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Merger activity increased last week with eight new deals announced and six 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 139
Total Number of Deals That Did Not Complete in 2010 7
Total Number of Pending Deals
Cash Deals 49
Stock Deals 16
Stock & Cash Deals 11
Total Number of Pending Deals 76

New Deals:

  1. The acquisition of Applied Signal Technologies (APSG) by Raytheon Company (RTN) for $38.00 per share in cash.
  2. The acquisition of LaserCard Corporation (LCRD) by Assa Abloy for $80 million or $6.25 per share in cash.
  3. The acquisition of Todd Shipyards Corporation (TOD) by Vigor Industrial LLC for $130 million or $22.27 per share in cash.
  4. The acquisition of Sonic Solutions (SNIC) by ROVI Corporation (ROVI) for $720 million or $14 per share in a cash and stock transaction. Sonic shareholders may elect to receive either $14.00 or 0.2489 shares of Rovi common stock for each share tendered and accepted in the exchange offer.
  5. The acquisition of Martek Biosciences Corporation (MATK) by DSM for $1.087 billion or $31.50 per share in cash.
  6. The acquisition of Legacy Bancorp (LEGC) by Berkshire Hills Bancorp (BHLB) for $108 million in a cash plus stock deal, where Legacy Bancorp shareholders will receive 0.56385 Berkshire common shares plus $1.30 in cash.
  7. The acquisition of Whitney Holding Corporation (WTNY) by Hancock Holding Company (HBHC) for $1.5 billion in an all stock deal, where Whitney Holding Corporation shareholders will receive 0.418 shares of Hancock Holding Company common stock in exchange for each share of Whitney common stock. I missed this one even though I had Whitney on my watch list of regional banks. Instead I picked up four other regional banks for my personal portfolio over the last year, some of which were discussed in my April 2010 newsletter on regional banks.
  8. The acquisition of Jo-Ann Stores (JAS) by an affiliate of Leonard Green & Partners LP for 1.6 billion or $61.00 per share in cash.

Closed Deals:

  1. The acquisition of American Commercial Lines (ACLI) by Platinum Equity on December 21, 2010
  2. The acquisition of Clarient Inc. (CLRT) by GE Healthcare on December 22, 2010
  3. The acquisition of Isilon Systems (ISLN) by EMC on December 21, 2010
  4. The acquisition of Maine and Maritimes Corporation (MAM) by Emery Inc. on December 20, 2010
  5. The acquisition of NightHawk Radiology Holdings (NHWK) by Virtual Radiologic on December 22, 2010
  6. The acquisition of ResCare Inc. (RSCR) by Onex Corporation on December 23, 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) $12.51 $7.725 06/30/2011

61.93%

122.18%
TLCR 06/07/2010 Grifols (GRF.MC) $27.84 $23.12 03/31/2011 20.40% 79.20%
DTG 04/26/2010 Avis (CAR) $55.58 $47.47 03/31/2011 17.09% 66.38%
SHMR 10/15/2010 Essilor (N/A) $14.50 $13.34 06/30/2011 8.70% 17.16%
MAJC 09/21/2010 Bayside Capital Partners (N/A) $4.50 $4.18 03/31/2011 7.66% 29.73%
HYC 11/17/2010 Verifone Systems (PAY) $9.02 $8.46 09/30/2011 6.60% 8.70%
MI 12/17/2010 BMO Financial Group (BMO) $7.09 $6.66 07/31/2011 6.43% 10.87%
PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $27.35 $25.80 12/31/2010 6.01% 548.84%
PNNW 11/12/2010 City of Nashua (N/A) $29.00 $27.40 09/30/2011 5.84% 7.69%
MROE 10/06/2010 Old National Bancorp (ONB) $14.92 $14.12 03/31/2011 5.65% 21.93%

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 $12.51 $7.725 1,890,767 06/30/2011

61.93%

122.18%
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 $27.84 $23.12 272,817 03/31/2011 20.40% 79.20%
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 $55.58 $47.47 N/A 03/31/2011 17.09% 66.38%
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 $13.34 32,111 06/30/2011 8.70% 17.16%
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.

MAJC 09/21/2010 Bayside Capital Partners (N/A) All Cash $7.8 million $4.50 $4.18 4,900 03/31/2011 7.66% 29.73%
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.

HYC 11/17/2010 Verifone Systems (PAY) All Stock $485 million $9.02 $8.46 430,716 09/30/2011 6.60% 8.70%
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.

MI 12/17/2010 BMO Financial Group (BMO) All Stock $4.1 billion $7.09 $6.66 41,254,320 07/31/2011 6.43% 10.87%
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.

PVG 09/21/2010 Penn Virginia Resource Partners (PVR) All Stock $954 million $27.35 $25.80 153,403 12/31/2010 6.01% 548.84%
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 13,551 09/30/2011 5.84% 7.69%
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.

MROE 10/06/2010 Old National Bancorp (ONB) All Stock $83.5 million $14.92 $14.12 69,064 03/31/2011 5.65% 21.93%
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.

CRXL 10/06/2010 Johnson & Johnson (JNJ) All Cash $2.41 billion $32.58 $30.94 17,460 03/31/2011 5.30% 20.59%
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).

AAI 09/27/2010 Southwest Airlines (LUV) Cash Plus Stock $1.4 billion $7.75 $7.36 1,917,529 03/31/2011 5.30% 20.58%
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."

MFE 08/19/2010 Intel Corporation (INTC) All Cash $7.68 billion $48.00 $46.28 1,111,015 06/30/2011 3.72% 7.33%
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.

NAL 08/19/2010 First Niagara Financial Group (FNFG) Cash Plus Stock $1.5 billion $15.61 $15.07 711,223 05/15/2011 3.58% 9.39%
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.

LEGC 12/21/2010 Berkshire Hills Bancorp (BHLB) Cash Plus Stock $108 million $13.14 $12.69 169,077 06/30/2011 3.55% 7.01%
Details of Legacy Bancorp

Expected to close in the second quarter of 2011 for a closing value of $108 million. On the completion of the merger, Legacy Bancorp shareholders will receive 0.56385 Berkshire common shares plus $1.30 in cash in a cash plus stock deal.

ACL 12/15/2010 Novartis (NVS) All Cash $12.9 billion $168.00 $162.39 518,849 06/30/2011

3.45%

6.82%
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.

TCM 11/01/2010 Hanmax Investment Limited (N/A) All Cash N/A $4.50 $4.35 12,684 03/31/2011

3.45%

13.39%
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.

MCCC 11/15/2010 Chief Executive Rocco Commisso (N/A) All Cash $600 million $8.75 $8.46 162,616 06/30/2011 3.43% 6.76%
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.

WTNY 12/22/2010 Hancock Holding Company (HBHC) All Stock $1.5 billion $13.84 $13.41 2,714,156 06/30/2011 3.24% 6.39%
Details of Whitney Holding Corporation

Expected to close in the second quarter of 2011 for a closing value of $1.5 billion. On the completion of the merger, Whitney Holding Corporation shareholders will receive 0.418 shares of Hancock Holding Company common stock in exchange for each share of Whitney common stock in an all stock deal.

BUCY 11/15/2010 Caterpillar Inc (CAT) All Cash $8.6 billion $92.00 $89.38 706,934 06/30/2011 2.93% 5.78%
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.

VCGH 11/10/2010 Company's chairman of the Board, CEO, President and COO (N/A) All Cash $37 million $2.25 $2.19 38,892 03/31/2011 2.74% 10.64%
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.

ADAM 08/30/2010 Ebix Inc. (EBIX) All Stock $66 million $7.47 $7.28 46,208 12/31/2010 2.67% 243.25%
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.

WL 11/01/2010 M & T Bank Corporation (MTB) All Stock $351 million $4.37 $4.28 512,558 06/30/2011 2.20% 4.35%
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 .

GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $51.66 $50.55 217,123 09/30/2011 2.20% 2.89%
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.

AEZ 07/28/2010 Hess Corp (HES) All Stock $450 million $10.41 $10.20 N/A 12/31/2010 2.09% 190.40%
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.

AYE 02/11/2010 FirstEnergy (FE) All Stock $8.5 billion $24.71 $24.22 578,603 03/31/2011 2.01% 7.79%
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.

ROME 10/12/2010 Berkshire Hills Bancorp (BHLB) All Stock $74 million $11.88 $11.66 9,100 03/31/2011 1.90% 7.39%
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.

NOVL 11/22/2010 Attachment Corporation (N/A) All Cash $2.2 billion $6.10 $5.99 3,966,157 03/31/2011

1.84%

7.13%
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

EURX 12/01/2010 Axcan Holdings, Inc. (N/A) All Cash $583 million $12.00 $11.79 283,267 06/30/2011

1.78%

3.51%
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.

ACV 09/27/2010 Unilever PLC (N/A) All Cash $3.7 billion $37.50 $36.94 484,340 03/31/2011

1.52%

5.89%
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.

JAS 12/23/2010 affiliate of Leonard Green & Partners LP (N/A) All Cash $1.6 billion $61.00 $60.19 6,545,240 06/30/2011 1.35% 2.66%
Details of Jo-Ann Stores Inc.

Expected to close in the second quarter of 2011 for a closing value of $1.6 billion. On the completion of the merger, Jo-Ann Stores shareholders will receive $61.00 per share in cash.

DLM 11/25/2010 Kohlberg Kravis Roberts & Co (KKR) All Cash $4 billion $19.00 $18.75 1,407,379 03/31/2011 1.33% 5.18%
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.

KG 10/12/2010 Pfizer Inc. (PFE) All Cash $3.6 billion $14.25 $14.07 969,314 03/31/2011 1.28% 4.97%
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.

ID 09/20/2010 Safran (N/A) All Cash $1.1 billion $12.00 $11.85 291,376 03/31/2011 1.27% 4.92%
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.

OPTC 11/11/2010 TKH Group (N/A) All Cash N/A $2.45 $2.42 6,220 03/31/2011 1.24% 4.81%
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.

LDSH 11/17/2010 Allegheny Technologies (ATI) Cash Plus Stock $778 million $50.26 $49.70 62,419 03/31/2011 1.13% 4.38%
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.

MIGP 12/01/2010 United Fire & Casualty (UFCS) All Cash $191 million $28.25 $27.98 4,732 03/31/2011 0.96% 3.75%
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.

JCG 11/23/2010 private equity firms TPG Capital and Leonard Green & Partners (N/A) All Cash $3 billion $43.50 $43.11 1,079,565 03/31/2011 0.90% 3.51%
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.

CPII 11/26/2010 Veritas Capital (N/A) All Cash $525 million $19.50 $19.33 13,161 12/31/2069 0.88% 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 $31.23 943,685 03/31/2011 0.86% 3.36%
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.

BJGP 10/28/2010 Sanofi – aventis (N/A) All Cash $520.6 million $10.00 $9.915 271,953 03/31/2011 0.86% 3.33%
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.

OCNW 09/16/2010 Calix Inc. (CALX) Cash Plus Stock $171 million $8.79 $8.72 23,550 12/31/2010 0.82% 74.90%
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.

VOLT 11/29/2010 Mellanox Technologies, Ltd. (MLNX) All Cash $176 million $8.75 $8.68 2,900 03/31/2011 0.81% 3.13%
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.

FMR 10/28/2010 Fairfax Financial Holdings (FRFHF.PK) All Cash $294 million $16.50 $16.37 361,441 03/31/2011 0.79% 3.08%
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.

CYPB 12/15/2010 Ramius LLC & Royalty Pharma (N/A) All Cash $255 million $6.50 $6.45 528,372 01/31/2011 0.78% 8.08%
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.

BEZ 11/29/2010 ABB Ltd (ABB) All Cash $4.2 billion $63.50 $63.11 843,942 03/31/2011 0.62% 2.40%
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.

SVR 10/28/2010 Carlyle (N/A) All Cash $2.6 billion $31.00 $30.83 658,398 03/31/2011 0.55% 2.14%
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.

TTES 10/06/2010 Robbins & Myers Inc. (RBN) Cash Plus Stock $422 million $39.19 $38.99 74,389 12/31/2010 0.50% 45.95%
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.

APSG 12/20/2010 Raytheon Company (RTN) All Cash N/A $38.00 $37.81 207,454 03/31/2011 0.50% 1.95%
Details of Applied Signal Technology, Inc.

Expected to close in the first quarter of 2011. On the completion of the merger, Applied Signal Technology shareholders will receive $38.00 per share in cash.

CFS 11/02/2010 affiliate of ABRY Partners (N/A) All Cash $84.8 million $2.50 $2.49 25,680 12/31/2010 0.40% 36.65%
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.

ROAC 10/18/2010 Swenson Granite Co. (N/A) All Cash $39 million $5.25 $5.23 9,000 03/31/2011 0.38% 1.48%
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.

CCBP 08/09/2010 F.N.B. Corporation (FNB) Cash Plus Stock $70 million $44.61 $44.45 100 12/31/2010 0.37% 33.69%
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.

ACTI 10/11/2010 Assa Abloy (N/A) All Cash $162 million $3.25 $3.24 N/A 12/31/2010 0.31% 28.16%
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.

NUHC 09/20/2010 Arrow Electronics (ARW) All Cash $130 million $7.00 $6.98 17,426 12/31/2010 0.29% 26.15%
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.

Q 04/22/2010 Century Link (CTL) All Stock $10.6 billion $7.70 $7.68 31,365,400 04/21/2011 0.27% 0.87%
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.

DNEX 12/13/2010 Thermo Fisher Scientific Inc. (TMO) All Cash $2.1 billion $118.50 $118.20 112,063 03/31/2011 0.25% 0.99%
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.

ARTG 11/02/2010 Oracle (ORCL) All Cash $1 billion $6.00 $5.985 1,058,279 03/31/2011 0.25% 0.97%
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.

TOD 12/23/2010 Vigor Industrial LLC (N/A) All Cash $130 million $22.27 $22.22 283,250 03/31/2011 0.23% 0.87%
Details of Todd Shipyards Corp.

Expected to close in the first quarter of 2011 for a closing value of $130 million. On the completion of the merger, Todd Shipyards shareholders will receive $22.27 per share in cash.

PRPX 02/17/2010 L.B. Foster Co. (FSTR) All Cash $112 million $11.80 $11.79 23,949 12/30/2010 0.08% 10.32%
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.

CLU 09/16/2010 Clearwater Paper Corporation (CLW) All Cash $247 million $12.00 $11.99 4,960 12/31/2010 0.08% 7.61%
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.

STU 09/17/2010 Discover Financial Services (N/A) All Cash N/A $30.00 $30.00 9,840 12/31/2010 0.00% 0.00%
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.

ATLS 11/09/2010 Chevron Coproation (CVX) All Cash $4.3 billion $43.34 $43.39 402,058 03/31/2011 -0.12% -0.45%
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.

LCRD 12/20/2010 ASSA ABLOY (N/A) All Cash $80 million $6.25 $6.26 852,095 03/31/2011 -0.16% -0.62%
Details of LaserCard Corporation

Expected to close in the first quarter of 2011 for a closing value of $80 million. On the completion of the merger, Lasercard shareholders will receive $6.25 per share in cash.

MATK 12/21/2010 DSM (N/A) All Cash $1,087 million $31.50 $31.57 N/A 06/30/2011 -0.22% -0.44%
Details of Martek Biosciences Corporation

Expected to close in the first or second quarter of 2011 for a closing value of $1,087 million. On the completion of the merger, Martek Biosciences Corporation shareholders will receive $31.50 per share in cash.

RAE 09/20/2010 Battery Ventures (N/A) All Cash $95 million $1.60 $1.61 28,315 12/31/2010 -0.62% -56.68%
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.

NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $41.80 $42.36 158,072 09/30/2011 -1.32% -1.74%
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.

CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $7.34 $7.45 98,937 09/30/2011

-1.43%

-1.88%
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.

MTXX 12/14/2010 H.I.G. Capital, LLC (N/A) All Cash $75.2 million $8.00 $8.22 31,516 03/31/2011

-2.68%

-10.39%
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.

SNIC 12/23/2010 Rovi Corporation (ROVI) All Cash $720 million $14.00 $14.42 N/A 03/31/2011 -2.91% -11.31%
Details of Sonic Solutions

Expected to close in the first quarter of 2011 for a closing value of $720 million. Sonic shareholders may elect to receive either $14.00 or 0.2489 shares of Rovi common stock for each share tendered and accepted in the exchange offer, subject to proration and adjustment pursuant to the definitive agreement. Cash consideration paid in the exchange offer will equal 55 percent of the aggregate value of consideration paid in the exchange offer and stock consideration issued in the exchange offer will equal 45 percent of the consideration, with shares of Rovi common stock being valued at $56.24 (the average closing price of Rovi common stock over the 20 trading days ending immediately prior to the date of the agreement) for purposes of such calculation.

CGC 10/01/2010 Gammon Gold (GRS) Cash Plus Stock $288 million $4.81 $4.99 137,656 12/31/2010 -3.58% -326.69%
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.

DVD 09/27/2010 Dover Downs Gaming & Entertainment Inc (DDE) All Stock N/A $1.72 $1.80 1,885 12/31/2010 -4.53% -413.51%
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.

GIW 10/25/2010 Community Bank System (CBU) All Cash $101.8 million $9.50 $10.02 18,699 02/15/2011 -5.19% -37.88%
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.

DYN 12/15/2010 Icahn Enterprises LP (IEP) All Cash $665 million $5.50 $5.86 1,717,569 03/31/2011 -6.14% -23.85%
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.

CADE 10/06/2010 Community Bancorp LLC (N/A) All Stock $38 million $2.25 $2.47 36,078 03/31/2011 -9.05% -35.13%
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

DDMX 10/01/2010 Greenbriar Equity Group (N/A) All Cash $210 million $21.25 $24.75 24,842 02/15/2011 -14.14% -103.23%
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 $6.33 154,022 12/31/2010 -32.86% -2998.42%
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 27, 2010