Sunday, June 27, 2010

The Risk Arbitrage Report for June 28, 2010

New Deals:
  • Biovail Corp (BVF) to acquire Valeant Pharmaceutical (VRX).
  • Ralcorp (RAL) to acquire American Italian Pasta (AIPC).
  • TIBCO Software (TIBX) to acquire Proginet Corp (PRGF.OB).
Completed Deals:
  • ExxonMobil (XOM) completes acquisition of XTO Energy (XTO).
  • Chemring Group cancels merger with Allied Defense (ADG) as it enters a purchase agreement to buy substantially all assets of ADG as investigation appears that it will be on-going. 
Updated Deals:

Merger Arbitrage Spreads June 28, 2010

The latest stock merger spreads:


Target Ticker Acquirer Ticker Current
Price
Take Over
Price
Price Diff % Diff Date
Announced
AMERICAN EXPLORAT AEXP.OB MAINLAND RESOURCE MNLU.OB $0.10 $0.21 0.11 110.00% 3/23/2010
American Italian AIPC Ralcorp Holdings RAH $52.84 $53.00 0.16 0.30% 6/21/2010
Arena Resources I ARD Sandridge Energy SD $34.34 $34.93 0.59 1.72% 4/5/2010
Atlantic BancGrou ATBC Jacksonville Banc JAXB $2.03 $2.21 0.18 8.97% 5/10/2010
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 $21.03 $24.02 2.99 14.21% 2/11/2010
Bell Microproduct BELM Avnet Inc. Commo AVT $6.99 $7.00 0.01 0.14% 3/29/2010
Buckeye GP Holdin BGH Buckeye Partners BPL $39.55 $41.78 2.23 5.63% 6/11/2010
Bowne & Co. Inc. BNE R.R. Donnelley & RRD $11.23 $11.50 0.27 2.40% 2/23/2010
BioSphere Medical BSMD Merit Medical Sys MMSI $4.34 $4.38 0.04 0.92% 5/13/2010
Continental Airli CAL UAL Corporation UAUA $22.13 $21.95 -0.18 -0.80% 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 -- $12.53 $12.55 0.02 0.16% 2/26/2010
CPI International CPII Comtech Telecommu CMTL $15.94 $16.44 0.50 3.11% 5/10/2010
Care Investment T CRE TipTree -- $8.67 $9.00 0.33 3.81% 3/16/2010
Cornell Correctio CRN Geo Group Inc (Th GEO $27.54 $27.65 0.11 0.40% 4/19/2010
CyberSource Corpo CYBS Visa Inc. Visa In V $25.55 $26.00 0.45 1.76% 4/21/2010
CRYSTAL RIVER CAP CYRV.OB Brookfield Asset Management -- $0.55 $0.60 0.05 9.09% 2/24/2010
Double-Take Softw DBTK Thoma Bravo -- $10.52 $10.55 0.03 0.29% 5/17/2010
Dyncorp Internati DCP Cerberus Capital Management -- $17.39 $17.55 0.16 0.92% 4/12/2010
DivX Inc. DIVX Sonic Solutions SNIC $7.77 $8.11 0.34 4.43% 6/2/2010
DRAGON PHARMA INC DRUG.OB Chairman & CEO -- $0.74 $0.82 0.08 10.81% 3/26/2010
Dollar Thrifty Au DTG Hertz Global Hold HTZ $43.73 $39.15 -4.58 -10.47% 4/26/2010
Eclipsys Corporat ECLP Allscripts-Misys MDRX $18.47 $19.75 1.28 6.94% 6/9/2010
EFJohnson Technol EFJI Francisco
Partners
-- $1.44 $1.50 0.06 4.17% 5/17/2010
Emmis Communicati EMMS Chairman & CEO -- $2.19 $2.40 0.21 9.59% 5/25/2010
ev3 Inc. EVVV Covidien plc. Ord COV $22.35 $22.50 0.15 0.67% 6/1/2010
First Chester Cou FCEC Tower Bancorp Inc TOBC $8.20 $10.02 1.82 22.20% 12/28/2009
First Keystone Fi FKFS Bryn Mawr Bank Co BMTC $13.50 $14.61 1.11 8.23% 11/3/2009
GLG Partners Inc GLG Man Group -- $4.32 $4.50 0.18 4.17% 5/17/2010
HealthTronics In HTRN Endo Pharmaceutic ENDP $4.86 $4.85 -0.01 -0.21% 5/5/2010
Interactive Data IDC Silver Lake & Warbug Pincus -- $33.42 $33.86 0.44 1.32% 5/4/2010
INTELLIGROUP INC ITIG.OB NTT DATA Corp -- $4.63 $4.65 0.02 0.43% 6/14/2010
infoGROUP Inc. IUSA CCMP Capital -- $7.93 $8.00 0.07 0.88% 3/8/2010
Javelin Pharmaceu JAV Hospira Inc HSP $1.39 $2.20 0.81 58.27% 4/19/2010
Maine & Maritimes MAM Emera -- $43.81 $45.00 1.19 2.71% 3/12/2010
Medical Nutrition MDNU Groupe Danone -- $3.97 $4.00 0.03 0.76% 6/11/2010
Mariner Energy I ME Apache Corporatio APA $22.14 $23.13 0.99 4.45% 4/15/2010
Millipore Corpora MIL Merck KGaA -- $106.57 $107.00 0.43 0.40% 3/1/2010
Mirant Corp Commo MIR RRI Energy Inc. RRI $11.85 $11.99 0.14 1.20% 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 $8.02 $7.50 -0.52 -6.48% 4/1/2010
NRG Energy Inc. NRG Exelon Corporatio EXC $21.85 $20.91 -0.94 -4.29% 10/19/2008
NURX PHARMACEUTIC NUXP.OB QUANTRX BIOMEDICA QTXB.OB $0.11 $0.27 0.16 145.71% 1/29/2010
Odyssey Healthcar ODSY Gentiva Health Se GTIV $26.68 $27.00 0.32 1.20% 5/24/2010
OMNI Energy Servi OMNI Wellspring Capital Management -- $2.66 $2.75 0.09 3.38% 6/4/2010
The Orchard Enter ORCD Dimensional Associates -- $2.03 $2.05 0.02 0.99% 3/6/2010
Palm Inc. PALM Hewlett-Packard C HPQ $5.70 $5.70 0.00 0.04% 4/28/2010
Phase Forward Inc PFWD Oracle Corporatio ORCL $16.66 $17.00 0.34 2.04% 4/16/2010
Pinnacle Gas Reso PINN Scotia Waterou -- $0.32 $0.34 0.03 7.94% 2/24/2010
PMA Capital Corpo PMACA Old Republic Inte ORI $6.93 $7.06 0.13 1.83% 6/10/2010
PROGINET CORP PRGF.OB TIBCO Software I TIBX $1.13 $1.15 0.02 2.22% 6/22/2010
Portec Rail Produ PRPX L.B. Foster Compa FSTR $11.39 $11.71 0.32 2.81% 2/17/2010
Psychiatric Solut PSYS Universal Health UHS $32.75 $33.75 1.00 3.05% 5/17/2010
Qwest Communicati Q CenturyLink Inc. CTL $5.27 $5.65 0.38 7.17% 4/22/2010
Life Quotes Inc. QUOT LQ Acquisition -- $3.96 $4.00 0.04 1.01% 6/10/2010
Sport Supply Grou RBI ONCAP Management Partners -- $13.47 $13.55 0.08 0.59% 3/15/2010
RCN Corp. RCNI ABRY Partners -- $14.82 $15.00 0.18 1.21% 3/5/2010
Rubio's Restauran RUBO Mill Road Capital -- $8.47 $8.70 0.23 2.72% 5/10/2010
SenoRx Inc. SENO C.R. Bard Inc. C BCR $10.98 $11.00 0.02 0.18% 5/5/2010
Smith Internation SII Schlumberger N.V. SLB $39.47 $40.56 1.09 2.75% 2/22/2010
Symyx Technologie SMMX Accelrys
Inc.
ACCL $5.58 $5.31 -0.27 -4.78% 4/5/2010
Somanetics Corpor SMTS Covidien plc. Ord COV $24.92 $25.00 0.08 0.32% 6/16/2010
Sinoenergy Corpor SNEN Company's chairman and president -- $1.68 $1.90 0.22 13.10% 10/12/2009
SonicWALL Inc. SNWL Thomas Bravo and Ontario Teachers’ Pension Plan -- $11.85 $11.50 -0.35 -2.95% 6/2/2010
Southern Connecti SSE Naugatuck Valley NVSL $6.25 $7.25 1.00 16.00% 2/23/2010
Sterling Banks I STBK Roma Financial Co ROMA $2.48 $2.52 0.04 1.61% 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 $37.40 $37.50 0.10 0.27% 5/7/2010
Sybase Inc. Comm SY SAP AG ADS SAP $64.51 $65.00 0.49 0.76% 5/12/2010
SYNERGX SYS INC SYNX.PK Firecom -- $0.65 $0.70 0.05 7.69% 1/25/2010
Talecris Biothera TLCR GRIFOLS A GRF.MC $21.29 $24.87 3.58 16.81% 6/7/2010
The South Financi TSFG Toronto Dominion TD $0.26 $0.28 0.02 9.76% 5/17/2010
Thomas Weisel Par TWPG Stifel Financial SF $6.29 $6.32 0.03 0.53% 4/26/2010
UNION NATL FINCL UNNF.OB Donegal Group In DGICA $7.50 $7.83 0.33 4.35% 4/20/2010
Pet DRx Corporati VETS VCA Antech Inc. WOOF $0.34 $0.34 0.00 -0.03% 6/2/2010
Virage Logic Corp VIRL Synopsys Inc. SNPS $11.90 $12.00 0.10 0.84% 6/10/2010
Virtual Radiologi VRAD Providence Equity Partners -- $17.15 $17.25 0.10 0.58% 5/17/2010
Valeant Pharmaceu VRX Biovail Corporati BVF $52.76 $51.57 -1.19 -2.26% 6/21/2010
inVentiv Health VTIV Thomas H. Lee Partners -- $25.48 $26.00 0.52 2.04% 5/6/2010
Boots and Coots WEL Halliburton Compa HAL $3.00 $3.00 0.00 0.00% 4/12/2010
Williams Pipeline WMZ Williams Partners WPZ $32.47 $32.85 0.38 1.16% 5/24/2010
Waste Services I WSII IESI-BFC Ltd Comm BIN $12.30 $12.32 0.02 0.16% 11/12/2009
Wuxi Pharmatech ( WX Charles River Lab CRL $16.26 $20.79 4.53 27.86% 4/26/2010