Merger Arbitrage Spreads for Mar 10, 2010

Target	Ticker	Acquirer	Ticker	Current Price	Day Change	Take Over Price	Price Diff	% Diff	Date Announced
The Allied Defens	ADG	Chemring Group	Private	$7.15	0.14%	$7.25	0.10	1.40%	1/18/2010
Airvana Inc.	AIRV	72 Mobile Holdings	Private	$7.72	0.39%	$7.65	-0.07	-0.91%	12/18/2009
Allied Capital Co	ALD	Ares Capital Corp	ARCC	$4.61	-0.22%	$4.78	0.17	3.60%	10/26/2009
AMICAS Inc.	AMCS	Merge Healthcare	MRGE	$6.00	0.00%	$6.05	0.05	0.83%	3/5/2010
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$23.19	-0.26%	$26.32	3.13	13.50%	2/11/2010
Bare Escentuals	BARE	Shiseido Co	--	$18.17	-0.27%	$18.20	0.03	0.17%	1/15/2010
Black & Decker Co	BDK	Stanley Works (Th	SWK	$75.44	0.29%	$75.57	0.13	0.17%	11/2/2009
BJ Services Compa	BJS	Baker Hughes Inco	BHI	$22.55	-1.05%	$22.68	0.13	0.59%	8/31/2009
Bowne & Co. Inc.	BNE	R.R. Donnelley &	RRD	$11.26	0.36%	$11.50	0.24	2.13%	2/23/2010
BPW Acquisition C	BPW	Talbots Inc. (Th	TLB	$10.59	0.19%	$11.25	0.66	6.23%	12/8/2009
CF Industries Hol	CF	Agrium Inc. Commo	AGU	$100.63	-2.28%	$112.75	12.12	12.04%	2/25/2009
Brink's Home Secu	CFL	Tyco Internationa	TYC	$42.32	0.28%	$42.50	0.18	0.43%	1/19/2010
Chattem Inc.	CHTT	Sanofi-Aventis SA	SNY	$93.50	0.03%	$93.50	0.00	0.01%	12/21/2009
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	1.26%	$11.05	-0.23	-2.04%	2/26/2010
3Com Corporation	COMS	Hewlett-Packard C	HPQ	$7.73	0.13%	$7.90	0.17	2.20%	11/12/2009
Care Investment T	CRE	Liquidation	--	$8.28	-0.24%	$8.00	-0.28	-3.38%	12/11/2009
CRYSTAL RIVER CAP	CYRV.OB	Brookfield Asset Management	--	$0.59	0.82%	$0.60	0.01	2.21%	2/24/2010
Diedrich Coffee	DDRX	Green Mountain Co	GMCR	$34.76	-0.32%	$35.00	0.24	0.69%	11/25/2009
Encore Acquisitio	EAC	Denbury Resources	DNR	$51.65	-0.44%	$50.00	-1.65	-3.19%	11/2/2009
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$10.28	-2.00%	$12.27	1.99	19.33%	12/28/2009
FGX International	FGXI	Essilor	--	$19.75	0.05%	$19.75	0.00	0.00%	12/16/2009
First Keystone Fi	FKFS	Bryn Mawr Bank Co	BMTC	$12.85	0.00%	$15.16	2.31	17.94%	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	$4.41	1.61%	$4.85	0.44	10.04%	11/10/2008
Cedar Fair L.P.	FUN	Siddur Holdings	Private	$11.11	0.09%	$11.50	0.39	3.51%	12/16/2009
GLOBAL MED TECH I	GLOB.OB	Haemonetics Corpo	HAE	$1.22	0.00%	$1.22	0.00	0.41%	2/1/2010
Genesis Lease Lim	GLS	Aercap Holdings N	AER	$10.33	2.28%	$10.38	0.05	0.48%	9/18/2009
HIGHBURY FINANCL	HBRF.OB	Affiliated Manage	AMG	$6.65	0.45%	$7.35	0.70	10.59%	12/14/2009
Home Diagnostics	HDIX	Nipro Corp	--	$11.51	0.17%	$11.50	-0.01	-0.09%	2/3/2010
Harleysville Nati	HNBC	First Niagara Fin	FNFG	$6.56	0.15%	$6.60	0.04	0.65%	7/27/2009
ICO Inc.	ICOC	A. Schulman Inc.	SHLM	$8.27	-0.24%	$8.39	0.12	1.49%	12/2/2009
Interstate Hotels	IHR	Thayer Lodging Group	Private	$2.24	-0.44%	$2.25	0.01	0.45%	12/18/2009
infoGROUP Inc.	IUSA	CCMP Capital	--	$7.87	-0.63%	#VALUE!	#VALUE!	0.00%	3/8/2010
Iowa Telecommunic	IWA	Windstream Corpor	WIN	$16.75	0.78%	$16.53	-0.22	-1.33%	11/24/2009
Javelin Pharmaceu	JAV	Myriad Pharmaceut	MYRX	$1.43	-0.69%	$1.35	-0.08	-5.54%	12/18/2009
K-Tron Internatio	KTII	Hillenbrand Inc C	HI	$149.65	0.05%	$150.00	0.35	0.23%	1/11/2010
Lodgian Inc. New	LGN	Lone Star Funds	Private	$2.47	0.00%	$2.50	0.03	1.21%	1/22/2010
STARLIMS Technolo	LIMS	Abbott Laboratori	ABT	$13.97	-0.14%	$14.00	0.03	0.21%	12/14/2009
Millipore Corpora	MIL	Merck KGaA	--	$105.25	0.21%	$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	$22.75	-0.66%	$24.51	1.76	7.73%	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	$25.50	0.16%	$28.07	2.57	10.06%	1/8/2010
Peco Ii Inc.	PIII	Lineage Power	--	$5.75	-0.17%	$5.86	0.11	1.91%	2/18/2010
Pinnacle Gas Reso	PINN	Scotia Waterou	--	$0.33	0.03%	$0.34	0.01	2.91%	2/24/2010
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.76	0.09%	$11.71	-0.05	-0.43%	2/17/2010
QuadraMed Corpora	QDHC	Francisco Partners	Private	$8.49	0.00%	$8.50	0.01	0.12%	12/8/2009
Riskmetrics Group	RISK	MSCI Inc Class A	MXB	$21.96	-0.41%	$22.40	0.44	2.01%	3/1/2010
Switch & Data Fac	SDXC	Equinix Inc.	EQIX	$18.63	1.25%	$19.70	1.07	5.72%	10/21/2009
Smith Internation	SII	Schlumberger N.V.	SLB	$43.28	-0.48%	$44.65	1.37	3.17%	2/22/2010
SkillSoft plc	SKIL	SSI Investments	--	$11.29	1.35%	$10.80	-0.49	-4.34%	2/12/2010
SKYTERRA COMMUNIC	SKYT.OB	Harbinger Capital Partners	Private	$4.87	0.21%	$5.00	0.13	2.67%	9/23/2009
Sinoenergy Corpor	SNEN	Company's chairman and president	Private	$1.66	-0.60%	$1.90	0.24	14.46%	10/12/2009
Southern Connecti	SSE	Naugatuck Valley	NVSL	$6.57	0.61%	$7.25	0.68	10.35%	2/23/2010
Silicon Storage T	SSTI	Microchip Technol	MCHP	$3.10	0.65%	$3.05	-0.05	-1.61%	2/3/2010
Southwest Water C	SWWC	Long-Term	--	$10.39	0.10%	$11.00	0.61	5.87%	3/3/2010
SYNERGX SYS INC	SYNX.PK	Firecom	Private	$0.56	0.00%	$0.60	0.04	7.14%	1/25/2010
Meridian Resource	TMR	Alta Mesa Holding	Private	$0.29	0.00%	$0.29	0.01	1.75%	12/23/2009
Terra Industries	TRA	Yara International	--	$45.83	1.04%	$41.10	-4.73	-10.32%	2/15/2010
Youbet.com Inc.	UBET	Churchill Downs	CHDN	$2.93	1.03%	$3.25	0.32	11.07%	11/12/2009
Varian Inc.	VARI	Agilent Technolog	A	$51.72	0.04%	$52.00	0.28	0.54%	7/26/2009
Western Sizzlin C	WEST	Steak n Shake Com	SNS	$8.91	2.06%	$8.07	-0.84	-9.43%	10/22/2009
Waste Services I	WSII	IESI-BFC Ltd Comm	BIN	$10.01	0.60%	$10.12	0.11	1.10%	11/12/2009
XTO Energy Inc. C	XTO	Exxon Mobil Corpo	XOM	$47.11	0.53%	$47.40	0.29	0.62%	12/14/2009
Zenith National I	ZNT	Fairfax Financial	--	$38.24	0.08%	$38.00	-0.24	-0.63%	2/18/2010
Zareba Systems I	ZRBA	Woodstream	--	$8.90	-0.22%	$9.00	0.10	1.12%	1/11/2010