The Risk Arbitrage Report for April 25, 2011

New Deals:

• AES Corp (AES) to acquire DPL Inc (DPL).
• Auto Club Insurance Association to acquire Fremont Michigan InsuraCorp Inc (FMMH).
• CNA Financial Corp (CNA) to acquire CNA Surety Corp (SUR).
• Monex Group Inc to acquire Tradestation Group Inc (TRAD).
• Brookline Bancorp Inc (BRKL) to acquire Bancorp Rhode Island Inc (BARI).
• Insiders to acquire China Security and Surveillance Technology Inc (CSR).

Closed Deals:

• Golden Gate Capital completes acquisition of Conexant Systems Inc (CNXT).
• Time Warner Cable Inc (TWC) completes acquisition of Navisite Incorporated (NAVI).
• Vintage Capital Group completes acquisition of Caprius Inc (CAPI).
• Community Bank System Inc (CBU) completes acquisition of The Wilber Corp (GIW).
• Insiders complete acquisition of VCG Holding Corp (VCGH).

Updated Deals:

• Apax Partners receives early HSR termination in merger with Epicor Software Corp (EPIC).
• AGL Resources Inc (AGL) receives early HSR termination in merger with Nicor Inc (GAS).
• Danaher Corp (DHR) extends tender offer to acquire Beckman Coulter  Inc (BEC) to 6/6 from 4/27. 
• The Charles Schwab Corp (SCHW) files S-4 in merger with optionsXpress Holdings Inc (OXPS).

Merger Arbitrage Spreads April 25, 2011

The latest stock merger arbitrage spreads:

Target	Ticker	Acquirer	Ticker	Current Price	Take Over Price	Price Diff	% Diff	Vol	3 Month Vol	Date Announced	Deal Type
AirTran Holdings Inc	AAI	Southwest Airlines Co	LUV	$7.43	$7.44	0.01	0.20%	5,403,550	2,596,320	9/27/2010	C&S
Abington Community Bancorp Inc	ABBC	Susquehanna Bancshares Inc	SUSQ	$12.10	$12.22	0.12	1.02%	13,799	126,405	1/26/2011	Stock
Alberto Culver Co	ACV	Unilever ADR Reptg 1 Ord Shs	UL	$37.29	$37.50	0.21	0.56%	333,115	694,916	9/27/2010	Cash
American Exploration Corp	AEXP	Mainland Resources Incorporated	MNLU	$0.0900	$0.0975	0.01	8.33%	47,710	#N/A	3/23/2010	Stock
Animal Health International Inc	AHII	Lextron and Leonard Green & Partners	--	$4.21	$4.25	0.04	0.95%	168,020	189,427	3/14/2011	Cash
AML Communications Inc	AMLJ	Microsemi Corp	MSCC	$2.46	$2.50	0.04	1.63%	56,700	#N/A	4/6/2011	Cash
American Medical Systems Holdings Inc	AMMD	Endo Pharmaceuticals Holding Inc	ENDP	$29.47	$30.00	0.53	1.80%	4,170,790	2,329,600	4/11/2011	Cash
America Service Group Inc	ASGR	Valitás Health Services	--	$25.73	$26.00	0.27	1.05%	23,244	140,243	3/3/2011	Cash
Atheros Communications Inc	ATHR	Qualcomm Inc	QCOM	$44.79	$45.00	0.21	0.47%	330,588	1,414,570	1/5/2011	Cash
Bancorp Rhode Island Inc	BARI	Brookline Bancorp Inc	BRKL	$44.09	$45.91	1.82	4.14%	177,736	19,011	4/20/2011	C&S
Beckman Coulter Inc	BEC	Danaher Corp	DHR	$83.05	$83.50	0.45	0.54%	511,740	1,749,970	2/7/2011	Cash
American Wagering Inc	BETM	William Hill PLC	--	$0.70	$0.90	0.20	28.57%	30,650	#N/A	4/14/2011	Cash
Bronco Drilling Co Inc	BRNC	Chesapeake Energy Corp	CHK	$11.00	$11.00	0.00	0.00%	289,053	541,141	4/15/2011	Cash
Bucyrus International Inc	BUCY	Caterpillar Inc	CAT	$91.42	$92.00	0.58	0.63%	429,862	956,729	11/15/2010	Cash
Cascade Financial Corp	CASB	Opus Bank	--	$0.42	$0.45	0.03	7.14%	16,728	81,758	3/4/2011	Cash
CITADEL BROADCAST	CDELA.PK	Cumulus Media Inc	CMLS	$34.10	$34.95	0.85	2.50%	12,475	0	3/10/2011	C&S
CardioGenesis Corp	CGCP	CryoLife Inc	CRY	$0.450	$0.457	0.01	1.56%	175,450	#N/A	3/29/2011	Cash
Center Financial Corp	CLFC	Nara Bancorp Inc	NARA	$7.15	$7.26	0.11	1.51%	70,339	147,562	11/9/2010	Stock
All American Group Inc	COHM	American Group Holding	--	$0.2300	$0.2000	-0.03	-13.04%	0	#N/A	11/8/2010	Cash
Community Capital Corp	CPBK	Park Sterling Bank	PSTB	$3.06	$3.16	0.10	3.27%	66,956	13,772	3/30/2011	C&S
Chemspec International Ltd	CPC	Primavera Capital Management Ltd	--	$7.46	$8.10	0.64	8.58%	22,900	28,955	3/21/2011	Cash
CaraCo Pharmaceutical Laboratories Ltd	CPD	Sun Pharma (Majority Holder)	--	$5.22	$5.25	0.03	0.57%	2,696	44,806	2/22/2011	Cash
Celera Corporation	CRA	Quest Diagnostics Inc	DGX	$7.97	$8.00	0.03	0.38%	3,349,518	1,578,830	3/18/2011	Cash
Danvers Bancorp Inc	DNBK	PeopleS United Financial Inc	PBCT	$22.07	$22.23	0.16	0.72%	52,734	140,160	1/20/2011	C&S
Dionex Corp	DNEX	Thermo Fisher Scientific Inc	TMO	$118.21	$118.50	0.29	0.25%	9,262	103,953	12/13/2010	Cash
DPL Inc	DPL	AES Corp	AES	$30.20	$30.00	-0.20	-0.66%	3,318,424	1,700,870	4/20/2011	Cash
drugstore.com inc	DSCM	Walgreen Co	WAG	$3.77	$3.80	0.03	0.80%	532,584	2,881,530	3/24/2011	Cash
EnergyConnect Group Inc	ECNG	Johnson Controls Inc	JCI	$0.2200	$0.2253	0.01	2.41%	318,452	#N/A	3/7/2011	Cash
Emergency Medical Services Corp	EMS	Clayton, Dubilier & Rice, LLC	--	$63.77	$64.00	0.23	0.36%	325,678	965,283	2/14/2011	Cash
Endwave Corp	ENWV	Gigoptix Inc	GGOX	$2.48	$2.32	-0.16	-6.42%	2,037	34,784	2/7/2011	Stock
Epicor Software Corp	EPIC	Apax Partners	--	$12.52	$12.50	-0.02	-0.16%	267,665	605,300	4/4/2011	Cash
First Ipswich Bancorp	FIWC	Brookline Bancorp Inc	BRKL	$8.10	$8.10	0.00	0.00%	0	#N/A	10/27/2010	Cash
Fremont Michigan InsuraCorp Inc	FMMH	Auto Club Insurance Association	--	$27.58	$36.15	8.57	31.07%	0	#N/A	4/18/2011	Cash
Frontier Oil Corp	FTO	Holly Corp	HOC	$30.08	$30.15	0.07	0.23%	1,441,623	3,258,660	2/22/2011	Stock
Nicor Inc	GAS	AGL Resources Inc	AGL	$53.89	$54.92	1.03	1.91%	77,130	248,603	12/7/2010	C&S
Global Crossing Ltd	GLBC	Level 3 Communications Incorporated	LVLT	$24.57	$26.24	1.67	6.80%	384,940	527,288	4/11/2011	Stock
Graham Packaging Co Inc	GRM	Silgan Holdings Inc	SLGN	$23.11	$23.24	0.13	0.55%	362,982	750,094	4/13/2011	C&S
GSI Commerce Inc	GSIC	EBAY Inc	EBAY	$29.70	$29.25	-0.45	-1.52%	558,952	2,692,570	3/28/2011	Cash
GS Financial Corp	GSLA	Home Bancorp Inc	HBCP	$20.60	$21.00	0.40	1.94%	2,989	5,721	3/31/2011	Cash
Hughes Communications Inc	HUGH	EchoStar Corp	SATS	$59.70	$60.70	1.00	1.68%	16,005	148,203	2/14/2011	Cash
Hypercom Corp	HYC	Verifone Systems Inc	PAY	$11.87	$12.62	0.75	6.28%	299,575	702,384	11/17/2010	Stock
L 1 Identity Solutions Inc	ID	Safran	--	$11.49	$12.00	0.51	4.44%	3,256,532	1,201,800	9/20/2010	Cash
Inspire Pharmaceuticals Inc	ISPH	Merck & Co Inc	MRK	$4.99	$5.00	0.01	0.20%	375,070	1,776,500	4/5/2011	Cash
Inspire Pharmaceuticals Inc	ISPH	Merck & Co Inc	MRK	$4.99	$5.00	0.01	0.20%	375,070	1,776,500	4/5/2011	Cash
K-SEA Transportation Partners LP	KSP	Kirby Corp	KEX	$8.16	$8.20	0.04	0.51%	47,020	242,222	3/14/2011	C&S
LaBranche & Co Inc	LAB	Cowen Group Incorporated	COWN	$4.03	$4.15	0.12	3.02%	238,032	371,811	2/17/2011	Stock
LaBarge Inc	LB	Ducommun Inc	DCO	$19.07	$19.25	0.18	0.94%	102,616	123,553	4/5/2011	Cash
Ladish Co Inc	LDSH	Allegheny Technologies Inc	ATI	$55.66	$55.83	0.17	0.30%	59,684	88,928	11/17/2010	C&S
Legacy Bancorp Inc	LEGC	Berkshire Hills Bancorp Inc	BHLB	$13.37	$13.60	0.23	1.70%	29,026	16,668	12/22/2010	C&S
Lubrizol Corp	LZ	Berkshire Hathaway Ord Shs Class B	BRK.B	$134.56	$135.00	0.44	0.33%	564,748	1,482,990	3/14/2011	Cash
Midcarolina Financial Corp	MCFI	American National Bankshares Inc	AMNB	$7.05	$7.53	0.48	6.86%	1,981	#N/A	12/16/2010	Stock
Massey Energy Co	MEE	Alpha Natural Resources Inc	ANR	$66.31	$67.85	1.54	2.32%	1,361,283	4,851,290	1/31/2011	C&S
Marshall and Ilsley Corp	MI	Bank Of Montreal	BMO	$8.15	$8.29	0.14	1.67%	2,116,489	7,273,600	12/17/2010	Stock
MKS Inc	MKSBF	Parametric Technology Corp	PMTC	$27.27	$27.75	0.48	1.78%	300	#N/A	4/7/2011	Cash
Nationwide Health Properties Inc	NHP	Ventas Inc	VTR	$43.63	$43.79	0.16	0.37%	453,158	1,144,000	2/28/2011	Stock
National Investment Managers Inc	NIVM	Stonehenge Opportunity Fund III	--	$0.0200	$0.02	0.00	0.00%	0	#N/A	3/8/2011	Cash
NovaMed Inc (Illinois)	NOVA	Surgery Center Holdings	--	$13.22	$13.25	0.03	0.23%	17,809	110,238	1/21/2011	Cash
Novell Inc	NOVL	Attachmate Corp (Francisco Partners, Golden Gate Capital and Thoma Bravo)	--	$6.08	$6.10	0.02	0.33%	1,169,431	4,502,860	11/22/2010	Cash
North Penn Bancorp Inc (New)	NPBP	Norwood Financial Corp	NWFL	$18.60	$18.75	0.15	0.78%	0	#N/A	12/15/2010	C&S
National Semiconductor Corp	NSM	Texas Instruments Inc	TXN	$24.14	$25.00	0.86	3.56%	4,350,297	8,857,640	4/4/2011	Cash
NStar	NST	Northeast Utilities	NU	$44.84	$45.40	0.56	1.24%	169,925	363,160	10/18/2010	Stock
Nuloch Resources Inc	NULCF	Magnum Hunter Resources Corp	MHR	$2.55	$2.65	0.10	3.78%	1,000	#N/A	1/18/2011	Stock
Omni Bancshares Inc	OMBA	IBERIABANK Corp	IBKC	$15.25	$19.27	4.02	26.37%	0	#N/A	2/22/2011	Stock
Orchid Cellmark Incorporated	ORCH	Laboratory Corporation of America Holdings	LH	$2.78	$2.80	0.02	0.72%	44,572	352,792	4/6/2011	Cash
optionsXpress Holdings Inc	OXPS	The Charles Schwab Corp	SCHW	$18.60	$18.85	0.25	1.34%	641,262	929,705	3/21/2011	Stock
Pride International Inc	PDE	ENSCO PLC	ESV	$43.67	$43.84	0.17	0.38%	553,566	3,437,690	2/7/2011	C&S
Progress Energy Inc	PGN	Duke Energy Corp	DUK	$46.55	$48.15	1.60	3.43%	519,940	1,517,440	1/10/2011	Stock
ProLogis	PLD	AMB Property Corp	AMB	$16.28	$16.20	-0.08	-0.46%	3,892,546	6,867,840	1/31/2011	Stock
Pennichuck Corp	PNNW	City of Nashua	--	$28.32	$29.00	0.68	2.40%	200	10,478	11/12/2010	Cash
Pre-Paid Legal Services Inc	PPD	MidOcean Partners	--	$65.97	$66.50	0.53	0.80%	17,765	74,880	2/1/2011	Cash
RAE Systems Inc	RAE	Vector Capital	--	$1.87	$1.88	0.01	0.53%	32,163	64,958	1/18/2011	Cash
RC2 Corp	RCRC	Tomy Company	--	$27.87	$27.90	0.03	0.11%	247,474	576,797	3/11/2011	Cash
Rehabcare Group Inc	RHB	Kindred Healthcare Inc	KND	$37.16	$37.41	0.25	0.68%	56,462	534,381	2/8/2011	C&S
Rural/metro Corporation	RURL	Warburg Pincus	--	$17.09	$17.25	0.16	0.94%	64,570	370,994	3/28/2011	Cash
Retail Ventures Inc	RVI	Dsw Inc	DSW	$19.89	$19.98	0.09	0.45%	397,114	363,406	2/8/2011	Stock
Sterling Bancshares Inc	SBIB	Comerica Inc	CMA	$8.54	$8.61	0.07	0.78%	370,786	1,223,940	1/18/2011	Stock
Spectrum Control Inc	SPEC	API Technologies Corp	ATNY	$19.77	$20.00	0.23	1.16%	78,313	154,294	3/29/2011	Cash
SRA International Inc	SRX	Providence Equity Partners	--	$30.90	$31.25	0.35	1.13%	277,798	1,175,900	4/1/2011	Cash
Smurfit Stone Container Corp	SSCC	Rock Tenn Co	RKT	$38.67	$38.93	0.26	0.68%	555,517	2,718,610	1/24/2011	C&S
Silverleaf Resorts Inc	SVLF	Cerberus Capital Management	--	$2.44	$2.50	0.06	2.46%	120,256	369,884	2/4/2011	Cash
Tgc Industries Inc	TGE	Dawson Geophysical Co	DWSN	$7.46	$7.70	0.24	3.22%	59,028	160,270	3/21/2011	Stock
Talecris Biotherapeutics Holdings Corp	TLCR	Grifols SA	GIFLF	$27.98	$31.68	3.70	13.22%	183,791	1,169,390	6/7/2010	C&S
Tollgrade Communications Inc	TLGD	Golden Gate Capital	--	$10.06	$10.10	0.04	0.40%	17,580	97,159	2/25/2011	Cash
TomoTherapy Inc	TOMO	Accuray Incorporated	ARAY	$4.54	$4.60	0.06	1.22%	105,053	882,691	3/7/2011	C&S
Technology Research Corp	TRCI	Coleman Cable Inc	CCIX	$7.15	$7.20	0.05	0.70%	11,192	45,438	3/28/2011	Cash
Tasty Baking Co	TSTY	Flowers Foods Inc	FLO	$3.98	$4.00	0.02	0.50%	53,910	146,269	4/11/2011	Cash
Union National Financial Corp	UNNF	Donegal Group Inc	DGICA	$8.15	$8.25	0.10	1.23%	0	#N/A	4/20/2010	C&S
US 1 Industries Inc	USOO	CEO & CFO	--	$1.39	$1.43	0.04	2.88%	0	#N/A	2/18/2011	Cash
Verigy Ltd	VRGY	Advantest ADR Reptg 1 Ord Shs	ATE	$14.39	$15.00	0.61	4.24%	393,172	1,461,700	3/21/2011	Cash
Wimm-Bill-Dann Foods	WBD	Pepsico Inc	PEP	$34.19	$34.76	0.57	1.66%	8,748	274,100	2/3/2011	Cash
Wilmington Trust Corporation	WL	M&t Bank Corp	MTB	$4.38	$4.42	0.04	1.01%	239,735	688,566	11/1/2010	Stock
Wesco Financial Corp	WSC	Berkshire Hathaway Ord Shs Class B	BRK.B	$388.00	$389.01	1.01	0.26%	12,240	5,324	2/7/2011	Cash
Whitney Holding Corp	WTNY	Hancock Holding Co	HBHC	$13.54	$13.64	0.10	0.73%	422,461	643,470	12/22/2010	Stock
Xeta Technologies Inc	XETA	PAETEC Holding Corp	PAET	$5.47	$5.50	0.03	0.55%	12,212	95,636	2/9/2011	Cash
Zoran Corp	ZRAN	CSR PLC	CSRXF	$10.77	$11.10	0.33	3.06%	101,295	712,423	2/22/2011	Stock
China Security and Surveillance Technology Inc	CSR	Insiders	--	$5.50	$6.50	1.00	18.18%	2,597,132	1,532,980	4/21/2011	Cash
CNA Surety Corp	SUR	CNA Financial Corp	CNA	$26.47	$26.55	0.08	0.30%	358,540	101,556	4/21/2011	Cash
Tradestation Group Inc	TRAD	Monex Group Inc	--	$9.74	$9.75	0.01	0.10%	1,833,848	727,498	4/20/2011	Cash