Merger Arbitrage Spreads May 10, 2010

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	$5.16	$7.25	2.09	40.50%	1/18/2010
AMERICAN EXPLORAT	AEXP.OB	MAINLAND RESOURCE	MNLU.OB	$0.17	$0.28	0.11	63.24%	3/23/2010
Arena Resources I	ARD	Sandridge Energy	SD	$32.08	$32.36	0.28	0.86%	4/5/2010
ATS Medical Inc.	ATSI	Medtronic Inc. Co	MDT	$3.93	$4.00	0.07	1.78%	4/29/2010
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$19.95	$23.39	3.44	17.22%	2/11/2010
Bell Microproduct	BELM	Avnet Inc. Commo	AVT	$6.93	$7.00	0.07	1.01%	3/29/2010
Bowne & Co. Inc.	BNE	R.R. Donnelley &	RRD	$11.01	$11.50	0.49	4.45%	2/23/2010
Bway Holding Comp	BWY	Dearborn Partners	--	$19.61	$20.00	0.39	1.99%	3/29/2010
Continental Airli	CAL	UAL Corporation	UAUA	$18.61	$18.78	0.17	0.94%	5/3/2010
Brink's Home Secu	CFL	Tyco Internationa	TYC	$40.72	$42.50	1.78	4.37%	1/19/2010
CKE Restaurants	CKR	Apollo Management	--	$12.21	$12.55	0.34	2.78%	2/26/2010
Care Investment T	CRE	TipTree	--	$8.84	$9.00	0.16	1.81%	3/16/2010
Cornell Correctio	CRN	Geo Group Inc (Th	GEO	$26.04	$26.34	0.30	1.14%	4/19/2010
CyberSource Corpo	CYBS	Visa Inc. Visa In	V	$25.50	$26.00	0.50	1.96%	4/21/2010
CRYSTAL RIVER CAP	CYRV.OB	Brookfield Asset Management	--	$0.69	$0.60	-0.09	-13.04%	2/24/2010
Dialysis Corporat	DCAI	US Renal Care	--	$11.18	$11.25	0.07	0.63%	4/14/2010
Dyncorp Internati	DCP	Cerberus Capital Management	--	$16.80	$17.55	0.75	4.46%	4/12/2010
Diedrich Coffee	DDRX	Green Mountain Co	GMCR	$34.63	$35.00	0.37	1.07%	11/25/2009
DRAGON PHARMA INC	DRUG.OB	Chairman & CEO	--	$0.81	$0.82	0.01	1.23%	3/26/2010
Dollar Thrifty Au	DTG	Hertz Global Hold	HTZ	$48.01	$40.45	-7.56	-15.76%	4/26/2010
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$9.23	$11.76	2.53	27.36%	12/28/2009
First Keystone Fi	FKFS	Bryn Mawr Bank Co	BMTC	$13.00	$14.44	1.44	11.05%	11/3/2009
HealthTronics In	HTRN	Endo Pharmaceutic	ENDP	$4.80	$4.85	0.05	1.04%	5/5/2010
Interactive Data	IDC	Silver Lake & Warbug Pincus	--	$32.72	$33.86	1.14	3.48%	5/4/2010
infoGROUP Inc.	IUSA	CCMP Capital	--	$7.91	$8.00	0.09	1.14%	3/8/2010
Iowa Telecommunic	IWA	Windstream Corpor	WIN	$16.15	$16.12	-0.03	-0.21%	11/24/2009
Javelin Pharmaceu	JAV	Hospira Inc	HSP	$2.18	$2.20	0.02	0.92%	4/19/2010
Maine & Maritimes	MAM	Emera	--	$43.75	$45.00	1.25	2.86%	3/12/2010
Mariner Energy I	ME	Apache Corporatio	APA	$22.75	$23.74	0.99	4.35%	4/15/2010
Millipore Corpora	MIL	Merck KGaA	--	$105.81	$107.00	1.19	1.12%	3/1/2010
Mirant Corp Commo	MIR	RRI Energy Inc.	RRI	$10.50	$10.38	-0.12	-1.18%	4/11/2010
National Dentex C	NADX	Welsh, Carson, Anderson & Stowe XI, L.P.	--	$16.96	$17.00	0.04	0.24%	4/5/2010
North American Ga	NGA	AZZ Incorporated	AZZ	$7.45	$7.50	0.05	0.67%	4/1/2010
NRG Energy Inc.	NRG	Exelon Corporatio	EXC	$22.64	$22.64	0.00	0.00%	10/19/2008
NURX PHARMACEUTIC	NUXP.OB	QUANTRX BIOMEDICA	QTXB.OB	$0.15	$0.49	0.34	229.49%	1/29/2010
Optimal Group In	OPMR	WowWee	Insider	$2.41	$2.40	-0.01	-0.41%	3/17/2010
The Orchard Enter	ORCD	Dimensional Associates	--	$1.98	$2.05	0.07	3.53%	3/6/2010
Palm Inc.	PALM	Hewlett-Packard C	HPQ	$5.70	$5.70	0.00	0.00%	4/28/2010
Phase Forward Inc	PFWD	Oracle Corporatio	ORCL	$16.71	$17.00	0.29	1.74%	4/16/2010
Pinnacle Gas Reso	PINN	Scotia Waterou	--	$0.33	$0.34	0.01	3.09%	2/24/2010
Protection One I	PONE	GTCR	--	$15.43	$15.50	0.07	0.45%	4/26/2010
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.56	$11.71	0.15	1.30%	2/17/2010
Qwest Communicati	Q	CenturyTel Inc.	CTL	$5.08	$5.50	0.42	8.19%	4/22/2010
Sport Supply Grou	RBI	ONCAP Management Partners	--	$13.34	$13.55	0.21	1.57%	3/15/2010
RCN Corp.	RCNI	ABRY Partners	--	$14.37	$15.00	0.63	4.38%	3/5/2010
Riskmetrics Group	RISK	MSCI Inc Class A	MXB	$21.84	$22.19	0.35	1.62%	3/1/2010
SenoRx Inc.	SENO	C.R. Bard Inc. C	BCR	$10.87	$11.00	0.13	1.20%	5/5/2010
Smith Internation	SII	Schlumberger N.V.	SLB	$41.88	$43.79	1.91	4.56%	2/22/2010
SkillSoft plc	SKIL	SSI Investments	--	$11.13	$11.25	0.12	1.08%	2/12/2010
Symyx Technologie	SMMX	Accelrys Inc.	ACCL	$5.53	$5.47	-0.06	-1.10%	4/5/2010
Sinoenergy Corpor	SNEN	Company's chairman and president	Private	$1.80	$1.90	0.10	5.56%	10/12/2009
Southern Connecti	SSE	Naugatuck Valley	NVSL	$6.75	$7.25	0.50	7.41%	2/23/2010
Sterling Banks I	STBK	Roma Financial Co	ROMA	$2.37	$2.52	0.15	6.15%	3/18/2010
Southwest Water C	SWWC	Long-Term Infrastructure Investor Group	--	$10.46	$11.00	0.54	5.16%	3/3/2010
Stanley Inc. Com	SXE	CGI Group Inc. C	GIB	$36.79	$37.50	0.71	1.93%	5/7/2010
SYNERGX SYS INC	SYNX.PK	Firecom	Private	$0.69	$0.70	0.01	2.19%	1/25/2010
Meridian Resource	TMR	Alta Mesa Holding	--	$0.26	$0.33	0.07	26.68%	12/23/2009
PLATO Learning In	TUTR	Thoma Bravo	--	$5.53	$5.60	0.07	1.27%	3/26/2010
Thomas Weisel Par	TWPG	Stifel Financial	SF	$7.18	$7.25	0.07	1.03%	4/26/2010
Youbet.com Inc.	UBET	Churchill Downs	CHDN	$2.72	$3.11	0.39	14.48%	11/12/2009
UNION NATL FINCL	UNNF.OB	Donegal Group In	DGICA	$7.70	$8.01	0.31	4.05%	4/20/2010
Varian Inc.	VARI	Agilent Technolog	A	$51.59	$52.00	0.41	0.79%	7/26/2009
inVentiv Health	VTIV	Thomas H. Lee Partners	--	$25.00	$26.00	1.00	4.00%	5/6/2010
Boots and Coots	WEL	Halliburton Compa	HAL	$2.94	$3.00	0.06	2.04%	4/12/2010
Waste Services I	WSII	IESI-BFC Ltd Comm	BIN	$10.85	$11.18	0.33	3.00%	11/12/2009
Wuxi Pharmatech (	WX	Charles River Lab	CRL	$18.10	$19.44	1.34	7.43%	4/26/2010
XTO Energy Inc. C	XTO	Exxon Mobil Corpo	XOM	$44.51	$45.21	0.70	1.58%	12/14/2009
Zenith National I	ZNT	Fairfax Financial	--	$37.82	$38.00	0.18	0.48%	2/18/2010