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Merger activity decreased last week with two new deals announced and five closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2011 104
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 41
Stock Deals 23
Stock & Cash Deals 11
Special Conditions 1
Total Number of Pending Deals 76

New Deals:

  1. The acquisition of Tower Bancorp (NASDAQ:TOBC) by Susquehanna Bancshares (NASDAQ:SUSQ) for $343 million in a stock or cash deal, where Tower Bancorp shareholders will receive either 3.4696 shares of Susquehanna Bancshares common stock or $28.00 in cash per share held with $88 million of the aggregate consideration being paid in cash. Since a majority of the consideration will be paid out as stock, we have classified this deal as an all stock deal in our Merger Arbitrage Tool.
  2. The acquisition of Harbin Electric (NASDAQ:HRBN) by Tech Full Electric Company Limited for $24.00 per share in cash.


Updated Deals:

  1. On June 23, 2011, Southern Union Company (SUG) received a proposal by The Williams Companies, Inc. (WMB) to acquire all of the outstanding shares of Southern Union for $39.00 per share in cash. The board is considering this offer, which is significantly higher than the $33 per share all stock offer by Energy Transfer Equity. With the stock trading at $39.85, investors are clearly expecting a bidding war between the two suitors.

Closed Deals:

  1. The acquisition of GSI Commerce (NASDAQ:GSIC) by eBay (NASDAQ:EBAY) on June 20, 2011
  2. The acquisition of American Medical Systems Holdings (NASDAQ:AMMD) by Endo Pharmaceuticals (NASDAQ:ENDP) on June 20, 2011
  3. The acquisition of CKX Inc. (NASDAQ:CKXE) by affiliates of Apollo Global Management on June 22, 2011
  4. The acquisition of Volcom (NASDAQ:VLCM) by PPR S.A. on June 24, 2011
  5. The acquisition of Wesco Financial Corporation (NYSEMKT:WSC) by Berkshire Hathaway on June 24, 2011


Top 10 deals with largest spreads:

Symbol Announced
Date
Acquiring

Company

Closing

Price

Last
Price
Closing
Date
Profit Annu.
Profit
HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) $24.00 $14.95 12/31/2011 60.54% 118.16%
GRAN 04/27/2011 FNB United Corp (FNBN) $1.38 $0.90 09/30/2011 53.75% 206.51%
CSR 04/20/2011 Rightmark Holdings Limited (N/A) $6.50 $4.89 09/30/2011 32.92% 126.50%
TAM 01/19/2011 LAN Airlines S.A. (NYSE:LFL) $24.63 $20.86 12/31/2011

18.09%

35.30%
CFSG 05/20/2011 Bain Capital Partners (N/A) $9.00 $7.82 11/15/2011 15.09% 39.06%
DNBK 01/20/2011 People's United Financial Inc. (NASDAQ:PBCT) $23.00 $21.23 06/30/2011 8.34% 1014.37%
ZRAN 02/21/2011 CSR PLC (CSR.L) $9.19 $8.49 06/30/2011 8.19% 995.98%
FTLK 05/31/2011 Fortress Group Limited (N/A) $7.20 $6.70 09/30/2011 7.46% 28.67%
CRU 05/05/2011 Capital Product Partners L.P. (NASDAQ:CPLP) $13.49 $12.77 09/30/2011 5.67% 21.78%
CEG 04/28/2011 Exelon Corporation (NYSE:EXC) $39.08 $37.14 01/31/2012 5.22% 8.74%

List of all pending deals:

Symbol Announced
Date
Acquiring

Company

Deal
Type
Closing
Value
Closing

Price

Last
Price
Volume Closing
Date
Profit Annu.
Profit
HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) All Cash N/A $24.00 $14.95 2,297,259 12/31/2011 60.54% 118.16%
Details of Harbin Electric

Expected to close in the fourth quarter of 2011. Upon completion of the merger, Harbin Electric shareholders will receive $24.00 per share in cash.


GRAN 04/27/2011 FNB United Corp (FNBN) All Stock N/A $1.38 $0.90 33,221 09/30/2011 53.75% 206.51%
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 $4.89 916,622 09/30/2011 32.92% 126.50%
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 $24.63 $20.86 398,791 12/31/2011

18.09%

35.30%
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.

CFSG 05/20/2011 Bain Capital Partners (N/A) All Cash $265.5 million $9.00 $7.82 66,866 11/15/2011 15.09% 39.06%
Details of China Fire & Security Group, Inc.

Expected to close by November 15, 2011 for a closing value of $265.5 million. Upon completion of the merger, China Fire and Security Group shareholders will receive $9.00 per share in cash.

DNBK 01/20/2011 People's United Financial Inc. (PBCT) All Cash $493 million $23.00 $21.23 79,469 06/30/2011 8.34% 1014.37%
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.
ZRAN 02/21/2011 CSR PLC (CSR.L) Cash Plus Stock $484 million $9.19 $8.49 1,027,042 06/30/2011 8.19% 995.98%
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 issued an open letter to its stockholders.

June 17, 2011: CSR agreed to reduced price of $484 million to buy Zoran Corporation. Under the Revised Terms, Zoran shareholders will receive US$6.26 in cash and 0.589 ordinary shares of CSR in the form of American Depositary Shares (each an “ADS”, and each ADS representing four ordinary shares) for each share of Zoran common stock held.

FTLK 05/31/2011 Fortress Group Limited (N/A) All Cash $443 million $7.20 $6.70 74,732 09/30/2011 7.46% 28.67%
Details of Funtalk China Holdings Limited

Expected to close in the third quarter of 2011 for a closing value of $443 million. Upon completion of the merger, Funtalk China Holdings shareholders will receive $7.20 per share in cash.

CRU 05/05/2011 Capital Product Partners L.P. (CPLP) All Stock $281.3 million $13.49 $12.77 12,503 09/30/2011 5.67% 21.78%
Details of Crude Carriers Corp.

Expected to close in the third quarter of 2011 for a closing value of $281.3 million in an all-stock deal. Upon comlpletion of the merger, Crude Carriers shareholders will receive 1.56 CPLP common units for each Crude Carriers share.

CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $39.08 $37.14 2,626,592 01/31/2012 5.22% 8.74%
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.

SVVS 04/27/2011 CenturyLink (NYSE:CTL) Cash Plus Stock $2.5 billion $41.38 $39.54 851,738 12/31/2011 4.64% 9.06%
Details of SAVVIS Inc.

Expected to close in the second half of 2011 for a closing value of $2.5 billion. Upon completion of the merger, 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

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.

PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $22.00 $21.22 25,829 12/31/2011 3.67% 7.15%
Details of Parkvale Financial Corporation

Expected to close in the fourth quarter of 2011 for a closing value of $130 million in an all stock deal. Upon completion of the merger, Parkvale Financial Corporation's shareholders will receive 2.178 shares of F.N.B. Corporation common stock for each share of Parkvale Financial Corporation stock.

LAB 02/17/2011 Cowen Group (COWN) All Stock $192.8 million $3.79 $3.66 932,437 07/31/2011 3.62% 38.83%
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.
HYC 11/17/2010 Verifone Systems (PAY) All Stock $485 million $9.49 $9.16 1,075,665 09/30/2011 3.55% 13.64%
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.
VSEA 05/04/2011 Applied Materials Inc. (AMAT) All Cash $4.9 billion $63.00 $61.34 2,848,878 09/30/2011

2.71%

10.40%
Details of Varian Semiconductor Equipment Associates Inc.

Expected to close in the third quarter of 2011 for a closing value of $4.9 billion. Upon completion of the merger, Varian shareholders will receive $63 in cash for each share of Varian stock they hold.

The closing of the acquisition is subject to customary conditions, including approval by Varian's shareholders and review by U.S. and international regulators.

PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $48.36 $47.18 1,314,777 12/31/2011 2.50% 4.87%
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.

STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $13.24 $12.96 191,165 10/31/2011 2.16% 6.26%
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.

ID 09/20/2010 Safran (N/A) All Cash $1.1 billion $12.00 $11.75 1,611,010 07/31/2011 2.13% 22.84%
Details of L-1 Identity Solutions Inc

Expected to close in the second 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.

Update June 3, 2011: The Committee on Foreign Investment in the United States (CFIUS) has launched a 45 day investigation that is expected is expected to complete on or before July 18 as discused in this article. We have updated the closing date to 7/31/2011.

CEPH 05/02/2011 Teva Pharmaceutical Industries Ltd. (TEVA) All Cash $6.8 billion $81.50 $79.89 1,181,202 09/30/2011

2.02%

7.74%
Details of Cephalon Inc.

Expected to close in the third quarter of 2011 for a closing value of $6.8 billion. Upon completion of the merger, Cephalon's shareholders will receive $81.50 per share in cash.

NSTC 06/10/2011 affiliate of Citi Venture Capital International (CVCI) (N/A) All Cash $307 million $7.75 $7.61 5,328,212 10/31/2011

1.84%

5.33%
Details of Ness Technologies

Expected to close in the next three to six months for a closing value of $307 million. Upon completion of the merger, Ness Technologies shareholders will receive $7.75 per share in cash.

SHMR 10/15/2010 Essilor (N/A) All Cash $130 million $14.50 $14.24 7,400 06/30/2011

1.83%

222.14%
Details of Shamir Optical Industry
Expected to close by the second quarter of 2011 for a closing value of $130 million. On the completion of the merger, Shamir Optical Industry shareholders will receive $14.50 per share in cash.
ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.75 9,346 06/30/2011 1.82% 221.21%
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.

GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $36.32 $35.695 292,451 12/31/2011 1.75% 3.42%
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.

NLCI 05/18/2011 Leeds Equity Partners (N/A) All Cash $149 million $11.75 $11.56 11,233 11/30/2011 1.64% 3.85%
Details of Nobel Learning Communities Inc.

Expected to close within the next six months for a closing value of $149 million. Upon completion of the merger, Nobel Learning Communities shareholders will receive $11.75 per share in cash.

CASB 03/04/2011 Opus Bank (N/A) All Cash N/A $0.45 $0.4431 8,700 06/30/2011 1.56% 189.46%
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.

NSM 04/05/2011 Texas Instruments Incorporated (TXN) All Cash $6.5 billion $25.00 $24.64 4,029,486 01/31/2012 1.46% 2.45%
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.

PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.64 474,712 09/30/2011 1.26% 4.83%
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.
ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $10.10 $9.98 191,821 09/30/2011 1.18% 4.54%
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.
TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $5.89 $5.83 53,590 08/15/2011

1.09%

8.15%
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.

GSLA 03/30/2011 Home Bancorp (HBCP) All Cash $26.2 million $21.00 $20.80 1,800 09/30/2011 0.96% 3.69%
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.

FPIC 05/24/2011 The Doctors Company (N/A) All Cash $362 million $42.00 $41.60 127,726 12/31/2011 0.96% 1.88%
Details of FPIC Insurance Group Inc.

Expected to close in the fourth quarter of 2011 for a closing value of $362 million. Upon completion of the merger, FPIC Group shareholders will receive $42.00 per share in cash.

LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.57 $18.43 358,334 12/31/2011 0.75% 1.46%
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.

KNDL 05/04/2011 INC Research (N/A) All Cash $232 million $15.25 $15.14 155,802 09/30/2011

0.73%

2.79%
Details of Kendle International

Expected to close in the third quarter of 2011 for a closing value of $232 million. Upon completion of the merger, Kendle International's shareholders will receive $15.25 per share in cash.

LEGC 12/21/2010 Berkshire Hills Bancorp (BHLB) Cash Plus Stock $108 million $13.55 $13.45 10,263 06/30/2011 0.72% 87.58%
Details of Legacy Bancorp

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

DEP 02/23/2011 Enterprise Products Partners (EPD) All Stock N/A $41.98 $41.70 52,922 09/30/2011 0.66% 2.54%
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

SMOD 04/26/2011 Silver Lake Partners and Silver Lake Sumeru (N/A) All Cash $645 million $9.25 $9.19 2,691,567 09/30/2011 0.65% 2.51%
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.

TRH 06/12/2011 Allied World Assurance Company Holdings (AWH) All Stock $3.2 billion $48.14 $47.84 545,848 12/31/2011 0.62% 1.21%
Details of Transatlantic Holdings Inc.

Expected to close in the fourth quarter of 2011 for a closing value of $3.2 billion in an all stock deal. Upon completion of the merger, Transatlantic Holdings shareholders will receive 0.88 of Allied share for each Transatlantic share to form TransAllied Group Holdings AG.

GRM 06/17/2011 Reynolds Group Holdings (N/A) All Cash $4.5 billion $25.50 $25.35 1,318,285 12/31/2011

0.59%

1.15%
Details of Graham Packaging Company

On June 17, 2011, Graham Packaging Company terminated its merger agreement with Silgan Holdings (NASDAQ:SLGN) and agreed to be acquired by Reynolds Group Holdings. The deal is expected to close in the second half of this year for a closing value of $4.5 billion. Upon completion of the merger, Graham Packaging Company's shareholders will receive $25.50 per share in cash. The deal is expected to close in the second half of this year.


LZ 03/14/2011 Berkshire Hathaway (N/A) All Cash $9.7 billion $135.00 $134.21 1,149,297 09/30/2011 0.59% 2.26%
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.


OXPS 03/21/2011 Charles Schwab Corp. (SCHW) All Stock $1 billion $16.10 $16.01 322,150 09/30/2011 0.53% 2.05%
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.

VITA 05/16/2011 Stryker Corp. (SYK) All Cash $316 million $3.85 $3.83 779,907 06/30/2011 0.52% 63.53%
Details of Orthovita Inc.

Expected to close in the second quarter of 2011 for a closing value of $316 million. Upon completion of the merger, Orthovita shareholders will receive $3.85 per share in cash.

NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $45.45 $45.25 355,338 09/30/2011 0.44% 1.68%
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.
BUCY 11/15/2010 Caterpillar Inc (CAT) All Cash $8.6 billion $92.00 $91.64 987,891 06/30/2011

0.39%

47.80%
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.
SRX 04/01/2011 affiliate of Providence Equity Partners (N/A) All Cash $1.88 billion $31.25 $31.13 719,349 09/30/2011

0.39%

1.48%
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.

MDMD 06/16/2011 DG FastChannel (DGIT) All Cash $517 million $22.00 $21.92 790,709 09/30/2011 0.36% 1.40%
Details of MediaMind Technologies

Expected to close in the third quarter of 2011 for a closing enterprise value of $414 million. Upon completion of the merger, MediaMind's shareholders will receive $22.00 per share in cash.

LWSN 04/26/2011 Affiliate of Golden Gate Capital and Infor (N/A) All Cash $2 billion $11.25 $11.21 4,599,788 09/30/2011 0.36% 1.37%
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.

GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $54.44 $54.25 290,202 09/30/2011 0.36% 1.37%
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.
ELMG 06/13/2011 Honeywell International (HON) All Cash $491 million $33.00 $32.89 220,093 09/30/2011 0.33% 1.28%
Details of EMS Technologies Inc.

Expected to close in the third quarter of 2011 for a closing value of $491 million. Upon completion of the merger, EMS Technologies shareholders will receive $33.00 per share in cash.

FTO 02/22/2011 Holly Corporation (HOC) All Stock $3 billion $28.77 $28.68 5,414,614 09/30/2011 0.33% 1.27%
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.
MI 12/17/2010 BMO Financial Group (BMO) All Stock $4.1 billion $7.59 $7.57 13,507,609 07/31/2011 0.33% 3.52%
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.
TLVT 06/01/2011 Schneider Electric (N/A) All Cash $2.02 billion $40.00 $39.87 210,775 09/30/2011

0.33%

1.25%
Details of Telvent Git S.A.

Expected to close in the third quarter of 2011 for a closing value of $2.02 billion. Upon completion of the merger, Telvent's shareholders will receive $40.00 per share in cash.

CPKI 05/25/2011 Golden Gate Capital (N/A) All Cash $470 million $18.50 $18.44 292,405 09/30/2011

0.33%

1.25%
Details of California Pizza Kitchen Inc.

Expected to close in the third quarter of 2011 for a closing value of $470 million. Upon completion of the merger, California Pizza Kitchen's shareholders will receive $18.50 per share in cash.

WMG 05/06/2011 Access Industries (N/A) All Cash $3.3 billion $8.25 $8.23 1,529,910 09/30/2011

0.24%

0.93%
Details of Warner Music Group

Expected to close in the third calendar quarter of 2011 for a closing value of $3.3 billion. Upon completion of the merger, Warner Music Group's shareholders will receive $8.25 per share in cash.

VRGY 03/28/2011 Advantest (ATE) All Cash $1.1 billion $15.00 $14.97 1,408,156 12/31/2011 0.20% 0.39%
Details of Verigy

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

SBIB 01/18/2011 Comerica Incorporated (CMA) All Stock $1.027 billion $7.98 $7.97 1,262,817 06/30/2011 0.12% 14.52%
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.

BEC 02/07/2011 Danaher (DHR) All Cash $6.8 billion $83.50 $83.45 924,559 06/30/2011 0.06% 7.29%
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 $66.48 74,358 07/31/2011 0.03% 0.32%
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.

RURL 03/28/2011 Warburg Pincus (N/A) All Cash N/A $17.25 $17.25 344,092 06/30/2011 0.00% 0.00%
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.

LB 04/04/2011 Ducommun Incorporated (DCO) All Cash $340 million $19.25 $19.25 61,050 06/30/2011 0.00% 0.00%
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.

CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $6.02 $6.03 640,886 09/30/2011 -0.09% -0.34%
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.

NHP 02/28/2011 Ventas Inc. (VTR) All Stock $7.4 billion $41.49 $41.55 703,476 09/30/2011 -0.14% -0.53%
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.

PRM 05/16/2011 affiliates of TPG Capital (N/A) All Cash $525 million $7.10 $7.11 520,935 09/30/2011 -0.14% -0.54%
Details of PRIMEDIA Inc.

Expected to close in the third quarter of 2011 for a closing value of $525 million. Upon completion of the merger, PRIMEDIA shareholders will receive $7.10 per share in cash.

ISYS 05/16/2011 Kratos Defense & Security Solutions, Inc. (KTOS) Cash Plus Stock $266 million $11.93 $11.97 436,964 09/30/2011 -0.36% -1.39%
Details of Integral Systems

Expected to close in the third quarter of 2011 for a closing value of $266 million in a cash plus stock deal, where each Integral Systems share will be converted into $5.00 in cash and 0.588 of a share of Kratos common stock.

DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $30.11 711,857 01/31/2012 -0.37% -0.61%
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.

TBL 06/13/2011 VF Corp (VFC) All Cash $2 billion $43.00 $43.19 3,842,384 09/30/2011 -0.44% -1.69%
Details of Timberland

Expected to close in the third quarter of 2011 for a closing value of $2 billion. Upon completion of the merger, Timberland's shareholders will receive $43.00 per share in cash.

GRB 06/13/2011 Vector Capital (N/A) All Cash $281.8 million $11.00 $11.10 173,857 06/30/2011 -0.90% -109.61%
Details of Gerber Scientific

Expected to close in the second half of calendar 2011 for a closing value of $281.8 million. Upon completion of the merger, Gerber Scientific's shareholders will receive $11.00 per share in cash.

Shareholders will also receive a non-transferable right to receive contingent cash payments at future times, if recoveries are made pursuant to certain litigation claims in respect of U.S. Patent 5,537,135 (a computerized “print to cut” technology patent).

TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $26.54 $26.89 484,929 03/31/2012

-1.29%

-1.70%
Details of Tower Bancorp

Expected to close in the first quarter of 2012 for a closing value of $343 million in a cash or stock transaction, where Tower Bancorp shareholders will receive either 3.4696 shares of Susquehanna Bancshares common stock or $28.00 in cash per share held with $88 million of the aggregate consideration being paid in cash. Since a majority of the consideration will be paid out as stock, we have classified this deal as an all stock deal in our Merger Arbitrage Tool.

CV 05/30/2011 Fortis (N/A) All Cash $700 million $35.10 $35.73 310,774 05/31/2012

-1.76%

-1.90%
Details of Central Vermont Public Service Corp.

Expected to close in six to twelve months for a closing value of $700 million. Upon completion of the merger, Central Vermont Public Services shareholders will receive $35.10 per share in cash.

HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.97 $4.15 54,291 12/31/2011 -4.35% -8.49%
Details of Herald National Bank

Expected to close in the fourth quarter of 2011 for a closing value of $71.4 million. Upon completion of the merger, Herald National Bank shareholders will receive either cash or BankUnited common stock with a value of $1.35 in cash and 0.099 shares of BankUnited common stock, subject to proration.

BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $42.92 $45.07 69,098 12/31/2011 -4.76% -9.29%
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.

AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.68 $6.05 1,025,747 09/30/2011 -6.19% -23.79%
Details of Advanced Analogic Technologies, Inc.

Expected to close in the third quarter of 2011 for a closing value of $258.6 million in an all stock deal. Upon completion of the merger, Advanced Analogic Technologies shareholders will receive $3.68 in cash and 0.08725 of Skyworks Solutions common stock for each Advanced Analogic Technologies share held.

The stock component of the price has a nominal value of $2.45 for a total value of $6.13. The cash portion will be adjusted higher or reduced at closing based on the stock portion to maintain a total value of $6.13. So for all practical purposes this could be considered an all cash deal.

SUG 06/16/2011 Energy Transfer Equity (ETE) All Cash $7.9 billion $33.00 $39.85 29,302,938 03/31/2012 -17.19% -22.57%
Details of Southern Union Company

Expected to close in the first quarter of 2012 for a closing value of $7.9 billion. Upon completion of the merger, Southern Union Company's shareholders will receive $33.00 per share in series B units of ELMG. These series B units are expected to list on the NYSE and will have an annualized distribution yield of 8.25%. ETE has the option to redeem the Series B Units at any time after the closing of the transaction.

Update(s)

June 24, 2011: Southern Union Company (NYSE:SUG) received a proposal by The Williams Companies, Inc. (NYSE: WMB) to acquire all of the outstanding shares of Southern Union for $39.00 per share in cash.

DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $56.13 $73.07 180,150 12/31/2011 -23.19% -45.26%
Details of Dollar Thrifty Automotive Group

Details about the original Hertz offer with updates below: Expected to close by the end of the year for a value of $1.3 billion. The transaction values Dollar Thrifty stock at approximately $41.00 per share. the $41.00 per share purchase price is comprised of 80% cash consideration and 20% stock consideration. The cash portion will be paid in two components; (1) a $200 million special cash dividend representing approximately $6.88 per share, to be paid by Dollar Thrifty immediately prior to the transaction closing and (2) $25.92 per share to be paid by Hertz at the closing. The stock is at a fixed exchange ratio of 0.6366 per share, based upon a Hertz common stock closing price of $12.88 per share on April 23, 2010.

Revision on 09/13/2010: Hertz raised its offer for Dollar Thrifty Automotive Group Inc. to $50 a share, or about $1.56 billion, topping a proposal from Avis Budget Group Inc.

Update 10/1/2010: Dollar Thrifty shareholders rejected the Hertz deal yesterday. DTG has indicated its willingness to work with Avis's offer of nearly $53 per share ($45.79 in cash plus 0.6543 shares of Avis) but has asked the company to hold off on making a formal offer.

Update May 09, 2011: Hertz makes a new $2.24 billion bid for Dollar Thrifty that works out to $72/share.

KSP 03/13/2011 Kirby Corporation (KEX) Special Conditions $335.3 million $4.08 $8.14 24,154 09/30/2011

-49.94%

-191.87%
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 $31.87 3,329,784 12/31/2011

-56.30%

-109.90%
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.

ALKS 05/09/2011 Elan Corporation (ELAN) Cash Plus Stock $960 million N/A $17.31 1,011,814 09/30/2011 N/A N/A
Details of Alkermes Inc.

Expected to close in the third quarter of 2011 for a closing value of $960 million. Alkermes (ALKS) has agreed to merge with Elan Drug Technologies, the drug formulation and manufacturing business unit of Elan Corporation (ELN), in a $960 million cash plus stock deal that will lead to the creation of a new company called Alkermes plc incorporated in Ireland. Elan will receive $500 million in cash and 31.9 million shares of the new Alkermes plc common stock. Existing shareholders of Alkermes, Inc. will receive one ordinary share of Alkermes plc in exchange for each share of Alkermes, Inc. they own in a taxable transaction.

Source: Merger Arbitrage Mondays: June 27, 2011