The Risk Arbitrage Report for December 27, 2010

New Deals:

• Raytheon Company (RTN) to acquire Applied Signal Tech (APSG).
• ASSA ABLOY AB to acquire LaserCard Corp (LCRD). 
• Leonard Green & Partners to acquire Jo-Ann Stores In (JAS).
• Royal DSM N.V. to acquire Martek Bioscience (MATK).
• Rovi Corporation(ROVI) to acquire Sonic Solutions (SNIC).
• Great Point Partners to acquire AMERICAN SURGICAL (ASRG.OB).
• Vigor Industrial to acquire Todd Shipyards Co (TOD).
• Berkshire Hills (BHLB) to acquire Legacy Bancorp (LEGC). 

• Hancock Holding (HBHC) to acquire Whitney Holding (WTNY).

Closed Deals:

• Hess Corporation (HES) completes acquisition of American Oil & Ga (AEZ).
• General Electric  (GE) completes acquisition of  Clarient, Inc (CLRT).
• Virtual Radiologic completes acquisition of NightHawk Radiology (NHWK).
• CardioNet Inc. (BEAT) completes acquisition of  BIOTEL INC (BTEL.OB).
• Platinum Equity completes acquisition of  American Commercial Lines (ACLI). 
• EMC Corporation C (EMC) completes acquisition of  Isilon Systems (ISLN).
• Emera Inc completes acquisition of  Maine & Maritimes (MAM).
• ONEX CORPORATION  (OCX.TO) completes acquisition of  ResCare (RSCR).

Updated Deals:

• MCAFEE Inc (MFE) receives notification that the HSR waiting period has expired in planned merger with Intel Corporation (INTC).
• Art Technology Group (ARTG) adjourned shareholder vote on merger with  Oracle (ORCL) until Jan 4 to allow time to provide additional information fees paid to Morgan Stanley.
• Verigy Ltd. (VRGY) files S-4 in merger with LTX-Credence Corp (LTXC) despite having an offer from Advantest Corp (ATE).
• ABB Ltd Common St (ABB) received a second request for information under HSR in merger with  Baldor Electric (BEZ).
• Verifone Systems (PAY) files S-4 in merger with Hypercom Corp (HYC).
• PRIMUS TELECOM (PMUG.OB) files S-4 in merger with Arbinet Corp (ARBX).
• Infologix (IFLG.PK) to be delisted Dec 30.
• NewAlliance Bancs (NAL) shareholders approve acquisition by  First Niagara Fin (FNFG).

To Read:

• NYT: M.&A. Ready to Soar in 2011
• WSJ: The Return of Bank M&A: Who Will Be Buyers? Who Will Be Sellers? 
• DealBook: New Fight at Dynegy as Seneca Takes On Icahn
• DailyFinance: How You Can Profit From the Coming Merger Mania 

Merger Arbitrage Spreads December 27, 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	$7.36	$7.75	0.39	5.30%	9/27/2010	C&S
Alberto-Culver Co	ACV	Unilever PLC Comm	UL	$36.94	$37.50	0.56	1.52%	9/27/2010	Cash
A.D.A.M. Inc.	ADAM	Ebix Inc	EBIX	$7.28	$7.47	0.19	2.67%	8/30/2010	Stock
AMERICAN EXPLORAT	AEXP.OB	MAINLAND RESOURCE	MNLU.OB	$0.1100	$0.1275	0.02	15.91%	3/23/2010	Stock
Applied Signal Te	APSG	Raytheon Company	RTN	$37.81	$38.00	0.19	0.50%	12/20/2010	Cash
Arbinet Corporati	ARBX	PRIMUS TELECOM GR	PMUG.OB	$7.89	$6.61	-1.28	-16.22%	11/11/2010	Stock
Art Technology Gr	ARTG	Oracle Corporatio	ORCL	$5.99	$6.00	0.01	0.25%	11/2/2010	Cash
AMERICAN SURGICAL	ASRG.OB	Great Point Partners	--	$2.82	$2.87	0.05	1.77%	12/21/2010	Cash
Atlas Energy Inc	ATLS	Chevron Corporati	CVX	$43.39	$43.34	-0.05	-0.12%	11/9/2010	C&S
Allegheny Energy	AYE	FirstEnergy Corpo	FE	$24.22	$24.71	0.49	2.01%	2/11/2010	Stock
Baldor Electric C	BEZ	ABB Ltd Common St	ABB	$63.11	$63.50	0.39	0.62%	11/30/2010	Cash
BAKBONE SOFTWARE	BKBO.OB	Quest Software I	QSFT	$0.33	$0.33	0.00	1.48%	11/10/2010	Cash
Bucyrus Internati	BUCY	Caterpillar Inc.	CAT	$89.38	$92.00	2.62	2.93%	11/15/2010	Cash
Cadence Financial	CADE	Community Bancorp	--	$2.47	$2.50	0.03	1.21%	10/6/2010	Cash
CAPRIUS INC	CAPI.PK	Vintage Capital Group	--	$0.0522	$0.0650	$0.0128	24.52%	11/11/2010	Cash
Comm Bancorp Inc	CCBP	F.N.B. Corporatio	FNB	$44.45	$44.61	0.16	0.37%	8/9/2010	C&S
COMFORCE Corp. Co	CFS	ARBY Partners	--	$2.49	$2.50	0.01	0.40%	12/2/2010	Cash
CENTER FOR WOUND	CFWH.OB	Sveric International	--	$0.57	$0.57	0.00	0.00%	10/6/2010	Cash
Capital Gold Corp	CGC	Gammon Gold Inc.	GRS	$4.99	$4.81	-0.18	-3.58%	10/7/2010	C&S
Center Financial	CLFC	Nara Bancorp Inc	NARA	$7.45	$7.34	-0.11	-1.43%	11/9/2010	Stock
Cellu Tissue Hold	CLU	Clearwater Paper	CLW	$11.99	$12.00	0.01	0.08%	9/16/2010	Cash
Compellent Techno	CML	Dell Inc.	DELL	$27.60	$27.75	0.15	0.54%	12/13/2010	Cash
ALL AMERICAN GROU	COHM.PK	American Group Holding	--	$0.2221	$0.2000	-0.02	-9.95%	11/8/2010	Cash
CPI International	CPII	Veritas Capital Fund	--	$19.33	$19.50	0.17	0.88%	11/29/2010	Cash
Crucell NV	CRXL	Johnson & Johnson	JNJ	$30.94	$32.49	1.55	5.02%	10/6/2010	Cash
CommScope Inc. C	CTV	Carlyle Group	--	$31.23	$31.50	0.27	0.86%	10/27/2010	Cash
Cypress Bioscienc	CYPB	Ramius V&O Acquisition	--	$6.45	$6.50	0.05	0.78%	12/15/2010	Cash
Dynamex Inc.	DDMX	TransForce Inc	--	$24.75	$25.00	0.25	1.01%	10/1/2010	Cash
Del Monte Foods C	DLM	Kohlberg Kravis Roberts	--	$18.75	$19.00	0.25	1.33%	11/25/2010	Cash
Dionex Corporatio	DNEX	Thermo Fisher Sci	TMO	$118.20	$118.50	0.30	0.25%	12/13/2010	Cash
Dynegy Inc. (Dela	DYN	Icahn Enterprises	IEP	$5.86	$5.50	-0.36	-6.14%	12/15/2010	Cash
Eurand N.V.	EURX	Axcan Holdings	--	$11.79	$12.00	0.21	1.78%	12/1/2010	Cash
First Franklin Co	FFHS	Cheviot Financial	CHEV	$14.25	$14.50	0.25	1.75%	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	$16.37	$16.50	0.13	0.79%	10/28/2010	Cash
FORT ORANGE FINAN	FOFC.OB	CHEMUNG FINANCIAL	CHMG.OB	$7.30	$7.90	0.60	8.23%	10/15/2010	C&S
Nicor Inc. Commo	GAS	AGL Resources In	AGL	$50.55	$51.66	1.11	2.20%	12/7/2010	C&S
Wilber Corporatio	GIW	Community Bank Sy	CBU	$10.02	$9.50	-0.52	-5.19%	10/25/2010	C&S
Hypercom Corporat	HYC	Verifone Systems	PAY	$8.46	$9.02	0.56	6.60%	11/17/2010	Stock
L-1 Identity Solu	ID	Safran	--	$11.85	$12.00	0.15	1.27%	9/20/2010	Cash
INFOLOGIX INC	IFLG.PK	Stanley Black & D	SWK	$4.63	$4.75	0.12	2.59%	12/16/2010	Cash
Jo-Ann Stores In	JAS	Leonard Green & Partners	--	$60.19	$61.00	0.81	1.35%	12/23/2010	Cash
J. Crew Group In	JCG	TPG Capital and Leonard Green & Partners	--	$43.11	$43.50	0.39	0.90%	11/23/2010	Cash
King Pharmaceutic	KG	Pfizer Inc. Comm	PFE	$14.07	$14.25	0.18	1.28%	10/12/2010	Cash
LaserCard Corpora	LCRD	ASSA ABLOY AB	--	$6.26	$6.25	-0.01	-0.16%	12/21/2010	Cash
Ladish Co. Inc.	LDSH	Allegheny Technol	ATI	$49.70	$50.26	0.56	1.13%	11/17/2010	C&S
Legacy Bancorp I	LEGC	Berkshire Hills B	BHLB	$12.69	$13.14	0.45	3.55%	12/22/2010	C&S
LTX-Credence Corp	LTXC	Verigy Ltd.	VRGY	$7.73	$12.51	4.78	61.93%	11/18/2010	Stock
Majestic Capital	MAJC	Bayside Capital Partners	--	$4.18	$4.50	0.32	7.66%	9/21/2010	Cash
Martek Bioscience	MATK	Royal DSM N.V.	--	$31.57	$31.50	-0.07	-0.22%	12/21/2010	Cash
Mediacom Communic	MCCC	CEO, Rocco B. Commisso	--	$8.46	$8.75	0.29	3.43%	11/15/2010	Cash
MIDCAROLINA FINL	MCFI.OB	American National	AMNB	$6.90	$7.76	0.86	12.39%	12/16/2010	Stock
MCAFEE Inc	MFE	Intel Corporation	INTC	$46.28	$48.00	1.72	3.72%	8/19/2010	Cash
New M&I Corporati	MI	Bank Of Montreal	BMO	$6.66	$7.09	0.43	6.43%	12/17/2010	Stock
Mercer Insurance	MIGP	United Fire & Cas	UFCS	$27.98	$28.25	0.27	0.96%	12/1/2010	Cash
Monroe Bancorp	MROE	Old National Banc	ONB	$14.12	$14.00	-0.12	-0.85%	10/6/2010	Stock
Matrixx Initiativ	MTXX	H.I.G Capital	--	$8.22	$8.00	-0.22	-2.68%	12/14/2010	Cash
NewAlliance Bancs	NAL	First Niagara Fin	FNFG	$15.07	$15.42	0.35	2.34%	8/19/2010	C&S
Novell Inc.	NOVL	Attachmate Corp (Francisco Partners, Golden Gate Capital and Thoma Bravo)	--	$5.99	$6.10	0.11	1.84%	11/22/2010	Cash
NORTH PENN BCORP	NPBP.OB	Norwood Financial	NWFL	$16.95	$18.81	1.86	10.97%	12/15/2010	C&S
NSTAR Common Stoc	NST	Northeast Utiliti	NU	$42.36	$41.80	-0.56	-1.32%	10/18/2010	Stock
Nu Horizons Elect	NUHC	Arrow Electronics	ARW	$6.98	$7.00	0.02	0.29%	9/20/2010	Cash
Occam Networks I	OCNW	Calix Inc Common	CALX	$8.72	$8.79	0.07	0.82%	9/16/2010	C&S
Optelecom-NKF In	OPTC	TKH Group	--	$2.42	$2.45	0.03	1.24%	11/11/2010	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	--	$16.39	$15.25	-1.14	-6.96%	10/4/2010	Cash
Portec Rail Produ	PRPX	L.B. Foster Compa	FSTR	$11.79	$11.80	0.01	0.08%	2/17/2010	Cash
Penn Virginia GP	PVG	Penn Virginia Res	PVR	$25.80	$27.35	1.55	6.01%	9/21/2010	Stock
Qwest Communicati	Q	CenturyLink Inc.	CTL	$7.68	$7.70	0.02	0.27%	4/22/2010	Stock
RAE Systems Inc C	RAE	Battery Ventures	--	$1.61	$1.60	-0.01	-0.62%	9/20/2010	Cash
Rock of Ages Corp	ROAC	Swenson Granite	--	$5.23	$5.25	0.02	0.38%	10/18/2010	Cash
Rome Bancorp Inc	ROME	Berkshire Hills B	BHLB	$11.66	$11.69	0.03	0.28%	10/12/2010	C&S
Sonic Solutions	SNIC	Rovi Corporation	ROVI	$14.42	$14.11	-0.31	-2.13%	12/22/2010	C&S
Student Loan Corp	STU	Discover Financia	DFS	$30.00	$30.00	0.00	0.00%	9/17/2010	Cash
Syniverse Holding	SVR	Carlyle Group	--	$30.83	$31.00	0.17	0.55%	10/28/2010	Cash
Tongjitang Chines	TCM	Insiders	--	$4.35	$4.50	0.15	3.45%	11/1/2010	Cash
Talecris Biothera	TLCR	GRIFOLS A	GRF.MC	$23.12	$25.63	2.51	10.88%	6/7/2010	C&S
Todd Shipyards Co	TOD	Vigor Industrial	--	$22.22	$22.27	0.05	0.23%	12/23/2010	Cash
T-3 Energy Servic	TTES	Robbins & Myers	RBN	$38.99	$39.19	0.20	0.50%	10/6/2010	C&S
UNION NATL FINCL	UNNF.OB	Donegal Group In	DGICA	$7.24	$8.31	1.07	14.79%	4/20/2010	C&S
VCG Holding Corpo	VCGH	Insiders	--	$2.19	$2.25	0.06	2.74%	11/10/2010	Cash
Voltaire Ltd.	VOLT	Mellanox Technolo	MLNX	$8.68	$8.75	0.07	0.81%	11/29/2010	Cash
Wilmington Trust	WL	M&T Bank Corporat	MTB	$4.28	$4.37	0.09	2.20%	11/1/2010	Stock
Whitney Holding C	WTNY	Hancock Holding C	HBHC	$13.41	$13.84	0.43	3.24%	12/22/2010	Stock