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Merger Arbitrage Mondays – January 30, 2012

January 30, 2012 | Merger Arbitrage | Author Asif

Merger activity increased last week with five new deals announced and four closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2012	11
Total Number of Pending Deals
Cash Deals	29
Stock Deals	15
Stock & Cash Deals	11
Total Number of Pending Deals	55
Total Deal Size	$335.5 billion

New Deals:

The acquisition of MineFinders Corporation (MFN) by Pan American Silver Corp. (PAAS) in a cash plus stock deal. Under the terms of the agreement, Minefinders shareholders will be entitled to elect to receive, in exchange for each Minefinders share held, either: (i) 0.55 shares of Pan American and $1.84 in cash; or (ii) 0.6235 shares of Pan American; or (iii) $15.60 in cash, subject to pro-ration under total aggregate cash and share pools of approximately $176 million and approximately 53 million Pan American shares, respectively, on a fully-diluted basis.
The acquisition of Indiana Community Bancorp (INCB) by Old National Bancorp (ONB) for $79.2 million in an all stock deal, where Indiana Community shareholders will receive 1.90 shares of Old National common stock for each share of Indiana Community held by them.
The acquisition of Micromet (MITI) by Amgen (AMGN) for $1.16 billion or $11.00 per share in cash.
The acquisition of VIST Financial Corp (VIST) by Tompkins Financial Corporation (TMP) for $86 million in an all stock deal, where VIST shareholders will receive 0.3127 shares of Tompkins Financial common stock for each share of VIST common stock held. The exchange ratio is subject to adjustment based on the average of the closing prices of Tompkins Financial common stock for the 20 business days ending three business days prior to the VIST shareholder meeting called to consider the merger agreement (the “Average Closing Price”). If the Average Closing Price is more than $43.98, the Exchange Ratio shall be 0.2842; and if the Average Closing Price is less than $35.98, the Exchange Ratio shall be 0.3475.
The acquisition of Solutia (SOA) by Eastman Chemical Company (EMN) for $4.7 billion in a cash plus stock deal, where Solutia stockholders will receive $22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.

Updated Deals:

On January 24, 2012, ACI Worlwide (ACIW) further extended its exchange offer for S1 Corporation (SONE). ACI and S1 will not close the transaction prior to February 10, 2012 without the DOJ’s prior consent.

Closed Deals:

The acquisition of Pennichuck Corporation (PNNW) by the City of Nashua on January 25, 2012.
The acquisition of Valpey-Fisher Corporation (VPF) by CTS Corporation (CTS) on January 25, 2012.
The acquisition of RightNow Technologies (RNOW) by Oracle (ORCL) on January 25, 2012.
The acquisition of Tekelec (TKLC) by Siris Capital Group on January 27, 2012.

Top 10 deals with largest spreads:

Symbol	Announced Date	Acquiring Company	Closing Price	Last Price	Closing Date	Profit	Annualized Profit
VTRO	10/17/2011	Inuvo, Inc. (INUV)	$1.79	$1.37	03/31/2012	30.90%	184.91%
VQ	01/16/2012	Denver Parent Corporation (N/A)	$12.50	$10.51	03/31/2012	18.93%	113.30%
LOOP	04/27/2011	CoStar Group (CSGP)	$18.73	$16.50	01/31/2012	13.54%	4941.41%
MHS	07/21/2011	Express Scripts, Inc. (ESRX)	$70.47	$62.07	06/30/2012	13.53%	32.48%
VIST	01/26/2012	Tompkins Financial Corporation (TMP)	$12.58	$11.19	09/30/2012	12.45%	18.62%
INCB	01/25/2012	Old National Bancorp Capital (ONB)	$22.97	$20.80	06/30/2012	10.44%	25.06%
EP	10/16/2011	Kinder Morgan, Inc. (KMI)	$29.17	$26.54	06/30/2012	9.90%	23.77%
GRRF	01/12/2012	Talenthome Management Limited (N/A)	$3.15	$2.91	06/30/2012	8.25%	19.80%
CMFB	12/20/2011	Sandy Spring Bancorp Inc. (SASR)	$14.12	$13.12	06/30/2012	7.59%	18.22%
CTBC	10/26/2011	Berkshire Hills Bancorp, Inc. (BHLB)	$8.76	$8.17	04/30/2012	7.26%	29.11%

List of all pending deals:

	Symbol	Announced Date	Acquiring Company	Deal Type	Closing Value	Closing Price	Last Price	Volume	Closing Date	Profit	Annu. Profit
+	VTRO	10/17/2011	Inuvo, Inc. (INUV)	All Stock	N/A	$1.79	$1.37	42,607	03/31/2012	30.90%	184.91%
Details of Vertro, Inc. Expected to close in the fourth quarter of 2011 or the first quarter of 2012. Upon completion of the merger, shareholders of Vertro will receive 1.546 shares of Inuvo common stock per each share of Vertro common stock.
+	VQ	01/16/2012	Denver Parent Corporation (N/A)	All Cash	$1.5 billion	$12.50	$10.51	531,722	03/31/2012	18.93%	113.30%
Details of Venoco Venoco (VQ) agrees to a going private transaction where its CEO, who owns 50.3% of its common stock, bid $1.5 billion or $12.50/share in an all cash transaction.
+	LOOP	04/27/2011	CoStar Group (CSGP)	Cash Plus Stock	$860 million	$18.73	$16.50	121,131	01/31/2012	13.54%	4941.41%
Details of LoopNet Expected to close by the end of the year in a cash plus stock deal. Upon completion of the merger, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock per share held. Update(s) January 04, 2012: LoopNet and CoStar agreed to further extend the the waiting period imposed by the Hart-Scott-Rodino Act to allow the firms to engage in discussions with the U.S. Federal Trade Commission (“FTC”) to determine whether there is a possible basis for, and to discuss the possible terms of, a mutually acceptable consent order that would allow the merger of the two firms to close.
+	MHS	07/21/2011	Express Scripts, Inc. (ESRX)	Cash Plus Stock	$29.1 billion	$70.47	$62.07	3,598,939	06/30/2012	13.53%	32.48%
Details of Medco Health Solutions Expected to close in the first half of 2012 for a closing value of $29.1 billion. Upon completion of the merger, Medco shareholders will receive $28.80 in cash and 0.81 shares for each Medco share they own.
+	VIST	01/26/2012	Tompkins Financial Corporation (TMP)	All Stock	86 million	$12.58	$11.19	N/A	09/30/2012	12.45%	18.62%
Details of VIST Financial Corp Expected to close in the third quarter of 2012 for a closing value of 86 million in an all stock deal, where VIST shareholders will receive 0.3127 shares of Tompkins Financial common stock for each share of VIST common stock held. The exchange ratio is subject to adjustment based on the average of the closing prices of Tompkins Financial common stock for the 20 business days ending three business days prior to the VIST shareholder meeting called to consider the merger agreement (the “Average Closing Price”). If the Average Closing Price is more than $43.98, the Exchange Ratio shall be 0.2842; and if the Average Closing Price is less than $35.98, the Exchange Ratio shall be 0.3475.
+	INCB	01/25/2012	Old National Bancorp Capital (ONB)	All Stock	$79.2 million	$22.97	$20.80	64,075	06/30/2012	10.44%	25.06%
Details of Indiana Community Bancorp Expected to close in the second quarter of 2012 for a closing value of $79.2 million in an all stock deal, where Indiana Community Bancorp shareholders will receive 1.90 shares of Old National Bancorp common stock for each share of Indiana Community Bancorp common stock held by them.
+	EP	10/16/2011	Kinder Morgan, Inc. (KMI)	Cash Plus Stock	$21 billion	$29.17	$26.54	6,977,602	06/30/2012	9.90%	23.77%
Details of El Paso Corp. Expected to close in early 2012 for a closing value of $21 billion in a cash plus stock deal. Upon completion of the merger, shareholders of El Paso Corporation will receive $26.87 per share, which consists of $14.65 in cash, 0.4187 Kinder Morgan shares — valued at $11.26 per EP share — and 0.640 Kinder Morgan warrants — valued at $0.96 per EP share — based on Kinder Morgan’s closing price on Friday, October 14, 2012.
+	GRRF	01/12/2012	Talenthome Management Limited (N/A)	All Cash	$71.45 milion	$3.15	$2.91	20,692	06/30/2012	8.25%	19.80%
Details of China GrenTech China GrenTech Corporation Limited (GRRF) accepted the going private offer it received on November 14, 2011 from Talenthome Management Limited, which is jointly owned indirectly by Mr. Yingjie Gao, China GrenTech’s Chairman and Chief Executive Officer, Ms. Rong Yu, China GrenTech’s Director and Chief Financial Officer. Shareholders will receive $0.126 in cash for each ordinary share they hold. Since each American Depository Share (ADS) represents 25 ordinary shares, ADS holders will receive $3.15 per ADS. The transaction is expected to close before the end of the second quarter of 2012.
+	CMFB	12/20/2011	Sandy Spring Bancorp Inc. (SASR)	All Stock	$25.4 million	$14.12	$13.12	497	06/30/2012	7.59%	18.22%
Details of Commercefirst Bancorp Inc. Expected to close in the second quarter of 2012 for a closing value of $25.4 million in a cash plus stock deal, where shareholders of CommerceFirst Bancorp will receive 0.8043 Sandy Spring shares for each CommerceFirst share and the cash consideration will be $13.60 per share.
+	CTBC	10/26/2011	Berkshire Hills Bancorp, Inc. (BHLB)	All Stock	$30 million	$8.76	$8.17	1,600	04/30/2012	7.26%	29.11%
Details of The Connecticut Bank and Trust Expected to close early in the second quarter of 2012 for a closing value of $30 million in an all stock deal. Upon completion of the merger, The Connecticut Bank and Trust Company shareholders will receive either $8.25 per share in cash, or 0.3810 shares of Berkshire Hills Bancorp per share held. Under the terms of the merger agreement, 70% of the outstanding CBT shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.3810 Berkshire shares for each share of CBT. The remaining 30% of CBT shares will be exchanged for cash in the amount of $8.25 per share.
+	HGIC	09/29/2011	Nationwide Mutual Insurance Co (N/A)	All Cash	$760 million	$60.00	$56.71	31,519	01/31/2012	5.80%	2117.53%
Details of Harleysville Group Inc. Expected to close in early 2012 for a closing value of $760 million. Upon completion of the merger, shareholders of Harleysville Group will receive $60.00 per share in cash.
+	BLD	12/23/2011	Forsyth Baldwin, LLC (N/A)	All Cash	$27.3 million	$0.96	$0.912	600	06/30/2012	5.26%	12.64%
Details of Baldwin Technology Co. Inc. Expected to close in the second quarter of 2012 for a closing value of $27.3 million. Upon completion of the merger, shareholders of Baldwin Technology will receive $0.96 per share in cash, subject to adjustment at closing based on certain criteria, including the extent that the difference between Baldwin Technology’s aggregate cash balances and the balance of aged accounts payable is less than $1,800,000.
+	HNB	06/02/2011	BankUnited Inc. (BKU)	Cash Plus Stock	$71.4 million	$3.68	$3.50	900	03/31/2012	5.07%	30.34%
Details of Herald National Bank Expected to close in the first quarter of 2012 for a closing value of $71.4 million. Upon completion of the merger, Herald National Bank shareholders will receive either cash or BankUnited common stock with a value of $1.35 in cash and 0.099 shares of BankUnited common stock, subject to proration.
+	CRIC	12/28/2011	E-House (China) Holdings (EJ)	Cash Plus Stock	$603 million	$5.29	$5.04	21,283	06/30/2012	4.96%	11.91%
Details of China Real Estate Information Corporation E-House (China Holdings) has entered into a definitely agreement to acquire the remaining shares of China Real Estate Information Corporation (CRIC) that it does not already own for a cash plus stock deal valued at $603 million or a 5.6% premium. CRIC shareholders will receive $1.75 per share in cash and 0.6 shares of E-house. The transaction is expected to close in mid-2012.
+	TAM	01/19/2011	LAN Airlines S.A. (LFL)	All Stock	N/A	$22.67	$21.64	665,025	06/30/2012	4.76%	11.44%
Details of TAM S.A. Completion of this transaction is expected to take between six to nine months. On the completion of merger TAM shareholders will receive 0.90 shares in LAN for each TAM share they hold. Shares of LAN Airlines SA of Chile and Brazilian carrier TAM SA fell sharply Monday, January 31, 2011, as investors reacted to the Chilean antitrust court’s move late Friday to suspend their proposed merger. Update March 18, 2011: Chile’s LAN Airlines (LFL) said a regulatory investigation into complaints about the merger could take between 6 to 9 months and the merger will most likely not complete before the fourth quarter. We have updated the closing date to 12/31/2011. December 12, 2011: The merger between Chilean airline LAN LAN.SN and Brazilian counterpart TAM is expected to close in the first quarter of 2012.
+	CADC	10/24/2011	Novel Gain Holdings Limited (N/A)	All Cash	N/A	$2.65	$2.53	91,929	03/31/2012	4.74%	28.38%
Details of China Advanced Construction Materials Group, Inc. Expected to close in the first quarter of 2012. Upon completion of the merger, China Advanced Construction Materials Group shareholders will receive $2.65 per share in cash. Essentially this is a going private transaction with CADC emerging as the surviving entity.
+	INHX	01/07/2012	Bristol-Myers Squibb Company (BMY)	All Cash	$2.5 billion	$26.00	$25.07	2,141,667	03/31/2012	3.71%	22.20%
Details of Inhibitex, Inc. Expected to close in the first quarter of 2012 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of Inhibtex will receive $26.00 per share in cash.
+	BXG	11/14/2011	BFC Financial Corporation (BFCF.PK)	All Stock	N/A	$2.72	$2.64	65,123	06/30/2012	3.03%	7.28%
Details of Bluegreen Corporation Expected to close in the first half of 2012 in an all stock deal, where shareholders of Bluegreen Corporation will be entitled to receive eight shares of BFC’s Class A Common Stock for each share of Bluegreen’s Common Stock they hold at the effective time of the merger.
+	MMI	08/15/2011	Google (GOOG)	All Cash	$12.5 billion	$40.00	$38.93	4,540,485	01/31/2012	2.75%	1003.21%
Details of Motorola Mobility Holdings, Inc. Expected to close by the end of 2011 or early 2012 for a closing value of $12.5 billion. Upon completion of the merger, shareholders of Motorola Mobility Holdings will receive $40.00 per share in cash.
+	LAVA	11/30/2011	Synopsys Inc. (SNPS)	All Cash	$507 million	$7.35	$7.17	1,171,623	03/31/2012	2.51%	15.02%
Details of Magma Design Automation Inc. Expected to close in the first quarter of 2012 for a closing value of $507 million. Upon completion of the merger, shareholders of Magma Design Automation will receive $7.35 per share in cash.
+	GR	09/21/2011	United Technologies Corp. (UTX)	All Cash	$18.4 billion	$127.50	$124.57	313,117	06/30/2012	2.35%	5.65%
Details of Goodrich Corp. Expected to close in mid-2012 for a closing value of $18.4 billion. Upon completion of the merger, shareholders of Goodrich Corporation will receive $127.50 per share in cash.
+	PGN	01/10/2011	Duke Energy Corporation (DUK)	All Stock	$13.7 billion	$55.33	$54.07	1,054,630	03/31/2012	2.34%	13.97%
Details of Progress Energy Inc. Expected to close in the first quarter of 2012. Progress Energy’s shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy’s closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value.
+	TOBC	06/20/2011	Susquehanna Bancshares (SUSQ)	All Stock	$343 million	$31.47	$30.83	34,197	03/31/2012	2.07%	12.41%
Details of Tower Bancorp Expected to close in the first quarter of 2012 for a closing value of $343 million in a cash or stock transaction, where Tower Bancorp shareholders will receive either 3.4696 shares of Susquehanna Bancshares common stock or $28.00 in cash per share held with $88 million of the aggregate consideration being paid in cash. Since a majority of the consideration will be paid out as stock, we have classified this deal as an all stock deal in our Merger Arbitrage Tool.
+	SOA	01/27/2012	Eastman Chemical Company (EMN)	Cash Plus Stock	$4.7 billion	$28.05	$27.52	78,706,248	06/30/2012	1.92%	4.62%
Details of Solutia Inc Expected to close in mid-2012 for a closing value of $4.7 billion in a cash plust stock deal, where Solutia stockholders will receive $22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.
+	CEG	04/28/2011	Exelon Corporation (EXC)	All Stock	$7.9 billion	$36.78	$36.15	1,362,356	01/31/2012	1.75%	637.61%
Details of Constellation Energy Group Expected to close in early 2012 for a closing value of $7.9 billion in an all-stock deal. Upon completion of the merger, Constellation shareholders will receive 0.93 shares of Exelon for each Constellation share.
+	SNDA	11/22/2011	Premium Lead Company Limited (“Parent”) and New Era Investment Holding Ltd. (N/A)	All Cash	$2.3 billion	$41.35	$40.65	119,890	03/31/2012	1.72%	10.30%
Details of Shanda Interactive Entertainment Ltd. Expected to close before the end of the first quarter 2012 for a closing value of $2.3 billion. Upon completion of the merger, shareholders of Shanda Interactive Entertainment Ltd. will receive US$20.675 per ordinary share or US$41.35 per American Depositary Share, each representing two ordinary shares (“ADS”).
+	NVLS	12/14/2011	Lam Research Corp (LRCX)	All Stock	$3.3 billion	$48.49	$47.67	2,802,296	06/30/2012	1.71%	4.12%
Details of Novellus Systems, Inc. Expected to close in the second calendar quarter of 2012 for a closing value of $3.3 billion in an all stock deal. Upon completion of the merger, shareholder of Novellus Systems will receive 1.125 shares of Lam Research common stock for each share of Novellus that they own. common stock for each share of Novellus that they own
+	MFN	01/23/2012	Pan American Silver Corp. (PAAS)	Cash Plus Stock	$1.5 billion	$14.58	$14.34	1,730,208	03/31/2012	1.70%	10.16%
Details of MineFinders Corp. Ltd. Expected to close by the end of March 2012 for a closing value of $1.5 billion. Under the terms of the Arrangement Agreement, Minefinders shareholders will be entitled to elect to receive, in exchange for each Minefinders share held, either: (i) 0.55 shares of Pan American and $1.84 in cash; or (ii) 0.6235 shares of Pan American; or (iii) $15.60 in cash, subject to pro-ration under total aggregate cash and share pools of approximately $176 million and approximately 53 million Pan American shares, respectively, on a fully-diluted basis.
+	NST	10/18/2010	Northeast Utilities (NU)	All Stock	$4.17 billion	$45.57	$44.81	407,421	03/31/2012	1.69%	10.09%
Details of NSTAR Expected to close in the first quarter of 2012 for a closing value of $4.17 billion. On the completion of the merger, NSTAR shareholders will receive 1.312 Northeast Utilities common shares for each NSTAR held.
+	TRH	11/21/2011	Alleghany Corporation (Y)	Cash Plus Stock	$3.4 billion	$55.99	$55.17	376,170	03/31/2012	1.48%	8.86%
Details of Transatlantic Holdings Inc. Expected to close in the first quarter of 2012 for a closing value of $3.4 billion in a stock plus cash deal. Upon completion of the merger, shareholders of Transatlantic Holdings will receive 0.145 Alleghany common shares and $14.22 in cash.
+	RRR	12/16/2011	United Rentals, Inc. (URI)	Cash Plus Stock	$1.9 billion	$21.50	$21.28	1,092,312	06/30/2012	1.01%	2.43%
Details of RSC Holdings, Inc. Expected to close in the first half of 2012 for a closing value of $1.9 billion in a cash plus stock deal, where shareholders of RSC Holdings will receive $10.80 in cash and 0.2783 share of United Rentals.
+	TIN	09/06/2011	International Paper (IP)	All Cash	$4.3 billion	$32.00	$31.68	2,472,618	03/31/2012	1.01%	6.04%
Details of Temple-Inland Expected to close in the first quarter of 2012 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Temple-Inland will receive $32.00 per share in cash.
+	MITI	01/26/2012	Amgen Inc. (AMGN)	All Cash	1.16 billion	$11.00	$10.90	21,210,172	03/31/2012	0.92%	5.49%
Details of Micromet, Inc. Expected to close in the first quarter of 2012 for a closing value of $1.16 billion. Upon completion of the merger, shareholders of Micromet will receive $11.00 per share in cash.
+	SONE	10/03/2011	ACI Worldwide (ACIW)	Cash Plus Stock	$516 million	$10.00	$9.91	180,546	02/10/2012	0.86%	28.46%
Details of S1 Corporation Expected to close by January 01, 2012 for a closing value of $516 million. Upon completion of the merger, S1 shareholders will receive $6.62 in cash and 0.1064 shares of ACI Worldwide common stock per S1 share held, subject to proration such that in the aggregate 33.8% of S1 shares are exchanged for ACI Worldwide shares and 66.2% are exchanged for cash. Update: December 29, 2011: ACI Worldwide (ACIW) announced that it has extended its exchange offer for all of the outstanding shares of common stock of S1 Corporation until 5:00 p.m. Eastern time on Monday, January 30, 2012, unless further extended. January 24, 2012: ACI Worlwide has further extended its exchange offer for S1 Corporation. ACI and S1 will not close the transaction prior to February 10, 2012 without the DOJ’s prior consent.
+	WINN	12/19/2011	BI-LO, LLC (N/A)	All Cash	$560 million	$9.50	$9.44	287,158	04/30/2012	0.64%	2.55%
Details of Winn-Dixie Stores Inc. Expected to close in the next 60 to 120 days for a closing value of $560 million. Upon completion of the merger, shareholders of Winn-Dixie Stores will receive $9.5 per share in cash.
+	DFG	12/21/2011	Tokio Marine Holdings (N/A)	All Cash	$2.7 billion	$44.80	$44.54	243,034	06/30/2012	0.58%	1.40%
Details of Delphi Financial Group, Inc. Expected to close in the second quarter of 2012 for a closing value of $2.7 billion, Upon completion of the merger, shareholders of Delphi Financial will receive $43.875 per Class A share and $52.875 per Class B share in cash, through TMHD’s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). In addition, Delphi shareholders will receive $1.00 in cash per share pursuant to a one-time special dividend from Delphi for each share of Class A and Class B stock they own.
+	CPX	10/10/2011	Superior Energy Services (SPN)	Cash Plus Stock	$2.7 billion	$32.46	$32.29	2,650,913	03/31/2012	0.52%	3.12%
Details of Complete Production Services Expected to close in the first quarter if 2012 for a closing value of $2.7 billion in a cash plus stock deal, where Complete stockholders will receive 0.945 common shares of Superior and cash of $7.00 in exchange for each share of Complete common stock held at closing.
+	CSA	12/27/2011	Ventas, Inc. (VTR)	All Cash	$700 million	$4.25	$4.23	1,831,493	06/30/2012	0.47%	1.14%
Details of Cogdell Spencer Inc. Ventas is buying Cogdell Spencer for $4.25/share in cash. The deal is approximately worth between $760 and $770 million and is expected to close in the second quarter of 2012.
+	NETL	09/12/2011	Broadcom (BRCM)	All Cash	$3.7 billion	$50.00	$49.77	442,294	06/30/2012	0.46%	1.11%
Details of NetLogic Microsystems Inc. Expected to close in the first half of 2012 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of NetLogic Microsystems will receive $50.00 per share in cash.
+	SFSF	12/03/2011	SAP AG (SAP)	All Cash	$3.4 billion	$40.00	$39.82	1,092,188	03/31/2012	0.45%	2.70%
Details of SuccessFactors, Inc. Expected to close in the first quarter of 2012 for a closing value of $3.4 billion. Upon completion of the merger, shareholders of SuccessFactors will receive $40.00 per share in cash.
+	CNVO	01/17/2012	Blackbaud (BLKB)	All Cash	$275 million	$16.00	$15.93	90,990	03/31/2012	0.44%	2.63%
Details of Convio Blackbaud (BLKB) has agreed to pay a 49% premium to acquire Convio (CNVO) in an all cash deal valued at $275 million or $16/share. The transaction is expected to close by the end of the first quarter of 2012.
+	PNS	11/10/2011	Avnet (AVT)	All Cash	$22 million	$2.40	$2.39	2,200	01/31/2012	0.42%	152.72%
Details of Pinnacle Data Systems Inc. Expected to close in 60 to 90 days for a closing value of $22 million. Upon completion of the merger, shareholders of Pinnacle Data Systems will receive $2.30 per share in cash.
+	BCSI	12/09/2011	Thoma Bravo, LLC (N/A)	All Cash	$1.3 billion	$25.81	$25.72	500,422	03/31/2012	0.35%	2.09%
Details of Blue Coat Systems Inc Expected to close in the first calendar quarter of 2012 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Blue Coat Systems will receive $25.81 per share in cash.
+	CV	07/12/2011	Gaz metro Limited Partnership (N/A)	All Cash	$702 million	$35.25	$35.14	61,448	06/30/2012	0.31%	0.75%
Details of Central Vermont Public Service Corp. On July 12, 2011, Central Vermont Public Services terminated its agreement with Fortis after deeming “superior” the offer from Gaz Métro. Expected to close in six to twelve months for a closing value of $702 million. Upon completion of the merger, Central Vermont Public Services shareholders will receive $35.25 per share in cash.
+	ADPI	11/07/2011	JLL Partners, Inc. (N/A)	All Cash	$398 million	$19.00	$18.95	39,240	03/31/2012	0.26%	1.58%
Details of American Dental Partners, Inc. Expected to close in the first quarter of 2012 for a closing value of $398 million. Upon completion of the merger, shareholders of American Dental Partners will receive $19.00 per share in cash.
+	SONO	12/15/2011	FUJIFILM Holdings Corporation (N/A)	All Cash	$995 million	$54.00	$53.91	140,307	03/31/2012	0.17%	1.00%
Details of SonoSite Inc. Expected to close in the third quarter of 2012 for a closing value of $995 million. Upon completion of the merger, shareholders of SonoSite will receive $54.00 per share in cash.
+	WCAA	12/21/2011	Macquarie Infrastructure Partners II (N/A)	All Cash	$526 million	$6.50	$6.49	106,518	03/31/2012	0.15%	0.92%
Details of WCA Waste Corporation Expected to close in the first quarter of 2012 for a closing value of $526 million. Upon completion of the merger, shareholders of WCA Waste Corporation will receive $6.50 per share in cash.
+	SYNO	12/13/2011	Baxter International Inc. (BAX)	All Cash	$325 million	$28.00	$27.96	84,088	03/31/2012	0.14%	0.86%
Details of Synovis Life Technologies Inc. Expected to close in the first quarter of 2012 for a closing value of $325 million. Upon completion of the merger, shareholders of Synovis will receive $28.00 per share in cash.
+	DMAN	12/08/2011	International Business Machines Corp. (IBM)	All Cash	$440 million	$13.20	$13.19	154,985	03/31/2012	0.08%	0.45%
Details of DemandTec, Inc. Expected to close in the first quarter of 2012 for a closing value of $440 million. Upon completion of the merger, shareholders of DemandTec will receive $13.20 per share in cash.
+	SNSTA	11/03/2011	SAC an affiliate of Hospitality Properties Trust (N/A)	All Cash	$174 million	$31.00	$30.98	700	03/31/2012	0.06%	0.39%
Details of Sonesta International Hotels Corp. Expected to close in the first quarter of 2012 for a closing value of $174 million. Upon completion of the merger, shareholders of Sonesta International Hotels will receive $31.00 per share in cash.
+	HS	10/24/2011	Cigna (CI)	All Cash	$3.8 billion	$55.00	$54.97	1,136,352	06/30/2012	0.05%	0.13%
Details of HealthSpring Inc. Expected to close in the first half of 2012 for a closing value of $3.8 billion. Upon completion of the merger, shareholders of Healthspring will receive $55.00 per share in cash.
+	MRT	12/16/2011	Fertitta Morton (N/A)	All Cash	$116.6 million	$6.90	$6.90	232,203	02/15/2012	0.00%	0.00%
Details of Morton’s Restaurant Group, Inc. Expected to close by early February 2012 for a closing value of $116.6 million. Upon completion of the merger, shareholders of Morton’s Restaurant Group will receive $6.9 per share in cash.
+	PARL	12/23/2011	Perfumania Holdings, Inc. (PERF)	All Stock	$170 million	$5.24	$5.29	137,641	06/30/2012	-0.90%	-2.15%
Details of Parlux Fragrances Inc. Expected to close in the first half of 2012 for a closing value of $170 million in an all stock deal, where shareholders of Parlux fragrances can elect to receive either $4.00 in cash plus 0.20 shares of Perfumania common stock or (ii) .53333 shares of Perfumania common stock, subject to proration. The maximum amount of cash that will be paid as merger consideration is $61,895,288, and the maximum number of Perfumania shares issuable in the merger is 5,919,052.
+	SUG	06/16/2011	Energy Transfer Equity (ETE)	All Stock	$9.4 billion	$42.60	$43.26	328,131	03/31/2012	-1.53%	-9.13%
Details of Southern Union Company Expected to close in the first quarter of 2012 for a closing value of $7.9 billion. Upon completion of the merger, Southern Union Company’s shareholders will receive $33.00 per share in series B units of ELMG. These series B units are expected to list on the NYSE and will have an annualized distribution yield of 8.25%. ETE has the option to redeem the Series B Units at any time after the closing of the transaction. Update(s) June 24, 2011: Southern Union Company (NYSE:SUG) received a proposal by The Williams Companies, Inc. (NYSE: WMB) to acquire all of the outstanding shares of Southern Union for $39.00 per share in cash. July 05, 2011: Energy Transfer Equity, L.P. (NYSE:ETE) and Southern Union Company (NYSE:SUG) today announced that they have entered into an amended and restated merger agreement under which ETE will acquire SUG for $8.9 billion, including $5.1 billion in cash and ETE common units. Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, SUG shareholders can elect to exchange their common shares for $40.00 of cash or 0.903 ETE common units. The maximum cash component is 60% of the aggregate consideration and the common unit component can fluctuate between 40% and 50%. Elections in excess of either the cash or common unit limits will be subject to proration. July 14, 2011: Southern Union Company (SUG) confirmed receipt of a revised proposal by The Williams Companies, Inc. (WMB) to acquire all of the outstanding shares of Southern Union for $44.00 per share in cash. July 19, 2011: Energy Transfer Equity (ETE) upped its bid for Southern Union to $44.25 a share for an enterprise value of $9.4 billion including debt. Shareholders can elect to receive either $44.25 per share cash or one unit of ETE, with 60% of the new bid payable in cash. To keep things conservative, we are treating this deal as an all stock deal.
+	NYX	02/15/2011	Deutsche Boerse (N/A)	All Stock	N/A	$19.06	$27.57	1,670,603	03/31/2012	-30.87%	-184.73%
Details of NYSE Euronext Expected to close in the first quarter of 2012 in an all stock deal. On the completion of the merger NYSE Euronext shareholders will receive 0.4700 of a share of Deutsche Boerse common stock per share held. Update April 1, 2011: The Nasdaq (NDAQ) and ICE have made a joint offer for NYSE Euronext (NYX) that is worth $43 as of April 1, 2011.

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Insider Weekends – January 27, 2012

January 28, 2012 | Insider Buying | Author Asif

Welcome to edition eighty six of Insider Weekends. Insider buying increased with insiders purchasing $30.96 million of their stock last week compared to $28.83 million in the week prior. Selling also increased with insiders selling $716.8 million worth of stock last week compared to $580.05 million in the week prior. We excluded a large $463 million insider purchase of Icahn Enterprises (IEP) by Carl Icahn because it was related to participation in a rights offering and not an open market purchase.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week increased to 23.15. In other words, insiders sold more than 23 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the week prior when the ratio stood at 20.12.We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio January 27, 2012

Note: As mentioned in the first post in this series Introduction to Insider Weekends, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.

Notable Insider Buys:

1. Kronos Worldwide Inc. (KRO): $23.1

Chairman of the Board Harold C. Simmons acquired 81,000 shares of this titanium dioxide producer, paying $21.04 per share for a total amount of $1.7 million. These shares were purchased indirectly by Mr. Simmons’s spouse.

This is a sizable purchase but not as large as her 367,666 share purchase in November as you can see from this page. The company looks attractive on several key metrics and scores a perfect 10 on our proprietary model.

You can view the list of recent insider transactions for Kronos Worldwide Inc. here.

P/E: 9.72	Forward P/E: 7.6	Industry P/E: 10.5
P/S: 1.41	Price/Book: 2.98	EV/EBITDA: 5.74
Market Cap: $2.68B	Avg. Daily Volume: 759,661	52 Week Range: $14.16 – $34.5

2. NII Holdings Inc. (NIHD): $20.43

President, Nextel Mexico Peter A. Foyo acquired 37,126 shares of this wireless communications company, paying $19.24 per share for a total amount of $714,211. Mr. Foyo increased his stake by 53% to 107,175 shares with this purchase.

This is the fifth insider to purchase shares of this wireless service provider as you can see from this page. We covered the company in our third weekly focus article and I hold the stock both in my personal portfolio as well as the Insider Trade Reports portfolio.

You can view the list of recent insider transactions for NII Holdings Inc. here.

P/E: 11.53	Forward P/E: 13.18	Industry P/E: N/A
P/S: 0.51	Price/Book: 1.06	EV/EBITDA: 3.13
Market Cap: $3.50B	Avg. Daily Volume: 2,888,490	52 Week Range: $18.82 – $44.21

3. InterDigital, Inc. (IDCC): $38.05

Shares of this wireless technology solutions provider were acquired by 3 insiders:

Director Steven T. Clontz acquired 10,000 shares, paying $36.43 per share for a total amount of $364,300. Mr. Clontz increased his stake by 11.65% to 95,807 shares with this purchase.
President and CEO William J. Merritt acquired 6,828 shares, paying $36.52 per share for a total amount of $249,359. Mr. Merritt increased his stake by 6.33% to 114,695 shares with this purchase.
Executive VP, Communications & Investor Relations Janet Meenehan Point acquired 1,500 shares, paying $36.29 per share for a total amount of $54,435. Ms. Point increased her stake by 8.93% to 18,295 shares with this purchase.

This cluster of insider purchases follows a 19% drop in the stock earlier this week. The stock dropped sharply after an announcement by the company that it had ended a review of a possible sale of the company earlier this week and that it could not find any buyers for its wireless patents. The company’s pre-announcement of Q4 results with revenue of $74.2 million and net income of $21 million or 46 cents per share did little to appease investors.

Revenue and earnings are down year-over-year as well as on a sequential quarter basis. On the positive side, the company has over half a billion in net cash on its balance sheet, has great margins on account of the nature of its business (licensing its wireless patents) and trades at a reasonable valuation of 7 times EBITDA.

You can view the list of recent insider transactions for InterDigital, Inc. here.

P/E: 17.22	Forward P/E: 18.84	Industry P/E: 12.91
P/S: 5.17	Price/Book: 3.69	EV/EBITDA: 7.06
Market Cap: $1.73B	Avg. Daily Volume: 1,221,420	52 Week Range: $34.61 – $82.5

4. Unilife Corporation (UNIS): $4.23

Chief Executive Officer Alan Shortall acquired 25,000 shares of this syringe and healthcare equipment manufacturer, paying $4.05 per share for a total amount of $101,314. Mr. Shortall increased his stake by 0.46% to 5,441,643 shares with this purchase.

You can view the list of recent insider transactions for Unilife Corporation here.

P/E: N/A	Forward P/E: N/A	Industry P/E: 17.08
P/S: 49.42	Price/Book: 5.68	EV/EBITDA: -7.04
Market Cap: $263.83M	Avg. Daily Volume: 293,103	52 Week Range: $2.82 – $6.04

5. U.S. Bancorp (USB): $27.86

Shares of this regional bank were acquired by 2 insiders:

EVP, General Counsel, and Secretary Lee R. Mitau acquired 1,500 shares, paying $25.35 per share for a total amount of $38,025.
Vice Chairman Joseph C. Hoesley acquired 1,500 shares, paying $25.55 per share for a total amount of $38,325. These shares were purchased indirectly by IRA.

You can view the list of recent insider transactions for U.S. Bancorp here.

P/E: 11.33	Forward P/E: 9.54	Industry P/E: 13.04
P/S: 3.21	Price/Book: 1.69	EV/EBITDA: N/A
Market Cap: $53.21B	Avg. Daily Volume: 13,057,500	52 Week Range: $20.1 – $29.42

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. Microsoft Corporation (MSFT): $29.23

Shares of Microsoft were sold by 4 insiders:

Founder Bill Gates sold 10 million shares for $29.39, generating $293.9 million from the sale.
Senior Vice President Lisa E. Brummel sold 151,112 shares for $29.62, generating $4.5 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Senior Vice President Bradford L. Smith sold 110,000 shares for $29.10, generating $3.2 million from the sale.
Chief Accounting Officer Frank H. Brod sold 10,000 shares for $29.75, generating $297,510 from the sale.

You can view the list of recent insider transactions for Microsoft Corporation here.

P/E: 10.59	Forward P/E: 9.78	Industry P/E: 25.38
P/S: 3.44	Price/Book: 3.86	EV/EBITDA: 6.91
Market Cap: $245.26B	Avg. Daily Volume: 55,017,000	52 Week Range: $23.65 – $29.95

2. AutoZone Inc. (AZO): $347.58

Shares of this auto parts retailer were sold by 3 insiders:

10% owner Eddie Lampert (of Sears Holdings fame) sold 300,024 shares for $347.04, generating $104.12 million from the sale. 117,930 of these shares were sold directly and the rest were sold indirectly through ESL Investments.
Senior Vice President Timothy W. Briggs sold 5,625 shares for $346.82, generating $1.95 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Director William C. Crowley sold 1,522 shares for $347.05, generating $528,206 from the sale. 1,004 of these shares were sold directly and the rest were sold indirectly through Tynan, LLC.

You can view the list of recent insider transactions for AutoZone Inc. here.

P/E: 16.98	Forward P/E: 13.06	Industry P/E: N/A
P/S: 1.67	Price/Book: N/A	EV/EBITDA: 9.78
Market Cap: $13.68B	Avg. Daily Volume: 342,348	52 Week Range: $247.36 – $350.55

3. CLARCOR Inc. (CLC): $51.77

Shares of this filtration systems provider were sold by 2 insiders:

Director Norman E. Johnson sold 208,819 shares for $51.92, generating $10.8 million from the sale.
Director Robert J. Burgstahler sold 15,000 shares for $52.36, generating $785,452 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for CLARCOR Inc. here.

P/E: 21.39	Forward P/E: 17.49	Industry P/E: 11.57
P/S: 2.31	Price/Book: 3.12	EV/EBITDA: 11.54
Market Cap: $2.60B	Avg. Daily Volume: 393,021	52 Week Range: $39.13 – $54.22

4. EXCO Resources Inc. (XCO): $8.21

Chairman and CEO Douglas H. Miller sold 1,186,681 shares of this natural gas company for $7.85, generating $9.3 million from the sale.

This was an interesting sale as it was done in order to satisfy a margin call.

You can view the list of recent insider transactions for EXCO Resources Inc. here.

P/E: 15.35	Forward P/E: 13.46	Industry P/E: 16.76
P/S: 2.4	Price/Book: 0.99	EV/EBITDA: 6.78
Market Cap: $1.76B	Avg. Daily Volume: 3,508,070	52 Week Range: $7.66 – $21.04

5. Consolidated Edison Inc. (ED): $58.89

Director Eugene R. McGrath sold 100,000 shares of this electric utility for $58.39, generating $5.8 million from the sale.

You can view the list of recent insider transactions for Consolidated Edison Inc. here.

P/E: 16.5	Forward P/E: 15.26	Industry P/E: 15.02
P/S: 1.35	Price/Book: 1.53	EV/EBITDA: 8.83
Market Cap: $17.25B	Avg. Daily Volume: 1,822,520	52 Week Range: $48.55 – $62.74

You can view the full list of sales from this Insider Sales page.

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Merger Arbitrage Mondays – January 23, 2012

January 23, 2012 | Merger Arbitrage | Author Asif

Merger activity remained steady last week with two new deals announced and one closing.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2012	7
Total Number of Pending Deals
Cash Deals	32
Stock Deals	13
Stock & Cash Deals	9
Total Number of Pending Deals	54

New Deals:

The acquisition of Venoco (VQ) by the Denver Parent Corporation for $1.5 billion or $12.50 per share in cash.
The acquisition of Convio (CNVO) by Blackbaud (BLKB) for $275 million or $16.00 per share in cash.

Closed Deals:

The acquisition of Pharmasset (VRUS) by Gilead Sciences (GILD) on January 17, 2012.

Top 10 deals with largest spreads:

Symbol	Announced Date	Acquiring Company	Closing Price	Last Price	Closing Date	Profit	Annualized Profit
VTRO	10/17/2011	Inuvo, Inc. (INUV)	$1.58	$1.26	03/31/2012	25.15%	135.01%
VQ	01/16/2012	Denver Parent Corporation (N/A)	$12.50	$10.59	03/31/2012	18.04%	96.81%
MHS	07/21/2011	Express Scripts, Inc. (ESRX)	$70.84	$62.34	06/30/2012	13.63%	31.30%
LOOP	04/27/2011	CoStar Group (CSGP)	$18.74	$16.77	01/31/2012	11.77%	536.89%
CMFB	12/20/2011	Sandy Spring Bancorp Inc. (SASR)	$14.95	$13.50	06/30/2012	10.76%	24.69%
EP	10/16/2011	Kinder Morgan, Inc. (KMI)	$29.33	$26.87	06/30/2012	9.16%	21.02%
GRRF	01/12/2012	Talenthome Management Limited (N/A)	$3.15	$2.90	06/30/2012	8.62%	19.79%
INHX	01/07/2012	Bristol-Myers Squibb Company (BMY)	$26.00	$24.42	03/31/2012	6.47%	34.73%
CTBC	10/26/2011	Berkshire Hills Bancorp, Inc. (BHLB)	$8.71	$8.20	04/30/2012	6.26%	23.32%
CRIC	12/28/2011	E-House (China) Holdings (EJ)	$5.45	$5.18	06/30/2012	5.14%	11.79%

List of all pending deals:

	Symbol	Announced Date	Acquiring Company	Deal Type	Closing Value	Closing Price	Last Price	Volume	Closing Date	Profit	Annu. Profit
+	VTRO	10/17/2011	Inuvo, Inc. (INUV)	All Stock	N/A	$1.58	$1.26	59,674	03/31/2012	25.15%	135.01%
Details of Vertro, Inc. Expected to close in the fourth quarter of 2011 or the first quarter of 2012. Upon completion of the merger, shareholders of Vertro will receive 1.546 shares of Inuvo common stock per each share of Vertro common stock.
+	VQ	01/16/2012	Denver Parent Corporation (N/A)	All Cash	$1.5 billion	$12.50	$10.59	N/A	03/31/2012	18.04%	96.81%
Details of Venoco Venoco (VQ) agrees to a going private transaction where its CEO, who owns 50.3% of its common stock, bid $1.5 billion or $12.50/share in an all cash transaction.
+	MHS	07/21/2011	Express Scripts, Inc. (ESRX)	Cash Plus Stock	$29.1 billion	$70.84	$62.34	6,421,850	06/30/2012	13.63%	31.30%
Details of Medco Health Solutions Expected to close in the first half of 2012 for a closing value of $29.1 billion. Upon completion of the merger, Medco shareholders will receive $28.80 in cash and 0.81 shares for each Medco share they own.
+	LOOP	04/27/2011	CoStar Group (CSGP)	Cash Plus Stock	$860 million	$18.74	$16.77	118,877	01/31/2012	11.77%	536.89%
Details of LoopNet Expected to close by the end of the year in a cash plus stock deal. Upon completion of the merger, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock per share held. Update(s) January 04, 2012: LoopNet and CoStar agreed to further extend the the waiting period imposed by the Hart-Scott-Rodino Act to allow the firms to engage in discussions with the U.S. Federal Trade Commission (“FTC”) to determine whether there is a possible basis for, and to discuss the possible terms of, a mutually acceptable consent order that would allow the merger of the two firms to close.
+	CMFB	12/20/2011	Sandy Spring Bancorp Inc. (SASR)	All Stock	$25.4 million	$14.95	$13.50	1,274	06/30/2012	10.76%	24.69%
Details of Commercefirst Bancorp Inc. Expected to close in the second quarter of 2012 for a closing value of $25.4 million in a cash plus stock deal, where shareholders of CommerceFirst Bancorp will receive 0.8043 Sandy Spring shares for each CommerceFirst share and the cash consideration will be $13.60 per share.
+	EP	10/16/2011	Kinder Morgan, Inc. (KMI)	Cash Plus Stock	$21 billion	$29.33	$26.87	7,507,740	06/30/2012	9.16%	21.02%
Details of El Paso Corp. Expected to close in early 2012 for a closing value of $21 billion in a cash plus stock deal. Upon completion of the merger, shareholders of El Paso Corporation will receive $26.87 per share, which consists of $14.65 in cash, 0.4187 Kinder Morgan shares — valued at $11.26 per EP share — and 0.640 Kinder Morgan warrants — valued at $0.96 per EP share — based on Kinder Morgan’s closing price on Friday, October 14, 2012.
+	GRRF	01/12/2012	Talenthome Management Limited (N/A)	All Cash	$71.45 milion	$3.15	$2.90	114,857	06/30/2012	8.62%	19.79%
Details of China GrenTech China GrenTech Corporation Limited (GRRF) accepted the going private offer it received on November 14, 2011 from Talenthome Management Limited, which is jointly owned indirectly by Mr. Yingjie Gao, China GrenTech’s Chairman and Chief Executive Officer, Ms. Rong Yu, China GrenTech’s Director and Chief Financial Officer. Shareholders will receive $0.126 in cash for each ordinary share they hold. Since each American Depository Share (ADS) represents 25 ordinary shares, ADS holders will receive $3.15 per ADS. The transaction is expected to close before the end of the second quarter of 2012.
+	INHX	01/07/2012	Bristol-Myers Squibb Company (BMY)	All Cash	$2.5 billion	$26.00	$24.42	3,823,343	03/31/2012	6.47%	34.73%
Details of Inhibitex, Inc. Expected to close in the first quarter of 2012 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of Inhibtex will receive $26.00 per share in cash.
+	CTBC	10/26/2011	Berkshire Hills Bancorp, Inc. (BHLB)	All Stock	$30 million	$8.71	$8.20	2,355	04/30/2012	6.26%	23.32%
Details of The Connecticut Bank and Trust Expected to close early in the second quarter of 2012 for a closing value of $30 million in an all stock deal. Upon completion of the merger, The Connecticut Bank and Trust Company shareholders will receive either $8.25 per share in cash, or 0.3810 shares of Berkshire Hills Bancorp per share held. Under the terms of the merger agreement, 70% of the outstanding CBT shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.3810 Berkshire shares for each share of CBT. The remaining 30% of CBT shares will be exchanged for cash in the amount of $8.25 per share.
+	CRIC	12/28/2011	E-House (China) Holdings (EJ)	Cash Plus Stock	$603 million	$5.45	$5.18	47,080	06/30/2012	5.14%	11.79%
Details of China Real Estate Information Corporation E-House (China Holdings) has entered into a definitely agreement to acquire the remaining shares of China Real Estate Information Corporation (CRIC) that it does not already own for a cash plus stock deal valued at $603 million or a 5.6% premium. CRIC shareholders will receive $1.75 per share in cash and 0.6 shares of E-house. The transaction is expected to close in mid-2012.
+	TAM	01/19/2011	LAN Airlines S.A. (LFL)	All Stock	N/A	$22.46	$21.38	285,026	06/30/2012	5.07%	11.64%
Details of TAM S.A. Completion of this transaction is expected to take between six to nine months. On the completion of merger TAM shareholders will receive 0.90 shares in LAN for each TAM share they hold. Shares of LAN Airlines SA of Chile and Brazilian carrier TAM SA fell sharply Monday, January 31, 2011, as investors reacted to the Chilean antitrust court’s move late Friday to suspend their proposed merger. Update March 18, 2011: Chile’s LAN Airlines (LFL) said a regulatory investigation into complaints about the merger could take between 6 to 9 months and the merger will most likely not complete before the fourth quarter. We have updated the closing date to 12/31/2011. December 12, 2011: The merger between Chilean airline LAN LAN.SN and Brazilian counterpart TAM is expected to close in the first quarter of 2012.
+	HGIC	09/29/2011	Nationwide Mutual Insurance Co (N/A)	All Cash	$760 million	$60.00	$57.24	52,137	01/31/2012	4.82%	219.99%
Details of Harleysville Group Inc. Expected to close in early 2012 for a closing value of $760 million. Upon completion of the merger, shareholders of Harleysville Group will receive $60.00 per share in cash.
+	CADC	10/24/2011	Novel Gain Holdings Limited (N/A)	All Cash	N/A	$2.65	$2.53	141,798	03/31/2012	4.74%	25.46%
Details of China Advanced Construction Materials Group, Inc. Expected to close in the first quarter of 2012. Upon completion of the merger, China Advanced Construction Materials Group shareholders will receive $2.65 per share in cash. Essentially this is a going private transaction with CADC emerging as the surviving entity.
+	BLD	12/23/2011	Forsyth Baldwin, LLC (N/A)	All Cash	$27.3 million	$0.96	$0.92	1,100	06/30/2012	4.35%	9.98%
Details of Baldwin Technology Co. Inc. Expected to close in the second quarter of 2012 for a closing value of $27.3 million. Upon completion of the merger, shareholders of Baldwin Technology will receive $0.96 per share in cash, subject to adjustment at closing based on certain criteria, including the extent that the difference between Baldwin Technology’s aggregate cash balances and the balance of aged accounts payable is less than $1,800,000.
+	TOBC	06/20/2011	Susquehanna Bancshares (SUSQ)	All Stock	$343 million	$32.20	$31.06	73,274	03/31/2012	3.66%	19.66%
Details of Tower Bancorp Expected to close in the first quarter of 2012 for a closing value of $343 million in a cash or stock transaction, where Tower Bancorp shareholders will receive either 3.4696 shares of Susquehanna Bancshares common stock or $28.00 in cash per share held with $88 million of the aggregate consideration being paid in cash. Since a majority of the consideration will be paid out as stock, we have classified this deal as an all stock deal in our Merger Arbitrage Tool.
+	MMI	08/15/2011	Google (GOOG)	All Cash	$12.5 billion	$40.00	$38.66	3,035,274	01/31/2012	3.47%	158.14%
Details of Motorola Mobility Holdings, Inc. Expected to close by the end of 2011 or early 2012 for a closing value of $12.5 billion. Upon completion of the merger, shareholders of Motorola Mobility Holdings will receive $40.00 per share in cash.
+	GR	09/21/2011	United Technologies Corp. (UTX)	All Cash	$18.4 billion	$127.50	$124.29	598,219	06/30/2012	2.58%	5.93%
Details of Goodrich Corp. Expected to close in mid-2012 for a closing value of $18.4 billion. Upon completion of the merger, shareholders of Goodrich Corporation will receive $127.50 per share in cash.
+	PGN	01/10/2011	Duke Energy Corporation (DUK)	All Stock	$13.7 billion	$55.65	$54.26	1,444,333	03/31/2012	2.55%	13.71%
Details of Progress Energy Inc. Expected to close in the first quarter of 2012. Progress Energy’s shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy’s closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value.
+	LAVA	11/30/2011	Synopsys Inc. (SNPS)	All Cash	$507 million	$7.35	$7.17	1,430,188	03/31/2012	2.51%	13.48%
Details of Magma Design Automation Inc. Expected to close in the first quarter of 2012 for a closing value of $507 million. Upon completion of the merger, shareholders of Magma Design Automation will receive $7.35 per share in cash.
+	PARL	12/23/2011	Perfumania Holdings, Inc. (PERF)	All Stock	$170 million	$5.47	$5.35	187,458	06/30/2012	2.18%	5.00%
Details of Parlux Fragrances Inc. Expected to close in the first half of 2012 for a closing value of $170 million in an all stock deal, where shareholders of Parlux fragrances can elect to receive either $4.00 in cash plus 0.20 shares of Perfumania common stock or (ii) .53333 shares of Perfumania common stock, subject to proration. The maximum amount of cash that will be paid as merger consideration is $61,895,288, and the maximum number of Perfumania shares issuable in the merger is 5,919,052.
+	RRR	12/16/2011	United Rentals, Inc. (URI)	Cash Plus Stock	$1.9 billion	$20.40	$19.97	880,004	06/30/2012	2.13%	4.89%
Details of RSC Holdings, Inc. Expected to close in the first half of 2012 for a closing value of $1.9 billion in a cash plus stock deal, where shareholders of RSC Holdings will receive $10.80 in cash and 0.2783 share of United Rentals.
+	NVLS	12/14/2011	Lam Research Corp (LRCX)	All Stock	$3.3 billion	$47.51	$46.63	3,601,564	06/30/2012	1.88%	4.33%
Details of Novellus Systems, Inc. Expected to close in the second calendar quarter of 2012 for a closing value of $3.3 billion in an all stock deal. Upon completion of the merger, shareholder of Novellus Systems will receive 1.125 shares of Lam Research common stock for each share of Novellus that they own. common stock for each share of Novellus that they own
+	NST	10/18/2010	Northeast Utilities (NU)	All Stock	$4.17 billion	$45.08	$44.31	582,874	03/31/2012	1.74%	9.33%
Details of NSTAR Expected to close in the first quarter of 2012 for a closing value of $4.17 billion. On the completion of the merger, NSTAR shareholders will receive 1.312 Northeast Utilities common shares for each NSTAR held.
+	SNDA	11/22/2011	Premium Lead Company Limited (“Parent”) and New Era Investment Holding Ltd. (N/A)	All Cash	$2.3 billion	$41.35	$40.65	48,921	03/31/2012	1.72%	9.24%
Details of Shanda Interactive Entertainment Ltd. Expected to close before the end of the first quarter 2012 for a closing value of $2.3 billion. Upon completion of the merger, shareholders of Shanda Interactive Entertainment Ltd. will receive US$20.675 per ordinary share or US$41.35 per American Depositary Share, each representing two ordinary shares (“ADS”).
+	CEG	04/28/2011	Exelon Corporation (EXC)	All Stock	$7.9 billion	$36.60	$35.99	2,136,637	01/31/2012	1.71%	77.94%
Details of Constellation Energy Group Expected to close in early 2012 for a closing value of $7.9 billion in an all-stock deal. Upon completion of the merger, Constellation shareholders will receive 0.93 shares of Exelon for each Constellation share.
+	TRH	11/21/2011	Alleghany Corporation (Y)	Cash Plus Stock	$3.4 billion	$55.73	$55.07	477,662	03/31/2012	1.19%	6.40%
Details of Transatlantic Holdings Inc. Expected to close in the first quarter of 2012 for a closing value of $3.4 billion in a stock plus cash deal. Upon completion of the merger, shareholders of Transatlantic Holdings will receive 0.145 Alleghany common shares and $14.22 in cash.
+	SONE	10/03/2011	ACI Worldwide (ACIW)	Cash Plus Stock	$516 million	$9.93	$9.83	200,349	01/30/2012	1.00%	51.97%
Details of S1 Corporation Expected to close by January 01, 2012 for a closing value of $516 million. Upon completion of the merger, S1 shareholders will receive $6.62 in cash and 0.1064 shares of ACI Worldwide common stock per S1 share held, subject to proration such that in the aggregate 33.8% of S1 shares are exchanged for ACI Worldwide shares and 66.2% are exchanged for cash. Update: December 29, 2011: ACI Worldwide (ACIW) announced that it has extended its exchange offer for all of the outstanding shares of common stock of S1 Corporation until 5:00 p.m. Eastern time on Monday, January 30, 2012, unless further extended.
+	DFG	12/21/2011	Tokio Marine Holdings (N/A)	All Cash	$2.7 billion	$44.80	$44.41	482,590	06/30/2012	0.88%	2.02%
Details of Delphi Financial Group, Inc. Expected to close in the second quarter of 2012 for a closing value of $2.7 billion, Upon completion of the merger, shareholders of Delphi Financial will receive $43.875 per Class A share and $52.875 per Class B share in cash, through TMHD’s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). In addition, Delphi shareholders will receive $1.00 in cash per share pursuant to a one-time special dividend from Delphi for each share of Class A and Class B stock they own.
+	TIN	09/06/2011	International Paper (IP)	All Cash	$4.3 billion	$32.00	$31.74	1,366,183	03/31/2012	0.82%	4.40%
Details of Temple-Inland Expected to close in the first quarter of 2012 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Temple-Inland will receive $32.00 per share in cash.
+	CNVO	01/17/2012	Blackbaud (BLKB)	All Cash	$275 million	$16.00	$15.90	2,349,827	03/31/2012	0.63%	3.38%
Details of Convio Blackbaud (BLKB) has agreed to pay a 49% premium to acquire Convio (CNVO) in an all cash deal valued at $275 million or $16/share. The transaction is expected to close by the end of the first quarter of 2012.
+	WCAA	12/21/2011	Macquarie Infrastructure Partners II (N/A)	All Cash	$526 million	$6.50	$6.46	367,382	03/31/2012	0.62%	3.32%
Details of WCA Waste Corporation Expected to close in the first quarter of 2012 for a closing value of $526 million. Upon completion of the merger, shareholders of WCA Waste Corporation will receive $6.50 per share in cash.
+	RNOW	10/24/2011	Oracle (ORCL)	All Cash	$1.5 billion	$43.00	$42.75	875,827	03/31/2012	0.58%	3.14%
Details of Rightnow Technologies Inc. Expected to close by late 2011 or early 2012 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of RightNow will receive $43.00 per share in cash.
+	VPF	11/17/2011	CTS Corp (N/A)	All Cash	$18 million	$4.15	$4.13	2,146	01/31/2012	0.48%	22.09%
Details of Valpey Fisher Corporation Expected to close in January 2012 for a closing value of $18 million. Upon completion of the merger, shareholders of Valpey-Fisher Corporation will receive $4.15 per share in cash,
+	NETL	09/12/2011	Broadcom (BRCM)	All Cash	$3.7 billion	$50.00	$49.76	249,981	06/30/2012	0.48%	1.11%
Details of NetLogic Microsystems Inc. Expected to close in the first half of 2012 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of NetLogic Microsystems will receive $50.00 per share in cash.
+	BCSI	12/09/2011	Thoma Bravo, LLC (N/A)	All Cash	$1.3 billion	$25.81	$25.70	265,908	03/31/2012	0.43%	2.30%
Details of Blue Coat Systems Inc Expected to close in the first calendar quarter of 2012 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Blue Coat Systems will receive $25.81 per share in cash.
+	WINN	12/19/2011	BI-LO, LLC (N/A)	All Cash	$560 million	$9.50	$9.46	382,367	04/30/2012	0.42%	1.57%
Details of Winn-Dixie Stores Inc. Expected to close in the next 60 to 120 days for a closing value of $560 million. Upon completion of the merger, shareholders of Winn-Dixie Stores will receive $9.5 per share in cash.
+	PNS	11/10/2011	Avnet (AVT)	All Cash	$22 million	$2.40	$2.39	7,225	01/31/2012	0.42%	19.09%
Details of Pinnacle Data Systems Inc. Expected to close in 60 to 90 days for a closing value of $22 million. Upon completion of the merger, shareholders of Pinnacle Data Systems will receive $2.30 per share in cash.
+	HS	10/24/2011	Cigna (CI)	All Cash	$3.8 billion	$55.00	$54.79	404,419	06/30/2012	0.38%	0.88%
Details of HealthSpring Inc. Expected to close in the first half of 2012 for a closing value of $3.8 billion. Upon completion of the merger, shareholders of Healthspring will receive $55.00 per share in cash.
+	CV	07/12/2011	Gaz metro Limited Partnership (N/A)	All Cash	$702 million	$35.25	$35.12	49,640	06/30/2012	0.37%	0.85%
Details of Central Vermont Public Service Corp. On July 12, 2011, Central Vermont Public Services terminated its agreement with Fortis after deeming “superior” the offer from Gaz Métro. Expected to close in six to twelve months for a closing value of $702 million. Upon completion of the merger, Central Vermont Public Services shareholders will receive $35.25 per share in cash.
+	CPX	10/10/2011	Superior Energy Services (SPN)	Cash Plus Stock	$2.7 billion	$32.89	$32.78	960,004	03/31/2012	0.34%	1.85%
Details of Complete Production Services Expected to close in the first quarter if 2012 for a closing value of $2.7 billion in a cash plus stock deal, where Complete stockholders will receive 0.945 common shares of Superior and cash of $7.00 in exchange for each share of Complete common stock held at closing.
+	DMAN	12/08/2011	International Business Machines Corp. (IBM)	All Cash	$440 million	$13.20	$13.16	264,729	03/31/2012	0.30%	1.63%
Details of DemandTec, Inc. Expected to close in the first quarter of 2012 for a closing value of $440 million. Upon completion of the merger, shareholders of DemandTec will receive $13.20 per share in cash.
+	SNSTA	11/03/2011	SAC an affiliate of Hospitality Properties Trust (N/A)	All Cash	$174 million	$31.00	$30.91	N/A	03/31/2012	0.29%	1.56%
Details of Sonesta International Hotels Corp. Expected to close in the first quarter of 2012 for a closing value of $174 million. Upon completion of the merger, shareholders of Sonesta International Hotels will receive $31.00 per share in cash.
+	MRT	12/16/2011	Fertitta Morton (N/A)	All Cash	$116.6 million	$6.90	$6.88	14,536	02/15/2012	0.29%	4.61%
Details of Morton’s Restaurant Group, Inc. Expected to close by early February 2012 for a closing value of $116.6 million. Upon completion of the merger, shareholders of Morton’s Restaurant Group will receive $6.9 per share in cash.
+	SFSF	12/03/2011	SAP AG (SAP)	All Cash	$3.4 billion	$40.00	$39.89	962,103	03/31/2012	0.28%	1.48%
Details of SuccessFactors, Inc. Expected to close in the first quarter of 2012 for a closing value of $3.4 billion. Upon completion of the merger, shareholders of SuccessFactors will receive $40.00 per share in cash.
+	SYNO	12/13/2011	Baxter International Inc. (BAX)	All Cash	$325 million	$28.00	$27.93	46,708	03/31/2012	0.25%	1.35%
Details of Synovis Life Technologies Inc. Expected to close in the first quarter of 2012 for a closing value of $325 million. Upon completion of the merger, shareholders of Synovis will receive $28.00 per share in cash.
+	SONO	12/15/2011	FUJIFILM Holdings Corporation (N/A)	All Cash	$995 million	$54.00	$53.87	250,552	03/31/2012	0.24%	1.30%
Details of SonoSite Inc. Expected to close in the third quarter of 2012 for a closing value of $995 million. Upon completion of the merger, shareholders of SonoSite will receive $54.00 per share in cash.
+	TKLC	11/07/2011	a consortium led by Siris Capital Group, LLC (N/A)	All Cash	$780 million	$11.00	$10.98	307,893	03/31/2012	0.18%	0.98%
Details of Tekelec Expected to close in the first quarter of 2012 for a closing value of $780 million. Upon completion of the merger, shareholders of Tekelec will receive $11.00 per share in cash.
+	ADPI	11/07/2011	JLL Partners, Inc. (N/A)	All Cash	$398 million	$19.00	$18.97	312,489	03/31/2012	0.16%	0.85%
Details of American Dental Partners, Inc. Expected to close in the first quarter of 2012 for a closing value of $398 million. Upon completion of the merger, shareholders of American Dental Partners will receive $19.00 per share in cash.
+	PNNW	11/12/2010	City of Nashua (N/A)	All Cash	$138 million	$29.00	$28.99	29,266	02/03/2012	0.03%	1.14%
Details of Pennichuk Corporation Expected to close on February 03, 2012 for a closing value of $138 million. On the completion of the merger, Pennichuck shareholders will receive $29.00 per share in cash.
+	CSA	12/27/2011	Ventas, Inc. (VTR)	All Cash	$700 million	$4.25	$4.25	418,441	06/30/2012	0.00%	0.00%
Details of Cogdell Spencer Inc. Ventas is buying Cogdell Spencer for $4.25/share in cash. The deal is approximately worth between $760 and $770 million and is expected to close in the second quarter of 2012.
+	SUG	06/16/2011	Energy Transfer Equity (ETE)	All Stock	$9.4 billion	$42.28	$43.25	1,546,770	03/31/2012	-2.24%	-12.04%
Details of Southern Union Company Expected to close in the first quarter of 2012 for a closing value of $7.9 billion. Upon completion of the merger, Southern Union Company’s shareholders will receive $33.00 per share in series B units of ELMG. These series B units are expected to list on the NYSE and will have an annualized distribution yield of 8.25%. ETE has the option to redeem the Series B Units at any time after the closing of the transaction. Update(s) June 24, 2011: Southern Union Company (NYSE:SUG) received a proposal by The Williams Companies, Inc. (NYSE: WMB) to acquire all of the outstanding shares of Southern Union for $39.00 per share in cash. July 05, 2011: Energy Transfer Equity, L.P. (NYSE:ETE) and Southern Union Company (NYSE:SUG) today announced that they have entered into an amended and restated merger agreement under which ETE will acquire SUG for $8.9 billion, including $5.1 billion in cash and ETE common units. Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, SUG shareholders can elect to exchange their common shares for $40.00 of cash or 0.903 ETE common units. The maximum cash component is 60% of the aggregate consideration and the common unit component can fluctuate between 40% and 50%. Elections in excess of either the cash or common unit limits will be subject to proration. July 14, 2011: Southern Union Company (SUG) confirmed receipt of a revised proposal by The Williams Companies, Inc. (WMB) to acquire all of the outstanding shares of Southern Union for $44.00 per share in cash. July 19, 2011: Energy Transfer Equity (ETE) upped its bid for Southern Union to $44.25 a share for an enterprise value of $9.4 billion including debt. Shareholders can elect to receive either $44.25 per share cash or one unit of ETE, with 60% of the new bid payable in cash. To keep things conservative, we are treating this deal as an all stock deal.
+	HNB	06/02/2011	BankUnited Inc. (BKU)	Cash Plus Stock	$71.4 million	$3.60	$3.70	650	03/31/2012	-2.75%	-14.76%
Details of Herald National Bank Expected to close in the first quarter of 2012 for a closing value of $71.4 million. Upon completion of the merger, Herald National Bank shareholders will receive either cash or BankUnited common stock with a value of $1.35 in cash and 0.099 shares of BankUnited common stock, subject to proration.
+	BXG	11/14/2011	BFC Financial Corporation (BFCF.PK)	All Stock	N/A	$2.80	$2.90	3,832	06/30/2012	-3.45%	-7.92%
Details of Bluegreen Corporation Expected to close in the first half of 2012 in an all stock deal, where shareholders of Bluegreen Corporation will be entitled to receive eight shares of BFC’s Class A Common Stock for each share of Bluegreen’s Common Stock they hold at the effective time of the merger.
+	NYX	02/15/2011	Deutsche Boerse (N/A)	All Stock	N/A	$19.06	$27.45	2,510,779	03/31/2012	-30.57%	-164.09%
Details of NYSE Euronext Expected to close in the first quarter of 2012 in an all stock deal. On the completion of the merger NYSE Euronext shareholders will receive 0.4700 of a share of Deutsche Boerse common stock per share held. Update April 1, 2011: The Nasdaq (NDAQ) and ICE have made a joint offer for NYSE Euronext (NYX) that is worth $43 as of April 1, 2011.

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Insider Weekends – January 20, 2012

January 21, 2012 | Insider Buying | Author Asif

Welcome to edition eighty five of Insider Weekends. Insider buying declined sharply with insiders purchasing $28.83 million of their stock last week compared to $88.3 million in the week prior. Selling on the other hand increased with insiders selling $580.05 million worth of stock last week compared to $368.3 million in the week prior.

While Carl Icahn, Eddie Lampert and Sardar Biglari continued their purchases of WebMD (WBMD), Sears Holdings (SHLD) and Cracker Barrel (CBRL) respectively, their purchases were smaller than those we reported last week. Sears Holding in particular has been on fire since Mr. Lampert started buying, making it the largest percentage gainer in the S&P 500 in 2012 with a 54% gain since the start of the year.

Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week jumped to 20.12. In other words, insiders sold more than 20 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the week prior when the ratio stood at 4.2.We are calculating an adjusted ratio by removing transactions by funds and companies and trying as best as possible only to retain information about insiders and 10% owners who are not funds or companies.

Insider Sell Buy Ratio January 20, 2012

Notable Insider Buys:

1. GeoEye, Inc. (GEOY): $22.04

We normally don’t include purchases by 10% owners but I decided to make an exception this week to highlight Stephen Feinberg’s purchases of GeoEye through his fund Cerberus Capital Management.

He picked up 385,000 shares of this satellite imaging products company, paying $21.50 per share for a total amount of $8.28 million. As you can see from this page, Cerberus has been consistently buying shares since November.

The stock trades for 1.21 times tangible book value and less than 5 times EBITDA.

You can view the list of recent insider transactions for GeoEye, Inc. here.

P/E: 10.25	Forward P/E: 9.8	Industry P/E: 16.89
P/S: 1.46	Price/Book: 1.02	EV/EBITDA: 4.72
Market Cap: $488.98M	Avg. Daily Volume: 320,097	52 Week Range: $17.98 – $44.68

2. Sears Holdings Corporation (SHLD): $49

Director Eddie S. Lampert acquired 105,650 shares of this retail chain, paying $31.20 per share for a total amount of $3.3 million. Mr. Lampert increased his stake by 0.47% to 22,747,453 shares with this purchase.

You can view the list of recent insider transactions for Sears Holdings Corporation here.

P/E: N/A	Forward P/E: N/A	Industry P/E: 22.33
P/S: 0.11	Price/Book: 0.61	EV/EBITDA: 9.76
Market Cap: $5.24B	Avg. Daily Volume: 1,590,180	52 Week Range: $28.89 – $94.79

3. Incyte Corporation (INCY): $17.28

Shares of this drug discovery and development company were acquired by 2 insiders:

Director Julian Baker acquired 557,864 shares, paying $16.37 per share for a total amount of $9.13 million. These shares were acquired indirectly through Baker Brothers Life Sciences Capital and 14159 Capital, LLC.
Director Paul A. Brooke acquired 50,000 shares, paying $17.70 per share for a total amount of $884,750. Mr. Brooke increased his stake by 50.00% to 150,000 shares with this purchase.

The FDA approved Incyte’s drug Jakafi (ruxolitinib) for patients with a bone marrow disorder called Myelofibrosis in mid-November. The 17 analysts that follow the company expect it to report revenue of $204.32 million in 2012 (an estimated 125% increase year-over-year) and a loss of 94 cents per share.

You can view the list of recent insider transactions for Incyte Corporation here.

P/E: N/A	Forward P/E: N/A	Industry P/E: 17.14
P/S: 14.84	Price/Book: N/A	EV/EBITDA: -71.72
Market Cap: $2.18B	Avg. Daily Volume: 2,015,130	52 Week Range: $11.76 – $21.15

4. Urstadt Biddle Properties Inc. (UBP): $16.8935

Chairman of the Board and CEO Charles J. Urstadt acquired 32,627 shares of this commercial REIT, paying $16.45 per share for a total amount of $536,714.

These shares were acquired indirectly through Urstadt Property Company, Inc of which Mr. Urstadt is Chairman and a controlling shareholder.

You can view the list of recent insider transactions for Urstadt Biddle Properties Inc. here.

P/E: 26.11	Forward P/E: N/A	Industry P/E: N/A
P/S: 5.09	Price/Book: 1.93	EV/EBITDA: 11.65
Market Cap: $470.20M	Avg. Daily Volume: 5,823	52 Week Range: $12.6 – $18.12

5. Franklin Covey Co. (FC): $8.67

Director Joel Clinton Peterson acquired 21,240 shares of this training and consulting services company, paying $8.25 per share for a total amount of $175,230. Mr. Peterson increased his stake by 9.10% to 254,612 shares with this purchase.

You can view the list of recent insider transactions for Franklin Covey Co. here.

P/E: 27.97	Forward P/E: 15.76	Industry P/E: 15.41
P/S: 0.92	Price/Book: 1.8	EV/EBITDA: 10.33
Market Cap: $153.88M	Avg. Daily Volume: 28,736	52 Week Range: $6.25 – $12.15

You can view the full list of purchases from this Insider Buying page.

Notable Insider Sales:

1. AutoZone Inc. (AZO): $347

Shares of this auto parts retailer were sold by 2 insiders:

10% owner Eddie Lampert (of Sears Holdings fame) sold 702,698 shares for $345.98, generating $243.12 million from the sale. 264,952 of these shares were sold directly and the rest were sold indirectly through ESL Investments.

Director William C. Crowley sold 2,528 shares of this Auto Parts Stores company for $346.03, generating $874,751 from the sale. 870 of these shares were sold directly and the rest were sold indirectly through Tynan, LLC.

You can view the list of recent insider transactions for AutoZone Inc. here.

P/E: 16.95	Forward P/E: 13.04	Industry P/E: N/A
P/S: 1.66	Price/Book: N/A	EV/EBITDA: 9.77
Market Cap: $13.66B	Avg. Daily Volume: 349,456	52 Week Range: $246.26 – $350.55

2. Apollo Group Inc. (APOL): $54.61

Shares of this for-profit education company sold by 2 insiders:

Executive Chairman of the Board John G. Sperling sold 250,000 shares for $57.09, generating $14.27 million from the sale. There shares were sold indirectly through the John Sperling Revocable Trust.
Vice Chairman of the Board Peter V. Sperling sold 150,000 shares for $57.26, generating $8.59 million from the sale.

You can view the list of recent insider transactions for Apollo Group Inc. here.

P/E: 15.48	Forward P/E: 14.84	Industry P/E: 15.41
P/S: 1.47	Price/Book: 5.11	EV/EBITDA: 4.76
Market Cap: $6.90B	Avg. Daily Volume: 2,051,290	52 Week Range: $37.08 – $58.29

3. Monster Beverage Corporation (MNST): $104.52

Shares of this beverages company were sold by 2 insiders:

Chairman and CEO Rodney C. Sacks sold 187,109 shares for $100.53, generating $18.81 million from the sale.
Vice Chairman and President Hilton H. Schlosberg sold 157,109 shares for $100.47, generating $15.78 million from the sale.

You can view the list of recent insider transactions for Monster Beverage Corporation here.

P/E: 36.03	Forward P/E: 28.1	Industry P/E: N/A
P/S: 5.45	Price/Book: 9.46	EV/EBITDA: 18.74
Market Cap: $9.10B	Avg. Daily Volume: 915,203	52 Week Range: $53.28 – $104.75

4. Seagate Technology PLC (STX): $20.02

Shares of this data storage products company were sold by 4 insiders:

Chairman, President and CEO Stephen J. Luczo sold 650,956 shares for $19.99, generating $13.01 million from the sale. 20,000 of these shares were sold as a result of exercising options immediately prior to the sale and the rest were sold indirectly from a trust.
EVP & Chief Technical Officer Robert W. Whitmore sold 50,000 shares for $19.95, generating $997,500 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
EVP,General Counsel, CAO Kenneth M. Massaroni sold 20,000 shares for $19.60, generating $392,000 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
EVP, Sales and Marketing William D. Mosley sold 20,000 shares for $20.00, generating $400,000 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for Seagate Technology PLC here.

P/E: 18.28	Forward P/E: 4.18	Industry P/E: 17.85
P/S: 0.75	Price/Book: 3.43	EV/EBITDA: 5.72
Market Cap: $8.41B	Avg. Daily Volume: 11,070,600	52 Week Range: $9.05 – $20.09

5. SYNNEX Corp. (SNX): $35.9

Shares of this business services provider were sold by 2 insiders:

Director Matthew Miau sold 304,000 shares for $35.44, generating $10,773,580 from the sale. 20,000 of these shares were sold as a result of exercising options immediately prior to the sale and the rest were sold indirectly through Silver Star Developments and Peer Developments.
Director Horne James Van sold 3,000 shares for $34.26, generating $102,794 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.

You can view the list of recent insider transactions for SYNNEX Corp. here.

P/E: 8.8	Forward P/E: 7.79	Industry P/E: 19.94
P/S: 0.12	Price/Book: 1.11	EV/EBITDA: 5.71
Market Cap: $1.30B	Avg. Daily Volume: 242,137	52 Week Range: $22.56 – $36.72

You can view the full list of sales from this Insider Sales page.

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Merger Arbitrage Mondays – January 16, 2012

January 16, 2012 | Merger Arbitrage | Author Asif

Merger activity increased last week with two new deals announced and two closing. Georgia Gulf (GGC) received an unsolicited $1.03 billion or $30/share offer from Westlake Chemical (WLK) and stock shot up 34.52% to $32.93 on expectations of a rival bid. Since this is an unsolicited bid that is yet to be accepted, we have not included the deal in our database.

You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.

Deal Statistics:

Total Number of Deals Closed in 2012	6
Total Number of Pending Deals
Cash Deals	31
Stock Deals	13
Stock & Cash Deals	9
Total Number of Pending Deals	53

New Deals:

The acquisition of Inhibitex (INHX) by Bristol-Myers Squibb (BMY) for $2.5 billion or $26 per share in cash.
China GrenTech Corporation Limited (GRRF) accepted the going private offer it received on November 14, 2011 from Talenthome Management Limited, which is jointly owned indirectly by Mr. Yingjie Gao, China GrenTech’s Chairman and Chief Executive Officer, Ms. Rong Yu, China GrenTech’s Director and Chief Financial Officer. Shareholders will receive $0.126 in cash for each ordinary share they hold. Since each American Depository Share (ADS) represents 25 ordinary shares, ADS holders will receive $3.15 per ADS. The transaction is expected to close before the end of the second quarter of 2012.

Closed Deals:

The acquisition of Advanced Analogic Technologies Incorporated (AATI) by Skyworks Solutions (SWKS) on January 10, 2012.
The acquisition 99 Cents Only Stores (NDN) by affiliates of Ares Management LLC and Canada Pension Plan Investment Board on January 13, 2012.

Top 10 deals with largest spreads:

Symbol	Announced Date	Acquiring Company	Closing Price	Last Price	Closing Date	Profit	Annualized Profit
MHS	07/21/2011	Express Scripts, Inc. (ESRX)	$68.61	$60.53	06/30/2012	13.35%	29.36%
CMFB	12/20/2011	Sandy Spring Bancorp Inc. (SASR)	$14.58	$13.09	06/30/2012	11.40%	25.06%
LOOP	04/27/2011	CoStar Group (CSGP)	$18.78	$16.93	01/31/2012	10.92%	265.80%
EP	10/16/2011	Kinder Morgan, Inc. (KMI)	$29.37	$26.73	06/30/2012	9.87%	21.70%
PARL	12/23/2011	Perfumania Holdings, Inc. (PERF)	$5.74	$5.23	06/30/2012	9.73%	21.38%
GRRF	01/12/2012	Talenthome Management Limited (N/A)	$3.15	$2.93	06/30/2012	7.51%	16.51%
CTBC	10/26/2011	Berkshire Hills Bancorp, Inc. (BHLB)	$8.67	$8.15	04/30/2012	6.40%	22.25%
TAM	01/19/2011	LAN Airlines S.A. (LFL)	$22.23	$20.98	06/30/2012	5.96%	13.10%
INHX	01/07/2012	Bristol-Myers Squibb Company (BMY)	$26.00	$24.55	03/31/2012	5.91%	28.74%
HGIC	09/29/2011	Nationwide Mutual Insurance Co (N/A)	$60.00	$56.80	01/31/2012	5.63%	137.09%

List of all pending deals:

	Symbol	Announced Date	Acquiring Company	Deal Type	Closing Value	Closing Price	Last Price	Volume	Closing Date	Profit	Annu. Profit
+	MHS	07/21/2011	Express Scripts, Inc. (ESRX)	Cash Plus Stock	$29.1 billion	$68.61	$60.53	4,219,187	06/30/2012	13.35%	29.36%
Details of Medco Health Solutions Expected to close in the first half of 2012 for a closing value of $29.1 billion. Upon completion of the merger, Medco shareholders will receive $28.80 in cash and 0.81 shares for each Medco share they own.
+	CMFB	12/20/2011	Sandy Spring Bancorp Inc. (SASR)	All Stock	$25.4 million	$14.58	$13.09	3,100	06/30/2012	11.40%	25.06%
Details of Commercefirst Bancorp Inc. Expected to close in the second quarter of 2012 for a closing value of $25.4 million in a cash plus stock deal, where shareholders of CommerceFirst Bancorp will receive 0.8043 Sandy Spring shares for each CommerceFirst share and the cash consideration will be $13.60 per share.
+	LOOP	04/27/2011	CoStar Group (CSGP)	Cash Plus Stock	$860 million	$18.78	$16.93	129,459	01/31/2012	10.92%	265.80%
Details of LoopNet Expected to close by the end of the year in a cash plus stock deal. Upon completion of the merger, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock per share held. Update(s) January 04, 2012: LoopNet and CoStar agreed to further extend the the waiting period imposed by the Hart-Scott-Rodino Act to allow the firms to engage in discussions with the U.S. Federal Trade Commission (“FTC”) to determine whether there is a possible basis for, and to discuss the possible terms of, a mutually acceptable consent order that would allow the merger of the two firms to close.
+	EP	10/16/2011	Kinder Morgan, Inc. (KMI)	Cash Plus Stock	$21 billion	$29.37	$26.73	7,132,870	06/30/2012	9.87%	21.70%
Details of El Paso Corp. Expected to close in early 2012 for a closing value of $21 billion in a cash plus stock deal. Upon completion of the merger, shareholders of El Paso Corporation will receive $26.87 per share, which consists of $14.65 in cash, 0.4187 Kinder Morgan shares — valued at $11.26 per EP share — and 0.640 Kinder Morgan warrants — valued at $0.96 per EP share — based on Kinder Morgan's closing price on Friday, October 14, 2012.
+	PARL	12/23/2011	Perfumania Holdings, Inc. (PERF)	All Stock	$170 million	$5.74	$5.23	178,657	06/30/2012	9.73%	21.38%
Details of Parlux Fragrances Inc. Expected to close in the first half of 2012 for a closing value of $170 million in an all stock deal, where shareholders of Parlux fragrances can elect to receive either $4.00 in cash plus 0.20 shares of Perfumania common stock or (ii) .53333 shares of Perfumania common stock, subject to proration. The maximum amount of cash that will be paid as merger consideration is $61,895,288, and the maximum number of Perfumania shares issuable in the merger is 5,919,052.
+	GRRF	01/12/2012	Talenthome Management Limited (N/A)	All Cash	$71.45 milion	$3.15	$2.93	497,091	06/30/2012	7.51%	16.51%
Details of China GrenTech China GrenTech Corporation Limited (GRRF) accepted the going private offer it received on November 14, 2011 from Talenthome Management Limited, which is jointly owned indirectly by Mr. Yingjie Gao, China GrenTech's Chairman and Chief Executive Officer, Ms. Rong Yu, China GrenTech's Director and Chief Financial Officer. Shareholders will receive $0.126 in cash for each ordinary share they hold. Since each American Depository Share (ADS) represents 25 ordinary shares, ADS holders will receive $3.15 per ADS. The transaction is expected to close before the end of the second quarter of 2012.
+	CTBC	10/26/2011	Berkshire Hills Bancorp, Inc. (BHLB)	All Stock	$30 million	$8.67	$8.15	1,400	04/30/2012	6.40%	22.25%
Details of The Connecticut Bank and Trust Expected to close early in the second quarter of 2012 for a closing value of $30 million in an all stock deal. Upon completion of the merger, The Connecticut Bank and Trust Company shareholders will receive either $8.25 per share in cash, or 0.3810 shares of Berkshire Hills Bancorp per share held. Under the terms of the merger agreement, 70% of the outstanding CBT shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.3810 Berkshire shares for each share of CBT. The remaining 30% of CBT shares will be exchanged for cash in the amount of $8.25 per share.
+	TAM	01/19/2011	LAN Airlines S.A. (LFL)	All Stock	N/A	$22.23	$20.98	404,294	06/30/2012	5.96%	13.10%
Details of TAM S.A. Completion of this transaction is expected to take between six to nine months. On the completion of merger TAM shareholders will receive 0.90 shares in LAN for each TAM share they hold. Shares of LAN Airlines SA of Chile and Brazilian carrier TAM SA fell sharply Monday, January 31, 2011, as investors reacted to the Chilean antitrust court's move late Friday to suspend their proposed merger. Update March 18, 2011: Chile's LAN Airlines (LFL) said a regulatory investigation into complaints about the merger could take between 6 to 9 months and the merger will most likely not complete before the fourth quarter. We have updated the closing date to 12/31/2011. December 12, 2011: The merger between Chilean airline LAN LAN.SN and Brazilian counterpart TAM is expected to close in the first quarter of 2012.
+	INHX	01/07/2012	Bristol-Myers Squibb Company (BMY)	All Cash	$2.5 billion	$26.00	$24.55	7,421,908	03/31/2012	5.91%	28.74%
Details of Inhibitex, Inc. Expected to close in the first quarter of 2012 for a closing value of $2.5 billion. Upon completion of the merger, shareholders of Inhibtex will receive $26.00 per share in cash.
+	HGIC	09/29/2011	Nationwide Mutual Insurance Co (N/A)	All Cash	$760 million	$60.00	$56.80	54,744	01/31/2012	5.63%	137.09%
Details of Harleysville Group Inc. Expected to close in early 2012 for a closing value of $760 million. Upon completion of the merger, shareholders of Harleysville Group will receive $60.00 per share in cash.
+	CADC	10/24/2011	Novel Gain Holdings Limited (N/A)	All Cash	N/A	$2.65	$2.52	34,745	03/31/2012	5.16%	25.11%
Details of China Advanced Construction Materials Group, Inc. Expected to close in the first quarter of 2012. Upon completion of the merger, China Advanced Construction Materials Group shareholders will receive $2.65 per share in cash. Essentially this is a going private transaction with CADC emerging as the surviving entity.
+	VTRO	10/17/2011	Inuvo, Inc. (INUV)	All Stock	N/A	$1.21	$1.15	16,900	03/31/2012	4.86%	23.65%
Details of Vertro, Inc. Expected to close in the fourth quarter of 2011 or the first quarter of 2012. Upon completion of the merger, shareholders of Vertro will receive 1.546 shares of Inuvo common stock per each share of Vertro common stock.
+	CRIC	12/28/2011	E-House (China) Holdings (EJ)	Cash Plus Stock	$603 million	$4.92	$4.71	24,400	06/30/2012	4.54%	9.99%
Details of China Real Estate Information Corporation E-House (China Holdings) has entered into a definitely agreement to acquire the remaining shares of China Real Estate Information Corporation (CRIC) that it does not already own for a cash plus stock deal valued at $603 million or a 5.6% premium. CRIC shareholders will receive $1.75 per share in cash and 0.6 shares of E-house. The transaction is expected to close in mid-2012.
+	MMI	08/15/2011	Google (GOOG)	All Cash	$12.5 billion	$40.00	$38.45	1,806,626	01/31/2012	4.03%	98.09%
Details of Motorola Mobility Holdings, Inc. Expected to close by the end of 2011 or early 2012 for a closing value of $12.5 billion. Upon completion of the merger, shareholders of Motorola Mobility Holdings will receive $40.00 per share in cash.
+	TOBC	06/20/2011	Susquehanna Bancshares (SUSQ)	All Stock	$343 million	$32.16	$30.98	52,117	03/31/2012	3.82%	18.59%
Details of Tower Bancorp Expected to close in the first quarter of 2012 for a closing value of $343 million in a cash or stock transaction, where Tower Bancorp shareholders will receive either 3.4696 shares of Susquehanna Bancshares common stock or $28.00 in cash per share held with $88 million of the aggregate consideration being paid in cash. Since a majority of the consideration will be paid out as stock, we have classified this deal as an all stock deal in our Merger Arbitrage Tool.
+	BLD	12/23/2011	Forsyth Baldwin, LLC (N/A)	All Cash	$27.3 million	$0.96	$0.925	16,000	06/30/2012	3.78%	8.32%
Details of Baldwin Technology Co. Inc. Expected to close in the second quarter of 2012 for a closing value of $27.3 million. Upon completion of the merger, shareholders of Baldwin Technology will receive $0.96 per share in cash, subject to adjustment at closing based on certain criteria, including the extent that the difference between Baldwin Technology's aggregate cash balances and the balance of aged accounts payable is less than $1,800,000.
+	GR	09/21/2011	United Technologies Corp. (UTX)	All Cash	$18.4 billion	$127.50	$124.05	701,983	06/30/2012	2.78%	6.12%
Details of Goodrich Corp. Expected to close in mid-2012 for a closing value of $18.4 billion. Upon completion of the merger, shareholders of Goodrich Corporation will receive $127.50 per share in cash.
+	BXG	11/14/2011	BFC Financial Corporation (BFCF.PK)	All Stock	N/A	$2.96	$2.88	23,799	06/30/2012	2.78%	6.11%
Details of Bluegreen Corporation Expected to close in the first half of 2012 in an all stock deal, where shareholders of Bluegreen Corporation will be entitled to receive eight shares of BFC’s Class A Common Stock for each share of Bluegreen’s Common Stock they hold at the effective time of the merger.
+	LAVA	11/30/2011	Synopsys Inc. (SNPS)	All Cash	$507 million	$7.35	$7.16	1,365,665	03/31/2012	2.65%	12.91%
Details of Magma Design Automation Inc. Expected to close in the first quarter of 2012 for a closing value of $507 million. Upon completion of the merger, shareholders of Magma Design Automation will receive $7.35 per share in cash.
+	SNDA	11/22/2011	Premium Lead Company Limited ("Parent") and New Era Investment Holding Ltd. (N/A)	All Cash	$2.3 billion	$41.35	$40.29	45,942	03/31/2012	2.63%	12.80%
Details of Shanda Interactive Entertainment Ltd. Expected to close before the end of the first quarter 2012 for a closing value of $2.3 billion. Upon completion of the merger, shareholders of Shanda Interactive Entertainment Ltd. will receive US$20.675 per ordinary share or US$41.35 per American Depositary Share, each representing two ordinary shares (“ADS”).
+	PGN	01/10/2011	Duke Energy Corporation (DUK)	All Stock	$13.7 billion	$55.67	$54.29	1,128,109	03/31/2012	2.55%	12.39%
Details of Progress Energy Inc. Expected to close in the first quarter of 2012. Progress Energy's shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy's closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value.
+	RRR	12/16/2011	United Rentals, Inc. (URI)	Cash Plus Stock	$1.9 billion	$19.45	$19.02	1,026,578	06/30/2012	2.27%	5.00%
Details of RSC Holdings, Inc. Expected to close in the first half of 2012 for a closing value of $1.9 billion in a cash plus stock deal, where shareholders of RSC Holdings will receive $10.80 in cash and 0.2783 share of United Rentals.
+	CEG	04/28/2011	Exelon Corporation (EXC)	All Stock	$7.9 billion	$36.96	$36.23	1,593,168	01/31/2012	2.01%	48.91%
Details of Constellation Energy Group Expected to close in early 2012 for a closing value of $7.9 billion in an all-stock deal. Upon completion of the merger, Constellation shareholders will receive 0.93 shares of Exelon for each Constellation share.
+	NVLS	12/14/2011	Lam Research Corp (LRCX)	All Stock	$3.3 billion	$43.31	$42.63	3,154,513	06/30/2012	1.60%	3.52%
Details of Novellus Systems, Inc. Expected to close in the second calendar quarter of 2012 for a closing value of $3.3 billion in an all stock deal. Upon completion of the merger, shareholder of Novellus Systems will receive 1.125 shares of Lam Research common stock for each share of Novellus that they own. common stock for each share of Novellus that they own
+	NST	10/18/2010	Northeast Utilities (NU)	All Stock	$4.17 billion	$44.91	$44.21	276,916	03/31/2012	1.58%	7.70%
Details of NSTAR Expected to close in the first quarter of 2012 for a closing value of $4.17 billion. On the completion of the merger, NSTAR shareholders will receive 1.312 Northeast Utilities common shares for each NSTAR held.
+	WINN	12/19/2011	BI-LO, LLC (N/A)	All Cash	$560 million	$9.50	$9.37	1,136,396	04/30/2012	1.39%	4.82%
Details of Winn-Dixie Stores Inc. Expected to close in the next 60 to 120 days for a closing value of $560 million. Upon completion of the merger, shareholders of Winn-Dixie Stores will receive $9.5 per share in cash.
+	DFG	12/21/2011	Tokio Marine Holdings (N/A)	All Cash	$2.7 billion	$44.80	$44.30	988,967	06/30/2012	1.13%	2.48%
Details of Delphi Financial Group, Inc. Expected to close in the second quarter of 2012 for a closing value of $2.7 billion, Upon completion of the merger, shareholders of Delphi Financial will receive $43.875 per Class A share and $52.875 per Class B share in cash, through TMHD's wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). In addition, Delphi shareholders will receive $1.00 in cash per share pursuant to a one-time special dividend from Delphi for each share of Class A and Class B stock they own.
+	SONE	10/03/2011	ACI Worldwide (ACIW)	Cash Plus Stock	$516 million	$9.62	$9.53	667,083	01/30/2012	0.98%	25.63%
Details of S1 Corporation Expected to close by January 01, 2012 for a closing value of $516 million. Upon completion of the merger, S1 shareholders will receive $6.62 in cash and 0.1064 shares of ACI Worldwide common stock per S1 share held, subject to proration such that in the aggregate 33.8% of S1 shares are exchanged for ACI Worldwide shares and 66.2% are exchanged for cash. Update: December 29, 2011: ACI Worldwide (ACIW) announced that it has extended its exchange offer for all of the outstanding shares of common stock of S1 Corporation until 5:00 p.m. Eastern time on Monday, January 30, 2012, unless further extended.
+	TRH	11/21/2011	Alleghany Corporation (Y)	Cash Plus Stock	$3.4 billion	$55.44	$54.95	321,121	03/31/2012	0.88%	4.31%
Details of Transatlantic Holdings Inc. Expected to close in the first quarter of 2012 for a closing value of $3.4 billion in a stock plus cash deal. Upon completion of the merger, shareholders of Transatlantic Holdings will receive 0.145 Alleghany common shares and $14.22 in cash.
+	PNS	11/10/2011	Avnet (AVT)	All Cash	$22 million	$2.40	$2.38	74,861	01/31/2012	0.84%	20.45%
Details of Pinnacle Data Systems Inc. Expected to close in 60 to 90 days for a closing value of $22 million. Upon completion of the merger, shareholders of Pinnacle Data Systems will receive $2.30 per share in cash.
+	TIN	09/06/2011	International Paper (IP)	All Cash	$4.3 billion	$32.00	$31.75	1,214,334	03/31/2012	0.79%	3.83%
Details of Temple-Inland Expected to close in the first quarter of 2012 for a closing value of $4.3 billion. Upon completion of the merger, shareholders of Temple-Inland will receive $32.00 per share in cash.
+	ADPI	11/07/2011	JLL Partners, Inc. (N/A)	All Cash	$398 million	$19.00	$18.87	45,749	03/31/2012	0.69%	3.35%
Details of American Dental Partners, Inc. Expected to close in the first quarter of 2012 for a closing value of $398 million. Upon completion of the merger, shareholders of American Dental Partners will receive $19.00 per share in cash.
+	RNOW	10/24/2011	Oracle (ORCL)	All Cash	$1.5 billion	$43.00	$42.73	665,739	03/31/2012	0.63%	3.08%
Details of Rightnow Technologies Inc. Expected to close by late 2011 or early 2012 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of RightNow will receive $43.00 per share in cash.
+	BCSI	12/09/2011	Thoma Bravo, LLC (N/A)	All Cash	$1.3 billion	$25.81	$25.65	420,056	03/31/2012	0.62%	3.04%
Details of Blue Coat Systems Inc Expected to close in the first calendar quarter of 2012 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of Blue Coat Systems will receive $25.81 per share in cash.
+	HS	10/24/2011	Cigna (CI)	All Cash	$3.8 billion	$55.00	$54.67	320,135	06/30/2012	0.60%	1.33%
Details of HealthSpring Inc. Expected to close in the first half of 2012 for a closing value of $3.8 billion. Upon completion of the merger, shareholders of Healthspring will receive $55.00 per share in cash.
+	CPX	10/10/2011	Superior Energy Services (SPN)	Cash Plus Stock	$2.7 billion	$32.60	$32.41	1,766,809	03/31/2012	0.59%	2.85%
Details of Complete Production Services Expected to close in the first quarter if 2012 for a closing value of $2.7 billion in a cash plus stock deal, where Complete stockholders will receive 0.945 common shares of Superior and cash of $7.00 in exchange for each share of Complete common stock held at closing.
+	NETL	09/12/2011	Broadcom (BRCM)	All Cash	$3.7 billion	$50.00	$49.73	339,416	06/30/2012	0.54%	1.19%
Details of NetLogic Microsystems Inc. Expected to close in the first half of 2012 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of NetLogic Microsystems will receive $50.00 per share in cash.
+	PNNW	11/12/2010	City of Nashua (N/A)	All Cash	$138 million	$29.00	$28.86	9,674	02/03/2012	0.49%	9.84%
Details of Pennichuk Corporation Expected to close on February 03, 2012 for a closing value of $138 million. On the completion of the merger, Pennichuck shareholders will receive $29.00 per share in cash.
+	VPF	11/17/2011	CTS Corp (N/A)	All Cash	$18 million	$4.15	$4.13	2,000	01/31/2012	0.48%	11.78%
Details of Valpey Fisher Corporation Expected to close in January 2012 for a closing value of $18 million. Upon completion of the merger, shareholders of Valpey-Fisher Corporation will receive $4.15 per share in cash,
+	SONO	12/15/2011	FUJIFILM Holdings Corporation (N/A)	All Cash	$995 million	$54.00	$53.78	121,540	03/31/2012	0.41%	1.99%
Details of SonoSite Inc. Expected to close in the third quarter of 2012 for a closing value of $995 million. Upon completion of the merger, shareholders of SonoSite will receive $54.00 per share in cash.
+	SFSF	12/03/2011	SAP AG (SAP)	All Cash	$3.4 billion	$40.00	$39.84	1,820,065	03/31/2012	0.40%	1.95%
Details of SuccessFactors, Inc. Expected to close in the first quarter of 2012 for a closing value of $3.4 billion. Upon completion of the merger, shareholders of SuccessFactors will receive $40.00 per share in cash.
+	CV	07/12/2011	Gaz metro Limited Partnership (N/A)	All Cash	$702 million	$35.25	$35.12	40,931	06/30/2012	0.37%	0.81%
Details of Central Vermont Public Service Corp. On July 12, 2011, Central Vermont Public Services terminated its agreement with Fortis after deeming “superior” the offer from Gaz Métro. Expected to close in six to twelve months for a closing value of $702 million. Upon completion of the merger, Central Vermont Public Services shareholders will receive $35.25 per share in cash.
+	TKLC	11/07/2011	a consortium led by Siris Capital Group, LLC (N/A)	All Cash	$780 million	$11.00	$10.96	516,775	03/31/2012	0.36%	1.78%
Details of Tekelec Expected to close in the first quarter of 2012 for a closing value of $780 million. Upon completion of the merger, shareholders of Tekelec will receive $11.00 per share in cash.
+	HNB	06/02/2011	BankUnited Inc. (BKU)	Cash Plus Stock	$71.4 million	$3.77	$3.76	4,700	03/31/2012	0.36%	1.75%
Details of Herald National Bank Expected to close in the first quarter of 2012 for a closing value of $71.4 million. Upon completion of the merger, Herald National Bank shareholders will receive either cash or BankUnited common stock with a value of $1.35 in cash and 0.099 shares of BankUnited common stock, subject to proration.
+	SYNO	12/13/2011	Baxter International Inc. (BAX)	All Cash	$325 million	$28.00	$27.91	159,999	03/31/2012	0.32%	1.57%
Details of Synovis Life Technologies Inc. Expected to close in the first quarter of 2012 for a closing value of $325 million. Upon completion of the merger, shareholders of Synovis will receive $28.00 per share in cash.
+	MRT	12/16/2011	Fertitta Morton (N/A)	All Cash	$116.6 million	$6.90	$6.88	95,962	02/15/2012	0.29%	3.54%
Details of Morton's Restaurant Group, Inc. Expected to close by early February 2012 for a closing value of $116.6 million. Upon completion of the merger, shareholders of Morton's Restaurant Group will receive $6.9 per share in cash.
+	DMAN	12/08/2011	International Business Machines Corp. (IBM)	All Cash	$440 million	$13.20	$13.17	381,053	03/31/2012	0.23%	1.11%
Details of DemandTec, Inc. Expected to close in the first quarter of 2012 for a closing value of $440 million. Upon completion of the merger, shareholders of DemandTec will receive $13.20 per share in cash.
+	WCAA	12/21/2011	Macquarie Infrastructure Partners II (N/A)	All Cash	$526 million	$6.50	$6.49	102,284	03/31/2012	0.15%	0.75%
Details of WCA Waste Corporation Expected to close in the first quarter of 2012 for a closing value of $526 million. Upon completion of the merger, shareholders of WCA Waste Corporation will receive $6.50 per share in cash.
+	SNSTA	11/03/2011	SAC an affiliate of Hospitality Properties Trust (N/A)	All Cash	$174 million	$31.00	$30.96	1,100	03/31/2012	0.13%	0.63%
Details of Sonesta International Hotels Corp. Expected to close in the first quarter of 2012 for a closing value of $174 million. Upon completion of the merger, shareholders of Sonesta International Hotels will receive $31.00 per share in cash.
+	VRUS	11/21/2011	Gilead Sciences, Inc. (GILD)	All Cash	$11 billion	$137.00	$136.95	292,174	03/31/2012	0.04%	0.18%
Details of Pharmasset, Inc. Expected to close in the first quarter of 2012 for a closing value of $11 billion. Upon completion of the merger, shareholders of Pharmasset will receive $137 per share in cash.
+	CSA	12/27/2011	Ventas, Inc. (VTR)	All Cash	$700 million	$4.25	$4.26	175,141	06/30/2012	-0.23%	-0.52%
Details of Cogdell Spencer Inc. Ventas is buying Cogdell Spencer for $4.25/share in cash. The deal is approximately worth between $760 and $770 million and is expected to close in the second quarter of 2012.
+	SUG	06/16/2011	Energy Transfer Equity (ETE)	All Stock	$9.4 billion	$41.22	$42.70	1,416,462	03/31/2012	-3.47%	-16.87%
Details of Southern Union Company Expected to close in the first quarter of 2012 for a closing value of $7.9 billion. Upon completion of the merger, Southern Union Company's shareholders will receive $33.00 per share in series B units of ELMG. These series B units are expected to list on the NYSE and will have an annualized distribution yield of 8.25%. ETE has the option to redeem the Series B Units at any time after the closing of the transaction. Update(s) June 24, 2011: Southern Union Company (NYSE:SUG) received a proposal by The Williams Companies, Inc. (NYSE: WMB) to acquire all of the outstanding shares of Southern Union for $39.00 per share in cash. July 05, 2011: Energy Transfer Equity, L.P. (NYSE:ETE) and Southern Union Company (NYSE:SUG) today announced that they have entered into an amended and restated merger agreement under which ETE will acquire SUG for $8.9 billion, including $5.1 billion in cash and ETE common units. Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, SUG shareholders can elect to exchange their common shares for $40.00 of cash or 0.903 ETE common units. The maximum cash component is 60% of the aggregate consideration and the common unit component can fluctuate between 40% and 50%. Elections in excess of either the cash or common unit limits will be subject to proration. July 14, 2011: Southern Union Company (SUG) confirmed receipt of a revised proposal by The Williams Companies, Inc. (WMB) to acquire all of the outstanding shares of Southern Union for $44.00 per share in cash. July 19, 2011: Energy Transfer Equity (ETE) upped its bid for Southern Union to $44.25 a share for an enterprise value of $9.4 billion including debt. Shareholders can elect to receive either $44.25 per share cash or one unit of ETE, with 60% of the new bid payable in cash. To keep things conservative, we are treating this deal as an all stock deal.
+	NYX	02/15/2011	Deutsche Boerse (N/A)	All Stock	N/A	$19.06	$26.75	2,708,115	03/31/2012	-28.75%	-139.93%
Details of NYSE Euronext Expected to close in the first quarter of 2012 in an all stock deal. On the completion of the merger NYSE Euronext shareholders will receive 0.4700 of a share of Deutsche Boerse common stock per share held. Update April 1, 2011: The Nasdaq (NDAQ) and ICE have made a joint offer for NYSE Euronext (NYX) that is worth $43 as of April 1, 2011.

Voluntary Disclosure: I have a long position in INHX.

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