Saturday, May 29, 2010

The Risk Arbitrage Report for May 31, 2010

New Deals:
  • Gentiva Health (GTIV) to acquire Odyssey HealthCare (ODSY).
  • Williams Partners (WPZ) to acquire rest of Williams Pipeline (WMZ).
  • Kearny Financial (KRNY) to acquire Central Jersey Bancorp (CJBK).
  • Chairman & CEO to acquire Emmis Communication (EMMS).
Completed Deals:
Deal Updates:

Merger Arbitrage Spreads May 31, 2010

The latest stock merger spreads:


Target Ticker Acquirer Ticker Current
Price
Take Over
Price
Price Diff % Diff Date
Announced
The Allied Defens ADG Chemring Group Private $3.22 $7.25 4.03 125.16% 1/18/2010
AMERICAN EXPLORAT AEXP.OB MAINLAND RESOURCE MNLU.OB $0.11 $0.18 0.07 65.91% 3/23/2010
ARENA RESOURCES I ARD SANDRIDGE ENERGY SD $32.88 $33.26 0.38 1.17% 4/5/2010
Atlantic BancGrou ATBC Jacksonville Banc JAXB $2.69 $2.08 -0.61 -22.68% 5/10/2010
ATS Medical Inc. ATSI MEDTRONIC MDT $3.96 $4.00 0.04 1.01% 4/29/2010
ALLEGHENY POWER S AYE FIRSTENERGY FE $20.46 $23.49 3.03 14.79% 2/11/2010
Bell Microproduct BELM AVNET AVT $6.95 $7.00 0.05 0.72% 3/29/2010
BOWNE & CO BNE R.R. Donnelley & RRD $11.07 $11.50 0.43 3.88% 2/23/2010
BioSphere Medical BSMD Merit Medical Sys MMSI $4.30 $4.38 0.08 1.86% 5/13/2010
BWAY HOLDING COMP BWY Dearborn Partners -- $19.96 $20.00 0.04 0.20% 3/29/2010
CONTINENTAL CLASS CAL UAL Corporation UAUA $21.10 $21.01 -0.09 -0.42% 5/3/2010
Central Jersey Ba CJBK Kearny Financial KRNY $7.00 $7.50 0.50 7.14% 5/25/2010
CKE RESTAURANTS CKR Apollo Management -- $12.36 $12.55 0.19 1.54% 2/26/2010
CPI International CPII Comtech Telecommu CMTL $15.34 $15.86 0.52 3.41% 5/10/2010
CARE INVESTMENT T CRE TipTree -- $8.70 $9.00 0.30 3.45% 3/16/2010
CORNELL COMPANIE CRN THE GEO GROUP INC GEO $27.04 $27.43 0.39 1.44% 4/19/2010
CyberSource Corpo CYBS VISA INC V $25.69 $26.00 0.31 1.21% 4/21/2010
CRYSTAL RIVER CAP CYRV.OB Brookfield Asset Management -- $0.69 $0.60 -0.09 -13.04% 2/24/2010
Double-Take Softw DBTK Thoma Bravo -- $10.39 $10.55 0.16 1.54% 5/17/2010
Dialysis Corporat DCAI US Renal Care -- $11.22 $11.25 0.03 0.27% 4/14/2010
DYNCORP INTERNATI DCP Cerberus Capital Management -- $17.11 $17.55 0.44 2.57% 4/12/2010
DRAGON PHARMA INC DRUG.OB Chairman & CEO -- $0.75 $0.82 0.07 9.33% 3/26/2010
DOLLAR THRIFTY AU DTG HERTZ GLOBAL HOLD HTZ $46.70 $40.03 -6.67 -14.28% 4/26/2010
EFJohnson Technol EFJI Francisco
Partners
-- $1.00 $1.05 0.05 5.00% 5/17/2010
Emmis Communicati EMMS Chairman & CEO -- $2.30 $2.40 0.10 4.35% 5/25/2010
First Chester Cou FCEC Tower Bancorp Inc TOBC $8.04 $10.67 2.63 32.74% 12/28/2009
First Keystone Fi FKFS Bryn Mawr Bank Co BMTC $13.04 $14.25 1.21 9.27% 11/3/2009
GLG PARTNERS INC GLG Man Group -- $4.26 $4.50 0.24 5.63% 5/17/2010
HealthTronics In HTRN Endo Pharmaceutic ENDP $4.82 $4.85 0.03 0.62% 5/5/2010
INTERACTIVE DATA IDC Silver Lake & Warbug Pincus -- $32.55 $33.86 1.31 4.02% 5/4/2010
infoGROUP Inc. IUSA CCMP Capital -- $7.92 $8.00 0.09 1.07% 3/8/2010
IOWA TELECOMMUNIC IWA Windstream Corpor WIN $16.66 $16.48 -0.18 -1.09% 11/24/2009
Javelin Pharmaceu JAV HOSPIRA INC HSP $1.69 $2.20 0.51 30.18% 4/19/2010
Maine & Maritimes MAM Emera -- $43.70 $45.00 1.30 2.97% 3/12/2010
MARINER ENERGY ME APACHE APA $21.38 $23.06 1.68 7.86% 4/15/2010
MILLPORE MIL Merck KGaA -- $106.21 $107.00 0.79 0.74% 3/1/2010
MIRANT CORP MIR RRI ENERGY INC RRI $12.42 $12.53 0.11 0.89% 4/11/2010
National Dentex C NADX Welsh, Carson, Anderson & Stowe XI, L.P. -- $16.90 $17.00 0.10 0.59% 4/5/2010
North American Ga NGA AZZ INC AZZ $7.49 $7.50 0.01 0.13% 4/1/2010
NRG ENERGY INC NRG EXELON CORP EXC $23.35 $21.04 -2.31 -9.91% 10/19/2008
NURX PHARMACEUTIC NUXP.OB QUANTRX BIOMEDICA QTXB.OB $0.51 $0.39 -0.12 -24.29% 1/29/2010
Odyssey Healthcar ODSY Gentiva Health Se GTIV $26.56 $27.00 0.44 1.66% 5/24/2010
The Orchard Enter ORCD Dimensional Associates -- $2.04 $2.05 0.01 0.49% 3/6/2010
Palm Inc. PALM HEWLETT-PACKARD HPQ $5.70 $5.70 0.00 0.00% 4/28/2010
Phase Forward Inc PFWD Oracle Corporatio ORCL $16.83 $17.00 0.17 1.01% 4/16/2010
Pinnacle Gas Reso PINN Scotia Waterou -- $0.32 $0.34 0.02 6.25% 2/24/2010
Protection One I PONE GTCR -- $15.89 $15.50 -0.39 -2.45% 4/26/2010
Portec Rail Produ PRPX L.B. Foster Compa FSTR $11.45 $11.71 0.26 2.27% 2/17/2010
Psychiatric Solut PSYS UNIVERSAL HEALTH UHS $32.38 $33.75 1.37 4.23% 5/17/2010
QWEST COMM INTL Q CENTURY TEL CTL $5.24 $5.71 0.47 9.02% 4/22/2010
Sport Supply Grou RBI ONCAP Management Partners -- $13.43 $13.55 0.12 0.89% 3/15/2010
RCN Corp. RCNI ABRY Partners -- $14.53 $15.00 0.48 3.27% 3/5/2010
RISKMETRICS GROUP RISK MSCI INC MXB $21.63 $21.69 0.06 0.29% 3/1/2010
Rubio's Restauran RUBO Mill Road Capital -- $8.22 $8.70 0.48 5.84% 5/10/2010
SenoRx Inc. SENO BARD CR BCR $10.86 $11.00 0.14 1.29% 5/5/2010
SMITH INTERNATION SII SCHLUMBERGER SLB $37.56 $39.11 1.55 4.14% 2/22/2010
Symyx Technologie SMMX Accelrys Inc. ACCL $6.40 $5.36 -1.04 -16.25% 4/5/2010
Sinoenergy Corpor SNEN Company's chairman and president Private $1.78 $1.90 0.12 6.74% 10/12/2009
Southern Connecti SSE Naugatuck Valley NVSL $6.30 $7.25 0.95 15.08% 2/23/2010
Sterling Banks I STBK Roma Financial Co ROMA $2.36 $2.52 0.16 6.78% 3/18/2010
Southwest Water C SWWC Long-Term Infrastructure Investor Group -- $10.30 $11.00 0.70 6.80% 3/3/2010
STANLEY INC SXE CGI GROUP GIB $36.94 $37.50 0.56 1.52% 5/7/2010
SYBASE INC SY SAP AG SAP $64.33 $65.00 0.67 1.04% 5/12/2010
SYNERGX SYS INC SYNX.PK Firecom Private $0.68 $0.70 0.02 2.93% 1/25/2010
The South Financi TSFG TORONTO DOMINION TD $0.27 $0.28 0.01 2.87% 5/17/2010
Thomas Weisel Par TWPG STIFEL FINANCIAL SF $6.86 $6.91 0.05 0.75% 4/26/2010
Youbet.com Inc. UBET Churchill Downs CHDN $2.49 $2.98 0.49 19.48% 11/12/2009
UNION NATL FINCL UNNF.OB Donegal Group In DGICA $7.30 $7.82 0.52 7.09% 4/20/2010
Virtual Radiologi VRAD Providence
Equity Partners
-- $16.88 $17.25 0.37 2.19% 5/17/2010
inVentiv Health VTIV Thomas H. Lee Partners -- $24.98 $26.00 1.02 4.08% 5/6/2010
Boots and Coots WEL HALLIBURTON HOLDI HAL $2.95 $3.00 0.05 1.69% 4/12/2010
WILLIAMS PIPELINE WMZ WILLIAMS PARTNERS WPZ $27.96 $28.27 0.31 1.09% 5/24/2010
Waste Services I WSII IESI BFC LTD BIN $11.23 $11.77 0.54 4.77% 11/12/2009
WUXI PHARMA TECH WX CHARLES RIVER LAB CRL $17.89 $20.28 2.39 13.35% 4/26/2010
XTO ENERGY INC XTO EXXON MOBIL XOM $42.74 $42.91 0.17 0.41% 12/14/2009