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Merger activity continued to increase last week with eight new deals announced and one deal closing.

Deal Statistics:

Total Number of Deals Closed in 2010 70
Total Number of Deals That Did Not Complete in 2010 5
Total Number of Pending Deals
Cash Deals 53
Stock Deals 12
Stock & Cash Deals 13
Total Number of Pending Deals 78

New Deals:

  1. The acquisition of L-1 Identity Solutions (ID) by French aerospace and defense systems company Safran for $1.1 billion at $12 per share in cash
  2. The acquisition of Netezza Corp (NZ) by International Business Machines Corp (IBM) for $1.7 billion at $27 per share in cash
  3. The acquisition of Nu Horizons Electronics Corp (NUHC) by Arrow Electronics (ARW) for $130 million at $7 per share in cash
  4. The acquisition of Internet Brands (INET) by an affiliate of Hellman & Friedman Capital Partners for $640 million at $13.35 per share in cash
  5. The acquisition of RAE Systems (RAE) by an affiliate of Battery Ventures for $95 million at $1.60 per share in cash
  6. The acquisition of Cadence Financial Corporation (CADE) by Trustmark Corporation (TRMK) in an all-stock deal at 0.097 shares of Trustmark common stock for each share of Cadence
  7. The acquisition of Penn Virginia GP Holdings (PVG) by Penn Virginia Resource Partners (PVR) for $954 million in an all stock deal, where Penn Virginia GP Holdings unitholders will receive 0.98 units of Penn Virginia Resource Partners per Penn Virginia GP Holdings unit held
  8. The acquisition of Majestic Capital (MAJC) by Bayside Capital Partners for $7.8 million at $0.45 per share in cash


Modified Deals:

  1. BlueLinx Holdings (BXC) rose 15% to $3.92 a share in pre-market trades on Thursday after receiving an increased buyout offer of $4 a share from affiliates of Cerberus Capital Management L.P., up from an earlier offer of $3.40 a share.
  2. Avis Budget Group (CAR) increased its offer to acquire Dollar Thrifty (DTG) to about $1.52 billion, topping a sweetened offer from Hertz (HTZ) earlier this month.


Closed Deals:

  1. The acquisition of Boots & Coots (WEL) by Halliburton (HAL) on September 20, 2010


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) $28.37 $23.10 12/31/2010 22.81% 87.62%
MAJC 09/21/2010 Bayside Capital Partners (N/A) $0.45 $0.375 03/31/2011 20.00% 39.46%
SSE 02/23/2010 Naugatuck Valley Financial Corp (NVSL) $6.75 $5.78 12/31/2010 16.78% 64.48%
ADAM 08/30/2010 Ebix Inc. (EBIX) $7.18 $6.33 12/31/2010 13.44% 51.63%
AYE 02/11/2010 FirstEnergy (FE) $25.41 $24.04 03/31/2011 5.71% 11.27%
CADE 09/22/2010 Trustmark Corporation (TRMK) $2.11 $2.00 03/31/2011 5.34% 10.54%
PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $23.96 $22.75 12/31/2010 5.32% 20.45%
BNE 02/24/2010 RR Donnelley (RRD) $11.50 $10.98 09/30/2010 4.74% 576.20%
Q 04/22/2010 Century Link (CTL) $6.53 $6.25 04/21/2011 4.50% 7.97%
BGH 06/11/2010 Buckeye Partners LP (BPL) $43.72 $41.95 12/31/2010 4.23% 16.25%

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 $28.37 $23.10 12/31/2010 22.81% 87.62%
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.
MAJC 09/21/2010 Bayside Capital Partners (N/A) $7.8 million $0.45 $0.375 03/31/2011 20.00% 39.46%
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 $5.78 12/31/2010 16.78% 64.48%
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.
ADAM 08/30/2010 Ebix Inc. (EBIX) $66 million $7.18 $6.33 12/31/2010 13.44% 51.63%
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.

AYE 02/11/2010 FirstEnergy (FE) $8.5 billion $25.41 $24.04 03/31/2011 5.71% 11.27%
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.
CADE 09/22/2010 Trustmark Corporation (TRMK) $23.8 million $2.11 $2.00 03/31/2011 5.34% 10.54%
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.
PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $954 million $23.96 $22.75 12/31/2010 5.32% 20.45%
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.
BNE 02/24/2010 RR Donnelley (RRD) $481 million $11.50 $10.98 09/30/2010 4.74% 576.20%
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
Q 04/22/2010 Century Link (CTL) $10.6 billion $6.53 $6.25 04/21/2011 4.50% 7.97%
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.
BGH 06/11/2010 Buckeye Partners LP (BPL) $1.14 billion $43.72 $41.95 12/31/2010 4.23% 16.25%
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.

SMTB 07/15/2010 People's United Financial Inc. (PBCT) $60 million $3.88 $3.74 12/31/2010 3.80% 14.61%
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.
OCNW 09/16/2010 Calix Inc. (CALX) $171 million $7.64 $7.39 12/31/2010 3.45% 13.26%
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.
NRGP 08/09/2010 Inergy (NRGY) $2.07 billion $29.57 $28.73 12/31/2010 2.92% 11.21%
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.
ALY 08/12/2010 Seawell (N/A) $890 million $4.25 $4.13 12/31/2010 2.91% 11.16%
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.

CCBP 08/09/2010 F.N.B. Corporation (FNB) $70 million $39.64 $38.57 12/31/2010 2.77% 10.65%
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.
ID 09/20/2010 Safran (N/A) $1.1 billion $12.00 $11.69 03/31/2011 2.65% 5.23%
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.
RAE 09/20/2010 Battery Ventures (N/A) $95 million $1.60 $1.56 12/31/2010 2.56% 9.85%
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.
EPE 09/07/2010 Enterprise Products (EPD) $8 billion $58.17 $56.79 12/31/2010 2.43% 9.34%
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.

OTIX 09/13/2010 William Demant (N/A) $50 million $8.60 $8.432 12/31/2010 1.99% 7.66%
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.
DIVX 06/02/2010 Sonic Solutions (SNIC) $323 million $8.22 $8.08 09/30/2010 1.75% 213.52%
Details of DivX
Expected to close by the third quarter of 2010 for a cosing value of $323mn. On the completion of the merger, DivX shareholders will receive $3.75 in cash and 0.514 shares of Sonic Solutions common stock for each share of DivX they hold.
PRPX 02/17/2010 L.B. Foster Co. (FSTR) $112 million $11.80 $11.60 12/30/2010 1.72% 6.69%
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.
MIR 04/12/2010 RRI Energy In. (RRI) $1.6 billion $10.06 $9.90 12/31/2010 1.66% 6.37%
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.

OICO 09/14/2010 ITT Corporation (ITT) $29 million $12.50 $12.30 12/31/2010 1.63% 6.25%
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.
ALOY 06/24/2010 ZelnickMedia (N/A) $126.5 million $9.80 $9.65 12/31/2010 1.55% 5.97%
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.
NAL 08/19/2010 First Niagara Financial Group (FNFG) $1.5 billion $12.67 $12.48 05/15/2011 1.54% 2.44%
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.

INET 09/20/2010 an affiliate of Hellman & Friedman Capital Partners (N/A) $640 million $13.35 $13.16 12/31/2010 1.44% 5.55%
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.
MFE 08/19/2010 Intel Corporation (INTC) $7.68 billion $48.00 $47.32 12/31/2010 1.44% 5.52%
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.

ME 04/15/2010 Apache (APA) $2.7 billion $24.52 $24.19 09/30/2010 1.38% 168.14%
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.
ATAC 07/19/2010 Genco Distribution System Inc. (N/A) $513 million $25.00 $24.72 12/31/2010 1.13% 4.35%
Details of ATC Technology
Expected to close by the fourth quarter of 2010 for a closing value of $513 million. On the completion of the merger, ATC shareholders will receive $25 per share in cash.
OMNI 06/04/2010 Wellspring Capital Management (N/A) $122 million $2.75 $2.72 11/15/2010 1.10% 8.22%
Details of OMNI Energy Services Corp.
Expected to close in the second half of 2010 for a closing value of $122mn. On the completion of the merger OMNI Energy Services shareholders will receive $2.75 per share in cash.
XJT 08/04/2010 SkyWest (SKYW) $133 million $6.75 $6.68 12/31/2010 1.05% 4.03%
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.

TUNE 09/08/2010 Zoran Corporation (ZRAN) $84 million $2.92 $2.89 12/31/2010 1.04% 3.99%
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.
NUHC 09/20/2010 Arrow Electronics (ARW) $130 million $7.00 $6.93 12/31/2010 1.01% 3.88%
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.
PTV 08/17/2010 Reynolds Group Holdings (N/A) $6 billion $33.25 $32.93 12/31/2010 0.97% 3.73%
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.
LSBX 07/15/2010 People's United Financial Inc. (PBCT) $96 million $21.00 $20.80 12/31/2010 0.96% 3.69%
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.
WAIN 06/29/2010 Eastern Bank (N/A) $163 million $19.00 $18.821 12/31/2010 0.95% 3.65%
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.

MAM 03/12/2010 Emera Inc (N/A) $75.7 million $45.00 $44.595 12/31/2010 0.91% 3.49%
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
BKC 09/02/2010 3G Capital (N/A) $3.26 billion $24.00 $23.81 12/31/2010 0.80% 3.07%
Details of Burger King Holdings Inc
Expected to close in the fourth quarter of 2010 for a closing value of $3.26 billion. On the completion of the merger, shareholders of Burger King will receive $24 per share in cash.
OSTE 08/17/2010 Medtronic (MDT) $123 million $6.50 $6.45 12/31/2010 0.78% 2.98%
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.
PSYS 05/17/2010 Universal Health (N/A) $3.1 billion $33.75 $33.50 12/31/2010 0.75% 2.87%
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.
ADCT 07/13/2010 Tyco Electronics (TEL) $1.24 billion $12.75 $12.66 12/31/2010 0.71% 2.73%
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

CLU 09/16/2010 Clearwater Paper Corporation (CLW) $247 million $12.00 $11.93 12/31/2010 0.59% 2.25%
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.
ACF 07/22/2010 General Motors Co. (N/A) $3.5 billion $24.50 $24.37 12/31/2010 0.53% 2.05%
Details of AmeriCredit Corp.
Expected to close in the fourth quarter of 2010, for a closing value of $3.5 billion. On the completion of the merger, ACF shareholders will receive $24.50 per share in cash.
AMPH 09/01/2010 ProAssuarance (PRA) $233 million $32.50 $32.35 12/31/2010 0.46% 1.78%
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.
PPCO 08/09/2010 Endo Pharmaceuticals (ENDP) $144 million $5.00 $4.98 12/31/2010 0.40% 1.54%
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.

STU 09/17/2010 Discover Financial Services (N/A) N/A $30.00 $29.89 12/31/2010 0.37% 1.41%
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.
RSCR 09/07/2010 Onex Corp (N/A) $390 million $13.25 $13.21 12/31/2010 0.30% 1.16%
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.
DTPI 08/24/2010 PricewaterhouseCoopers (N/A) $378 million $12.50 $12.47 12/31/2010 0.24% 0.92%
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.
GLG 05/17/2010 Man Group (N/A) $1.6 billion $4.50 $4.49 09/30/2010 0.22% 27.10%
Details of GLG Partners Inc Common Stock
Expected to close by the third quarter of 2010 for a closing value of approximately $1.6bn. On the completion of the merger, GLG Partners shareholders will receive $4.50 per share in cash.
PMACA 06/10/2010 Old Republic International (ORI) $228 million $7.50 $7.48 09/30/2010 0.22% 26.84%
Details of PMA Capital

Expected to close in the third quarter of 2010 for a closing value of $228 million. As part of the agreement, Old Republic will issue 0.55 shares of its common stock in exchange for each outstanding common share of PMA.

ARST 09/13/2010 Hewlett-Packard Company (HPQ) $1.5 billion $43.50 $43.41 12/31/2010 0.21% 0.80%
Details of ArcSight Inc.
Expected to close by the end of the year for a closing value of $1.5 billion. On the completion of the merger, ArcSight shareholders will receive $43.50 per share in cash.
ZGEN 09/07/2010 Bristol Myers Squibb Company (BMY) $885 million $9.75 $9.73 12/31/2010 0.21% 0.79%
Details of ZymoGenetics Inc
Expected to close by the end of the year for a closing value of $885 million. On the completion of the merger, ZymoGenetics shareholders will receive $9.75 per share in cash.
HEW 07/12/2010 Aon Corp (AON) $4.9 billion $50.71 $50.62 11/15/2010 0.17% 1.30%
Details of Hewitt Associates
Expected to close by mid-November 2010, Aon Corp plans to acquire Hewitt Associates for $4.9 billion. The deal is a cash plus stock deal worth $50 at the time of announcement. Hewitt shareholders will receive $25.61 in cash and 0.6362 shares of AON.
NTY 07/15/2010 The Carlyle Group (N/A) $3.8 billion $55.00 $54.94 12/31/2010 0.11% 0.42%
Details of NBTY Inc.

Expected to close by the end of 2010 for a closing value of $3.8 billion. On the completion of the merger, NBTY shareholders will receive $55 per share in cash.

AEZ 07/28/2010 Hess Corp (HES) $450 million $7.94 $7.93 12/31/2010 0.09% 0.35%
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.
MEND 07/12/2010 Johnson & Johnson (JNJ) $480 million $23.40 $23.38 09/30/2010 0.09% 10.41%
Details of Micrus Endovascular
Expected to close in the second half of 2010, JNJ plans to acquire MEND in an all cash deal valued at $480 million. MEND shareholders will receive $23.40 in cash should the deal complete.
ACAP 07/08/2010 The Doctors Company (N/A) $386 million $41.50 $41.50 12/31/2010 0.00% 0.00%
Details of American Physicians Capital Inc.
Expected to close in the fourth quarter of 2010 for a closing value of $386 million. On the completion of the merger, American Physicians Capital shareholders will receive $41.50 per share in cash.
HGRD 07/28/2010 an affiliate of the private equity firm Vestar Capital (N/A) $294 million $8.20 $8.20 09/30/2010 0.00% 0.00%
Details of Health Grades Inc.
Expected to close by the third quarter of 2010 for a closing value of $294 million. On the completion of the merger, HGRD shareholders will receive $8.20 per share in cash. Closing the transaction is subject to conditions that include regulatory approval.
SLRY 09/01/2010 Kenexa Corp. (KNXA) $80 million $4.07 $4.07 12/31/2010 0.00% 0.00%
Details of Salary.com

Expected to close in the fourth quarter of 2010 for a closing value of $80 million at $4.07 per share in cash.

NYM 07/15/2010 ProSight (N/A) $230 million $25.75 $25.78 12/31/2010 -0.12% -0.45%
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.
CAL 05/03/2010 United (UAUA) $1.2 billion $23.93 $23.96 12/31/2010 -0.13% -0.49%
Details of Continental Airlines, Inc. Comm
Expected to close by the end of 2010 for a closing value of approximately $1.2bn. In the merger, Continental shareholders will receive 1.05 shares of United common stock for each Continental common share they own.
VRX 06/21/2010 Biovail Corporation (BVF) $3.3 billion $65.05 $65.16 12/31/2010 -0.17% -0.65%
Details of Valeant Pharmaceuticals
Expected to close by the end of 2010 for a closing value of roughly $3.3 billion. Valeant stockholders will get a one-time special cash dividend of $16.77 per share and 1.7809 shares of Biovail common stock. The combined company will pay an additional $1/share dividend to all stockholders of the new entity.
UNCA 08/13/2010 IBM (IBM) $480 million $21.00 $21.04 12/31/2010 -0.19% -0.73%
Details of Unica Corporation

Expected to close by the end of 2010 for a closing value of $480 million. On the completion of the merger Unica Corporation shareholders will receive $21 per share in cash.

DTG 04/26/2010 Hertz (HTZ) $1.56 billion $50.70 $51.03 12/31/2010 -0.64% -2.45%
Details of Dollar Thrifty Automotive Group
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.
DYN 08/13/2010 Blackstone Group (BX) $4.7 billion $4.50 $4.53 12/31/2010 -0.66% -2.54%
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.
ICXT 08/16/2010 FLIR Systems (FLIR) $274 million $7.55 $7.61 12/31/2010 -0.79% -3.03%
Details of ICx Technologies
Expected to close in the fourth quarter of 2010 for a closing value of $274 million. On the completion of the merger, ICx Technologies' shareholders will receive $7.57 per share in cash.
NZ 09/20/2010 International Business Machines (IBM) $1.7 billion $27.00 $27.46 12/31/2010 -1.68% -6.44%
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.
PZZ 08/16/2010 Leonard Green & Partners (N/A) $363 million $8.50 $8.67 12/31/2010 -1.96% -7.53%
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.

COGT 08/30/2010 3M Co. (MMM) $943 million $10.50 $10.74 12/31/2010 -2.23% -8.59%
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.
PTEC 08/17/2010 Marlin Equity Partners (N/A) $139 million $3.85 $3.95 12/31/2010 -2.53% -9.73%
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 $3.95 12/31/2010 -2.53% -9.73%
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.
TSFG 05/17/2010 TD Bank Financial Group (N/A) $61 million $0.28 $0.29 09/30/2010 -3.45% -419.54%
Details of The South Financial Group Inc.

Expected to close by the third quarter of 2010 for a closing value of $61mn. On the completion of the merger, The South Financial Group shareholders will receive either $0.28 in cash or 0.004 shares of TD Bank Financial Group common stock per The South Financial Group common share held.

ABII 06/30/2010 Celgene (CELG) $2.9 billion $73.30 $76.68 12/31/2010 -4.41% -16.94%
Details of Abraxis Bioscience Inc.
Expected to close in the fourth quarter of 2010 for a closing value of $2.9 billion. Under terms of the deal, shareholders of Abraxis will receive $58 and 0.2617 shares of Celgene for each Abraxis share they own.
TRBN 08/12/2010 Emergent BioSolution (EBS) $96.8 million $4.37 $4.5685 12/31/2010 -4.42% -17.00%
Details of Trubion Pharmaceuticals
Expected to close by the end of the year 2010 for a closing value of approximately $96.8 million. On the completion of the merger, Trubion Pharmaceuticals shareholders will receive $1.365 per share in cash and 0.1641 shares of Emergent BioSolutions common stock per share held, plus one Contingent Value Right (NYSEMKT:CVR) per share.

The total potential aggregate value of the CVRs is $38.7 million over a 36-month period, post-closing. The combination of the upfront consideration along with the potential value of the CVRs results in total consideration of up to $135.5 million for Trubion stockholders. The Milestone Events related to the CVRs can be found at the following link http://finance.yahoo.com/news/Trubion-Pharmaceuticals-prnews-758460745.html?x=0&.v=1

PAR 08/28/2010 Hewlett-Packard Company (HPQ) $2 billion $30.00 $32.98 12/31/2010 -9.04% -34.72%
Details of 3PAR
Expected to close by the year end for a closing value of $1.15 billion. On the completion of the merger, 3PAR shareholders will receive $18 per share in cash.
Revision on 08/26/2010:Dell raises bid over rival Hewlett -Packard to $1.6 billion at $24.30 per share in cash.
Revision on 08/26/2010: Hewlett – Packard raised its bid to $1.8 billion at $27 per share in cash, in an effort to win the bidding war
Revision on 08/27/2010: Dell matches bid with HP at $27 per share in cash.
Revision on 08/28/2010: HP trumps Dell with a superior bid of $30 per share in cash. 3PAR accepts this bid
ATBC 05/10/2010 Jacksonville Bancorp (JAXB) N/A $2.18 $2.44 12/31/2010 -10.82% -41.57%
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

BXC 07/22/2010 Cerberus Capital Management (N/A) $111.1 million $3.40 $3.97 12/31/2010 -14.36% -55.16%
Details of BlueLinx Holdings Inc.
Expected to close in the fourth quarter of 2010 for a closing value of $111.1 million. On the completion of the merger, BXC shareholders will receive $3.40 per share in cash.
CCE 02/25/2010 The Coca-Cola Company (KO) $12.3 billion N/A $30.20 10/01/2010 N/A N/A
Details of Coca-Cola Enterprises, Inc. Com
Expected to close by October 1, 2010 for a closing value of $12.3 billion. The deal includes $10 per share + a share in a new bottling company

Contributing Author: Ann Kumar

Source: Merger Arbitrage Mondays: September 27, 2010