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Merger activity shot up last week with eight new deals announced and two 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 62
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 46
Stock Deals 24
Stock & Cash Deals 15
Special Conditions 1
Total Number of Pending Deals 86

New Deals:

  1. The acquisition of Lawson Software (LWSN) by an affiliate of Golden Gate Capital and Infor for $2 billion or $11.25 per share in cash.
  2. The acquisition of SMART Modular Technologies (SMOD) by Silver Lake Partners and Silver Lake Sumeru for $645 million or $9.25 per share in cash.
  3. The acquisition of SAVVIS Inc. (SVVS) by CenturyLink Inc. (CTL) in a cash plus stock deal for $2.5 billion, where SAVVIS shareholders will receive in exchange for each Savvis share $30 in cash and $10 in CenturyLink shares. The number of CenturyLink shares issued will be based upon the volume-weighted average price of CenturyLink stock during the thirty trading day period ending three trading days prior to the closing, provided that if this average price is less than or equal to $34.42, each Savvis share will receive $30 in cash and 0.2905 of a CenturyLink share.
  4. The acquisition of Bank of Granite Corporation (GRAN) by FNB United (FNBN) in an all-stock deal, where Bank of Granite shareholders will receive 3.375 shares of FNB’s common stock in exchange for each share of Bank of Granite common stock they own. The huge spread on the deal can partially be attributed to the post merger dilution on account of a private placement with The Carlyle Group and Oak Hill Capital Partners as discussed below.
  5. The acquisition of LoopNet (LOOP) by CoStar Group (CSGP) for $860 million in a cash plus stock deal, where LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock per share held.
  6. The acquisition of Vital Images (VTAL) by Toshiba Medical Systems Corporation for $273 million or $18.75 per share in cash.
  7. The acquisition of Constellation Energy Group (CEG) by Exelon Group (EXC) for $7.9 billion in an all-stock deal, where Constellation’s shareholders will receive 0.930 shares of Excelon common stock in exchange for each share of Constellation common stock.
  8. The acquisition of State Bancorp Inc. (STBC) by Valley National Bancorp (VLY) in an all-stock deal for $222 million, where State Bancorp shareholders will receive 1 share of Valley National Bancorp common stock per State Bancorp share held. I had picked up shares of New York based State Bancorp last year following insider purchases but unfortunately sold my shares early a few months ago.

Updated Deals:

  1. Duncan Energy Partners (DEP) and Enterprise Products Partners (EPD) announce Merger Agreement. The initial proposal was announced on February 23rd and finalized last week.

Closed Deals:

  1. The acquisition of Novell (NOVL) by Attachmate Corporation on April 27, 2011.
  2. The acquisition of RC2 Corporation (RCRC) by TOMY Company on April 28, 2011.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annu.

Profit

GRAN 04/27/2011 FNB United Corp (FNBN) $1.49 $0.98 09/30/2011

51.53%

124.56%
CSR 04/20/2011 Rightmark Holdings Limited (N/A) $6.50 $5.38 09/30/2011 20.82% 50.32%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $25.20 $20.88 12/31/2011

20.69%

31.08%
TLCR 06/07/2010 Grifols (GRF.MC) $31.87 $27.92 06/30/2011 14.14% 87.49%
STBC 04/28/2011 Valley National Bancorp (VLY) $14.32 $13.20 10/31/2011 8.48% 17.02%
CEG 04/28/2011 Exelon Corporation (EXC) $39.22 $36.42 01/31/2012 7.68% 10.23%
GLBC 04/11/2011 Level 3 Communications (LVLT) $24.88 $23.38 12/31/2010 6.42% 0.00%
SVVS 04/27/2011 CenturyLink (CTL) $41.85 $39.36 12/31/2011 6.32% 9.49%
HYC 11/17/2010 Verifone Systems (PAY) $12.61 $11.97 09/30/2011 5.34% 12.90%
CLFC 12/09/2010 Nara Bancorp Inc. (NARA) $7.68 $7.29 09/30/2011 5.33% 12.89%

List of all pending deals:

Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

GRAN 04/27/2011 FNB United Corp (FNBN) All Stock N/A $1.49 $0.98 494,259 09/30/2011

51.53%

124.56%
Details of Bank of Granite corporation

Expected to close in the third quarter of 2011 in an all-stock deal. Upon completion of the merger, Bank of Granite shareholders will receive 3.375 shares of FNB's common stock in exchange for each share of Bank of Granite common stock they own.

As part of this transaction, The Carlyle Group and Oak Hill Capital Partners, have each entered into definitive agreements with FNB United to invest $77.5 million in the common stock of FNB United subject to the conditions set forth in the agreements as part of a $310 million private placement of FNB United’s common stock.

The Carlyle Group and Oak Hill Capital Partners will each receive approximately 484 million shares of common stock at the closing not to exceed 24.9 percent of the then-outstanding shares of common stock, valued at $0.16 a share.

CSR 04/20/2011 Rightmark Holdings Limited (N/A) All Cash $583.2 million $6.50 $5.38 1,102,058 09/30/2011 20.82% 50.32%
Details of China Security & Surveillance Technology, Inc.

Expected to close before the end of the third quarter for a closing value of $583.2 million. Upon completion of the merger, China Security & Surveillance Technology shareholders will receive $6.50 per share in cash.

TAM 01/19/2011 LAN Airlines S.A. (LFL) All Stock N/A $25.20 $20.88 826,968 12/31/2011

20.69%

31.08%
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.

TLCR 06/07/2010 Grifols (GRF.MC) Cash Plus Stock $3.4 billion $31.87 $27.92 782,205 06/30/2011 14.14% 87.49%
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

STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $14.32 $13.20 554,178 10/31/2011 8.48% 17.02%
Details of State Bancorp Inc.

Expected to close early in the fourth quarter of 2011 for a closing value of $222 million in an all-stock deal. Upon completion of the merger, State Bancorp shareholders will receive 1 share of Valley National Bancorp common stock per State Bancorp share held.

CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $39.22 $36.42 5,150,297 01/31/2012 7.68% 10.23%
Details of Constellation Energy Group

Expected to close in early 2012 for a closing value of $7.9 billion in an all-stock deal. Upon completion of the merger, Constellation shareholders will receive 0.93 shares of Exelon for each Constellation share.

GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $24.88 $23.38 509,018 12/31/2010 6.42% 0.00%
Details of Global Crossing Limited

Expected to close before the end of the year for a closing value of $3 billion. Upon completion of the merger, Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing.

SVVS 04/27/2011 CenturyLink (CTL) Cash Plus Stock $2.5 billion $41.85 $39.36 2,658,030 12/31/2011 6.32% 9.49%
HYC 11/17/2010 Verifone Systems (PAY) All Stock $485 million $12.61 $11.97 356,633 09/30/2011 5.34% 12.90%
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.

CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $7.68 $7.29 141,683 09/30/2011 5.33% 12.89%
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.

SHMR 10/15/2010 Essilor (N/A) All Cash $130 million $14.50 $13.80 9,326 06/30/2011 5.07% 31.38%
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.

CASB 03/04/2011 Opus Bank (N/A) All Cash N/A $0.45 $0.4295 12,100 06/30/2011 4.77% 29.53%
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.

VRGY 03/28/2011 Advantest (ATE) All Cash $1.1 billion $15.00 $14.46 515,936 12/31/2069 3.73% 0.06%
Details of Verigy

Expected to close for a closing value of $1.1 billion. Upon completion of the merger, Verigy shareholders will receive $15.00 per share in cash.

NSM 04/05/2011 Texas Instruments Incorporated (TXN) All Cash $6.5 billion $25.00 $24.12 6,008,190 01/31/2012 3.65% 4.86%
Details of National Semiconductor Corporation

Expected to close in six to nine months for $6.5 billion. On the completion of the merger, National Semiconductor shareholders will receive $25.00 per share in cash.

AAI 09/27/2010 Southwest Airlines (LUV) Cash Plus Stock $1.4 billion $7.75 $7.51 2,694,602 06/30/2011 3.20% 19.77%
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.”

Update(s)

March 23, 2011: AirTran Stockholders Approve Southwest Merger which is currently expected to close in the second quarter of 2011

LAB 02/17/2011 Cowen Group (COWN) All Stock $192.8 million $4.14 $4.03 164,099 07/31/2011 2.77% 11.24%
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.

PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $48.72 $47.45 1,019,301 12/31/2011 2.68% 4.03%
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.

PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.33 6,982 09/30/2011

2.36%

5.72%
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.

LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $19.02 $18.58 1,135,134 12/31/2011 2.36% 3.54%
Details of LoopNet

Expected to close by the end of the year in a cash plus stock deal. Upon completion of the merger, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock per share held.

LEGC 12/21/2010 Berkshire Hills Bancorp (BHLB) Cash Plus Stock $108 million $13.87 $13.56 25,513 06/30/2011 2.31% 14.32%
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.

ID 09/20/2010 Safran (N/A) All Cash $1.1 billion $12.00 $11.73 1,401,491 05/15/2011 2.30% 64.63%
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.

DNBK 01/20/2011 People's United Financial Inc. (PBCT) All Cash $493 million $23.00 $22.49 65,735 06/30/2011 2.27% 14.03%
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.

GSLA 03/30/2011 Home Bancorp (HBCP) All Cash $26.2 million $21.00 $20.56 5,689 09/30/2011 2.14% 5.17%
Details of GS Financial Corp

Expected to close in the third quarter of 2011 for a closing value of $26.2 million. Upon completion of the merger, GS Financial Corp shareholders will receive $21.00 per share in cash.

MEE 01/29/2011 Alpha Natural Resources, Inc. (ANR) Cash Plus Stock $8.5 billion $69.62 $68.24 2,269,045 06/30/2011 2.03% 12.55%
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.

TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $8.37 $8.23 328,975 08/15/2011 1.74% 6.06%
Details of TGC Industries

Expected to close by late second quarter or early third quarter of 2011 for a closing value of $157 million in an all-stock deal.

Pursuant to the terms of the merger agreement, at the effective time of the merger, TGC shareholders will receive 0.188 shares of Dawson stock for every one share of TGC stock, provided that the average of the volume weighted average price of Dawson common stock on the NASDAQ during the ten consecutive trading days ending on the second business day prior to the date of the shareholders’ meetings of Dawson and TGC to be called for the purpose of approving the transaction is equal to or greater than $32.54 but less than or equal to $52.54. In the event that the average of the volume weighted average price of Dawson’s common stock is outside of that range, then the parties, at their respective option, shall be entitled to terminate the transaction following good faith negotiations to determine a modified, mutually acceptable exchange ratio.

LWSN 04/26/2011 Affiliate of Golden Gate Capital and Infor (N/A) All Cash $2 billion $11.25 $11.06 11,665,445 09/30/2011 1.72% 4.15%
Details of Lawson Software

Expected to close in the third calendar quarter of 2011 for a closing value of $2 billion. Upon completion of the merger, Lawson Software shareholders will receive $11.25 per share in cash.

AMMD 04/11/2011 Endo Pharmaceuticals (ENDP) All Cash $2.9 billion $30.00 $29.50 2,166,227 09/30/2011 1.69% 4.10%
Details of American Medical Systems Holdings

Expected to close in the third quarter of 2011 for a closing value of $2.9 billion. Upon completion of the merger, American Medical Systems shareholders will receive $30.00 per share in cash.

SVLF 02/03/2011 Cerberus Capital Management (N/A) All Cash $94 million $2.50 $2.46 180,947 04/15/2011

1.63%

0.00%
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.

OXPS 03/21/2011 Charles Schwab Corp. (SCHW) All Stock $1 billion $18.68 $18.41 625,056 09/30/2011 1.45% 3.50%
Details of optionsXpress Holdings

Expected to close in the third quarter of 2011 for a closing value of $1 billion in an all-stock deal. Upon completion of the merger, optionsXpress stockholders will receive 1.02 shares of Schwab stock for each share of optionsXpress stock.

HUGH 02/14/2011 EchoStar Corp (SATS) All Cash $2 billion $60.70 $59.85 35,877 12/31/2011 1.42% 2.13%
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.

DEP 02/23/2011 Enterprise Products Partners (EPD) All Stock N/A $43.70 $43.14 570,546 09/30/2011 1.30% 3.15%
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.

Update(s)

April 29, 2011: Enterprise Products Partners L.P. and Duncan Energy Partners L.P. Announce Merger Agreement

RURL 03/28/2011 Warburg Pincus (N/A) All Cash N/A $17.25 $17.03 326,023 06/30/2011 1.29% 7.99%
Details of Rural/Metro Corporation

Expected to close by the end of June 2011. Upon completion of the merger, Rural/Metro shareholders will receive $17.25 per share in cash.

MI 12/17/2010 BMO Financial Group (BMO) All Stock $4.1 billion $8.25 $8.15 1,239,529 07/31/2011 1.22% 4.96%
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.

SMOD 04/26/2011 Silver Lake Partners and Silver Lake Sumeru (N/A) All Cash $645 million $9.25 $9.14 4,031,857 09/30/2011

1.20%

2.91%
Details of SMART Modular Technologies

Expected to close in the third calendar quarter of 2011 for a closing value of $645 million. Upon completion of the merger, SMART Modular Technologies shareholders will receive $9.25 per share in cash.

CRA 03/18/2011 Quest Diagnostics Incorporated (DGX) All Cash $344 million $8.00 $7.91 3,913,725 04/30/2011 1.14% 0.00%
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.

RAE 01/18/2011 Vector Capital (N/A) All Cash N/A $1.88 $1.86 N/A 06/30/2011 1.08% 6.65%
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.

Update April 3, 2011: RAE Systems announced a revised higher offer of $1.88 per share by Vector Capital, a 7.4% increase from the previous offer of $1.75 per share. The revised offer was precipitated as a result of a competing offer of $1.90 per share by Battery Ventures, which was not determined to be a “superior offer” by the board.

TRAD 04/20/2011 Monex Group (N/A) All Cash $411 million $9.75 $9.65 1,450,837 07/31/2011 1.04% 4.20%
Details of TradeStation Group

Expected to close by the end of July for a closing value of $411 million. Upon completion of the merger, TradeStation shareholders will receive $9.75 per share in cash.

RHB 02/08/2011 Kindred Healthcare (KND) Cash Plus Stock $877 million $37.88 $37.50 619,426 06/30/2011

1.01%

6.25%
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.

GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $55.95 $55.43 284,809 09/30/2011 0.94% 2.28%
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.

SBIB 01/18/2011 Comerica Incorporated (CMA) All Stock $1.027 billion $8.97 $8.89 586,305 06/30/2011 0.90% 5.60%
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.

NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $46.71 $46.30 327,516 09/30/2011 0.88% 2.13%
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.

TOMO 03/07/2011 Accuray (ARAY) Cash Plus Stock $277 million $4.61 $4.57 283,811 07/31/2011 0.88% 3.56%
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.

SRX 04/01/2011 affiliate of Providence Equity Partners (N/A) All Cash $1.88 billion $31.25 $30.99 368,961 09/30/2011 0.84% 2.03%
Details of SRA Internationl

Expected to close during the first quarter of the SRA 2012 fiscal year, which begins on July 1, 2011. Upon completion of the merger, SRA International shareholders will receive $31.25 per share in cash.

PPD 01/31/2011 MidOcean Partners (N/A) All Cash $650 million $66.50 $65.95 57,896 07/31/2011 0.83% 3.38%
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.

WTNY 12/22/2010 Hancock Holding Company (HBHC) All Stock $1.5 billion $13.65 $13.54 529,499 06/30/2011 0.83% 5.11%
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.

GRM 04/13/2011 Silgan Holdings (SLGN) Cash Plus Stock $4.1 billion $23.19 $23.00 587,207 06/30/2011

0.81%

5.00%
Details of Graham Packaging Company

Expected to close in the second half of this year for a closing value of $4.1 billion. Upon completion of the merger, Graham Packaging shareholders will receive $19.56 per share in a cash plus stock deal. Graham shareholders will receive $4.75 in cash and 0.402 shares of Silgan common stock.

ASGR 03/03/2011 Valit?s Health Services, Inc. (N/A) All Cash $250 million $26.00 $25.80 83,220 06/30/2011

0.78%

4.80%
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.

BEC 02/07/2011 Danaher (DHR) All Cash $6.8 billion $83.50 $82.865 791,638 06/30/2011 0.77% 4.74%
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.

AHII 03/14/2011 Lextron (N/A) All Cash $251 million $4.25 $4.22 162,200 06/30/2011 0.71% 4.40%
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.

WL 11/01/2010 M & T Bank Corporation (MTB) All Stock $351 million $4.54 $4.51 341,781 06/30/2011 0.66% 4.08%
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 .

RVI 02/08/2011 DSW Inc (DSW) All Stock N/A $20.65 $20.53 167,987 06/30/2011 0.60% 3.73%
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.

BUCY 11/15/2010 Caterpillar Inc (CAT) All Cash $8.6 billion $92.00 $91.46 483,441 06/30/2011 0.59% 3.65%
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.

VTAL 04/27/2011 Toshiba Medical Systems Corporation (N/A) All Cash $273 million $18.75 $18.64 1,280,860 09/30/2011 0.59% 1.43%
Details of Vital Images Inc.

Expected to close in the second or third quarter of 2011 for a closing value of $273 million. Upon completion of the merger, Vital Images shareholders will receive $18.75 per share in cash.

LB 04/04/2011 Ducommun Incorporated (DCO) All Cash $340 million $19.25 $19.14 111,404 06/30/2011 0.57% 3.56%
Details of LaBarge Inc.

Expected to close in late June 2011 for a closing value of $340 million. Upon completion of the merger, LaBarge shareholders will receive $19.25 per share in cash.

SPEC 03/28/2011 API Technologies (N/A) All Cash $270 million $20.00 $19.89 352,997 08/15/2011 0.55% 1.92%
Details of Spectrum Control

Expected to close in the third quarter of 2011 for a closing value of $270 million. Upon completion of the merger, Spectrum Control shareholders will receive $20.00 per share in cash.

XETA 02/09/2011 PAETEC Holding Corp (PAET) All Cash $61 million $5.50 $5.47 18,715 04/30/2011 0.55% 0.00%
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.

DSCM 03/24/2011 Walgreen (WAG) All Cash $409 million $3.80 $3.78 218,417 06/30/2011

0.53%

3.27%
Details of Drugstore.com

Expected to close by the end of June, 2011 for a closing value of $409 million. Upon completion of the merger, Drugstore.com shareholders will receive $3.80 per share in cash.

ACV 09/27/2010 Unilever PLC (N/A) All Cash $3.7 billion $37.50 $37.31 630,809 06/27/2011

0.51%

3.32%
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.

NHP 02/28/2011 Ventas Inc. (VTR) All Stock $7.4 billion $43.99 $43.80 964,108 09/30/2011 0.44% 1.07%
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.

TRCI 03/28/2011 Coleman Cable (CCIX) All Cash $51.5 million $7.20 $7.17 25,555 05/31/2011 0.42% 5.27%
Details of Technology Research Corp.

Expected to close by the end of May 2011 for a total value of $51.5 million. Coleman Cable will initiate a tender offer on April 11 to acquire outstanding shares of Technology Research Corp for $7.20 in cash. The transaction will be funded with cash on hand and existing borrowing facilities.

SSCC 01/23/2011 Rock-Tenn Co. (RKT) Cash Plus Stock $3.5 billion $38.64 $38.48 835,315 06/30/2011 0.41% 2.55%
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.

ATHR 01/05/2011 QUALCOMM Incorporated (QCOM) All Cash $3.1 billion $45.00 $44.82 162,708 06/30/2011 0.40% 2.48%
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.

CPD 02/22/2011 Sun Pharmaceutical Industries ltd (N/A) All Cash N/A $5.25 $5.23 29,036 12/31/2011 0.38% 0.57%
Details of Caraco Pharmaceutical Laboratories Ltd

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

ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.79 111,190 06/30/2011 0.36% 2.22%
Details of Orchid Cellmark

Expected to close in the second quarter of 2011 for a closing value of $85.4 million. Upon completion of the merger, Orchid Cellmark shareholders will receive $2.80 per share in cash.

LZ 03/14/2011 Berkshire Hathaway (N/A) All Cash $9.7 billion $135.00 $134.52 1,110,924 09/30/2011 0.36% 0.86%
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.

EMS 02/14/2011 Clayton, Dubilier & Rice (N/A) All Cash $3 billion $64.00 $63.80 362,484 06/30/2011 0.31% 1.94%
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.

TSTY 04/11/2011 Flower Foods (FLO) All Cash $165 million $4.00 $3.99 37,663 06/30/2011 0.25% 1.55%
Details of Tasty Baking Company

Expected to close in the second quarter of the year for a closing value of $165 million. Upon completion of the merger Tasty Baking Company shareholders will receive $4 per share in cash.

PDE 02/07/2011 Ensco plc (ESV) Cash Plus Stock $7.31 billion $44.02 $43.91 1,142,092 06/30/2011 0.25% 1.54%
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.

SUR 04/21/2011 CNA Financial Corporation (CNA) All Cash N/A $26.55 $26.49 172,351 06/30/2011 0.23% 1.40%
Details of CNA Surety Corporation

Expected to close by the end of the second quarter of 2011. Upon completion of the merger, CNA Surety Corp shareholders will receive $26.55 per share in cash.

ISPH 04/05/2011 Merck (MRK) All Cash $430 million $5.00 $4.99 389,655 05/31/2011

0.20%

2.52%
Details of Inspire Pharmaceuticals

Expected to close in May 2011 for a closing value of $430 million. Upon completion of the merger, Inspire Pharmaceutical shareholders will receive $5.00 per share in cash.

BRNC 04/15/2011 Chesapeake (CHK) All Cash $315 million $11.00 $10.98 412,957 06/30/2011 0.18% 1.13%
Details of Bronco Drilling Company

Expected to close in the second quarter of 2011 for a closing value of $315 million. Upon completion of the merger, Bronco Drilling shareholders will receive $11.00 per share in cash.

LDSH 11/17/2010 Allegheny Technologies (ATI) Cash Plus Stock $778 million $56.80 $56.70 52,843 05/15/2011 0.18% 5.11%
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.

DNEX 12/13/2010 Thermo Fisher Scientific Inc. (TMO) All Cash $2.1 billion $118.50 $118.35 33,527 04/30/2011 0.13% 0.00%
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.

Update(s)

February 15, 2011: Thermo Fisher Scientific Extends Cash Tender Offer for Dionex Corporation. This process is likely to take the closing to early in the second quarter of 2011.

TLGD 02/22/2011 Golden Gate Capital (N/A) All Cash $137 million $10.10 $10.09 65,092 06/30/2011 0.10% 0.61%
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.

NOVA 01/21/2011 Surgery Partners (N/A) All Cash $214 million $13.25 $13.25 27,372 06/30/2011 0.00% 0.00%
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.

EPIC 04/04/2011 Apax Partners (N/A) All Cash $976 million $12.50 $12.50 N/A 06/30/2011 0.00% 0.00%
Details of Epicor Software Corporation

Expected to close in the second quarter of 2011 for a closing value of $976 million. Upon completion of the merger, Epicor shareholders will receive $12.50 per share in cash.

GSIC 03/28/2011 eBay Inc. (EBAY) All Cash $2.4 billion $29.25 $29.27 623,436 09/30/2011 -0.07% -0.17%
Details of GSI Commerce

Expected to close in the third quarter of 2011 for a closing value of $2.4 billion. Upon completion of the merger, GSI Commerce shareholders will receive $29.25 per share in cash.

ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $12.12 $12.13 45,125 09/30/2011

-0.10%

-0.25%
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.

PLD 01/31/2011 AMB Property Corporation (AMB) All Stock N/A $16.25 $16.29 5,482,931 06/30/2011 -0.25% -1.56%
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.

FTO 02/22/2011 Holly Corporation (HOC) All Stock $3 billion $27.86 $27.94 1,220,406 09/30/2011 -0.30% -0.73%
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.

DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $30.27 968,015 01/31/2012 -0.89% -1.19%
Details of DPL Inc.

Expected to close in six to nine months for a closing value of $4.7 billion. Upon completion of the merger, DPL Inc. shareholders will receive $30.00 per share in cash.

BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $43.20 $44.36 52,324 12/31/2069 -2.60% -0.04%
Details of Bancorp Rhode Island, Inc.

Expected to close by the end of the year for a closing value of $234 million. Upon completion of the merger, Bancorp Rhode Island shareholders will receive either $48.25 in cash, or 4.686 shares of Brookline Bancorp common stock or a combination thereof, with total cash consideration of approximately $121 million and total stock consideration of approximately 11.0 million shares of Brookline Bancorp common stock.

Elections will be subject to allocation procedures that are intended to ensure that approximately 50% of the outstanding shares of Bancorp Rhode Island common stock will be converted into Brookline Bancorp common stock.

To stay on the conservative side we are treating this transaction as an all stock deal in our Merger Arbitrage tool.

DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $58.22 $68.93 342,084 03/31/2011 -15.54% 177.25%
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.

KSP 03/13/2011 Kirby Corporation (KEX) Special Conditions $335.3 million $4.08 $8.17 88,558 09/30/2011

-50.12%

-121.16%
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 $13.93 $39.71 2,103,119 12/31/2011

-64.93%

-97.53%
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.

Update April 1, 2011: The Nasdaq (NDAQ) and ICE have made a joint offer for NYSE Euronext (NYX) that is worth $43 as of April 1, 2011.

ZRAN 02/21/2011 CSR PLC (N/A) All Stock $679 million N/A $10.47 376,267 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.

Source: Merger Arbitrage Mondays: May 02, 2011