Merger Arbitrage Spreads November 8, 2010

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	$7.47	$7.75	0.28	3.75%	9/27/2010	C&S
American Commerci	ACLI	Platinum Equity	--	$33.63	$33.00	-0.63	-1.87%	10/18/2010	Cash
ActivIdentity Cor	ACTI	ASSA ABLOY AB	--	$3.26	$3.25	-0.01	-0.31%	10/12/2010	Cash
Alberto-Culver Co	ACV	Unilever PLC Comm	UL	$37.32	$37.50	0.18	0.48%	9/27/2010	Cash
A.D.A.M. Inc.	ADAM	Ebix Inc	EBIX	$7.44	$7.86	0.42	5.66%	8/30/2010	Stock
ADC Telecommunica	ADCT	Tyco Electronics	TEL	$12.68	$12.75	0.07	0.59%	7/13/2010	Cash
AMERICAN EXPLORAT	AEXP.OB	MAINLAND RESOURCE	MNLU.OB	$0.07	$0.08	0.01	14.29%	3/23/2010	Stock
American Oil & Ga	AEZ	Hess Corporation	HES	$9.57	$9.61	0.04	0.40%	7/28/2010	Stock
AGA Medical Holdi	AGAM	St. Jude Medical	STJ	$20.78	$20.80	0.02	0.10%	10/18/2010	Cash
Alloy Inc.	ALOY	ZelnickMedia	--	$9.76	$9.80	0.04	0.41%	6/24/2010	Cash
American Physicia	AMPH	Pro-Assurance Cor	PRA	$32.46	$32.50	0.04	0.12%	9/1/2010	Cash
Art Technology Gr	ARTG	Oracle Corporatio	ORCL	$5.97	$6.00	0.03	0.50%	11/2/2010	Cash
Atlantic BancGrou	ATBC	Jacksonville Banc	JAXB	$2.18	$2.31	0.14	6.21%	5/10/2010	C&S
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$23.55	$23.94	0.39	1.65%	2/11/2010	Stock
BANCINSURANCE CP	BCIS.OB	Insiders	--	$8.25	$8.50	0.25	3.03%	8/12/2010	Cash
Buckeye GP Holdin	BGH	Buckeye Partners	BPL	$45.05	$46.15	1.10	2.44%	6/11/2010	Stock
Bowne & Co. Inc.	BNE	R.R. Donnelley &	RRD	$11.33	$11.50	0.17	1.50%	2/23/2010	Cash
Cadence Financial	CADE	Community Bancorp	--	$2.44	$2.50	0.06	2.46%	10/6/2010	Cash
Comm Bancorp Inc	CCBP	F.N.B. Corporatio	FNB	$40.85	$41.78	0.93	2.28%	8/9/2010	C&S
COMFORCE Corp. Co	CFS	ARBY Partners	--	$2.47	$2.50	0.03	1.21%	12/2/2010	Cash
CENTER FOR WOUND	CFWH.OB	Sveric International	--	$0.53	$0.57	0.04	6.98%	10/6/2010	Cash
Capital Gold Corp	CGC	Gammon Gold Inc.	GRS	$4.53	$4.49	-0.04	-0.80%	10/7/2010	C&S
Central Jersey Ba	CJBK	Kearny Financial	KRNY	$7.44	$7.50	0.06	0.81%	5/25/2010	Cash
Clarient Inc.	CLRT	General Electric	GE	$4.99	$5.00	0.01	0.30%	10/22/2010	Cash
Cellu Tissue Hold	CLU	Clearwater Paper	CLW	$11.98	$12.00	0.02	0.17%	9/16/2010	Cash
Cogent Inc.	COGT	3M Company Common	MMM	$10.49	$10.50	0.01	0.10%	8/30/2010	Cash
Crucell NV	CRXL	Johnson & Johnson	JNJ	$32.50	$34.73	2.23	6.86%	10/6/2010	Cash
Cardiac Science C	CSCX	Opto Circuits	--	$2.27	$2.30	0.03	1.32%	10/19/2010	Cash
CommScope Inc. C	CTV	Carlyle Group	--	$31.45	$31.50	0.05	0.16%	10/27/2010	Cash
Dynamex Inc.	DDMX	Greenbriar Equity Group	--	$21.08	$21.25	0.17	0.81%	10/1/2010	Cash
Rewards Network	DINE	Equity Group Investments	--	$13.70	$13.75	0.05	0.36%	10/28/2010	Cash
Dynegy Inc. (Dela	DYN	The Blackstone Gr	BX	$4.44	$4.50	0.06	1.35%	8/13/2010	Cash
Enterprise GP Hol	EPE	Enterprise Produc	EPD	$65.82	$66.03	0.21	0.32%	9/7/2010	Stock
First Chester Cou	FCEC	Tower Bancorp Inc	TOBC	$6.32	$6.14	-0.18	-2.88%	12/28/2009	Stock
First Franklin Co	FFHS	Cheviot Financial	CHEV	$14.19	$14.50	0.31	2.18%	10/13/2010	Cash
FIRST IPSWICH BCP	FIWC.OB	Brookline Bancorp	BRKL	$8.00	$8.10	0.10	1.25%	10/27/2010	Cash
First Mercury Fin	FMR	FAIRFAX FINANCIAL	FFH.TO	$16.29	$16.50	0.21	1.29%	10/28/2010	Cash
FORT ORANGE FINAN	FOFC.OB	CHEMUNG FINANCIAL	CHMG.OB	$6.85	$7.71	0.86	12.61%	10/15/2010	C&S
Wilber Corporatio	GIW	Community Bank Sy	CBU	$9.47	$9.50	0.03	0.32%	10/25/2010	C&S
The Gymboree Corp	GYMB	Bain Capital Partners	--	$65.23	$65.40	0.17	0.26%	10/12/2010	Cash
Henry Bros. Elect	HBE	Kratos Defense &	KTOS	$6.98	$7.00	0.02	0.29%	10/6/2010	Cash
Hawk Corporation	HWK	Carlisle Companie	CSL	$49.83	$50.00	0.17	0.34%	10/15/2010	Cash
L-1 Identity Solu	ID	Safran	--	$11.78	$12.00	0.22	1.87%	9/20/2010	Cash
Internet Brands	INET	Hellman & Friedman Capital Partners	--	$13.31	$13.35	0.04	0.30%	9/20/2010	Cash
ITC DELTACOM INC	ITCD.OB	EarthLink Inc.	ELNK	$2.97	$3.00	0.03	1.01%	10/1/2010	Cash
Keithley Instrume	KEI	Danaher Corporati	DHR	$21.60	$21.60	0.00	0.00%	9/28/2010	Cash
King Pharmaceutic	KG	Pfizer Inc. Comm	PFE	$14.15	$14.25	0.10	0.71%	10/12/2010	Cash
LSB Corporation	LSBX	People's United F	PBCT	$20.83	$21.00	0.17	0.82%	7/15/2010	Cash
Majestic Capital	MAJCD	Bayside Capital Partners	--	$4.33	$4.50	0.17	3.93%	9/21/2010	Cash
Maine & Maritimes	MAM	Emera	--	$44.95	$45.00	0.05	0.11%	3/12/2010	Cash
Mariner Energy I	ME	Apache Corporatio	APA	$26.28	$26.32	0.04	0.17%	4/15/2010	C&S
MCAFEE Inc	MFE	Intel Corporation	INTC	$47.32	$48.00	0.68	1.44%	8/19/2010	Cash
Mirant Corp Commo	MIR	RRI Energy Inc.	RRI	$10.93	$10.94	0.01	0.12%	4/11/2010	Stock
Monroe Bancorp	MROE	Old National Banc	ONB	$11.73	$13.17	1.44	12.25%	10/6/2010	Stock
NewAlliance Bancs	NAL	First Niagara Fin	FNFG	$13.39	$13.77	0.38	2.82%	8/19/2010	C&S
National Coal Cor	NCOC	Ranger Energy Investments	--	$0.99	$1.00	0.01	0.91%	9/28/2010	Cash
NightHawk Radiolo	NHWK	Virtual Radiologic	--	$6.35	$6.50	0.15	2.36%	9/27/2010	Cash
NSTAR Common Stoc	NST	Northeast Utiliti	NU	$42.57	$41.66	-0.91	-2.15%	10/18/2010	Stock
Nu Horizons Elect	NUHC	Arrow Electronics	ARW	$6.97	$7.00	0.03	0.43%	9/20/2010	Cash
Nymagic Inc. Com	NYM	ProSight Specialty Insurance	--	$25.68	$25.75	0.07	0.27%	7/15/2010	Cash
Netezza Corporati	NZ	International Bus	IBM	$26.99	$27.00	0.01	0.04%	9/20/2010	Cash
SYNTHETECH INC	NZYM.OB	W.R. Grace & Comp	GRA	$1.10	$1.07	-0.03	-2.95%	9/15/2010	Cash
Occam Networks I	OCNW	Calix Inc Common	CALX	$7.34	$7.48	0.14	1.88%	9/16/2010	C&S
O. I. Corporation	OICO	ITT Corporation C	ITT	$12.52	$12.00	-0.52	-4.15%	9/14/2010	Cash
Osteotech Inc.	OSTE	Medtronic Inc. Co	MDT	$6.50	$6.50	0.00	0.00%	8/17/2010	Cash
OTIX Global Inc	OTIX	William Demant Holding	--	$10.98	$11.01	0.03	0.27%	9/13/2010	Cash
PINNACLE GAS RES.	PINN.PK	Scotia Waterous	--	$0.27	$0.34	0.07	25.88%	2/24/2010	Cash
POLYMER GRP CL A	POLGA.OB	Blackstone Capital Partners	--	$16.25	$15.25	-1.00	-6.15%	10/4/2010	Cash
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.62	$11.80	0.18	1.55%	2/17/2010	Cash
Psychiatric Solut	PSYS	Universal Health	UHS	$33.71	$33.75	0.04	0.12%	5/17/2010	Cash
Phoenix Technolog	PTEC	Gores Group	--	$4.25	$4.20	-0.05	-1.18%	11/1/2010	Cash
Phoenix Technolog	PTEC	Marlin Equity Partners	--	$4.25	$4.20	-0.05	-1.18%	8/17/2010	Cash
Pactiv Corporatio	PTV	Reynolds Group Holdings Limited	--	$33.19	$33.25	0.06	0.18%	8/17/2010	Cash
Penn Virginia GP	PVG	Penn Virginia Res	PVR	$26.34	$27.34	1.00	3.80%	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	$6.80	$7.08	0.28	4.17%	4/22/2010	Stock
RAE Systems Inc C	RAE	Battery Ventures	--	$1.60	$1.60	0.00	0.00%	9/20/2010	Cash
Rock of Ages Corp	ROAC	Swenson Granite	--	$5.20	$5.25	0.05	0.96%	10/18/2010	Cash
Rome Bancorp Inc	ROME	Berkshire Hills B	BHLB	$11.05	$11.17	0.12	1.05%	10/12/2010	C&S
Res-Care Inc.	RSCR	ONEX CORPORATION	OCX.TO	$13.10	$13.25	0.15	1.15%	9/7/2010	Cash
Smithtown Bancorp	SMTB	People's United F	PBCT	$3.75	$3.81	0.06	1.72%	7/15/2010	C&S
Southern Connecti	SSE	Naugatuck Valley	NVSL	$6.05	$6.75	0.70	11.57%	2/23/2010	Cash
Student Loan Corp	STU	Discover Financia	DFS	$29.91	$30.00	0.09	0.30%	9/17/2010	Cash
Syniverse Holding	SVR	Carlyle Group	--	$30.41	$31.00	0.59	1.94%	10/28/2010	Cash
TechTeam Global	TEAM	Stefanini IT Solutions	--	$8.29	$8.35	0.06	0.72%	11/2/2010	Cash
Thermadyne Holdin	THMD	Irving Place Capital	--	$15.00	$15.00	0.00	0.00%	10/5/2010	Cash
Talecris Biothera	TLCR	GRIFOLS A	GRF.MC	$23.48	$25.53	2.05	8.75%	6/7/2010	C&S
T-3 Energy Servic	TTES	Robbins & Myers	RBN	$34.63	$35.06	0.43	1.23%	10/6/2010	C&S
Microtune Inc.	TUNE	Zoran Corporation	ZRAN	$2.90	$2.92	0.02	0.69%	9/8/2010	Cash
Ulticom Inc.	ULCM	Platinum Equity	--	$8.06	$8.07	0.01	0.12%	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
Wilmington Trust	WL	M&T Bank Corporat	MTB	$4.31	$4.25	-0.06	-1.43%	11/1/2010	Stock
Expressjet Holdin	XJT	SkyWest Inc.	SKYW	$6.73	$6.75	0.02	0.30%	8/4/2010	Cash