Merger Arbitrage Spreads for Apr 26, 2010

Target	Ticker	Acquirer	Ticker	Current Price	Take Over Price	Price Diff	% Diff	Date Announced
The Allied Defens	ADG	Chemring Group	Private	$5.82	$7.25	1.43	24.57%	1/18/2010
AMERICAN EXPLORAT	AEXP.OB	MAINLAND RESOURCE	MNLU.OB	$0.26	$0.35	0.09	34.62%	3/23/2010
AMICAS Inc.	AMCS	Merge Healthcare	MRGE	$6.04	$6.05	0.01	0.17%	3/5/2010
Arena Resources I	ARD	Sandridge Energy	SD	$37.65	$39.71	2.06	5.48%	4/5/2010
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$21.57	$25.02	3.45	15.99%	2/11/2010
Bell Microproduct	BELM	Avnet Inc. Commo	AVT	$6.99	$7.00	0.01	0.14%	3/29/2010
BJ Services Compa	BJS	Baker Hughes Inco	BHI	$24.32	$24.38	0.06	0.25%	8/31/2009
Bowne & Co. Inc.	BNE	R.R. Donnelley &	RRD	$11.20	$11.50	0.30	2.68%	2/23/2010
Bway Holding Comp	BWY	Dearborn Partners	--	$20.07	$20.00	-0.07	-0.35%	3/29/2010
Brink's Home Secu	CFL	Tyco Internationa	TYC	$42.93	$42.68	-0.25	-0.57%	1/19/2010
CKE Restaurants	CKR	Apollo Management	--	$12.85	$12.55	-0.30	-2.33%	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	$27.31	$27.82	0.51	1.87%	4/19/2010
CyberSource Corpo	CYBS	Visa Inc. Visa In	V	$25.63	$26.00	0.37	1.44%	4/21/2010
CRYSTAL RIVER CAP	CYRV.OB	Brookfield Asset Management	--	$0.68	$0.60	-0.08	-11.76%	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	--	$17.29	$17.55	0.26	1.50%	4/12/2010
Diedrich Coffee	DDRX	Green Mountain Co	GMCR	$34.66	$35.00	0.34	0.98%	11/25/2009
DRAGON PHARMA INC	DRUG.OB	Chairman & CEO	--	$0.80	$0.82	0.02	2.50%	3/26/2010
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$9.91	$11.69	1.78	17.98%	12/28/2009
First Keystone Fi	FKFS	Bryn Mawr Bank Co	BMTC	$13.70	$15.39	1.69	12.30%	11/3/2009
ICO Inc.	ICOC	A. Schulman Inc.	SHLM	$8.34	$8.40	0.06	0.71%	12/2/2009
infoGROUP Inc.	IUSA	CCMP Capital	--	$8.17	$8.00	-0.17	-2.08%	3/8/2010
Iowa Telecommunic	IWA	Windstream Corpor	WIN	$16.91	$16.84	-0.07	-0.41%	11/24/2009
Javelin Pharmaceu	JAV	Hospira Inc	HSP	$2.20	$2.20	0.00	0.00%	4/19/2010
Maine & Maritimes	MAM	Emera	--	$44.00	$45.00	1.00	2.27%	3/12/2010
Mariner Energy I	ME	Apache Corporatio	APA	$26.03	$26.53	0.50	1.90%	4/15/2010
Millipore Corpora	MIL	Merck KGaA	--	$106.22	$107.00	0.78	0.73%	3/1/2010
Mirant Corp Commo	MIR	RRI Energy Inc.	RRI	$11.44	$11.54	0.10	0.86%	4/11/2010
National Dentex C	NADX	Welsh, Carson, Anderson & Stowe XI, L.P.	--	$16.95	$17.00	0.05	0.29%	4/5/2010
North American Ga	NGA	AZZ Incorporated	AZZ	$7.57	$7.50	-0.07	-0.92%	4/1/2010
North Asia Invest	NHR	PACIFIC CITY FINL	PFCF.OB	$9.86	$10.00	0.14	1.42%	1/14/2010
NRG Energy Inc.	NRG	Exelon Corporatio	EXC	$22.77	$23.95	1.18	5.19%	10/19/2008
NURX PHARMACEUTIC	NUXP.OB	QUANTRX BIOMEDICA	QTXB.OB	$0.24	$0.48	0.24	99.50%	1/29/2010
OAK FINANCIAL COR	OKFC.OB	Chemical Financia	CHFC	$30.56	$31.28	0.72	2.35%	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	--	$2.01	$2.05	0.04	1.99%	3/6/2010
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
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.74	$11.71	-0.03	-0.26%	2/17/2010
Qwest Communicati	Q	CenturyTel Inc.	CTL	$5.28	$5.71	0.43	8.19%	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	--	$14.72	$15.00	0.28	1.90%	3/5/2010
Riskmetrics Group	RISK	MSCI Inc Class A	MXB	$22.71	$22.96	0.25	1.12%	3/1/2010
Switch & Data Fac	SDXC	Equinix Inc.	EQIX	$17.70	$18.68	0.98	5.52%	10/21/2009
Sauer-Danfoss Inc	SHS	Danfoss	--	$17.91	$14.00	-3.91	-21.83%	3/9/2010
Smith Internation	SII	Schlumberger N.V.	SLB	$49.15	$50.63	1.48	3.01%	2/22/2010
SkillSoft plc	SKIL	SSI Investments	--	$11.15	$11.25	0.10	0.90%	2/12/2010
Symyx Technologie	SMMX	Accelrys Inc.	ACCL	$5.68	$5.66	-0.02	-0.41%	4/5/2010
Sinoenergy Corpor	SNEN	Company's chairman and president	Private	$1.82	$1.90	0.08	4.40%	10/12/2009
Southern Connecti	SSE	Naugatuck Valley	NVSL	$6.73	$7.25	0.52	7.73%	2/23/2010
Sterling Banks I	STBK	Roma Financial Co	ROMA	$2.39	$2.52	0.13	5.44%	3/18/2010
Southwest Water C	SWWC	Long-Term Infrastructure Investor Group	--	$10.58	$11.00	0.42	3.97%	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	--	$0.31	$0.33	0.02	7.81%	12/23/2009
PLATO Learning In	TUTR	Thoma Bravo	--	$5.76	$5.60	-0.16	-2.78%	3/26/2010
Techwell Inc.	TWLL	Intersil Corporat	ISIL	$18.48	$18.50	0.02	0.11%	3/22/2010
Youbet.com Inc.	UBET	Churchill Downs	CHDN	$2.99	$3.35	0.36	12.14%	11/12/2009
UNION NATL FINCL	UNNF.OB	Donegal Group In	DGICA	$7.60	$8.22	0.62	8.17%	4/20/2010
Varian Inc.	VARI	Agilent Technolog	A	$51.75	$52.00	0.25	0.48%	7/26/2009
White Electronic	WEDC	Microsemi Corpora	MSCC	$7.00	$7.00	0.00	0.00%	3/30/2010
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	$11.17	$11.25	0.08	0.68%	11/12/2009
XTO Energy Inc. C	XTO	Exxon Mobil Corpo	XOM	$48.61	$49.15	0.54	1.10%	12/14/2009
Zenith National I	ZNT	Fairfax Financial	--	$38.41	$38.00	-0.41	-1.07%	2/18/2010