Merger Arbitrage Spreads May 3, 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	$5.34	$7.25	1.91	35.77%	1/18/2010
AMERICAN EXPLORAT	AEXP.OB	MAINLAND RESOURCE	MNLU.OB	$0.22	$0.32	0.10	46.59%	3/23/2010
Arena Resources I	ARD	Sandridge Energy	SD	$36.93	$38.38	1.45	3.92%	4/5/2010
ATS Medical Inc.	ATSI	Medtronic Inc. Co	MDT	$3.98	$4.00	0.02	0.50%	4/29/2010
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$21.78	$25.26	3.48	15.97%	2/11/2010
Bell Microproduct	BELM	Avnet Inc. Commo	AVT	$6.99	$7.00	0.01	0.14%	3/29/2010
Bowne & Co. Inc.	BNE	R.R. Donnelley &	RRD	$11.18	$11.50	0.32	2.86%	2/23/2010
Bway Holding Comp	BWY	Dearborn Partners	--	$19.78	$20.00	0.22	1.11%	3/29/2010
Brink's Home Secu	CFL	Tyco Internationa	TYC	$41.94	$42.50	0.56	1.34%	1/19/2010
CKE Restaurants	CKR	Apollo Management	--	$12.34	$12.55	0.21	1.70%	2/26/2010
Care Investment T	CRE	TipTree	--	$8.94	$9.00	0.06	0.67%	3/16/2010
Cornell Correctio	CRN	Geo Group Inc (Th	GEO	$27.50	$27.53	0.03	0.12%	4/19/2010
CyberSource Corpo	CYBS	Visa Inc. Visa In	V	$25.68	$26.00	0.32	1.25%	4/21/2010
CRYSTAL RIVER CAP	CYRV.OB	Brookfield Asset Management	--	$0.69	$0.60	-0.09	-13.17%	2/24/2010
Dialysis Corporat	DCAI	US Renal Care	--	$11.21	$11.25	0.04	0.36%	4/14/2010
Dyncorp Internati	DCP	Cerberus Capital Management	--	$17.20	$17.55	0.35	2.03%	4/12/2010
Diedrich Coffee	DDRX	Green Mountain Co	GMCR	$34.76	$35.00	0.24	0.69%	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	$43.99	$42.01	-1.98	-4.51%	4/26/2010
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$9.59	$11.66	2.07	21.59%	12/28/2009
First Keystone Fi	FKFS	Bryn Mawr Bank Co	BMTC	$13.26	$14.87	1.61	12.14%	11/3/2009
infoGROUP Inc.	IUSA	CCMP Capital	--	$8.01	$8.00	-0.01	-0.12%	3/8/2010
Iowa Telecommunic	IWA	Windstream Corpor	WIN	$16.84	$16.78	-0.06	-0.38%	11/24/2009
Javelin Pharmaceu	JAV	Hospira Inc	HSP	$2.18	$2.20	0.02	0.92%	4/19/2010
Maine & Maritimes	MAM	Emera	--	$43.50	$45.00	1.50	3.45%	3/12/2010
Mariner Energy I	ME	Apache Corporatio	APA	$23.88	$25.14	1.26	5.29%	4/15/2010
Millipore Corpora	MIL	Merck KGaA	--	$106.15	$107.00	0.85	0.80%	3/1/2010
Mirant Corp Commo	MIR	RRI Energy Inc.	RRI	$11.66	$11.54	-0.12	-1.04%	4/11/2010
National Dentex C	NADX	Welsh, Carson, Anderson & Stowe XI, L.P.	--	$16.98	$17.00	0.02	0.12%	4/5/2010
North American Ga	NGA	AZZ Incorporated	AZZ	$7.50	$7.50	0.00	0.00%	4/1/2010
NRG Energy Inc.	NRG	Exelon Corporatio	EXC	$24.17	$23.76	-0.41	-1.71%	10/19/2008
NURX PHARMACEUTIC	NUXP.OB	QUANTRX BIOMEDICA	QTXB.OB	$0.24	$0.46	0.22	93.06%	1/29/2010
OAK FINANCIAL COR	OKFC.OB	Chemical Financia	CHFC	$31.00	$30.95	-0.05	-0.15%	1/8/2010
Optimal Group In	OPMR	WowWee	Insider	$2.38	$2.40	0.02	0.84%	3/17/2010
The Orchard Enter	ORCD	Dimensional Associates	--	$1.99	$2.05	0.06	3.02%	3/6/2010
Palm Inc.	PALM	Hewlett-Packard C	HPQ	$5.81	$5.70	-0.11	-1.89%	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	--	$0.33	$0.34	0.01	3.03%	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	$11.82	$11.71	-0.11	-0.93%	2/17/2010
Qwest Communicati	Q	CenturyTel Inc.	CTL	$5.23	$5.68	0.45	8.53%	4/22/2010
Sport Supply Grou	RBI	ONCAP Management Partners	--	$13.41	$13.55	0.14	1.04%	3/15/2010
RCN Corp.	RCNI	ABRY Partners	--	$14.69	$15.00	0.31	2.11%	3/5/2010
Riskmetrics Group	RISK	MSCI Inc Class A	MXB	$22.44	$22.59	0.15	0.69%	3/1/2010
Switch & Data Fac	SDXC	Equinix Inc.	EQIX	$19.19	$19.44	0.25	1.30%	10/21/2009
Smith Internation	SII	Schlumberger N.V.	SLB	$47.76	$49.75	1.99	4.17%	2/22/2010
SkillSoft plc	SKIL	SSI Investments	--	$11.17	$11.25	0.08	0.72%	2/12/2010
Symyx Technologie	SMMX	Accelrys Inc.	ACCL	$5.45	$5.45	0.00	0.07%	4/5/2010
Sinoenergy Corpor	SNEN	Company's chairman and president	Private	$1.81	$1.90	0.09	4.97%	10/12/2009
Southern Connecti	SSE	Naugatuck Valley	NVSL	$6.76	$7.25	0.49	7.25%	2/23/2010
Sterling Banks I	STBK	Roma Financial Co	ROMA	$2.40	$2.52	0.12	5.00%	3/18/2010
Southwest Water C	SWWC	Long-Term Infrastructure Investor Group	--	$10.67	$11.00	0.33	3.09%	3/3/2010
SYNERGX SYS INC	SYNX.PK	Firecom	Private	$0.68	$0.70	0.02	3.70%	1/25/2010
Meridian Resource	TMR	Alta Mesa Holding	--	$0.29	$0.33	0.04	13.40%	12/23/2009
PLATO Learning In	TUTR	Thoma Bravo	--	$5.65	$5.60	-0.05	-0.88%	3/26/2010
Thomas Weisel Par	TWPG	Stifel Financial	SF	$7.85	$7.82	-0.03	-0.38%	4/26/2010
Youbet.com Inc.	UBET	Churchill Downs	CHDN	$2.93	$3.26	0.33	11.34%	11/12/2009
UNION NATL FINCL	UNNF.OB	Donegal Group In	DGICA	$7.55	$8.13	0.58	7.67%	4/20/2010
Varian Inc.	VARI	Agilent Technolog	A	$51.80	$52.00	0.20	0.39%	7/26/2009
Boots and Coots	WEL	Halliburton Compa	HAL	$2.93	$3.00	0.07	2.39%	4/12/2010
Waste Services I	WSII	IESI-BFC Ltd Comm	BIN	$11.24	$11.43	0.19	1.71%	11/12/2009
Wuxi Pharmatech (	WX	Charles River Lab	CRL	$19.20	$20.26	1.06	5.54%	4/26/2010
XTO Energy Inc. C	XTO	Exxon Mobil Corpo	XOM	$47.52	$48.10	0.58	1.23%	12/14/2009
Zenith National I	ZNT	Fairfax Financial	--	$37.82	$38.00	0.18	0.48%	2/18/2010