Filings from July 20-26

Spin Offs:

Tribune Publishing (TPUB) published what appears to be the exact same filing once again as the final push prior to publicly trading. The distribution will start this week, so there might be preliminary pricing available. Something to watch for sure.

Aquabound Technologies filed what appears to be the wrong form as it’s not a spin off, but an IPO in the London market. This company, who farm raises fish, has no operating income, operating cash flow or net income and states it has no expectation of that changing in the foreseeable future.

ADP updated their filing for Dealer Services, who will be trading on the NASDAQ, added the metrics they will be running the business under. Additionally, there is more information about the Digital, OEM, etc. in terms of sites, revenue, etc.  This has added a lot of detail to the explanation of account changes. Additionally, they have decided to push the dividend 2015 with the debt financing.  There was no change to the financial statements previously analyzed. The largest change was the exclusion of Holt, who was in charge of the Digital segment. Depending on who replaces him, that will potentially lower growth in Digital, but will not change the option of selling into a hot market or the potential growth in the higher margin international business.

Mergers:

Pepco (POM) is merging with Exelon Corporation (EXC) for a cash transaction.

Media General, Inc. (MEG) and Lin Media LLC (LIN) are merging for cash and equity.

TE Connectivity (TEL) and Measurement Specialties, Inc. (MEAS) will merge for cash.

First Merchants Corporation (FRME) and Community Bancshares will merge for cash and equity.

Omnicom Group Inc. (OMC) and Publicis Groupe SA (PUB.PA) has failed for now.

Valeant Pharmaceuticals International, Inc. (VRX) and Allergen, Inc. (AGN) continue their stock only tax inversion.

Lorillard, Inc. (LO) and Reynolds American Inc. (RAI) will merge for cash and equity.

URS Corporation (URS) and AECOM Technology Corporation (ACM) will merge for cash and equity.

Rockwood Holdings, Inc. (ROC) and Horizon Oil Ltd. (HZN) will merge for equity.

Kilroy Realty Corporation (KRC) and San Francisco Flower Growers Association (SFFGA) will merge for equity.

Mackinac Financial Corporation (MFNC) and Pennsylvania Bank will merge for cash and equity.

MTR Gaming Group, Inc. (MNTG) and Eldorado Holding will merge for equity.

AbbVie continues to pursue Shire Plc (SHPGY) for another inversion.

Coviden (COV) and Medtronic (MDT) will merge for cash in this inversion.

Triquint Semiconductor Inc. (TQNT) and RF Micro Devices Inc. (RFMD) will merge for equity.

BCE (BCE) will take Bell Aliant private.

DIRECTV (DTV) and AT&T (T) will merge for cash and equity.

IO SA (IOBRC) and Portgual Telecom (PT) will merge for equity.

Eagle Bancorp, Inc. (EGBN) and Virginia Heritage Bank (VGBK) will merge for cash and equity.

First Midwest Bancorp Inc. (FMBI) and Great Lakes Financial Recources will merge for cash and equity.

Time Warner Cable Inc. (TWC) and Comcast Corporation (CMCSA) will merge for cash and equity. Comcast  Corporation (CMCSA) will merge with Charter Communications, Inc. (CHTR) for cash and equity.

TW Telecom Inc. (TWTC) and Level 3 Communications, Inc. (LVLT) will merge for cash and equity.

ViewPoint Financial Group, Inc. (VPFG) and Legacy Texas Group will merge for cash and equity.

First Business Financial Services, Inc. (FBIZ) and Aslin Group, Inc. will merge for cash and equity.

Salix Pharmaceuticals (SLXP) and Cosmo Pharmaceuticals (COPN) have proposed to merge for the shares of Cosmo. This will allow Salix to move overseas for tax purposes and gain some drugs.

TF Financial Corporation (THRD) and National Penn Bancshares Inc. (NPBC) will merge for cash and equity.

Breitburn Energy Partners L.P. (BBEP) and QR Energy, LP (QRE) will merge for cash and equity.

Georgia Carolina Bancshares Inc. (GECR) and State Bank Financial Corporation (STBZ) will merge for cash and equity.

Intermountain Community Bancorp (IMCB) and Columbia Banking System Inc. (COLB) will merge for cash and equity.

Destination Maternity Corporation (DEST) and Mothercare plc stopped their merge.

CU Bancorp (CUNB) and 1st Enterprise Bank (FENB) will merge for equity.

Eastern Virginia Bankshares Inc. (EVBS) and Virginia Company Bank (VGNA) will merge for cash and equity.

IPOs:

Tribune Publishing signed up to be listed on the NYSE.

Forest Oil is issuing preferred shares as part of the Sabine merger.

Blue Hills Bancorp is turning from a mutual to stock company with a history of mixed results. The stock is being issued at $9.98.

Townsquare Media is issuing shares at $16 with a positive history of operating income, net income and operating cash flow.

It is reissuing post bankruptcy. Intersect ENT is going to be $13 with a negative history of operating income, net income and operating cash flow.

It is partially owned by Medtronic (MDT). Potential stub valuation will be analyzed.

Advance Drainage Systems is issuing shares at $19 with a positive history of operating income, net income and operating cash flow.

El Pollo Loco Holdings will be $15 with positive operating income and operating cash flows, but negative net income due to debt penalties.

Spark Energy will be issued at $21 with a positive history of operating income, net income and operating cash flow.

Ocular Therapeutix will be $16 with a negative history of operating income, net income and operating cash flow.

Wells Fargo is issuing preferred shares.

MAPI Pharma will be $15 with a negative history of operating income, net income and operating cash flow.

Synchrony Financial is being issued from GE at $26 with a positive history of operating income, net income and operating cash flow. This will also be analyzed as a stub stock situation although it would seem unlikely.

Immune Design Corporation will be $14 with a negative history of operating income, net income and operating cash flow.

Par Petroleum is issuing a rights offering for $16 a share.

Innocoll AG will issue an ADR at $15 with loss on operating cash flow and operating income, but positive net income from other income.

Orion Engineered Carbons issued for $18 with negative income and operating cash flow with occasional operating income.

Mobileye will issue $19 with the most recent year of positive net income, operating cash flow and operating income. It is held by multiple investment firms, but in too small of a percentage to impact the company.

Tekla Healthcare Opportunities Fund is a closed-end investment fund that is issuing shares.

Marathon Patent Group is being uplisted to the NASDAQ although it has negative income, operating income and operating cash flow.

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