Merger Arbitrage Mondays – November 01, 2010

By Asif Suria
SINLetter
November 01, 2010 7:12 AM

Symbols: MFE, TRBN

Merger Activity decreased slightly last week with five new deals announced and four closing. You can find all the deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2010	94
Total Number of Deals That Did Not Complete in 2010	6
Total Number of Pending Deals
Cash Deals	59
Stock Deals	14
Stock & Cash Deals	12
Total Number of Pending Deals	85

New Deals:

The acquisition of CommScope (CTV) by the Carlyle Group for $3 billion or $31.50 per share in cash.
The acquisition of BMP Sunstone Corporation (BJGP) by Sanofi-aventis for $520.6 million or $10.00 per share in cash.
The acquisition of Syniverse Holdings (SVR) by the Carlyle Group for $2.6 billion or $31.00 per share in cash.
The acquisition of First Mercury Financial Corporation (FMR) by Fairfax Financial for $294 million or $16.50 per share in cash.
The acquisition of Wilber Corporation (GIW) by Community Bank System (CBU) for $101.8 million or $9.50 in stock or cash (80% stock / 20% cash subject to election), based on the following calculation: If the Community Bank System Market Price is equal to or greater than $19.71, or equal to or less than $25.35, then the ratio will be determined by a quotient (rounded to the nearest one-thousandth) obtained by dividing $9.50 by the Community Bank System Market Price. If the Community Bank System Market Price is greater than $25.35, then the quotient is 0.3748. If the Community Bank System Market Price is less than $19.71, then the quotient is 0.4820.

Closed Deals:

The acquisition of Trubion Pharmaceuticals (TRBN) by Emergent BioSolutions on October 29, 2010.
The acquisition of OMNI Energy Services by Wellspring Capital Management on October 25, 2010.

Updates:

The closing date for the McAfee – Intel merger was changed to 6/30/2011 from 12/31/2010, following a comment by the CEO of McAfee (MFE) stating that the deal is “on track” to close by mid-2011.

Top 10 Deals with largest spreads:

Symbol	Announced Date	Acquiring Company	Closing Price	Last Price	Closing Date	Profit	Annu. Profit
TLCR	06/07/2010	Grifols (GRF.MC)	$29.41	$24.52	12/31/2010	19.95%	121.39%
DTG	04/26/2010	Avis (CAR)	$53.39	$46.40	12/31/2010	15.06%	91.60%
MAJC	09/21/2010	Bayside Capital Partners (N/A)	$0.45	$0.396	03/31/2011	13.64%	33.18%
SSE	02/23/2010	Naugatuck Valley Financial Corp (NVSL)	$6.75	$6.04	12/31/2010	11.75%	71.51%
AAI	09/27/2010	Southwest Airlines (LUV)	$8.17	$7.40	03/31/2011	10.36%	25.22%
ATBC	05/10/2010	Jacksonville Bancorp (JAXB)	$2.17	$2.032	12/31/2010	6.79%	41.31%
MROE	10/06/2010	Old National Bancorp (ONB)	$12.06	$11.34	03/31/2011	6.36%	15.48%
ADAM	08/30/2010	Ebix Inc. (EBIX)	$7.70	$7.24	12/31/2010	6.29%	38.29%
CRXL	10/06/2010	Johnson & Johnson (JNJ)	$34.40	$32.40	03/31/2011	6.17%	15.02%
PVG	09/21/2010	Penn Virginia Resource Partners (PVR)	$26.41	$25.11	12/31/2010	5.18%	31.52%

List of all pending deals:

	Symbol	Announced Date	Acquiring Company	Closing Value	Closing Price	Last Price	Closing Date	Profit	Annu. Profit
+	TLCR	06/07/2010	Grifols (GRF.MC)	$3.4 billion	$29.42	$24.52	12/31/2010	19.97%	121.50%
Details of Talecris Expected to close by the end of the year for a closing value of $3.4 billion. On the completion of the merger Grifols will pay $19 in cash and 0.641 newly issued, nonvoting shares for each share of Talecris.
+	DTG	04/26/2010	Avis (CAR)	$1.56 billion	$53.39	$46.40	12/31/2010	15.06%	91.60%
Details of Dollar Thrifty Automotive Group Details about the original Hertz offer with updates below: Expected to close by the end of the year for a value of $1.3 billion. The transaction values Dollar Thrifty stock at approximately $41.00 per share. the $41.00 per share purchase price is comprised of 80% cash consideration and 20% stock consideration. The cash portion will be paid in two components; (1) a $200 million special cash dividend representing approximately $6.88 per share, to be paid by Dollar Thrifty immediately prior to the transaction closing and (2) $25.92 per share to be paid by Hertz at the closing. The stock is at a fixed exchange ratio of 0.6366 per share, based upon a Hertz common stock closing price of $12.88 per share on April 23, 2010. Revision on 09/13/2010: Hertz raised its offer for Dollar Thrifty Automotive Group Inc. to $50 a share, or about $1.56 billion, topping a proposal from Avis Budget Group Inc. Update 10/1/2010: Dollar Thrifty shareholders rejected the Hertz deal yesterday. DTG has indicated its willingness to work with Avis's offer of nearly $53 per share ($45.79 in cash plus 0.6543 shares of Avis) but has asked the company to hold off on making a formal offer.
+	MAJC	09/21/2010	Bayside Capital Partners (N/A)	$7.8 million	$0.45	$0.396	03/31/2011	13.64%	33.18%
Details of Majestic Capital Expected to close in the first quarter of 2011 for a closing value of $7.8 million. On the completion of the merger, Majestic Capital shareholders will receive $0.45 per share in cash.
+	SSE	02/23/2010	Naugatuck Valley Financial Corp (NVSL)	$19.5 million	$6.75	$6.04	12/31/2010	11.75%	71.51%
Details of Southern Connecticut Bancorp In Expected to close by the third calendar quarter of 2010, for a closing value of $19.5mn at $7.25/share. The Cash/stock election is subject to proration. Revision on 09/17/2010: Under the amendment, shareholders will be entitled to receive $6.75 per share in cash and the transaction os expected to close in the fourth quarter of 2010 or in early 2011.
+	AAI	09/27/2010	Southwest Airlines (LUV)	$1.4 billion	$8.17	$7.40	03/31/2011	10.36%	25.22%
Details of AirTran Holdings Expected to close in the first quarter of 2011 for a closing value of $1.4 billion. On the completion of the merger, AirTran Holdings Shareholders will receive $3.75 per share in cash and 0.321 share of Southwest stock for each share of AirTran held.
+	ATBC	05/10/2010	Jacksonville Bancorp (JAXB)	N/A	$2.17	$2.032	12/31/2010	6.79%	41.31%
Details of Atlantic BancGroup Inc Expected to close in the third quarter of 2010. If the merger is completed, Atlantic BancGroup shareholders will receive 0.2 shares of Jacksonville Bancorp common stock for each share of Atlantic BancGroup common stock held, plus up to approximately $0.65 per share in cash, subject to the qualifying sale of certain Atlantic BancGroup assets. Revision on September 20, 2010: Cash part increased from 0.65 to 0.67
+	MROE	10/06/2010	Old National Bancorp (ONB)	$83.5 million	$12.06	$11.34	03/31/2011	6.36%	15.48%
Details of Monroe Bancorp Expected to close by the end of this year or the first quarter of 2011 for a closing value of $83.5 miilion. On the completion of the merger, Monroe Bancorp shareholders Monroe shareholders will receive 1.275 shares of Old National for every share held.
+	ADAM	08/30/2010	Ebix Inc. (EBIX)	$66 million	$7.70	$7.24	12/31/2010	6.29%	38.29%
Details of A.D.A.M Inc. Expected to close later this year for a closing value of $66 million. On the completion of the merger ADAM shareholders will receive 0.3122 of Ebix stock for each share held in ADAM.
+	CRXL	10/06/2010	Johnson & Johnson (JNJ)	$2.41 billion	$34.40	$32.40	03/31/2011	6.17%	15.02%
Details of Crucell NV Expected to close in the first quarter of 2011 for a closing value of $2.41 billion. On the completion of the merger Crucell NV shareholders will receive $34.40 per share in cash.
+	PVG	09/21/2010	Penn Virginia Resource Partners (PVR)	$954 million	$26.41	$25.11	12/31/2010	5.18%	31.52%
Details of Penn Virginia GP Holdings Expected to close by the end of the year for a closing value of $954 million. On the completion of the merger, Penn Virginia GP Holdings unitholders will receive 0.98 units of Penn Virginia Resource Partners per Penn Virginia GP Holdings unit held.
+	AYE	02/11/2010	FirstEnergy (FE)	$8.5 billion	$24.23	$23.20	03/31/2011	4.42%	10.76%
Details of Allegheny Energy, Inc. Common S Expected to close by March 31, 2011 for a closing value $8.5bn. It is a stock based transaction @ 0.667 share of FE Revision on September 14, 2010: Jefferies & Companies lowers its price target to $23.50, from $24.50.
+	BGH	06/11/2010	Buckeye Partners LP (BPL)	$1.14 billion	$44.63	$42.83	12/31/2010	4.21%	25.62%
Details of Buckeye GP Holdings Expected to close in the fourth quarter of 2010 for a closing value of $1.14 billion. Under the deal, for each Buckeye GP unit, holders will get 0.705 Buckeye Partners units.
+	Q	04/22/2010	Century Link (CTL)	$10.6 billion	$6.89	$6.61	04/21/2011	4.17%	8.90%
Details of Qwest Communications Internatio Expected to close in the first half of 2011for a value of $10.6bn. Under the terms of the agreement, Qwest shareholders will receive 0.1664 CenturyLink shares for each share of Qwest common stock they own at closing.
+	GIW	10/25/2010	Community Bank System (CBU)	$101.8 million	$9.50	$9.26	02/15/2011	2.59%	8.92%
Details of Wilber Corporation Expected to close by February 15, 2011 for a closing value of $101.8 million. On the completion of the merger, Wilber shareholders will receive $9.50 per share in cash and Community Bank System common stock, subject to the following calculation: If the Community Bank System Market Price is equal to or greater than $19.71, or equal to or less than $25.35, then the ratio will be determined by a quotient (rounded to the nearest one-thousandth) obtained by dividing $9.50 by the Community Bank System Market Price. If the Community Bank System Market Price is greater than $25.35, then the quotient is 0.3748. If the Community Bank System Market Price is less than $19.71, then the quotient is 0.4820.
+	ID	09/20/2010	Safran (N/A)	$1.1 billion	$12.00	$11.79	03/31/2011	1.78%	4.33%
Details of L-1 Identity Solutions Inc Expected to close in the first quarter of 2011 for a closing value of $1.1 billion. On the completion of the merger, ID shareholders will receive $12 per share in cash.
+	OCNW	09/16/2010	Calix Inc. (CALX)	$171 million	$7.53	$7.40	12/31/2010	1.77%	10.76%
Details of Occam Networks Inc. Expected to complete in the fourth quarter of this year or first quarter of 2011 for $171 million. On the completion of the merger, Occam Networks shareholders will receive approximately $7.75 per share. The deal is a cash plus stock deal with Occam shareholders receiving $3.8337 in cash and 0.2925 shares of Calix.
+	PRPX	02/17/2010	L.B. Foster Co. (FSTR)	$112 million	$11.80	$11.60	12/30/2010	1.72%	10.67%
Details of Portec Rail Products, Inc. Expected to close by August 31, 2010 for a closing value of $112mn. The cash deal is @ $11.71 per share. Revision on 08/30/2010: L.B. Foster and Portec Rail Products announced on August 30, 2010, that they have extended the merger deadline from August 31, 2010 to December 30, 2010 Revision on 08/31/2010: L.B. Foster has agreed to both increase the tender offer share price from $11.71 per share to $11.80 per share and, subject to certain conditions, pay Portec $2 million should the transaction not close by December 30, 2010.
+	SVR	10/28/2010	Carlyle (N/A)	$2.6 billion	$31.00	$30.49	03/31/2011	1.67%	4.07%
Details of Syniverse Holdings Expected to close in the first quarter of 2011 for a closing value of $2.6 billion. On the completion of the merger, Syniverse Holdings shareholders will receive $31.00 per share in cash.
+	BJGP	10/28/2010	Sanofi – aventis (N/A)	$520.6 million	$10.00	$9.84	03/31/2011	1.63%	3.96%
Details of BMP Sunstone Corporation Expected to close in the first quarter of 2011 for a closing value of $520.6 million. On the completion of the merger, BMP Sunstone shareholders will receive $10.00 per share in cash.
+	MFE	08/19/2010	Intel Corporation (INTC)	$7.68 billion	$48.00	$47.30	06/30/2011	1.48%	2.24%
Details of McAfee Expected to close once McAfee shareholder approval and regulatory clearance is gained for a closing value of $7.68 billion. On the completion of the merger, McAfee shareholders will receive $48 per share in cash. Update Oct 29, 2010: Following the release of third quarter results by McAfee, CEO Dave DeWalt reiterated that the Intel deal is �on track� to close by mid-2011. We have updated the closing date to 6/30/2011 from 12/31/2010.
+	NCOC	09/28/2010	Ranger Energy Investments (N/A)	$8.6 million	$1.00	$0.986	12/15/2010	1.42%	11.78%
Details of National Coal Corp. Expected to close prior to December 15, 2010 for a closing value of $8.6 million. On the completion of the merger, National Coal shareholders will receive $1.00 per share in cash.
+	NHWK	09/27/2010	Virtual Radiologic (N/A)	$170 million	$6.50	$6.41	03/31/2011	1.40%	3.42%
Details of NightHawk Radiology Holdings Expected to close in the first quarter of 2011 for a closing value of $170 million. On the completion of the merger, NightHawk Radiology shareholders will receive $6.50 per share in cash.
+	DVD	09/27/2010	)–Dover Downs Gaming & Entertainment Inc (DDE)	N/A	$1.74	$1.7199	12/31/2010	1.37%	8.34%
Details of Dover Motorsports Inc Expected to close in the fourth quarter of 2010. On the completion of the merger, Dover Motorsports shareholders will receive 0.501 shares of Dover Downs Gaming & Entertainment common stock for each Dover Motorsports share held.
+	BNE	02/23/2010	RR Donnelley (RRD)	$481 million	$11.50	$11.35	12/31/2010	1.32%	8.04%
Details of Bowne & Co., Inc. Common Stock Expected to close by the second half of 2010 for a closing value of $481mn. It is a cash deal @ $11.50 per share
+	TTES	10/06/2010	Robbins & Myers Inc. (RBN)	$422 million	$33.90	$33.47	12/31/2010	1.29%	7.87%
Details of T-3 Energy Services Expected to close by the end of the year or early next year for a closing value of $422 million. On the completion of the merger, T-3 energy shareholders will receive 0.894 common shares of Robbins & Myers plus $7.95 in cash.
+	FMR	10/28/2010	Fairfax Financial Holdings (FRFHF.PK)	$294 million	$16.50	$16.30	03/31/2011	1.23%	2.99%
Details of First mercury Financial Corporation Expected to close in the first quarter of 2011 for a closing value of $294 million. On the completion of the merger, First Mercury Financial shareholders will receive $16.50 per share in cash.
+	NAL	08/19/2010	First Niagara Financial Group (FNFG)	$1.5 billion	$13.04	$12.89	05/15/2011	1.12%	2.11%
Details of New Alliance Bancshares Expected to close in early second quarter of 2011 for a closing value of $1.5 billion. On the completion of the merger, New Alliance shareholders will receive either 1.1 shares of FNFG stock, all cash or cash plus stock. NAL mentioned that the "aggregate consideration is 86% in stock and 14% in cash". The exchange ratio is however fixed at 1.1 shares of FNFG per share of NAL and worked out to $14.09 per share upon announcement of the deal.
+	TUNE	09/08/2010	Zoran Corporation (ZRAN)	$84 million	$2.92	$2.89	12/31/2010	1.04%	6.31%
Details of Microtune Inc. Expected to close in the fourth quarter of 2010 for a closing value of $84 million. On the completion of the merger Microtune shareholders will receive $2.92 per share in cash.
+	CSCX	10/19/2010	Opto Circuits (N/A)	N/A	$2.30	$2.28	12/31/2010	0.88%	5.34%
Details of Cardiac Science Corporation Expected to close by the end of the year. On the completion of the merger, Cardiac Science Corporation shareholders will receive $2.30 per share in cash.
+	HBE	10/06/2010	Kratos Defense & Security Solutions (KTOS)	$45 million	$7.00	$6.94	12/31/2010	0.86%	5.26%
Details of Henry Bros. Electronics Expected to close by the end of the year for a closing value of $45 million. On the completion of the merger, Henry Bros. shareholders will receive $7.00 per share in cash.
+	INET	09/20/2010	an affiliate of Hellman & Friedman Capital Partners (N/A)	$640 million	$13.35	$13.24	12/31/2010	0.83%	5.05%
Details of Internet Brands Inc. Expected to close in the fourth quarter of 2010 for a closing value of $640 million. On the completion of the merger, Internet Brands shareholders will receive $13.35 per share in cash.
+	KG	10/12/2010	Pfizer Inc. (PFE)	$3.6 billion	$14.25	$14.14	12/31/2010	0.78%	4.73%
Details of King Pharmaceuticals Expected to close by the end of the year for a closing value of $3.6 billion. On the completion of the merger, King Pharmaceuticals will receive $14.25 per share in cash.
+	SMTB	07/15/2010	People's United Financial Inc. (PBCT)	$60 million	$3.76	$3.73	12/31/2010	0.77%	4.66%
Details of Smithtown Bancorp Inc Expected to close in the fourth quarter of 2010, for a closing value of $60 million. On the completion of the merger, Smithtown Bancorp shareholders will receive 0.1430 shares of People's United common stock and $2.00 in cash.
+	PZZ	08/16/2010	Leonard Green & Partners (N/A)	$363 million	$8.50	$8.44	12/31/2010	0.71%	4.32%
Details of Prospect Medical Holdings Expected to close by the end of the year 2010 for a closing value of $363 million. On the completion of the merger Prospect Medical Holdings shareholders will receive $8.50 per share in cash.
+	RAE	09/20/2010	Battery Ventures (N/A)	$95 million	$1.60	$1.59	12/31/2010	0.63%	3.83%
Details of RAE Systems Inc. Expected to close in the fourth quarter of 2010 for a closing value of $95 million. On the completion of the merger, RAE Systems shareholders will receive $1.60 per share in cash.
+	ACTI	10/11/2010	Assa Abloy (N/A)	$162 million	$3.25	$3.23	12/31/2010	0.62%	3.77%
Details of ActivIdentity Corporation Expected to close by the end of the year for a closing value of $162 million. On the completion of the merger, ActivIdentity shareholders will receive $3.25 per share in cash.
+	CLRT	10/22/2010	GE Healthcare (GE)	$580 million	$5.00	$4.97	01/31/2011	0.60%	2.42%
Details of Clarient Inc. Expected to close in late 2010 or early 2011 for a closing value of $580 million. On the completion of the merger, Clarient shareholders will receive $5.00 per share in cash.
+	STU	09/17/2010	Discover Financial Services (N/A)	N/A	$30.00	$29.82	12/31/2010	0.60%	3.67%
Details of Student Loan Corporation Expected to close by the end of 2010. On the completion of the merger, The Student Loan Corporation shareholders will receive $30.00 per share in cash.
+	NUHC	09/20/2010	Arrow Electronics (ARW)	$130 million	$7.00	$6.96	12/31/2010	0.57%	3.50%
Details of Nu Horizons Electronics Corp Expected to close in the fouth quarter of 2010 for a closing value of $130 million. On the completion of the merger, Nu Horizons Electronics shareholders will receive $7.00 per share in cash.
+	ACV	09/27/2010	Unilever PLC (N/A)	$3.7 billion	$37.50	$37.29	12/31/2010	0.56%	3.43%
Details of Alberto Culver Expected to close in the fourth quarter of 2010 for a closing value of $3.7 billion. On the completion of the merger, Albert Culver shareholders will receive $37.50 per share in cash.
+	GYMB	10/11/2010	Bain Capital (N/A)	$1.8 billion	$65.40	$65.06	12/31/2010	0.52%	3.18%
Details of The Gymboree Corporation Expected to close by the end of the year for a closing value of $1.8 billion. On the completion of the merger, Gymboree shareholders will receive $65.40 per share in cash.
+	DDMX	10/01/2010	Greenbriar Equity Group (N/A)	$210 million	$21.25	$21.14	02/15/2011	0.52%	1.79%
Details of Dynamex Inc Expected to close on February 15, 2011 for a closing value of $210 million. On the completion of the merger, Dynamex shareholders will receive $21.25 per share in cash
+	ALOY	06/24/2010	ZelnickMedia (N/A)	$126.5 million	$9.80	$9.75	12/31/2010	0.51%	3.12%
Details of Alloy Expected to close in the fourth quarter of 2010 for a closing value of $126.5 million. On the completion of the merger, shareholders of Alloy Inc. will receive $9.80 per share in cash.
+	AEZ	07/28/2010	Hess Corp (HES)	$450 million	$8.65	$8.61	12/31/2010	0.51%	3.11%
Details of American Oil & Gas Inc. Expected to close in the fourth quarter of 2010 for a closing value of $450 million. On the completion of the merger, Hess will issue 0.1373 shares of its stock for each outstanding share of American Oil & Gas.
+	ROME	10/12/2010	Berkshire Hills Bancorp (BHLB)	$74 million	$10.97	$10.91	03/31/2011	0.51%	1.23%
Details of Rome Bancorp Inc. Expected to close by the first quarter of 2011 for a closing value of $74 million. On the completion of the merger, 70% of the outstanding Rome Bancorp shares will be exchanged for Berkshire Hills Bancorp shares at a fixed exchange ratio of 0.5658 Berkshire Hills Bancorp shares for each share of Rome Bancorp, and the remaining 30% of Rome Bancorp shares will be exchanged for $11.25 per share in cash.
+	CLU	09/16/2010	Clearwater Paper Corporation (CLW)	$247 million	$12.00	$11.94	12/31/2010	0.50%	3.06%
Details of Cellu Tissue Holdings Inc. Expected to close in the fourth quarter of 2010 for a closing value of $247 million. On the completion of the merger, Cellu Tissue shareholders will receive $12 per share in cash.
+	MAM	03/12/2010	Emera Inc (N/A)	$75.7 million	$45.00	$44.78	12/31/2010	0.49%	2.99%
Details of Maine & Maritimes Corporation C Expected to close by the end of 2010 for a closing value of $75.7 million. The cash deal is @ $45 per share
+	ADCT	07/13/2010	Tyco Electronics (TEL)	$1.24 billion	$12.75	$12.69	12/31/2010	0.47%	2.88%
Details of ADC Telecommunications Inc Expected to close in the fourth quarter of 2010, for a closing value of $1.24 billion. On the completion of the merger, ADC Telecommunications shareholders will receive $12.75 per share in cash
+	MIR	04/12/2010	RRI Energy In. (RRI)	$1.6 billion	$10.66	$10.61	12/31/2010	0.47%	2.84%
Details of Mirant Corp Common Stock Expected to close by the end of the year 2010 for a value of $1.6bn. Mirant Corp. will combine with RRI Energy Inc. in a stock-deal to form GenOn Energy. Mirant stockholders will get about 2.84 RRI common shares for each Mirant share they own.
+	XJT	08/04/2010	SkyWest (SKYW)	$133 million	$6.75	$6.72	12/31/2010	0.45%	2.72%
Details of Expressjet Holdings Expected to close in the fourth quarter of 2010, for a closing value of $133 million. On the completion of the merger, Expressjet shareholders will receive $6.75 per share in cash.
+	EPE	09/07/2010	Enterprise Products (EPD)	$8 billion	$64.28	$64.00	12/31/2010	0.43%	2.61%
Details of Enterprise G.P. Holdings Expected to close by the end of the year for a closing value of $8 billion. On the completion of the merger, Enterprise GP unitholders would receive 1.5 Enterprise Products common units in exchange for each Enterprise GP limited partner unit.
+	ME	04/15/2010	Apache (APA)	$2.7 billion	$25.02	$24.92	12/31/2010	0.39%	2.36%
Details of Mariner Energy, Inc. Mariner En Expected to close by the third quarter of 2010 for a value of $2.7bn. Under the cash and stock deal, Mariner stockholders will receive cash of $7.80 and 0.17043 of a share of Apache common stock in exchange for each share of Mariner common stock.
+	HWK	10/15/2010	Carlisle (CSL)	$413 million	$50.00	$49.83	12/31/2010	0.34%	2.08%
Details of Hawk Corporation Expected to close by the end of the year for a closing value of $413 million. On the completion of the merger, Hawk shareholders will receive $50.00 per share in cash.
+	LSBX	07/15/2010	People's United Financial Inc. (PBCT)	$96 million	$21.00	$20.932	12/31/2010	0.32%	1.98%
Details of LSB Corporation Expected to close in the fourth quarter of 2010 for a closing value of $96 million. On the completion of the merger, LSBX shareholders will receive $21 per share in cash.
+	NYM	07/15/2010	ProSight (N/A)	$230 million	$25.75	$25.67	12/31/2010	0.31%	1.90%
Details of NYMagic Expected to close in the fourth quarter of 2010 for a closing value of $230 million. On the completion of the merger, NYMagic shareholders will receive $25.75 per share in cash.
+	AMPH	09/01/2010	ProAssuarance (PRA)	$233 million	$32.50	$32.40	12/31/2010	0.31%	1.88%
Details of American Physicians Service Group Expected to close by the year-end for a closing value of $233 million. On the completion of the merger, AMPH shareholders will receive $32.50 per share in cash.
+	PTV	08/17/2010	Reynolds Group Holdings (N/A)	$6 billion	$33.25	$33.17	12/31/2010	0.24%	1.47%
Details of Pactiv Corporation Expected to close by the end of the year for a closing value of $6 billion. On the completion of the merger, shareholders of Pactiv Corporation will receive $33.25 per share in cash.
+	AGAM	10/18/2010	St. Jude Medical (STJ)	$1.04 billion	$20.80	$20.75	12/31/2010	0.24%	1.47%
Details of AGA Medical Holdings Expected to close by the end of the year for a closing value of $1.04 billion. On the completion of the merger, AGA Medical shareholders will receive $20.80 for each share of AGA Medical stock they own in the form of cash and/or St. Jude Medical common stock. The split between cash and stock consideration will be 50 percent of each. Holders of AGA Medical stock tendered in the exchange offer may elect to receive cash or shares of St. Jude Medical common stock.
+	DTPI	08/24/2010	PricewaterhouseCoopers (N/A)	$378 million	$12.50	$12.47	12/31/2010	0.24%	1.46%
Details of Diamond Management & Technology Consultants, Inc. Expected to close in the fourth quarter of 2010 for a closing value of $378 million. On the completion of the merger, shareholders of Diamond Management & Technology Consultants will receive $12.50 per share in cash.
+	CCBP	08/09/2010	F.N.B. Corporation (FNB)	$70 million	$39.36	$39.27	12/31/2010	0.24%	1.44%
Details of Comm Bancorp Expected to close in the fourth quarter of 2010 for a closing value of $70 million. On the completion of the merger Comm Bancorp shareholders will receive 3.4545 shares of F.N.B. common stock and $10.00 in cash for each share of Comm Bancorp held.
+	ROAC	10/18/2010	Swenson Granite Co. (N/A)	$39 million	$5.25	$5.24	03/31/2011	0.19%	0.46%
Details of Rock of Ages Corp. Expected to close in the first quarter of 2011 for a closing value of $39 million. On the completion of the merger, Rock of Ages shareholders will receive $5.25 per share in cash.
+	OSTE	08/17/2010	Medtronic (MDT)	$123 million	$6.50	$6.49	12/31/2010	0.15%	0.94%
Details of Osteotech Expected to close for a closing value of $123 million. On the completion of the merger, shareholders of Osteotech will receive $6.50 per share in cash. The transaction is subject to customary closing conditions, including approval by Osteotech's stockholders and U.S. and foreign regulatory clearances.
+	NZ	09/20/2010	International Business Machines (IBM)	$1.7 billion	$27.00	$26.96	12/31/2010	0.15%	0.90%
Details of Netezza Corporation Expected to close in the fourth quarter of 2010 for a closing value of $1.7 billion. On the completion of the merger, Netezza shareholders will receive $27 per share in cash.
+	PSYS	05/17/2010	Universal Health (N/A)	$3.1 billion	$33.75	$33.70	12/31/2010	0.15%	0.90%
Details of Psychiatric Solutions, Inc. Expected to close by the fourth quarter of 2010 for a closing value of $3.1bn. On the completion of the merger, Psychiatric Solutions shareholders will receive $33.75 per share in cash.
+	NRGP	08/09/2010	Inergy (NRGY)	$2.07 billion	$30.23	$30.20	12/31/2010	0.10%	0.61%
Details of Inergy Holdings Expected to close in the fourth quarter of 2010 for a closing value of $2.07 billion in an all-stock deal. On the completion of the merger Inergy Holdings shareholders will receive 0.77 NRGY common units in exchange for each NRGP common unit they own.
+	KEI	09/28/2010	Danaher Corporation (DHR)	$340 million	$21.60	$21.58	12/31/2010	0.09%	0.56%
Details of Keithley Instruments Expected to close in the fourth quarter of 2010 for a closing value of $340 million. On the completion of the merger, Keithley Instruments shareholders will receive $21.60 per share in cash.
+	OICO	09/14/2010	ITT Corporation (ITT)	$29 million	$12.50	$12.49	12/31/2010	0.08%	0.49%
Details of O.I. Corporation Expected to close in late 2010 for a closing value of $29 million. On the completion of the merger, O.I. shareholders will receive $12.00 per share in cash, plus a $0.50 special dividend if certain financial conditions are met.
+	ACTL	10/04/2010	Microsemi (MSCC)	$430 million	$20.88	$20.87	01/02/2011	0.05%	0.28%
Details of Actel Corporation Expected to close in Microsemi�s fiscal Q1 ending January 2 for a closing value of $430 million. On the completion of the merger, Actel shareholders will receive $20.88 per share in cash.
+	RSCR	09/07/2010	Onex Corp (N/A)	$390 million	$13.25	$13.25	12/31/2010	0.00%	0.00%
Details of Res-Care Inc Expected to close by the end of the year for a closing value of $390 million. On the completion of the merger Res-Care shareholders will receive $13.25 per share in cash.
+	PPCO	08/09/2010	Endo Pharmaceuticals (ENDP)	$144 million	$5.00	$5.00	12/31/2010	0.00%	0.00%
Details of Penwest Pharmaceuticals Expected to close in the fourth quarter of 2010 for a closing value of $144 million. On the completion of the merger, Penwest Pharmaceuticals shareholders will receive $5.00 per share in cash.
+	COGT	08/30/2010	3M Co. (MMM)	$943 million	$10.50	$10.52	12/31/2010	-0.19%	-1.16%
Details of Cogent Inc. Expected to close in the fourth quarter of 2010 for a closing value of $943 million. On the completion of the merger Cogent shareholders will receive $10.50 per share in cash.
+	WAIN	06/29/2010	Eastern Bank (N/A)	$163 million	$19.00	$19.07	12/31/2010	-0.37%	-2.23%
Details of Wainwright Bank & Trust Expected to close in the fourth quarter of 2010 for a closing value of $163 million. On the completion of the merger, Eastern Bank will pay $19 in cash for each share of Wainwright Bank.
+	ACLI	10/18/2010	Affiliates of Platinum Equity (N/A)	$777 million	$33.00	$33.15	12/31/2010	-0.45%	-2.75%
Details of American Commercial Lines Inc. Expected to close by the end of the year for a closing value of $777 million. On the completion of the merger, American Commercial Lines shareholders will receive $33.00 per share in cash.
+	CTV	10/25/2010	Carlyle (N/A)	$3 billion	$31.50	$31.66	12/31/2010	-0.51%	-3.07%
Details of CommScope Inc Expected to close by the end of the year for a closing value of $3 billion. On the completion of the merger, CommScope shareholders will receive $31.50 per share in cash.
+	THMD	10/05/2010	Irving Place Capital (N/A)	$422 million	$15.00	$15.08	12/31/2010	-0.53%	-3.23%
Details of Thermadyne Holdings Expected to close in December 2010 for a closing value of $422 million. On the completion of the merger, Thermadyne Holdings shareholders will receive $15.00 per share in cash.
+	CGC	10/01/2010	Gammon Gold (GRS)	$288 million	$4.35	$4.39	12/31/2010	-0.96%	-5.86%
Details of Capital Gold Corp. Expected to close in the fourth quarter of 2010 for a closing value of $288 million. On the completion of the merger, Gammon will issue 0.5209 of a common share for each Capital share, in addition to paying 79 cents a share in cash.
+	SHMR	10/15/2010	Essilor (N/A)	$130 million	$14.50	$14.69	06/30/2011	-1.29%	-1.96%
Details of Shamir Optical Industry Expected to close by the second quarter of 2011 for a closing value of $130 million. On the completion of the merger, Shamir Optical Industry shareholders will receive $14.50 per share in cash.
+	NST	10/18/2010	Northeast Utilities (NU)	$4.17 billion	$41.04	$41.71	09/30/2011	-1.61%	-1.76%
Details of NSTAR Expected to close in the third quarter of 2011 for a closing value of $4.17 billion. On the completion of the merger, NSTAR shareholders will receive 1.312 Northeast Utilities common shares for each NSTAR held.
+	DYN	08/13/2010	Blackstone Group (BX)	$4.7 billion	$4.50	$4.64	12/31/2010	-3.02%	-18.35%
Details of Dynegy Expected to close by the end of the year for a closing value of $4.7 billion. On the completion of the merger, Dynegy shareholders will receive $4.50 per share in cash.
+	ULCM	10/12/2010	affiliates of Platinum Equity (N/A)	N/A	$8.07	$8.49	12/31/2010	-4.95%	-30.09%
Details of Ulticom Inc. Expected to close by the end of the year. under the terms of the agreement, Ulticom�s public shareholders will receive $2.33 per share in cash, after payment of a special dividend by the Company of $5.74 per share.
+	PTEC	08/17/2010	Marlin Equity Partners (N/A)	$139 million	$3.85	$4.10	12/31/2010	-6.10%	-37.09%
Details of Phoenix Technologies Ltd. Expected to close by the end of the year for a closing value of $139 million. On the completion of the merger, shareholders of Phoenix Technologies will receive $3.85 per share in cash.
+	PTEC	08/17/2010	Marlin Equity Partners (N/A)	$139 million	$3.85	$4.10	12/31/2010	-6.10%	-37.09%
Details of Phoenix Technologies Ltd. Expected to close by the end of the year for a closing value of $139 million. On the completion of the merger, shareholders of Phoenix Technologies will receive $3.85 per share in cash.
+	CADE	10/06/2010	Community Bancorp LLC (N/A)	$38 million	$2.25	$2.46	03/31/2011	-8.68%	-21.12%
Details of Cadence Financial Corporation Expected to close in the first quarter of 2011 for a closing value of $23.8 million in an all-stock deal. On the completion of the merger, Cadence shareholders will receive receive 0.097 shares of Trustmark common stock for each share of Cadence they hold. Revision on 10/06/2010: Cadence Financial agreed to be acquired by Community Bancorp for $38 million at $2.50 per share in cash, after terminating its previously announced agreement with Trustmark Corporation
+	ALY	08/12/2010	Seawell (N/A)	$890 million	$4.25	$5.14	12/31/2010	-17.32%	-105.33%
Details of Allis-Chalmers Energy, Inc. Expected to close by the end of the year 2010 for a closing value of $890 million. On the completion of the merger, Allis-Chalmers shareholders will get $4.25 in cash or 1.15 Seawell shares for each shares of Allis-Chalmers, subject to proration if more than 35% of the shares elect to receive cash. Seawell Ltd is registered in the Norwegian OTC system, ticker symbol SEAW.
+	OTIX	09/13/2010	William Demant (N/A)	$50 million	$8.60	$10.95	12/31/2010	-21.46%	-130.56%
Details of OTIX Global Inc. Expected to close between mid-November and the end of 2010 for a closing value of $50 million. On the completion of the merger, OTIX shareholders will receive $8.60 per share in cash.