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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 2011 29
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 44
Stock Deals 23
Stock & Cash Deals 12
Total Number of Pending Deals 79

New Deals:

  1. The acquisition of Zoran Corporation (ZRAN) by CSR.PLC for $679 million or ADRs equivalent to 1.85 shares of CSR common stock per Zoran share held in an all stock deal.
  2. The acquisition of Caraco Pharmaceutical Laboratories (CPD) by Sun Pharmaceutical Industries for $5.25 per share in cash.
  3. The acquisition of Tollgrade Communications (TLGD) by Golden Gate Capital for $137 million or $10.10 per share in cash.
  4. The acquisition of Clinical Data (CLDA) by Forest Laboratories (FRX) for $1.2 billion or $30.00 per share in cash plus contingent consideration of up to $6.00 per share that may be paid upon achievement of certain milestones.
  5. The acquisition of Frontier Oil (FTO) by Holly Corporation (HOC) for $3 billion or 0.4811 Holly shares for each share of Frontier common stock in an all stock deal that is said to be a “merger of equals”. Frontier plans to pay a $0.28 per share special dividend on March 21, 2011 to all Frontier shareholders of record on March 7, 2011. Frontier also plans to reinstate its regular quarterly dividend of $0.06 per share, which will also be payable on March 21, 2011 to shareholders of record on March 7, 2011.
  6. The acquisition of Duncan Energy Partners (DEP) by Enterprise Products Partners (EPD) for 0.9545 Enterprise common units for each issued and outstanding publicly-held Duncan Energy Partners common unit in an all stock deal.

Closed Deals:

  1. The acquisition of Occam Networks (OCNW) by Calix (CALX) on February 23, 2011
  2. The acquisition of Allis-Chalmers Energy Inc. (ALY) by Seawell Limited on February 23, 2011
  3. The acquisition of Dynamex (DDMX) by TransForce on February 23, 2011
  4. The acquisition of BMP Sunstone Corporation (BJGP) by Sanofi-aventis on February 24, 2011
  5. The acquisition of Allegheny Energy (AYE) by FirstEnergy (FE) on February 25, 2011

Updated Deals:

  1. Dynegy (DYN) terminated its merger agreement with an affiliate of IEP on February 21, 2011
  2. Conexant Systems (CNXT) terminated its merger agreement with Standard Microsystems (SMSC) and agreed to be acquired by Golden Gate Capital for $2.40 per share in cash on February 23, 2011
  3. J. Crew Group (JCG) to file investor presentation in response to flawed recommendation and urges shareholders to vote FOR acquisition on March 1, 2011
  4. Novell (NOVL) and CPTN received a request for additional information from the Antitrust Division of the United States Department of Justice regarding the patent sale.

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) $12.46 $9.23 06/30/2011

35.00%

104.72%
TLCR 06/07/2010 Grifols (GRF.MC) $29.39 $24.93 03/31/2011 17.89% 210.62%
NHP 02/28/2011 Ventas Inc. (VTR) $44.99 $38.96 09/30/2011 15.47% 26.38%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $24.25 $21.18 09/30/2011 14.48% 24.69%
MAJC 09/21/2010 Bayside Capital Partners (N/A) $4.50 $4.15 03/31/2011 8.43% 99.30%
AAI 09/27/2010 Southwest Airlines (LUV) $7.75 $7.31 03/31/2011 6.02% 70.87%
SHMR 10/15/2010 Essilor (N/A) $14.50 $13.6976 06/30/2011 5.86% 17.53%
DNBK 01/20/2011 People's United Financial Inc. (PBCT) $23.00 $21.78 06/30/2011 5.60% 16.76%
PVG 09/21/2010 Penn Virginia Resource Partners (PVR) $27.88 $26.56 03/31/2011

4.97%

58.56%
DTG 04/26/2010 Avis (CAR) $55.65 $53.171 03/31/2011 4.66% 54.90%

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 $12.46 $9.23 12,662 06/30/2011

35.00%

104.72%
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 $29.39 $24.93 15,571 03/31/2011 17.89% 210.62%
Details of Talecris

Expected to close by the end of the year for a closing value of $3.4 billion. On the completion of the merger Grifols will pay $19 in cash and 0.641 newly issued, nonvoting shares for each share of Talecris.

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.

NHP 02/28/2011 Ventas Inc. (VTR) All Stock $7.4 billion $44.99 $38.96 4,099 09/30/2011 15.47% 26.38%
Details of Nationwide Health Properties

Expected to close in the third quarter of 2011 for a closing value of $7.4 billion in an all stock deal. Upon completion of the merger, Nationwide Health Properties shareholders will receive a fixed exchange ratio of 0.7866 Ventas shares for each share of NHP common stock they own.

TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $24.25 $21.18 3,400 09/30/2011 14.48% 24.69%
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. Shares of LAN Airlines SA of Chile and Brazilian carrier TAM SA fell sharply Monday, January 31, 2011, as investors reacted to the Chilean antitrust court's move late Friday to suspend their proposed merger.

MAJC 09/21/2010 Bayside Capital Partners (N/A) All Cash $7.8 million $4.50 $4.15 N/A 03/31/2011 8.43% 99.30%
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.

AAI 09/27/2010 Southwest Airlines (LUV) Cash Plus Stock $1.4 billion $7.75 $7.31 354,794 03/31/2011 6.02% 70.87%
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 average 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 sto ck price is less than $10.90."

SHMR 10/15/2010 Essilor (N/A) All Cash $130 million $14.50 $13.6976 1,446 06/30/2011 5.86% 17.53%
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.

DNBK 01/20/2011 People's United Financial Inc. (PBCT) All Cash $493 million $23.00 $21.78 N/A 06/30/2011 5.60% 16.76%
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.

PVG 09/21/2010 Penn Virginia Resource Partners (PVR) All Stock $954 million $27.88 $26.56 17,428 03/31/2011

4.97%

58.56%
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.

DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $55.65 $53.171 12,701 03/31/2011 4.66% 54.90%
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.

MI 12/17/2010 BMO Financial Group (BMO) All Stock $4.1 billion $7.96 $7.67 N/A 07/31/2011 3.77% 9.00%
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.

HYC 11/17/2010 Verifone Systems (PAY) All Stock $485 million $10.50 $10.13 7,368 09/30/2011 3.69% 6.30%
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.

ROME 10/12/2010 Berkshire Hills Bancorp (BHLB) All Stock $74 million $12.61 $12.20 N/A 03/31/2011 3.37% 39.73%
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 11/21/2010 Attachment Corporation (N/A) All Cash $2.2 billion $6.10 $5.9105 184,071 04/30/2011 3.21% 19.18%
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.

Update: Feb 17, 2011 – Novell and CPTN received a request for additional information from the Antitrust Division of the United States Department of Justice regarding the patent sale. The requests have the effect of extending the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 until 30 days after both parties have substantially complied with the requests, unless the waiting period is earlier terminated. Novell is in the process of gathering information to respond to this request and is continuing to cooperate fully with the Department of Justice in connection with its review. Novell continues to work toward completing the merger as quickly as possible and currently anticipates that the closing of the merger will occur following the completion of the waiting period and the satisfaction of other closing conditions.

PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.12 N/A 09/30/2011 3.13% 5.34%
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.

LEGC 12/21/2010 Berkshire Hills Bancorp (BHLB) Cash Plus Stock $108 million $13.87 $13.45 N/A 06/30/2011 3.11% 9.30%
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.

PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $46.55 $45.30 N/A 12/31/2011 2.77% 3.30%
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.

VCGH 11/10/2010 Company's chairman of the Board, CEO, President and COO (N/A) All Cash $37 million $2.25 $2.20 750 03/31/2011 2.27% 26.76%
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.

MEE 01/29/2011 Alpha Natural Resources, Inc. (ANR) Cash Plus Stock $8.5 billion $65.43 $63.99 N/A 06/30/2011 2.25% 6.74%
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.

DEP 02/23/2011 Enterprise Products Partners (EPD) All Stock N/A $41.43 $40.54 N/A 12/31/2069 2.21% 0.04%
Details of Duncan Energy Partners

Upon completion of the merger, Duncan Energy Partners shareholders will receive 0.9545 Enterprise common units for each issued and outstanding publicly-held Duncan Energy Partners common unit.

TCM 11/01/2010 Hanmax Investment Limited (N/A) All Cash N/A $4.50 $4.41 24,515 03/31/2011 2.04% 24.03%
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.

GIW 10/25/2010 Community Bank System (CBU) All Cash $101.8 million $9.50 $9.32 441 03/31/2011 1.93% 22.74%
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.

ACL 12/15/2010 Novartis (NVS) All Cash $12.9 billion $168.00 $164.94 1,300 06/30/2011 1.86% 5.55%
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. The exact exchange ratio and cash contingent value amount will be calculated based upon formulas set forth in the merger agreement.

SVLF 02/03/2011 Cerberus Capital Management (N/A) All Cash $94 million $2.50 $2.46 N/A 04/15/2011 1.63% 12.90%
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.

HUGH 02/14/2011 EchoStar Corp (SATS) All Cash $2 billion $60.70 $59.74 N/A 12/31/2011 1.61% 1.92%
Details of Hughes Communications

Expected to close later this year for a closing value of $2 billion. On the completion of the merger, Hughes Communications shareholders will receive $60.70 per share in cash.

PDE 02/07/2011 Ensco plc (ESV) Cash Plus Stock $7.31 billion $41.78 $41.19 800 06/30/2011 1.43% 4.28%
Details of Pride International Inc.

Expected to close in the second quarter of 2011 for a closing value of $7.31 billion. On the completion of the merger, Pride International shareholders will receive 0.4778 newly-issued Ensco shares plus $15.60 in cash for each Pride common share.

EMS 02/14/2011 Clayton, Dubilier & Rice (N/A) All Cash $3 billion $64.00 $63.11 N/A 06/30/2011 1.41% 4.22%
Details of Emergency Medical Services Corp

Expected to close in the second quarter of 2011 for a closing value of $3 billion. On the completion of the merger, Emergency Medical Services shareholders will receive $64.00 per share in cash.

SBIB 01/18/2011 Comerica Incorporated (CMA) All Stock $1.027 billion $9.13 $9.01 N/A 06/30/2011 1.37% 4.11%
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.

NAL 08/19/2010 First Niagara Financial Group (FNFG) Cash Plus Stock $1.5 billion $15.91 $15.70 13,436 05/15/2011 1.31% 6.30%
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.

CNXT 02/23/2011 Golden Gate Capital (N/A) All Cash N/A $2.40 $2.37 82,805 06/30/2011 1.27% 3.79%
Details of Conexant Systems, Inc.

Expected to close in the second quarter of 2011 for $2.40 per share in cash. Conexant Systems terminated its merger agreement with SMSC that was announced on January 10, 2011 and agreed to be acquired by Golden Gate Capital on February 23, 2011.

CPD 02/22/2011 Sun Pharmaceutical Industries ltd (N/A) All Cash N/A $5.25 $5.19 N/A 12/31/2011 1.16% 1.38%
Details of Caraco Pharmaceutical Laboratories Ltd

Upon completion of this merger, Caraco Pharmaceutical Laboratories shareholders will receive $5.25 per share in cash.

TLGD 02/22/2011 Golden Gate Capital (N/A) All Cash $137 million $10.10 $9.99 27,291 06/30/2011 1.10% 3.29%
Details of Tollgrade Communications

Expected to close in the second quarter of 2011 for a closing value of $137 million. Upon completion of the merger, Tollgrade Communications shareholders will receive $10.10 per share in cash.

BUCY 11/15/2010 Caterpillar Inc (CAT) All Cash $8.6 billion $92.00 $91.08 43,514 06/30/2011 1.01% 3.02%
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.

RHB 02/08/2011 Kindred Healthcare (KND) Cash Plus Stock $877 million $37.72 $37.36 N/A 06/30/2011

0.97%

2.91%
Details of Rehabcare Group

Expected to close by June 30, 2011 for a closing value of $877 million in a cash plus stock deal. On the completion of the merger, Rehabcare shareholders will receive $26 in cash and 0.471 of a Kindred share for each RehabCare share.

XETA 02/09/2011 PAETEC Holding Corp (PAET) All Cash $61 million $5.50 $5.45 N/A 04/30/2011 0.92% 5.49%
Details of XETA Technologies

Expected to close within three months for a closing value of $61 million. On the completion of the merger, XETA Technologies shareholders will receive $5.50 per share in cash.

ACV 09/27/2010 Unilever PLC (N/A) All Cash $3.7 billion $37.50 $37.21 62,182 03/31/2011 0.78% 9.18%
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 $11.91 19,244 03/31/2011 0.76% 8.90%
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.

BEC 02/07/2011 Danaher (DHR) All Cash $6.8 billion $83.50 $82.92 N/A 06/30/2011 0.70% 2.09%
Details of Beckman Coulter

Expected to close in the second half of 2011 for a closing value of $6.8 billion. On the completion of the merger, Beckman Coulter shareholders will receive $83.50 per share in cash.

PPD 01/31/2011 MidOcean Partners (N/A) All Cash $650 million $66.50 $66.08 1,831 07/31/2011 0.64% 1.52%
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.

NOVA 01/21/2011 Surgery Partners (N/A) All Cash $214 million $13.25 $13.17 1,500 06/30/2011 0.61% 1.82%
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.

LZR 02/07/2011 Universal Hospital Services (N/A) All Cash $70 million $8.46 $8.41 N/A 04/30/2011 0.59% 3.56%
Details of Emergent Group Inc.

Expected to close within 45 to 90 days for a closing value of $70 million. On the completion of the merger, Emergent Group shareholders will receive $8.46 per share in cash.

CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $7.85 $7.81 N/A 09/30/2011 0.52% 0.89%
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.

ATHR 01/05/2011 QUALCOMM Incorporated (QCOM) All Cash $3.1 billion $45.00 $44.77 N/A 06/30/2011 0.51% 1.54%
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.

DNEX 12/13/2010 Thermo Fisher Scientific Inc. (TMO) All Cash $2.1 billion $118.50 $117.90 N/A 03/31/2011 0.51% 5.99%
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.

PLA 01/10/2011 Icon Acquisition Holdings, L.P. (N/A) All Cash N/A $6.15 $6.12 N/A 03/31/2011 0.49% 5.77%
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.

Q 04/22/2010 Century Link (CTL) All Stock $10.6 billion $6.73 $6.70 684,210 04/21/2011 0.44% 3.06%
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.

JAS 12/23/2010 affiliate of Leonard Green & Partners LP (N/A) All Cash $1.6 billion $61.00 $60.74 N/A 03/31/2011 0.43% 5.04%
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. Update Feb 15, 2011: Changed the closing date to 3/31/2011 from 6/30/2011 following a press release by the company stating that the deal is expected to close by the end of March.

CPEX 01/04/2011 FCB I Holdings Inc. (N/A) All Cash N/A $27.25 $27.14 N/A 06/30/2011 0.41% 1.21%
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.

Update:

February 28, 2011: Mangrove Partners Questions the Proposed Sale of CPEX Pharmaceuticals and Intends to Vote 'No' on the Merger

CADE 10/06/2010 Community Bancorp LLC (N/A) All Cash $38 million $2.50 $2.49 N/A 03/31/2011 0.40% 4.73%
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

MIGP 12/01/2010 United Fire & Casualty (UFCS) All Cash $191 million $28.25 $28.14 200 03/31/2011 0.39% 4.60%
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.

CRXL 10/06/2010 Johnson & Johnson (JNJ) All Cash $2.41 billion $34.26 $34.13 1,540 03/31/2011 0.37% 4.36%
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).

TMRK 01/27/2011 Verizon Communications Inc. (VZ) All Cash $1.4 billion $19.00 $18.94 100 03/31/2011

0.32%

3.73%
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.

DLM 11/25/2010 Kohlberg Kravis Roberts & Co (KKR) All Cash $4 billion $19.00 $18.95 103,660 03/31/2011 0.26% 3.11%
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.

JCG 11/23/2010 private equity firms TPG Capital and Leonard Green & Partners (N/A) All Cash $3 billion $43.50 $43.42 339,894 03/31/2011 0.18% 2.17%
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. J. Crew Group to file investor presentation in response to flawed recommendation and urges shareholders to vote FOR acquisition on March 1.

WL 11/01/2010 M & T Bank Corporation (MTB) All Stock $351 million $4.53 $4.52 37,195 06/30/2011 0.15% 0.46%
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 .

GXDX 01/24/2011 Novartis AG (NVS) All Cash $470 million $25.00 $24.98 N/A 06/30/2011 0.08% 0.24%
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.

MFE 08/19/2010 Intel Corporation (INTC) All Cash $7.68 billion $48.00 $47.97 80,863 06/30/2011 0.06% 0.19%
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.

HRLY 02/07/2011 Kratos Defense & Security Solutions, Inc. (KTOS) All Cash $270 million $19.00 $18.99 N/A 03/31/2011 0.05% 0.62%
Details of Herley Industries Inc.

Expected to close in the first quarter of 2011 for a closing value of $270 million. On the completion of the merger, Herley Industries shareholders will receive $19.00 per share in cash.

KG 10/12/2010 Pfizer Inc. (PFE) All Cash $3.6 billion $14.25 $14.25 23,801 03/31/2011 0.00% 0.00%
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.

GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $52.83 $52.83 19,210 09/30/2011 -0.01% -0.02%
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.

WTNY 12/22/2010 Hancock Holding Company (HBHC) All Stock $1.5 billion $14.15 $14.15 N/A 06/30/2011 -0.03% -0.10%
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.

NGAS 12/27/2010 Magnum Hunter Resources Corp. (MHR) All Stock $98 million $0.58 $0.5849 N/A 06/30/2011 -0.05% -0.16%
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.

ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $12.67 $12.70 N/A 09/30/2011 -0.22% -0.38%
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.

RVI 02/08/2011 DSW Inc (DSW) All Stock N/A $17.10 $17.15 N/A 06/30/2011 -0.31% -0.91%
Details of Retail Ventures Inc

Expected to close in the second quarter of 2011. On the completion of the merger, Retail Ventures shareholders will receive 0.435 DSW shares per each RVI share.

PLD 01/31/2011 AMB Property Corporation (AMB) All Stock N/A $15.74 $15.85 N/A 06/30/2011 -0.72% -2.16%
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.

SSCC 01/23/2011 Rock-Tenn Co. (RKT) Cash Plus Stock $3.5 billion $38.40 $38.70 N/A 06/30/2011 -0.77% -2.32%
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.

MCCC 11/15/2010 Chief Executive Rocco Commisso (N/A) All Cash $600 million $8.75 $8.82 4,648 06/30/2011 -0.79% -2.37%
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.

LDSH 11/17/2010 Allegheny Technologies (ATI) Cash Plus Stock $778 million $53.76 $54.24 3,988 03/31/2011 -0.89% -10.42%
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.

CLDA 02/22/2011 Forest Laboratories Inc. (FRX) All Cash $1.2 billion $30.00 $30.30 300 06/30/2011 -0.99% -2.96%
Details of Clinical Data Inc.

Expected to close in the second quarter of 2011 for a closing value of $1.2 billion. Upon completion of the merger, Clinical Data shareholders will receive $30.00 per share in cash plus contingent consideration of up to $6.00 per share that may be paid upon achievement of certain milestones.

ANSW 02/03/2011 AFCV Holdings LLC (N/A) All Cash $127 million $10.50 $10.63 8,125 06/30/2011 -1.22% -3.66%
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.

GENZ 02/16/2011 Sanofi-Aventis (SNY) All Cash $20.1 billion $74.00 $75.39 1,500 06/15/2011 -1.84% -6.29%
Details of Genzyme Corp.

Expected to close early in the second quarter of 2011 for a closing value of $20.1 billion. On the completion of the merger, Genzyme shareholders will receive $74.00 per share in cash and one Contingent Value Right (NYSEMKT:CVR) for each share they own, entitling the holder to receive additional cash payments if specified milestones related to Lemtrada? (alemtuzumab MS) are achieved over time or a milestone related to production volumes in 2011 for Cerezyme? and Fabrazyme? is achieved.

CGC 10/01/2010 Gammon Gold (GRS) Cash Plus Stock $288 million $5.42 $5.52 17,302 03/31/2011 -1.89% -22.27%
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.

RAE 01/18/2011 Vector Capital (N/A) All Cash N/A $1.75 $1.79 N/A 06/30/2011 -2.23% -6.69%
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.

NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $43.55 $44.97 28,268 09/30/2011 -3.17% -5.40%
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.

FTO 02/22/2011 Holly Corporation (HOC) All Stock $3 billion $26.80 $28.03 5,070 09/30/2011 -4.38% -7.47%
Details of Frontier Oil Corporation

Expected to close in the third quarter of 2011 for a closing value of $3 billion. Upon completion of the merger, Frontier Oil Corporation shareholders will receive 0.4811 Holly shares for each share of Frontier common stock.

LAB 02/17/2011 Cowen Group (COWN) All Stock $192.8 million N/A $4.19 N/A 07/31/2011 N/A N/A
Details of LaBranche & Co. Inc.

Expected to close by the end of the second quarter or beginning of the third quarter of 2011 for a closing value of $192.8 million in an all stock deal. On the completion of the merger LaBranche shareholders will receive a fixed ratio of 0.9980 of a share of Cowen Class A common stock for each outstanding share of LaBranche common stock.

NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A N/A $37.00 100 12/31/2011 N/A N/A
Details of NYSE Euronext

Expected to close by the end of the year in an all stock deal. On the completion of the merger NYSE Euronext shareholders will receive 0.4700 of a share of Deutsche Boerse common stock per share held.

UAM 12/31/2010 CVS Caremark Corporation (CVS) All Cash $1.25 billion N/A $20.78 N/A 06/30/2011 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.

ZRAN 02/21/2011 CSR PLC (N/A) All Stock $679 million N/A $11.22 N/A 06/30/2011 N/A N/A
Details of Zoran Corporation

Expected to close in the second quarter of 2011 for a closing value of $679 million. Upon completion of the merger, Zoran shareholders will receive ADRs equivalent to 1.85 shares of CSR common stock per Zoran share held.

Source: Merger Arbitrage Mondays: February 28, 2011