Merger Arbitrage Mondays: Jan. 23, 2012

|
 |  Includes: BHLB, BLKB, CMFB, CNVO, CRIC, CSGP, CTBC, EJ, ESRX, GILD, GRRF, INHX, INUV, KMI, LOOP, MBYCF, MHS, SASR, VQ, VTRO
by: Asif Suria

Merger activity remained steady last week with two new deals announced and one 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 2012 7
Total Number of Pending Deals
Cash Deals 32
Stock Deals 13
Stock & Cash Deals 9
Total Number of Pending Deals 54
Click to enlarge

New Deals:

  1. The acquisition of Venoco (NYSE:VQ) by the Denver Parent Corporation for $1.5 billion or $12.50 per share in cash.
  2. The acquisition of Convio (NASDAQ:CNVO) by Blackbaud (NASDAQ:BLKB) for $275 million or $16.00 per share in cash.

Closed Deals:

  1. The acquisition of Pharmasset by Gilead Sciences (GILD) on January 17, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

VTRO 10/17/2011 Inuvo, Inc. (NYSEMKT:INUV) $1.58 $1.26 03/31/2012 25.15% 135.01%
01/16/2012 Denver Parent Corporation (N/A) $12.50 $10.59 03/31/2012 18.04% 96.81%
MHS 07/21/2011 Express Scripts, Inc. (NASDAQ:ESRX) $70.84 $62.34 06/30/2012 13.63% 31.30%
LOOP 04/27/2011 CoStar Group (NASDAQ:CSGP) $18.74 $16.77 01/31/2012 11.77% 536.89%
CMFB 12/20/2011 Sandy Spring Bancorp Inc. (NASDAQ:SASR) $14.95 $13.50 06/30/2012 10.76% 24.69%
EP 10/16/2011 Kinder Morgan, Inc. (NYSE:KMI) $29.33 $26.87 06/30/2012 9.16% 21.02%
GRRF 01/12/2012 Talenthome Management Limited (N/A) $3.15 $2.90 06/30/2012 8.62% 19.79%
INHX 01/07/2012 Bristol-Myers Squibb Company (NYSE:BMY) $26.00 $24.42 03/31/2012 6.47% 34.73%
CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (NASDAQ:BHLB) $8.71 $8.20 04/30/2012 6.26% 23.32%
CRIC 12/28/2011 E-House (China) Holdings (NYSE:EJ) $5.45 $5.18 06/30/2012 5.14% 11.79%
Click to enlarge

List of all pending deals:


Symbol Announced

Date

Acquiring

Company

Deal

Type

Closing

Value

Closing

Price

Last

Price

Volume Closing

Date

Profit Annu.

Profit

+ 10/17/2011 Inuvo, Inc. (INUV) All Stock N/A $1.58 $1.26 59,674 03/31/2012 25.15% 135.01%
Details of Vertro, Inc.

Expected to close in the fourth quarter of 2011 or the first quarter of 2012. Upon completion of the merger, shareholders of Vertro will receive 1.546 shares of Inuvo common stock per each share of Vertro common stock.

+ 01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $10.59 N/A 03/31/2012 18.04% 96.81%
Details of Venoco

Venoco agrees to a going private transaction where its CEO, who owns 50.3% of its common stock, bid $1.5 billion or $12.50/share in an all cash transaction.

+ 07/21/2011 Express Scripts, Inc. Cash Plus Stock $29.1 billion $70.84 $62.34 6,421,850 06/30/2012 13.63% 31.30%
Details of Medco Health Solutions

Expected to close in the first half of 2012 for a closing value of $29.1 billion. Upon completion of the merger, Medco shareholders will receive $28.80 in cash and 0.81 shares for each Medco share they own.

+ 04/27/2011 CoStar Group Cash Plus Stock $860 million $18.74 $16.77 118,877 01/31/2012 11.77% 536.89%
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.

+ CMFB 12/20/2011 Sandy Spring Bancorp Inc. All Stock $25.4 million $14.95 $13.50 1,274 06/30/2012 10.76% 24.69%
Details of Commercefirst Bancorp Inc.

Expected to close in the second quarter of 2012 for a closing value of $25.4 million in a cash plus stock deal, where shareholders of CommerceFirst Bancorp will receive 0.8043 Sandy Spring shares for each CommerceFirst share and the cash consideration will be $13.60 per share.

+ 10/16/2011 Kinder Morgan, Inc. Cash Plus Stock $21 billion $29.33 $26.87 7,507,740 06/30/2012 9.16% 21.02%
Details of El Paso Corp.

Expected to close in early 2012 for a closing value of $21 billion in a cash plus stock deal. Upon completion of the merger, shareholders of El Paso Corporation will receive $26.87 per share, which consists of $14.65 in cash, 0.4187 Kinder Morgan shares - valued at $11.26 per EP share - and 0.640 Kinder Morgan warrants - valued at $0.96 per EP share - based on Kinder Morgan's closing price on Friday, October 14, 2012.

+ 01/12/2012 Talenthome Management Limited (N/A) All Cash $71.45 milion $3.15 $2.90 114,857 06/30/2012 8.62% 19.79%
Details of China GrenTech

China GrenTech Corporation Limited accepted the going private offer it received on November 14, 2011 from Talenthome Management Limited, which is jointly owned indirectly by Mr. Yingjie Gao, China GrenTech's Chairman and Chief Executive Officer, Ms. Rong Yu, China GrenTech's Director and Chief Financial Officer. Shareholders will receive $0.126 in cash for each ordinary share they hold. Since each American Depository Share (NYSE:ADS) represents 25 ordinary shares, ADS holders will receive $3.15 per ADS. The transaction is expected to close before the end of the second quarter of 2012.

+ 01/07/2012 Bristol-Myers Squibb Company All Cash $2.5 billion $26.00 $24.42 3,823,343 03/31/2012 6.47% 34.73%
Details of Inhibitex, Inc.

Expected to close in the first quarter of 2012 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of Inhibtex will receive $26.00 per share in cash.

+ CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. All Stock $30 million $8.71 $8.20 2,355 04/30/2012 6.26% 23.32%
Details of The Connecticut Bank and Trust

Expected to close early in the second quarter of 2012 for a closing value of $30 million in an all stock deal. Upon completion of the merger, The Connecticut Bank and Trust Company shareholders will receive either $8.25 per share in cash, or 0.3810 shares of Berkshire Hills Bancorp per share held.

Under the terms of the merger agreement, 70% of the outstanding CBT shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.3810 Berkshire shares for each share of CBT. The remaining 30% of CBT shares will be exchanged for cash in the amount of $8.25 per share.

+ 12/28/2011 E-House (China) Holdings Cash Plus Stock $603 million $5.45 $5.18 47,080 06/30/2012 5.14% 11.79%
Details of China Real Estate Information Corporation

E-House (China Holdings) has entered into an agreement to acquire the remaining shares of China Real Estate Information Corporation that it does not already own for a cash plus stock deal valued at $603 million or a 5.6% premium. CRIC shareholders will receive $1.75 per share in cash and 0.6 shares of E-house. The transaction is expected to close in mid-2012.

+ TAM 01/19/2011 LAN Airlines S.A. (NYSE:LFL) All Stock N/A $22.46 $21.38 285,026 06/30/2012 5.07% 11.64%
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 said a regulatory investigation into complaints about the merger could take between six to nine months and the merger will most likely not be complete before the fourth quarter. We have updated the closing date to 12/31/2011.

December 12, 2011: The merger between Chilean airline LAN LAN.SN and Brazilian counterpart TAM is expected to close in the first quarter of 2012.

+ HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $57.24 52,137 01/31/2012 4.82% 219.99%
Details of Harleysville Group Inc.

Expected to close in early 2012 for a closing value of $760 million. Upon completion of the merger, shareholders of Harleysville Group will receive $60.00 per share in cash.

+ CADC 10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.53 141,798 03/31/2012 4.74% 25.46%
Details of China Advanced Construction Materials Group, Inc.

Expected to close in the first quarter of 2012. Upon completion of the merger, China Advanced Construction Materials Group shareholders will receive $2.65 per share in cash.

Essentially this is a going private transaction with CADC emerging as the surviving entity.

+ BLD 12/23/2011 Forsyth Baldwin, LLC (N/A) All Cash $27.3 million $0.96 $0.92 1,100 06/30/2012 4.35% 9.98%
Details of Baldwin Technology Co. Inc.

Expected to close in the second quarter of 2012 for a closing value of $27.3 million. Upon completion of the merger, shareholders of Baldwin Technology will receive $0.96 per share in cash, subject to adjustment at closing based on certain criteria, including the extent that the difference between Baldwin Technology's aggregate cash balances and the balance of aged accounts payable is less than $1,800,000.

+ TOBC 06/20/2011 Susquehanna Bancshares (NASDAQ:SUSQ) All Stock $343 million $32.20 $31.06 73,274 03/31/2012 3.66% 19.66%
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.

+ MMI 08/15/2011 Google (NASDAQ:GOOG) All Cash $12.5 billion $40.00 $38.66 3,035,274 01/31/2012 3.47% 158.14%
Details of Motorola Mobility Holdings, Inc.

Expected to close by the end of 2011 or early 2012 for a closing value of $12.5 billion. Upon completion of the merger, shareholders of Motorola Mobility Holdings will receive $40.00 per share in cash.

+ GR 09/21/2011 United Technologies Corp. (NYSE:UTX) All Cash $18.4 billion $127.50 $124.29 598,219 06/30/2012 2.58% 5.93%
Details of Goodrich Corp.

Expected to close in mid-2012 for a closing value of $18.4 billion. Upon completion of the merger, shareholders of Goodrich Corporation will receive $127.50 per share in cash.

+ PGN 01/10/2011 Duke Energy Corporation (NYSE:DUK) All Stock $13.7 billion $55.65 $54.26 1,444,333 03/31/2012 2.55% 13.71%
Details of Progress Energy Inc.

Expected to close in the first quarter of 2012. 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.

+ LAVA 11/30/2011 Synopsys Inc. (NASDAQ:SNPS) All Cash $507 million $7.35 $7.17 1,430,188 03/31/2012 2.51% 13.48%
Details of Magma Design Automation Inc.

Expected to close in the first quarter of 2012 for a closing value of $507 million. Upon completion of the merger, shareholders of Magma Design Automation will receive $7.35 per share in cash.

+ PARL 12/23/2011 Perfumania Holdings, Inc. (NASDAQ:PERF) All Stock $170 million $5.47 $5.35 187,458 06/30/2012 2.18% 5.00%
Details of Parlux Fragrances Inc.

Expected to close in the first half of 2012 for a closing value of $170 million in an all stock deal, where shareholders of Parlux fragrances can elect to receive either $4.00 in cash plus 0.20 shares of Perfumania common stock or (II) .53333 shares of Perfumania common stock, subject to proration.

The maximum amount of cash that will be paid as merger consideration is $61,895,288, and the maximum number of Perfumania shares issuable in the merger is 5,919,052.

+ RRR 12/16/2011 United Rentals, Inc. (NYSE:URI) Cash Plus Stock $1.9 billion $20.40 $19.97 880,004 06/30/2012 2.13% 4.89%
Details of RSC Holdings, Inc.

Expected to close in the first half of 2012 for a closing value of $1.9 billion in a cash plus stock deal, where shareholders of RSC Holdings will receive $10.80 in cash and 0.2783 share of United Rentals.

+ NVLS 12/14/2011 Lam Research Corp (NASDAQ:LRCX) All Stock $3.3 billion $47.51 $46.63 3,601,564 06/30/2012 1.88% 4.33%
Details of Novellus Systems, Inc.

Expected to close in the second calendar quarter of 2012 for a closing value of $3.3 billion in an all stock deal. Upon completion of the merger, shareholder of Novellus Systems will receive 1.125 shares of Lam Research common stock for each share of Novellus that they own.

common stock for each share of Novellus that they own
+ NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $45.08 $44.31 582,874 03/31/2012 1.74% 9.33%
Details of NSTAR

Expected to close in the first quarter of 2012 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.

+ SNDA 11/22/2011 Premium Lead Company Limited ("Parent") and New Era Investment Holding Ltd. (N/A) All Cash $2.3 billion $41.35 $40.65 48,921 03/31/2012 1.72% 9.24%
Details of Shanda Interactive Entertainment Ltd.

Expected to close before the end of the first quarter 2012 for a closing value of $2.3 billion. Upon completion of the merger, shareholders of Shanda Interactive Entertainment Ltd. will receive $20.675 per ordinary share or $41.35 per American Depositary Share, each representing two ordinary shares ("ADS").

+ CEG 04/28/2011 Exelon Corporation (NYSE:EXC) All Stock $7.9 billion $36.60 $35.99 2,136,637 01/31/2012 1.71% 77.94%
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.

+ TRH 11/21/2011 Alleghany Corporation (NYSE:Y) Cash Plus Stock $3.4 billion $55.73 $55.07 477,662 03/31/2012 1.19% 6.40%
Details of Transatlantic Holdings Inc.

Expected to close in the first quarter of 2012 for a closing value of $3.4 billion in a stock plus cash deal. Upon completion of the merger, shareholders of Transatlantic Holdings will receive 0.145 Alleghany common shares and $14.22 in cash.

+ SONE 10/03/2011 ACI Worldwide (NASDAQ:ACIW) Cash Plus Stock $516 million $9.93 $9.83 200,349 01/30/2012 1.00% 51.97%
Details of S1 Corporation

Expected to close by January 01, 2012 for a closing value of $516 million. Upon completion of the merger, S1 shareholders will receive $6.62 in cash and 0.1064 shares of ACI Worldwide common stock per S1 share held, subject to proration such that in the aggregate 33.8% of S1 shares are exchanged for ACI Worldwide shares and 66.2% are exchanged for cash.

Update:

December 29, 2011: ACI Worldwide announced that it has extended its exchange offer for all of the outstanding shares of common stock of S1 Corporation until 5:00 p.m. Eastern time on Monday, January 30, 2012, unless further extended.

+ DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $44.41 482,590 06/30/2012 0.88% 2.02%
Details of Delphi Financial Group, Inc.

Expected to close in the second quarter of 2012 for a closing value of $2.7 billion, Upon completion of the merger, shareholders of Delphi Financial will receive $43.875 per Class A share and $52.875 per Class B share in cash, through TMHD's wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. In addition, Delphi shareholders will receive $1.00 in cash per share pursuant to a one-time special dividend from Delphi for each share of Class A and Class B stock they own.

+ TIN 09/06/2011 International Paper (NYSE:IP) All Cash $4.3 billion $32.00 $31.74 1,366,183 03/31/2012 0.82% 4.40%
Details of Temple-Inland

Expected to close in the first quarter of 2012 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Temple-Inland will receive $32.00 per share in cash.

+ 01/17/2012 Blackbaud All Cash $275 million $16.00 $15.90 2,349,827 03/31/2012 0.63% 3.38%
Details of Convio

Blackbaud has agreed to pay a 49% premium to acquire Convio in an all cash deal valued at $275 million or $16/share. The transaction is expected to close by the end of the first quarter of 2012.

+ WCAA 12/21/2011 Macquarie Infrastructure Partners II (N/A) All Cash $526 million $6.50 $6.46 367,382 03/31/2012 0.62% 3.32%
Details of WCA Waste Corporation

Expected to close in the first quarter of 2012 for a closing value of $526 million. Upon completion of the merger, shareholders of WCA Waste Corporation will receive $6.50 per share in cash.

+ RNOW 10/24/2011 Oracle (NASDAQ:ORCL) All Cash $1.5 billion $43.00 $42.75 875,827 03/31/2012 0.58% 3.14%
Details of Rightnow Technologies Inc.

Expected to close by late 2011 or early 2012 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of RightNow will receive $43.00 per share in cash.

+ VPF 11/17/2011 CTS Corp (N/A) All Cash $18 million $4.15 $4.13 2,146 01/31/2012 0.48% 22.09%
Details of Valpey Fisher Corporation

Expected to close in January 2012 for a closing value of $18 million. Upon completion of the merger, shareholders of Valpey-Fisher Corporation will receive $4.15 per share in cash,

+ NETL 09/12/2011 Broadcom (BRCM) All Cash $3.7 billion $50.00 $49.76 249,981 06/30/2012 0.48% 1.11%
Details of NetLogic Microsystems Inc.

Expected to close in the first half of 2012 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of NetLogic Microsystems will receive $50.00 per share in cash.

+ BCSI 12/09/2011 Thoma Bravo, LLC (N/A) All Cash $1.3 billion $25.81 $25.70 265,908 03/31/2012 0.43% 2.30%
Details of Blue Coat Systems Inc

Expected to close in the first calendar quarter of 2012 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Blue Coat Systems will receive $25.81 per share in cash.

+ WINN 12/19/2011 BI-LO, LLC (N/A) All Cash $560 million $9.50 $9.46 382,367 04/30/2012 0.42% 1.57%
Details of Winn-Dixie Stores Inc.

Expected to close in the next 60 to 120 days for a closing value of $560 million. Upon completion of the merger, shareholders of Winn-Dixie Stores will receive $9.5 per share in cash.

+ PNS 11/10/2011 Avnet (NYSE:AVT) All Cash $22 million $2.40 $2.39 7,225 01/31/2012 0.42% 19.09%
Details of Pinnacle Data Systems Inc.

Expected to close in 60 to 90 days for a closing value of $22 million. Upon completion of the merger, shareholders of Pinnacle Data Systems will receive $2.30 per share in cash.

+ HS 10/24/2011 Cigna (NYSE:CI) All Cash $3.8 billion $55.00 $54.79 404,419 06/30/2012 0.38% 0.88%
Details of HealthSpring Inc.

Expected to close in the first half of 2012 for a closing value of $3.8 billion. Upon completion of the merger, shareholders of Healthspring will receive $55.00 per share in cash.

+ CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.12 49,640 06/30/2012 0.37% 0.85%
Details of Central Vermont Public Service Corp.

On July 12, 2011, Central Vermont Public Services terminated its agreement with Fortis after deeming "superior" the offer from Gaz Métro.

Expected to close in six to twelve months for a closing value of $702 million. Upon completion of the merger, Central Vermont Public Services shareholders will receive $35.25 per share in cash.

+ CPX 10/10/2011 Superior Energy Services (NYSE:SPN) Cash Plus Stock $2.7 billion $32.89 $32.78 960,004 03/31/2012 0.34% 1.85%
Details of Complete Production Services

Expected to close in the first quarter if 2012 for a closing value of $2.7 billion in a cash plus stock deal, where Complete stockholders will receive 0.945 common shares of Superior and cash of $7.00 in exchange for each share of Complete common stock held at closing.

+ DMAN 12/08/2011 International Business Machines Corp. (NYSE:IBM) All Cash $440 million $13.20 $13.16 264,729 03/31/2012 0.30% 1.63%
Details of DemandTec, Inc.

Expected to close in the first quarter of 2012 for a closing value of $440 million. Upon completion of the merger, shareholders of DemandTec will receive $13.20 per share in cash.

+ SNSTA 11/03/2011 SAC an affiliate of Hospitality Properties Trust (N/A) All Cash $174 million $31.00 $30.91 N/A 03/31/2012 0.29% 1.56%
Details of Sonesta International Hotels Corp.

Expected to close in the first quarter of 2012 for a closing value of $174 million. Upon completion of the merger, shareholders of Sonesta International Hotels will receive $31.00 per share in cash.

+ OTC:MRT 12/16/2011 Fertitta Morton (N/A) All Cash $116.6 million $6.90 $6.88 14,536 02/15/2012 0.29% 4.61%
Details of Morton's Restaurant Group, Inc.

Expected to close by early February 2012 for a closing value of $116.6 million. Upon completion of the merger, shareholders of Morton's Restaurant Group will receive $6.9 per share in cash.

+ SFSF 12/03/2011 SAP AG (NYSE:SAP) All Cash $3.4 billion $40.00 $39.89 962,103 03/31/2012 0.28% 1.48%
Details of SuccessFactors, Inc.

Expected to close in the first quarter of 2012 for a closing value of $3.4 billion. Upon completion of the merger, shareholders of SuccessFactors will receive $40.00 per share in cash.

+ SYNO 12/13/2011 Baxter International Inc. (NYSE:BAX) All Cash $325 million $28.00 $27.93 46,708 03/31/2012 0.25% 1.35%
Details of Synovis Life Technologies Inc.

Expected to close in the first quarter of 2012 for a closing value of $325 million. Upon completion of the merger, shareholders of Synovis will receive $28.00 per share in cash.

+ SONO 12/15/2011 FUJIFILM Holdings Corporation (N/A) All Cash $995 million $54.00 $53.87 250,552 03/31/2012 0.24% 1.30%
Details of SonoSite Inc.

Expected to close in the third quarter of 2012 for a closing value of $995 million. Upon completion of the merger, shareholders of SonoSite will receive $54.00 per share in cash.

+ TKLC 11/07/2011 a consortium led by Siris Capital Group, LLC (N/A) All Cash $780 million $11.00 $10.98 307,893 03/31/2012 0.18% 0.98%
Details of Tekelec

Expected to close in the first quarter of 2012 for a closing value of $780 million. Upon completion of the merger, shareholders of Tekelec will receive $11.00 per share in cash.

+ ADPI 11/07/2011 JLL Partners, Inc. (N/A) All Cash $398 million $19.00 $18.97 312,489 03/31/2012 0.16% 0.85%
Details of American Dental Partners, Inc.

Expected to close in the first quarter of 2012 for a closing value of $398 million. Upon completion of the merger, shareholders of American Dental Partners will receive $19.00 per share in cash.

+ PNNW 11/12/2010 City of Nashua (N/A) All Cash $138 million $29.00 $28.99 29,266 02/03/2012 0.03% 1.14%
Details of Pennichuk Corporation

Expected to close on February 03, 2012 for a closing value of $138 million. On the completion of the merger, Pennichuck shareholders will receive $29.00 per share in cash.

+ CSA 12/27/2011 Ventas, Inc. (NYSE:VTR) All Cash $700 million $4.25 $4.25 418,441 06/30/2012 0.00% 0.00%
Details of Cogdell Spencer Inc.

Ventas is buying Cogdell Spencer for $4.25/share in cash. The deal is approximately worth between $760 and $770 million and is expected to close in the second quarter of 2012.

+ SUG 06/16/2011 Energy Transfer Equity (NYSE:ETE) All Stock $9.4 billion $42.28 $43.25 1,546,770 03/31/2012 -2.24% -12.04%
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 received a proposal by The Williams Companies to acquire all of the outstanding shares of Southern Union for $39.00 per share in cash.

July 05, 2011: Energy Transfer Equity and Southern Union Company 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.

July 14, 2011: Southern Union Company confirmed receipt of a revised proposal by The Williams Companies to acquire all of the outstanding shares of Southern Union for $44.00 per share in cash.

July 19, 2011: Energy Transfer Equity upped its bid for Southern Union to $44.25 a share for an enterprise value of $9.4 billion including debt. Shareholders can elect to receive either $44.25 per share cash or one unit of ETE, with 60% of the new bid payable in cash. To keep things conservative, we are treating this deal as an all stock deal.

+ HNB 06/02/2011 BankUnited Inc. (NYSE:BKU) Cash Plus Stock $71.4 million $3.60 $3.70 650 03/31/2012 -2.75% -14.76%
Details of Herald National Bank

Expected to close in the first quarter of 2012 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.

+ BXG 11/14/2011 BFC Financial Corporation (OTCQB:BFCF) All Stock N/A $2.80 $2.90 3,832 06/30/2012 -3.45% -7.92%
Details of Bluegreen Corporation

Expected to close in the first half of 2012 in an all stock deal, where shareholders of Bluegreen Corporation will be entitled to receive eight shares of BFC's Class A Common Stock for each share of Bluegreen's Common Stock they hold at the effective time of the merger.

+ NYX 02/15/2011 Deutsche Boerse (N/A) All Stock N/A $19.06 $27.45 2,510,779 03/31/2012 -30.57% -164.09%
Details of NYSE Euronext

Expected to close in the first quarter of 2012 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 (NASDAQ:NDAQ) and ICE have made a joint offer for NYSE Euronext that is worth $43 as of April 1, 2011.

Click to enlarge