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Merger activity increased last week with five new deals announced and two 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 2011 13
Total Number of Pending Deals
Cash Deals 47
Stock Deals 19
Stock & Cash Deals 10
Special Conditions 1
Total Number of Pending Deals 77

New Deals:

  1. The acquisition of ProLogis (PLD) by AMB Property Corpration (AMB) for 0.4464 shares of AMB Property common stock in an all stock deal.
  2. The acquisition of Pre-Paid Legal Services (PPD) by MidOcean Partners for $650 million or $66.50 per share in cash.
  3. The acquisition of Massey Energy (MEE) by Alpha Natural Resources (ANR) for $8.5 billion or 1.025 shares of Alpha common stock and $10.00 in cash in a stock plus cash deal.
  4. The acquisition of Silverleaf Resorts (SVLF) by Cerberus Capital Management for $94 million or $2.50 per share in cash
  5. The acquisition of Answers Corporation (ANSW) by AFCV Holdings LLC for $127 million or $10.50 per share in cash

Closed Deals:

  1. The acquisition of Applied Signal Technology (APSG) by Raytheon (RTN) on January 31, 2011
  2. The acquisition of LaserCard Corporation (LCRD) by ASSA ABLOY AB on January 24, 2011

Deal Updates:

  1. H.I.G. Capital increases the offer for Matrixx Initiates (MTXX) by 9.4% to $8.75 from its previous offer of $8 and extended the tender offer to February 14, 2011.
  2. India’s Reliance Industries is exploring options to challenge Chevron’s bid for Atlas Energy (ATLS).
  3. Carl Icahn defends his $5.50 bid for Dynegy (DYN) as the shares rise almost 10% above his bid price. I guess it must be tough competing against a homeless man who sent in his bid for the company.

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) $13.21 $9.30 06/30/2011

42.04%

107.30%
TLCR 06/07/2010 Grifols (GRF.MC) $29.50 $24.82 03/31/2011 18.84% 132.23%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $24.70 $21.42 09/30/2011 15.29% 23.75%
DTG 04/26/2010 Avis (CAR) $55.33 $50.23 03/31/2011 10.15% 71.26%
DNBK 01/20/2011 People's United Financial Inc. (PBCT) $23.00 $21.82 06/30/2011 5.41% 13.80%
AAI 09/27/2010 Southwest Airlines (LUV) $7.75 $7.36 03/31/2011 5.30% 37.19%
SHMR 10/15/2010 Essilor (N/A) $14.50 $13.79 06/30/2011 5.15% 13.14%
ROME 10/12/2010 Berkshire Hills Bancorp (BHLB) $12.33 $11.81 03/31/2011 4.44% 31.17%
MAJC 09/21/2010 Bayside Capital Partners (N/A) $4.50 $4.3101 03/31/2011

4.41%

30.93%
CNXT 01/10/2011 Standard Microsystems Corp. (SMSC) $2.16 $2.08 06/30/2011 4.09% 10.43%

List of 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 $13.21 $9.30 441,110 06/30/2011

42.04%

107.30%
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 $29.50 $24.82 3,583,326 03/31/2011 18.84% 132.23%
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.

TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $24.70 $21.42 967,053 09/30/2011 15.29% 23.75%
Details of TAM S.A.

Completion of this transaction is expected to take between six to nine months. On the completion of merger TAM shareholders will receive 0.90 shares in LAN for each TAM share they hold.

DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $55.33 $50.23 348,176 03/31/2011 10.15% 71.26%
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.

DNBK 01/20/2011 People's United Financial Inc. (PBCT) All Cash $493 million $23.00 $21.82 134,028 06/30/2011 5.41% 13.80%
Details of Danvers Bancorp Inc.

Expected to close in second quarter of 2011 for $493 million. On the completion of merger. Under the terms of the definitive agreement, which has been approved by both companies' boards of directors, Danvers Bancorp shareholders may elect to receive either $23.00 in cash, or 1.624 shares of People's United Financial stock for each Danvers Bancorp share, subject to customary pro ration provisions, whereby 55% of Danvers Bancorp shares will be exchanged for stock and 45% for cash.

AAI 09/27/2010 Southwest Airlines (LUV) Cash Plus Stock $1.4 billion $7.75 $7.36 1,056,190 03/31/2011 5.30% 37.19%
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 avera ge 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."

SHMR 10/15/2010 Essilor (N/A) All Cash $130 million $14.50 $13.79 22,446 06/30/2011 5.15% 13.14%
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.

ROME 10/12/2010 Berkshire Hills Bancorp (BHLB) All Stock $74 million $12.33 $11.81 2,290 03/31/2011 4.44% 31.17%
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.

MAJC 09/21/2010 Bayside Capital Partners (N/A) All Cash $7.8 million $4.50 $4.3101 N/A 03/31/2011

4.41%

30.93%
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.

CNXT 01/10/2011 Standard Microsystems Corp. (SMSC) Special Conditions $284 million $2.16 $2.08 552,936 06/30/2011 4.09% 10.43%
Details of Conexant Systems, Inc.

Expected to close in the second half of 2011 for a closing value of $284 million. On the completion of the merger,Conexant stockholders will receive approximately $2.25 consisting of $1.125 in cash and a fraction of a share of SMSC common stock equal to $1.125 divided by the volume weighted average price of SMSC common stock for the 20 trading days ending on the second trading day prior to closing, but in no event more than 0.04264 nor less than 0.03489 shares of SMSC common stock.

LEGC 12/21/2010 Berkshire Hills Bancorp (BHLB) Cash Plus Stock $108 million $13.59 $13.10 14,700 06/30/2011 3.76% 9.58%
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.

NGAS 12/27/2010 Magnum Hunter Resources Corp. (MHR) All Stock $98 million $0.58 $0.555 836,417 06/30/2011 3.65% 9.33%
Details of NGAS Resources Inc.

Expected to close by the end of this year or the first quarter of 2011 for a closing value of $98 million. On the completion of the merger, Monroe Bancorp shareholders Monroe shareholders will receive 0.0846 shares of Magnum Hunter Resources Corp. for every share held.

HYC 11/17/2010 Verifone Systems (PAY) All Stock $485 million $9.89 $9.55 561,726 09/30/2011 3.51% 5.45%
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.

PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $47.05 $45.47 737,777 12/31/2011 3.48% 3.88%
Details of Progress Energy Inc.

Progress Energy's shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy's closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value.

MI 12/17/2010 BMO Financial Group (BMO) All Stock $4.1 billion $7.50 $7.25 9,493,465 07/31/2011 3.42% 7.18%
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.

MEE 01/29/2011 Alpha Natural Resources, Inc. (ANR) Cash Plus Stock $8.5 billion $64.42 $62.40 5,077,299 06/30/2011 3.23% 8.25%
Details of Massey Energy Co.

The deal is expected to close in mid-2011 for $8.5 billion. Under the terms of the deal, Massey stockholders will receive 1.025 shares of Alpha common stock and $10.00 in cash for each share they own.

PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.10 10,799 09/30/2011 3.20% 4.97%
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.

SVLF 02/03/2011 Cerberus Capital Management (N/A) All Cash $94 million $2.50 $2.43 12,016,269 04/15/2011 2.88% 15.69%
Details of Silverleaf Resorts Inc.

Expected to close by April 14, 2010 for a closing value of $94 million. On the completion of the merger, Silverleaf Resorts shareholders will receive $2.50 per share in cash.

CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $7.69 $7.48 332,144 09/30/2011 2.77% 4.30%
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.

WTNY 12/22/2010 Hancock Holding Company (HBHC) All Stock $1.5 billion $13.60 $13.24 386,556 06/30/2011 2.73% 6.97%
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.

NAL 08/19/2010 First Niagara Financial Group (FNFG) Cash Plus Stock $1.5 billion $15.98 $15.57 498,601 05/15/2011 2.65% 9.98%
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.

GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $52.55 $51.20 157,740 09/30/2011 2.63% 4.09%
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.

ACL 12/15/2010 Novartis (NVS) All Cash $12.9 billion $168.00 $163.99 1,442,609 06/30/2011 2.45% 6.24%
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.

NOVL 11/22/2010 Attachment Corporation (N/A) All Cash $2.2 billion $6.10 $5.9575 3,391,478 03/31/2011 2.39% 16.79%
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

PVG 09/21/2010 Penn Virginia Resource Partners (PVR) All Stock $954 million $27.83 $27.23 140,892 03/31/2011 2.21% 15.52%
Details of Penn Virginia GP Holdings

Expected to close by the end of the year for a closing value of $954 million. On the completion of the merger, Penn Virginia GP Holdings unitholders will receive 0.98 units of Penn Virginia Resource Partners per Penn Virginia GP Holdings unit held.

Update Dec 27, 2010: Updated the closing date to 3/31/2011 since the special meeting to discuss the merger has been set for February 16, 2011.

WL 11/01/2010 M & T Bank Corporation (MTB) All Stock $351 million $4.49 $4.40 205,639 06/30/2011 2.15% 5.48%
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 .

SBIB 01/18/2011 Comerica Incorporated (CMA) All Stock $1.027 billion $9.13 $8.96 1,755,045 06/30/2011 1.89% 4.81%
Details of Sterling Bancshares Inc.

Expected to close by mid-year 2011 for a closing value of $1.027 billion. According to the terms of the deal, each outstanding share of Sterling common stock will be exchanged for 0.2365 shares of Comerica common stock upon closing.

VCGH 11/10/2010 Company's chairman of the Board, CEO, President and COO (N/A) All Cash $37 million $2.25 $2.21 28,895 03/31/2011

1.81%

12.70%
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.

ALY 08/12/2010 Seawell (SEAW.OL) All Stock $890 million $7.77 $7.63 560,465 03/31/2011 1.81% 12.70%
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.

CRXL 10/06/2010 Johnson & Johnson (JNJ) All Cash $2.41 billion $33.69 $33.19 67,530 03/31/2011 1.51% 10.57%
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).

CPEX 01/04/2011 FCB I Holdings Inc. (N/A) All Cash N/A $27.25 $26.862 9,859 06/30/2010 1.44%

0.00%

Details of CPEX Pharmaceuticals, Inc.

Expected to close in the second quarter of 2011. On the completion of the merger, CPEX Pharmaceuticals, Inc. shareholders will receive $27.25 per share in cash.

ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $12.67 $12.49 64,212 09/30/2011

1.40%

2.18%
Details of Abington Bancorp Inc.

Expected to close in third quarter of 2011 for $273 million. Under terms of the agreement, Abington shareholders will receive 1.32 shares of Susquehanna common stock for each share of Abington common stock on the completion of merger.

GIW 10/25/2010 Community Bank System (CBU) All Cash $101.8 million $9.50 $9.37 3,618 02/15/2011 1.39% 63.30%
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.

BUCY 11/15/2010 Caterpillar Inc (CAT) All Cash $8.6 billion $92.00 $90.88 548,553 06/30/2011 1.23% 3.15%
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.

TCM 11/01/2010 Hanmax Investment Limited (N/A) All Cash N/A $4.50 $4.45 5,694 03/31/2011 1.12% 7.89%
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.

AYE 02/11/2010 FirstEnergy (FE) All Stock $8.5 billion $26.43 $26.14 1,044,531 03/31/2011 1.12% 7.87%
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) All Stock $10.6 billion $7.26 $7.1885 24,131,688 04/21/2011 1.02% 5.09%
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.

ATHR 01/05/2011 QUALCOMM Incorporated (QCOM) All Cash $3.1 billion $45.00 $44.57 1,701,418 06/30/2011 0.96% 2.46%
Details of Atheros Communications Inc.

Expected to close in the firt half of 2011 for a closing value of $3.1 billion. On the completion of the merger, Atheros Communications Inc. shareholders will receive $45.00 per share in cash.

TOD 12/23/2010 Vigor Industrial LLC (N/A) All Cash $130 million $22.27 $22.06 23,068 03/31/2011 0.95% 6.68%
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.

VOLT 11/29/2010 Mellanox Technologies, Ltd. (MLNX) All Cash $176 million $8.75 $8.67 46,416 03/31/2011 0.92% 6.48%
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.

OCNW 09/16/2010 Calix Inc. (CALX) Cash Plus Stock $171 million $8.92 $8.84 62,729 12/31/2010 0.88% 0.00%
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.

JAS 12/23/2010 affiliate of Leonard Green & Partners LP (N/A) All Cash $1.6 billion $61.00 $60.48 332,548 06/30/2011 0.86% 2.19%
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.

DNEX 12/13/2010 Thermo Fisher Scientific Inc. (TMO) All Cash $2.1 billion $118.50 $117.56 117,794 03/31/2011

0.80%

5.61%
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.

NOVA 01/21/2011 Surgery Partners (N/A) All Cash $214 million $13.25 $13.15 191,004 06/30/2011

0.76%

1.94%
Details of NovaMed Inc.

Expected to close in second quarter of 2011 for $214 million. On the completion of merger NovaMed Inc. shareholders will receive 13.25 per share in cash.

PPD 01/31/2011 MidOcean Partners (N/A) All Cash $650 million $66.50 $66 49,149 07/31/2011

0.76%

1.59%
Details of Pre-Paid Legal Services Inc.

Expected to close on or before July 31, 2011 for a closing value of $650 million. On the completion of the merger, Pre-Paid Legal Services shareholders will receive $66.50 per share in cash.

ACV 09/27/2010 Unilever PLC (N/A) All Cash $3.7 billion $37.50 $37.23 434,754 03/31/2011

0.73%

5.09%
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.

ID 09/20/2010 Safran (N/A) All Cash $1.1 billion $12.00 $11.93 657,553 03/31/2011

0.59%

4.12%
Details of L-1 Identity Solutions Inc

Expected to close in the first quarter of 2011 for a closing value of $1.1 billion. On the completion of the merger, ID shareholders will receive $12 per share in cash.

RAE 01/18/2011 Vector Capital (N/A) All Cash N/A $1.75 $1.74 12,505 06/30/2011

0.57%

1.47%
Details of RAE Systems Inc.

Expected to close in second quarter of 2011. On the completion of merger RAE Systems shareholders will receive $1.75 per share in cash. RAE also announced that, concurrent with entering into the Vector Agreement, RAE terminated its previously announced merger agreement with affiliates of Battery Ventures under the terms of the Prior Agreement, and paid a termination fee of $3.39 million to affiliates of Battery Ventures.

MIGP 12/01/2010 United Fire & Casualty (UFCS) All Cash $191 million $28.25 $28.10 2,684 03/31/2011 0.53% 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.

LDSH 11/17/2010 Allegheny Technologies (ATI) Cash Plus Stock $778 million $54.48 $54.19 85,665 03/31/2011 0.53% 3.69%
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.

CADE 10/06/2010 Community Bancorp LLC (N/A) All Cash $38 million $2.50 $2.4871 3,140 03/31/2011 0.52% 3.64%
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

ADAM 08/30/2010 Ebix Inc. (EBIX) All Stock $66 million $7.48 $7.445 145,573 12/31/2010 0.47% 0.00%
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.

ANSW 02/03/2011 AFCV Holdings LLC (N/A) All Cash $127 million $10.50 $10.46 450,009 06/30/2011 0.38% 0.98%
Details of Answers Corporation

Expected to close in the second quarter of 2011 for a closing value of $127 million. On the completion of the merger, Answers Corporation shareholders will receive $10.50 per share in cash.

BJGP 10/28/2010 Sanofi – aventis (N/A) All Cash $520.6 million $10.00 $9.9625 114,068 03/31/2011 0.38% 2.64%
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.

MTXX 12/14/2010 H.I.G. Capital, LLC (N/A) All Cash $75.2 million $8.75 $8.72 137,612 03/31/2011 0.34% 2.41%
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. Update Feb 2, 2011: H.I.G. Capital has agreed to increase the offer price by 9.4 percent to $8.75/share in cash and extended the tender offer to Feb. 14.

PLA 01/10/2011 Icon Acquisition Holdings, L.P. (N/A) All Cash N/A $6.15 $6.13 213,329 03/31/2011 0.33% 2.29%
Details of Playboy Enterprises Inc.

Expected to close in the first quarter of 2011. On the completion of the merger, Playboy Enterprises Inc. shareholders will receive $6.15 per share in cash.

CPII 11/26/2010 Veritas Capital (N/A) All Cash $525 million $19.50 $19.44 12,022 03/31/2011 0.31% 2.17%
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.

GXDX 01/24/2011 Novartis AG (NVS) All Cash $470 million $25.00 $24.93 314,214 06/30/2011 0.28% 0.72%
Details of Genoptix, Inc.

Expected to close in second half of 2011 for $470 million. On the completion of merger shareholders of Genoptix, Inc. will receive $25.00 per share in cash.

DLM 11/25/2010 Kohlberg Kravis Roberts & Co (KKR) All Cash $4 billion $19.00 $18.95 1,890,444 03/31/2011 0.26% 1.85%
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.

TMRK 01/27/2011 Verizon Communications Inc. (VZ) All Cash $1.4 billion $19.00 $18.95 2,401,361 03/31/2011 0.26% 1.85%
Details of Terremark Worldwide, Inc.

Expected to close in first quarter of 2011 for $1.4 billion. On completion of merger Terremark Worldwide, Inc. will receive $19 per share in cash.

EURX 12/01/2010 Axcan Holdings, Inc. (N/A) All Cash $583 million $12.00 $11.97 112,948 06/30/2011 0.25% 0.64%
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 $16.46 128,984 03/31/2011 0.24% 1.71%
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.

DDMX 10/01/2010 TransForce Inc. (TFI.TO) All Cash $210 million $25.00 $24.96 15,224 02/15/2011 0.16% 7.31%
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.

On December 14, 2010, the Board determined that a new $25/share in cash proposal submitted by TransForce Inc, a Canadian Corporation, on December 6, 2010 was a Superior Proposal and terminated the Prior Merger Agreement with Greenbriar Equity Group LLC.

KG 10/12/2010 Pfizer Inc. (PFE) All Cash $3.6 billion $14.25 $14.23 264,424 03/31/2011 0.14% 0.99%
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.

MATK 12/21/2010 DSM (N/A) All Cash $1,087 million $31.50 $31.46 743,376 06/30/2011 0.13% 0.32%
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.

MFE 08/19/2010 Intel Corporation (INTC) All Cash $7.68 billion $48.00 $47.95 980,644 06/30/2011 0.10% 0.27%
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.

JCG 11/23/2010 private equity firms TPG Capital and Leonard Green & Partners (N/A) All Cash $3 billion $43.50 $43.49 454,522 03/31/2011 0.02% 0.16%
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.

APSG 12/20/2010 Raytheon Company (RTN) All Cash N/A $38.00 $38.01 N/A 03/31/2011 -0.03% -0.18%
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.

PLD 01/31/2011 AMB Property Corporation (AMB) All Stock N/A $14.78 $14.83 6,195,413 06/30/2011 -0.37% -0.93%
Details of ProLogis

Expected to close in the second quarter of 2011. On the completion of the merger, ProLogis shareholders will receive 0.4464 shares of AMB Property common stock per share held.

NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $44.27 $44.49 325,159 09/30/2011 -0.50% -0.78%
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.

CGC 10/01/2010 Gammon Gold (GRS) Cash Plus Stock $288 million $5.05 $5.09 250,152 12/31/2010 -0.87% 8.35%
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.

MCCC 11/15/2010 Chief Executive Rocco Commisso (N/A) All Cash $600 million $8.75 $8.83 406,128 06/30/2011 -0.91% -2.31%
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.

SNIC 12/23/2010 Rovi Corporation (ROVI) All Cash $720 million $14.00 $14.80 1,091,944 03/31/2011 -5.41% -37.94%
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.

ATLS 11/09/2010 Chevron Coproation (CVX) All Cash $4.3 billion $43.34 $45.82 2,325,644 03/31/2011 -5.41% -37.99%
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.

SSCC 01/23/2011 Rock-Tenn Co. (RKT) All Cash $3.5 billion $35.00 $38.57 3,050,073 06/30/2011 -9.26% -23.63%
Details of Smurfit-Stone Container Corp.

The deal is expected to close in the second quarter of 2011. According to the terms of the deal, the boards of both companies have agreed to the half-stock, half-cash deal. RockTenn will pay $17.50 in cash and Smurfit-Stone shareholders will receive 0.30605 shares of RockTenn for each share they own.

DYN 12/15/2010 Icahn Enterprises LP (IEP) All Cash $665 million $5.50 $6.10 1,996,198 03/31/2011 -9.84% -69.04%
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.

UAM 12/31/2010 CVS Caremark Corporation (CVS) All Cash $1.25 billion N/A $20.38 149,687 06/30/2010 N/A N/A
Details of Universal American Corp Expected to close in the second quarter of 2011. On the completion of the merger, Universal American Corp shareholders will receive $12.80 to $13.00 per share in cash plus a share in a newly formed public company, which will own all the other operations of UAM. The newly formed company will have $640 million of cash and statutory capital in its subsidiaries and no debt.
Source: Merger Arbitrage Mondays: February 07, 2011