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Merger activity increased last week with four new deals announced and two deals closing. Over the weekend, AT&T (T) announced that it was buying T-Mobile USA in a deal worth $39 billion. Sprint’s (S) stock had trended upwards in recent week on expectations that it would merge with T-Mobile. This announcement by AT&T could put some downward pressure on Sprint stock in the short-term but I think consolidation in the industry will prove to be beneficial in the long-term.

We have not included the AT&T deal in the new deals section below because T-Mobile is a unit of Deutsche Telekom (DTEGY.PK).

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 39
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 42
Stock Deals 22
Stock & Cash Deals 13
Special Conditions 1
Total Number of Pending Deals 78

New Deals:

  1. The acquisition of Lubrizol Corporation (LZ) by Berkshire Hathaway for $9.7 billion or $135 per share in cash.
  2. The acquisition of Animal Health International (AHII) by Lextron for $251 million or $4.25 per share in cash.
  3. The acquisition of K-Sea Transportation Partners (KSP) by Kirby Corporation (KEX) for $335.3 million. Upon completion of the merger, K-Sea’s common unitholders will have the right to elect to receive either (a) $8.15 in cash; or (b) $4.075 in cash plus 0.0734 of a share of Kirby’s common stock for each common unit. K-Sea’s preferred unit holders will receive $4.075 in cash and 0.0734 of a share of Kirby’s common stock for each preferred unit. K-Sea’s general partner will receive $8.15 in cash for each general partner unit and $18 million in cash for K-Sea’s incentive distribution rights.
  4. The acquisition of Celera Corporation (CRA) by Quest Diagnostics (DGX) for $344 million or $8.00 per share in cash.

Closed Deals:

  1. The acquisition of Jo-Ann Stores (NYSE:JAS) by Leonard Green & Partners LP on March 18, 2011.
  2. The acquisition of Genoptix by Novartis AG on March 14, 2011.

Updated Deals:

  1. Chile’s LAN Airlines (NYSE:LFL) said a regulatory investigation into complaints about the merger could take between 6 to 9 months and the merger will most likely not complete before the fourth quarter. We have updated the closing date to 12/31/2011.

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) $12.24 $8.45 06/30/2011

44.85%

162.09%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $22.24 $19.20 12/31/2011 15.83% 20.27%
DNBK 01/20/2011 People's United Financial Inc. (PBCT) $23.00 $21.35 06/30/2011 7.73% 27.93%
NGAS 12/27/2010 Magnum Hunter Resources Corp. (MHR) $0.60 $0.561 06/30/2011 7.67% 27.73%
MEE 01/29/2011 Alpha Natural Resources, Inc. (ANR) $66.66 $62.13 06/30/2011 7.29% 26.36%
AAI 09/27/2010 Southwest Airlines (LUV) $7.75 $7.30 03/31/2011 6.16% 225.00%
SHMR 10/15/2010 Essilor (N/A) $14.50 $13.72 06/30/2011 5.69% 20.55%
HYC 11/17/2010 Verifone Systems (PAY) $11.68 $11.06 09/30/2011 5.64% 10.67%
NOVL 11/21/2010 Attachment Corporation (N/A) $6.10 $5.80 04/30/2011 5.17% 47.20%
CASB 03/04/2011 Opus Bank (N/A) $0.45 $0.4302 06/30/2011 4.60% 16.63%

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 $12.24 $8.45 524,458 06/30/2011

44.85%

162.09%
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.

TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $22.24 $19.20 2,126,663 12/31/2011 15.83% 20.27%
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.

Update March 18, 2011: Chile's LAN Airlines (LFL) said a regulatory investigation into complaints about the merger could take between 6 to 9 months and the merger will most likely not complete before the fourth quarter. We have updated the closing date to 12/31/2011.

DNBK 01/20/2011 People's United Financial Inc. (PBCT) All Cash $493 million $23.00 $21.35 78,876 06/30/2011 7.73% 27.93%
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.

NGAS 12/27/2010 Magnum Hunter Resources Corp. (MHR) All Stock $98 million $0.60 $0.561 810,427 06/30/2011 7.67% 27.73%
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.

MEE 01/29/2011 Alpha Natural Resources, Inc. (ANR) Cash Plus Stock $8.5 billion $66.66 $62.13 9,670,072 06/30/2011 7.29% 26.36%
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.

AAI 09/27/2010 Southwest Airlines (LUV) Cash Plus Stock $1.4 billion $7.75 $7.30 2,144,360 03/31/2011 6.16% 225.00%
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 stock price is less than $10.90.”

SHMR 10/15/2010 Essilor (N/A) All Cash $130 million $14.50 $13.72 5,687 06/30/2011 5.69% 20.55%
Details of Shamir Optical Industry

Expected to close by the second quarter of 2011 for a closing value of $130 million. On the completion of the merger, Shamir Optical Industry shareholders will receive $14.50 per share in cash.

HYC 11/17/2010 Verifone Systems (PAY) All Stock $485 million $11.68 $11.06 488,417 09/30/2011 5.64% 10.67%
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.

NOVL 11/21/2010 Attachment Corporation (N/A) All Cash $2.2 billion $6.10 $5.80 5,654,337 04/30/2011 5.17% 47.20%
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.

CASB 03/04/2011 Opus Bank (N/A) All Cash N/A $0.45 $0.4302 30,483 06/30/2011 4.60% 16.63%
Details of Cascade Financial Corp

Expected to close in the latter part of the second quarter of 2011. Upon completion of the merger, Cascade Financial shareholders will receive approximately $0.45 per share in cash.

Opus Bank will pay approximately $16.25 million to retire Cascade Financial's $39 million in preferred stock and associated warrants issued to the United States Department of the Treasury under the Treasury's Capital Purchase Program, and $5.5 million in cash to the holders of Cascade Financial's common stock.

PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $46.06 $44.20 2,413,922 12/31/2011

4.20%

5.38%
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.

MAJC 09/21/2010 Bayside Capital Partners (N/A) All Cash $7.8 million $4.50 $4.3201 1,390 03/31/2011

4.16%

152.00%
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.

TCM 11/01/2010 Hanmax Investment Limited (N/A) All Cash N/A $4.50 $4.34 3,347 03/31/2011

3.69%

134.56%
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.

MI 12/17/2010 BMO Financial Group (BMO) All Stock $4.1 billion $7.88 $7.64 6,302,193 07/31/2011 3.19% 8.83%
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.

RVI 02/08/2011 DSW Inc (DSW) All Stock N/A $16.70 $16.20 2,965,607 06/30/2011 3.11% 11.24%
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.

SVLF 02/03/2011 Cerberus Capital Management (N/A) All Cash $94 million $2.50 $2.43 43,185 04/15/2011 2.88% 42.06%
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.

ROME 10/12/2010 Berkshire Hills Bancorp (BHLB) All Stock $74 million $11.97 $11.65 N/A 03/31/2011 2.77% 100.99%
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.

ACL 12/15/2010 Novartis (NVS) All Cash $12.9 billion $168.00 $164.09 3,713,661 06/30/2011 2.38% 8.61%
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.

WL 11/01/2010 M & T Bank Corporation (MTB) All Stock $351 million $4.50 $4.40 1,866,389 06/30/2011 2.24% 8.10%
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 .

WTNY 12/22/2010 Hancock Holding Company (HBHC) All Stock $1.5 billion $13.48 $13.19 956,589 06/30/2011 2.20% 7.96%
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.

DEP 02/23/2011 Enterprise Products Partners (EPD) All Stock N/A $38.92 $38.15 N/A 12/31/2069 2.03% 0.03%
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.

TOMO 03/07/2011 Accuray (ARAY) Cash Plus Stock $277 million $4.64 $4.55 612,719 07/31/2011 2.01% 5.56%
Details of Tomo Therapy Incorporates

Expected to close in the second quarter or the beginning of the third quarter of calendar 2011 for a closing value of $277 million in a cash plus stock deal. Upon completion of the merger, TomoTherapy shareholders will receive $3.15 in cash and 0.1648 shares of Accuray common stock per share of TomoTherapy common stock.

PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.46 18,051 09/30/2011 1.90% 3.59%
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.

GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $53.80 $52.81 581,867 09/30/2011 1.87% 3.54%
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.

HUGH 02/14/2011 EchoStar Corp (SATS) All Cash $2 billion $60.70 $59.59 53,380 12/31/2011

1.86%

2.39%
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.

NAL 08/19/2010 First Niagara Financial Group (FNFG) Cash Plus Stock $1.5 billion $15.38 $15.10 843,698 05/15/2011 1.84% 12.22%
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.

GIW 10/25/2010 Community Bank System (CBU) All Cash $101.8 million $9.50 $9.35 N/A 03/31/2011 1.60% 58.56%
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.

SBIB 01/18/2011 Comerica Incorporated (CMA) All Stock $1.027 billion $8.94 $8.80 2,720,079 06/30/2011 1.56% 5.64%
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.

RHB 02/08/2011 Kindred Healthcare (KND) Cash Plus Stock $877 million $36.80 $36.25 604,484 06/30/2011 1.53% 5.53%
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.

ID 09/20/2010 Safran (N/A) All Cash $1.1 billion $12.00 $11.84 1,884,332 03/31/2011 1.35% 49.32%
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.

EMS 02/14/2011 Clayton, Dubilier & Rice (N/A) All Cash $3 billion $64.00 $63.15 541,443 06/30/2011 1.35% 4.86%
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.

PDE 02/07/2011 Ensco plc (ESV) Cash Plus Stock $7.31 billion $42.22 $41.69 2,495,634 06/30/2011 1.27% 4.58%
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.

CNXT 02/23/2011 Golden Gate Capital (N/A) All Cash N/A $2.40 $2.37 4,271,771 06/30/2011 1.27% 4.57%
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.

ASGR 03/03/2011 Valit?s Health Services, Inc. (N/A) All Cash $250 million $26.00 $25.68 58,646 06/30/2011 1.25% 4.50%
Details of America Service Group

Expected to close in the second quarter of 2011 for a closing value of $250 million. Upon completion of the merger, America Service Group shareholders will receive $26.00 per share in cash.

LEGC 12/21/2010 Berkshire Hills Bancorp (BHLB) Cash Plus Stock $108 million $13.23 $13.07 6,569 06/30/2011 1.23% 4.45%
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.

XETA 02/09/2011 PAETEC Holding Corp (PAET) All Cash $61 million $5.50 $5.44 63,718 04/30/2011 1.10% 10.06%
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.

PPD 01/31/2011 MidOcean Partners (N/A) All Cash $650 million $66.50 $65.78 61,555 07/31/2011 1.09% 3.03%
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.

LAB 02/17/2011 Cowen Group (COWN) All Stock $192.8 million $3.99 $3.95 324,312 07/31/2011 1.06% 2.94%
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.

ATHR 01/05/2011 QUALCOMM Incorporated (QCOM) All Cash $3.1 billion $45.00 $44.53 4,463,655 06/30/2011 1.06% 3.81%
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.

NHP 02/28/2011 Ventas Inc. (VTR) All Stock $7.4 billion $41.15 $40.73 965,750 09/30/2011 1.02% 1.94%
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.

BUCY 11/15/2010 Caterpillar Inc (CAT) All Cash $8.6 billion $92.00 $91.10 1,347,321 06/30/2011 0.99% 3.57%
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.

AHII 03/14/2011 Lextron (N/A) All Cash $251 million $4.25 $4.21 N/A 06/30/2011 0.95% 3.43%
Details of Animal Health International

Expected to close by June 30, 2011 for a closing value of $251 million. Upon completion of the merger, Animal Health International shareholders will receive $4.25 per share in cash.

LZ 03/14/2011 Berkshire Hathaway (N/A) All Cash $9.7 billion $135.00 $133.75 3,944,086 09/30/2011 0.93% 1.77%
Details of Lubrizol Corporation

Expected to close in the third quarter of 2011 for a closing value of $9.7 billion. Upon completion of the merger, Lubrizol Corporation shareholders will receive $135 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 $2.23 36,791 03/31/2011 0.90% 32.74%
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.

PLD 01/31/2011 AMB Property Corporation (AMB) All Stock N/A $14.91 $14.78 N/A 06/30/2011 0.85% 3.06%
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.

ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $11.77 $11.68 101,261 09/30/2011 0.81% 1.53%
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.

ACV 09/27/2010 Unilever PLC (N/A) All Cash $3.7 billion $37.50 $37.20 2,933,544 03/31/2011 0.81% 29.44%
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.

TMRK 01/27/2011 Verizon Communications Inc. (VZ) All Cash $1.4 billion $19.00 $18.85 2,624,624 03/31/2011 0.80% 29.05%
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.

BEC 02/07/2011 Danaher (DHR) All Cash $6.8 billion $83.50 $82.86 821,191 06/30/2011 0.77% 2.79%
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.

ANSW 02/03/2011 AFCV Holdings LLC (N/A) All Cash $127 million $10.50 $10.42 16,039 06/30/2011 0.77% 2.77%
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.

CPD 02/22/2011 Sun Pharmaceutical Industries ltd (N/A) All Cash N/A $5.25 $5.21 60,959 12/31/2011 0.77% 0.98%
Details of Caraco Pharmaceutical Laboratories Ltd

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

DNEX 12/13/2010 Thermo Fisher Scientific Inc. (TMO) All Cash $2.1 billion $118.50 $117.60 66,588 03/31/2011 0.77% 27.93%
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.

CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $7.21 $7.16 149,992 09/30/2011 0.71% 1.34%
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.

TLGD 02/22/2011 Golden Gate Capital (N/A) All Cash $137 million $10.10 $10.03 54,096 06/30/2011 0.70% 2.52%
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.

LDSH 11/17/2010 Allegheny Technologies (ATI) Cash Plus Stock $778 million $51.74 $51.40 138,510 03/31/2011 0.66% 23.93%
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.

FTO 02/22/2011 Holly Corporation (HOC) All Stock $3 billion $26.50 $26.34 5,258,902 09/30/2011 0.60% 1.14%
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.

CRXL 10/06/2010 Johnson & Johnson (JNJ) All Cash $2.41 billion $35.08 $34.90 66,411 03/31/2011 0.52% 18.89%
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).

Q 04/22/2010 Century Link (CTL) All Stock $10.6 billion $6.96 $6.93 22,069,740 04/21/2011 0.44% 5.18%
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.

LZR 02/07/2011 Universal Hospital Services (N/A) All Cash $70 million $8.46 $8.44 6,676 04/30/2011

0.24%

2.16%
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.

NOVA 01/21/2011 Surgery Partners (N/A) All Cash $214 million $13.25 $13.22 31,388 06/30/2011

0.23%

0.82%
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.

HRLY 02/07/2011 Kratos Defense & Security Solutions, Inc. (KTOS) All Cash $270 million $19.00 $18.96 240,069 03/31/2011 0.21% 7.70%
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.

SSCC 01/23/2011 Rock-Tenn Co. (RKT) Cash Plus Stock $3.5 billion $37.77 $37.69 499,993 06/30/2011 0.20% 0.73%
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.

GTEC 03/03/2011 affiliate of Ares Management LLC (N/A) All Cash $315 million $24.25 $24.23 N/A 06/30/2011 0.08% 0.30%
Details of Global Defense Technology & Systems, Inc.

Expected to close in the second quarter of 2011 for a closing value of $315 million. Upon completion of the merger, Global Defense Technology & Systems shareholders will receive $24.25 per share in cash.

MIGP 12/01/2010 United Fire & Casualty (UFCS) All Cash $191 million $28.25 $28.24 14,379 03/31/2011 0.04% 1.29%
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.

DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $56.38 $56.55 1,179,701 03/31/2011 -0.31% -11.19%
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.

NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $44.18 $44.62 284,964 09/30/2011

-1.00%

-1.89%
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.

CPEX 01/04/2011 FCB I Holdings Inc. (N/A) All Cash N/A $27.25 $27.55 30,232 06/30/2011

-1.09%

-3.94%
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(s): February 28, 2011: Mangrove Partners Questions the Proposed Sale of CPEX Pharmaceuticals and Intends to Vote 'No' on the Merger

March 04, 2011: CPEX Pharmaceutical Partners (CPEX) received a letter from Athyrium Capital Management LLC, in response to recent incomplete and inaccurate statements by Mangrove Partners.
RCRC 03/10/2011 TOMY Company Ltd (N/A) All Cash $640 million $27.90 $28.35 335,988 06/30/2011

-1.59%

-5.74%
Details of RC2 Corp

Expected to close in the second quarter of 2011 for a closing value of $640 million. Upon completion of the merger, RC2 shareholders will receive $27.90 per share in cash.

CLDA 02/22/2011 Forest Laboratories Inc. (FRX) All Cash $1.2 billion $30.00 $30.53 1,355,984 06/30/2011 -1.74% -6.27%
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.

GENZ 02/16/2011 Sanofi-Aventis (SNY) All Cash $20.1 billion $74.00 $75.59 4,417,198 06/15/2011 -2.10% -8.93%
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.

RAE 01/18/2011 Vector Capital (N/A) All Cash N/A $1.75 $1.79 79,703 06/30/2011 -2.23% -8.08%
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.

CGC 10/01/2010 Gammon Gold (GRS) Cash Plus Stock $288 million $5.31 $5.46 453,896 03/31/2011 -2.82% -102.81%
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.

CRA 03/18/2011 Quest Diagnostics Incorporated (DGX) All Cash $344 million $8.00 $8.40 36,890,220 04/30/2011 -4.76% -43.45%
Details of Celera Corporation

Expected to close by the end of April 2011 for a closing value of $344 million. Upon completion of the merger, Celera shareholders will receive $8.00 per share in cash.

TLCR 06/07/2010 Grifols (GRF.MC) Cash Plus Stock $3.4 billion $19.00 $26.02 1,788,314 06/30/2011 -26.98% -97.50%
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.

Update Nov 04, 2010: The ratio was increased to 0.6485 on November 4, 2010.

Update Nov 15, 2010: U.S. antitrust regulators might seek to block Grifols’s purchase of Talecris. The expected completion date has been updated to 3/31/2011.

Update March 04, 2011:Grifols and Talecris Announce the Outside Date of Their Merger Agreement has been Extended to June 30, 2011

KSP 03/13/2011 Kirby Corporation (KEX) Special Conditions $335.3 million $4.08 $8.09 350,182 09/30/2011 -49.63% -93.86%
Details of K-Sea Transportation Partners

Expected to close in the second or third calendar quarter of 2011 for a closing value of $335.3 million. Upon completion of the merger, K-Sea's common unitholders will have the right to elect to receive either (a) $8.15 in cash; or (b) $4.075 in cash plus 0.0734 of a share of Kirby's common stock for each common unit. K-Sea's preferred unitholders will receive $4.075 in cash and 0.0734 of a share of Kirby's common stock for each preferred unit. K-Sea's general partner will receive $8.15 in cash for each general partner unit and $18 million in cash for K-Sea's incentive distribution rights.

NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A N/A $34.59 7,501,000 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 $22.08 656,756 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.

Update(s):

March 01, 2011: VS Caremark and Universal American Announce Termination of Hart-Scott-Rodino Waiting Period

ZRAN 02/21/2011 CSR PLC (N/A) All Stock $679 million N/A $9.86 1,127,832 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.

Update(s):

March 01, 2011: Zoran Corporation (ZRAN) issued an open letter to its stockholders.

Disclosure: I have a long positions in Sprint (S) and First Niagara (FNFG)

Source: Merger Arbitrage Mondays: March 21, 2011