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Merger activity remained steady this week with six new deals announced and four deals closing.

Deal Statistics:

Total Number of Deals Closed in 2010 85
Total Number of Deals That Did Not Complete in 2010 5
Total Number of Pending Deals
Cash Deals 52
Stock Deals 12
Stock & Cash Deals 13
Total Number of Pending Deals 77


New Deals:

  1. The acquisition of Actel Corporation (ACTL) by Microsemi Corporation (MSCC) for $430 million or $20.88 per share in cash.
  2. The acquisition of Thermadyne Holdings (THMD) by Irving Place Capital for $422 million or $15.00 per share in cash.
  3. The acquisition of T-3 Energy Services (TTES) by Robbins & Myers (RBN) for $422 million in a cash plus stock deal where T-3 shareholders will receive 0.894 common shares of Robbins & Myers plus $7.95 in cash.
  4. The acquisition of Henry Bros. Electronics (HBE) by Kratos Defense and Security Solutions (KTOS) for $45 million or $7.00 per share in cash.
  5. The acquisition of Monroe Bancorp (MROE) by Old National Bancorp (ONB) for $83.5 million in an all-stock deal, where Monroe shareholders will get 1.275 shares of Old National for every share held. The price worked out to $13.35 at the time of announcement and was a 148% premium to the closing price of Monroe Bancorp on Tuesday.
  6. The acquisition of Crucell NV (CRXL) by Johnson & Johnson (JNJ) for $2.41 billion or $34.40 per share in cash.


Modified Deals:

  1. On October 06, 2010, after terminating its previously announced agreement with Trustmark Corporation, Cadence Financial Corporation (CADE) agreed to be acquired by Community Bancorp LLC for $38 million or $2.50 per share in cash.


Closed Deals:

  1. The acquisition of ICx Technologies (ICXT) by FLIR Systems (FLIR) on October 04, 2010.
  2. The acquisition of Unica Corporation (UNCA) by International Business Machines (IBM) on October 06, 2010.
  3. The acquisition of Health Grades Inc (HGRD) by Vestar Capital Partners on October 07, 2010.
  4. The acquisition of DivX (DIVX) by Sonic Solutions (SNIC) on October 08, 2010. This was one of three deals I had highlighted as personally interesting to me and I wanted to get into but had to pass on because I could not find shares of Sonic Solutions to short. The other two were Coca-Cola Enterprises (CCE) which completed last week and Portec Rail Products (PRPX).


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) $28.53 $23.37 12/31/2010 22.10% 99.59%
MROE 10/06/2010 Old National Bancorp (ONB) $12.57 $10.9999 03/31/2011 14.29% 30.50%
MAJC 09/21/2010 Bayside Capital Partners (N/A) $0.45 $0.395 03/31/2011 13.92% 29.72%
SSE 02/23/2010 Naugatuck Valley Financial Corp (NVSL) $6.75 $6.03 12/31/2010 11.94% 53.81%
ADAM 08/30/2010 Ebix Inc. (EBIX) $7.12 $6.45 12/31/2010 10.41% 46.90%
DTG 04/26/2010 Avis (CAR) $53.12 $48.29 12/31/2010 10.00% 45.05%
AAI 09/27/2010 Southwest Airlines (LUV) $7.94 $7.36 03/31/2011 7.82% 16.70%
PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $25.11 $23.74 12/31/2010 5.76% 25.96%
AYE 02/11/2010 FirstEnergy (FE) $25.66 $24.40 03/31/2011 5.16% 11.02%
Q 04/22/2010 Century Link (CTL) $6.62 $6.34 04/21/2011 4.35% 8.28%

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 $28.53 $23.37 12/31/2010 22.10% 99.59%
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.
MROE 10/06/2010 Old National Bancorp (ONB) $83.5 million $12.57 $10.9999 03/31/2011 14.29% 30.50%
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.
MAJC 09/21/2010 Bayside Capital Partners (N/A) $7.8 million $0.45 $0.395 03/31/2011 13.92% 29.72%
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 $6.03 12/31/2010 11.94% 53.81%
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 $7.12 $6.45 12/31/2010 10.41% 46.90%
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.
DTG 04/26/2010 Avis (CAR) $1.56 billion $53.12 $48.29 12/31/2010 10.00% 45.05%
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.

AAI 09/27/2010 Southwest Airlines (LUV) $1.4 billion $7.94 $7.36 03/31/2011 7.82% 16.70%
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.
PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $954 million $25.11 $23.74 12/31/2010 5.76% 25.96%
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 $25.66 $24.40 03/31/2011 5.16% 11.02%
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.
Q 04/22/2010 Century Link (CTL) $10.6 billion $6.62 $6.34 04/21/2011 4.35% 8.28%
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 $45.80 $44.00 12/31/2010 4.10% 18.47%
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.
NCOC 09/28/2010 Ranger Energy Investments (N/A) $8.6 million $1.00 $0.9658 12/15/2010 3.54% 19.88%
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.
ATBC 05/10/2010 Jacksonville Bancorp (JAXB) N/A $2.31 $2.25 12/31/2010 2.58% 11.62%
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

PRPX 02/17/2010 L.B. Foster Co. (FSTR) $112 million $11.80 $11.56 12/30/2010 2.08% 9.47%
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.
NHWK 09/27/2010 Virtual Radiologic (N/A) $170 million $6.50 $6.37 03/31/2011 2.04% 4.36%
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.
NAL 08/19/2010 First Niagara Financial Group (FNFG) $1.5 billion $12.94 $12.68 05/15/2011 2.02% 3.41%
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.

BNE 02/23/2010 RR Donnelley (RRD) $481 million $11.50 $11.28 09/30/2010 1.95% 0.00%
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
RAE 09/20/2010 Battery Ventures (N/A) $95 million $1.60 $1.57 12/31/2010 1.91% 8.61%
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.
ID 09/20/2010 Safran (N/A) $1.1 billion $12.00 $11.78 03/31/2011 1.87% 3.99%
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.

MFE 08/19/2010 Intel Corporation (INTC) $7.68 billion $48.00 $47.15 12/31/2010 1.80% 8.12%
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.
SMTB 07/15/2010 People's United Financial Inc. (PBCT) $60 million $3.90 $3.84 12/31/2010 1.69% 7.60%
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.
HBE 10/06/2010 Kratos Defense & Security Solutions (KTOS) $45 million $7.00 $6.89 12/31/2010 1.60% 7.19%
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.
OCNW 09/16/2010 Calix Inc. (CALX) $171 million $7.62 $7.51 12/31/2010 1.52% 6.87%
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.
OICO 09/14/2010 ITT Corporation (ITT) $29 million $12.50 $12.315 12/31/2010 1.50% 6.77%
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.
TTES 10/06/2010 Robbins & Myers Inc. (RBN) $422 million $32.70 $32.24 12/31/2010 1.41% 6.37%
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.
CCBP 08/09/2010 F.N.B. Corporation (FNB) $70 million $40.99 $40.50 12/31/2010 1.20% 5.42%
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.

EPE 09/07/2010 Enterprise Products (EPD) $8 billion $61.44 $60.73 12/31/2010 1.17% 5.27%
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.
XJT 08/04/2010 SkyWest (SKYW) $133 million $6.75 $6.68 12/31/2010 1.05% 4.72%
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.
MIR 04/12/2010 RRI Energy In. (RRI) $1.6 billion $10.69 $10.58 12/31/2010 1.02% 4.60%
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.
NRGP 08/09/2010 Inergy (NRGY) $2.07 billion $31.39 $31.07 12/31/2010 1.01% 4.57%
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.

DDMX 10/01/2010 Greenbriar Equity Group (N/A) $210 million $21.25 $21.07 02/15/2011 0.85% 2.46%
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
WAIN 06/29/2010 Eastern Bank (N/A) $163 million $19.00 $18.84 12/31/2010 0.85% 3.83%
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.
CLU 09/16/2010 Clearwater Paper Corporation (CLW) $247 million $12.00 $11.90 12/31/2010 0.84% 3.79%
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.
INET 09/20/2010 an affiliate of Hellman & Friedman Capital Partners (N/A) $640 million $13.35 $13.24 12/31/2010 0.83% 3.74%
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.

OMNI 06/04/2010 Wellspring Capital Management (N/A) $122 million $2.75 $2.73 11/15/2010 0.73% 7.64%
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.
ALOY 06/24/2010 ZelnickMedia (N/A) $126.5 million $9.80 $9.73 12/31/2010 0.72% 3.24%
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.
NUHC 09/20/2010 Arrow Electronics (ARW) $130 million $7.00 $6.95 12/31/2010 0.72% 3.24%
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.
ME 04/15/2010 Apache (APA) $2.7 billion $25.10 $24.93 12/31/2010 0.70% 3.14%
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.

TUNE 09/08/2010 Zoran Corporation (ZRAN) $84 million $2.92 $2.90 12/31/2010 0.69% 3.11%
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.
PTV 08/17/2010 Reynolds Group Holdings (N/A) $6 billion $33.25 $33.04 12/31/2010 0.64% 2.86%
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.
OSTE 08/17/2010 Medtronic (MDT) $123 million $6.50 $6.46 12/31/2010 0.62% 2.79%
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.
PZZ 08/16/2010 Leonard Green & Partners (N/A) $363 million $8.50 $8.45 12/31/2010 0.59% 2.67%
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.
ADCT 07/13/2010 Tyco Electronics (TEL) $1.24 billion $12.75 $12.68 12/31/2010 0.55% 2.49%
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

CRXL 10/06/2010 Johnson & Johnson (JNJ) $2.41 billion $34.40 $34.23 03/31/2011 0.50% 1.06%
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.
MAM 03/12/2010 Emera Inc (N/A) $75.7 million $45.00 $44.80 12/31/2010 0.45% 2.01%
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
PSYS 05/17/2010 Universal Health (N/A) $3.1 billion $33.75 $33.60 12/31/2010 0.45% 2.01%
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.
ATAC 07/19/2010 Genco Distribution System Inc. (N/A) $513 million $25.00 $24.90 12/31/2010 0.40% 1.81%
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.

PPCO 08/09/2010 Endo Pharmaceuticals (ENDP) $144 million $5.00 $4.98 12/31/2010 0.40% 1.81%
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.
AMPH 09/01/2010 ProAssuarance (PRA) $233 million $32.50 $32.40 12/31/2010 0.31% 1.39%
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.
LSBX 07/15/2010 People's United Financial Inc. (PBCT) $96 million $21.00 $20.94 12/31/2010 0.29% 1.29%
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.
BKC 09/02/2010 3G Capital (N/A) $3.26 billion $24.00 $23.94 12/31/2010 0.25% 1.13%
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.

ZGEN 09/07/2010 Bristol Myers Squibb Company (BMY) $885 million $9.75 $9.73 12/31/2010 0.21% 0.93%
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.
KEI 09/28/2010 Danaher Corporation (DHR) $340 million $21.60 $21.56 12/31/2010 0.19% 0.84%
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.
AEZ 07/28/2010 Hess Corp (HES) $450 million $8.59 $8.57 12/31/2010 0.18% 0.81%
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.
NZ 09/20/2010 International Business Machines (IBM) $1.7 billion $27.00 $26.96 12/31/2010 0.15% 0.67%
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.
NYM 07/15/2010 ProSight (N/A) $230 million $25.75 $25.72 12/31/2010 0.12% 0.53%
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.

ARST 09/13/2010 Hewlett-Packard Company (HPQ) $1.5 billion $43.50 $43.45 12/31/2010 0.12% 0.52%
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.
COGT 08/30/2010 3M Co. (MMM) $943 million $10.50 $10.49 12/31/2010 0.10% 0.43%
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.
ACAP 07/08/2010 The Doctors Company (N/A) $386 million $41.50 $41.47 12/31/2010 0.07% 0.33%
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.
GLG 05/17/2010 Man Group (N/A) $1.6 billion $4.50 $4.50 10/15/2010 0.00% 0.00%
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.

DTPI 08/24/2010 PricewaterhouseCoopers (N/A) $378 million $12.50 $12.51 12/31/2010 -0.08% -0.36%
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.
THMD 10/05/2010 Irving Place Capital (N/A) $422 million $15.00 $15.03 12/31/2010 -0.20% -0.90%
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.
STU 09/17/2010 Discover Financial Services (N/A) N/A $30.00 $30.10 12/31/2010 -0.33% -1.50%
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.
ACV 09/27/2010 Unilever PLC (N/A) $3.7 billion $37.50 $37.67 12/31/2010 -0.45% -2.03%
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.

PTEC 08/17/2010 Marlin Equity Partners (N/A) $139 million $3.85 $3.87 12/31/2010 -0.52% -2.33%
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 $3.87 12/31/2010 -0.52% -2.33%
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.
ACTL 10/04/2010 Microsemi (MSCC) $430 million $20.88 $21.01 01/02/2011 -0.62% -2.72%
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 $13.61 12/31/2010 -2.65% -11.92%
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.

CGC 10/01/2010 Gammon Gold (GRS) $288 million $4.49 $4.65 12/31/2010 -3.48% -15.66%
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.
ALY 08/12/2010 Seawell (N/A) $890 million $4.25 $4.44 12/31/2010 -4.28% -19.28%
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.
DYN 08/13/2010 Blackstone Group (BX) $4.7 billion $4.50 $4.71 12/31/2010 -4.46% -20.09%
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.
ABII 06/30/2010 Celgene (CELG) $2.9 billion $73.13 $77.09 12/31/2010 -5.13% -23.12%
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 $4.33 $4.59 12/31/2010 -5.69% -25.66%
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

DVD 09/27/2010 )–Dover Downs Gaming & Entertainment Inc (DDE) N/A $1.71 $1.88 12/31/2010 -9.13% -41.13%
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.
CADE 10/06/2010 Community Bancorp LLC (N/A) $38 million $2.25 $2.4799 03/31/2011 -9.41% -20.09%
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
BXC 07/22/2010 Cerberus Capital Management (N/A) $111.1 million $3.40 $4.00 12/31/2010 -15.00% -67.59%
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.
OTIX 09/13/2010 William Demant (N/A) $50 million $8.60 $10.50 12/31/2010 -18.10% -81.54%
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.

Contributing Author: Ann Kumar

Source: Merger Arbitrage Mondays: October 11, 2010