I would like to note an update to this discussion. to advise of my partial success with Switch Res X, running the new Acer XR341CK extra-wide monitor at 3440 x 1440 from a late 2012 iMac 27": I absolutely could not activate the monitor in extended mode using OS X El Capitan 10.11.3 at 3440 x 1440 *until* I tried Switch Res X, but with a catch: It would not activate in 3440 x 1440 @ 60hz, only 3440 x 1440 @ 30 hz, one of the "bolded" compatible resolutions. While 3440 x 1440 shows as an opinion, presumably it was @ 60hz, and the monitor went blank with, "no signal." This is running the monitor with a DP cable and apparently, only DP 1.1 is supported from that model iMac, which uses the GeForce GTX 660M 512 MB video card. It was only with Switch Res X that the additional refresh rate of 30hz was revealed.
I hope this info helps someone frustrated at setting up a similar extended monitor.
Mike