage services to private and professional investors. Under terms of the agreement BinckBank shareholders will receive €6.35 cash per share, valuing the transaction at approximately €400 million. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the third quarter of 2019. Announcement Date: 12/17/2018

Belmond Ltd. (BEL-$25.03-NYSE) agreed to be acquired by LVMH Moët Hennessy Louis Vuitton SE (MC FP-€258.20-Paris). Belmond owns, partly-owns, or manages 46 international luxury hotels, restaurants, train and river cruise properties. Under terms of the agreement Belmond shareholders will receive $25.00 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 in the first half of 2019. Announcement Date: 12/14/2018

Sparton Corp. (SPA-$18.19-NYSE) agreed to be acquired by Cerberus Capital Management. Sparton provides complex electromechanical devices to the medical & biotechnological, military & aerospace, and industrial & commercial industries. Under terms of the agreement Sparton shareholders will receive $18.50 cash per share, valuing the transaction at approximately $250 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2019. Announcement Date: 12/12/2018

Ahlsell AB (AHSL SS-SEK52.10-Stockholm) received an unsolicited offer to be acquired by CVC Capital Partners. Ahlsell distributes installation products, tools, and supplies in the Baltic region. Under terms of the offer Ahlsell shareholders would receive SEK 55.00 cash per share, valuing the transaction at approximately SEK 32 billion. The transaction is subject to the tender of at least 90% of shares outstanding, as well as regulatory approval and would be expected to close in February of 2019. The proposal is under review as part of Ahlsell’s broader strategy, and we continue to monitor the situation. Announcement Date: 12/11/2018

Pöyry plc (POY1V HE-€10.40-Helsinki) agreed to be acquired by ÅF AB (AF-B SS-SEK160.40-Stockholm). Pöyry is an international consulting and engineering company that offers solutions across power generation, transmission & distribution, mining, and infrastructure. Under terms of the agreement Pöyry shareholders will receive €10.20 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 approval and is expected to close in the first quarter of 2019. Announcement Date: 12/10/2018

Nutrisystem, Inc. (NTRI-$43.88-NASDAQ) agreed to be acquired by Tivity Health, Inc. (TVTY-$24.81-NASDAQ). Nutrisystem offers a variety of health and wellness and weight management products and services including the Nutrisystem and South Beach Diet brands. Under terms of the agreement Nutrisystem shareholders will receive $38.75 cash and 0.2141 shares of Tivity common stock 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 first quarter of 2019. Announcement Date: 12/10/2018

Veritone, Inc. (VERI-$3.80-NASDAQ) received an unsolicited offer to be acquired by Apis Capital Management. Veritone provides artificial intelligence technology for real-time audio and video processing. Under terms of the offer Veritone shareholders would receive $10.26 cash per share, valuing the transaction at approximately $200 million. The proposal is under review as part of Veritone’s broader strategy, and we continue to monitor the situation. Announcement Date: 12/10/2018

Travelport Worldwide Limited (TVPT-$15.62-NYSE) agreed to be acquired by Siris Capital and Evergreen Cost Capital. Travelport operates a travel commerce platform that provides distribution, technology, payment and other solutions to the travel and tourism industry. Under terms of the agreement Travelport shareholders will receive $15.75 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 the second quarter of 2019. Announcement Date: 12/10/2018

Amer Sports Corp. (AMEAS FH-€38.37-Helsinki) agreed to be acquired by a Consortium of Investors, including ANTA Sports Products Ltd., FountainVest, Anamered Investments, and Tencent. Amer Sports is a sporting goods company with internationally-recognized brands including Salomon, Peak Performance, Wilson and Precor. Under terms of the agreement Amer shareholders will receive €40.00 cash per share, valuing the transaction at approximately €6 billion. The transaction is subject to the tender of at least a majority of shares outstanding, as well as regulatory approval and is expected to close in the second quarter of 2019. Announcement Date: 12/07/2018

AGT Food and Ingredients, Inc. (AGT CN-C$16.64-Toronto) agreed to be acquired by Murad Al-Katib, the company’s CEO, and a Consortium of Investors. AGT processes value-added pulses, staple foods and ingredients and supplies retail packaged and canned foods. Under terms of the agreement AGT shareholders will receive C$18.00 cash per share, valuing the transaction at approximately C$900 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2019. Announcement Date: 12/04/2018

Tesaro, Inc. (TSRO-$74.25-NASDAQ) agreed to be acquired by GlaxoSmithKline plc (GSK-$38.21-NYSE). Tesaro is an oncology-focused biopharmaceutical company that develops treatments for solid tumors. Under terms of the agreement Tesaro shareholders will receive $75.00 cash per share, valuing the transaction at approximately $5 billion. The transaction is subject to the tender of at least 50% of shares outstanding, as well as regulatory approval and is expected to close by the first quarter of 2019. Announcement Date: 12/03/2018

Tribune Media Co. (TRCO-$45.38-NYSE) agreed to be acquired by Nexstar Media Group, Inc. (NXST-$78.64-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 shareholders will receive $46.50 cash 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 by the third quarter of 2019. Announcement Date: 12/03/2018

GrainCorp Ltd. (GNC AU-A$9.17-Sydney) received an unsolicited offer to be acquired by Long-Term Asset Partners. GrainCorp is an international food ingredients and agribusiness company operating in the grains, malt, and oils segments. Under terms of the offer GrainCorp shareholders would receive A$10.42 cash per share, valuing the transaction at approximately A$3 billion. The proposal is under review as part of GrainCorp’s broader strategy, and we continue to monitor the situation. Announcement Date: 12/03/2018

Bioquell plc (BQE LN-₤5.75-London) agreed to be acquired by Ecolab, Inc. (ECL-$160.49-NYSE). Bioquell offers risk reduction systems and services that protect against biological contaminants. Under terms of the agreement Bioquell shareholders will receive ₤5.90 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 first quarter of 2019. Announcement Date: 11/29/2018

BSB Bancorp, Inc. (BLMT-$32.83-NASDAQ), a Massachusetts savings bank, agreed to be acquired by People’s United Financial, Inc. (PBCT-$16.86-NASDAQ). Under terms of the agreement BSB shareholders will receive 2.0 shares of People’s United common stock 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 by the second quarter of 2019. Announcement Date: 11/27/2018

Stendörren Fastigheter AB (STEF-B SS-SEK104.00-Stockholm) agreed to be acquired by EQT Real Estate. Stendörren owns, develops and manages properties primarily in the greater Stockholm area. Under terms of the agreement Stendörren shareholders will receive SEK100.25 cash per share, valuing the transaction at approximately SEK7 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 in early 2019. Announcement Date: 11/27/2018

Dominion Energy Midstream Partners LP (DM-$18.58-NYSE) agreed to be acquired by Dominion Energy, Inc. (D-$74.50-NYSE). Dominion Energy Midstream Partners is a limited partnership with a portfolio of natural gas terminaling, processing, storage, transportation and related assets. Under terms of the agreement Dominion Energy Midstream Partners shareholders will receive 0.2492 shares of Dominion Energy common stock per share, valuing the transaction at approximately $10 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2019. Announcement Date: 11/26/2018

Faroe Petroleum plc (FPM LN-₤1.61-London) received an unsolicited offer to be acquired by DNO ASA (DNO NO-NOK14.43-Oslo). Faroe Petroleum is an independent oil and gas company with exploration, appraisal and production opportunities in Norway and the U.K. Under terms of the offer Faroe shareholders would receive ₤1.52 cash per share, valuing the transaction at approximately ₤500 million. The proposal is under review as part of Faroe’s broader strategic review, and we continue to monitor the situation. Announcement Date: 11/26/2018

National Commerce Corp. (NCOM-$41.34-NASDAQ) agreed to be acquired by CenterState Bank Corp. (CSFL-$25.01-NASDAQ). National Commerce is a financial holding company headquartered in Birmingham, Alabama. Under terms of the agreement National Commerce shareholders will receive 1.65 shares of CenterState common stock per share, valuing the transaction at approximately $800 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval is expected to close in the second quarter of 2019. Announcement Date: 11/26/2018

BTG plc (BTG LN-₤8.35-London) agreed to be acquired by Boston Scientific Corp. (BSX-$37.67-NYSE). BTG develops medical devices used in minimally invasive surgical procedures. Under terms of the agreement BTG shareholders will receive ₤8.40 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 2019. Announcement Date: 11/20/2018

Resolute Energy Corp. (REN-$35.56-NYSE) agreed to be acquired by Cimarex Energy Co. (XEC-$81.98-NYSE). Resolute Energy acquires and develops unconventional oil and gas properties in the Delaware Basin of the greater-Permian Basin of West Texas. Under terms of the agreement Resolute shareholders will have the option to receive $35.00 cash, 0.3943 shares of Cimarex common stock per share, or a combination of $14.00 cash and 0.2366 shares of Cimarex common stock 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 2019. Announcement Date: 11/19/2018

Tahoe Resources, Inc. (TAHO-$3.51-NYSE) agreed to be acquired by Pan American Silver Corp. (PAAS-$12.90-NASDAQ). Tahoe Resources is a mid-tier precious metals company with a portfolio of mines and projects in Canada, Guatemala, and Peru. Under terms of the agreement Tahoe shareholders will have the option to receive, on a pro-rated basis, $3.40 cash or 0.2403 shares of Pan American common stock per share, valuing the transaction at approximately $1 billion. The agreement also includes a Contingent Value Right of 0.0497 shares of Pan American common stock per share, which will be payable with the first commercial shipment following a restart of operations at Tahoe’s Escobal mine (Guatemala), the third largest silver mine in the world. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the first quarter of 2019. Announcement Date: 11/14/2018

athenahealth, Inc. (ATHN-$133.10-NASDAQ) agreed to be acquired by Veritas Capital. athenahealth provides cloud-based software used to manage electronic health records and medical practices. Under terms of the agreement athenahealth shareholders will receive $135.00 cash per share, valuing the transaction at approximately $6 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2019. Announcement Date: 11/12/2018

Apptio, Inc. (APTI-$38.16-NASDAQ) agreed to be acquired by Vista Equity Partners. Apptio offers cloud-based business management systems to business and government customers. Under terms of the agreement Apptio shareholders will receive $38.00 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 2019. Apptio is also permitted to solicit superior bids from parties during a 30 day “go-shop” period. Announcement Date: 11/11/2018

Finisar Corp. (FNSR-$23.35-NASDAQ) agreed to be acquired by II-VI Incorporated (IIVI-$37.42-NASDAQ). Finisar provides components and subsystems to networking equipment manufacturers, data center operators, telecom service providers, consumer electronics and automotive companies. Under terms of the agreement Finisar shareholders will receive, on a pro-rated basis, $15.60 cash and 0.2218 shares of II-VI common stock per share, valuing the transaction at approximately $3 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close mid-2019. Announcement Date: 11/09/2018

ARRIS International plc (ARRS-$30.90-NASDAQ) agreed to be acquired by CommScope Holding Company, Inc. (COMM-$18.10-NASDAQ). ARRIS manufactures communications equipment and related products that enable broadband and video transmission to customers. Under terms of the agreement ARRIS shareholders will receive $31.75 cash 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 first half of 2019. Announcement Date: 11/08/2018

Investment Technology Group, Inc. (ITG-$30.13-NYSE) agreed to be acquired by Virtu Financial, Inc. (VIRT-$25.17-NASDAQ). Investment Technology Group is a global technology company that assists brokers and asset managers improve returns for investors. Under terms of the agreement Investment Technology shareholders will receive $30.30 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 first half of 2019. Announcement Date: 11/07/2018

Bojangles’, Inc. (BOJA-$16.09-NASDAQ) agreed to be acquired by Durational Capital Management & The Jordan Company. Bojangles’ develops, operates, and franchises limited service restaurants in the U.S. Under terms of the agreement Bojangles’ shareholders will receive $16.10 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 2019. Announcement Date: 11/06/2018

ConvergeOne Holdings, Inc. (CVON-$12.52-NASDAQ) agreed to be acquired by CVC Capital Partners. ConvergeOne provides collaboration and technology solutions for medium and large enterprises in the U.S. Under terms of the agreement ConvergeOne shareholders will receive $12.50 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 approval and is expected to close in the first quarter of 2019. Announcement Date: 11/06/2018

Pacific Biosciences of California, Inc. (PACB-$7.82-NASDAQ) agreed to be acquired by Illumina, Inc. (ILMN-$337.50-NASDAQ). Pacific Biosciences designs, develops, and manufactures genetic sequencing systems. Under terms of the agreement Pacific Biosciences shareholders will receive $8.00 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 mid-2019. Announcement Date: 11/01/2018

Newfield Exploration Co. (NFX-$16.95-NYSE) agreed to be acquired by Encana Corp. (ECA-$6.72-NYSE). Newfield explores, develops, and produces crude oil, natural gas, and natural gas liquids. Under terms of the agreement Newfield shareholders will receive 2.6719 shares of Encana common stock per share, valuing the transaction at approximately $8 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the first quarter of 2019. Announcement Date: 11/01/2018

Mr Green & Co. AB (MRG SS-SEK69.48-Stockholm) agreed to be acquired by William Hill plc (WMH LN-£2.10-London). Mr Green is an iGaming Group operating in 13 markets. Under terms of the agreement Mr Green shareholders will receive SEK 69.00, valuing the transaction at approximately SEK 2 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 January 2018. Announcement Date:10/31/18

LSC Communications, Inc. (LKSD-$9.43-NYSE) agreed to be acquired by Quad/Graphics, Inc. (QUAD-$15.43-NYSE). LSC Communications offers print and digital media solutions to publishers, merchandisers and retailers globally. Under terms of the agreement LSC shareholders will receive 0.625 shares of Quad/Graphics 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 approval and is expected to close mid-2019. Announcement Date:10/31/18

WildHorse Resource Development Corp. (WRD-$21.21-NYSE) agreed to be acquired by Chesapeake Energy Corp. (CHK-$3.51-NYSE). WildHorse acquires, exploits, develops, and produces oil, natural gas, and natural gas liquid resources. Under terms of the agreement WildHorse shareholders will receive $3.00 cash and 5.336 shares of Chesapeake 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 approval and is expected to close in the first half of 2019. Announcement Date:10/30/18

Electro Scientific Industries, Inc. (ESIO-$29.00-NASDAQ) agreed to be acquired by MKS Instruments, Inc. (MKSI-$73.69-NASDAQ). Electro Scientific offers laser-based microfabrication solutions that allow customers to commercialize technology. Under terms of the agreement Electro Scientific shareholders will receive $30.00 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 2019. Announcement Date:10/30/18

Karo Pharma AB (KARO SS-SEK36.95-Stockholm) agreed to be acquired by EQT VIII. Karo Pharma develops and markets products to pharmacies and directly to healthcare providers. Under terms of the agreement Karo Pharma shareholders will receive SEK 36.90 cash per share, valuing the transaction at approximately SEK 9 billion. The transaction is subject to the tender of at least 90% of shares outstanding, as well as regulatory approvals. The tender offer expires on December 10, 2018. Announcement Date:10/29/18

Ansaldo STS S.p.A. (STS IM-€12.70-Milan) agreed to be acquired by Hitachi Ltd. (6501 JP-¥3,462-Tokyo). Ansaldo is a contractor, system integrator, and supplier of mass transportation projects for metro and urban railways. Under terms of the agreement Ansaldo shareholders will receive €12.70 cash per share, valuing the transaction at approximately €2 billion. The transaction does not require regulatory or shareholder approvals and is expected to close in the fourth quarter of 2018. Announcement Date:10/29/18

Red Hat, Inc. (RHT-$171.64-NYSE) agreed to be acquired by International Business Machines Corp. (IBM-$115.43-NYSE). Red Hat provides enterprise open source software solutions, delivering high-performing Linux, hybrid cloud, container, and Kubernetes technologies. Under terms of the agreement Red Hat shareholders will receive $190.00 cash per share, valuing the transaction at approximately $32 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2019. Announcement Date:10/28/18

Penn Virginia Corp. (PVAC-$68.78-NASDAQ) agreed to be acquired by Denbury Resources, Inc. (DNR-$3.45-NYSE). Penn Virginia is an oil and gas company that develops and produces oil, NGLs and natural gas in the Eagle Ford shale in South Texas. Under terms of the agreement Penn Virginia shareholders will receive $25.86 cash and 12.4 shares of Denbury 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 approval and is expected to close in the first quarter of 2019. Announcement Date:10/28/18

Clarion Co. Ltd. (6796 JP-¥2,469-Tokyo) agreed to be acquired by Faurecia S.A. (EO FP-€42.91-Paris). Clarion supplies in-vehicle-infotainment and full digital audio systems, HMI and advanced driver assistance systems, connectivity and cloud-based services. Under terms of the agreement Clarion shareholders will receive ¥2,500 cash per share, valuing the transaction at approximately ¥152 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 2019. Announcement Date:10/26/18

Communisis plc (CMS LN-£0.71-London) agreed to be acquired by OSG Group Holdings. Communisis is an integrated business services company that provides digitally enabled solutions for regulated communication and marketing execution. Under terms of the agreement Communisis shareholders will receive £0.71 cash per share, valuing the transaction at approximately £200 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in December 2018. Announcement Date:10/23/18

Ci:z Holdings Co. Ltd. (4924 JP-¥5,860-Tokyo) agreed to be acquired by Johnson & Johnson (JNJ-$139.99-NYSE). Ci:z Holdings develops and manufactures cosmetics, health foods, and beauty products. Under terms of the agreement Ci:z shareholders will receive ¥5,900 cash per share, valuing the transaction at approximately ¥300 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 January 2019. Announcement Date:10/23/18

JetPay Corp. (JTPY-$5.04-NASDAQ) agreed to be acquired by NCR Corp. (NCR-$26.85-NYSE). JetPay provides vertically integrated solutions for businesses including card acceptance, processing, and payroll services. Under terms of the agreement JetPay shareholders will receive $5.05 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 2018. Announcement Date:10/22/18

Full House Resorts, Inc. (FLL-$2.74-NASDAQ) received an unsolicited offer to be acquired by Z Capital Partners. Full House Resorts develops, owns, and operates casinos and related hospitality and entertainment facilities in the U.S. Under terms of the offer Full House shareholders would receive $1.79 cash per share, valuing the transaction at approximately $200 million. The Full House Board of Directors responded on October 23 that the offer was not in the best interests of the company and its stockholders. We continue to monitor the situation. Announcement Date:10/22/18

EnLink Midstream Partners LP (ENLK-$15.16-NYSE) agreed to be acquired by EnLink Midstream LLC (ENLC-$13.00-NYSE). EnLink Midstream Partners provides integrated midstream services across natural gas, crude oil, condensate, and NGL commodities. Under terms of the agreement EnLink Midstream Partners will receive 1.15 shares of EnLink Midstream LLC common stock per share, valuing the transaction at approximately $11 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2019. Announcement Date:10/22/18

American Railcar Industries, Inc. (ARII-$69.91-NASDAQ) agreed to be acquired by ITE Management LP. American Railcar Industries designs and manufactures hopper and tank railcars. Under terms of the agreement American Railcar shareholders will receive $70.00 cash per share, valuing the transaction at approximately $2 billion. The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2018. Announcement Date:10/22/18

Valero Energy Partners LP (VLP-$41.98-NYSE) agreed to be acquired by Valero Energy Corp. (VLO-$91.09-NYSE). Valero Energy Partners is a master limited partnership that owns, operates, develops, and acquires crude oil and refined petroleum product pipelines, terminals, and other transportation and logistics assets. Under terms of the agreement Valero shareholders will receive $42.25 cash per share, valuing the transaction at approximately $4 billion. The transaction is subject to shareholder, as well as regulatory approvals. Announcement Date:10/18/18

InfraREIT, Inc. (HIFR-$21.02-NYSE) agreed to be acquired by Oncor Electric Delivery Company. InfraREIT is a real estate investment trust that owns and leases rate-regulated electric transmission assets in Texas. Under terms of the agreement InfraREIT shareholders will receive $21.00 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 mid-2019. InfraREIT is also permitted to solicit superior bids from parties during a 30 day “go-shop” period. Announcement Date:10/18/18

Endocyte, Inc. (ECYT-$23.65-NASDAQ) agreed to be acquired by Novartis AG (NOVN SW-€88.24-Zurich). Endocyte develops targeted therapies for the personalized treatment of cancer. Under terms of the agreement Endocyte shareholders will receive $24.00 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 half of 2019. Announcement Date:10/18/18

SendGrid, Inc. (SEND-$36.32-NYSE) agreed to be acquired by Twilio, Inc. (TWLO-$75.22-NYSE). SendGrid is a digital communications platform that enables businesses to engage with customers via email reliably, effectively and at scale. Under terms of the agreement SendGrid shareholders will receive 0.485 shares of Twilio common stock per share, valuing the transaction at approximately $2 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the first half of 2019. Announcement Date:10/15/18

Cambium Learning Group, Inc. (ABCD-$14.38-NASDAQ) agreed to be acquired by Veritas Capital. Cambium Learning Group offers educational technology solutions dedicated to helping students reach their potential through individualized instruction. Under terms of the agreement Cambium shareholders will receive $14.50 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 first quarter of 2019. Announcement Date:10/15/18

L3 Technologies, Inc. (LLL-$189.47-NYSE) agreed to be acquired by Harris Corp. (HRS-$148.71-NYSE). L3 Technologies provides global ISR, communications, and electronic systems for military, homeland security and commercial aviation customers. Under terms of the agreement L3 shareholders will receive 1.3 shares of Harris common stock per share, valuing the transaction at approximately $18 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close mid-2019. Announcement Date:10/14/18

Corium International, Inc. (CORI-$12.65-NASDAQ) agreed to be acquired by Gurnet Point LP. Corium International is a commercial-stage biopharmaceutical company focused on the development, manufacturing and commercialization of specialty pharmaceutical products. Under terms of the agreement Corium shareholders will receive $12.50 cash per share, valuing the transaction at approximately $400 million. The agreement also includes a Contingent Value Right of $0.50 per share, dependent on the U.S. FDA’s approval of Corium’s new Alzheimer’s product. 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 2018. Announcement Date:10/12/18

Esterline Technologies Corp. (ESL-$117.36-NYSE) agreed to be acquired by TransDigm Group Incorp. (TDG-$330.25-NYSE). Esterline Technologies is a supplier to the aerospace and defense industry, specializing in advanced materials, avionics & controls, and sensors & systems. Under terms of the agreement Esterline shareholders will receive $122.50 cash per shares, valuing the transaction at approximately $4 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the second half of 2019. Announcement Date:10/10/18

BlackPearl Resources, Inc. (PXX CN-C$1.20-Toronto) agreed to be acquired by International Petroleum Corp. (IPCO SS-SEK39.45-Stockholm).  BlackPearl acquires, develops, and produces heavy crude oil, bitumen, and natural gas in Canada. Under terms of the agreement BlackPearl shareholders will receive 0.22 shares of International Petroleum common stock per share, valuing the transaction at approximately C$500 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in December 2018. Announcement Date:10/10/18

Antero Midstream Partners LP (AM-$30.15-NYSE) agreed to be acquired by Antero Midstream GP LP (AMGP-$16.11-NYSE). Antero Midstream Partners owns, operates, and develops midstream energy assets. Under terms of the agreement Antero Midstream Partners shareholders will receive $3.42 cash and 1.635 shares of Antero Midstream GP 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 approval and is expected to close in the first quarter of 2019. Announcement Date:10/09/18

Rowan Companies plc (RDC-$15.91-NYSE) agreed to be acquired by Ensco plc (ESV-$7.14-NYSE). Rowan Companies offers contract drilling services with a fleet of 27 offshore drilling units. Under terms of the agreement Rowan shareholders will receive 2.215 shares of Ensco common stock per share, valuing the transaction at approximately $3 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the first half of 2019. Announcement Date:10/08/18

MYOB Group Ltd. (MYO AU-A$3.37-Sydney) received an unsolicited proposal to be acquired by KKR & Co., Inc. (KKR-$23.65-NYSE). MYOB Group provides online business management solutions in Australia and New Zealand. Under terms of the agreement MYOB shareholders would receive A$3.70 cash per share, valuing the transaction at approximately A$2 billion. KKR already owns 19.9% of MYOB. The proposal is under review as part of MYOB’s broader strategic review, and we continue to monitor the situation. Announcement Date:10/08/18

Trinidad Drilling Ltd. (TDG CN-C$1.66-Toronto) agreed to be acquired by Precision Drilling Corp. (PD CN-C$3.18-Toronto). Trinidad Drilling provides contract drilling in Canada, the U.S., the Middle East, and Mexico. Under terms of the agreement Trinidad shareholders will receive 0.445 shares of Precision common stock per share, valuing the transaction at approximately C$900 million. The Precision offer was deemed superior to the unsolicited C$1.68 cash per share offer made by Ensign Energy Services, Inc. (ESI CN-C$5.13-Toronto) in August. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close by the end of 2018. Announcement Date:10/05/18

Access National Corp. (ANCX-$25.97-NASDAQ) agreed to be acquired by Union Bankshares Corp. (UBSH-$34.14-NASDAQ). Access National is the parent company of Access National Bank and Middleburg Investment Group in Virginia. Under terms of the agreement Access National shareholders will receive 0.75 shares of Union Bankshares common stock per share, valuing the transaction at approximately $800 million. The transaction is subject to approval by shareholders of both companies, as well as regulatory approval and is expected to close in the first quarter of 2019. Announcement Date:10/05/18

Hortonworks, Inc. (HDP-$17.86-NASDAQ) agreed to be acquired by Cloudera, Inc. (CLDR-$13.76-NYSE). Hortonworks provides enterprise-grade, global data management platforms, services and solutions. Under terms of the agreement Hortonworks shareholders will receive 1.305 shares of Cloudera 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 approval and is expected to close in the first quarter of 2019. Announcement Date:10/03/18

 

American Midstream Partners (AMID-$6.35-NYSE) received an unsolicited offer to be acquired by ArcLight Energy Partners Fund V. American Midstream Partners provides midstream infrastructure that links natural gas and crude oil producers to end-use markets. Under terms of the agreement American Midstream Partners shareholders would receive $6.10 cash per share, valuing the transaction at approximately $2 billion. The proposal is under review as part of American Midstream Partners’ broader strategic review, and we continue to monitor the situation. Announcement date: 09/28/18

Sonic Corp. (SONC-$43.34-NASDAQ) agreed to be acquired by Inspire Brands, Inc. Sonic is the largest drive-in restaurant chain in the U.S. Under terms of the agreement Sonic shareholders will receive $43.50 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 fourth quarter of 2018. Announcement date: 09/25/18

XO Group, Inc. (XOXO-$34.48-NYSE) agreed to be acquired by WeddingWire, Inc. XO Group operates multi-platform brands that provide information, products, and advice concerning weddings and pregnancy. Under terms of the agreement XO shareholders will receive $35.00 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 first half of 2019. Announcement date: 09/25/18

Randgold Resources Ltd. (GOLD-$70.55-NASDAQ) agreed to be acquired by Barrick Gold Corp. (ABX-$11.08-NYSE). Randgold Resources is a gold mining company operating in Mali. Under terms of the agreement Randgold shareholders will receive 6.128 shares of Barrick 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 first quarter of 2019. Announcement date: 09/24/18

Pandora Media, Inc. (P-$9.51-NYSE) agreed to be acquired by Sirius XM Holdings, Inc. (SIRI-$6.32-NASDAQ). Pandora Media operates a music discovery platform. Under terms of the agreement Pandora shareholders will receive 1.44 shares of Sirius common stock 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 2019. Pandora is also permitted to solicit superior bids from parties during a “go-shop” period that ends October 24. Announcement date: 09/24/18

Blue Hills Bancorp, Inc. (BHBK-$24.10-NASDAQ) agreed to be acquired by Independent Bank Corp. (INDB-$82.60-NASDAQ). Blue Hills Bancorp is a full-service, community bank with 11 retail branch offices located throughout Massachusetts. Under terms of the agreement Blue Hills shareholders will receive $5.25 cash and 0.2308 shares of Independent Bank common stock per share, valuing the transaction at approximately $800 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 2018. Announcement date: 09/20/18

Mazor Robotics Ltd. (MZOR-$58.32-NASDAQ) agreed to be acquired by Medtronic plc (MDT-$98.37-NYSE). Mazor Robotics manufactures robotic technology and guidance systems for spinal procedures. Under terms of the agreement Mazor shareholders will receive $58.50 cash per share, valuing the transaction at approximately $1 billion. Medtronic has been a Mazor shareholder and strategic partner since 2016, and currently Medtronic owns 11% of Mazor’s common stock. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2019. Announcement date: 09/20/18

Nexeo Solutions, Inc. (NXEO-$12.25-NASDAQ) agreed to be acquired by Univar, Inc. (UNVR-$30.66-NYSE). Nexeo Solutions is a global distributor of chemicals and plastics. Under terms of the agreement Nexeo shareholders will receive $3.29 cash, subject to adjustment at closing, and 0.305 shares of Univar common stock per share, 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 first half of 2019. Announcement date: 09/17/18

Jardine Lloyd Thompson Group plc (JLT LN-£18.96-London) agreed to be acquired by Marsh & McLennan Companies, Inc. (MMC-$82.72-NYSE). Jardine Lloyd Thompson provides insurance, reinsurance and employee benefits related advice, brokerage, and associated services. Under terms of the agreement Jardine shareholders will receive £19.15 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 in the spring of 2019. Announcement date: 09/15/18

Essendant, Inc. (ESND-$12.82-NASDAQ) agreed to be acquired by Staples under improved terms. Essendant is a national distributor of workplace items. Under terms of the agreement Essendant shareholders will receive $12.80 cash per share, valuing the transaction at approximately $1 billion. The most recent Staples offer was deemed superior to the Reverse Morris Trust proposed by Genuine Parts Company (GPC-$99.40-NYSE) in April. 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 fourth quarter of 2018. Announcement date: 09/14/18

Cinnober Financial Technology AB (CINN SS-SEK80.00-Stockholm) agreed to be acquired by Nasdaq, Inc. (NDAQ-$85.80-NASDAQ). Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks, and brokers. Under terms of the agreement Cinnober shareholders will receive SEK 75 cash per share, valuing the transaction at approximately SEK 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 fourth quarter of 2018. Announcement date: 09/14/18

Invuity, Inc. (IVTY-$7.40-NASDAQ) agreed to be acquired by Stryker Corp. (SYK-$177.68-NYSE). Invuity develops and markets advanced surgical devices for minimally invasive surgery. Under terms of the agreement Invuity shareholders will receive $7.40 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 ¬fourth quarter of 2018. Announcement date: 09/11/18

Engility Holdings, Inc. (EGL-$35.99-NYSE) agreed to be acquired by Science Applications International Corp. (SAIC-$80.60-NYSE). Engility Holdings provides integrated solutions and services, supporting government customers in the defense, federal civilian, intelligence, and space communities. Under terms of the agreement Engility shareholders will receive 0.45 shares of Science Applications common stock per share, 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 2018. Announcement date: 09/10/18

Integrated Device Technology, Inc. (IDTI-$47.01-NASDAQ) agreed to be acquired by Renesas Electronics Corp. (6723 T-¥710.00-Tokyo). Integrated Device Technology develops system-level solutions that optimize customers’ applications. Under terms of the agreement Integrated shareholders will receive $49.00 cash per share, valuing the transaction at approximately $6.5 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close in the first half of 2019. Announcement date: 09/10/18

LaSalle Hotel Properties (LHO-$34.59-NYSE) agreed to be acquired by Pebblebrook Hotel Trust (PEB-$36.37-NYSE) under improved terms. LaSalle is a multi-operator real estate investment trust that owns, redevelops, and repositions upscale, full service hotels across seven states and the District of Columbia. Under terms of the agreement LaSalle shareholders will receive $37.80 cash per share or 0.92 shares of Pebblebrook common stock per share, subject to proration, valuing the transaction at approximately $5 billion. The most recent Pebblebrook offer was deemed superior to the $33.50 cash per share offer made by The Blackstone Group LP (BX-$38.08-NYSE) in May. 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 2018. Announcement date: 09/09/18

Ocean Rig UDW, Inc. (ORIG-$34.62-NASDAQ) agreed to be acquired by Transocean Ltd. (RIG-$13.95-NYSE). Ocean Rig is an international offshore drilling contractor that specializes in ultra-deepwater and harsh-environment drilling. Under terms of the agreement Ocean Rig shareholders will receive $12.75 cash and 1.6128 shares of Transocean common stock per share, valuing the transaction at approximately $3 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 2019. Announcement date: 09/04/18

K2M Group Holdings, Inc. (KTWO-$27.34-NASDAQ) agreed to be acquired by Stryker Corp. (SYK-$169.43-NYSE). K2M Group designs and develops complex spine and minimally invasive spine technologies and techniques used by surgeons to treat spinal pathologies. Under terms of the agreement K2M shareholders will receive $27.50 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 2018. Announcement date: 08/30/18

Reis, Inc. (REIS-$23.05-NASDAQ) agreed to be acquired by Moody’s Corp. (MCO-$178.02-NYSE). Reis provides commercial real estate market information and analytical tools to real estate professionals. Under terms of the agreement Reis shareholders will receive $23.00 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 the fourth quarter of 2018. Announcement date: 08/30/18

Technopolis plc (TPS1V FH-€4.65-Helsinki) agreed to be acquired by Kildare Nordic Acquisitions S.a.r.l. Technopolis provides offices, coworking spaces and accompanying services, such as reception and meeting solutions. Under terms of the agreement Technopolis shareholders will receive €4.65 cash per share, valuing the transaction at approximately €1 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 fourth quarter of 2018. Announcement date: 08/28/18

Aspen Insurance Holdings Ltd. (AHL-$41.15-NYSE) agreed to be acquired by Apollo Global Management, LLC (APO-$34.53-NYSE). Aspen Insurance provides reinsurance and insurance coverage to clients in various domestic and global markets. Under terms of the agreement Aspen shareholders will receive $42.75 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 half of 2019. Announcement date: 08/27/18

Blue Ridge Mountain Resources, Inc. (BRMR-$6.03-OTCPK) agreed to be acquired by Eclipse Resources Corp. (ECR-$1.43-NYSE). Blue Ridge is an exploration and production company that acquires, develops, and produces onshore natural gas and natural gas liquids. Under terms of the agreement Blue Ridge shareholders will receive 4.4259 shares of Eclipse common stock per share, 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 fourth quarter of 2018. Announcement date: 08/27/18

Spectra Energy Partners LP (SEP-$37.96-NYSE) agreed to be acquired by Enbridge, Inc. (ENB-$34.17-NYSE). Spectra Energy Partners owns interests in natural gas and crude oil pipeline and storage facilities. Under terms of the agreement Spectra shareholders will receive 1.111 shares of Enbridge common stock per share, valuing the transaction at approximately $27 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: 08/24/18

Navigators Group, Inc. (NAVG-$70.00-NASDAQ) agreed to be acquired by The Hartford Financial Services Group, Inc. (HIG-$50.37-NYSE). The Navigators Group is a global specialty insurance company. Under terms of the agreement Navigators shareholders will receive $70.00 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 half of 2019. Navigators is also permitted to solicit superior bids from parties during a 30 day “go-shop” period.  Announcement date: 08/22/18

SodaStream International Ltd. (SODA-$142.75-NASDAQ) agreed to be acquired by PepsiCo, Inc. (PEP-$112.01-NASDAQ). SodaStream manufactures and markets Home Carbonation Systems which allow consumers to transform tap water into sparkling water. Under terms of the agreement SodaStream shareholders will receive $144.00 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 fourth quarter of 2018. Announcement date: 08/20/18

Zoe’s Kitchen, Inc. (ZOES-$13.70-NYSE) agreed to be acquired by Cava Group, Inc. Zoe’s Kitchen is a fast-casual restaurant group that offers Mediterranean inspired food across its 261 U.S. locations. Under terms of the agreement Zoe’s shareholders will receive $12.75 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 fourth quarter of 2018. Zoe’s is also permitted to solicit superior bids from parties during a 35 day “go-shop” period.  Announcement date: 08/17/18

KMG Chemicals, Inc. (KMG-$77.48-NYSE) agreed to be acquired by Cabot Microelectronics Corp. (CCMP-$112.73-NASDAQ). KMG Chemicals produces and distributes specialty chemicals and performance materials for the semiconductor, industrial wood preservation, and pipeline and energy markets. Under terms of the agreement KMG shareholders will receive $55.65 cash and 0.20 shares of Cabot common stock 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 fourth quarter of 2018. Announcement date: 08/15/18
Energen Corp. (EGN-$77.55-NYSE) agreed to be acquired by Diamondback Energy, Inc. (FANG-$121.08-NASDAQ). Energen is an oil and natural gas company operating in the Permian Basin of West Texas and New Mexico. Under terms of the agreement Energen shareholders will receive 0.6442 shares of Diamondback common stock per share, 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 fourth quarter of 2018. Announcement date: 08/14/18

eSure Group plc (ESUR LN-£2.80-London) received an unsolicited offer to be acquired by Bain Capital Private Equity LP. eSure Group offers motor, home, travel, and pet insurance. Under terms of the agreement eSure shareholders would receive £2.80 cash per share, valuing the transaction at approximately £1 billion. The proposal is under review as part of eSure’s broader strategic review, and we continue to monitor the situation.  Announcement date: 08/13/18

Trinidad Drilling Ltd. (TDG CN-C$1.78-Toronto) received an unsolicited offer to be acquired by Ensign Energy Services, Inc. (ESI CN-C$6.69-Toronto). Trinidad Drilling provides contract drilling in Canada, the U.S., the Middle East, and Mexico. Under terms of the proposal Trinidad shareholders would receive C$1.68 cash per share, valuing the transaction at approximately C$1 billion. The proposal is under review as part of Trinidad’s broader strategic review, and we continue to monitor the situation. Announcement date: 08/13/18

Dun & Bradstreet Corp. (DNB-$142.92-NYSE) agreed to be acquired by Cannae Holdings, Inc. (CNNE-$19.44-NYSE) and a Consortium of investors. Dun & Bradstreet uses commercial data, analytics and insights to help companies improve their business performance. Under terms of the agreement Dun & Bradstreet shareholders will receive $145.00 cash 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 by the end of 2018. Dun & Bradstreet is also permitted to solicit superior bids from parties during a 45 day “go-shop” period.  Announcement date: 08/08/18

Bemis Company, Inc. (BMS-$49.28-NYSE) agreed to be acquired by Amcor Limited (AMC AU-A$14.30-Sydney). Bemis Company manufactures flexible and rigid plastic packaging for food, consumer products, medical and pharmaceutical companies. Under terms of the agreement Bemis shareholders will receive 5.1 shares of Amcor 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 first quarter of 2019. Announcement date: 08/06/18
Energy Transfer Partners LP (ETP-$22.55-NYSE) agreed to be acquired by Energy Transfer Equity LP (ETE-$17.50-NYSE). Energy Transfer Partners owns and operates one of the largest portfolios of energy assets in the U.S. Under terms of the agreement Energy Transfer Partners shareholders will receive 1.28 shares of Energy Transfer Equity common stock per share, valuing the transaction at approximately $60 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: 08/02/18

Jamba, Inc. (JMBA-$12.98-NASDAQ) agreed to be acquired by Focus Brands, Inc. Jamba owns and franchises Jamba Juice stores, offering smoothies and juices in addition to a variety of other beverages and meal replacements. Under terms of the agreement Jamba shareholders will receive $13.00 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 third quarter of 2018. Announcement date: 08/02/18

EnerCare, Inc. (ECI CN-C$28.95-Toronto) agreed to be acquired by Brookfield Infrastructure Partners LP (BIP-$39.00-NYSE). EnerCare provides residential energy infrastructure, including water heaters, heating, ventilation, air conditioners rentals, as well as other home services. Under terms of the agreement EnerCare shareholders will receive C$29.00 cash per share, valuing the transaction at approximately C$4 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: 08/01/18

Vedanta Resources plc (VED LN-£8.20-London) agreed to be acquired by Volcan Investments. Vedanta Resources operates mines in India, Africa and Australia with primary interests in copper, zinc, silver and aluminum. Under terms of the agreement Vedanta Resources shareholders will receive $10.89 cash per share, valuing the transaction at approximately $19 billion. Volcan already owns approximately 67% of Vedanta. 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 the fourth quarter of 2018. Announcement date: 07/31/18

Forest City Realty Trust, Inc. (FCE/A-$24.97-NYSE) agreed to be acquired by Brookfield Asset Management, Inc. (BAM-$42.16-NYSE). Forest City Realty owns, develops and manages office, apartment, and retail real estate and land throughout the U.S. Under terms of the agreement Forest City shareholders will receive $25.35 cash per share, valuing the transaction at approximately $10 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: 07/31/18

LifePoint Health, Inc. (LPNT-$64.80-NASDAQ) agreed to be acquired by Apollo Global Management, LLC (APO-$35.50-NYSE). LifePoint owns and operates community hospitals, regional health systems, physician practices, outpatient centers, and post-acute facilities in 22 states. Under terms of the agreement LifePoint shareholders will receive $65.00 cash per share, valuing the transaction at approximately $6 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: 07/31/18

RLJ Entertainment, Inc. (RLJE-$6.17-NASDAQ) agreed to be acquired by AMC Networks, Inc. (AMCX-$60.29-NASDAQ). RLJ Entertainment offers video content through its proprietary subscription-based digital channels, Acorn TV and UMC. Under terms of the agreement RLJ Entertainment shareholders will receive $6.25 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 fourth quarter of 2018. Announcement date: 07/30/18

SUPERVALU, Inc. (SVU-$32.32-NYSE) agreed to be acquired by United Natural Foods, Inc. (UNFI-$32.20-NASDAQ). SUPERVALU is a grocery wholesaler and retailer serving customers through a network of more than 3,000 owned, franchised, and independently owned stores across the U.S. Under terms of the agreement SUPERVALU shareholders will receive $32.50 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 fourth quarter of 2018. Announcement date: 07/26/18

Syntel, Inc. (SYNT-$40.59-NASDAQ) agreed to be acquired by Atos SE (ATO FP-€114.85-Paris). Syntel provides digital transformation and information technology services to enterprise customers. Under terms of the agreement Syntel shareholders will receive $41.00 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 the end of 2018. Announcement date: 07/22/18

FCB Financial Holdings, Inc. (FCB-$51.00-NYSE) agreed to be acquired by Synovus Financial Corp. (SNV-$49.42-NYSE). FCB Financial Holdings provides community banking services through its ownership of Florida Community Bank, the second largest bank in South Florida. Under terms of the agreement FCB Financial shareholders will receive 1.055 shares of Synovus common stock per share, valuing the transaction at approximately $3 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 2019. Announcement date: 07/20/18

Connecticut Water Services, Inc. (CTWS-$64.42-NASDAQ) received an improved proposal to be acquired by Eversource Energy (ES-$60.72-NYSE). Connecticut Water Services provides water service in Connecticut and Maine, and wastewater service in Connecticut. Under terms of the proposal Connecticut Water Services shareholders would receive $64.00 cash or Eversource common stock per share, subject to election, valuing the transaction at approximately $1 billion. The amended agreement reached with SJW Group (SJW-$64.68-NYSE) in August for $70.00 cash per share has been deemed a superior offer for Connecticut Water. The transaction between Connecticut Water Services and SJW is subject to shareholder, as well as regulatory approvals and is expected to close in the first quarter of 2019. Announcement date: 07/20/18

EI Towers S.p.A (EIT IM-€57.00-Milan) agreed to be acquired by Fondi Italiani per le Infrastrutture SGR S.p.A. (F2i) and Mediaset S.p.A. (MS IM-€2.90-Milan). EI Towers owns and operates communications infrastructure in Italy. Under terms of the agreement EI Towers shareholders will receive €57.00 cash per share, valuing the transaction at approximately €2 billion. Mediaset already owns 40% of EI Towers. 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 the fourth quarter of 2018. Announcement date: 07/17/18

Nevsun Resources Ltd. (NSU CN-C$4.83-Toronto) received an unsolicited offer from Lundin Mining Corp. (LUN CN-C$7.20-Toronto). Nevsun owns interests in copper and gold mines in Serbia and Eritrea. Under terms of the offer Nevsun shareholders would receive C$4.75 cash per share, valuing the transaction at approximately C$1.3 billion. Lundin launched its offer to acquire Nevsun on July 26, 2018.  The offer is subject to the tender of at least 66 2/3% of Nevsun shares, as well as regulatory approvals by the expiration of the offer on November 9, 2018. Nevsun’s board unanimously rejected Lundin Mining’s offer, and launched a review of strategic alternatives to maximize shareholder value, which could include reaching an agreement to be acquired by Lundin or an alternative acquirer. We continue to monitor the situation. Announcement date: 07/17/18

Sky plc (SKY LN-£15.23-London) received an increased bid from Comcast Corp. (CMCSA-$35.78-NASDAQ). Sky provides pay television services, broadband and telephony products, as well as original television content. Under terms of the offer Sky shareholders would receive £14.75 cash per share, valuing the transaction at approximately £33 billion. The increased bid from Comcast came hours after Twenty-First Century Fox, Inc. (FOXA-$36.56-NASDAQ) boosted its bid to £14.00 cash per share. According to UK Takeover Panel rules, The Walt Disney Co. (DIS-$113.56-NYSE) would have to make an offer of £14.00 if it closes on its deal for Fox’s entertainment assets. Fox has until September 22nd to amend its offer for Sky. Announcement date: 07/12/18

CA, Inc. (CA-$44.21-NASDAQ) agreed to be acquired by Broadcom Inc. (AVGO-$221.77-NASDAQ). CA develops software solutions that help customers manage applications across various enterprise platforms, including cloud, mobile and mainframe. Under terms of the agreement CA shareholders will receive $44.50 cash per share, valuing the transaction at approximately $19 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: 07/11/18

Xplore Technologies Corp. (XPLR-$5.98-NASDAQ) agreed to be acquired by Zebra Technologies (ZBRA-$137.93-NASDAQ). Xplore Technologies develops rugged mobile personal computers designed to withstand extreme conditions. Under terms of the agreement Xplore Technologies shareholders will receive $6.00 cash per share, valuing the transaction at approximately $100 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 third quarter of 2018. Announcement date: 07/05/18

Juniper Pharmaceuticals, Inc. (JNP-$11.50-NASDAQ) agreed to be acquired by Catalent, Inc. (CTLT-$41.70-NYSE). Juniper Pharmaceuticals develops therapies focused on women’s health and provides fee for service pharmaceutical development manufacturing. Under terms of the agreement Juniper shareholders received $11.50 cash per share, valuing the transaction at approximately $150 million. The transaction was subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and closed in August. Announcement date: 07/03/18



Convergys Corporation (CVG-$24.44-NYSE) agreed to be acquired by Synnex Corp. (SNX-$96.51-NYSE).  Convergys sells customer management and information management products. Under terms of the agreement Convergys shareholders will receive $13.25 cash and 0.1193 shares of Synnex common stock per share, subject to a collar, valuing the transaction at approximately $3 billion.  The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close by year-end. Announcement date: 06/28/18

Pinnacle Foods, Inc. (PF-$65.06-NYSE) agreed to be acquired by Conagra Brands, Inc. (CAG-$35.73-NYSE).  Pinnacle Foods owns various branded food products in frozen, refrigerated and shelf-stable formats. Under terms of the agreement Pinnacle Foods shareholders will receive $43.11 cash and 0.6494 shares of Conagra Brands common stock per share, valuing the transaction at approximately $11 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close by the end of 2018. Announcement date: 06/27/18

APN Outdoor Group Limited (APO AU-A$6.28-Sydney) agreed to be acquired by JCDecaux S.A. (DEC FP-€28.66-Paris).  APN Outdoor operates advertising assets in various outdoor formats, including billboards, transit, and street furniture. Under terms of the agreement APN Outdoor shareholders will receive A$6.70 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 half of 2019. Announcement date: 06/26/18

Education Realty Trust, Inc. (EDR-$41.50-NYSE) agreed to be acquired by Greystar Real Estate Partners, LLC. Education Realty Trust is a real estate investment trust that owns, develops, and manages collegiate housing communities. Under terms of the agreement Education Realty Trust shareholders will receive $41.50 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: 07/25/18

Web.com Group, Inc. (WEB-$25.85-NASDAQ) agreed to be acquired by Siris Capital Group, LLC. Web.Com provides domain name registration and web development services. Under terms of the agreement Web.com’s shareholders will receive $25.00 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 fourth quarter of 2018. Web.com is also permitted to solicit superior bids from parties during a 45-day “go-shop” period. Announcement date: 06/21/18

Dalradian Resource, Inc. (DNA CN-C$1.44-Toronto) agreed to be acquired by Orion Mine Finance. Dalradian explores and develops gold projects in Northern Ireland. Under terms of the agreement Dalradian shareholders will receive C$1.47 cash per share, valuing the transaction at approximately C$400 million. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2018. Announcement date: 06/21/18

Twenty-First Century Fox, Inc. (FOXA-$49.69-NASDAQ) agreed to be acquired by The Walt Disney Co. (DIS-$104.81-NYSE) under improved terms.  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 $38.00 of cash and Disney common stock per share, valuing the transaction at approximately $70 billion. The most recent Disney offer was deemed superior to the $35 cash and 1 share of SpinCo per share offer made by Comcast Corporation (CMCSA-$32.81-NASDAQ) last month. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close by year-end. Announcement date: 06/20/18

Foundation Medicine, Inc. (FMI-$136.70-NASDAQ) agreed to be acquired by Roche Holdings AG (ROG SW-CHF220.55-Zurich). Foundation Medicine develops and sells genomic analysis diagnostics that help doctors select the most effective treatment for cancer patients. Under terms of the agreement Foundation Medicine shareholders will receive $137.00 cash per share, valuing the transaction at approximately $5 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 second half of 2018. Announcement date: 06/19/18

Cotiviti Holdings Inc. (COTV-$44.13-NYSE) agreed to be acquired by Verscend Technologies, Inc.  Cotiviti provides analytics-driven payment accuracy and network value solutions focused on reducing healthcare waste. Under terms of the agreement Cotiviti shareholders will receive $44.75 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 2018. Announcement date: 06/19/18

CoBiz Financial, Inc. (COBZ-$21.48-NASDAQ) agreed to be acquired by BOK Financial Corporation (BOKF-$94.01-NASDAQ). CoBiz provides a range of community banking services throughout Colorado and Arizona. Under terms of the agreement CoBiz shareholders will receive $5.70 cash and 0.17 shares of BOK Financial common stock 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 2018. Announcement date: 06/18/18 

Energy XXI Gulf Coast, Inc. (EGC-$8.84-NASDAQ) agreed to be acquired by Cox Oil Company, Inc. Energy XXI Gulf Coast explores and develops oil and natural gas properties in the U.S. Gulf Coast region. Under terms of the agreement Energy XXI shareholders will receive $9.10 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 2018. Announcement date: 07/18/18

Rent-A-Center, Inc. (RCII-$14.72-NASDAQ) agreed to be acquired by Vintage Capital Management, LLC. Rent-A-Center offers various consumer products, including furniture, electronics and accessories via its rent-to-own model. Under terms of the agreement Rent-A-Center shareholders will receive $15.00 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 2018. Announcement date: 06/18/18

Raging River Exploration, Inc. (RRX CN-C$5.70-Toronto) agreed to be acquired by Baytex Energy Corp. (BTE CN-C$4.37-NYSE). Raging River Exploration explores and produces oil and natural gas with properties in the Dodsland area of southwest Saskatchewan. Under terms of the agreement Raging River shareholders will receive 1.36 shares of Baytex common stock per share, valuing the transaction at approximately C$1.3 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: 06/18/18

Virgin Money Holdings U.K. (VM/ LN-£3.67-London) agreed to be acquired by CYBG plc (CYBG LN-£3.18-London).  Virgin Money provides retain banking services in the United Kingdom. Under terms of the agreement Virgin Money shareholders will receive 1.2125 shares of CYBG common stock 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 by the end of 2018. Announcement date: 06/18/18

Arizona Mining, Inc. (AZ CN-$6.16-Toronto) agreed to be acquired by South32 Ltd. (S32 AU-A$3.61-Sydney).  Arizona Mining is a mineral exploration and development company focused on its wholly owned Hermosa Property in Santa Cruz County, Arizona. Under terms of the agreement Arizona Mining shareholders will receive C$6.20 cash per share, valuing the transaction at approximately C$2.5 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: 06/17/18

Sirtex Medical Ltd. (SRX AU-A$31.45-Sydney) agreed to be acquired by CDH Investments Fund Management Co. Sirtex develops and manufactures radiation devices to treat liver cancer. Under terms of the agreement Sirtex shareholders will receive A$33.60 cash per share, valuing the transaction at approximately A$2 billion. Sirtex previously agreed to be acquired by Varian Medical Systems (VAR US-$113.72-NYSE) for A$28.00 cash per share before receiving a superior bid from CDH Investments. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2018. Announcement date: 06/14/18

Envision Healthcare Corporation (EVHC-$44.01-NYSE) agreed to be acquired by KKR & Co. Inc. (KKR-$24.85-NYSE).  Envision Healthcare provides physician services as well as post-acute care and ambulatory surgery services. Under terms of the agreement Envision shareholders will receive $46.00 cash per share, valuing the transaction at approximately $10 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: 06/11/18

USG Corporation (USG-$43.12-NYSE) agreed to be acquired by Gebr. Knauf Verwaltungsgesellschaft KG. USG manufactures and distributes building materials, most notably drywall and joint compound. Under terms of the agreement USG shareholders will receive $44.00 cash 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 early 2019. Announcement date: 06/11/18

AV Homes, Inc. (AVHI-$21.40-NASDAQ) agreed to be acquired by Taylor Morrison Home Corp. (TMHC-$20.78-NYSE). AV Homes develops residential communities in Florida, the Carolinas, Arizona and Texas. Under terms of the agreement AV Homes shareholders will receive $21.50 cash or 0.9793 shares of Taylor Morrison common stock per share, subject to proration, 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 second half of 2018. Announcement date: 06/07/18 

LaSalle Hotel Properties (LHO-$34.30-NYSE) agreed to be acquired by Blackstone Real Estate Partners. LaSalle is a real estate investment trust that owns over 40 upscale, full service hotels across the US. Under terms of the agreement LaSalle Hotel shareholders will receive $33.50 cash per share, valuing the transaction at approximately $5 billion. LaSalle had previously received an unsolicited bid from Pebblebrook Hotel Trust (PEB-$40.82-NYSE), which was not deemed superior. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2018. Announcement date: 05/21/18 

MB Financial, Inc. (MBFI-$49.39-NASDAQ) agreed to be acquired by Fifth Third Bancorp. (FITB-$30.58-NASDAQ). MB Financial provides various banking services to individuals and commercial customers primarily in the Chicago metropolitan area. Under terms of the agreement MB Financial shareholders will receive $5.54 cash and 1.45 shares of Fifth Third 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 first quarter of 2019. Announcement date: 05/21/18

Williams Partners LP (WPZ-$39.80-NYSE) agreed to be acquired by Williams Companies Inc. (WMB-$26.86-NYSE). Williams Partners is a midstream MLP that owns and operates more than 33,000 miles of gas pipelines across the US. Under terms of the agreement Williams Partners (WPZ) shareholders will receive 1.494 shares of Williams Companies (WMB) common stock per share, valuing WPZ at approximately $55 billion. Prior to announcing the transaction, Williams Companies currently owns 73% of WPZ units. 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: 05/17/18

Cheniere Energy Partners LP Holdings, LLC (CQH-$30.23-NYSE) received a proposal to be acquired by Cheniere Energy, Inc. (LNG-$66.62-NYSE). Cheniere Energy Holdings operates natural gas liquefaction facilities through its 48.6% LP interest in Cheniere Energy Partners. Under terms of the proposal Cheniere Energy Holdings shareholders would receive 0.45 shares of Cheniere Energy common stock per share, valuing the transaction at approximately $7 billion. On June 19, CQH agreed to be acquired under improved terms of 0.475 shares of LNG per share. Prior to announcing the transaction, Cheniere Energy owned 91% of CQH units. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2018. Announcement date: 05/17/18

Abaxis, Inc. (ABAX-$82.80-NASDAQ) agreed to be acquired by Zoetis (ZTS-$83.70-NYSE). Abaxis manufactures portable blood analysis systems used in both human and veterinary care. Under terms of the agreement Abaxis shareholders will receive $83.00 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 by the end of 2018. Announcement date: 05/16/18

ARMO BioSciences, Inc. (ARMO-$50.00-NASDAQ) agreed to be acquired by Eli Lilly and Company (LLY-$85.04-NYSE). ARMO develops immuno-oncology therapies for the treatment of cancer patients. Under terms of the agreement ARMO shareholders received $50.00 cash per share, valuing the transaction at approximately $1.6 billion. The transaction was subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and closed in June. Announcement date: 05/10/18 

Xcerra Corporation (XCRA-$13.77-NASDAQ) agreed to be acquired by Cohu, Inc. (COHU-$24.02-NASDAQ). Xcerra manufactures semiconductor and electronics testing equipment. Under terms of the agreement Xcerra shareholders will receive $9.00 cash and 0.2109 shares of Cohu common stock per share, valuing the transaction at approximately $800 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 2018. Announcement date: 05/08/18

Frutarom Industries Ltd. (FRUT IT-ILS349.00-Tel Aviv) agreed to be acquired by International Flavors & Fragrances, Inc. (IFF-$122.13-NYSE). Frutarom produces flavors and ingredients for a wide range of consumer goods products. Under terms of the agreement Frutarom shareholders will receive $71.19 cash and 0.249 shares of IFF 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 by year end 2018. Announcement date: 05/07/18

Shire plc (SHP LN-£41.00-London) agreed to be acquired by Takeda Pharmaceutical Co. Ltd. (4502.T-¥4,452-Tokyo). Shire develops pharmaceutical products that treat rare diseases and other specialized conditions. Under terms of the agreement Shire shareholders will receive $30.33 cash and 0.839 shares of Takeda common stock per share, valuing the transaction at approximately $80 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 2019. Announcement date: 05/07/18

Gramercy Property Trust (GPT-$27.57-NYSE) agreed to be acquired by Blackstone Real Estate Partners. Gramercy Property Trust owns industrial, office and specialty real estate in major US metropolitan markets. Under terms of the agreement Gramercy Property shareholders will receive $27.50 cash 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 second half of 2018. Announcement date: 05/07/18

Sirtex Medical Ltd. (SRX AU-A$27.45-Sydney) agreed to be acquired by CDH Investments Fund Management Co. Sirtex develops and manufactures radiation devices to treat liver cancer. Under terms of the agreement Sirtex shareholders will receive A$33.60 cash per share, valuing the transaction at approximately A$2 billion. Sirtex previously agreed to be acquired by Varian Medical Systems (VAR US-$127.50-NYSE) for A$28.00 cash per share before receiving superior bid from CDH Investments. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the third quarter of 2018. Announcement date: 05/04/18

RPX Corporation, Inc. (RPXC-$10.48-NASDAQ) agreed to be acquired by HGGC, LLC. RPX provides patent risk and discovery management solutions for its commercial client base. Under terms of the agreement RPX shareholders received $10.50 cash per share, valuing the transaction at approximately $500 million. The transaction was subject to the tender of at least a majority of shares outstanding, as well as regulatory approvals and closed in June. Announcement date: 05/01/18

KLX, Inc. (KLXI-$73.83-NASDAQ) agreed to be acquired by Boeing Co. (BA-$352.16-NYSE). KLX distributes and services aerospace fasteners and consumables and also provides oilfield services and related equipment. Under terms of the agreement KLX shareholders will receive $63.00 cash per share as 1 share of a SpinCo that will be comprised of KLX's Energy Services Group, valuing the transaction at approximately $4 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: 05/01/18

Cona Resources Ltd. (CONA CN-C$2.52-Toronto) agreed to be acquired by Waterous Energy Fund. Cona Resources explores and produces crude oil in Saskatchewan. Under terms of the agreement Cona shareholders will receive C$2.55 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 second half of 2018. Announcement date: 04/19/18

NEX Group plc (NXG LN-£9.81-London) agreed to be acquired by CME Group, Inc. (CME-$161.74-NASDAQ). NEX Group provides electronic trading platforms to execute trades and manage risk. Under terms of the agreement NEX Group shareholders will receive £5.00 cash and 0.0444 shares of CME Group common stock 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 in the second half of 2018. Announcement date: 03/29/18

RSP Permian, Inc. (RSPP-$46.88-NYSE) agreed to be acquired by Concho Resources, Inc. (CXO-$150.33-NYSE). RSP Permian explores and develops natural gas reserves in the Permian Basin of West Texas. Under terms of the agreement RSP Permian shareholders will receive 0.320 shares of Concho common stock per share, 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 third quarter of 2018. Announcement date: 03/28/18

Naturex SA (NRX FR-€134.00-Paris) agreed to be acquired by Givaudan SA (GIVN SW-€2,176-Zurich). Naturex produces natural extracts used in colorings and flavors in the food, health and beauty industries. Under terms of the agreement Naturex shareholders will receive €135.00 cash per share, valuing the transaction at approximately €1.3 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 half of 2018. Announcement date: 03/26/18

Finish Line, Inc. (FINL-$13.54-NASDAQ) agreed to be acquired by JD Sports Fashion plc (JD LN-£3.35-London). Finish Line is a retailer of athletic shoes, apparel and accessories. Under terms of the agreement Finish Line shareholders will receive $13.50 cash per share, valuing the transaction at approximately $600 million. 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: 03/26/18

GGP, Inc. (GGP-$20.46-NYSE) agreed to be acquired by Brookfield Property Partners, L.P. (BPY-$19.19-NYSE). GGP is a REIT focused on high quality retail properties in the United States. Under terms of the agreement GGP shareholders will receive $23.50 cash or 1 share of Newco, subject to proration, valuing the transaction at approximately $20 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 of new terms: 03/26/18

MuleSoft, Inc. (MULE-$43.98-NYSE) agreed to be acquired by Salesforce.com, Inc. (CRM-$116.30-NYSE). MuleSoft provides integration software that helps companies connect applications and devices and facilitate the flow of data between various systems. Under terms of the agreement MuleSoft shareholders will receive $36.00 cash and 0.0711 shares of Salesforce common stock per share, valuing the transaction at approximately $7 billion. The transaction is subject to the exchange of at least a majority of shares outstanding, as well as regulatory approvals and is expected to close in the second quarter of 2018. Announcement date: 03/20/18

Orbotech Ltd. (ORBK-$62.18-NASDAQ) agreed to be acquired by KLA-Tencor Corporation (KLAC-$109.01-NASDAQ). Orbotech supplies tools and solutions for manufacturers of electronics products, including printed circuit boards, flat panel displays, and semiconductor devices. Under terms of the agreement Orbotech shareholders will receive $38.86 cash and 0.25 shares of KLA-Tencor common stock per share, valuing the transaction at approximately $3.2 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: 03/19/18

Fenner plc (FENR LN-£6.09-London) agreed to be acquired by Michelin SCA (ML FP- €119.90-Paris). Fenner provides conveyor belt solutions and reinforced polymer products for the mining and general industrial markets. Under terms of the agreement Fenner shareholders will receive £6.10 cash per share, valuing the transacton at approximately £1.3 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: 03/19/18

Klondex Mines Ltd. (KLDX CN-C$3.05-Toronto) agreed to be acquired by Hecla Mining Co. (HL-$3.67-NYSE). Klondex operates gold and silver mines in Canada and the United States. Under terms of the agreement Klondex shareholders will receive $2.47 cash or 0.6272 shares of Hecla common stock per share, subject to proration, 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 second quarter of 2018. Announcement date: 03/19/18

Connecticut Water Services, Inc. (CTWS-$60.53-NASDAQ) agreed to be acquired by SJW Group (SJW-$52.71-NYSE). Connecticut Water Services provides water service in Connecticut and Maine, and wastewater service in Connecticut. Under terms of the agreement Connecticut Water Services shareholders will receive 1.1375 shares of SJW 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 by year-end 2018. Announcement date: 03/15/18

Abertis Infraestructureas SA (ABE SM-€16.29-Madrid) agreed to be acquired by Hochtief AG (HOT GY-€151.70-Frankfurt) and Atlantia SpA (ATL IM-€25.15-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 €18.76 cash per share, valuing the transaction at approximately €33 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: 03/14/18

Oclaro, Inc. (OCLR-$9.56-NASDAQ) agreed to be acquired by Lumentum Holdings Inc. (LITE-$63.80-NASDAQ). Oclaro provides optical components and modules for the core optical transport, service provider, and data center markets. Under terms of the agreement Oclaro shareholders will receive $5.60 cash and 0.0636 shares of Lumentum common stock 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 second half of 2018. Announcement date: 03/12/18

GKN plc (GKN LN-£4.63-London) agreed to be acquired by Melrose Industries plc (MRO LN-£2.31-London). GKN manufactures and supplies parts to carmakers and components to aircraft. Under terms of the agreement GKN shareholders will receive 81p cash per share and 1.69 shares of Melrose common stock per share, valuing the transaction at £11 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: 03/09/18

Bravo Brio Restaurant Group, Inc (BBRG-$4.00-NASDAQ) agreed to be acquired by Spice Private Equity Ltd. Bravo Brio is the owner and operator of two Italian restauraunt brands, BRAVO! Cucina Italiana and BRIO Tuscan Grill. Under terms of the agreement Bravo Brio Restauraunt Group shareholders will receive $4.05 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: 03/08/18

Express Scripts Holdings Co. (ESRX-$69.08-NASDAQ) agreed to be acquired by Cigna Corp. (CI-$167.74-NYSE). Express Scripts provides integrated pharmacy benefit management services. Under terms of the agreement Express Scripts shareholders will receive $48.75 cash per share and 0.2434 shares of Cigna common stock per share, valuing the transaction at approximately $68 billion. The transaction is subject to approval by shareholders of both companies, as well as regulatory approvals and is expected to close by year-end 2018. Announcement date: 03/08/18

CommerceHub, Inc. (CHUBA-$22.50-NASDAQ) agreed to be acquired by Sycamore Partners, LLC. CommerceHub provides cloud-based e-commerce fulfillment and marketing solutions for retailers, manufacturers and distributors. Under terms of the agreement CommerceHub shareholders will receive $22.75 cash per share, valuing the transaction at approximately $1 billion. The transaction is subject to shareholder, as well as regulatory approval and is expected to close in the third quarter of 2018. Announcement date: 03/06/18

XL Group Ltd. (XL-$55.26-NYSE) agreed to be acquired by AXA SA (CS FP-€21.60-Paris). XL Group underwrites property, casualty and specialty insurance and reinsurance products for commercial buyers. Under terms of the agreement XL shareholders will receive $57.60 cash 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 second half of 2018. Announcement date: 03/05/18

AmTrust Financial Services, Inc. (AFSI-$12.31-NASDAQ) agreed to be acquired by a consortium led by Stone Point Capital and the Karfunkel Family. AmTrust Financial offers specialty property and casualty insurance products. Under terms of the agreement AmTrust shareholders will receive $13.50 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 in the second half of 2018. Announcement date: 03/01/18

Microsemi Corporation (MSCC-$64.72-NASDAQ) agreed to be acquired by Microchip Technologies, Inc. (MCHP-$91.36–NASDAQ). Microsemi offers a comprehensive portfolio of semiconductor and system solutions for aerospace & defense, communications, data center and industrial end markets. Under terms of the agreement Microsemi shareholders will receive $68.78 cash per share, valuing the transaction at approximately $10 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: 03/01/18

Stewart Information Services Corporation (STC-$43.94-NYSE) agreed to be acquired by Fidelity National Financial, Inc. (FNF-$40.02-NYSE). Stewart Information Services offers comprehensive real estate services, including title insurance and closing and settlement services. Under terms of the agreement Stewart Information Services shareholders will receive $25.00 cash and 0.6425 Fidelity National Financial common stock per share, subject to an election, valuing the transaction at approximately $1.2 billion. The transaction is subject to shareholder, as well as regulatory approvals and is expected to close in the first half of 2019. Announcement date: 03/01/18

Laird plc (LRD LN-£2.00-London) agreed to be acquired by Advent International Corp. Laird provides engineering solutions that protect electronics from electromagnetic interference and heat and enables connectivity in mission-critical wireless applications. Under terms of the agreement Laird shareholders will receive £2.00 cash per share, valuing the transaction at approximately £1.2 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: 03/01/18

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.