Merger Arbitrage Spreads for Feb 11, 2010

Target	Ticker	Acquirer	Ticker	Current Price	Day Change	Take Over Price	Price Diff	% Diff	Date Announced
The Allied Defens	ADG	Chemring Group	Private	$7.14	-0.14%	$7.25	0.11	1.54%	1/18/2010
Airvana Inc.	AIRV	72 Mobile Holdings	Private	$7.72	0.00%	$7.65	-0.07	-0.91%	12/18/2009
Allied Capital Co	ALD	Ares Capital Corp	ARCC	$4.63	0.43%	$4.81	0.18	3.79%	10/26/2009
AMICAS Inc.	AMCS	Merge Healthcare	MRGE	$5.99	-0.17%	$6.05	0.06	1.00%	3/5/2010
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$23.37	0.78%	$26.52	3.15	13.48%	2/11/2010
Bare Escentuals	BARE	Shiseido Co	--	$18.19	0.11%	$18.20	0.01	0.05%	1/15/2010
Black & Decker Co	BDK	Stanley Works (Th	SWK	$75.58	0.19%	$75.71	0.13	0.17%	11/2/2009
BJ Services Compa	BJS	Baker Hughes Inco	BHI	$22.57	0.09%	$22.70	0.13	0.57%	8/31/2009
Bowne & Co. Inc.	BNE	R.R. Donnelley &	RRD	$11.28	0.18%	$11.50	0.22	1.95%	2/23/2010
BPW Acquisition C	BPW	Talbots Inc. (Th	TLB	$10.60	0.09%	$11.25	0.65	6.13%	12/8/2009
CF Industries Hol	CF	Agrium Inc. Commo	AGU	$103.55	2.90%	$113.15	9.60	9.27%	2/25/2009
Brink's Home Secu	CFL	Tyco Internationa	TYC	$42.26	-0.14%	$42.50	0.24	0.57%	1/19/2010
COMSYS IT Partner	CITP	Manpower Inc Comm	MAN	$17.58	0.00%	$17.65	0.07	0.40%	2/2/2010
CKE Restaurants	CKR	Thomas H Lee Partners	--	$11.28	0.00%	$11.05	-0.23	-2.04%	2/26/2010
3Com Corporation	COMS	Hewlett-Packard C	HPQ	$7.74	0.13%	$7.90	0.16	2.07%	11/12/2009
Care Investment T	CRE	Liquidation	--	$8.30	0.24%	$8.00	-0.30	-3.61%	12/11/2009
CRYSTAL RIVER CAP	CYRV.OB	Brookfield Asset Management	--	$0.61	3.92%	$0.60	-0.01	-1.64%	2/24/2010
Diedrich Coffee	DDRX	Green Mountain Co	GMCR	$34.72	-0.12%	$35.00	0.28	0.81%	11/25/2009
Facet Biotech Cor	FACT	Abbott Laboratori	ABT	$27.01	66.63%	$27.00	-0.01	-0.04%	3/10/2010
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$10.29	0.10%	$12.19	1.90	18.47%	12/28/2009
FGX International	FGXI	Essilor	--	$19.75	0.00%	$19.75	0.00	0.00%	12/16/2009
First Keystone Fi	FKFS	Bryn Mawr Bank Co	BMTC	$13.00	1.17%	$15.00	2.00	15.40%	11/3/2009
FIRST LITCHFIELD	FLFL.OB	Union Savings Bank	Private	$14.75	0.00%	$15.00	0.25	1.69%	10/26/2009
Republic First Ba	FRBK	Metro Bancorp In	METR	$4.19	-4.99%	$4.84	0.65	15.45%	11/10/2008
Cedar Fair L.P.	FUN	Siddur Holdings	Private	$11.15	0.36%	$11.50	0.35	3.14%	12/16/2009
GLOBAL MED TECH I	GLOB.OB	Haemonetics Corpo	HAE	$1.21	-0.33%	$1.22	0.01	0.74%	2/1/2010
Genesis Lease Lim	GLS	Aercap Holdings N	AER	$10.70	3.58%	$10.77	0.07	0.65%	9/18/2009
HIGHBURY FINANCL	HBRF.OB	Affiliated Manage	AMG	$6.55	-1.50%	$7.34	0.79	12.07%	12/14/2009
Home Diagnostics	HDIX	Nipro Corp	--	$11.51	0.00%	$11.50	-0.01	-0.09%	2/3/2010
Harleysville Nati	HNBC	First Niagara Fin	FNFG	$6.63	1.07%	$6.68	0.05	0.73%	7/27/2009
ICO Inc.	ICOC	A. Schulman Inc.	SHLM	$8.41	1.69%	$8.47	0.06	0.65%	12/2/2009
Interstate Hotels	IHR	Thayer Lodging Group	Private	$2.24	0.00%	$2.25	0.01	0.45%	12/18/2009
infoGROUP Inc.	IUSA	CCMP Capital	--	$7.89	0.25%	$8.00	0.11	1.39%	3/8/2010
Iowa Telecommunic	IWA	Windstream Corpor	WIN	$16.85	0.60%	$16.61	-0.24	-1.44%	11/24/2009
Javelin Pharmaceu	JAV	Myriad Pharmaceut	MYRX	$1.44	0.70%	$1.37	-0.07	-5.02%	12/18/2009
K-Tron Internatio	KTII	Hillenbrand Inc C	HI	$149.69	0.03%	$150.00	0.31	0.21%	1/11/2010
Lodgian Inc. New	LGN	Lone Star Funds	Private	$2.49	0.81%	$2.50	0.01	0.40%	1/22/2010
STARLIMS Technolo	LIMS	Abbott Laboratori	ABT	$14.01	0.29%	$14.00	-0.01	-0.07%	12/14/2009
Millipore Corpora	MIL	Merck KGaA	--	$105.25	0.00%	$107.00	1.75	1.66%	3/1/2010
North Asia Invest	NHR	PACIFIC CITY FINL	PFCF.OB	$9.93	0.00%	$10.00	0.07	0.70%	1/14/2010
NRG Energy Inc.	NRG	Exelon Corporatio	EXC	$22.64	-0.48%	$24.58	1.94	8.59%	10/19/2008
NURX PHARMACEUTIC	NUXP.OB	QUANTRX BIOMEDICA	QTXB.OB	$0.24	0.00%	$0.49	0.25	105.93%	1/29/2010
OAK FINANCIAL COR	OKFC.OB	Chemical Financia	CHFC	$26.00	1.96%	$28.12	2.12	8.15%	1/8/2010
Peco Ii Inc.	PIII	Lineage Power	--	$5.76	0.18%	$5.86	0.10	1.73%	2/18/2010
Pinnacle Gas Reso	PINN	Scotia Waterou	--	$0.33	0.00%	$0.34	0.01	2.91%	2/24/2010
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.76	0.00%	$11.71	-0.05	-0.43%	2/17/2010
QuadraMed Corpora	QDHC	Francisco Partners	Private	$8.50	0.12%	$8.50	0.00	0.00%	12/8/2009
Riskmetrics Group	RISK	MSCI Inc Class A	MXB	$21.97	0.05%	$22.40	0.43	1.96%	3/1/2010
Switch & Data Fac	SDXC	Equinix Inc.	EQIX	$18.70	0.38%	$19.81	1.11	5.96%	10/21/2009
Sauer-Danfoss Inc	SHS	Danfoss	--	$13.21	-0.08%	$13.25	0.04	0.30%	3/9/2010
Smith Internation	SII	Schlumberger N.V.	SLB	$43.39	0.53%	$44.72	1.33	3.07%	2/22/2010
SkillSoft plc	SKIL	SSI Investments	--	$11.26	-0.27%	$10.80	-0.46	-4.09%	2/12/2010
SKYTERRA COMMUNIC	SKYT.OB	Harbinger Capital Partners	Private	$4.86	-0.21%	$5.00	0.14	2.88%	9/23/2009
Sinoenergy Corpor	SNEN	Company's chairman and president	Private	$1.68	1.20%	$1.90	0.22	13.10%	10/12/2009
Southern Connecti	SSE	Naugatuck Valley	NVSL	$6.53	-0.61%	$7.25	0.72	11.03%	2/23/2010
Silicon Storage T	SSTI	Microchip Technol	MCHP	$3.10	0.00%	$3.05	-0.05	-1.61%	2/3/2010
Southwest Water C	SWWC	Long-Term	--	$10.41	0.19%	$11.00	0.59	5.67%	3/3/2010
SYNERGX SYS INC	SYNX.PK	Firecom	Private	$0.54	-3.57%	$0.60	0.06	11.11%	1/25/2010
Meridian Resource	TMR	Alta Mesa Holding	Private	$0.29	1.68%	$0.29	0.00	0.07%	12/23/2009
Terra Industries	TRA	Yara International	--	$46.95	2.44%	$41.10	-5.85	-12.46%	2/15/2010
Terra Industries	TRA	CF Industries Hol	CF	$46.95	2.44%	$47.02	0.07	0.15%	3/10/2010
Youbet.com Inc.	UBET	Churchill Downs	CHDN	$2.95	0.68%	$3.27	0.32	10.97%	11/12/2009
Varian Inc.	VARI	Agilent Technolog	A	$51.75	0.06%	$52.00	0.25	0.48%	7/26/2009
Western Sizzlin C	WEST	Steak n Shake Com	SNS	$8.96	0.56%	$8.07	-0.89	-9.93%	10/22/2009
Waste Services I	WSII	IESI-BFC Ltd Comm	BIN	$10.02	0.10%	$10.18	0.16	1.58%	11/12/2009
XTO Energy Inc. C	XTO	Exxon Mobil Corpo	XOM	$47.37	0.55%	$47.71	0.34	0.72%	12/14/2009
Zenith National I	ZNT	Fairfax Financial	--	$38.20	-0.10%	$38.00	-0.20	-0.52%	2/18/2010
Zareba Systems I	ZRBA	Woodstream	--	$8.94	0.45%	$9.00	0.06	0.67%	1/11/2010