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Merger activity increased last week with six new deals announced and five deals 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 133
Total Number of Deals That Did Not Complete in 2010 7
Total Number of Pending Deals
Cash Deals 49
Stock Deals 15
Stock & Cash Deals 10
Total Number of Pending Deals 74

New Deals:

  1. The acquisition of Dionex Corp. (DNEX) by Thermo Fisher Scientific Inc. (TMO) for $2.1 billion or $118.50 per share in cash
  2. The acquisition of Matrixx Initiatives Inc. (MTXX) by H.I.G Capital for $75.2 million or $8.00 per share in cash
  3. The acquisition of Dynegy Inc. (DYN) by Icahn Enterprises LP (IEP) for $665 million or $5.50 per share in cash. As discussed in the previous Merger Arbitrage post, The Blackstone Group (BX) and Dynegy (DYN) scrapped their merger agreement after a shareholder meeting on December 06, 2010.
  4. The acquisition of Alcon Inc. (ACL) by Novartis (NVS) for $12.9 billion or $168 per share through a combination of 2.8 Novartis shares and a contingent value cash component (NYSE:CVA). The merger consideration will include up to 2.8 Novartis shares and a CVA to be settled in cash that will in aggregate equal $168. If the value of 2.8 Novartis shares is more than $168 the number of Novartis shares will be reduced accordingly.
  5. The acquisition of Cypress Bioscience Inc. (CYPB) by Ramius LLC and Royalty Pharma for $255 million or $6.50 per share in cash
  6. The acquisition of Marshall & Ilsley Corporation (MI) by BMO Financial Group (BMO) for $4.1 billion in an all-stock acquisition worth $7.75 per share, where Marshall and Ilsley shareholders will receive 0.1257 shares of Bank of Montreal per share held.

Closed Deals:

  1. The acquisition of TechTeam Global (TEAM) by Stefanini IT Solutions on December 13, 2010
  2. The acquisition of Prospect Medical Holdings (PZZ) by Leonard Green & Partners on December 15, 2010
  3. The acquisition of National Coal Corp (NASDAQ:NCOC) by Ranger Energy Investments LLC on December 15, 2010
  4. The acquisition of Henry Bros. Electronics (HBE) by Kratos Defense and Security Solutions on December 16, 2010
  5. The acquisition of Internet Brands (INET) by Hellman & Freidman LLC on December 17, 2010

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annu.

Profit

LTXC 11/18/2010 Verigy Ltd (VRGY) $12.68 $7.50 06/30/2011 69.09% 131.34%
TLCR 06/07/2010 Grifols (GRF.MC) $27.60 $22.35 03/31/2011 23.51% 84.96%
DTG 04/26/2010 Avis (CAR) $55.23 $47.03 12/31/2010 17.43% 578.20%
SHMR 10/15/2010 Essilor (N/A) $14.50 $13.51 06/30/2011 7.33% 13.93%
HYC 11/17/2010 Verifone Systems (PAY) $9.23 $8.66 09/30/2011 6.53% 8.39%
PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $26.42 $24.89 12/31/2010 6.15% 204.08%
PNNW 11/12/2010 City of Nashua (N/A) $29.00 $27.40 09/30/2011 5.84% 7.50%
TCM 11/01/2010 Hanmax Investment Limited (N/A) $4.50 $4.28 03/31/2011 5.14% 18.58%
MAJC 09/21/2010 Bayside Capital Partners (N/A) $4.50 $4.28 03/31/2011 5.14% 18.58%
MI 12/17/2010 BMO Financial Group (BMO) $7.20 $6.85 07/31/2011 5.07% 8.31%
WL 11/01/2010 M & T Bank Corporation (MTB) $4.25 $4.08 06/30/2011 4.19% 7.97%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

LTXC 11/18/2010 Verigy Ltd (VRGY) All Stock $422 million $12.68 $7.50 983,662 06/30/2011

69.09%

131.34%
Details of LTX – Credence Corporation

Expected to close in the second half of 2011 for a closing value of $422 million. On the completion of the merger, LTX – Credence Corporation shareholders will receive 0.96 Verigy shares or Holdco stock for each LTX-Credence share.

TLCR 06/07/2010 Grifols (GRF.MC) Cash Plus Stock $3.4 billion $27.60 $22.35 1,241,218 03/31/2011 23.51% 84.96%
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.

The ratio was increased to 0.6485 on November 4, 2010.

Update Nov 15: U.S. antitrust regulators might seek to block Grifols?s purchase of Talecris. The expected completion date has been updated to 3/31/2011.

DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $55.23 $47.03 473,390 12/31/2010 17.43% 578.20%
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.

SHMR 10/15/2010 Essilor (N/A) All Cash $130 million $14.50 $13.51 29,986 06/30/2011 7.33% 13.93%
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.

HYC 11/17/2010 Verifone Systems (PAY) All Stock $485 million $9.23 $8.66 2,203,513 09/30/2011 6.53% 8.39%
Details of Hypercom Corporation

Expected to close in the second half of 2011 for a closing value of $485 million in an all stock deal. On the completion of the merger, Hypercom shareholders will receive 0.23 shares of VeriFone stock for each Hypercom share they own.

PVG 09/21/2010 Penn Virginia Resource Partners (PVR) All Stock $954 million $26.42 $24.89 259,695 12/31/2010 6.15% 204.08%
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.

PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $27.40 16,329 09/30/2011 5.84% 7.50%
Details of Pennichuk Corporation

Expected to close in the third quarter of 2011 for a closing value of $138 million. On the completion of the merger, Pennichuck shareholders will receive $29.00 per share in cash.

TCM 11/01/2010 Hanmax Investment Limited (N/A) All Cash N/A $4.50 $4.28 64,763 03/31/2011 5.14% 18.58%
Details of Tongjitang Chinese Medicines

Expected to close in the first quarter of 2011. On the completion of the merger, Tongjitang Chinese Medicines shareholders will receive $4.50 per ADS in cash.

MAJC 09/21/2010 Bayside Capital Partners (N/A) All Cash $7.8 million $4.50 $4.28 3,196 03/31/2011 5.14% 18.58%
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. Update Nov 5, 2010: The stock symbol and closing price have been updated to reflect a 1:10 reverse stock split that became effective as of Nov 4, 2010.

MI 12/17/2010 BMO Financial Group (BMO) All Stock $4.1 billion $7.20 $6.85 181 07/31/2011 5.07% 8.31%
Details of Marshall & Ilsley Corporation

Expected to close before the end of July 2011 for a closing value of $4.1 billion. On the completion of the merger, Marshall and Ilsley shareholders will receive 0.1257 shares of Bank of Montreal per share held.

WL 11/01/2010 M & T Bank Corporation (MTB) All Stock $351 million $4.25 $4.08 4,893,244 06/30/2011 4.19% 7.97%
Details of Wilmington Trust Corporation

Expected to close in mid-year 2011 for a closing value of $351 million. On the completion of the merger, Wilmington Trust common shareholders will receive 0.051372 shares of M&T common stock in exchange for each share of Wilmington Trust common stock they own .

AAI 09/27/2010 Southwest Airlines (LUV) Cash Plus Stock $1.4 billion $7.75 $7.44 2,963,516 03/31/2011 4.17% 15.06%
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. Update Nov 2, 2010: The ratio of Southwest shares issued changes based on the price of Southwest's stock and the deal value also varies from $7.25 to $7.75. Specifically as stated in the press release "The number of shares to be issued by Southwest Airlines is subject to adjustment if the average of Southwest Airlines closing prices for the 20 trading days ending three trading days prior to closing is below $10.90 or above $12.46. This adjustment mechanism is intended to provide at least $7.25 in value and up to $7.75 in value per share of AirTran common stock. If the average closing price noted above exceeds $12.46, the value will be $7.75 with fewer shares of Southwest common stock issued. If the av erage closing price noted above is less than $10.90, the value will be $7.25 with additional shares of Southwest common stock issued. Additionally, Southwest Airlines has the option of substituting cash in lieu of issuing incremental shares if the average closing stock price is less than $10.90."

CRXL 10/06/2010 Johnson & Johnson (JNJ) All Cash $2.41 billion $32.56 $31.26 24,194 03/31/2011 4.16% 15.04%
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 Euro 24.75 per share in cash (approximately $34 at the time of announcement).

ADAM 08/30/2010 Ebix Inc. (EBIX) All Stock $66 million $7.26 $6.99 75,386 12/31/2010 3.93% 130.49%
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.

NAL 08/19/2010 First Niagara Financial Group (FNFG) Cash Plus Stock $1.5 billion $14.97 $14.43 743,092 05/15/2011

3.75%

9.37%
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.

ACL 12/15/2010 Novartis (NVS) All Cash $12.9 billion $168.00 $162.03 3,373,155 06/30/2011 3.68% 7.00%
Details of Alcon Inc.

Expected to close in the first half of 2011 for a closing value of $12.9 billion. On the completion of the merger, Alcon Inc. shareholders will receive $168 per share in cash.

MFE 08/19/2010 Intel Corporation (INTC) All Cash $7.68 billion $48.00 $46.37 3,651,272 06/30/2011 3.52% 6.68%
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.

MCCC 11/15/2010 Chief Executive Rocco Commisso (N/A) All Cash $600 million $8.75 $8.47 375,971 06/30/2011 3.31% 6.28%
Details of Mediacom Communications Corporation

Rocco B. Commisso, the founder, Chairman and Chief Executive Officer of Mediacom Communications Corporation, had announced on August 31, 2010 that he has withdrawn his May 31, 2010 non-binding offer to purchase all of the shares of Mediacom not currently owned by him.

On November 15, 2010, Rocco B. Commisso announced that he would buy MCCC in a deal that values it at about $600 million. Commisso would buy the stock he doesn?t own for $8.75 a share.

CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $7.20 $6.97 264,725 09/30/2011 3.23% 4.15%
Details of Center Financial Corporation

Expected to close in the third quarter of 2011 for a closing value of $285.7 million. On the completion of the merger, Center Financial shareholders will receive 0.7804 of a share of Nara Bancorp common stock in exchange for each share of Center Financial common stock held.

VCGH 11/10/2010 Company's chairman of the Board, CEO, President and COO (N/A) All Cash $37 million $2.25 $2.18 28,702 03/31/2011 3.21% 11.60%
Details of VCG Holding Corporation

Expected to close in the first quarter of 2011 for a closing value of $37 million. On the completion of the merger, VCG Holdings shareholders will receive $2.25 per share in cash.

GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $51.05 $49.67 910,471 09/30/2011 2.77% 3.57%
Details of Nicor Inc.

Expected to close in the third quarter of 2011 for a closing value of $2.4 billion. On the completion of the merger, Nicor shareholders will receive $21.20 in cash and 0.8382 of an AGL Resources share for each Nicor share held.

BUCY 11/15/2010 Caterpillar Inc (CAT) All Cash $8.6 billion $92.00 $89.63 2,043,186 06/30/2011 2.64% 5.03%
Details of Bucyrus International Inc

Expected to close by the middle of 2011 for a closing value of $8.6 billion. On the completion of the merger, Bucyrus International shareholders will receive $92 per share in cash.

OPTC 11/11/2010 TKH Group (N/A) All Cash N/A $2.45 $2.39 8,537 03/31/2011 2.51% 9.07%
Details of Optelecom – NKF, Inc

Expected to close in the first quarter of 2011. On the completion of the merger, Optelecom-NKF shareholders will receive $2.45 per share in cash.

ROME 10/12/2010 Berkshire Hills Bancorp (BHLB) All Stock $74 million $11.72 $11.44 4,819 03/31/2011 2.43% 8.77%
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.

AYE 02/11/2010 FirstEnergy (FE) All Stock $8.5 billion $24.20 $23.67 1,568,109 03/31/2011 2.23% 8.07%
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.

EURX 12/01/2010 Axcan Holdings, Inc. (N/A) All Cash $583 million $12.00 $11.77 848,692 06/30/2011 1.95% 3.71%
Details of Eurand N.V.

Expected to close in the second quarter of 2011 for a closing value of $583 million. On the completion of the merger, Eurand N.V. shareholders will receive $12.00 per share in cash.

FMR 10/28/2010 Fairfax Financial Holdings (FRFHF.PK) All Cash $294 million $16.50 $16.20 388,214 03/31/2011 1.85% 6.69%
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.

NOVL 11/22/2010 Attachment Corporation (N/A) All Cash $2.2 billion $6.10 $6.00 6,923,207 03/31/2011 1.67% 6.02%
Details of Novell Inc.

Expected to close in the first quarter of 2011 for a closing value of $2.2 billion. On the completion of the merger, Novell shareholders will receive $6.10 per share in cash

MROE 10/06/2010 Old National Bancorp (ONB) All Stock $83.5 million $14.74 $14.50 132,434 03/31/2011 1.65% 5.96%
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.

DLM 11/25/2010 Kohlberg Kravis Roberts & Co (KKR) All Cash $4 billion $19.00 $18.74 4,810,682 03/31/2011 1.39% 5.01%
Details of Del Monte Foods Company

Expected to close in the first quarter of 2011 for a closing value of $4 billion. On the completion of the merger, Del Monte Foods shareholders will receive $19 per share in cash.

Q 04/22/2010 Century Link (CTL) All Stock $10.6 billion $7.51 $7.41 42,596,880 04/21/2011 1.34% 4.02%
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.

ID 09/20/2010 Safran (N/A) All Cash $1.1 billion $12.00 $11.86 576,352 03/31/2011

1.18%

4.27%
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.

VOLT 11/29/2010 Mellanox Technologies, Ltd. (MLNX) All Cash $176 million $8.75 $8.65 38,856 03/31/2011 1.16% 4.18%
Details of Voltaire Limited

Expected to close in the first quarter of 2011 for a closing value of $176 million. On the completion of the merger, Voltaire's shareholders will receive $8.75 per share in cash.

ROAC 10/18/2010 Swenson Granite Co. (N/A) All Cash $39 million $5.25 $5.19 10,255 03/31/2011 1.16% 4.18%
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.

MIGP 12/01/2010 United Fire & Casualty (UFCS) All Cash $191 million $28.25 $27.93 6,922 03/31/2011 1.15% 4.14%
Details of Mercer Insurance Group

Expected to close in the first quarter of 2011 for a closing value of $191 million. On the completion of the merger, Mercer Insurance Group shareholders will receive $28.25 per share in cash.

KG 10/12/2010 Pfizer Inc. (PFE) All Cash $3.6 billion $14.25 $14.09 31,037,408 03/31/2011 1.14% 4.10%
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.

Update 12/17/2010: Pfizer extended its tender offer to 1/21/2011. The merger has been delayed as the companies await approval from U.S. regulators. They expect the merger to close in the first quarter of 2011.

OCNW 09/16/2010 Calix Inc. (CALX) Cash Plus Stock $171 million $8.48 $8.39 100,625 12/31/2010 1.09% 36.20%
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.

LDSH 11/17/2010 Allegheny Technologies (ATI) Cash Plus Stock $778 million $50.25 $49.74 696,913 03/31/2011 1.03% 3.72%
Details of Ladish Co

Expected to close in early 2011 for a closing value of $778 million. On the completion of the merger, Ladish Co shareholders will receive $24 in cash and 0.4556 share of Allegheny stock for each share held.

BJGP 10/28/2010 Sanofi – aventis (N/A) All Cash $520.6 million $10.00 $9.91 126,050 03/31/2011 0.91% 3.28%
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.

AEZ 07/28/2010 Hess Corp (HES) All Stock $450 million $10.36 $10.27 4,397,831 12/31/2010 0.86% 28.40%
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.

ACV 09/27/2010 Unilever PLC (N/A) All Cash $3.7 billion $37.50 $37.19 1,559,602 03/31/2011 0.83% 3.01%
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.

SVR 10/28/2010 Carlyle (N/A) All Cash $2.6 billion $31.00 $30.75 3,343,851 03/31/2011 0.81% 2.94%
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.

CYPB 12/15/2010 Ramius LLC & Royalty Pharma (N/A) All Cash $255 million $6.50 $6.45 1,008,544 01/31/2011 0.78% 6.74%
Details of Cypress Bioscience Inc.

Expected to close by January 2011 for a closing value of $255 million. On the completion of the merger, Cypress Bioscience shareholders will receive $6.50 per share in cash.

CPII 11/26/2010 Veritas Capital (N/A) All Cash $525 million $19.50 $19.35 52,425 12/31/2069 0.78% 0.01%
Details of CPI International Corporation

Expected to close for a closing value of $525 million. On the completion of the merger, CPI International shareholders will receive $19.50 per share in cash. The transaction is subject to CPI stockholder approval, and is also subject to a number of customary regulatory and other closing conditions.

CTV 10/25/2010 Carlyle (N/A) All Cash $3 billion $31.50 $31.26 3,714,565 03/31/2011 0.77% 2.77%
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. Update 1/11/2010: The transaction is expected to close by the first quarter of 2011 and hence the closing date has been updated to 3/31/2011.

TTES 10/06/2010 Robbins & Myers Inc. (RBN) Cash Plus Stock $422 million $39.21 $38.94 82,183 12/31/2010 0.70% 23.28%
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.

NUHC 09/20/2010 Arrow Electronics (ARW) All Cash $130 million $7.00 $6.96 243,003 12/31/2010 0.57% 19.07%
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.

ARTG 11/02/2010 Oracle (ORCL) All Cash $1 billion $6.00 $5.97 1,866,955 03/31/2011

0.50%

1.82%
Details of Art Technology Group

Expected to close in early 2011 for a closing value of $1 billion. On the completion of the merger, Art Technology shareholders will receive $6.00 per share in cash.

BEZ 11/29/2010 ABB Ltd (ABB) All Cash $4.2 billion $63.50 $63.22 1,567,860 03/31/2011 0.44% 1.60%
Details of Baldor Electric Co.

Expected to close in the first quarter of 2011 for a closing value of $4.2 billion. On the completion of the merger, Baldor Electric shareholders will receive $63.50 per share in cash.

CFS 11/02/2010 affiliate of ABRY Partners (N/A) All Cash $84.8 million $2.50 $2.49 21,197 12/31/2010 0.40% 13.33%
Details of Comforce Corp

Expected to close by the end of the year 2010 for a closing value of $84.8 million. On the completion of the merger, Comforce corp shareholders will receive $2.50 per share in cash.

STU 09/17/2010 Discover Financial Services (N/A) All Cash N/A $30.00 $29.90 48,353 12/31/2010 0.33% 11.10%
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.

NHWK 09/27/2010 Virtual Radiologic (N/A) All Cash $170 million $6.50 $6.48 41,383 03/31/2011 0.31% 1.12%
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.

ACTI 10/11/2010 Assa Abloy (N/A) All Cash $162 million $3.25 $3.24 N/A 12/31/2010 0.31% 10.24%
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.

DNEX 12/13/2010 Thermo Fisher Scientific Inc. (TMO) All Cash $2.1 billion $118.50 $118.15 362,819 03/31/2011 0.30% 1.07%
Details of Dionex Corp.

Expected to close in the first quarter of 2011 for a closing value of $2.1 billion. On the completion of the merger, Dionex shareholders will receive $118.50 per share in cash.

CLU 09/16/2010 Clearwater Paper Corporation (CLW) All Cash $247 million $12.00 $11.97 114,704 12/31/2010 0.25% 8.32%
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.

ACLI 10/18/2010 Affiliates of Platinum Equity (N/A) All Cash $777 million $33.00 $32.97 64,288 12/31/2010 0.09% 3.02%
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.

PRPX 02/17/2010 L.B. Foster Co. (FSTR) All Cash $112 million $11.80 $11.79 13,208 12/30/2010 0.08% 3.10%
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.

MAM 03/12/2010 Emera Inc (N/A) All Cash $75.7 million $45.00 $44.97 535 12/31/2010 0.07% 2.21%
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

ISLN 11/15/2010 EMC Corporation (EMC) All Cash $2.25 billion $33.85 $33.83 458,593 12/31/2010 0.06% 1.96%
Details of Isilon Systems Inc

Expected to close by year end for a closing value of $2.25 billion. On the completion of the merger, Isilon Systems shareholders will receive $33.85 per share in cash.

CLRT 10/22/2010 GE Healthcare (GE) All Cash $580 million $5.00 $5.00 261,864 01/31/2011 0.00% 0.00%
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.

CCBP 08/09/2010 F.N.B. Corporation (FNB) Cash Plus Stock $70 million $42.99 $43.04 2,910 12/31/2010 -0.12% -3.82%
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.

JCG 11/23/2010 private equity firms TPG Capital and Leonard Green & Partners (N/A) All Cash $3 billion $43.50 $43.63 750,844 03/31/2011 -0.30% -1.08%
Details of J. Crew Group Inc.

Expected to close in the first quarter of 2011 for a closing value of $3 billion. On the completion of the merger, J. Crew Group shareholders will receive $43.50 per share in cash.

ATLS 11/09/2010 Chevron Coproation (CVX) All Cash $4.3 billion $43.34 $43.48 906,777 03/31/2011 -0.32% -1.16%
Details of Atlas Energy Inc.

Expected to close in the first quarter of 2011 for a closing value of $4.3 billion. On the completion of the merger, Atlas Energy shareholders will receive $38.25 in cash and a pro-rata share of a distribution of over 41 million units of Atlas Pipeline Holdings for each share held.

Based on Atlas Pipeline Holdings' closing price on November 8, these units have a value of $5.09 per Atlas Energy share.

NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $41.83 $42.23 463,030 09/30/2011 -0.96% -1.23%
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.

GIW 10/25/2010 Community Bank System (CBU) All Cash $101.8 million $9.50 $9.63 16,748 02/15/2011 -1.35% -8.64%
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.

MTXX 12/14/2010 H.I.G. Capital, LLC (N/A) All Cash $75.2 million $8.00 $8.13 68,883 03/31/2011 -1.60% -5.78%
Details of Matrixx Initiatives Inc.

Expected to close in the first quarter of 2011 for a closing value of $75.2 million. On the completion of the merger, Matrixx Initiatives shareholders will receive $8.00 per share in cash.

RAE 09/20/2010 Battery Ventures (N/A) All Cash $95 million $1.60 $1.63 274,133 12/31/2010 -1.84% -61.07%
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.

DYN 12/15/2010 Icahn Enterprises LP (IEP) All Cash $665 million $5.50 $5.63 2,440,266 03/31/2011 -2.31% -8.34%
Details of Dynegy Inc.

Expected to close in the first quarter of 2011 for a closing value od $665 million. On the completion of the merger, Dynegy shareholders will receive $5.50 per share in cash.

RSCR 09/07/2010 Onex Corp (N/A) All Cash $390 million $13.25 $13.59 427,663 12/31/2010 -2.50% -83.02%
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) Cash Plus Stock $288 million $4.80 $5.13 482,315 12/31/2010 -6.41% -212.85%
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.

CADE 10/06/2010 Community Bancorp LLC (N/A) All Stock $38 million $2.25 $2.47 18,021 03/31/2011 -9.05% -32.70%
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

DVD 09/27/2010 Dover Downs Gaming & Entertainment Inc (DDE) All Stock N/A $1.68 $1.87 14,704 12/31/2010 -9.98% -331.18%
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.

DDMX 10/01/2010 Greenbriar Equity Group (N/A) All Cash $210 million $21.25 $24.74 140,258 02/15/2011 -14.11% -90.33%
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

ALY 08/12/2010 Seawell (N/A) All Cash $890 million $4.25 $5.96 550,737 12/31/2010 -28.69% -952.03%
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.

Contributing Author: Ann Kumar

Source: Merger Arbitrage Mondays: December 20, 2010