Merger Arbitrage Mondays – March 07, 2011 - Kestrel Group (NASDAQ:KG), Chicago Rivet & Machine (AMEX:CVR)

Merger activity decreased last week with four new deals announced and three deals closing.

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

Deal Statistics:

Total Number of Deals Closed in 2011	31
Total Number of Deals Not Completed in 2011	1
Total Number of Pending Deals
Cash Deals	45
Stock Deals	23
Stock & Cash Deals	12
Total Number of Pending Deals	70

New Deals:

The acquisition of Nationwide Health Properties (NHP) by Ventas (VTR) for $7.4 billion in an all stock deal where NHP shareholders will receive a fixed exchange ratio of 0.7866 Ventas shares for each share of NHP common stock they own.
The acquisition of America Service Group (ASGR) by Valitás Health Services for $250 million or $26.00 per share in cash.
The acquisition of Global Defense Technology & Systems (GTEC) by an affiliate of Ares Management LLC for $315 million or $24.25 per share in cash.
The acquisition of Cascade Financial Corp (CASB) by Opus Bank for $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.

Closed Deals:

The acquisition of Martek (MATK) by Royal DSM KON on February 28, 2011
The acquisition of King Pharma (KG) by Pfizer (PFE) on March 01, 2011
The acquisition of McAfee (MFE) by Intel (INTC) on March 01, 2011

Updated Deals:

Grifols and Talecris (TLCR) Announce the Outside Date of Their Merger Agreement has been Extended to June 30, 2011.
On March 04, 2011, CPEX Pharmaceutical Partners (CPEX) received a letter from Athyrium Capital Management LLC, in response to recent incomplete and inaccurate statements by Mangrove Partners.
CVS Caremark and Universal American (UAM) Announce Termination of Hart-Scott-Rodino Waiting Period on March 01, 2011.
Mangrove Partners Questions the proposed sale of CPEX Pharmaceuticals (CPEX) and intends to vote ‘No' on the merger on February 28, 2011.
Zoran Corporation (ZRAN) issued an open letter to its stockholders on March 01, 2011.

Top 10 Deals with largest spreads:

Acquiring Company Closing Price 35.87% 4.65%

4.63%

List of all pending deals:

Acquiring Company Closing Price 35.87% 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. Details of AirTran Holdings
Expected to close in the first quarter of 2011 for a closing value of $1.4 billion. On the completion of the merger, AirTran Holdings Shareholders will receive $3.75 per share in cash and 0.321 share of Southwest stock for each share of AirTran held. Update Nov 2, 2010: The ratio of Southwest shares issued changes based on the price of Southwest's stock and the deal value also varies from $7.25 to $7.75. Specifically as stated in the press release “The number of shares to be issued by Southwest Airlines is subject to adjustment if the average of Southwest Airlines closing prices for the 20 trading days ending three trading days prior to closing is below $10.90 or above $12.46. This adjustment mechanism is intended to provide at least $7.25 in value and up to $7.75 in value per share of AirTran common stock. If the average closing price noted above exceeds $12.46, the value will be $7.75 with fewer shares of Southwest common stock issued. If the average closing price noted above is less than $10.90, the value will be $7.25 with additional shares of Southwest common stock issued. Additionally, Southwest Airlines has the option of substituting cash in lieu of issuing incremental shares if the average closing stock price is less than $10.90.” 4.65% 4.63% Details of Massey Energy Co. The deal is expected to close in mid-2011 for $8.5 billion. Under the terms of the deal, Massey stockholders will receive 1.025 shares of Alpha common stock and $10.00 in cash for each share they own. 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. 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. 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. Details of NGAS Resources Inc. Expected to close by the end of this year or the first quarter of 2011 for a closing value of $98 million. On the completion of the merger, Monroe Bancorp shareholders Monroe shareholders will receive 0.0846 shares of Magnum Hunter Resources Corp. for every share held. 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. 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. 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. 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. Details of New Alliance Bancshares
Expected to close in early second quarter of 2011 for a closing value of $1.5 billion. On the completion of the merger, New Alliance shareholders will receive either 1.1 shares of FNFG stock, all cash or cash plus stock. NAL mentioned that the “aggregate consideration is 86% in stock and 14% in cash”. The exchange ratio is however fixed at 1.1 shares of FNFG per share of NAL and worked out to $14.09 per share upon announcement of the deal. 1.27% Details of Retail Ventures Inc Expected to close in the second quarter of 2011. On the completion of the merger, Retail Ventures shareholders will receive 0.435 DSW shares per each RVI share. Details of Silverleaf Resorts Inc. Expected to close by April 14, 2010 for a closing value of $94 million. On the completion of the merger, Silverleaf Resorts shareholders will receive $2.50 per share in cash. Details of Alcon Inc. Expected to close in the first half of 2011 for a closing value of $12.9 billion. On the completion of the merger, Alcon Inc. shareholders will receive $168 per share in cash. The exact exchange ratio and cash contingent value amount will be calculated based upon formulas set forth in the merger agreement. 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. Details of Qwest Communications Internatio Expected to close in the first half of 2011for a value of $10.6bn. Under the terms of the agreement, Qwest shareholders will receive 0.1664 CenturyLink shares for each share of Qwest common stock they own at closing. Details of Emergency Medical Services Corp Expected to close in the second quarter of 2011 for a closing value of $3 billion. On the completion of the merger, Emergency Medical Services shareholders will receive $64.00 per share in cash. Details of Tollgrade Communications Expected to close in the second quarter of 2011 for a closing value of $137 million. Upon completion of the merger, Tollgrade Communications shareholders will receive $10.10 per share in cash. Details of XETA Technologies Expected to close within three months for a closing value of $61 million. On the completion of the merger, XETA Technologies shareholders will receive $5.50 per share in cash. 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. Details of L-1 Identity Solutions Inc Expected to close in the first quarter of 2011 for a closing value of $1.1 billion. On the completion of the merger, ID shareholders will receive $12 per share in cash. 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. Details of Ladish Co Expected to close in early 2011 for a closing value of $778 million. On the completion of the merger, Ladish Co shareholders will receive $24 in cash and 0.4556 share of Allegheny stock for each share held. Details of Dionex Corp. Expected to close in the first quarter of 2011 for a closing value of $2.1 billion. On the completion of the merger, Dionex shareholders will receive $118.50 per share in cash. Details of Alberto Culver Expected to close in the fourth quarter of 2010 for a closing value of $3.7 billion. On the completion of the merger, Albert Culver shareholders will receive $37.50 per share in cash. Details of Atheros Communications Inc. Expected to close in the firt half of 2011 for a closing value of $3.1 billion. On the completion of the merger, Atheros Communications Inc. shareholders will receive $45.00 per share in cash. Details of Wilber Corporation

Expected to close by February 15, 2011 for a closing value of $101.8 million. On the completion of the merger, Wilber shareholders will receive $9.50 per share in cash and Community Bank System common stock, subject to the following calculation:

If the Community Bank System Market Price is equal to or greater than $19.71, or equal to or less than $25.35, then the ratio will be determined by a quotient (rounded to the nearest one-thousandth) obtained by dividing $9.50 by the Community Bank System Market Price.
If the Community Bank System Market Price is greater than $25.35, then the quotient is 0.3748.
If the Community Bank System Market Price is less than $19.71, then the quotient is 0.4820. 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. Details of Pride International Inc. Expected to close in the second quarter of 2011 for a closing value of $7.31 billion. On the completion of the merger, Pride International shareholders will receive 0.4778 newly-issued Ensco shares plus $15.60 in cash for each Pride common share. Details of Caraco Pharmaceutical Laboratories Ltd Upon completion of this merger, Caraco Pharmaceutical Laboratories shareholders will receive $5.25 per share in cash. Details of Emergent Group Inc. Expected to close within 45 to 90 days for a closing value of $70 million. On the completion of the merger, Emergent Group shareholders will receive $8.46 per share in cash. Details of Cadence Financial Corporation Expected to close in the first quarter of 2011 for a closing value of $23.8 million in an all-stock deal. On the completion of the merger, Cadence shareholders will receive receive 0.097 shares of Trustmark common stock for each share of Cadence they hold.
Revision on 10/06/2010: Cadence Financial agreed to be acquired by Community Bancorp for $38 million at $2.50 per share in cash, after terminating its previously announced agreement with Trustmark Corporation Details of NovaMed Inc. Expected to close in second quarter of 2011 for $214 million. On the completion of merger NovaMed Inc. shareholders will receive 13.25 per share in cash. Details of Crucell NV Expected to close in the first quarter of 2011 for a closing value of $2.41 billion. On the completion of the merger Crucell NV shareholders will receive Euro 24.75 per share in cash (approximately $34 at the time of announcement). Details of Mercer Insurance Group Expected to close in the first quarter of 2011 for a closing value of $191 million. On the completion of the merger, Mercer Insurance Group shareholders will receive $28.25 per share in cash. Details of ProLogis Expected to close in the second quarter of 2011. On the completion of the merger, ProLogis shareholders will receive 0.4464 shares of AMB Property common stock per share held. Details of Jo-Ann Stores Inc. Expected to close in the second quarter of 2011 for a closing value of $1.6 billion. On the completion of the merger, Jo-Ann Stores shareholders will receive $61.00 per share in cash. Update Feb 15, 2011: Changed the closing date to 3/31/2011 from 6/30/2011 following a press release by the company stating that the deal is expected to close by the end of March. Details of Herley Industries Inc. Expected to close in the first quarter of 2011 for a closing value of $270 million. On the completion of the merger, Herley Industries shareholders will receive $19.00 per share in cash. Details of Terremark Worldwide, Inc. Expected to close in first quarter of 2011 for $1.4 billion. On completion of merger Terremark Worldwide, Inc. will receive $19 per share in cash. 0.00% N/A 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. 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.

Symbol	Announced Date	Last Price	Closing Date	Profit	Annu. Profit	LTXC	11/18/2010	Verigy Ltd (VRGY)	$12.76	$9.39	06/30/2011	113.86%
TLCR	06/07/2010	Grifols (GRF.MC)	$29.69	$25.54	06/30/2011	16.23%	51.51%
TAM	01/19/2011	LAN Airlines S.A. (LFL)	$24.60	$21.70	09/30/2011	13.35%	23.54%
DNBK	01/20/2011	People's United Financial Inc. (PBCT)	$23.00	$21.47	06/30/2011	7.13%	22.62%
AAI	09/27/2010	Southwest Airlines (LUV)	$7.75	$7.28	03/31/2011	6.46%	98.19%
SHMR	10/15/2010	Essilor (N/A)	$14.50	$13.6437	06/30/2011	6.28%	19.92%
PVG	09/21/2010	Penn Virginia Resource Partners (PVR)	$28.34	$26.93	03/31/2011	5.24%	79.72%
MAJC	09/21/2010	Bayside Capital Partners (N/A)	$4.50	$4.30	03/31/2011	70.74%	NOVL	11/21/2010	Attachment Corporation (N/A)	$6.10	$5.83	04/30/2011	31.30%
MEE	01/29/2011	Alpha Natural Resources, Inc. (ANR)	$68.19	$65.33	06/30/2011	4.38%	13.89%
Symbol	Announced Date	Deal Type	Closing Value	Last Price	Volume	Closing Date	Profit	Annu. Profit	LTXC	11/18/2010	Verigy Ltd (VRGY)	All Stock	$422 million	$12.76	$9.39	242,078	06/30/2011	113.86%
Details of LTX – Credence Corporation Expected to close in the second half of 2011 for a closing value of $422 million. On the completion of the merger, LTX – Credence Corporation shareholders will receive 0.96 Verigy shares or Holdco stock for each LTX-Credence share.
TLCR	06/07/2010	Grifols (GRF.MC)	Cash Plus Stock	$3.4 billion	$29.69	$25.54	2,466,030	06/30/2011	16.23%	51.51%
Details of Talecris Expected to close by the end of the year for a closing value of $3.4 billion. On the completion of the merger Grifols will pay $19 in cash and 0.641 newly issued, nonvoting shares for each share of Talecris. Update Nov 04, 2010: The ratio was increased to 0.6485 on November 4, 2010. Update Nov 15, 2010: U.S. antitrust regulators might seek to block Grifols's purchase of Talecris. The expected completion date has been updated to 3/31/2011. Update March 04, 2011:Grifols and Talecris Announce the Outside Date of Their Merger Agreement has been Extended to June 30, 2011
TAM	01/19/2011	LAN Airlines S.A. (LFL)	All Stock	N/A	$24.60	$21.70	983,657	09/30/2011	13.35%	23.54%
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.
DNBK	01/20/2011	People's United Financial Inc. (PBCT)	All Cash	$493 million	$23.00	$21.47	41,182	06/30/2011	7.13%	22.62%
AAI	09/27/2010	Southwest Airlines (LUV)	Cash Plus Stock	$1.4 billion	$7.75	$7.28	1,357,534	03/31/2011	6.46%	98.19%
SHMR	10/15/2010	Essilor (N/A)	All Cash	$130 million	$14.50	$13.6437	1,699	06/30/2011	6.28%	19.92%
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.
PVG	09/21/2010	Penn Virginia Resource Partners (PVR)	All Stock	$954 million	$28.34	$26.93	170,143	03/31/2011	5.24%	79.72%
Details of Penn Virginia GP Holdings Expected to close by the end of the year for a closing value of $954 million. On the completion of the merger, Penn Virginia GP Holdings unitholders will receive 0.98 units of Penn Virginia Resource Partners per Penn Virginia GP Holdings unit held. Update Dec 27, 2010: Updated the closing date to 3/31/2011 since the special meeting to discuss the merger has been set for February 16, 2011.
MAJC	09/21/2010	Bayside Capital Partners (N/A)	All Cash	$7.8 million	$4.50	$4.30	12,474	03/31/2011	70.74%
Details of Majestic Capital Expected to close in the first quarter of 2011 for a closing value of $7.8 million. On the completion of the merger, Majestic Capital shareholders will receive $0.45 per share in cash. Update Nov 5, 2010: The stock symbol and closing price have been updated to reflect a 1:10 reverse stock split that became effective as of Nov 4, 2010.
NOVL	11/21/2010	Attachment Corporation (N/A)	All Cash	$2.2 billion	$6.10	$5.83	3,217,305	04/30/2011	31.30%
Details of Novell Inc. Expected to close in the first quarter of 2011 for a closing value of $2.2 billion. On the completion of the merger, Novell shareholders will receive $6.10 per share in cash. Update: Feb 17, 2011 – Novell and CPTN received a request for additional information from the Antitrust Division of the United States Department of Justice regarding the patent sale. The requests have the effect of extending the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 until 30 days after both parties have substantially complied with the requests, unless the waiting period is earlier terminated. Novell is in the process of gathering information to respond to this request and is continuing to cooperate fully with the Department of Justice in connection with its review. Novell continues to work toward completing the merger as quickly as possible and currently anticipates that the closing of the merger will occur following the completion of the waiting period and the satisfaction of other closing conditions.
MEE	01/29/2011	Alpha Natural Resources, Inc. (ANR)	Cash Plus Stock	$8.5 billion	$68.19	$65.33	4,388,216	06/30/2011	4.38%	13.89%
HYC	11/17/2010	Verifone Systems (PAY)	All Stock	$485 million	$11.48	$11.05	1,200,939	09/30/2011	3.89%	6.85%
MI	12/17/2010	BMO Financial Group (BMO)	All Stock	$4.1 billion	$7.99	$7.70	5,719,257	07/31/2011	3.79%	9.48%
ROME	10/12/2010	Berkshire Hills Bancorp (BHLB)	All Stock	$74 million	$12.45	$12.00	31,238	03/31/2011	3.73%	56.73%
Details of Rome Bancorp Inc. Expected to close by the first quarter of 2011 for a closing value of $74 million. On the completion of the merger, 70% of the outstanding Rome Bancorp shares will be exchanged for Berkshire Hills Bancorp shares at a fixed exchange ratio of 0.5658 Berkshire Hills Bancorp shares for each share of Rome Bancorp, and the remaining 30% of Rome Bancorp shares will be exchanged for $11.25 per share in cash.
PNNW	11/12/2010	City of Nashua (N/A)	All Cash	$138 million	$29.00	$28.06	18,283	09/30/2011	3.35%	5.91%
NGAS	12/27/2010	Magnum Hunter Resources Corp. (MHR)	All Stock	$98 million	$0.64	$0.615	3,677,763	06/30/2011	3.31%	10.50%
DTG	04/26/2010	Avis (CAR)	Cash Plus Stock	$1.56 billion	$56.26	$54.49	698,727	03/31/2011	3.25%	49.37%
LEGC	12/21/2010	Berkshire Hills Bancorp (BHLB)	Cash Plus Stock	$108 million	$13.70	$13.30	10,182	06/30/2011	3.04%	9.66%
CLFC	12/09/2010	Nara Bancorp Inc. (NARA)	All Stock	$285.7 million	$7.73	$7.51	144,612	09/30/2011	2.98%	5.25%
PGN	01/10/2011	Duke Energy Corporation (DUK)	All Stock	$13.7 billion	$46.97	$45.70	1,502,681	12/31/2011	2.79%	3.40%
WTNY	12/22/2010	Hancock Holding Company (HBHC)	All Stock	$1.5 billion	$13.82	$13.46	1,308,903	06/30/2011	2.67%	8.47%
Details of Whitney Holding Corporation Expected to close in the second quarter of 2011 for a closing value of $1.5 billion. On the completion of the merger, Whitney Holding Corporation shareholders will receive 0.418 shares of Hancock Holding Company common stock in exchange for each share of Whitney common stock in an all stock deal.
NAL	08/19/2010	First Niagara Financial Group (FNFG)	Cash Plus Stock	$1.5 billion	$15.70	$15.33	874,006	05/15/2011	2.39%	12.66%
NHP	02/28/2011	Ventas Inc. (VTR)	All Stock	$7.4 billion	$41.56	$40.59	2,604,531	09/30/2011	2.38%	4.20%
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.
DEP	02/23/2011	Enterprise Products Partners (EPD)	All Stock	N/A	$41.14	$40.20	149,012	12/31/2069	2.34%	0.04%
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.
TCM	11/01/2010	Hanmax Investment Limited (N/A)	All Cash	N/A	$4.50	$4.41	3,320	03/31/2011	2.04%	31.04%
Details of Tongjitang Chinese Medicines Expected to close in the first quarter of 2011. On the completion of the merger, Tongjitang Chinese Medicines shareholders will receive $4.50 per ADS in cash.
SBIB	01/18/2011	Comerica Incorporated (CMA)	All Stock	$1.027 billion	$9.07	$8.91	798,881	06/30/2011	1.82%	5.78%
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.
GAS	12/07/2010	AGL Resources Inc. (AGL)	Cash Plus Stock	$2.4 billion	$53.65	$52.82	724,469	09/30/2011	1.57%	2.76%
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.
HUGH	02/14/2011	EchoStar Corp (SATS)	All Cash	$2 billion	$60.70	$59.80	82,320	12/31/2011	1.51%	1.84%
Details of Hughes Communications Expected to close later this year for a closing value of $2 billion. On the completion of the merger, Hughes Communications shareholders will receive $60.70 per share in cash.
ABBC	01/26/2011	Susquehanna Bancshares, Inc. (SUSQ)	All Stock	$273 million	$12.61	$12.42	65,700	09/30/2011	1.50%	2.64%
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.
WL	11/01/2010	M & T Bank Corporation (MTB)	All Stock	$351 million	$4.52	$4.455	938,049	06/30/2011	1.49%	4.72%
Details of Wilmington Trust Corporation Expected to close in mid-year 2011 for a closing value of $351 million. On the completion of the merger, Wilmington Trust common shareholders will receive 0.051372 shares of M&T common stock in exchange for each share of Wilmington Trust common stock they own .
ASGR	03/03/2011	Valit�s Health Services, Inc. (N/A)	All Cash	$250 million	$26.00	$25.65	676,172	06/30/2011	1.36%	4.33%
Details of America Service Group Expected to close in the second quarter of 2011 for a closing value of $250 million. Upon completion of the merger, America Service Group shareholders will receive $26.00 per share in cash.
RHB	02/08/2011	Kindred Healthcare (KND)	Cash Plus Stock	$877 million	$37.94	$37.46	154,490	06/30/2011	1.27%	4.03%
Details of Rehabcare Group Expected to close by June 30, 2011 for a closing value of $877 million in a cash plus stock deal. On the completion of the merger, Rehabcare shareholders will receive $26 in cash and 0.471 of a Kindred share for each RehabCare share.
CNXT	02/23/2011	Golden Gate Capital (N/A)	All Cash	N/A	$2.40	$2.37	513,960	06/30/2011	4.02%
Details of Conexant Systems, Inc. Expected to close in the second quarter of 2011 for $2.40 per share in cash. Conexant Systems terminated its merger agreement with SMSC that was announced on January 10, 2011 and agreed to be acquired by Golden Gate Capital on February 23, 2011.
RVI	02/08/2011	DSW Inc (DSW)	All Stock	N/A	$17.90	$17.68	247,355	06/30/2011	1.22%	3.88%
SVLF	02/03/2011	Cerberus Capital Management (N/A)	All Cash	$94 million	$2.50	$2.47	76,901	04/15/2011	1.21%	11.37%
ACL	12/15/2010	Novartis (NVS)	All Cash	$12.9 billion	$168.00	$166.03	1,070,991	06/30/2011	1.19%	3.77%
BUCY	11/15/2010	Caterpillar Inc (CAT)	All Cash	$8.6 billion	$92.00	$90.95	1,240,435	06/30/2011	1.15%	3.66%
Q	04/22/2010	Century Link (CTL)	All Stock	$10.6 billion	$6.72	$6.65	20,568,120	04/21/2011	1.09%	8.85%
EMS	02/14/2011	Clayton, Dubilier & Rice (N/A)	All Cash	$3 billion	$64.00	$63.32	867,160	06/30/2011	1.07%	3.41%
TLGD	02/22/2011	Golden Gate Capital (N/A)	All Cash	$137 million	$10.10	$10.00	178,836	06/30/2011	1.00%	3.17%
XETA	02/09/2011	PAETEC Holding Corp (PAET)	All Cash	$61 million	$5.50	$5.45	108,216	04/30/2011	0.92%	6.20%
VCGH	11/10/2010	Company's chairman of the Board, CEO, President and COO (N/A)	All Cash	$37 million	$2.25	$2.23	4,357	03/31/2011	0.90%	13.64%
Details of VCG Holding Corporation Expected to close in the first quarter of 2011 for a closing value of $37 million. On the completion of the merger, VCG Holdings shareholders will receive $2.25 per share in cash.
PPD	01/31/2011	MidOcean Partners (N/A)	All Cash	$650 million	$66.50	$65.97	32,507	07/31/2011	0.80%	2.01%
ID	09/20/2010	Safran (N/A)	All Cash	$1.1 billion	$12.00	$11.91	1,354,091	03/31/2011	0.76%	11.49%
BEC	02/07/2011	Danaher (DHR)	All Cash	$6.8 billion	$83.50	$82.91	1,178,215	06/30/2011	0.71%	2.26%
LDSH	11/17/2010	Allegheny Technologies (ATI)	Cash Plus Stock	$778 million	$53.81	$53.43	31,693	03/31/2011	0.71%	10.81%
DNEX	12/13/2010	Thermo Fisher Scientific Inc. (TMO)	All Cash	$2.1 billion	$118.50	$117.67	248,303	03/31/2011	0.71%	10.73%
ACV	09/27/2010	Unilever PLC (N/A)	All Cash	$3.7 billion	$37.50	$37.25	554,373	03/31/2011	0.67%	10.21%
ATHR	01/05/2011	QUALCOMM Incorporated (QCOM)	All Cash	$3.1 billion	$45.00	$44.73	1,322,637	06/30/2011	0.60%	1.92%
GIW	10/25/2010	Community Bank System (CBU)	All Cash	$101.8 million	$9.50	$9.4432	9,900	03/31/2011	0.60%	9.15%
FTO	02/22/2011	Holly Corporation (HOC)	All Stock	$3 billion	$27.81	$27.65	2,453,807	09/30/2011	0.59%	1.04%
PDE	02/07/2011	Ensco plc (ESV)	Cash Plus Stock	$7.31 billion	$42.85	$42.60	4,619,904	06/30/2011	0.58%	1.85%
CPD	02/22/2011	Sun Pharmaceutical Industries ltd (N/A)	All Cash	N/A	$5.25	$5.22	28,746	12/31/2011	0.57%	0.70%
LZR	02/07/2011	Universal Hospital Services (N/A)	All Cash	$70 million	$8.46	$8.42	8,726	04/30/2011	0.48%	3.21%
CADE	10/06/2010	Community Bancorp LLC (N/A)	All Cash	$38 million	$2.50	$2.49	22,591	03/31/2011	0.40%	6.11%
NOVA	01/21/2011	Surgery Partners (N/A)	All Cash	$214 million	$13.25	$13.20	74,137	06/30/2011	0.38%	1.20%
CRXL	10/06/2010	Johnson & Johnson (JNJ)	All Cash	$2.41 billion	$34.59	$34.46	14,633	03/31/2011	0.37%	5.65%
MIGP	12/01/2010	United Fire & Casualty (UFCS)	All Cash	$191 million	$28.25	$28.15	8,950	03/31/2011	0.36%	5.40%
PLD	01/31/2011	AMB Property Corporation (AMB)	All Stock	N/A	$15.91	$15.85	3,918,709	06/30/2011	0.35%	1.11%
JAS	12/23/2010	affiliate of Leonard Green & Partners LP (N/A)	All Cash	$1.6 billion	$61.00	$60.81	289,947	03/31/2011	0.31%	4.75%
HRLY	02/07/2011	Kratos Defense & Security Solutions, Inc. (KTOS)	All Cash	$270 million	$19.00	$18.95	120,653	03/31/2011	0.26%	4.01%
TMRK	01/27/2011	Verizon Communications Inc. (VZ)	All Cash	$1.4 billion	$19.00	$18.95	459,998	03/31/2011	0.26%	4.01%
CPEX	01/04/2011	FCB I Holdings Inc. (N/A)	All Cash	N/A	$27.25	$27.20	97,301	06/30/2011	0.18%	0.58%
Details of CPEX Pharmaceuticals, Inc. Expected to close in the second quarter of 2011. On the completion of the merger, CPEX Pharmaceuticals, Inc. shareholders will receive $27.25 per share in cash. Update(s): February 28, 2011: Mangrove Partners Questions the Proposed Sale of CPEX Pharmaceuticals and Intends to Vote 'No' on the Merger March 04, 2011: CPEX Ph apital Manag e Partners. CPEX Pharmaceutical Partners (CPEX) received a letter from Athyrium Capital Management LLC, in response to recent incomplete and inaccurate statements by Mangrove Partners.
SSCC	01/23/2011	Rock-Tenn Co. (RKT)	Cash Plus Stock	$3.5 billion	$38.92	$38.86	469,395	06/30/2011	0.16%	0.49%
Details of Smurfit-Stone Container Corp. The deal is expected to close in the second quarter of 2011. According to the terms of the deal, the boards of both companies have agreed to the half-stock, half-cash deal. RockTenn will pay $17.50 in cash and Smurfit-Stone shareholders will receive 0.30605 shares of RockTenn for each share they own.
CGC	10/01/2010	Gammon Gold (GRS)	Cash Plus Stock	$288 million	$5.45	$5.44	217,930	03/31/2011	0.13%	1.91%
Details of Capital Gold Corp. Expected to close in the fourth quarter of 2010 for a closing value of $288 million. On the completion of the merger, Gammon will issue 0.5209 of a common share for each Capital share, in addition to paying 79 cents a share in cash.
DLM	11/25/2010	Kohlberg Kravis Roberts & Co (KKR)	All Cash	$4 billion	$19.00	$18.99	8,349,443	03/31/2011	0.05%	0.80%
Details of Del Monte Foods Company Expected to close in the first quarter of 2011 for a closing value of $4 billion. On the completion of the merger, Del Monte Foods shareholders will receive $19 per share in cash.
GXDX	01/24/2011	Novartis AG (NVS)	All Cash	$470 million	$25.00	$24.99	111,463	06/30/2011	0.04%	0.13%
Details of Genoptix, Inc. Expected to close in second half of 2011 for $470 million. On the completion of merger shareholders of Genoptix, Inc. will receive $25.00 per share in cash.
GTEC	03/03/2011	affiliate of Ares Management LLC (N/A)	All Cash	$315 million	$24.25	$24.25	461,252	06/30/2011	0.00%
Details of Global Defense Technology & Systems, Inc. Expected to close in the second quarter of 2011 for a closing value of $315 million. Upon completion of the merger, Global Defense Technology & Systems shareholders will receive $24.25 per share in cash.
ANSW	02/03/2011	AFCV Holdings LLC (N/A)	All Cash	$127 million	$10.50	$10.50	71,549	06/30/2011	0.00%	0.00%
Details of Answers Corporation Expected to close in the second quarter of 2011 for a closing value of $127 million. On the completion of the merger, Answers Corporation shareholders will receive $10.50 per share in cash.
JCG	11/23/2010	private equity firms TPG Capital and Leonard Green & Partners (N/A)	All Cash	$3 billion	$43.50	$43.53	2,610,580	03/31/2011	-0.07%	-1.05%
Details of J. Crew Group Inc. Expected to close in the first quarter of 2011 for a closing value of $3 billion. On the completion of the merger, J. Crew Group shareholders will receive $43.50 per share in cash. J. Crew Group to file investor presentation in response to flawed recommendation and urges shareholders to vote FOR acquisition on March 1.
NST	10/18/2010	Northeast Utilities (NU)	All Stock	$4.17 billion	$44.38	$44.72	291,318	09/30/2011	-0.75%	-1.32%
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.
MCCC	11/15/2010	Chief Executive Rocco Commisso (N/A)	All Cash	$600 million	$8.75	$8.84	2,212,673	06/30/2011	-1.02%	-3.23%
Details of Mediacom Communications Corporation Rocco B. Commisso, the founder, Chairman and Chief Executive Officer of Mediacom Communications Corporation, had announced on August 31, 2010 that he has withdrawn his May 31, 2010 non-binding offer to purchase all of the shares of Mediacom not currently owned by him. On November 15, 2010, Rocco B. Commisso announced that he would buy MCCC in a deal that values it at about $600 million. Commisso would buy the stock he doesn�t own for $8.75 a share.
CLDA	02/22/2011	Forest Laboratories Inc. (FRX)	All Cash	$1.2 billion	$30.00	$30.31	249,396	06/30/2011	-1.02%	-3.25%
Details of Clinical Data Inc. Expected to close in the second quarter of 2011 for a closing value of $1.2 billion. Upon completion of the merger, Clinical Data shareholders will receive $30.00 per share in cash plus contingent consideration of up to $6.00 per share that may be paid upon achievement of certain milestones.
PLA	01/10/2011	Icon Acquisition Holdings, L.P. (N/A)	All Cash	N/A	$6.15	$6.22	581,930	03/31/2011	-1.13%	-17.12%
Details of Playboy Enterprises Inc. Expected to close in the first quarter of 2011. On the completion of the merger, Playboy Enterprises Inc. shareholders will receive $6.15 per share in cash.
RAE	01/18/2011	Vector Capital (N/A)	All Cash	N/A	$1.75	$1.78	5,900	06/30/2011	-1.69%	-5.35%
Details of RAE Systems Inc. Expected to close in second quarter of 2011. On the completion of merger RAE Systems shareholders will receive $1.75 per share in cash. RAE also announced that, concurrent with entering into the Vector Agreement, RAE terminated its previously announced merger agreement with affiliates of Battery Ventures under the terms of the Prior Agreement, and paid a termination fee of $3.39 million to affiliates of Battery Ventures.
GENZ	02/16/2011	Sanofi-Aventis (SNY)	All Cash	$20.1 billion	$74.00	$75.65	3,939,106	06/15/2011	-2.18%	-7.96%
Details of Genzyme Corp. Expected to close early in the second quarter of 2011 for a closing value of $20.1 billion. On the completion of the merger, Genzyme shareholders will receive $74.00 per share in cash and one Contingent Value Right (CVR) for each share they own, entitling the holder to receive additional cash payments if specified milestones related to Lemtrada� (alemtuzumab MS) are achieved over time or a milestone related to production volumes in 2011 for Cerezyme� and Fabrazyme� is achieved.
CASB	03/04/2011	Opus Bank (N/A)	All Cash	N/A	$0.45	$0.53	169,772	06/30/2011	-15.09%	-47.91%
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.
LAB	02/17/2011	Cowen Group (COWN)	All Stock	$192.8 million	N/A	$4.04	204,562	07/31/2011	N/A
NYX	02/15/2011	Deutsche Boerse (N/A)	All Stock	N/A	N/A	$36.00	4,444,786	12/31/2011	N/A	N/A
UAM	12/31/2010	CVS Caremark Corporation (CVS)	All Cash	$1.25 billion	N/A	$21.06	113,884	06/30/2011	N/A	N/A
Details of Universal American Corp Expected to close in the second quarter of 2011. On the completion of the merger, Universal American Corp shareholders will receive $12.80 to $13.00 per share in cash plus a share in a newly formed public company, which will own all the other operations of UAM. The newly formed company will have $640 million of cash and statutory capital in its subsidiaries and no debt. Update(s): March 01, 2011: VS Caremark and Universal American Announce Termination of Hart-Scott-Rodino Waiting Period
ZRAN	02/21/2011	CSR PLC (N/A)	All Stock	$679 million	N/A	$10.90	395,639	06/30/2011	N/A	N/A
Details of Zoran Corporation Expected to close in the second quarter of 2011 for a closing value of $679 million. Upon completion of the merger, Zoran shareholders will receive ADRs equivalent to 1.85 shares of CSR common stock per Zoran share held. Update(s): March 01, 2011: Zoran Corporation (ZRAN) issued an open letter to its stockholders.