Monday, April 25, 2011

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

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