Sunday, March 27, 2011

The Risk Arbitrage Report for March 28, 2011

New Deals:
  • The Charles Schwab Corp (SCHW) to acquire optionsXpress Holdings Inc (OXPS).
  • Walgreen Co (WAG) to acquire drugstore.com inc (DSCM).
  • Dawson Geophysical Co (DWSN) to acquire Tgc Industries  Inc (TGE).
  • Primavera Capital Management Ltd (--) to acquire Chemspec International Ltd (CPC).
Busted Deals:
Closed Deals:
Updated Deals:

Merger Arbitrage Spreads March 28, 2011

The latest stock merger arbitrage spreads:

Target Ticker Acquirer Ticker Current
Price
Take Over
Price
Price Diff % Diff Date
Announced
Deal Type
AirTran Holdings Inc AAI Southwest Airlines Co LUV $7.44 $7.75 0.31 4.17% 9/27/2010 C&S
Abington Community Bancorp Inc ABBC Susquehanna Bancshares Inc SUSQ $11.72 $11.80 0.08 0.69% 1/26/2011 Stock
Alberto Culver Co ACV Unilever ADR Reptg 1 Ord Shs UL $37.18 $37.50 0.32 0.86% 9/27/2010 Cash
American Exploration Corp AEXP Mainland Resources Incorporated MNLU $0.1500 $0.1450 -0.01 -3.33% 3/23/2010 Stock
Animal Health International Inc AHII Lextron and Leonard Green & Partners -- $4.20 $4.25 0.05 1.19% 3/14/2011 Cash
AML Communications Inc AMLJ Anaren Inc ANEN $2.11 $2.15 0.04 1.90% 2/14/2011 Cash
Answers Corp ANSW AFCV Holdings -- $10.43 $10.50 0.07 0.67% 2/3/2011 Cash
America Service Group Inc ASGR Valitás Health Services -- $25.58 $26.00 0.42 1.64% 3/3/2011 Cash
Atheros Communications Inc ATHR Qualcomm Inc QCOM $44.62 $45.00 0.38 0.85% 1/5/2011 Cash
Beckman Coulter Inc BEC Danaher Corp DHR $82.97 $83.50 0.53 0.64% 2/7/2011 Cash
Bucyrus International Inc BUCY Caterpillar Inc CAT $91.15 $92.00 0.85 0.93% 11/15/2010 Cash
Caprius Inc CAPI Vintage Capital Group -- $0.0700 $0.0650 ($0.0050) -7.14% 11/11/2010 Cash
Cascade Financial Corp CASB Opus Bank -- $0.43 $0.45 0.02 4.65% 3/4/2011 Cash
CITADEL BROADCAST CDELA.PK Cumulus Media Inc CMLS $34.15 $36.49 2.34 6.84% 3/10/2011 C&S
Capital Gold Corp CGC Gammon Gold Incorporated GRS $6.08 $6.24 0.16 2.66% 10/7/2010 C&S
Clinical Data Inc CLDA Forest Laboratories Inc FRX $30.35 $30.00 -0.35 -1.15% 2/22/2011 Cash
Center Financial Corp CLFC Nara Bancorp Inc NARA $7.11 $7.27 0.16 2.30% 11/9/2010 Stock
Conexant Systems Inc CNXT Golden Gate Capital -- $2.38 $2.40 0.02 0.84% 2/23/2011 Cash
All American Group Inc COHM American Group Holding -- $0.2600 $0.2000 -0.06 -23.08% 11/8/2010 Cash
Chemspec International Ltd CPC Primavera Capital Management Ltd -- $7.32 $8.10 0.78 10.66% 3/21/2011 Cash
CaraCo Pharmaceutical Laboratories Ltd CPD Sun Pharma (Majority Holder) -- $5.21 $5.25 0.04 0.77% 2/22/2011 Cash
CPEX Pharmaceuticals Inc CPEX Footstar Corp -- $27.19 $27.25 0.06 0.22% 1/4/2011 Cash
Celera Corporation CRA Quest Diagnostics Inc DGX $8.27 $8.00 -0.27 -3.26% 3/18/2011 Cash
Crucell ADR Reptg 1 Ord Shs CRXL Johnson & Johnson JNJ $34.60 $34.79 0.19 0.56% 10/6/2010 Cash
Danvers Bancorp Inc DNBK PeopleS United Financial Inc PBCT $21.45 $21.64 0.19 0.89% 1/20/2011 C&S
Dionex Corp DNEX Thermo Fisher Scientific Inc TMO $117.81 $118.50 0.69 0.59% 12/13/2010 Cash
drugstore.com inc DSCM Walgreen Co WAG $3.89 $3.80 -0.09 -2.31% 3/24/2011 Cash
EnergyConnect Group Inc ECNG Johnson Controls Inc JCI $0.2100 $0.2253 0.02 7.29% 3/7/2011 Cash
Emergency Medical Services Corp EMS Clayton, Dubilier & Rice, LLC -- $63.42 $64.00 0.58 0.91% 2/14/2011 Cash
Endwave Corp ENWV Gigoptix Inc GGOX $2.65 $2.76 0.11 4.25% 2/7/2011 Stock
First Ipswich Bancorp FIWC Brookline Bancorp Inc BRKL $8.10 $8.10 0.00 0.00% 10/27/2010 Cash
Capital Bank & Trust Company FOFC Chemung Financial Corp CHMG $7.90 $8.24 0.34 4.25% 10/15/2010 C&S
Frontier Oil Corp FTO Holly Corp HOC $28.62 $28.77 0.15 0.54% 2/22/2011 Stock
Nicor Inc GAS AGL Resources Inc AGL $53.22 $53.77 0.55 1.04% 12/7/2010 C&S
Genzyme Corp GENZ Sanofi Aventis ADR Each Representing One Half Of One Ord Shs SNY $75.94 $74.00 -1.94 -2.55% 2/16/2011 Cash
The Wilber Corp GIW Community Bank System Inc CBU $9.40 $9.50 0.10 1.06% 10/25/2010 C&S
Global Defense Technology & Systems Inc GTEC Ares Management LLC -- $24.19 $24.25 0.06 0.25% 3/3/2011 Cash
Hudson Holding Corp HDHL Rodman & Renshaw Capital Group Inc RODM $0.0500 $0.0727 0.02 45.34% 1/5/2011 Stock
Herley Industries Inc HRLY Kratos Defense and Security Solutions Inc KTOS $18.99 $19.00 0.01 0.05% 2/7/2011 Cash
Hughes Communications
Inc
HUGH EchoStar Corp SATS $59.76 $60.70 0.94 1.57% 2/14/2011 Cash
Hypercom Corp HYC Verifone Systems Inc PAY $11.45 $12.14 0.69 6.06% 11/17/2010 Stock
L 1 Identity Solutions
Inc
ID Safran -- $11.85 $12.00 0.15 1.27% 9/20/2010 Cash
K-SEA Transportation Partners LP KSP Kirby Corp KEX $8.14 $8.24 0.10 1.26% 3/14/2011 C&S
LaBranche & Co Inc LAB Cowen Group Incorporated COWN $4.02 $4.10 0.08 2.03% 2/17/2011 Stock
Ladish Co Inc LDSH Allegheny Technologies Inc ATI $53.41 $53.65 0.24 0.44% 11/17/2010 C&S
Legacy Bancorp Inc LEGC Berkshire Hills Bancorp Inc BHLB $12.95 $13.42 0.47 3.61% 12/22/2010 C&S
LTX Credence Corp LTXC Verigy Ltd VRGY $8.64 $13.61 4.97 57.56% 11/18/2010 Stock
Lubrizol Corp LZ Berkshire Hathaway Ord Shs Class B BRK.B $133.75 $135.00 1.25 0.93% 3/14/2011 Cash
Emergent Group Inc LZR Universal Hospital Services -- $8.44 $8.46 0.02 0.24% 2/7/2011 Cash
Midcarolina Financial Corp MCFI American National Bankshares Inc AMNB $7.00 $7.25 0.25 3.62% 12/16/2010 Stock
Massey Energy Co MEE Alpha Natural Resources
Inc
ANR $68.23 $71.55 3.32 4.87% 1/31/2011 C&S
Marshall and Ilsley Corp MI Bank Of Montreal BMO $7.76 $7.96 0.20 2.57% 12/17/2010 Stock
Mercer Insurance Group Inc MIGP United Fire & Casualty Co UFCS $28.23 $28.25 0.02 0.07% 12/1/2010 Cash
Newalliance Bancshares
Inc
NAL First Niagara Financial Group Inc FNFG $15.11 $15.15 0.04 0.26% 8/19/2010 C&S
Navisite Incorporated NAVI Time Warner Cable Inc TWC $5.48 $5.50 0.02 0.36% 2/1/2011 Cash
NGAS Resources Inc NGAS Magnum Hunter Resources Corp MHR $0.6200 $0.6472 0.03 4.39% 12/27/2010 Stock
Nationwide Health Properties Inc NHP Ventas Inc VTR $40.64 $40.99 0.35 0.86% 2/28/2011 Stock
National Investment Managers Inc NIVM Stonehenge Opportunity Fund III -- $0.0200 $0.02 0.00 0.00% 3/8/2011 Cash
NovaMed Inc (Illinois) NOVA Surgery Center Holdings -- $13.18 $13.25 0.07 0.53% 1/21/2011 Cash
Novell Inc NOVL Attachmate Corp (Francisco Partners, Golden Gate Capital and
Thoma Bravo)
-- $5.96 $6.10 0.14 2.35% 11/22/2010 Cash
North Penn Bancorp Inc (New) NPBP Norwood Financial Corp NWFL $18.01 $18.61 0.60 3.35% 12/15/2010 C&S
NStar NST Northeast Utilities NU $45.41 $44.80 -0.61 -1.33% 10/18/2010 Stock
Nuloch Resources Inc NULCF Magnum Hunter Resources Corp MHR $2.35 $2.53 0.18 7.56% 1/18/2011 Stock
Omni Bancshares Inc OMBA IBERIABANK Corp IBKC $15.25 $19.17 3.92 25.68% 2/22/2011 Stock
optionsXpress Holdings Inc OXPS The Charles Schwab Corp SCHW $18.26 $18.45 0.19 1.05% 3/21/2011 Stock
Pride International Inc PDE ENSCO PLC ESV $42.97 $43.31 0.34 0.79% 2/7/2011 C&S
Progress Energy Inc PGN Duke Energy Corp DUK $45.35 $46.55 1.20 2.66% 1/10/2011 Stock
ProLogis PLD AMB Property Corp AMB $15.49 $15.53 0.04 0.23% 1/31/2011 Stock
Pennichuck Corp PNNW City of Nashua -- $28.40 $29.00 0.60 2.11% 11/12/2010 Cash
Pre-Paid Legal Services Inc PPD MidOcean Partners -- $66.02 $66.50 0.48 0.73% 2/1/2011 Cash
Qwest Communications International Inc Q CenturyLink Inc CTL $6.79 $6.82 0.03 0.40% 4/22/2010 Stock
RAE Systems Inc RAE Vector Capital -- $1.78 $1.75 -0.03 -1.69% 1/18/2011 Cash
RC2 Corp RCRC Tomy Company -- $28.05 $27.90 -0.15 -0.53% 3/11/2011 Cash
Rehabcare Group Inc RHB Kindred Healthcare Inc KND $36.54 $36.96 0.42 1.15% 2/8/2011 C&S
Rome Bancorp Inc ROME Berkshire Hills Bancorp Inc BHLB $11.52 $11.89 0.37 3.18% 10/12/2010 C&S
Retail Ventures Inc RVI Dsw Inc DSW $16.66 $16.84 0.18 1.10% 2/8/2011 Stock
Sterling Bancshares
Inc
SBIB Comerica Inc CMA $8.58 $8.70 0.12 1.41% 1/18/2011 Stock
Smurfit Stone Container Corp SSCC Rock Tenn Co RKT $38.41 $38.40 -0.01 -0.03% 1/24/2011 C&S
Silverleaf Resorts Inc SVLF Cerberus Capital Management -- $2.44 $2.50 0.06 2.46% 2/4/2011 Cash
Tongjitang Chinese Medicines Co TCM Insiders -- $4.32 $4.50 0.18 4.17% 11/1/2010 Cash
Tgc Industries Inc TGE Dawson Geophysical Co DWSN $7.78 $8.14 0.36 4.58% 3/21/2011 Stock
Talecris Biotherapeutics Holdings Corp TLCR Grifols SA GIFLF $26.31 $30.45 4.14 15.72% 6/7/2010 C&S
Tollgrade Communications Inc TLGD Golden Gate Capital -- $10.03 $10.10 0.07 0.70% 2/25/2011 Cash
Terremark Worldwide Inc TMRK Verizon Communications Inc VZ $18.85 $19.00 0.15 0.80% 1/27/2011 Cash
TomoTherapy Inc TOMO Accuray Incorporated ARAY $4.59 $4.66 0.07 1.48% 3/7/2011 C&S
Union National Financial Corp UNNF Donegal Group Inc DGICA $7.65 $8.25 0.60 7.84% 4/20/2010 C&S
US 1 Industries Inc USOO CEO & CFO -- $1.38 $1.43 0.05 3.62% 2/18/2011 Cash
VCG Holding Corp VCGH Insiders -- $2.22 $2.25 0.03 1.35% 11/10/2010 Cash
Verigy Ltd VRGY Advantest ADR Reptg 1 Ord Shs ATE $14.18 $15.00 0.82 5.78% 3/21/2011 Cash
Wimm-Bill-Dann Foods WBD Pepsico Inc PEP $33.58 $34.27 0.69 2.07% 2/3/2011 Cash
Wilmington Trust Corporation WL M&t Bank Corp MTB $4.45 $4.50 0.05 1.06% 11/1/2010 Stock
Wesco Financial Corp WSC Berkshire Hathaway Ord Shs Class B BRK.B $387.00 $392.91 5.91 1.53% 2/7/2011 Cash
Whitney Holding Corp WTNY Hancock Holding Co HBHC $13.26 $13.54 0.28 2.10% 12/22/2010 Stock
Xeta Technologies Inc XETA PAETEC Holding Corp PAET $5.46 $5.50 0.04 0.73% 2/9/2011 Cash
Zoran Corp ZRAN CSR PLC CSRXF $10.28 $10.82 0.54 5.28% 2/22/2011 Stock