Here's All The Merger Activity From Last Week

Expected to close before the end of the year after the approval of Alere shareholders and the satisfaction of customary closing conditions for a closing value of $5.8 billion. Upon completion of the merger, shareholders of Alere will receive $56.00 per share in cash.

Update(s)

April 29, 2016: Alere (ALR) rejected Abbott Laboratories’s (ABT) attempt to end its $5.8 billion pending acquisition of the company.

July 27, 2016: Alere received a U.S. Department of Justice subpoena regarding government-billing practices. The company released a statement claiming that the billing concerned “accounted for significantly less than 1% of Alere’s total revenues” and is not material.

August 26, 2016: Alere (ALR) issued a statement saying it’s suing the company it’s hoping to merge with, Abbott Laboratories (ABT). Alere said in a statement that it filed the complaint Thursday in Delaware Chancery Court hoping “to compel Abbott to fulfill its obligations under the terms of the merger agreement to take all actions necessary to promptly obtain all required anti-trust approvals.”

September 2, 2016: Representatives for Alere said that a Delaware judge granted a motion to expedite Alere’s (ALR) lawsuit against Abbott Laboratories (ABT), which seeks to ensure that Abbott lives up to the terms of its $5.8 billion takeover of the diagnostics company.

September 8, 2016: Abbott Laboratories (ABT) and Alere (ALR) agreed to work with a mediator to settle their dispute over Abbott’s role in obtaining U.S. antitrust clearance for its $5.8 billion takeover of the diagnostics company.

September 26, 2016: Alere said that mediation efforts between Abbott Laboratories (ABT) and Alere (ALR) have broken down. With the failure of the talks, Alere will likely proceed with a lawsuit in the Delaware Court of Chancery where it it trying to force Abbott to complete its $5.6 billion purchase of Alere.

October 21, 2016: Alere (ALR) announced that its shareholders have voted to approve the previously announced merger with Abbott (ABT).

November 5, 2016: Abbott Laboratories (ABT) launched a lawsuit against Alere (ALR) for having not complying with the certain conditions contained in the $7.9 billion agreement.

December 7, 2016: Alere (ALR), issued a statement in response to a lawsuit filed by Abbott Laboratories (ABT) in the Delaware Court of Chancery to terminate Abbott’s pending merger agreement with Alere. On December 8, 2016, Abbott Laboratories fired the latest salvo in its legal battle with Alere over their $5.8 billion buyout agreement, suing the troubled Waltham diagnostics firm in an effort to terminate the deal.

December 30, 2016: Arriva Medical, a Florida-based subsidiary of Alere (ALR), filed an appeal with the the Centers for Medicare and Medicaid Services on Wednesday seeking to reinstate its enrollment. The Medicare dispute is one reason why Abbott Laboratories (ABT) is currently seeking to terminate its February buyout of Alere. The companies have sued one another in Delaware court, with Alere arguing that the $5.8 billion deal should go forward.

January 4, 2017: Alere (ALR) provided an update in connection with Arriva Medical’s complaint filed on December 28, 2016, against the Centers for Medicare & Medicaid Services. We have extended the closing date for this deal to March 31, 2017.

January 25, 2017: Alere (ALR) announced that the European Commission has granted clearance for Abbott Laboratories (ABT) to acquire Alere.

Expected to close in the first half of 2017 for a closing value of $5.5 billion. Upon completion of the merger, shareholders of Cabela’s will receive $65.50 per share in cash.

Update(s)

October 25, 2016: Cabela’s Incorporated (CAB) and Parent each filed with the Canadian Competition Bureau pre-merger notification forms pursuant to Section 114(1) of the Competition Act, which triggered the start of the 30-day statutory waiting period under the Competition Act. The waiting period was originally scheduled to expire on November 24, 2016, unless a Supplementary Information Request (“SIR”) was issued by the Bureau pursuant to subsection 114(2) of the Competition Act. On November 24, 2016, the Company and Parent each received from the Bureau a SIR pursuant to subsection 114(2) of the Competition Act. The issuance of a SIR does not indicate that the Bureau has concluded that the transaction raises competition concerns. The SIR reflects a determination by the Bureau that it requires additional information to assess the proposed transaction. The Bureau’s decision has the effect of extending the waiting period applicable to the Merger under the Competition Act, before which the transaction is prohibited by law to close, until 30 days after the day on which the information requested in the SIR has been received by the Bureau from all SIR recipients. The Company and Parent intend to cooperate fully with this request.

On October 25, 2016, the Company and Parent filed their respective notification and report forms under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), with the Antitrust Division of the Department of Justice and the United States Federal Trade Commission, which triggered the start of the HSR Act waiting period. The statutory waiting period was originally scheduled to expire on November 25, 2016. Effective November 25, 2016, with the Company’s prior consent, Parent voluntarily withdrew its HSR Act notification to provide the FTC an extension beyond the initial 30-day HSR Act waiting period to conduct its review. On November 29, 2016, Parent re-filed its HSR Act notification with the FTC and DOJ. The new waiting period under the HSR Act will expire on December 29, 2016, unless the DOJ or FTC grants early termination of the HSR Act waiting period or formally requests additional information concerning the Merger.

December 30, 2016: U.S. fishing and hunting equipment retailer Cabela’s (CAB), which is being bought by privately held rival Bass Pro Shops, said the Federal Trade Commission had sought more information from the companies about the deal. Capital One had informed the company that it does not expect to get approval for acquiring the credit card business, called World’s Foremost Bank, before Oct. 3, 2017, hence not allowing the deal to close in the first half of 2017.

February 23, 2017: The possibility of Gander Mountain’s bankruptcy could derail Cabela’s (CAB) merger with Bass Pro Shops.

Expected to close in the middle of 2017 for a closing value of $2.7 billion. Upon completion of the merger, shareholders of Genworth Financial will receive $5.43 per share in cash.

Update(s)

December 21, 2016: Genworth Financial (GNW) announced that under the HSR Act, the merger with China Oceanwide Holdings Group may not be completed until certain information and materials have been provided by Asia Pacific and Genworth to the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission, and the applicable waiting period under the HSR Act has expired or been terminated. The parties filed the required notifications with the Antitrust Division and the FTC on December 7, 2016 and early termination of the applicable waiting period was granted on December 16, 2016.

January 25, 2017: Genworth Financial (GNW) announced that it has filed a definitive proxy statement with the U.S. Securities and Exchange Commission and will commence mailing to stockholders of record the definitive proxy materials in connection with the previously announced transaction with China Oceanwide Holdings Group. The special meeting of Genworth stockholders will be held on Tuesday, March 7, 2017.

Expected to close in the second half of 2016 for a closing value of $17.2 billion. Upon completion of the merger, shareholders of Rite Aid Corporation will receive $9.00 per share in cash.

Update(s)

September 9, 2016: Walgreens (WBA) announced that it has been in talks with the Federal Trade Commission (FTC) since its announcement to discuss what actions need to be taken to gain the necessary regulatory blessings of its $17 billion acquisition of RiteAid (RAD).

September 12, 2016: Walgreens (WBA) to Divest More Stores to Close Rite Aid Deal. WBA provided an update to its proposed takeover of Rite Aid Corporation (RAD). Per the requirements stated by the U.S. Federal Trade Commission, for the acquisition to be closed, Walgreens now needs to divest between 500 and 1,000 drug stores.

October 20, 2016: Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that, in accordance with the terms of their merger agreement dated 27 October 2015, they have mutually agreed to extend the end date of their merger agreement from 27 October 2016 to 27 January 2017. The companies now expect the transaction will close in early calendar 2017.

December 20, 2016: Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that they have entered into an agreement to sell 865 Rite Aid stores and certain assets related to store operations to Fred’s (FRED) for $950 million in an all-cash transaction.

January 20, 2017: Rite Aid (RAD) shares were halted after falling 18% on reports that the FTC will not approve Walgreens Boots Alliance’s (WBA) acquisition of the company, even after the two sides promised store divestitures to Fred’s (FRED).

January 26, 2017: The chief executive of Walgreens Boots Alliance (WBA) said that the biggest U.S. drug store chain was pressing on with its purchase of smaller Rite Aid (RAD), which was announced in October 2015 and has not closed.

January 30, 2017: Walgreens Boots Alliance (WBA) and Rite Aid Corporation (RAD) announced that they have entered into an amendment and extension of their previously announced definitive merger agreement. Under the terms of the amendment, the parties have agreed to reduce the price for each share of Rite Aid common stock to be paid by Walgreens Boots Alliance. The revised price will be a maximum of $7.00 per share and a minimum of $6.50 per share.

In addition, Walgreens Boots Alliance will be required to divest up to 1,200 Rite Aid stores and certain additional related assets if required to obtain regulatory approval. The exact price per share will be determined based on the number of required store divestitures, with the price set at $7.00 per share if 1,000 stores or fewer are required for divestiture and at $6.50 per share if 1,200 stores are required for divestiture. If the required divestitures fall between 1,000 and 1,200 stores, then there will be a pro-rata adjustment of the price per share. Walgreens Boots Alliance agreement to divest up to 1,200 Rite Aid stores represents an increase of up to 200 stores over the 1,000 stores that Walgreens Boots Alliance had agreed to divest under the terms of the original agreement.

Additionally, Walgreens Boots Alliance and Rite Aid agreed to extend the end date under the previously announced agreement from 27 January 2017 to 31 July 2017 in order to allow the parties additional time to obtain regulatory approval.

Expected to close early in 2017 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Lattice Semiconductor will receive $8.30 per share in cash.

Update(s)

November 30, 2016: Lattice Semiconductor Corporation (LSCC) announced that under the HSR Act and the rules promulgated thereunder, certain transactions exceeding the applicable thresholds require notification to the FTC and DOJ and expiration or termination of the applicable waiting period before the transaction can be consummated, unless an exemption applies. Parent or Merger Sub, on the one hand, and the Company, on the other hand, filed with the FTC and the DOJ on December 9, 2016 a Notification and Report Form relating to the Merger Agreement and the transactions contemplated hereby as required by the HSR Act. Under the HSR Act, the Merger may not be consummated until expiration or early termination of a 30-day waiting period, which will expire on January 9, 2017.

January 27, 2017: Lattice Semiconductor (LSCC) invited its shareholders to attend a special meeting of stockholders of Lattice Semicondutors, which will be held on Feburary 28, 2017. The Merger is subject to routine review by antitrust authorities to determine whether the proposed transaction is likely to substantially lessen competition in any relevant market. Under the Merger Agreement, the Merger cannot be completed until (1) the expiration or termination of the applicable waiting period under the HSR Act, which early termination was granted on January 4, 2017, (2) the expiration or termination of the applicable waiting period under the Austrian Competition Act (Wettbewerbsgesetz) and/or the Austrian Cartel Act (Kartellgesetz), and (3) the clearance of the Merger by CFIUS.

February 28, 2017: Lattice Semiconductor Corporation (LSCC) announced that its shareholders have approved the adoption of the agreement and plan of merger.

Expected to close by the end of 2017 for a closing value of $66 billion. Upon completion of the merger, shareholders of Monsanto will receive $128 per share in cash.

Expected to close in the second quarter of 2017 for a closing value of $304 million. Under the terms of the agreement, shareholders of Merchants Bancshares will have the option to receive, at their election, consideration per share equal to (i) 0.963 shares of Community Bank System common stock, (ii) $40.00 in cash or (iii) the combination of 0.6741 shares of Community Bank System common stock and $12.00 in cash, subject to an overall proration to 70% stock and 30% cash.

Expected to close in the spring of 2017 for a closing value of approximately $12.2 billion ina cash plus stock deal. Under the terms of the agreement, Westar shareholders will receive $60.00 per share of total consideration for each share of Westar common stock, consisting of $51.00 in cash and $9.00 in Great Plains Energy common stock, subject to a 7.5 percent collar based upon the Great Plains Energy common stock price at the time of the closing of the transaction, with the exchange ratio for the stock consideration ranging between 0.2709 to 0.3148 shares of Great Plains Energy common stock for each Westar share of common stock, representing a consideration mix of 85 percent cash and 15 percent stock.

Update(s)

September 27, 2016: The KCC issued an order setting a procedural schedule for the application, with a KCC order date of April 24, 2017.  On October 18, 2016, the KCC issued an order stating that, if the KCC staff or other interested parties believe that the joint application does not adequately address the standards by which public utility mergers should be evaluated in Kansas, KCC staff or other interested parties should file for relief, including the potential dismissal of the joint application.

December 20, 2016: The staff of the Kansas Corporation Commission said it couldn’t recommend approval of a merger between Great Plains Energy (GXP) and Westar Energy (WR), saying it contains several flaws. We have extended the closing date for this deal to June 30, 2017.

Expected to close before year-end 2017 for a closing value of $108.7 billion in a cash plus stock deal. Under the terms of the agreement, Time Warner shareholders will receive $107.50 per share under the terms of the merger, comprised of $53.75 per share in cash and $53.75 per share in AT&T stock. The stock portion will be subject to a collar such that Time Warner shareholders will receive 1.437 AT&T shares if AT&T’s average stock price is below $37.411 at closing and 1.3 AT&T shares if AT&T’s average stock price is above $41.349 at closing.

Update(s)

December 1, 2016: AT&T (T) executives reportedly met with members of Donald Trump’s transition team, which told the telecom company its proposed merger would be scrutinized without prejudice. Executives are apparently confident the deal can pass regulatory review.

December 22, 2016: AT&T (T) announced that it has found a leader for its integration with Time Warner (TWX). The Dallas telecom has chosen Lori Lee, who currently serves as senior executive vice president and global marketing officer.

December 23, 2016: Brean Capital’s Alan Gould mentioned in a note that the arbitrage discount to the AT&T (T) to acquire Time Warner (TWX) has shrunk from the high teens to 12 percent. Gould downgraded the rating on Time Warner from Buy to Hold.

January 6, 2017: Dallas-based AT&T (T) said in a securities filing that it anticipates Time Warner (TWX) will not need to transfer any of its FCC licenses to AT&T, which would likely mean the deal will only need the approval of the U.S. Justice Department.

January 9, 2017: Time Warner (TWX) invited its stockholders to attend a special meeting of the shareholders of Time Warner that will be held on February 15. The deal could hit a roadblock unless Time Warner shareholders holding at least a majority of the shares outstanding as of the close of January 3, 2017 — the record for the special meeting — vote in favor of the transaction.

February 15, 2017: Time Warner (TWX) shareholders voted in unanimous favor of the company’s proposed $85-billion merger with AT&T (T).

February 23, 2017: Time Warner (TWX) said it plans to sell a broadcast station in Atlanta to Meredith (MDP) for $70 million, which could help speed the company’s planned merger with AT&T Inc (T).

February 27, 2017: The new chairman of the Federal Communications Commission said he didn’t expect the agency to have a role in reviewing AT&T (T)’s $85 billion takeover of Time Warner (TWX).

Expected to close by the end of the year for a closing value of $43 billion. Under the terms of the agreement, shareholders of Syngenta will receive US$465 per ordinary share plus a special dividend of CHF 5 to be paid conditional upon and prior to closing. The offer is equivalent to a Swiss franc value of CHF 480 per share.

Update(s)

May 23, 2016: An ordinary dividend of up to CHF 11 gross per Common Share for the financial year ended December 31, 2015, and, upon the Offers becoming unconditional, a special dividend of CHF 5 gross per Common Share, in each case, if approved by an ordinary meeting of Syngenta shareholders scheduled to take place on April 26, 2016, will be paid to Syngenta shareholders. The price payable by Purchaser per Common Share or per ADS tendered into the U.S. Offer will not be adjusted as a result of the payment of the Ordinary Dividend and the Special Dividend.

October 28, 2016: European Union antitrust regulators opened an in-depth investigation into state-owned Chinese chemicals group ChemChina’s $43 billion bid for Swiss pesticides and seeds group Syngenta (SYT), China’s biggest-ever foreign acquisition.

November 1, 2016: ChemChina said it has extended its $43 billion cash offer for Swiss agrichemicals group Syngenta (SYT) to January 5 while it works to gain regulatory approval for the deal.

November 17, 2016: The European Commission pushed back its deadline for a decision on ChemChina’s plan to acquire Swiss pesticides and seeds group Syngenta (SYT) by 10 working days to March 29. We have extended the closing date for this deal to April 15, 2017.

December 2, 2016: Reuters noted that ChemChina has put together a fund aimed at raising around $5 billion to help finance its Syngenta (SYT) purchase.

January 3, 2017: European Union antitrust regulators extended the deadline for a decision on ChemChina’s proposed buy of Swiss pesticides and seeds group Syngenta (SYT) by 10 working days to April 12.

January 10, 2017: ChemChina and Syngenta (SYT) proposed minor concessions to the EU’s competition watchdog to address concerns over their $43 billion merger plan.

January 16, 2017: Syngenta (SYT) Chief Executive Erik Fyrwald said that he expects regulatory approval soon for ChemChina’s proposed $43 billion takeover of the Swiss pesticides and seeds group.

January 20, 2017: ChemChina announced that it has sought the U.S. anti-trust regulator’s approval for its planned $43 billion acquisition of Swiss crop protection and seed group Syngenta AG (SYT).

February 2, 2017: According to sources, ChemChina is set to secure conditional EU antitrust approval for its $43 billion bid for Syngenta (SYT).

February 8, 2017: ChemChina and Syngenta (SYT) have made significant progress towards achieving the necessary regulatory approvals and closing the transaction. To date approvals have been achieved from 13 regulatory authorities; approvals are still awaited from Brazil, Canada, China, the EU, India, Mexico and the United States. National security clearance has been granted by CFIUS in the United States. ChemChina and Syngenta remain fully committed to the transaction and are confident of its closure.

February 23, 2017: China National Chemical Corporation extended until April 28 its $43 billion tender offer for Swiss pesticides and seeds group Syngenta (SYT).

Expected to close by the first quarter of 2017 for a closing value of $2.3 billion. Upon completion of the merger, shareholders of Trina Solar will receive $11.60 per American depositary share (ADS). Each ADS represents 50 ordinary shares of the company.

Update(s)

December 16, 2016: Trina Solar Limited (TSL) announced that the Company’s shareholders voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger dated August 1, 2016 by and among Fortune Solar Holdings Limited, Red Viburnum Company Limited and the Company.

February 27, 2017: We have updated the deal to take into account the 7 cents ADR delisting fee.

Expected to close by the end of 2017 for a closing value of $38 billion. Upon completion of the merger, shareholders of NXP Semiconductors will receive $110 per share in cash.

Update(s)

November 18, 2016: Qualcomm Incorporated (QCOM) announced that Qualcomm River Holdings, an indirect wholly owned subsidiary of Qualcomm, has commenced the previously announced tender offer for all of the outstanding common shares of NXP Semiconductors (NXPI) at a price of $110.00 per share, less any applicable withholding taxes and without interest, to the holders thereof and payable in cash.

January 27, 2017: NXP Semiconductors (NXPI) announced that, during an extraordinary general meeting of shareholders, NXP obtained shareholder approval for all items proposed relating to the previously disclosed tender offer by Qualcomm River Holdings, an indirect wholly owned subsidiary of QUALCOMM Incorporated (QCOM), to acquire all of the outstanding shares of NXP.

February 6, 2017: Qualcomm (QCOM) announced that it is extending its cash tender offer for all of the outstanding shares of NXP Semiconductors (NXPI). Qualcomm said the tender offer is now slated to expire March 7.

Expected to close in the third quarter of 2017 for a closing value of $34 billion in a cash plus stock deal. Under terms of the agreement, Level 3 shareholders will receive $26.50 per share in cash and a fixed exchange ratio of 1.4286 shares of CenturyLink stock for each Level 3 share they own.

Update(s)

January 12, 2017: CenturyLink (CTL) refiled its pre-merger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its previously-announced acquisition of Level 3 Communications (LVLT). Each company first filed its HSR notification on December 12, 2016 and, following consultations with the U.S. Department of Justice, Antitrust Division, CenturyLink withdrew its original HSR notification on January 11, 2017.

Expected to close in the second quarter of 2018 for a closing value of $6.4 billion. Upon completion of the merger, sharheolders of WGL Holdings will receive $88.25 per share in cash.

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

Update(s)

July 11, 2016: Caesars Entertainment (CZR) and Caesars Acquisition (CACQ) amended their proposed merger agreement, which is intertwined with the $18 billion bankruptcy of the casino company’s main operating unit. Under the amended terms, Caesars Acquisition shareholders will receive 27 percent of the merged entity. Under the original proposal, they would have received 38 percent, according to regulatory filings. A confirmation hearing for CEOC’s Plan of Reorganization has been set for January 17, 2017.

January 16, 2017: We have extended the closing date for this deal to March 31, 2017.

February 21, 2017: Caesars Entertainment Corporation (CZR) and Caesars Acquisition Company (CACQ) announced that they have amended the terms of their proposed merger. Under the terms of the Merger Agreement, as amended, Caesars Acquisition stockholders will receive 1.625 shares of Caesars Entertainment for each Caesars Acquisition share they own, subject to anti-dilution adjustments in certain circumstances set forth in the Merger Agreement, as amended. Closing of the merger is subject to regulatory and stockholder approval, receipt of certain tax opinions and other customary closing conditions.

Under the terms of the agreement, shareholders of Synutra will receive $6.05 per share in cash.

Expected to close for a closing value of $299 million. Under the terms of the Merger Agreement, shareholders of KongZhong will receive $7.55 per share in cash.

Expected to close in the second quarter of the fiscal year ending March 31, 2018 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of InvenSense will receive $13.00 per share in cash.

Expected to close in the second quarter of 2017 for a closing value of $2.2 billion. Upon completion of the merger, shareholders of Stillwater Mining Companies will receive $18.00 per share in cash.

Update(s)

March 3, 2017: The Committee on Foreign Investment in the United States will extend its scrutiny of a $2.2 billion takeover by South Africa’s Sibanye Gold of the only U.S. miner of platinum and palladium, Stillwater Mining (SWC). The committee, which examines deals for potential U.S. national security concerns, extended the deadline for its review from February 28 to no later than April 14, 2017 which the company said was part of the normal process.

Expected to close in mid-calendar year 2017 for a closing value of $2.6 billion. Upon completion of the merger, shareholders of Headwaters will receive $24.25 per share in cash.

Update(s)

December 29, 2016: Headwaters (HW) invited its stockholders to attend the Special Meeting of Stockholders of Headwaters Incorporated, which will be held on Friday, February 3, 2017 to approve the merger agreement with Boral Limited and Enterprise Merger Sub.

January 5, 2017: Boral Limited, in consultation with Headwaters Incorporated (HW), voluntarily withdrew its Premerger Notification and Report Form on January 6, 2017, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the proposed acquisition of Headwaters by Boral. Boral plans to re-file the HSR Filing on January 10, 2017 in order to restart the initial waiting period under the HSR Act and to provide the U.S. Federal Trade Commission additional time to review the proposed transaction.

February 3, 2017: Headwaters Incorporated (HW) announced that its stockholders approved the acquisition of Headwaters by Boral Limited at its special meeting of stockholders.

Expected to close in the second half of 2017 for a closing value of $3.6 billion in a cash plus stock deal. Under the terms of the agreement, each DigitalGlobe common share will be exchanged for US$17.50 in cash and 0.3132 MDA common shares, representing a per share value of US$17.50 based on MDA’s unaffected closing share price of C$73.40 on the Toronto Stock Exchange (TSX) on February 16, 2017.

Expected to close in the second half of 2017 for a closing value of $880 million. Upon completion of the merger, shareholders of MoneyGram International will receive $13.25 per share in cash.

Expected to close in the second half of 2017 for a closing value of $196 million. Upon completion of the merger, shareholders of Gas Natural will receive $13.10 per share in cash.

Update(s)

December 28, 2016: Gas Natural (EGAS) announced that, based on votes cast at the Company’s special meeting of shareholders, Gas Natural’s shareholders voted to approve the Company’s previously announced plan to merge with First Reserve Energy Infrastructure Fund.

Expected to close in the second half of Broadcom’s fiscal year 2017 for a closing value of $5.5 billion. Upon completion of the merger, shareholders of Brocade Communications Systems wil receive $12.75 per share in cash.

Update(s)

January 9, 2017: Broadcom (AVGO) and Brocade (BRCD) submitted filings to grant the Federal Trade Commission a little more time to review their $5.9B merger deal.

January 26, 2017: Brocade Communications (BRCD) confirmed that its shareholders voted in favor of the company’s buyout by Broadcom (AVGO).

Expected to close in the third quarter of 2017 for a closing value of $564.4 million in a cash plus stock deal. Under the terms of the Agreement, each outstanding share of common stock and equivalents of SBI will be converted into the right to receive 0.3903 shares of the Company’s common stock and $5.11 in cash.

Expected to close by mid-2017 for for a closing value of $1.5 billion in an all stock deal. Under the terms of the agreement, FairPoint shareholders will receive a fixed exchange ratio of 0.7300 shares of Consolidated Communications common stock for each share of FairPoint common stock.

Update(s)

January 12, 2017: The $1.5B merger of FairPoint Communications (FRP) and Consolidated Communications (CNSL) received its antitrust approval. That came in an early termination notice Thursday from the Federal Trade Commission, which means that neither it nor the Justice Department had issues with the merger that required either conditions or suing to block it, so its Hart-Scott-Rodino antitrust review was terminated early. The merger still needs to get the approval of the FCC, whose review extends beyond antitrust to public interest concerns.

Expected to close in the next four to six monhs for a closing value of $2.2 billion. Upon completion of the merger, shareholders of G&K Services will receive $97.50 per share in cash.

Update(s)

September 29, 2016: G&K Services (GK) and Cintas (CTAS) received a request for additional information and documentary material, commonly referred to as a “second request,” from the Federal Trade Commission, pursuant to the HSR Act, in connection with the Merger.

October 12, 2016: G&K Services (GK) and Cintas (CTAS) received a supplementary information request, commonly referred to as a SIR, from the Competition Bureau of Canada, pursuant to the Competition Act (Canada), in connection with the Merger.

November 15, 2016: G&K Services (GK) announced that, based on preliminary voting results from its annual meeting of shareholders held earlier today, the company’s shareholders have approved the proposed merger with Cintas Corporation (CTAS). G&K Services continues to expect the merger to close not later than the second quarter of calendar year 2017, subject to obtaining required regulatory approvals and other customary closing conditions.

We have extended the closing date for this deal to June 30, 2017.

Expected to close in the third quarter of 2017 for a closing value of $127.7 million in an all stock deal. Under the terms of the Merger Agreement, Class A shareholders of Royal will receive 0.1025 shares of the Corporation’s common stock for each share of Royal’s Class A common stock and Class B shareholders of Royal will receive 0.1179 shares of the Corporation’s common stock for each share of Royal Class B common stock.

Expected to close in the second quarter of 2017 for a closing value of $160.1 million in an all stock deal. Under the terms of the agreement, FBR shareholders will receive .671 shares of B. Riley common stock and an anticipated pre-closing cash dividend of $8.50 per share assuming sufficient funds are available for distribution.

Expected to close by mid-2017 for a closing value of $175.1 million. Under the terms of the definitive agreement, holders of Centrue common stock will have the right to receive a fixed exchange ratio of 0.7604 shares of Midland common stock, a fixed consideration of $26.75 in cash, or a combination of cash and stock for each share of Centrue common stock they own, paid 65% in Midland common stock and 35% in cash, and subject to potential adjustment based on Centrue’s adjusted stockholders’ equity at closing.

Expected to close by mid-2017 for a closing value of $644.1 million in an all stock deal. Under the terms of the merger agreement, Pacific Continental shareholders are entitled to receive 0.6430 of a share of Columbia common stock for each share of Pacific Continental stock, subject to certain potential adjustments.

Expected to close by mid-2017 for a closing value of $235.8 million in a cash plus stock deal. Under the terms of the merger agreement, First Community shareholders will receive 0.396 shares of BUSE common stock and $1.35 in cash for each share of FCFP common stock.

Expected to close in the third quarter of 2017 for a closing value of $17.9 billion. Upon completion of the merger, shareholders of Mead Johnson Nutrition Company will receive $90.00 per share in cash.

Expected to close in the third quarter of 2017 for a closing value of $9.1 billion. Upon completion of the merger, shareholders of VCA will receive $93.00 per share in cash.

Update(s)

February 15, 2017: VCA invited its shareholders to attend a special meeting of the stockholders on March 28, 2017.

Expected to close in the second quarter of 2017 for a closing value of $233.1 million in an all stock deal. Under the terms of the merger agreement, Middleburg shareholders will receive a fixed exchange ratio of 1.3314 Access National shares for each share of Middleburg common stock owned.

Expected to close by the end of the second quarter of 2017 for a closing value of $211 million. Upon completion of the merger, shareholders of Stonegate Mortgage Corporation will receive $8.00 per share in cash.

Expected to close by the end of the year for a closing value of $12.5 billion. Upon completion of the merger, shareholders of The WhiteWave Foods will receive $56.25 per share in cash.

Update(s)

October 5, 2016: The WhiteWave Foods Company (WWAV) announced that during a special stockholder meeting, the stockholders of the company approved the merger agreement under which Danone S.A. will acquire all of the outstanding shares of WhiteWave. Stockholders also approved other proposals relating to the merger.

November 9, 2016: In their Q3 earnings release, WhiteWave Food company (WWAV) said that they expect the closing of their merger with Danone S.A. to occur in the first quarter of 2017.

November 22, 2016: The WhiteWave Foods Company (WWAV) announced that holders of a majority in aggregate principal amount of its outstanding $500,000,000 5.375% Senior Notes due 2022 have delivered valid consents in connection with the Company’s previously announced consent solicitation for certain proposed amendments to the indenture governing the 2022 Notes.

December 16, 2016: The European Commission cleared France’s Danone to proceed with its $10.4 billion purchase of U.S. organic food producer WhiteWave (WWAV), subject to it selling a business in Belgium.

January 6, 2017: The WhiteWave Foods Company (WWAV) announced that in accordance with the Merger Agreement, each of the Company and Danone has elected to extend the Long Stop Date under the Merger Agreement by 90 days to facilitate the completion of review of the transaction by the United States Department of Justice under the Hart-Scott-Rodino Antitrust Improvements Act. The Company continues to expect closing to occur in first quarter 2017, though there can be no assurance regarding timing of completion of regulatory processes.

Expected to close in the second quarter of 2017 for a closing value of $4.9 billion in a cash plus stock deal. Under the terms of the agreement, shareholders of Allied World will receive cash and stock for a total value of $54.00 per Allied World share. The cash portion of the deal is $10, half of which will be paid as a  pre-closing dividend. The share portion of the deal is worth approximately $44.00 in Fairfax Shares and is subject to collars based on the price of Fairfax. Fairfax also has the option to covert $30 of the share portion into a cash offer.

A portion of the stock consideration, having a value of $14.00 based on the closing price of Fairfax Shares as of December 16, 2016, is payable at a fixed exchange ratio of 0.030392. The remaining portion of the stock consideration to Allied World will be a number of Fairfax Shares with a value equal to $30.00, with such number of Fairfax Shares determined based on the volume weighted average closing price of Fairfax Shares for the 20 trading days ending on the day prior to closing (provided that this volume weighted average price is no less than $435.65 and no greater than $485.65 per share, $25.00 below and above the Fairfax Closing Price, respectively). If the volume weighted average price of Fairfax Shares during this period is above $485.65, the stock portion of the consideration will be fixed at 0.061772 Fairfax Shares for each share of Allied World, and if it is below $435.65 per share, the stock portion of the consideration will be fixed at 0.068862 Fairfax Shares for each share of Allied World.  Additionally, on or before 75 days after the date of the Agreement, Fairfax has the option to replace on a dollar-for-dollar basis this portion of the stock consideration with cash in an amount up to $30.00 per Allied World Share, together with the dividend, for up to a total cash consideration of $40.00 per Allied World Share.  Fairfax may elect to fund the $30.00 in cash by an equity or debt issuance or by bringing in third party partners.

Given the complexity of the deal, we have entered this deal as a “Special Conditions” deal with a value of $54.

Update(s)

March 3, 2017: Fairfax Financial Holdings Limited (FFH.TO) and Allied World Assurance Company Holdings (AWH) announced that they have agreed to extend to March 10, 2017 the deadline by which Fairfax has the option to increase the cash consideration, and correspondingly reduce the “Fixed Value Stock Consideration” under the terms of the previously announced definitive merger agreement. In connection with the transaction, Allied World will hold a Special Shareholder Meeting on Wednesday, March 22, 2017.

Expected to close by mid-2017 for a closing value of $381.48 million. Upon completion of the merger, shareholders of LMI Aerospace will receive $14.00 per share in cash.

Expected to close during the third quarter of 2017 for a closing value of $950 million. Upon completion of the merger, shareholders of Lumos Networks will receive $18.00 per share in cash.

Expected to close by mid-2017 for a closing value of $912 million in an all stock deal. Under the terms of the agreement, shareholders of Cardinal Financial will receive 0.71 of United’s shares for each share of Cardinal.

Expected to close in the second quarter of 2017 for a closing value of $17.2 billion in an all stock deal. Under the terms of the agreement, each outstanding common unit of ONEOK Partners that ONEOK does not already own will be converted into 0.985 shares of ONEOK common stock.

Expected to close in the second half of 2017 for a closing value of $2.475 billion. Upon completion of the merger, shareholders of ZELTIQ Aesthetics will receive $56.50 per share in cash.

Expected to close in the first quarter of 2017 for a closing value of $11.3 billion. Upon completion of the merger, shareholders of The Valspar Corporation will receive $113 per share in cash. Under the terms of the merger agreement, in what both companies believe to be the unlikely event that divestitures are required of businesses totaling more than $650 million of Valspar’s 2015 revenues, the transaction price would be adjusted to $105 in cash per Valspar share.

Update(s)

June 29, 2016: The Valspar Corporation (VAL) announced that Valspar shareholders voted to approve the Company’s proposed acquisition by The Sherwin-Williams Company (SHW).

October 29, 2016: The Sherwin-Williams Company (SHW) and The Valspar Corporation (VAL) issued the following statement in response to unfounded market rumors concerning regulatory approvals for the definitive agreement between Sherwin-Williams and Valspar, which was announced on March 20, 2016: Sherwin-Williams and Valspar continue to cooperate fully with the FTC staff and continue to expect the transaction will close by the end of Q1 calendar year 2017.  Given the complementary nature of the businesses and the benefits this transaction will provide to customers, Sherwin-Williams and Valspar continue to believe that no or minimal divestitures should be required to complete the transaction.

December 19, 2016: The Sherwin-Williams Company (SHW) and The Valspar Corporation (VAL) issued the following statement in response to unfounded market rumors concerning regulatory approvals for the definitive agreement between Sherwin-Williams and Valspar, which was announced on March 20, 2016: Sherwin-Williams and Valspar continue to cooperate fully with the FTC staff and continue to expect the transaction will close by the end of Q1 calendar year 2017. Given the complementary nature of the businesses and the benefits this transaction will provide to customers, Sherwin-Williams and Valspar continue to believe that no or minimal divestitures should be required to complete the transaction.

Janaury 26, 2017: Sherwin-Williams (SHW) said it now expects to sell part of its business to complete its acquisition of rival Valspar (VAL).