Seeking Alpha
Newsletter author
Profile| Send Message|
( followers)  

Merger activity decreased last week with three new all-cash deals announced and four 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 121
Total Number of Deals Not Completed in 2011 1
Total Number of Pending Deals
Cash Deals 34
Stock Deals 20
Stock & Cash Deals 12
Total Number of Pending Deals 66

New Deals:

  1. The acquisition of Ameron International Corporation (AMN) by National Oilwell Varco (NOV) for $772 million or $85.00 per share in cash.
  2. The acquisition of Immucor (BLUD) by TPG Capital for $1.973 billion or $27.00 per share in cash.
  3. The acquisition of APAC Customer Services (APAC) by One Equity Partners for $470 million or $8.55 per share in cash.


Updated Deals:

  1. On July 05, 2011, Energy Transfer Equity (ETE) and Southern Union Company (SUG) announced that they have entered into an amended and restated merger agreement under which ETE will acquire SUG for $8.9 billion. Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, SUG shareholders can elect to exchange their common shares for $40.00 of cash or 0.903 ETE common units. The maximum cash component is 60% of the aggregate consideration and the common unit component can fluctuate between 40% and 50%. Elections in excess of either the cash or common unit limits will be subject to proration.
  2. On July 08, 2011, Energy Transfer Equity LP (ETE) said it was considering a sale of its acquisition target Southern Union’s (SUG) gathering and processing assets to its subsidiaries in a bid to deleverage its balance sheet following the deal.


Closed Deals:

  1. The acquisition of Marshall & Ilsley Corp. (NYSE:MI) by the Bank of Montreal (BMO) on July 05, 2011
  2. The acquisition of Lawson Software (NASDAQ:LWSN) by an affiliate of Golden Gate Capital and Infor on July 07, 2011
  3. The acquisition of California Pizza Kitchen (NASDAQ:CPKI) by Golden Gate Capital on July 07, 2011
  4. The acquisition of Bucyrus International (NASDAQ:BUCY) by Caterpillar (CAT) on July 08, 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) $1.69 $0.90 09/30/2011

87.50%

394.29%
HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) $24.00 $16.91 12/31/2011 41.93% 88.46%
CSR 04/20/2011 Rightmark Holdings Limited (N/A) $6.50 $5.21 09/30/2011 24.76% 111.57%
TAM 01/19/2011 LAN Airlines S.A. (LFL) $27.40 $23.47 12/31/2011

16.73%

35.29%
CFSG 05/20/2011 Bain Capital Partners (N/A) $9.00 $8.08 11/15/2011 11.39% 32.72%
ZRAN 02/21/2011 CSR PLC (CSR.L) $9.28 $8.57 09/30/2011 8.31% 37.46%
FTLK 05/31/2011 Fortress Group Limited (N/A) $7.20 $6.70 09/30/2011

7.46%

33.63%
CRU 05/05/2011 Capital Product Partners L.P. (CPLP) $14.35 $13.53 09/30/2011 6.08% 27.38%
SVVS 04/27/2011 CenturyLink (CTL) $41.71 $39.81 12/31/2011 4.77% 10.07%
CEG 04/28/2011 Exelon Corporation (EXC) $40.58 $38.82 01/31/2012 4.52% 8.09%

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 $1.69 $0.90 13,420 09/30/2011

87.50%

394.29%
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.

HRBN 06/20/2011 Tech Full Electric Company Limited (N/A) All Cash N/A $24.00 $16.91 1,551,676 12/31/2011 41.93% 88.46%
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.


CSR 04/20/2011 Rightmark Holdings Limited (N/A) All Cash $583.2 million $6.50 $5.21 460,611 09/30/2011 24.76% 111.57%
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 $27.40 $23.47 833,619 12/31/2011

16.73%

35.29%
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 (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.

CFSG 05/20/2011 Bain Capital Partners (N/A) All Cash $265.5 million $9.00 $8.08 41,791 11/15/2011 11.39% 32.72%
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.

ZRAN 02/21/2011 CSR PLC (CSR.L) Cash Plus Stock $484 million $9.28 $8.57 498,281 09/30/2011 8.31% 37.46%
Details of Zoran Corporation

Expected to close in the third 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.

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 78,297 09/30/2011

7.46%

33.63%
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 $14.35 $13.53 18,726 09/30/2011 6.08% 27.38%
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.

SVVS 04/27/2011 CenturyLink (CTL) Cash Plus Stock $2.5 billion $41.71 $39.81 543,372 12/31/2011 4.77% 10.07%
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.

CEG 04/28/2011 Exelon Corporation (EXC) All Stock $7.9 billion $40.58 $38.82 1,273,520 01/31/2012 4.52% 8.09%
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.

PGN 01/10/2011 Duke Energy Corporation (DUK) All Stock $13.7 billion $49.87 $48.08 1,100,924 12/31/2011 3.73% 7.87%
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.

CNU 06/27/2011 Metropolitan Health Networks (MDF) Cash Plus Stock $416 million $6.44 $6.22 406,364 09/30/2011 3.58% 16.12%
Details of Continucare Corp

Expected to close in the third calendar quarter of 2011 for a closing value of $416 million in a cash plus stock deal, where shareholders of Continucare will receive $6.25 per share in cash, and 0.0414 of a share of Metropolitan common stock f0r each share of Continucare common stock. The exact value of the consideration per share will depend on Metropolitan’s share price at closing. Metropolitan expects to issue approximately 2.7 million shares in connection with the transaction.

HYC 11/17/2010 Verifone Systems (PAY) All Stock $485 million $10.55 $10.21 833,465 09/30/2011

3.33%

15.01%
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.
PVSA 06/15/2011 F.N.B. Corporation (FNB) All Stock $130 million $22.63 $21.94 18,604 12/31/2011 3.14% 6.63%
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.

VSEA 05/04/2011 Applied Materials Inc. (AMAT) All Cash $4.9 billion $63.00 $61.53 1,147,202 09/30/2011 2.39% 10.77%
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.

SERV 06/27/2011 Scientific Conservation (N/A) All Cash $13 million $3.50 $3.42 53,225 10/31/2011 2.34% 7.62%
Details of Servidyne Inc.

Expected to close in Servidyne’s second fiscal quarter ending October 31, 2011 for a closing value of $13 million. Upon completion of the merger, Servidyne's shareholders will receive $3.50 per share in cash.

ID 09/20/2010 Safran (N/A) All Cash $1.1 billion $12.00 $11.75 1,546,540 07/31/2011 2.13% 38.83%
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.

TOBC 06/20/2011 Susquehanna Bancshares (SUSQ) All Stock $343 million $28.03 $27.50 65,969 03/31/2012 1.94% 2.69%
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.

TRH 06/12/2011 Allied World Assurance Company Holdings (AWH) All Stock $3.2 billion $50.34 $49.38 449,929 12/31/2011 1.94% 4.08%
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.

STBC 04/28/2011 Valley National Bancorp (VLY) All Stock $222 million $13.92 $13.66 14,806 10/31/2011 1.90% 6.20%
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.

BBBB 07/01/2011 Providence Equity Partners (N/A) All Cash $1.64 billion $45.00 $44.25 1,404,581 12/31/2011 1.69% 3.58%
Details of Blackboard Inc.

Expected to close in the fourth quarter of 2011 for a closing value of $1.64 billion. Upon completion of the merger, Blackboard's shareholders will receive $45.00 per share in cash.

LOOP 04/27/2011 CoStar Group (CSGP) Cash Plus Stock $860 million $18.68 $18.37 321,536 12/31/2011 1.68% 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.

CEPH 05/02/2011 Teva Pharmaceutical Industries Ltd. (TEVA) All Cash $6.8 billion $81.50 $80.18 1,165,412 09/30/2011 1.65% 7.42%
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.

BJ 06/29/2011 affiliates of Leonard Green & Partners (N/A) All Cash $2.8 billion $51.25 $50.43 2,074,185 12/31/2011 1.63% 3.43%
Details of BJ's Wholesale club

Expected to close in the fourth quarter of 2011 for a closing value of $2.8 billion. Upon completion of the merger, BJ's Wholesale Club's shareholders will receive $51.25 per share in cash.

APAC 07/07/2011 One Equity Partners (N/A) All Cash $470 million $8.55 $8.44 2,712,164 12/31/2011 1.30% 2.75%
Details of APAC Customer Services Inc.

Expected to close in the fourth quarter of 2011 for a closing value of $470 million. Upon completion of the merger, APAC Customer Services shareholders will receive $8.55 per share in cash.

GLBC 04/11/2011 Level 3 Communications (LVLT) All Stock $3.00 billion $41.44 $40.94 410,024 12/31/2011 1.22% 2.58%
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 $11.61 900 11/30/2011

1.21%

3.10%
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.

ORCH 04/06/2011 Laboratory Corporation of America Holdings (LH) All Cash $85.4 million $2.80 $2.77 12,157 07/31/2011 1.08% 19.77%
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.

PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.69 6,402 09/30/2011 1.08% 4.87%
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.

NSTC 06/10/2011 affiliate of Citi Venture Capital International (CVCI) (N/A) All Cash $307 million $7.75 $7.68 184,449 10/31/2011 0.91% 2.97%
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.

NSM 04/05/2011 Texas Instruments Incorporated (TXN) All Cash $6.5 billion $25.00 $24.78 3,621,593 01/31/2012 0.89% 1.59%
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.

TGE 03/21/2011 Dawson Geophysical Company (DWSN) All Stock $157 million $6.63 $6.57 21,284 08/15/2011 0.84% 8.75%
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.

SMOD 04/26/2011 Silver Lake Partners and Silver Lake Sumeru (N/A) All Cash $645 million $9.25 $9.18 488,534 09/30/2011 0.76% 3.44%
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.

LEGC 12/21/2010 Berkshire Hills Bancorp (BHLB) Cash Plus Stock $108 million $14.22 $14.13 4,500 07/31/2011 0.62% 11.34%
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 $43.75 $43.50 31,002 09/30/2011

0.58%

2.62%
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

GAS 12/07/2010 AGL Resources Inc. (AGL) Cash Plus Stock $2.4 billion $56.60 $56.28 252,057 09/30/2011 0.56% 2.54%
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.
GRM 06/17/2011 Reynolds Group Holdings (N/A) All Cash $4.5 billion $25.50 $25.36 334,940 12/31/2011 0.55% 1.16%
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.


ABBC 01/26/2011 Susquehanna Bancshares, Inc. (SUSQ) All Stock $273 million $10.67 $10.61 15,993 09/30/2011 0.52% 2.36%
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.
OXPS 03/21/2011 Charles Schwab Corp. (SCHW) All Stock $1 billion $15.91 $15.84 1,143,204 09/30/2011

0.45%

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.

FPIC 05/24/2011 The Doctors Company (N/A) All Cash $362 million $42.00 $41.81 27,374 12/31/2011

0.45%

0.96%
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.

SRX 04/01/2011 affiliate of Providence Equity Partners (N/A) All Cash $1.88 billion $31.25 $31.12 1,242,410 09/30/2011

0.42%

1.88%
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.

LZ 03/14/2011 Berkshire Hathaway (N/A) All Cash $9.7 billion $135.00 $134.47 976,879 09/30/2011

0.39%

1.78%
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.


TLVT 06/01/2011 Schneider Electric (N/A) All Cash $2.02 billion $40.00 $39.85 398,417 09/30/2011 0.38% 1.70%
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.

NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $46.33 $46.20 133,088 09/30/2011 0.27% 1.24%
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.
BLUD 07/05/2011 TPG Capital (N/A) All Cash $1.973 billion $27.00 $26.93 3,603,912 12/31/2011 0.26% 0.55%
Details of Immucor, Inc.

Expected to close in the second half of 2011 for a closing value of $1.973 billion. Upon completion of the merger, Immucor shareholders will receive $27.00 per share in cash.

WMG 05/06/2011 Access Industries (N/A) All Cash $3.3 billion $8.25 $8.23 980,718 09/30/2011 0.24% 1.10%
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.

GSLA 03/30/2011 Home Bancorp (HBCP) All Cash $26.2 million $21.00 $20.95 5,000 09/30/2011 0.24% 1.08%
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.

MDMD 06/16/2011 DG FastChannel (DGIT) All Cash $517 million $22.00 $21.96 95,381 09/30/2011

0.18%

0.82%
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.

ISYS 05/16/2011 Kratos Defense & Security Solutions, Inc. (KTOS) Cash Plus Stock $266 million $12.22 $12.20 66,105 09/30/2011 0.17% 0.76%
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.

ELMG 06/13/2011 Honeywell International (HON) All Cash $491 million $33.00 $32.95 187,454 09/30/2011 0.15% 0.68%
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.

SBIB 01/18/2011 Comerica Incorporated (CMA) All Stock $1.027 billion $7.99 $7.98 401,891 06/30/2011 0.14% 0.00%
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.

PRM 05/16/2011 affiliates of TPG Capital (N/A) All Cash $525 million $7.10 $7.09 57,803 09/30/2011 0.14% 0.64%
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.

KNDL 05/04/2011 INC Research (N/A) All Cash $232 million $15.25 $15.23 191,828 09/30/2011 0.13% 0.59%
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.

TBL 06/13/2011 VF Corp (VFC) All Cash $2 billion $43.00 $42.98 1,500,839 09/30/2011 0.05% 0.21%
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.

CLFC 12/09/2010 Nara Bancorp Inc. (NARA) All Stock $285.7 million $6.55 $6.55 300,420 09/30/2011 -0.04% -0.17%
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.
AMN 07/05/2011 National Oilwell Varco, Inc. (NOV) All Cash $772 million $85.00 $85.24 303,305 12/31/2011

-0.28%

-0.59%
Details of Ameron International Corporation

Expected to close as early as the fouth quarter of 2011 for a closing value of $772 million. Upon completion of the merger, Ameron International shareholders will receive $85.00 per share in cash.

HNB 06/02/2011 BankUnited Inc. (BKU) Cash Plus Stock $71.4 million $3.95 $4.00 3,000 12/31/2011 -1.26% -2.65%
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.

DPL 04/19/2011 AES Corporation (AES) All Cash $4.7 billion $30.00 $30.39 412,560 01/31/2012 -1.28% -2.30%
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.

GRB 06/13/2011 Vector Capital (N/A) All Cash $281.8 million $11.00 $11.18 106,700 11/15/2011 -1.61% -4.63%
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).

BARI 04/20/2011 Brookline Bancorp (BRKL) Cash Plus Stock $234 million $43.91 $45.07 10,756 12/31/2011 -2.58% -5.44%
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.

CV 05/30/2011 Fortis (N/A) All Cash $700 million $35.10 $36.12 50,860 05/31/2012

-2.82%

-3.17%
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.

SUG 06/16/2011 Energy Transfer Equity (ETE) All Stock $7.9 billion $40.64 $42.15 3,322,909 03/31/2012 -3.59% -4.97%
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.

July 05, 2011: Energy Transfer Equity, L.P. (NYSE:ETE) and Southern Union Company (NYSE:SUG) today announced that they have entered into an amended and restated merger agreement under which ETE will acquire SUG for $8.9 billion, including $5.1 billion in cash and ETE common units.

Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, SUG shareholders can elect to exchange their common shares for $40.00 of cash or 0.903 ETE common units. The maximum cash component is 60% of the aggregate consideration and the common unit component can fluctuate between 40% and 50%. Elections in excess of either the cash or common unit limits will be subject to proration.

AATI 05/26/2011 Skyworks Solutions, Inc. (SWKS) Cash Plus Stock $258.6 million $5.84 $6.06 122,599 09/30/2011

-3.68%

-16.60%
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.

DTG 04/26/2010 Avis (CAR) Cash Plus Stock $1.56 billion $57.24 $73.95 109,834 12/31/2011 -22.60% -47.67%
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.

NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $13.93 $35.44 2,390,721 12/31/2011

-60.71%

-128.08%
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 $19.52 1,613,485 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: July 11, 2011