Merger Arbitrage Spreads May 17, 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	$4.92	$7.25	2.33	47.36%	1/18/2010
AMERICAN EXPLORAT	AEXP.OB	MAINLAND RESOURCE	MNLU.OB	$0.18	$0.26	0.08	45.83%	3/23/2010
Arena Resources I	ARD	Sandridge Energy	SD	$34.74	$35.37	0.63	1.80%	4/5/2010
Atlantic BancGrou	ATBC	Jacksonville Banc	JAXB	$2.75	$2.22	-0.53	-19.27%	5/10/2010
ATS Medical Inc.	ATSI	Medtronic Inc. Co	MDT	$3.94	$4.00	0.06	1.52%	4/29/2010
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$21.54	$24.51	2.97	13.77%	2/11/2010
Bell Microproduct	BELM	Avnet Inc. Commo	AVT	$6.96	$7.00	0.04	0.57%	3/29/2010
Bowne & Co. Inc.	BNE	R.R. Donnelley &	RRD	$11.09	$11.50	0.41	3.70%	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	--	$19.85	$20.00	0.15	0.76%	3/29/2010
Continental Airli	CAL	UAL Corporation	UAUA	$20.65	$20.84	0.19	0.93%	5/3/2010
CKE Restaurants	CKR	Apollo Management	--	$12.44	$12.55	0.11	0.88%	2/26/2010
CPI International	CPII	Comtech Telecommu	CMTL	$15.69	$16.58	0.89	5.70%	5/10/2010
Care Investment T	CRE	TipTree	--	$8.83	$9.00	0.17	1.93%	3/16/2010
Cornell Correctio	CRN	Geo Group Inc (Th	GEO	$27.81	$28.04	0.23	0.83%	4/19/2010
CyberSource Corpo	CYBS	Visa Inc. Visa In	V	$25.60	$26.00	0.40	1.56%	4/21/2010
CRYSTAL RIVER CAP	CYRV.OB	Brookfield Asset Management	--	$0.69	$0.60	-0.09	-12.41%	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	--	$16.67	$17.55	0.88	5.28%	4/12/2010
DRAGON PHARMA INC	DRUG.OB	Chairman & CEO	--	$0.78	$0.82	0.04	5.13%	3/26/2010
Dollar Thrifty Au	DTG	Hertz Global Hold	HTZ	$50.29	$40.59	-9.70	-19.28%	4/26/2010
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$9.65	$12.03	2.38	24.63%	12/28/2009
First Keystone Fi	FKFS	Bryn Mawr Bank Co	BMTC	$13.25	$15.27	2.02	15.22%	11/3/2009
HealthTronics In	HTRN	Endo Pharmaceutic	ENDP	$4.78	$4.85	0.07	1.46%	5/5/2010
Interactive Data	IDC	Silver Lake & Warbug Pincus	--	$32.68	$33.86	1.18	3.61%	5/4/2010
infoGROUP Inc.	IUSA	CCMP Capital	--	$7.96	$8.00	0.04	0.50%	3/8/2010
Iowa Telecommunic	IWA	Windstream Corpor	WIN	$16.67	$16.53	-0.14	-0.86%	11/24/2009
Javelin Pharmaceu	JAV	Hospira Inc	HSP	$2.19	$2.20	0.01	0.46%	4/19/2010
Maine & Maritimes	MAM	Emera	--	$43.69	$45.00	1.31	3.00%	3/12/2010
Mariner Energy I	ME	Apache Corporatio	APA	$22.64	$23.87	1.23	5.42%	4/15/2010
Millipore Corpora	MIL	Merck KGaA	--	$105.90	$107.00	1.10	1.04%	3/1/2010
Mirant Corp Commo	MIR	RRI Energy Inc.	RRI	$12.51	$12.39	-0.12	-0.97%	4/11/2010
National Dentex C	NADX	Welsh, Carson, Anderson & Stowe XI, L.P.	--	$16.85	$17.00	0.15	0.89%	4/5/2010
North American Ga	NGA	AZZ Incorporated	AZZ	$7.49	$7.50	0.01	0.13%	4/1/2010
NRG Energy Inc.	NRG	Exelon Corporatio	EXC	$22.71	$22.72	0.01	0.02%	10/19/2008
NURX PHARMACEUTIC	NUXP.OB	QUANTRX BIOMEDICA	QTXB.OB	$0.51	$0.39	-0.12	-22.78%	1/29/2010
Optimal Group In	OPMR	WowWee	Insider	$2.34	$2.40	0.06	2.56%	3/17/2010
The Orchard Enter	ORCD	Dimensional Associates	--	$2.00	$2.05	0.05	2.50%	3/6/2010
Palm Inc.	PALM	Hewlett-Packard C	HPQ	$5.68	$5.70	0.02	0.35%	4/28/2010
Phase Forward Inc	PFWD	Oracle Corporatio	ORCL	$16.80	$17.00	0.20	1.19%	4/16/2010
Pinnacle Gas Reso	PINN	Scotia Waterou	--	$0.31	$0.34	0.03	9.64%	2/24/2010
Protection One I	PONE	GTCR	--	$15.47	$15.50	0.03	0.19%	4/26/2010
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.67	$11.71	0.04	0.34%	2/17/2010
Qwest Communicati	Q	CenturyTel Inc.	CTL	$5.28	$5.68	0.40	7.56%	4/22/2010
Sport Supply Grou	RBI	ONCAP Management Partners	--	$13.37	$13.55	0.18	1.35%	3/15/2010
RCN Corp.	RCNI	ABRY Partners	--	$14.40	$15.00	0.60	4.17%	3/5/2010
Riskmetrics Group	RISK	MSCI Inc Class A	MXB	$22.11	$22.26	0.15	0.67%	3/1/2010
Rubio's Restauran	RUBO	Mill Road Capital	--	$8.49	$8.70	0.21	2.47%	5/10/2010
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	$43.54	$45.20	1.66	3.80%	2/22/2010
SkillSoft plc	SKIL	SSI Investments	--	$11.14	$11.25	0.11	0.99%	2/12/2010
Symyx Technologie	SMMX	Accelrys Inc.	ACCL	$5.57	$5.59	0.02	0.29%	4/5/2010
Sinoenergy Corpor	SNEN	Company's chairman and president	Private	$1.77	$1.90	0.13	7.34%	10/12/2009
Southern Connecti	SSE	Naugatuck Valley	NVSL	$6.66	$7.25	0.59	8.86%	2/23/2010
Sterling Banks I	STBK	Roma Financial Co	ROMA	$2.42	$2.52	0.10	4.13%	3/18/2010
Southwest Water C	SWWC	Long-Term Infrastructure Investor Group	--	$10.62	$11.00	0.38	3.58%	3/3/2010
Stanley Inc. Com	SXE	CGI Group Inc. C	GIB	$36.71	$37.50	0.79	2.15%	5/7/2010
Sybase Inc. Comm	SY	SAP AG ADS	SAP	$64.65	$65.00	0.35	0.54%	5/12/2010
SYNERGX SYS INC	SYNX.PK	Firecom	Private	$0.68	$0.70	0.02	3.70%	1/25/2010
PLATO Learning In	TUTR	Thoma Bravo	--	$5.59	$5.60	0.01	0.18%	3/26/2010
Thomas Weisel Par	TWPG	Stifel Financial	SF	$7.46	$7.50	0.04	0.49%	4/26/2010
Youbet.com Inc.	UBET	Churchill Downs	CHDN	$2.91	$3.16	0.25	8.57%	11/12/2009
UNION NATL FINCL	UNNF.OB	Donegal Group In	DGICA	$7.70	$8.08	0.38	4.94%	4/20/2010
inVentiv Health	VTIV	Thomas H. Lee Partners	--	$25.09	$26.00	0.91	3.63%	5/6/2010
Boots and Coots	WEL	Halliburton Compa	HAL	$2.95	$3.00	0.05	1.69%	4/12/2010
Waste Services I	WSII	IESI-BFC Ltd Comm	BIN	$11.42	$11.72	0.30	2.61%	11/12/2009
Wuxi Pharmatech (	WX	Charles River Lab	CRL	$18.40	$19.84	1.44	7.81%	4/26/2010
XTO Energy Inc. C	XTO	Exxon Mobil Corpo	XOM	$44.82	$45.14	0.32	0.72%	12/14/2009
Zenith National I	ZNT	Fairfax Financial	--	$37.90	$38.00	0.10	0.26%	2/18/2010