The Risk Arbitrage Report for November 29, 2010

New Deals:

• Attachmate Corp (Francisco Partners, Golden Gate Capital and Thoma Bravo) to acquire Novell (NOVL). 
• TPG Capital and Leonard Green & Partners to acquire J.Crew Group (JCG).
• Kohlberg Kravis Roberts to acquire Del Monte Foods (DLM).

Completed Deals:

• Bain Capital Partners completes acquisition of The Gymboree Corp (GYMB).
• R.R. Donnelley (RRD) completes acquisition of Bowne (BNE).
• Marlin Equity Partners completes acquisition of Phoenix Technology (PTEC).
• Prosight Specialty Insurance completes acquisition of Nymagic (NYM).  
• Scotia Waterous completes acquisition of Pinnacle Gas (PINN.PK). Well, guess this is an assumption since I could not find a press release, but since it is being delisted there is no point in tracking it further.
• Buckeye Partners (BPL) completes acquisition of Buckeye GP (BGH).
• Enterprise Products Partners (EPD) completes acquisition of Enterprise GP Holdings  (EPE).

Busted Deals:

• Dynergy (DYN) terminates merger with The Blackstone Group (BX) after it fails to receive necessary shareholder votes.

Updated Deals:

• Pfizer (PFE) extends tender offer for King Pharmaceutical (KG) to 12/17 from 11/19 because certain conditions have not been satisfied.
• R.R. Donnelley (RRD) and Bowne & Co (BNE) announce that the waiting period under HSR has been terminated.
• Irving Place Capital and Thermadyne Holdings (THMD) announce the HSR waiting period has expired.
• Hawk Corp (HWK) announces the early termination of HSR in the merger with Carlisle Companies (CSL).
• TechTeam Global (TEAM) announces early termination of HSR waiting period in the merger with Stefanini IT Solutions.
• Art Technology (ARTG) gets early termination of HSR waiting period in the merger with Oracle (ORCL).
• First Mercury Financial (FFHS) gets early termination of HSR waiting period in the merger with Farifax Financial (FFH.TO).
  
• Northeast Utilities (NU) files S-4 in connection with NSTAR (NST) merger.
• Dynamex (DDMX) announces a superior proposal for $23.50 in cash.
• The Gymboree Corp (GYMB) announces the end of the go-shop period.
• Mircrotune (TUNE) announces that shareholders approve merger with Zoran Corp (ZRAN) and expect deal to close around Nov 30.
• Otix Global (OTIX) announces that shareholders approve merger with William Demant.

To Read:

• DealBook: The Return of the Risk Arbs
• DealBook: Deal for J. Crew Allows It to Go Shopping
• DealBook: Kindler, Yoga and the Art of Deal-Making

Merger Arbitrage Spreads November 29, 2010

The latest stock merger arbitrage spreads:

Target	Ticker	Acquirer	Ticker	Current Price	Take Over Price	Price Diff	% Diff	Date Announced	Deal Type
AirTran Holdings	AAI	Southwest Airline	LUV	$7.42	$7.75	0.33	4.45%	9/27/2010	C&S
American Commerci	ACLI	Platinum Equity	--	$33.04	$33.00	-0.04	-0.12%	10/18/2010	Cash
ActivIdentity Cor	ACTI	ASSA ABLOY AB	--	$3.24	$3.25	0.01	0.31%	10/12/2010	Cash
Alberto-Culver Co	ACV	Unilever PLC Comm	UL	$37.20	$37.50	0.30	0.81%	9/27/2010	Cash
A.D.A.M. Inc.	ADAM	Ebix Inc	EBIX	$6.24	$6.52	0.28	4.57%	8/30/2010	Stock
ADC Telecommunica	ADCT	Tyco Electronics	TEL	$12.71	$12.75	0.04	0.31%	7/13/2010	Cash
AMERICAN EXPLORAT	AEXP.OB	MAINLAND RESOURCE	MNLU.OB	$0.1040	$0.1350	0.03	29.81%	3/23/2010	Stock
American Oil & Ga	AEZ	Hess Corporation	HES	$9.56	$9.58	0.02	0.22%	7/28/2010	Stock
American Physicia	AMPH	Pro-Assurance Cor	PRA	$32.46	$32.50	0.04	0.12%	9/1/2010	Cash
Arbinet Corporati	ARBX	PRIMUS TELECOM GR	PMUG.OB	$7.16	$5.75	-1.41	-19.64%	11/11/2010	Stock
Art Technology Gr	ARTG	Oracle Corporatio	ORCL	$5.95	$6.00	0.05	0.84%	11/2/2010	Cash
Atlas Energy Inc	ATLS	Chevron Corporati	CVX	$43.25	$43.34	0.09	0.21%	11/9/2010	C&S
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$22.91	$23.50	0.59	2.57%	2/11/2010	Stock
BANCINSURANCE CP	BCIS.OB	Insiders	--	$8.25	$8.50	0.25	3.02%	8/12/2010	Cash
BAKBONE SOFTWARE	BKBO.OB	Quest Software I	QSFT	$0.32	$0.33	0.01	4.07%	11/10/2010	Cash
BIOTEL INC	BTEL.OB	CardioNet Inc.	BEAT	$3.80	$3.84	0.04	1.05%	11/10/2010	Cash
Bucyrus Internati	BUCY	Caterpillar Inc.	CAT	$89.05	$92.00	2.95	3.31%	11/15/2010	Cash
Cadence Financial	CADE	Community Bancorp	--	$2.45	$2.50	0.05	2.04%	10/6/2010	Cash
CAPRIUS INC	CAPI.PK	Vintage Capital Group	--	$0.0515	$0.0650	$0.0135	26.21%	11/11/2010	Cash
Comm Bancorp Inc	CCBP	F.N.B. Corporatio	FNB	$40.40	$40.95	0.55	1.37%	8/9/2010	C&S
COMFORCE Corp. Co	CFS	ARBY Partners	--	$2.48	$2.50	0.02	0.81%	12/2/2010	Cash
CENTER FOR WOUND	CFWH.OB	Sveric International	--	$0.55	$0.57	0.02	3.64%	10/6/2010	Cash
Capital Gold Corp	CGC	Gammon Gold Inc.	GRS	$4.42	$4.18	-0.24	-5.41%	10/7/2010	C&S
Central Jersey Ba	CJBK	Kearny Financial	KRNY	$7.49	$7.50	0.01	0.13%	5/25/2010	Cash
Clarient Inc.	CLRT	General Electric	GE	$4.99	$5.00	0.01	0.20%	10/22/2010	Cash
Cellu Tissue Hold	CLU	Clearwater Paper	CLW	$12.00	$12.00	0.00	0.00%	9/16/2010	Cash
Cogent Inc.	COGT	3M Company Common	MMM	$10.49	$10.50	0.01	0.10%	8/30/2010	Cash
ALL AMERICAN GROU	COHM.PK	American Group Holding	--	$0.2300	$0.2000	-0.03	-13.04%	11/8/2010	Cash
Crucell NV	CRXL	Johnson & Johnson	JNJ	$31.78	$32.77	0.99	3.12%	10/6/2010	Cash
Cardiac Science C	CSCX	Opto Circuits	--	$2.28	$2.30	0.02	0.88%	10/19/2010	Cash
CommScope Inc. C	CTV	Carlyle Group	--	$31.65	$31.50	-0.15	-0.47%	10/27/2010	Cash
Dynamex Inc.	DDMX	Greenbriar Equity Group	--	$23.70	$21.25	-2.45	-10.34%	10/1/2010	Cash
Rewards Network	DINE	Equity Group Investments	--	$13.71	$13.75	0.04	0.29%	10/28/2010	Cash
Del Monte Foods C	DLM	Kohlberg Kravis Roberts	--	$18.83	$19.00	0.17	0.90%	11/25/2010	Cash
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$6.40	$6.82	0.42	6.53%	12/28/2009	Stock
First Franklin Co	FFHS	Cheviot Financial	CHEV	$14.28	$14.50	0.22	1.54%	10/13/2010	Cash
FIRST IPSWICH BCP	FIWC.OB	Brookline Bancorp	BRKL	$7.80	$8.10	0.30	3.85%	10/27/2010	Cash
First Mercury Fin	FMR	FAIRFAX FINANCIAL	FFH.TO	$16.34	$16.50	0.16	0.98%	10/28/2010	Cash
FORT ORANGE FINAN	FOFC.OB	CHEMUNG FINANCIAL	CHMG.OB	$6.80	$7.90	1.10	16.19%	10/15/2010	C&S
Wilber Corporatio	GIW	Community Bank Sy	CBU	$9.39	$9.50	0.11	1.17%	10/25/2010	C&S
GTC BIOTHERAPEUTI	GTCB.OB	LFB Biotechnologies	--	$0.34	$0.30	-0.04	-11.76%	11/8/2010	Cash
Henry Bros. Elect	HBE	Kratos Defense &	KTOS	$8.20	$8.20	0.00	0.00%	10/6/2010	Cash
Hawk Corporation	HWK	Carlisle Companie	CSL	$49.97	$50.00	0.03	0.06%	10/15/2010	Cash
Hypercom Corporat	HYC	Verifone Systems	PAY	$7.35	$7.98	0.63	8.59%	11/17/2010	Stock
L-1 Identity Solu	ID	Safran	--	$11.80	$12.00	0.20	1.69%	9/20/2010	Cash
Internet Brands	INET	Hellman & Friedman Capital Partners	--	$13.31	$13.35	0.04	0.30%	9/20/2010	Cash
Isilon Systems I	ISLN	EMC Corporation C	EMC	$33.80	$33.85	0.05	0.15%	11/15/2010	Cash
ITC DELTACOM INC	ITCD.OB	EarthLink Inc.	ELNK	$2.96	$3.00	0.04	1.35%	10/1/2010	Cash
J. Crew Group In	JCG	TPG Capital and Leonard Green & Partners	--	$43.75	$43.50	-0.25	-0.57%	11/23/2010	Cash
Keithley Instrume	KEI	Danaher Corporati	DHR	$21.56	$21.60	0.04	0.19%	9/28/2010	Cash
King Pharmaceutic	KG	Pfizer Inc. Comm	PFE	$14.17	$14.25	0.08	0.56%	10/12/2010	Cash
Ladish Co. Inc.	LDSH	Allegheny Technol	ATI	$46.64	$47.12	0.48	1.02%	11/17/2010	C&S
LSB Corporation	LSBX	People's United F	PBCT	$20.90	$21.00	0.10	0.50%	7/15/2010	Cash
LTX-Credence Corp	LTXC	Verigy Ltd.	VRGY	$8.00	$8.33	0.33	4.16%	11/18/2010	Stock
Majestic Capital	MAJCD	Bayside Capital Partners	--	$4.20	$4.50	0.30	7.14%	9/21/2010	Cash
Maine & Maritimes	MAM	Emera	--	$44.88	$45.00	0.12	0.27%	3/12/2010	Cash
Mediacom Communic	MCCC	CEO, Rocco B. Commisso	--	$8.45	$8.75	0.30	3.55%	11/15/2010	Cash
MCAFEE Inc	MFE	Intel Corporation	INTC	$46.85	$48.00	1.15	2.45%	8/19/2010	Cash
Mirant Corp Commo	MIR	RRI Energy Inc.	RRI	$9.98	$10.06	0.08	0.84%	4/11/2010	Stock
Monroe Bancorp	MROE	Old National Banc	ONB	$12.11	$13.03	0.92	7.60%	10/6/2010	Stock
NewAlliance Bancs	NAL	First Niagara Fin	FNFG	$13.35	$13.70	0.35	2.63%	8/19/2010	C&S
National Coal Cor	NCOC	Ranger Energy Investments	--	$0.9910	$1.00	0.01	0.91%	9/28/2010	Cash
NightHawk Radiolo	NHWK	Virtual Radiologic	--	$6.45	$6.50	0.05	0.78%	9/27/2010	Cash
Novell Inc.	NOVL	Attachmate Corp (Francisco Partners, Golden Gate Capital and Thoma Bravo)	--	$5.94	$6.10	0.16	2.69%	11/22/2010	Cash
NSTAR Common Stoc	NST	Northeast Utiliti	NU	$41.81	$41.58	-0.23	-0.56%	10/18/2010	Stock
Nu Horizons Elect	NUHC	Arrow Electronics	ARW	$6.96	$7.00	0.04	0.57%	9/20/2010	Cash
Occam Networks I	OCNW	Calix Inc Common	CALX	$7.44	$7.59	0.15	2.05%	9/16/2010	C&S
Optelecom-NKF In	OPTC	TKH Group	--	$2.38	$2.45	0.07	2.94%	11/11/2010	Cash
OTIX Global Inc	OTIX	William Demant Holding	--	$11.00	$11.01	0.01	0.09%	9/13/2010	Cash
Pennichuck Corpor	PNNW	City of Nashua	--	$27.40	$29.00	1.60	5.84%	11/12/2010	Cash
POLYMER GRP CL A	POLGA.OB	Blackstone Capital Partners	--	$16.40	$15.25	-1.15	-7.01%	10/4/2010	Cash
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.60	$11.80	0.20	1.72%	2/17/2010	Cash
Penn Virginia GP	PVG	Penn Virginia Res	PVR	$25.25	$27.04	1.79	7.08%	9/21/2010	Stock
Prospect Medical	PZZ	Leonard Green & Partners	--	$8.44	$8.50	0.06	0.71%	8/16/2010	Cash
Qwest Communicati	Q	CenturyLink Inc.	CTL	$6.95	$7.16	0.21	3.05%	4/22/2010	Stock
RAE Systems Inc C	RAE	Battery Ventures	--	$1.63	$1.60	-0.03	-1.84%	9/20/2010	Cash
Rock of Ages Corp	ROAC	Swenson Granite	--	$5.22	$5.25	0.03	0.57%	10/18/2010	Cash
Rome Bancorp Inc	ROME	Berkshire Hills B	BHLB	$11.18	$11.21	0.04	0.33%	10/12/2010	C&S
Res-Care Inc.	RSCR	ONEX CORPORATION	OCX.TO	$13.23	$13.25	0.02	0.15%	9/7/2010	Cash
Smithtown Bancorp	SMTB	People's United F	PBCT	$3.74	$3.77	0.03	0.73%	7/15/2010	C&S
Student Loan Corp	STU	Discover Financia	DFS	$29.91	$30.00	0.09	0.30%	9/17/2010	Cash
Syniverse Holding	SVR	Carlyle Group	--	$30.64	$31.00	0.36	1.17%	10/28/2010	Cash
Tongjitang Chines	TCM	Insiders	--	$4.34	$4.50	0.16	3.69%	11/1/2010	Cash
TechTeam Global	TEAM	Stefanini IT Solutions	--	$8.35	$8.35	0.00	0.00%	11/2/2010	Cash
Thermadyne Holdin	THMD	Irving Place Capital	--	$14.98	$15.00	0.02	0.13%	10/5/2010	Cash
Talecris Biothera	TLCR	GRIFOLS A	GRF.MC	$22.05	$25.01	2.96	13.42%	6/7/2010	C&S
T-3 Energy Servic	TTES	Robbins & Myers	RBN	$35.28	$35.49	0.21	0.58%	10/6/2010	C&S
Microtune Inc.	TUNE	Zoran Corporation	ZRAN	$2.91	$2.92	0.01	0.34%	9/8/2010	Cash
Ulticom Inc.	ULCM	Platinum Equity	--	$8.01	$8.07	0.06	0.75%	10/12/2010	Cash
UNION NATL FINCL	UNNF.OB	Donegal Group In	DGICA	$7.80	$8.25	0.45	5.77%	4/20/2010	C&S
VCG Holding Corpo	VCGH	Insiders	--	$2.19	$2.25	0.06	2.74%	11/10/2010	Cash
Wilmington Trust	WL	M&T Bank Corporat	MTB	$4.04	$3.93	-0.11	-2.79%	11/1/2010	Stock