Tracking Alpha
What it is
Where a deal stands, worked out from its published facts.
On the site asSignedVote setTender openApprovalsClosingClosedAfter failure
The usual order of stages
A deal can skip a stage when nothing holds it there.
- Signed
- Vote setTender open
- Approvals
- Closing
- Closed
After failurecan follow any stage before Closed.
How to read it
The deal page shows it after the ticker. Holder approval means the shareholder vote, or the minimum tender in a tender offer.
- Signed
- Holder approval isn't in, and no meeting or tender expiry date is published yet.
- Vote set
- A merger whose meeting date is published, before holders approve.
- Tender open
- A tender offer whose expiry date is published, before the minimum tender is met.
- Approvals
- Holder approval is in; at least one other condition is still open.
- Closing
- Holder approval is in and every condition is met or not required.
- Closed
- A filing says the deal was completed.
- After failure
- The agreement was terminated, or the deal ended another way.
