Merger Arbitrage Mondays: March 26, 2012

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 |  Includes: ABVT, ADGF, BLD-OLD, CADC, CMFB, DUK, KMI, LFL, MHS, TUDO, VIST-OLD, VQ
by: Asif Suria

Merger activity decreased 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 35
Total Number of Pending Deals
Cash Deals 34
Stock Deals 12
Stock & Cash Deals 7
Total Number of Pending Deals 53
Total Deal Size $356.4 billion
Click to enlarge

New Deals:

  1. The acquisition of AboveNet (NYSE:ABVT) by Zayo Group for $2.2 billion or $84.00 per share in cash.
  2. The acquisition of Adams Golf (NASDAQ:ADGF) by the TaylorMade-adidas Golf business segment for $70 million or $10.80 per share in cash.

Closed Deals:

  1. The acquisition of Baldwin Technology Company (NYSEMKT:BLD-OLD) by Forsyth Baldwin, LLC on March 21, 2012.

Top 10 deals with largest spreads:

Symbol Announced

Date

Acquiring

Company

Closing

Price

Last

Price

Closing

Date

Profit Annualized

Profit

TUDO 03/12/2012 Youku Inc. (NYSE:YOKU) $39.40 $33.30 09/30/2012 18.31% 35.54%
VQ 01/16/2012 Denver Parent Corporation (N/A) $12.50 $11.24 06/30/2012 11.21% 42.62%
CADC 10/24/2011 Novel Gain Holdings Limited (N/A) $2.65 $2.39 03/31/2012 10.88% 794.14%
INCB 01/25/2012 Old National Bancorp Capital (NYSE:ONB) $24.28 $22.55 06/30/2012 7.68% 29.20%
VIST-OLD 01/26/2012 Tompkins Financial Corporation (NYSEMKT:TMP) $12.81 $12.10 09/30/2012 5.90% 11.46%
EP 10/16/2011 Kinder Morgan, Inc. (NYSE:KMI) $31.77 $30.18 06/30/2012 5.27% 20.05%
TAM 01/19/2011 LAN Airlines S.A. (NYSE:LFL) $25.69 $24.54 06/30/2012 4.67% 17.76%
MHS 07/21/2011 Express Scripts, Inc. (NASDAQ:ESRX) $71.50 $68.49 06/30/2012 4.39% 16.68%
PGN 01/10/2011 Duke Energy Corporation (NYSE:DUK) $54.31 $52.31 03/31/2012 3.83% 279.65%
CMFB 12/20/2011 Sandy Spring Bancorp Inc. (NASDAQ:SASR) $14.83 $14.30 06/30/2012 3.72% 14.13%
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

TUDO 03/12/2012 Youku Inc. (YOKU) All Stock $1 billion $39.40 $33.30 593,862 09/30/2012 18.31% 35.54%
Details of Tudou Holdings Limited

Expected to close in the third quarter of 2012 for a closing value of approximately $1 billion. Upon completion of the merger, ADR holders of Tudou Holdings will receive 1.595 ADRs of YOKU.

01/16/2012 Denver Parent Corporation (N/A) All Cash $1.5 billion $12.50 $11.24 143,776 06/30/2012 11.21% 42.62%
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.

10/24/2011 Novel Gain Holdings Limited (N/A) All Cash N/A $2.65 $2.39 40,794 03/31/2012 10.88% 794.14%
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.

INCB 01/25/2012 Old National Bancorp Capital All Stock $79.2 million $24.28 $22.55 4,758 06/30/2012 7.68% 29.20%
Details of Indiana Community Bancorp

Expected to close in the second quarter of 2012 for a closing value of $79.2 million in an all stock deal, where Indiana Community Bancorp shareholders will receive 1.90 shares of Old National Bancorp common stock for each share of Indiana Community Bancorp common stock held by them.

01/26/2012 Tompkins Financial Corporation All Stock 86 million $12.81 $12.10 1,088 09/30/2012 5.90% 11.46%
Details of VIST Financial Corp

Expected to close in the third quarter of 2012 for a closing value of 86 million in an all stock deal, where VIST shareholders will receive 0.3127 shares of Tompkins Financial common stock for each share of VIST common stock held.

The exchange ratio is subject to adjustment based on the average of the closing prices of Tompkins Financial common stock for the 20 business days ending three business days prior to the VIST shareholder meeting called to consider the merger agreement (the "Average Closing Price"). If the Average Closing Price is more than $43.98, the Exchange Ratio shall be 0.2842; and if the Average Closing Price is less than $35.98, the Exchange Ratio shall be 0.3475.

10/16/2011 Kinder Morgan, Inc. Cash Plus Stock $21 billion $31.77 $30.18 14,319,498 06/30/2012 5.27% 20.05%
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.

01/19/2011 LAN Airlines S.A. All Stock N/A $25.69 $24.54 209,504 06/30/2012 4.67% 17.76%
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 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.

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.

07/21/2011 Express Scripts, Inc. Cash Plus Stock $29.1 billion $71.50 $68.49 3,773,640 06/30/2012 4.39% 16.68%
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.

01/10/2011 Duke Energy Corporation All Stock $13.7 billion $54.31 $52.31 2,752,642 03/31/2012 3.83% 279.65%
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.

CMFB 12/20/2011 Sandy Spring Bancorp Inc. All Stock $25.4 million $14.83 $14.30 N/A 06/30/2012 3.72% 14.13%
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.

HGIC 09/29/2011 Nationwide Mutual Insurance Co (N/A) All Cash $760 million $60.00 $58.18 47,643 06/30/2012 3.13% 11.89%
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.

GRRF 01/12/2012 Talenthome Management Limited (N/A) All Cash $71.45 milion $3.15 $3.08 57,434 06/30/2012 2.27% 8.64%
Details of China GrenTech

China GrenTech Corporation Limited (NASDAQ:GRRF) 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.

LOOP 04/27/2011 CoStar Group (NASDAQ:CSGP) Cash Plus Stock $860 million $19.03 $18.61 50,033 04/30/2012 2.26% 23.57%
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.

Update(s)

January 04, 2012: LoopNet and CoStar agreed to further extend the the waiting period imposed by the Hart-Scott-Rodino Act to allow the firms to engage in discussions with the U.S. Federal Trade Commission ("FTC") to determine whether there is a possible basis for, and to discuss the possible terms of, a mutually acceptable consent order that would allow the merger of the two firms to close.

CNVO 01/17/2012 Blackbaud (NASDAQ:BLKB) All Cash $275 million $16.00 $15.66 200,882 03/31/2012 2.17% 158.49%
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.

GR 09/21/2011 United Technologies Corp. (NYSE:UTX) All Cash $18.4 billion $127.50 $124.95 735,024 06/30/2012 2.04% 7.76%
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.

MMI 08/15/2011 Google (NASDAQ:GOOG) All Cash $12.5 billion $40.00 $39.26 1,359,004 06/30/2012 1.88% 7.17%
Details of Motorola Mobility Holdings, Inc.

Expected to close by the second quarter of 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.

FFFD 03/13/2012 Great Western Bancorporation, Inc. (N/A) All Cash $41.5 million $30.58 $30.05 5,732 08/31/2012 1.76% 4.07%
Details of North Central Bancshares, Inc.

Expected to close in the summer of 2012 for a closing value of $41.5 million. Upon completion of the merger, shareholders of North Central Bancshares will receive $30.58 per share in cash.

EBTX 03/06/2012 Cadence Bancorp (N/A) All Cash $250 million $20.62 $20.30 55,402 12/31/2012 1.58% 2.05%
Details of Encore Bancshares

Privately held Cadence Bancorp entered into an agreement to acquire Encore Bancshares in an all cash deal valued at $250 million or $20.62/share. The deal is expected to close in the second half of 2012.

SURW 02/06/2012 Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) All Cash $340.9 million $23.00 $22.66 53,238 06/30/2012 1.50% 5.70%
Details of SureWest Communications

Expected to close for a closing value of $340.9 million. Upon completion of the merger, shareholders of SureWest Communications will receive $23.00 per share in cash or shares of Consolidated common stock having an equivalent value based on average trading prices for the 20-day period ending two days before the closing of the acquisition, subject to a collar. Overall elections are subject to proration such that 50 percent of the SureWest shares will be exchanged for cash and 50 percent for stock.

OTCPK:PCBC 03/12/2012 UnionBanCal Corp. (N/A) All Cash $1.51 billion $46.00 $45.34 35,721 12/31/2012 1.46% 1.90%
Details of Pacific Capital Bancorp

Expected to close in the fourth quarter of 2012 for a closing value of $1.51 billion. Upon completion of the merger, shareholders of Pacific Capital Bancorp will receive $46.00 per share in cash.

CRIC 12/28/2011 E-House (China) Holdings (NYSE:EJ) Cash Plus Stock $603 million $5.17 $5.10 91,660 06/30/2012 1.37% 5.22%
Details of China Real Estate Information Corporation

E-House (China Holdings) has entered into a definitely 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.

RVSN 03/15/2012 Avaya (N/A) All Cash $230 million $11.85 $11.70 115,585 12/31/2069 1.28% 0.02%
Details of RADVision Ltd.

Expected to close for a closing value of $230 million. Upon completion of the merger, shareholders of RADvision will receive $11.85 per share in cash.

SOA 01/27/2012 Eastman Chemical Company (NYSE:EMN) Cash Plus Stock $4.7 billion $28.15 $27.81 1,954,485 06/30/2012 1.21% 4.60%
Details of Solutia Inc

Expected to close in mid-2012 for a closing value of $4.7 billion in a cash plust stock deal, where Solutia stockholders will receive $22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.

CRYP 02/02/2012 Amaya Gaming Group (N/A) All Cash $35.82 million $2.54 $2.51 17,814 04/30/2012 1.20% 12.46%
Details of CryptoLogic Limited

Expected to close by April 30, 2012 for a closing value of $35.82 million. Upon completion of the merger, shareholders of Cryptologic will receive $2.54 per share in cash.

03/19/2012 Zayo Group (N/A) All Cash $2.2 billion $84.00 $83.11 1,284,424 12/31/2069 1.07% 0.02%
Details of Abovenet Inc.

Expected to close in mid 2012 for a closing value of $2.2 billion. Upon completion of the merger, shareholders of AboveNet will receive $84.00 per share in cash.

NVLS 12/14/2011 Lam Research Corp (NASDAQ:LRCX) All Stock $3.3 billion $49.30 $48.86 2,169,224 06/30/2012 0.90% 3.40%
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

SRLS 02/13/2012 Linden Capital Partners (N/A) All Cash $82 million $4.00 $3.97 11,200 06/30/2012 0.76% 2.87%
Details of SeraCare Life Sciences Inc

Expected to close in the second quarter of 2012 for a closing value of $82 million. Upon completion of the merger, shareholders of SeraCare Life Sciences will receive $4.00 per share in cash.

TRCR 03/07/2012 Nuance Communications (NASDAQ:NUAN) All Cash $300 million $29.50 $29.30 53,091 09/30/2012 0.68% 1.33%
Details of Transcend Services

Nuance Communications entered into an agreement to acquire Transcend Services in an all cash deal valued at $300 million or $29.50 per share. The deal is expected to close in the second half of Nuance's fiscal 2012. Nuance's fiscal year ends on September 30.

03/19/2012 TaylorMade-adidas Golf business (N/A) All Cash $70 million $10.80 $10.73 57,398 12/31/2069 0.65% 0.01%
Details of Adams Golf, Inc.

Expected to close in mid 2012 for a closing value of $70 million. Upon completion of the merger, shareholders of Adams Golf will receive $10.80 per share in cash.

MFN 01/23/2012 Pan American Silver Corp. (NASDAQ:PAAS) Cash Plus Stock $1.5 billion $13.74 $13.67 312,015 03/31/2012 0.53% 38.45%
Details of MineFinders Corp. Ltd.

Expected to close by the end of March 2012 for a closing value of $1.5 billion. Under the terms of the Arrangement Agreement, Minefinders shareholders will be entitled to elect to receive, in exchange for each Minefinders share held, either: (i) 0.55 shares of Pan American and $1.84 in cash; or (II) 0.6235 shares of Pan American; or (NASDAQ:III) $15.60 in cash, subject to pro-ration under total aggregate cash and share pools of approximately $176 million and approximately 53 million Pan American shares, respectively, on a fully-diluted basis.

TNB 01/30/2012 ABB Ltd (NYSE:ABB) All Cash $3.9 billion $72.00 $71.65 633,324 06/30/2012 0.49% 1.86%
Details of Thomas & Betts Corporation

Expected to close by the middle of 2012 for a closing value of $3.9 billion. Upon completion of the merger, shareholders of Thomas & Betts will receive $72.00 per share in cash.

AEA 02/15/2012 Grupo Elektra (N/A) All Cash $780 million $10.50 $10.45 449,773 06/30/2012 0.48% 1.82%
Details of Advance America, Cash Advance

Expected to close in the first half of 2012 for a closing value of $780 million. Upon completion of the merger, shareholders of Advance America, Cash Advance Centers will receive $10.50 per share in cash.

PBY 01/30/2012 The Gores Group (N/A) All Cash $1 billion $15.00 $14.93 543,174 06/30/2012 0.47% 1.78%
Details of Pep Boys-Manny, Moe & Jack

Expected to close in the second fiscal quarter of 2012 for a closing value of $1 billion. Upon completion of the merger, shareholders of Pep Boys-Manny, Moe & Jack will receive $15.00 per share in cash. The agreement provides for a 45-day "go-shop" period and is expected to close in the second quarter of 2012.

RRR 12/16/2011 United Rentals, Inc. (NYSE:URI) Cash Plus Stock $1.9 billion $22.32 $22.22 2,320,747 06/30/2012 0.44% 1.69%
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.

MDS 03/13/2012 TBC Corporation (N/A) All Cash $310 million $11.50 $11.45 719,736 06/30/2012 0.44% 1.66%
Details of Midas, Inc.

Expected to close by the second quarter of 2012 for a closing value of $310 million. Upon completion of the merger, shareholders of Midas will receive $11.50 per share in cash.

12/23/2011 Forsyth Baldwin, LLC (N/A) All Cash $27.3 million $0.96 $0.956 21,331 06/30/2012 0.42% 1.59%
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.

NST 10/18/2010 Northeast Utilities (NU) All Stock $4.17 billion $48.20 $48.06 191,191 03/31/2012 0.30% 21.70%
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.

CTBC 10/26/2011 Berkshire Hills Bancorp, Inc. (NASDAQ:BHLB) All Stock $30 million $8.66 $8.64 25,007 04/30/2012 0.28% 2.89%
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.

ZOLL 03/12/2012 Asahi Kasei Corp (N/A) All Cash $2.21 billion $93.00 $92.75 298,647 06/30/2012 0.27% 1.02%
Details of Zoll Medical Corporation

Expected to close in the second quarter of 2012 for a closing value of $2.21 billion. Upon completion of the merger, shareholders of Zoll Medical Corporation will receive $93.00 per share in cash.

CSA 12/27/2011 Ventas, Inc. (NYSE:VTR) All Cash $700 million $4.25 $4.24 424,451 06/30/2012 0.24% 0.90%
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.

DFG 12/21/2011 Tokio Marine Holdings (N/A) All Cash $2.7 billion $44.80 $44.70 276,678 06/30/2012 0.22% 0.85%
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. (TMNF). 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.

SUG 06/16/2011 Energy Transfer Equity (NYSE:ETE) All Stock $9.4 billion $42.48 $42.40 975,200 03/31/2012 0.19% 13.77%
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, 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. and Southern Union Company 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.

July 14, 2011: Southern Union Company (SUG) confirmed receipt of a revised proposal by The Williams Companies, Inc. (WMB) 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.

ARCL 03/05/2012 PLATO Learning (N/A) All Cash $291 million $11.10 $11.08 34,746 06/30/2012 0.18% 0.69%
Details of Archipelago Learning

Privately held PLATO Learning entered into an agreement to acquire Archipelago Learning for $291 million or $11.10/share in an all cash deal that is expected to close in the second quarter of 2012.

WCAA 12/21/2011 Macquarie Infrastructure Partners II (N/A) All Cash $526 million $6.50 $6.49 7,600 03/31/2012 0.15% 11.25%
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.

TLEO 02/09/2012 Oracle Corporation (NASDAQ:ORCL) All Cash $1.9 billion $46.00 $45.93 526,426 06/30/2012 0.15% 0.58%
Details of Taleo Corporation

Expected to close by mid-year 2012 for a closing value of $1.9 billion. Upon completion of the merger, shareholders of Taleo will receive $46.00 per share in cash.

CHUX 02/06/2012 Fidelity National Financial, Inc. (NYSE:FNF) All Cash $221 million $9.85 $9.84 305,009 06/30/2012 0.10% 0.39%
Details of O'Charley's Inc.

Expected to close in the second quarter of 2012 for a closing value of $221 million. Upon completion of the merger, shareholders of O'Charley's will receive $9.85 per share in cash.

BXG 11/14/2011 BFC Financial Corporation (OTCQB:BFCF) All Stock N/A $4.00 $4.00 44,294 06/30/2012 0.00% 0.00%
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.

CV 07/12/2011 Gaz metro Limited Partnership (N/A) All Cash $702 million $35.25 $35.26 24,871 06/30/2012 -0.03% -0.11%
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.

ATSC 02/21/2012 Salient Federal Solutions, Inc. (N/A) All Cash N/A $3.20 $3.21 7,035 06/30/2012 -0.31% -1.18%
Details of ATS Corporation

Expected to close in the second quarter of 2012. Upon completion of the merger, shareholders of ATS Corporation will receive $3.20 per share in cash.

CHG 02/21/2012 Fortis Inc. (N/A) All Cash $1.5 billion $65.00 $66.75 31,381 03/31/2013 -2.62% -2.59%
Details of CH Energy Group, Inc.

Expected to close in the first quarter of 2013 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of CH Energy Group will receive $65.00 per share in cash.

PARL 12/23/2011 Perfumania Holdings, Inc. (NASDAQ:PERF) All Stock $170 million $5.44 $5.64 149,833 06/30/2012 -3.55% -13.48%
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 .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.

QSFT 03/09/2012 Insight Venture Partners (N/A) All Cash $2 billion $23.00 $24.02 542,450 09/30/2012 -4.25% -8.24%
Details of Quest Software

Insight Venture Partners entered into an agreement to acquire Quest Software in an all cash deal valued at $2 billion or $23 per share. The deal is expected to close in the third quarter of 2012. Insight Venture Partners is supporting the current CEO Vinny Smith in taking the company private. The stock closed at $24.07 on the day of announcement indicating traders expect a higher price or a rival bid.

WOLF 03/13/2012 An affiliate of Apollo Global Management, LLC (N/A) All Cash $703 million $5.00 $5.59 475,140 06/30/2012 -10.55% -40.13%
Details of Great Wolf Resorts, Inc.

Expected to close in the second quarter of 2012 for a closing value of $703 million. Upon completion of the merger, shareholders of Great Wolf Resorts will receive $5.00 per share in cash.

Click to enlarge

Disclosure: See author's portfolio holdings here.