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Monday 20th of May 2013

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Asif

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Merger Arbitrage Mondays – May 20, 2013

May 20, 2013 | Merger Arbitrage | Author Asif

Merger activity increased last week with four new deals announced. None of the pending deals closed last week.

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 2013	60
Total Number of Pending Deals
Cash Deals	52
Stock Deals	17
Stock & Cash Deals	3
Total Number of Pending Deals	72
Total Deal Size	$222.9 billion

New Deals:

The acquisition of AsiaInfo-Linkage (ASIA) by CITIC Capital Partners in a “going private” transaction for $890 million or $12.00 per share in cash.
The acquisition of CFS Bancorp (CITZ) by First Merchants Corporation (FRME) for $114.7 million in an all stock deal. Upon completion of the merger, shareholders of CFS Bancorp Inc. will receive 0.65 shares of First Merchants common stock for each share of CFS common stock owned.
The acquisition of Mayflower Bancorp (MFLR) by Independent Bank Corp (INDB) for $37.2 million in an all stock deal. Upon completion of the merger, 70% of the shareholders of Mayflower Bancorp will receive .565 of an Independent share for each Mayflower share. Independent will purchase the remaining 30% of outstanding Mayflower shares for $17.50 per share in cash.
The acquisition of Overhill Farms (OFI) by Bellisio Foods for $80.9 million or $5.00 per share in cash.

Top 10 deals with largest spreads:

Symbol	Announced Date	Acquiring Company	Closing Price	Last Price	Closing Date	Profit	Annualized Profit
NYX	12/20/2012	IntercontinentalExchange, Inc. (ICE)	$45.79	$41.34	12/31/2013	10.76%	17.46%
PBTH	04/24/2013	Opko Health, Inc. (OPK)	$7.12	$6.49	12/31/2013	9.78%	15.87%
BRY	02/21/2013	LinnCo, LLC (LNCO)	$47.20	$44.55	06/30/2013	5.95%	52.96%
MFLR	05/14/2013	Independent Bank Corp. (INDB)	$18.68	$17.82	12/31/2013	4.85%	7.87%
LEDR	05/08/2013	Trulia, Inc. (TRLA)	$11.33	$10.81	09/30/2013	4.81%	13.20%
NLP	12/27/2012	J.D. Nichols & Brian F. Lavin (N/A)	$7.50	$7.17	06/30/2013	4.60%	40.97%
HOGS	11/26/2012	Chairman and CEO Xianfu Zhu (N/A)	$13.50	$12.92	06/30/2013	4.49%	39.96%
PVFC	02/19/2013	F.N.B. Corporation (FNB)	$4.04	$3.87	09/30/2013	4.35%	11.94%
MEMS	04/23/2013	IDG-Accel China Capital II, L.P. (N/A)	$4.23	$4.07	09/30/2013	3.93%	10.79%
WH	02/21/2013	WSP OCTG GROUP Ltd. (N/A)	$3.20	$3.09	06/30/2013	3.56%	31.69%

List of all pending deals:

	Symbol	Announced Date	Acquiring Company	Deal Type	Closing Value	Closing Price	Last Price	Volume	Closing Date	Profit	Annu. Profit
+	NYX	12/20/2012	IntercontinentalExchange, Inc. (ICE)	All Stock	$8.2 billion	$45.79	$41.34	1,184,734	12/31/2013	10.76%	17.46%
Details of NYSE Euronext, Inc. Expected to close in the second half of 2013 for a closing value of $8.2 billion. Under the terms of the agreement, NYSE Euronext shareholders will have the option to elect to receive consideration per NYSE Euronext share of (i) $33.12 in cash, (ii) 0.2581 IntercontinentalExchange common shares or (iii) a mix of $11.27 in cash plus 0.1703 ICE common shares.
+	PBTH	04/24/2013	Opko Health, Inc. (OPK)	All Stock	$480 million	$7.12	$6.49	358,683	12/31/2013	9.78%	15.87%
Details of PROLOR Biotech, Inc. Expected to close in the second half of 2013 for a closing value of $480 million in an all stock deal. Upon completion of the merger, shareholders of PROLOR Biotech will receive 0.9951 shares of OPKO common stock for each share of PROLOR common stock.
+	BRY	02/21/2013	LinnCo, LLC (LNCO)	All Stock	$4.3 billion	$47.20	$44.55	617,181	06/30/2013	5.95%	52.96%
Details of Berry Petroleum Co. Expected to close on June 30, 2013 for a closing value of $4.3 billion in an all stock deal. Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry.
+	MFLR	05/14/2013	Independent Bank Corp. (INDB)	All Stock	$37.2 million	$18.68	$17.82	11,557	12/31/2013	4.85%	7.87%
Details of Mayflower Bancorp, Inc. Expected to close in the fourth quarter of 2013 for a closing value of $37.2 million in an all stock deal. Upon completion of the merger, shareholders of Mayflower Bancorp will receive .565 of an Independent share for each Mayflower share. Independent will purchase the remaining 30% of outstanding Mayflower shares for $17.50 per share in cash. We are treating this deal as an all stock deal because 70% of the consideration will be paid out as stock and only 30% will be paid out as cash.
+	LEDR	05/08/2013	Trulia, Inc. (TRLA)	All Cash	$355 million	$11.33	$10.81	336,919	09/30/2013	4.81%	13.20%
Details of Market Leader, Inc. Expected to close in the third quarter of 2013 for a closing value of $355 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Market Leader will receive $6.00 in cash and 0.1553 shares of Trulia’s common stock for each share of Market Leader stock.
+	NLP	12/27/2012	J.D. Nichols & Brian F. Lavin (N/A)	All Cash	N/A	$7.50	$7.17	9,700	06/30/2013	4.60%	40.97%
Details of NTS Realty Holdings LP Expected to close in the first half of 2013. Upon completion of the merger, shareholders of NTS Realty Holdings will receive $7.50 per share in cash.
+	HOGS	11/26/2012	Chairman and CEO Xianfu Zhu (N/A)	All Cash	$418 million	$13.50	$12.92	67,240	06/30/2013	4.49%	39.96%
Details of Zhongpin, Inc. Expected to close in the second quarter of 2013 for a closing value of $418 million. Upon completion of the merger, shareholders of Zhongpin will receive $13.50 per share in cash.
+	PVFC	02/19/2013	F.N.B. Corporation (FNB)	All Stock	$106.4 million	$4.04	$3.87	95,000	09/30/2013	4.35%	11.94%
Details of PVF Capital Corp. Expected to close in the third quarter of 2013 for a closing value of $106.4 million in an all stock deal. Under the terms of the agreement, PVF Capital Corp. will receive 0.3405 shares of F.N.B. Corporation common stock for each common share of PVF Capital Corp.
+	MEMS	04/23/2013	IDG-Accel China Capital II, L.P. (N/A)	All Cash	N	$4.23	$4.07	396,798	09/30/2013	3.93%	10.79%
Details of MEMSIC, Inc. Expected to close in the third quarter of 2013. Upon completion of the merger, shareholders of MEMSIC will receive $4.225 per share in cash.
+	WH	02/21/2013	WSP OCTG GROUP Ltd. (N/A)	All Cash	$893.6 million	$3.20	$3.09	800	06/30/2013	3.56%	31.69%
Details of WSP Holdings Ltd. Expected to close in the second quarter of 2013 for a closing value of $893.6 million. Upon completion of the merger, shareholders of WSP Holdings will receive $3.20 per share in cash.
+	VCBI	01/30/2013	United Bankshares Inc. (UBSI)	All Stock	$490.6 million	$14.45	$13.96	72,260	09/30/2013	3.50%	9.60%
Details of Virginia Commerce Bancorp Inc. Expected to close in the third quarter of 2013 for a closing value of $490.6 million in an all stock deal. Upon completion of the merger, shareholders of Virginia Commerce Bancorp will receive 0.5442 of United’s shares for each share of VCBI.
+	LIFE	04/15/2013	Thermo Fisher Scientific, Inc. (TMO)	All Cash	$13.6 billion	$76.00	$73.54	2,660,233	01/31/2014	3.35%	4.77%
Details of Life Technologies Corporation Expected to close early in 2014 for a closing value of $13.6 billion plus the assumption of net debt at close ($2.2 billion as of uear end 2012). Upon completion of the merger, shareholders of Life Technologies will receive $76.00 per share in cash.
+	ASIA	05/13/2013	CITIC Capital Partners (N/A)	All Cash	$890 million	$12.00	$11.62	857,531	09/30/2013	3.27%	8.97%
Details of AsiaInfo-Linkage, Inc. Expected to close for a closing value of $890 million. Upon completion of the merger, shareholders of AsiaInfo-Linkage, Inc. will receive $12.00 per share in cash
+	JADE	03/22/2013	Flora Bloom Holdings & Flora Fragrance Holdings (N/A)	All Cash	N/A	$2.00	$1.94	128,980	12/31/2013	3.09%	5.02%
Details of LJ International Inc. Upon completion of the merger, shareholders of LJ International will receive $2.00 per share in cash.
+	HCBK	08/27/2012	M&T Bank Corporation (MTB)	All Stock	$3.7 billion	$8.90	$8.65	1,340,481	06/30/2013	2.91%	25.95%
Details of Hudson City Bancorp, Inc. Expected to close in the first quarter of 2013 for a closing value of $3.7 billion in an all stock deal. Under the terms of the agreement, shareholders of Hudson City Bancorp will receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash.
+	CMLP	05/06/2013	Inergy Midstream (NRGM)	Cash Plus Stock	N/A	$26.07	$25.37	255,781	09/30/2013	2.75%	7.55%
Details of Crestwood Midstream Partners LP Expected to close in the third quarter of 2013 in a cash plus stock deal. Upon completion of the merger, shareholders of Crestwood Midstream Partners will receive 1.070 common units of Inergy Midstream for each unit Crestwood Midstream they own plus $1.03 per share in cash.
+	CITZ	05/13/2013	First Merchants Corporation (FRME)	All Stock	114.7 million	$10.74	$10.46	N/A	12/31/2013	2.66%	4.31%
Details of CFS Bancorp Inc. Expected to close in the fourth quarter of 2013 for a closing value of $114.7 million in an all stock deal. Upon completion of the merger, shareholders of CFS Bancorp Inc. will receive 0.65 shares of First Merchants common stock for each share of CFS common stock owned.
+	WMS	01/31/2013	Scientific Games Corporation (SGMS)	All Cash	1.5 billion	$26.00	$25.36	244,023	12/31/2013	2.52%	4.09%
Details of WMS Industries Inc. Expected to close by the end of the year for a closing value of $1.5 billion. Upon completion of the merger, shareholders of WMS Industries will receive $26.00 per share in cash.
+	KCG	12/19/2012	GETCO Holding Company (N/A)	All Cash	$1.4 billion	$3.75	$3.66	950,819	06/30/2013	2.46%	21.89%
Details of Knight Capital Group, Inc. Expected to close in the second quarter of 2013 for a closing value of $1.4 billion. Under the agreement, existing Knight shareholders (other than GETCO) will have the right to elect to receive $3.75 per share in cash or one share of common stock of the new holding company.
+	ARB	12/18/2012	Nielsen Holdings N.V. (NLSN)	All Cash	N/A	$48.00	$46.91	375,089	09/30/2013	2.32%	6.38%
Details of Arbitron Inc. Expected to close in the third quarter of 2013. Upon completion of the merger, shareholders of Arbitron will receive $48.00 per share in cash.
+	IN	12/10/2012	Honeywell International Inc. (HON)	All Cash	$600 million	$10.00	$9.78	697,219	06/30/2013	2.25%	20.03%
Details of Intermec, Inc. Expected to close in the second quarter of 2013 for a closing value of $600 million. Upon completion of the merger, shareholders of Intermec will receive $10.00 per share in cash.
+	FMFC	02/07/2013	Renasant Corp. (RNST)	All Stock	$118.8 million	$15.62	$15.31	4,331	09/30/2013	2.02%	5.54%
Details of First M&F Corporation Expected to close in the third quarter of 2013 for a closing value of $118.8 million in an all stock deal, Under the terms of the agreement, M&F common shareholders will receive 0.6425 shares of Renasant common stock for each share of M&F common stock.
+	DELL	02/05/2013	Michael Dell, Dell�s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake (N/A)	All Cash	$24.4 billion	$13.65	$13.40	16,084,020	07/31/2013	1.87%	9.46%
Details of Dell Inc. Expected to close in the second quarter of Dell’s FY2014 for a closing value of $24.4 billion. Upon completion of the merger, shareholders of Dell will receive $13.65 per share in cash.
+	PXP	12/05/2012	Freeport-McMoRan Copper & Gold Inc. (FCX)	Cash Plus Stock	$6.9 billion	$46.34	$45.55	2,717,022	06/30/2013	1.74%	15.50%
Details of Plains Exploration & Production Company Expected to close in the second quarter of 2013 for a closing value of $6.9 billion in a cash plus stock deal. Upon completion of the merger, shaerholders of Plains Exploration & Production Company will receive $25.00 in cash and 0.6531 shares of FCX common stock.
+	BMC	05/06/2013	Bain Capital and Golden Gate Capital (N/A)	All Cash	$6.9 billion	$46.25	$45.49	2,396,096	12/31/2013	1.67%	2.71%
Details of BMC Software Inc. Expected to close later this year for a closing value of $6.9 billion. Upon completion of the merger, shareholders of BMC Software will receive $46.25 per share in cash.
+	CXPO	04/30/2013	Contango Oil & Gas Company (MCF)	All Stock	$390 million	$3.07	$3.03	92,989	09/30/2013	1.45%	3.99%
Details of Crimson Exploration Inc. Expected to close in the third quarter of 2013 for a closing value of $390 million in an all-stock deal. Upon completion of the merger, shareholders of Crimson Exploration will receive 0.08288 shares of Contango common stock for each Crimson share.
+	SVN	02/28/2013	Keystone Lodging Holdings Limited (N/A)	All Cash	$688 million	$13.80	$13.61	115,645	12/31/2013	1.40%	2.26%
Details of 7 Days Group Holdings Limited Expected to close in the second half of 2013 for a closing value of $688 million. Upon completion of the merger, shareholders of 7 Days Group Holdings Limited will receive $13.80 per share in cash.
+	ALC	02/26/2013	TPG (N/A)	All Cash	$278 million	$12.00	$11.84	731,022	06/30/2013	1.35%	12.03%
Details of Assisted Living Concepts Inc. Expected to close for a closing value of $278 million. Under the terms of the agreement, Assisted Living’s Class A shareholders will get $12 per share in cash while Class B shareholders will get $12.90 per share in cash.
+	MPR	04/22/2013	CECO Environmental Corp. (CECE)	All Cash	$210 million	$13.75	$13.57	83,731	09/30/2013	1.33%	3.64%
Details of Met-Pro Corp. Expected to close in the third quarter of 2013 for a closing value of $210 million. Upon completion of the merger, shareholders of Met-Pro will receive $13.75 per share in cash.
+	TRLG	05/10/2013	TowerBrook Capital Partners L.P. (N/A)	All Cash	$835 million	$32.00	$31.61	736,901	09/30/2013	1.23%	3.39%
Details of True Religion Apparel Inc. Expected to close in the third quarter of 2013 for a closing value of $835 million. Upon completion of the merger, shareholders of True Religion Apparel will receive $32.00 per share in cash.
+	MPAC	04/11/2013	Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company (N/A)	All Cash	N/A	$8.40	$8.30	N/A	06/30/2013	1.20%	10.73%
Details of MOD-PAC Corp. Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of MOD – PAC Corp will receive $8.40 per share in cash.
+	FFCH	02/20/2013	SCBT Financial Corporation (SCBT)	All Stock	$302.4 million	$21.42	$21.17	75,140	09/30/2013	1.17%	3.22%
Details of First Financial Holdings Inc. Expected to close in the third quarter of 2013 for a closing value of $302.4 million in an all stock deal. Under the terms of the agreement, shareholders of First Financial will receive 0.4237 shares of SCBT common stock for each share of FFCH common stock.
+	SOMH	01/29/2013	Lakeland Bancorp Inc. (LBAI)	All Stock	$64.4 million	$12.13	$12.00	16,917	09/30/2013	1.08%	2.96%
Details of Somerset Hills Bancorp Expected to close in the second or third quarter of 2013 for a closing value of $64.4 million. Upon completion of the merger, shareholders of Somerset Hills Bancorp will receive either 1.1962 shares of Lakeland Bancorp common stock or $12.00 in cash, subject to proration as described in the Merger Agreement, so that 90% of the aggregate merger consideration will be shares of Lakeland Bancorp common stock and 10% will be cash.
+	GDI	03/08/2013	Kohlberg Kravis Roberts & Co. L.P. (N/A)	All Cash	$3.9 billion	$76.00	$75.20	302,838	09/30/2013	1.06%	2.92%
Details of Gardner Denver Inc. Expected to close in the third quarter of 2013 for a closing value of $3.9 billion. Upon completion of the merger, shareholders of Gardner Denver will receive $76.00 per share in cash.
+	CHG	02/21/2012	Fortis Inc. (N/A)	All Cash	$1.5 billion	$65.00	$64.32	50,425	06/30/2013	1.06%	9.41%
Details of CH Energy Group, Inc. Expected to close in the first quarter of 2013 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of CH Energy Group will receive $65.00 per share in cash. Update(s) January 28, 2013: CH Energy Group and (CHG) and Fortis filed a settlement agreement. The closing of the acquisition is now expected to take place during the second quarter of 2013.
+	EBIX	05/03/2013	The Goldman Sachs Group, Inc. (GS)	All Cash	$820 milion	$20.00	$19.82	344,149	09/30/2013	0.91%	2.49%
Details of Ebix Inc. Expected to close in the third quarter of 2013 for a closing value of $820 million. Upon completion of the merger, shareholders of Ebix will receive $20.00 per share in cash
+	OFI	05/15/2013	Bellisio Foods, Inc. (N/A)	All Cash	$80.9 million	$5.00	$4.96	185,740	12/31/2013	0.81%	1.31%
Details of Overhill Farms, Inc. Expected to close during the fourth quarter of fiscal 2013. Upon completion of the merger, shareholders of Overhill Farms will receive $5.00 per share in cash.
+	NFP	04/15/2013	Madison Dearborn Partners, LLC (N/A)	All Cash	$1.3 billion	$25.35	$25.18	717,983	09/30/2013	0.68%	1.85%
Details of National Financial Partners Corp. Expected to close in the third quarter of 2013 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of National Financial Partners will receive $25.35 per share in cash.
+	PMTI	03/18/2013	Cynosure, Inc. (CYNO)	All Cash	$294 million	$13.65	$13.56	190,831	09/30/2013	0.66%	1.82%
Details of Palomar Medical Technologies Inc. Epected to close in the third quarter of 2013 for a closing value of $294 million. Upon completion of the merger, shareholders of Palomar Medial Technologies will receive $6.825 per share in cash and $6.825 per share in Cynosure common stock, subject to the following collar provisions: if the number determined by dividing the Target Stock Value by the Average Buyer Stock Price is less than or equal to 0.229, the Exchange Ratio shall be 0.229 and if the number determined by dividing the Target Stock Value by the Average Buyer Stock Price is greater than or equal to 0.283, the Exchange Ratio shall be 0.283. We are treating this an as all cash deal worth $13.65.
+	ROMA	12/19/2012	Investors Bancorp Inc. (ISBC)	All Stock	$113.5 million	$17.37	$17.28	18,113	06/30/2013	0.50%	4.46%
Details of Roma Financial Corp. Expected to close in the second quarter of 2013 for a closing value of $113.5 million in an all stock deal. Under the terms of the agreement, each outstanding share of Roma Financial common stock, including shares owned by Roma MHC, will be converted into 0.8653 shares of Investors Bancorp common stock upon completion of the merger.
+	STL	04/04/2013	Provident New York Bancorp (PBNY)	All Stock	$344 million	$11.80	$11.75	84,364	12/31/2013	0.46%	0.75%
Details of Sterling Bancorp Expected to close in the fourth quarter of 2013 for a closing value of $344 million in an all stock deal. Upon completion of the merger, shareholders of Sterling Bancorp will receive 1.2625 shares of Provident New York Bancorp common stock for each share of Sterling Bancorp common stock.
+	FMCN	12/19/2012	Giovanna Parent Limited (N/A)	All Cash	$3.7 billion	$27.50	$27.38	2,229,247	06/30/2013	0.44%	3.90%
Details of Focus Media Holding Ltd. Expected to close in the second quarter of 2013 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of Focus Media will receive $27.50 per share in cash.
+	ADY	03/04/2013	Diamond Infant Formula Holding Limited (N/A)	All Cash	$147 million	$7.40	$7.37	206,062	06/30/2013	0.41%	3.62%
Details of Feihe International, Inc. Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of Feihe International will receive $7.40 per share in cash.
+	ART	02/14/2013	Aberdeen Asset Management PLC (N/A)	All Cash	N/A	$2.75	$2.74	567,512	08/15/2013	0.36%	1.53%
Details of Artio Global Investors Inc. Expected to close by the end of the second quarter or early in the third quarter of 2013. Upon completion of the merger, shareholders of Artio Global Investors will receive $2.75 per share in cash.
+	HOTT	03/07/2013	Sycamore Partners (N/A)	All Cash	$600 million	$14.00	$13.95	472,268	06/30/2013	0.36%	3.19%
Details of Hot Topic Inc. Expected to close for a closing value of $600 million. Upon completion of the merger, shareholders of Hot Topic will receive $14.00 per share in cash.
+	PWER	04/22/2013	ABB Ltd. (ABB)	All Cash	$1 billion	$6.35	$6.33	992,945	12/31/2013	0.32%	0.51%
Details of Power-One Inc. Expected to close in the second half of 2013 for a closing value of $1 billion. Upon completion of the merger, shareholders of Power-One will receive $6.35 per share in cash.
+	CPTS	04/29/2013	Bayer HealthCare LLC (N/A)	All Cash	$1.1 billion	$31.00	$30.92	1,966,899	06/30/2013	0.26%	2.30%
Details of Conceptus, Inc. Expected to close by mid-year 2013 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Conceptus will receive $31.00 per share in cash.
+	AIM	04/22/2013	TransDigm Group Incorporated (TDG)	All Cash	$39 million	$7.75	$7.73	81,300	09/30/2013	0.26%	0.71%
Details of Aerosonic Corp. Expected to close in the third quarter of 2013 for a closing value of $39 million. Upon completion of the merger, shareholders of Aerosonic will receive $7.75 per share in cash.
+	LUFK	04/08/2013	General Electric Company (GE)	All Cash	$3.3 billion	$88.50	$88.28	859,317	12/31/2013	0.25%	0.40%
Details of Lufkin Industries Inc. Expected to close in the second half of 2013 for a closing value of $3.3 billion. Upon completion of the merger, shareholders of Lufkin Industries will receive $88.50 per share in cash.
+	ASCA	12/21/2012	Pinnacle Entertainment Inc. (PNK)	All Cash	$2.8 billion	$26.50	$26.44	160,951	09/30/2013	0.23%	0.62%
Details of Ameristar Casinos Inc. Expected to close in the third quarter of 2013 for a closing value of $2.8 billion. Upon completion of the merger, shareholders of Ameristar Casinos will receive $26.50 per share in cash.
+	CYMI	10/17/2012	ASML Holding NV (ASML)	Cash Plus Stock	$2.5 billion	$110.83	$110.59	202,608	06/30/2013	0.22%	1.94%
Details of Cymer Inc. Expected to close in the first half of 2013 for a closing value of $2.5 billion in a cash plus stock deal. Under the terms of the agreement each Cymer shareholder to receive US$20.00 in cash and a fixed ratio of 1.1502 ASML ordinary shares per Cymer share.
+	NTSP	02/19/2013	Total System Services, Inc. (TSS)	All Cash	$1.4 billion	$16.00	$15.97	168,035	06/30/2013	0.19%	1.67%
Details of Netspend Holdings, Inc. Expected to close in mid 2013 for a closing value of $1.4 billion. Upon completion of the merger, shareholders of Netspend Holdings will receive $16.00 per share in cash.
+	HNZ	02/14/2013	Berkshire Hathaway and 3G Capital (N/A)	All Cash	$28 billion	$72.50	$72.42	2,976,665	09/30/2013	0.11%	0.30%
Details of H. J. Heinz Company Expected to close in the third calendar quarter of 2013 for a closing value of $28 billion. Upon completion of the merger, shareholders of the H.J. Heinz Company will receive $72.50 per share in cash.
+	FCFC	12/21/2012	Varde Partners Inc. (N/A)	All Cash	$225 million	$10.00	$9.99	76,321	06/30/2013	0.10%	0.89%
Details of FirstCity Financial Corp. Expected to close in the first half of 2013 for a closing value of $225 million. Upon completion of the merger, shareholders of FirstCity Financial will receive $10.00 per share in cash.
+	BKI	04/24/2013	Georgia-Pacific LLC (N/A)	All Cash	$1.5 billion	$37.50	$37.50	807,305	09/30/2013	0.00%	0.00%
Details of Buckeye Technologies Inc. Expected to close for a closing value of $1.5 billion. Upon completion of the merger, shareholders of Buckeye Technologies will receive $37.50 per share in cash.
+	KYAK	11/08/2012	priceline.com Incorporated (PCLN)	All Cash	$1.65 billion	$40.00	$40.12	12,868	06/30/2013	-0.30%	-2.66%
Details of Kayak Software Corporation Expected to close in the second quarter of 2013 for a closing value of $1.65 billion. Upon completion of the merger, shareholders of Kayak Software Corporation will receive $40.00 per share in a cash or stock deal. KAYAK shareholders will have the right to elect to receive cash or stock with a value of $40 per KAYAK share, (subject to (i) the collar mechanism described below and (ii) pro ration such that the overall consideration in the deal to KAYAK shareholders will consist of one-third cash and two-thirds stock). The stock portion of the consideration will be subject to a 10% collar pursuant to which the value of thePriceline.com stock delivered to those receiving stock will be $40 per KAYAK share so long as the aggregate volume-weighted averagePriceline.com trading price for the 30-day period ending 2 days prior to Closing (as set forth more fully in the Merger Agreement) is between$571.31 and $698.27 per Priceline.com share. If such average price is above $698.27 or below $571.31, those receiving Priceline.com stock will receive a fixed exchange ratio as set forth in the Merger Agreement. On account of the variable ratio for those electing to receive stock and the collar, we are treating this as an all cash deal for now.
+	CXS	01/31/2013	Annaly Capital Management, Inc. (NLY)	All Cash	$1 billion	$13.00	$13.04	83,880	04/30/2013	-0.31%	5.60%
Details of Crexus Investment Corp. Expected to close as soon as practicable after the tender offer expires in mid-April 2013. Upon completion of the merger, shareholders of Crexus Investment will receive $13.00 per share in cash.
+	WRLS	04/29/2013	Avista Capital Partners (N/A)	All Cash	$253 million	$12.61	$12.65	183,351	06/30/2013	-0.32%	-2.82%
Details of Telular Corporation Expected to close on July 12, 2013 for a closing value of $253 million. Upon completion of the merger, shareholders of Telular Corporation will receive $12.61 per share in cash.
+	FSCI	04/11/2013	Sinclair Broadcast Group Inc. (SBGI)	All Cash	$373.3 milliom	$41.00	$41.36	65,263	09/30/2013	-0.87%	-2.39%
Details of Fisher Communications, Inc. Expected to close in the third quarter of 2013 for a closing value of $373.3 million. Upon completion of the merger, shareholders of Fisher Communications will receive $41.00 per share in cash.
+	AM	04/01/2013	Weiss Family (N/A)	All Cash	$878 million	$18.20	$18.43	940,386	07/31/2013	-1.25%	-6.33%
Details of American Greetings Corp. Expected to close in July 2013 for a closing value of $878 million. Upon completion of the merger, shareholders of American Greetings will receive $18.20 per share in cash and, if declared by the Board of Directors, one regular quarterly dividend of $0.15 per share declared and payable in a manner consistent with the Company’s past practice. If the transaction closed in July 2013, the targeted closing date, the total cash amount shareholders would receive would be $18.35 per share.
+	AACC	03/06/2013	Encore Capital Group, Inc. (ECPG)	All Cash	$200 million	$6.50	$6.66	214,098	06/30/2013	-2.40%	-21.39%
Details of Asset Acceptance Capital Corp. Epected to close during the second quarter of 2013 for a closing value of $200 million. Upon completion of the merger, shareholders of Asset Acceptance Capital will receive $6.50 per share in cash.
+	FCAL	11/06/2012	PacWest Bancorp (PACW)	All Cash	$231 million	$8.00	$8.28	57,519	03/31/2013	-3.38%	24.69%
Details of First California Financial Group, Inc. Expected to close late in the first quarter of 2013 for a closing value of $231 million. Upon completion of the merger, shareholders of First California Financial Group will receive $8.00 per share in an all stock deal. The number of shares of PacWest common stock deliverable for each share of First California common stock will be determined based on an average price of PacWest common stock over a measuring period prior to the receipt of regulatory approval, and will fluctuate if such average price is between $20.00 and $27.00 and will be fixed if such average price is below $20.00 or above $27.00. Based on PacWest’s closing stock price of $22.27 on Monday, November 5, 2012, First California stockholders would have received 0.3592 of a share of PacWest common stock for each share of First California common stock. On account of this variable ratio subject to a collar, we are going to treat this as an all cash deal for now.
+	NFSB	03/05/2013	SI Financial Group Inc. (SIFI)	All Stock	$61.3 million	$16.37	$17.03	12,000	09/30/2013	-3.88%	-10.64%
Details of Newport Bancorp Inc. Expected to cloe in the third quarter of 2013 for a closing value of $61.3 million. Upon completion of the merger, shareholders of Newport Bancorp will receive $17.55 per share in cash. In order to be more conservative, we are treating this deal as an all stock deal, since half the consideration will be paid in cash and half in stock.
+	SSRX	02/08/2013	Decade Sunshine Limited (N/A)	All Cash	$340 million	$15.40	$16.59	85,499	06/30/2013	-7.17%	-63.86%
Details of 3SBio Inc. Expected to close in the second quarter of 2013 for a closing value of $340 million. Upon completion of the merger, shareholders of 3SBio will receive $15.40 per share in cash.
+	CLWR	12/17/2012	Sprint Nextel Corp. (S)	All Cash	$2.2 billion	$2.97	$3.20	15,440,712	03/31/2013	-7.19%	52.47%
Details of Clearwire Corporation Expected to close in the first quarter of 2013 for a closing value of $2.2 billion, Upon completion of the merger, shareholders of Clearwire Corporation will receive $2.90 per share in cash. Update(s) January 9, 2013: Dish Network offered $3.30 per share for Clearwire trumping Sprint Nextel’s $2.2 billion offer.
+	OMX	02/20/2013	Office Depot, Inc. (ODP)	All Stock	$1.17 billion	$11.03	$12.00	1,248,943	12/31/2013	-8.09%	-13.13%
Details of OfficeMax Incorporated Expected to close by the end of the calendar year 2013 for a closing value of $1.17 billion in an all stock deal. Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.
+	ACFC	02/26/2013	Bond Street Holdings (N/A)	All Cash	N/A	$5.00	$5.49	450	06/30/2013	-8.93%	-79.46%
Details of Atlantic Coast Financial Corporation Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of Atlantic Coast Federal Corporation will receive $5.00 per share in cash.
+	ES	01/07/2013	a subsidiary of Energy Capital Partners II, LLC (N/A)	All Cash	$1.1 billion	$3.75	$4.14	484,461	06/30/2013	-9.42%	-83.86%
Details of EnergySolutions, Inc Expected to close for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Energy Solutions will receive $3.75 per share in cash.
+	MMR	12/05/2012	Freeport-McMoRan Copper & Gold Inc. (FCX)	All Cash	3.4 billion	$14.75	$16.75	1,383,953	06/30/2013	-11.94%	-106.30%
Details of McMoRan Exploration Co. Expected to close in the second quarter of 2013 for a closing value of $3.4 billion. Upon completion of the merger, shareholders of McMoRan Exploration will receive $14.75 per share in cash and 1.15 units of a royalty trust.
+	OUTD	03/13/2013	Kroenke Sports & Entertainment LLC (N/A)	All Cash	$227 million	$8.75	$10.30	N/A	06/30/2013	-15.05%	-133.97%
Details of Outdoor Channel Holdings, Inc. Expected to close in the first quarter of 2013. This is a cash (or) stock deal where shareholders can elect to either received $8 per share or they can receive one share in the new merged entity called IMOH that will be listed on the Nasdaq. Since IMOH is not yet listed, we are treating this as an all cash deal. According to the press release, the Company’s board has also approved a 25 cent per share special dividend which will be paid on or about December 7, 2012 to stockholders of record as of the close of business on November 27, 2012. According to the company, an aggregate of $115 million will be available for the Company’s stockholders electing cash. This implies that approximately 57% of investors will receive cash. Update(s) March 13, 2013: Outdoor Channel Holdings terminated its previously announced agreement to be acquired by InterMedia and entered into a merger agreement with Kroenke Sports & Entertainment for $8.75 in an all cash transaction.
+	VRTA	05/31/2012	Vestin Realty Mortgage II, Inc. (VRTB)	All Stock	N/A	$1.09	$1.49	101,603	03/31/2013	-26.81%	195.68%
Details of Vestin Realty Mortgage I, Inc Expected to close in the fourth quarter of 2012 in an all stock deal. Under the terms of the agreement, stockholders of VTRA (other than VRTB) will receive a fixed ratio of 0.82 share of VRTB common stock for each share of VRTA common stock they own.
+	WAVE	08/02/2012	AT&T, Inc. (T)	All Cash	$600 million	$1.00	$1.44	N/A	03/31/2013	-30.56%	223.06%
Details of Nextwave Wireless Inc. Expected to close in the first quarter of 2013 for a closing value of $600 million. Upon completion of the merger, shareholders of NextWave Wireless will receive $1.00 per share in cash.

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Insider Weekends – May 17, 2013

May 18, 2013 | Insider Buying | Author Asif

Welcome to edition 153 of Insider Weekends. Insider buying decreased slightly with insiders purchasing $65.81 million of their stock last week compared to $66.13 million in the week prior. Selling increased with insiders selling $3.65 billion of stock last week compared to $2.06 billion in the week prior.

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 55.43. In other words, insiders sold more than 55 times as much stock as they purchased. The Sell/Buy ratio this week compares unfavorably with the prior week, when the ratio stood at 31.13. 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 May 17, 2013

Note: As mentioned in the first post in this series, 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. United States Steel Corp. (X): $18.32

Director Murry Gerber acquired 72,075 shares of this steel company, paying $18.99 per share for a total amount of $1.4 million. Mr. Gerber increased his stake by 156.13% to 118,237 shares with this purchase.

You can view the list of recent insider transactions for United States Steel Corp. here.

P/E: 123.78	Forward P/E: 11.97	Industry P/E: 14.02
P/S: 0.14	Price/Book: 0.74	EV/EBITDA: 6.74
Market Cap: $2.64B	Avg. Daily Volume: 8,480,980	52 Week Range: $15.8 – $26.29

2. Opko Health, Inc. (OPK): $7.16

CEO & Chairman Phillip Frost M.D. acquired 164,900 shares of this medical devices and drug development company, paying $6.95 per share for a total amount of $1.1 million. These shares were purchased indirectly by Frost Gamma Investments Trust.

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

P/E: N/A	Forward P/E: N/A	Industry P/E: 20.11
P/S: 33.89	Price/Book: 7.36	EV/EBITDA: -103.23
Market Cap: $2.41B	Avg. Daily Volume: 1,803,030	52 Week Range: $4 – $7.83

3. Luminex Corporation (LMNX): $18.41

Director Walter G. Loewenbaum II acquired 58,500 shares of this biological testing and diagnostics company, paying $18.26 per share for a total amount of $1,068,215. Mr. Loewenbaum increased his stake by 8.84% to 720,127 shares with this purchase.

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

P/E: 118.01	Forward P/E: 32.88	Industry P/E: 21.75
P/S: 3.64	Price/Book: 2.92	EV/EBITDA: 19.95
Market Cap: $765.62M	Avg. Daily Volume: 184,906	52 Week Range: $15.39 – $25.79

4. MediciNova Inc. (MNOV): $3.54

Director Tatsuo Izumi acquired 158,730 shares of this biotech company, paying $3.15 per share for a total amount of $500,000. These shares were purchased indirectly by a Limited Liability Company.

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

P/E: N/A	Forward P/E: N/A	Industry P/E: 18.43
P/S: 100.71	Price/Book: 4.35	EV/EBITDA: -6.51
Market Cap: $64.64M	Avg. Daily Volume: 181,006	52 Week Range: $1.29 – $4.7

5. Hecla Mining Co. (HL): $3.17

President & CEO Phillips S. Baker Jr. acquired 150,000 shares of this Idaho based mining company, paying $3.19 per share for a total amount of $478,260. Mr. Baker increased his stake by 19.20% to 931,432 shares with this purchase.

This is an interesting purchase given the recent drop in precious metal prices and the fact that Hecla is one of the largest and lowest-cost producers of primary silver in the United States.

You can view the list of recent insider transactions for Hecla Mining Co. here.

P/E: 70.44	Forward P/E: 7.55	Industry P/E: 28.26
P/S: 3	Price/Book: 0.8	EV/EBITDA: 9.25
Market Cap: $903.96M	Avg. Daily Volume: 6,393,810	52 Week Range: $2.95 – $6.94

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

Notable Insider Sales:

1. Franklin Resources Inc. (BEN): $168.32

Vice Chairman Rupert H. Johnson Jr. sold 150,000 shares of this asset management company for $167.10, generating $25.1 million from the sale. These shares were sold indirectly through an IRA.

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

P/E: 17.67	Forward P/E: 14.47	Industry P/E: 17.03
P/S: 4.69	Price/Book: 3.75	EV/EBITDA: 10.26
Market Cap: $35.79B	Avg. Daily Volume: 572,111	52 Week Range: $100.91 – $168.76

2. News Corp. (NWS): $33.35

Dep. COO/Chair and CEO, Int’l James R. Murdoch sold 752,000 shares of this media company for $33.32, generating $25.1 million from the sale. 601,600 shares were sold indirectly through a trust.

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

P/E: 13.35	Forward P/E: 17.19	Industry P/E: N/A
P/S: 2.2	Price/Book: 2.56	EV/EBITDA: 12.38
Market Cap: $78.95B	Avg. Daily Volume: 2,852,880	52 Week Range: $18.52 – $34.12

3. 3D Systems Corp. (DDD): $46.66

Shares of this 3D printers company were sold by 4 insiders:

President and CEO Abraham N. Reichental sold 400,000 shares for $40.00, generating $16 million from the sale.
SVP, Chief Financial Officer Damon Joseph Gregoire sold 45,000 shares for $40.00, generating $1.8 million from the sale.
Director Jim D. Kever sold 38,000 shares for $40.00, generating $1.5 million from the sale.
Director Daniel Van Riper sold 17,220 shares for $45.80, generating $788,594 from the sale.

You can view the list of recent insider transactions for 3D Systems Corp. here.

P/E: 104.85	Forward P/E: 36.45	Industry P/E: N/A
P/S: 11.21	Price/Book: 7.93	EV/EBITDA: 42.97
Market Cap: $4.34B	Avg. Daily Volume: 4,852,770	52 Week Range: $17.12 – $51.94

4. Whole Foods Market, Inc. (WFM): $103.77

Shares of this grocery chain were sold by 16 insiders:

Chief Executive Officer John P. Mackey sold 100,000 shares for $101.41, generating $10.1 million from the sale.
Director Jonathan A. Seiffer sold 25,000 shares for $102.10, generating $2.6 million from the sale.
Chief Executive Officer Walter E. Robb IV sold 10,000 shares for $101.50, generating $1.02 million from the sale.
Chief Financial Officer Glenda J. Flanagan sold 9,150 shares for $102.01, generating $933,400 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Regional President Laura A. Derba sold 3,526 shares for $102.26, generating $360,574 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Regional President Mark T. Dixon sold 3,464 shares for $102.42, generating $354,792 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
President and COO A. C. Gallo sold 3,210 shares for $100.90, generating $323,889 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Regional President Juan Nunez sold 2,625 shares for $101.00, generating $265,125 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Regional President Michael Bashaw sold 2,625 shares for $100.79, generating $264,569 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Director Gabrielle E. Greene sold 2,500 shares for $100.89, generating $252,235 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Director Shahid M. Hassan sold 2,500 shares for $100.82, generating $252,050 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Director Ralph Z. Sorenson sold 2,250 shares for $100.84, generating $226,897 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Regional President Patrick E. Bradley sold 2,225 shares for $103.00, generating $229,175 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Regional President Omar Gaye sold 2,060 shares for $102.31, generating $210,757 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
GVP of Legal Affairs & General Counsel Roberta Lang sold 1,153 shares for $102.76, generating $118,485 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Regional President Joseph Rogoff sold 1,034 shares for $101.68, generating $105,135 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 Whole Foods Market, Inc. here.

P/E: 37.45	Forward P/E: 30.17	Industry P/E: 26.72
P/S: 1.51	Price/Book: 5.2	EV/EBITDA: 15.08
Market Cap: $19.22B	Avg. Daily Volume: 2,255,880	52 Week Range: $81.39 – $104

5. ServiceNow, Inc. (NOW): $40.39

Shares of this software-as-a-service provider were sold by 6 insiders:

Director Charles Noell III sold 208,683 shares for $40.21, generating $8.4 million from the sale. 52,186 of these shares were sold indirectly through a trust.
Director Paul V. Barber sold 55,644 shares for $40.07, generating $2.2 million from the sale. 8,814 of these shares were sold indirectly through a trust.
SVP Worldwide Sales & Services David Schneider sold 32,500 shares for $40.40, generating $1.3 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
SVP, Development & Customer Support Daniel McGee sold 30,000 shares for $40.52, generating $1.2 million from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
CFO Michael Scarpelli sold 20,000 shares for $39.78, generating $795,534 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
Director Ronald E. Codd sold 20,000 shares for $40.00, generating $800,000 from the sale.

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

P/E: N/A	Forward P/E: 201.95	Industry P/E: 10.14
P/S: 18.35	Price/Book: 19.62	EV/EBITDA: -177.33
Market Cap: $5.24B	Avg. Daily Volume: 1,502,320	52 Week Range: $22.62 – $43.99

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

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Merger Arbitrage Mondays – May 13, 2013

May 13, 2013 | Merger Arbitrage | Author Asif

Merger activity decreased last week with three 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 2013	60
Total Number of Pending Deals
Cash Deals	49
Stock Deals	15
Stock & Cash Deals	3
Total Number of Pending Deals	67
Total Deal Size	$221.04 billion

New Deals:

The merger of Crestwood Midstream Partners (CMLP) into a subsidiary of Inergy Midstream (NRGM) in a cash plus stock deal. Under the terms of the agreement, shareholders of Crestwood Midstream Partners will receive 1.070 common units of Inergy Midstream for each unit Crestwood Midstream they own plus $1.03 per share in cash. In a separate transaction Crestwood Holdings will acquire the general partner and thus control of Inergy L.P.
The acquisition of BMC Software (BMC) by Bain Capital and Golden Gate Capital for $6.9 billion or $46.25 per share in cash.
The acquisition of Market Leader (LEDR) by Trulia (TRLA) for $355 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Market Leader will receive $6.00 in cash and 0.1553 shares of Trulia’s common stock for each share of Market Leader stock.

Closed Deals:

The acquisition of Edac Technologies (EDAC) by GB Aero Engine LLC, an affiliate of Greenbriar Equity Group LLC on May 7, 2013. It took 50 days to complete this deal.
The acquisition of Coventry Health Care (CVH) by Aetna (AET) on May 7, 2013. It took 260 days to complete this deal.
The acquisition of iParty Corp. (IPT) by Party City on May 9, 2013. It took 69 days to complete this deal.
The acquisition of WSB Holdings (WSB) by Old Line Bancshares (OLBK) on May 10, 2013. It took 242 days to complete this deal.

Top 10 deals with largest spreads:

Symbol	Announced Date	Acquiring Company	Closing Price	Last Price	Closing Date	Profit	Annualized Profit
NYX	12/20/2012	IntercontinentalExchange, Inc. (ICE)	$44.42	$40.39	12/31/2013	9.98%	15.69%
PBTH	04/24/2013	Opko Health, Inc. (OPK)	$6.89	$6.29	12/31/2013	9.48%	14.91%
BRY	02/21/2013	LinnCo, LLC (LNCO)	$47.24	$44.77	06/30/2013	5.51%	41.91%
NLP	12/27/2012	J.D. Nichols & Brian F. Lavin (N/A)	$7.50	$7.17	06/30/2013	4.60%	35.00%
KCG	12/19/2012	GETCO Holding Company (N/A)	$3.75	$3.59	06/30/2013	4.46%	33.89%
LEDR	05/08/2013	Trulia, Inc. (TRLA)	$11.33	$10.86	09/30/2013	4.33%	11.28%
HOGS	11/26/2012	Chairman and CEO Xianfu Zhu (N/A)	$13.50	$12.94	06/30/2013	4.33%	32.91%
MEMS	04/23/2013	IDG-Accel China Capital II, L.P. (N/A)	$4.23	$4.07	09/30/2013	3.93%	10.25%
WH	02/21/2013	WSP OCTG GROUP Ltd. (N/A)	$3.20	$3.08	06/30/2013	3.90%	29.63%
CMLP	05/06/2013	Inergy Midstream (NRGM)	$26.14	$25.18	09/30/2013	3.82%	9.97%

List of all pending deals:

	Symbol	Announced Date	Acquiring Company	Deal Type	Closing Value	Closing Price	Last Price	Volume	Closing Date	Profit	Annu. Profit
+	NYX	12/20/2012	IntercontinentalExchange, Inc. (ICE)	All Stock	$8.2 billion	$44.42	$40.39	1,147,753	12/31/2013	9.98%	15.69%
Details of NYSE Euronext, Inc. Expected to close in the second half of 2013 for a closing value of $8.2 billion. Under the terms of the agreement, NYSE Euronext shareholders will have the option to elect to receive consideration per NYSE Euronext share of (i) $33.12 in cash, (ii) 0.2581 IntercontinentalExchange common shares or (iii) a mix of $11.27 in cash plus 0.1703 ICE common shares.
+	PBTH	04/24/2013	Opko Health, Inc. (OPK)	All Stock	$480 million	$6.89	$6.29	561,548	12/31/2013	9.48%	14.91%
Details of PROLOR Biotech, Inc. Expected to close in the second half of 2013 for a closing value of $480 million in an all stock deal. Upon completion of the merger, shareholders of PROLOR Biotech will receive 0.9951 shares of OPKO common stock for each share of PROLOR common stock.
+	BRY	02/21/2013	LinnCo, LLC (LNCO)	All Stock	$4.3 billion	$47.24	$44.77	520,821	06/30/2013	5.51%	41.91%
Details of Berry Petroleum Co. Expected to close on June 30, 2013 for a closing value of $4.3 billion in an all stock deal. Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry.
+	NLP	12/27/2012	J.D. Nichols & Brian F. Lavin (N/A)	All Cash	N/A	$7.50	$7.17	500	06/30/2013	4.60%	35.00%
Details of NTS Realty Holdings LP Expected to close in the first half of 2013. Upon completion of the merger, shareholders of NTS Realty Holdings will receive $7.50 per share in cash.
+	KCG	12/19/2012	GETCO Holding Company (N/A)	All Cash	$1.4 billion	$3.75	$3.59	2,084,245	06/30/2013	4.46%	33.89%
Details of Knight Capital Group, Inc. Expected to close in the second quarter of 2013 for a closing value of $1.4 billion. Under the agreement, existing Knight shareholders (other than GETCO) will have the right to elect to receive $3.75 per share in cash or one share of common stock of the new holding company.
+	LEDR	05/08/2013	Trulia, Inc. (TRLA)	All Cash	$355 million	$11.33	$10.86	830,949	09/30/2013	4.33%	11.28%
Details of Market Leader, Inc. Expected to close in the third quarter of 2013 for a closing value of $355 million in a cash plus stock deal. Under the terms of the agreement, shareholders of Market Leader will receive $6.00 in cash and 0.1553 shares of Trulia’s common stock for each share of Market Leader stock.
+	HOGS	11/26/2012	Chairman and CEO Xianfu Zhu (N/A)	All Cash	$418 million	$13.50	$12.94	333,905	06/30/2013	4.33%	32.91%
Details of Zhongpin, Inc. Expected to close in the second quarter of 2013 for a closing value of $418 million. Upon completion of the merger, shareholders of Zhongpin will receive $13.50 per share in cash.
+	MEMS	04/23/2013	IDG-Accel China Capital II, L.P. (N/A)	All Cash	N	$4.23	$4.07	219,211	09/30/2013	3.93%	10.25%
Details of MEMSIC, Inc. Expected to close in the third quarter of 2013. Upon completion of the merger, shareholders of MEMSIC will receive $4.225 per share in cash.
+	WH	02/21/2013	WSP OCTG GROUP Ltd. (N/A)	All Cash	$893.6 million	$3.20	$3.08	14,800	06/30/2013	3.90%	29.63%
Details of WSP Holdings Ltd. Expected to close in the second quarter of 2013 for a closing value of $893.6 million. Upon completion of the merger, shareholders of WSP Holdings will receive $3.20 per share in cash.
+	CMLP	05/06/2013	Inergy Midstream (NRGM)	Cash Plus Stock	N/A	$26.14	$25.18	276,232	09/30/2013	3.82%	9.97%
Details of Crestwood Midstream Partners LP Expected to close in the third quarter of 2013 in a cash plus stock deal. Upon completion of the merger, shareholders of Crestwood Midstream Partners will receive 1.070 common units of Inergy Midstream for each unit Crestwood Midstream they own plus $1.03 per share in cash.
+	PVFC	02/19/2013	F.N.B. Corporation (FNB)	All Stock	$106.4 million	$3.96	$3.82	36,969	09/30/2013	3.75%	9.79%
Details of PVF Capital Corp. Expected to close in the third quarter of 2013 for a closing value of $106.4 million in an all stock deal. Under the terms of the agreement, PVF Capital Corp. will receive 0.3405 shares of F.N.B. Corporation common stock for each common share of PVF Capital Corp.
+	LIFE	04/15/2013	Thermo Fisher Scientific, Inc. (TMO)	All Cash	$13.6 billion	$76.00	$73.53	2,669,264	01/31/2014	3.36%	4.66%
Details of Life Technologies Corporation Expected to close early in 2014 for a closing value of $13.6 billion plus the assumption of net debt at close ($2.2 billion as of uear end 2012). Upon completion of the merger, shareholders of Life Technologies will receive $76.00 per share in cash.
+	VCBI	01/30/2013	United Bankshares Inc. (UBSI)	All Stock	$490.6 million	$14.10	$13.70	27,470	09/30/2013	2.92%	7.62%
Details of Virginia Commerce Bancorp Inc. Expected to close in the third quarter of 2013 for a closing value of $490.6 million in an all stock deal. Upon completion of the merger, shareholders of Virginia Commerce Bancorp will receive 0.5442 of United’s shares for each share of VCBI.
+	PXP	12/05/2012	Freeport-McMoRan Copper & Gold Inc. (FCX)	Cash Plus Stock	$6.9 billion	$46.26	$45.04	4,881,534	06/30/2013	2.71%	20.57%
Details of Plains Exploration & Production Company Expected to close in the second quarter of 2013 for a closing value of $6.9 billion in a cash plus stock deal. Upon completion of the merger, shaerholders of Plains Exploration & Production Company will receive $25.00 in cash and 0.6531 shares of FCX common stock.
+	WMS	01/31/2013	Scientific Games Corporation (SGMS)	All Cash	1.5 billion	$26.00	$25.32	280,289	12/31/2013	2.69%	4.23%
Details of WMS Industries Inc. Expected to close by the end of the year for a closing value of $1.5 billion. Upon completion of the merger, shareholders of WMS Industries will receive $26.00 per share in cash.
+	ARB	12/18/2012	Nielsen Holdings N.V. (NLSN)	All Cash	N/A	$48.00	$46.80	86,738	09/30/2013	2.56%	6.68%
Details of Arbitron Inc. Expected to close in the third quarter of 2013. Upon completion of the merger, shareholders of Arbitron will receive $48.00 per share in cash.
+	JADE	03/22/2013	Flora Bloom Holdings & Flora Fragrance Holdings (N/A)	All Cash	N/A	$2.00	$1.95	63,270	12/31/2013	2.56%	4.03%
Details of LJ International Inc. Upon completion of the merger, shareholders of LJ International will receive $2.00 per share in cash.
+	FMFC	02/07/2013	Renasant Corp. (RNST)	All Stock	$118.8 million	$15.02	$14.71	5,963	09/30/2013	2.12%	5.52%
Details of First M&F Corporation Expected to close in the third quarter of 2013 for a closing value of $118.8 million in an all stock deal, Under the terms of the agreement, M&F common shareholders will receive 0.6425 shares of Renasant common stock for each share of M&F common stock.
+	IN	12/10/2012	Honeywell International Inc. (HON)	All Cash	$600 million	$10.00	$9.80	859,846	06/30/2013	2.04%	15.52%
Details of Intermec, Inc. Expected to close in the second quarter of 2013 for a closing value of $600 million. Upon completion of the merger, shareholders of Intermec will receive $10.00 per share in cash.
+	HCBK	08/27/2012	M&T Bank Corporation (MTB)	All Stock	$3.7 billion	$8.70	$8.53	4,690,266	06/30/2013	1.98%	15.05%
Details of Hudson City Bancorp, Inc. Expected to close in the first quarter of 2013 for a closing value of $3.7 billion in an all stock deal. Under the terms of the agreement, shareholders of Hudson City Bancorp will receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash.
+	BMC	05/06/2013	Bain Capital and Golden Gate Capital (N/A)	All Cash	$6.9 billion	$46.25	$45.37	3,762,740	12/31/2013	1.94%	3.05%
Details of BMC Software Inc. Expected to close later this year for a closing value of $6.9 billion. Upon completion of the merger, shareholders of BMC Software will receive $46.25 per share in cash.
+	EBIX	05/03/2013	The Goldman Sachs Group, Inc. (GS)	All Cash	$820 milion	$20.00	$19.70	550,800	09/30/2013	1.52%	3.97%
Details of Ebix Inc. Expected to close in the third quarter of 2013 for a closing value of $820 million. Upon completion of the merger, shareholders of Ebix will receive $20.00 per share in cash
+	DELL	02/05/2013	Michael Dell, Dell�s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake (N/A)	All Cash	$24.4 billion	$13.65	$13.45	91,629,968	07/31/2013	1.49%	6.87%
Details of Dell Inc. Expected to close in the second quarter of Dell’s FY2014 for a closing value of $24.4 billion. Upon completion of the merger, shareholders of Dell will receive $13.65 per share in cash.
+	CHG	02/21/2012	Fortis Inc. (N/A)	All Cash	$1.5 billion	$65.00	$64.23	29,323	06/30/2013	1.20%	9.12%
Details of CH Energy Group, Inc. Expected to close in the first quarter of 2013 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of CH Energy Group will receive $65.00 per share in cash. Update(s) January 28, 2013: CH Energy Group and (CHG) and Fortis filed a settlement agreement. The closing of the acquisition is now expected to take place during the second quarter of 2013.
+	ALC	02/26/2013	TPG (N/A)	All Cash	$278 million	$12.00	$11.86	576,788	06/30/2013	1.18%	8.98%
Details of Assisted Living Concepts Inc. Expected to close for a closing value of $278 million. Under the terms of the agreement, Assisted Living’s Class A shareholders will get $12 per share in cash while Class B shareholders will get $12.90 per share in cash.
+	MPR	04/22/2013	CECO Environmental Corp. (CECE)	All Cash	$210 million	$13.75	$13.59	128,081	09/30/2013	1.18%	3.07%
Details of Met-Pro Corp. Expected to close in the third quarter of 2013 for a closing value of $210 million. Upon completion of the merger, shareholders of Met-Pro will receive $13.75 per share in cash.
+	SVN	02/28/2013	Keystone Lodging Holdings Limited (N/A)	All Cash	$688 million	$13.80	$13.64	102,601	12/31/2013	1.17%	1.85%
Details of 7 Days Group Holdings Limited Expected to close in the second half of 2013 for a closing value of $688 million. Upon completion of the merger, shareholders of 7 Days Group Holdings Limited will receive $13.80 per share in cash.
+	ADY	03/04/2013	Diamond Infant Formula Holding Limited (N/A)	All Cash	$147 million	$7.40	$7.32	13,711	06/30/2013	1.09%	8.31%
Details of Feihe International, Inc. Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of Feihe International will receive $7.40 per share in cash.
+	GDI	03/08/2013	Kohlberg Kravis Roberts & Co. L.P. (N/A)	All Cash	$3.9 billion	$76.00	$75.18	238,043	09/30/2013	1.09%	2.84%
Details of Gardner Denver Inc. Expected to close in the third quarter of 2013 for a closing value of $3.9 billion. Upon completion of the merger, shareholders of Gardner Denver will receive $76.00 per share in cash.
+	FFCH	02/20/2013	SCBT Financial Corporation (SCBT)	All Stock	$302.4 million	$21.23	$21.03	14,847	09/30/2013	0.96%	2.50%
Details of First Financial Holdings Inc. Expected to close in the third quarter of 2013 for a closing value of $302.4 million in an all stock deal. Under the terms of the agreement, shareholders of First Financial will receive 0.4237 shares of SCBT common stock for each share of FFCH common stock.
+	PMTI	03/18/2013	Cynosure, Inc. (CYNO)	All Cash	$294 million	$13.65	$13.54	146,415	09/30/2013	0.81%	2.12%
Details of Palomar Medical Technologies Inc. Epected to close in the third quarter of 2013 for a closing value of $294 million. Upon completion of the merger, shareholders of Palomar Medial Technologies will receive $6.825 per share in cash and $6.825 per share in Cynosure common stock, subject to the following collar provisions: if the number determined by dividing the Target Stock Value by the Average Buyer Stock Price is less than or equal to 0.229, the Exchange Ratio shall be 0.229 and if the number determined by dividing the Target Stock Value by the Average Buyer Stock Price is greater than or equal to 0.283, the Exchange Ratio shall be 0.283. We are treating this an as all cash deal worth $13.65.
+	FMCN	12/19/2012	Giovanna Parent Limited (N/A)	All Cash	$3.7 billion	$27.50	$27.29	773,176	06/30/2013	0.77%	5.85%
Details of Focus Media Holding Ltd. Expected to close in the second quarter of 2013 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of Focus Media will receive $27.50 per share in cash.
+	FCFC	12/21/2012	Varde Partners Inc. (N/A)	All Cash	$225 million	$10.00	$9.93	11,239	06/30/2013	0.70%	5.36%
Details of FirstCity Financial Corp. Expected to close in the first half of 2013 for a closing value of $225 million. Upon completion of the merger, shareholders of FirstCity Financial will receive $10.00 per share in cash.
+	CXPO	04/30/2013	Contango Oil & Gas Company (MCF)	All Stock	$390 million	$3.16	$3.14	142,609	09/30/2013	0.70%	1.82%
Details of Crimson Exploration Inc. Expected to close in the third quarter of 2013 for a closing value of $390 million in an all-stock deal. Upon completion of the merger, shareholders of Crimson Exploration will receive 0.08288 shares of Contango common stock for each Crimson share.
+	ROMA	12/19/2012	Investors Bancorp Inc. (ISBC)	All Stock	$113.5 million	$16.98	$16.87	5,589	06/30/2013	0.64%	4.83%
Details of Roma Financial Corp. Expected to close in the second quarter of 2013 for a closing value of $113.5 million in an all stock deal. Under the terms of the agreement, each outstanding share of Roma Financial common stock, including shares owned by Roma MHC, will be converted into 0.8653 shares of Investors Bancorp common stock upon completion of the merger.
+	STL	04/04/2013	Provident New York Bancorp (PBNY)	All Stock	$344 million	$11.79	$11.72	34,025	12/31/2013	0.61%	0.96%
Details of Sterling Bancorp Expected to close in the fourth quarter of 2013 for a closing value of $344 million in an all stock deal. Upon completion of the merger, shareholders of Sterling Bancorp will receive 1.2625 shares of Provident New York Bancorp common stock for each share of Sterling Bancorp common stock.
+	NFP	04/15/2013	Madison Dearborn Partners, LLC (N/A)	All Cash	$1.3 billion	$25.35	$25.20	341,327	09/30/2013	0.60%	1.55%
Details of National Financial Partners Corp. Expected to close in the third quarter of 2013 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of National Financial Partners will receive $25.35 per share in cash.
+	HOTT	03/07/2013	Sycamore Partners (N/A)	All Cash	$600 million	$14.00	$13.92	222,392	06/30/2013	0.57%	4.37%
Details of Hot Topic Inc. Expected to close for a closing value of $600 million. Upon completion of the merger, shareholders of Hot Topic will receive $14.00 per share in cash.
+	MPAC	04/11/2013	Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company (N/A)	All Cash	N/A	$8.40	$8.36	1,309	06/30/2013	0.48%	3.64%
Details of MOD-PAC Corp. Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of MOD – PAC Corp will receive $8.40 per share in cash.
+	ASCA	12/21/2012	Pinnacle Entertainment Inc. (PNK)	All Cash	$2.8 billion	$26.50	$26.40	56,378	09/30/2013	0.38%	0.99%
Details of Ameristar Casinos Inc. Expected to close in the third quarter of 2013 for a closing value of $2.8 billion. Upon completion of the merger, shareholders of Ameristar Casinos will receive $26.50 per share in cash.
+	ART	02/14/2013	Aberdeen Asset Management PLC (N/A)	All Cash	N/A	$2.75	$2.74	52,394	08/15/2013	0.36%	1.42%
Details of Artio Global Investors Inc. Expected to close by the end of the second quarter or early in the third quarter of 2013. Upon completion of the merger, shareholders of Artio Global Investors will receive $2.75 per share in cash.
+	CYMI	10/17/2012	ASML Holding NV (ASML)	Cash Plus Stock	$2.5 billion	$110.07	$109.80	211,415	06/30/2013	0.25%	1.88%
Details of Cymer Inc. Expected to close in the first half of 2013 for a closing value of $2.5 billion in a cash plus stock deal. Under the terms of the agreement each Cymer shareholder to receive US$20.00 in cash and a fixed ratio of 1.1502 ASML ordinary shares per Cymer share.
+	NTSP	02/19/2013	Total System Services, Inc. (TSS)	All Cash	$1.4 billion	$16.00	$15.97	147,861	06/30/2013	0.19%	1.43%
Details of Netspend Holdings, Inc. Expected to close in mid 2013 for a closing value of $1.4 billion. Upon completion of the merger, shareholders of Netspend Holdings will receive $16.00 per share in cash.
+	LUFK	04/08/2013	General Electric Company (GE)	All Cash	$3.3 billion	$88.50	$88.37	664,272	12/31/2013	0.15%	0.23%
Details of Lufkin Industries Inc. Expected to close in the second half of 2013 for a closing value of $3.3 billion. Upon completion of the merger, shareholders of Lufkin Industries will receive $88.50 per share in cash.
+	AIM	04/22/2013	TransDigm Group Incorporated (TDG)	All Cash	$39 million	$7.75	$7.74	21,075	09/30/2013	0.13%	0.34%
Details of Aerosonic Corp. Expected to close in the third quarter of 2013 for a closing value of $39 million. Upon completion of the merger, shareholders of Aerosonic will receive $7.75 per share in cash.
+	HNZ	02/14/2013	Berkshire Hathaway and 3G Capital (N/A)	All Cash	$28 billion	$72.50	$72.45	1,685,632	09/30/2013	0.07%	0.18%
Details of H. J. Heinz Company Expected to close in the third calendar quarter of 2013 for a closing value of $28 billion. Upon completion of the merger, shareholders of the H.J. Heinz Company will receive $72.50 per share in cash.
+	PWER	04/22/2013	ABB Ltd. (ABB)	All Cash	$1 billion	$6.35	$6.35	520,050	12/31/2013	0.00%	0.00%
Details of Power-One Inc. Expected to close in the second half of 2013 for a closing value of $1 billion. Upon completion of the merger, shareholders of Power-One will receive $6.35 per share in cash.
+	CPTS	04/29/2013	Bayer HealthCare LLC (N/A)	All Cash	$1.1 billion	$31.00	$31.00	244,742	06/30/2013	0.00%	0.00%
Details of Conceptus, Inc. Expected to close by mid-year 2013 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Conceptus will receive $31.00 per share in cash.
+	BKI	04/24/2013	Georgia-Pacific LLC (N/A)	All Cash	$1.5 billion	$37.50	$37.56	326,000	09/30/2013	-0.16%	-0.42%
Details of Buckeye Technologies Inc. Expected to close for a closing value of $1.5 billion. Upon completion of the merger, shareholders of Buckeye Technologies will receive $37.50 per share in cash.
+	KYAK	11/08/2012	priceline.com Incorporated (PCLN)	All Cash	$1.65 billion	$40.00	$40.10	333,013	06/30/2013	-0.25%	-1.90%
Details of Kayak Software Corporation Expected to close in the second quarter of 2013 for a closing value of $1.65 billion. Upon completion of the merger, shareholders of Kayak Software Corporation will receive $40.00 per share in a cash or stock deal. KAYAK shareholders will have the right to elect to receive cash or stock with a value of $40 per KAYAK share, (subject to (i) the collar mechanism described below and (ii) pro ration such that the overall consideration in the deal to KAYAK shareholders will consist of one-third cash and two-thirds stock). The stock portion of the consideration will be subject to a 10% collar pursuant to which the value of thePriceline.com stock delivered to those receiving stock will be $40 per KAYAK share so long as the aggregate volume-weighted averagePriceline.com trading price for the 30-day period ending 2 days prior to Closing (as set forth more fully in the Merger Agreement) is between$571.31 and $698.27 per Priceline.com share. If such average price is above $698.27 or below $571.31, those receiving Priceline.com stock will receive a fixed exchange ratio as set forth in the Merger Agreement. On account of the variable ratio for those electing to receive stock and the collar, we are treating this as an all cash deal for now.
+	CXS	01/31/2013	Annaly Capital Management, Inc. (NLY)	All Cash	$1 billion	$13.00	$13.04	185,928	04/30/2013	-0.31%	8.61%
Details of Crexus Investment Corp. Expected to close as soon as practicable after the tender offer expires in mid-April 2013. Upon completion of the merger, shareholders of Crexus Investment will receive $13.00 per share in cash.
+	FSCI	04/11/2013	Sinclair Broadcast Group Inc. (SBGI)	All Cash	$373.3 milliom	$41.00	$41.38	17,386	09/30/2013	-0.92%	-2.39%
Details of Fisher Communications, Inc. Expected to close in the third quarter of 2013 for a closing value of $373.3 million. Upon completion of the merger, shareholders of Fisher Communications will receive $41.00 per share in cash.
+	AM	04/01/2013	Weiss Family (N/A)	All Cash	$878 million	$18.20	$18.39	170,371	07/31/2013	-1.03%	-4.77%
Details of American Greetings Corp. Expected to close in July 2013 for a closing value of $878 million. Upon completion of the merger, shareholders of American Greetings will receive $18.20 per share in cash and, if declared by the Board of Directors, one regular quarterly dividend of $0.15 per share declared and payable in a manner consistent with the Company’s past practice. If the transaction closed in July 2013, the targeted closing date, the total cash amount shareholders would receive would be $18.35 per share.
+	AACC	03/06/2013	Encore Capital Group, Inc. (ECPG)	All Cash	$200 million	$6.50	$6.57	122,362	06/30/2013	-1.07%	-8.10%
Details of Asset Acceptance Capital Corp. Epected to close during the second quarter of 2013 for a closing value of $200 million. Upon completion of the merger, shareholders of Asset Acceptance Capital will receive $6.50 per share in cash.
+	NFSB	03/05/2013	SI Financial Group Inc. (SIFI)	All Stock	$61.3 million	$16.34	$16.56	100	09/30/2013	-1.33%	-3.47%
Details of Newport Bancorp Inc. Expected to cloe in the third quarter of 2013 for a closing value of $61.3 million. Upon completion of the merger, shareholders of Newport Bancorp will receive $17.55 per share in cash. In order to be more conservative, we are treating this deal as an all stock deal, since half the consideration will be paid in cash and half in stock.
+	WRLS	04/29/2013	Avista Capital Partners (N/A)	All Cash	$253 million	$12.61	$12.81	96,573	06/30/2013	-1.56%	-11.87%
Details of Telular Corporation Expected to close on July 12, 2013 for a closing value of $253 million. Upon completion of the merger, shareholders of Telular Corporation will receive $12.61 per share in cash.
+	SOMH	01/29/2013	Lakeland Bancorp Inc. (LBAI)	All Stock	$64.4 million	$11.66	$11.90	986	09/30/2013	-1.99%	-5.19%
Details of Somerset Hills Bancorp Expected to close in the second or third quarter of 2013 for a closing value of $64.4 million. Upon completion of the merger, shareholders of Somerset Hills Bancorp will receive either 1.1962 shares of Lakeland Bancorp common stock or $12.00 in cash, subject to proration as described in the Merger Agreement, so that 90% of the aggregate merger consideration will be shares of Lakeland Bancorp common stock and 10% will be cash.
+	FCAL	11/06/2012	PacWest Bancorp (PACW)	All Cash	$231 million	$8.00	$8.17	15,753	03/31/2013	-2.08%	17.66%
Details of First California Financial Group, Inc. Expected to close late in the first quarter of 2013 for a closing value of $231 million. Upon completion of the merger, shareholders of First California Financial Group will receive $8.00 per share in an all stock deal. The number of shares of PacWest common stock deliverable for each share of First California common stock will be determined based on an average price of PacWest common stock over a measuring period prior to the receipt of regulatory approval, and will fluctuate if such average price is between $20.00 and $27.00 and will be fixed if such average price is below $20.00 or above $27.00. Based on PacWest’s closing stock price of $22.27 on Monday, November 5, 2012, First California stockholders would have received 0.3592 of a share of PacWest common stock for each share of First California common stock. On account of this variable ratio subject to a collar, we are going to treat this as an all cash deal for now.
+	SSRX	02/08/2013	Decade Sunshine Limited (N/A)	All Cash	$340 million	$15.40	$16.53	19,721	06/30/2013	-6.84%	-51.98%
Details of 3SBio Inc. Expected to close in the second quarter of 2013 for a closing value of $340 million. Upon completion of the merger, shareholders of 3SBio will receive $15.40 per share in cash.
+	OMX	02/20/2013	Office Depot, Inc. (ODP)	All Stock	$1.17 billion	$10.63	$11.62	719,551	12/31/2013	-8.56%	-13.46%
Details of OfficeMax Incorporated Expected to close by the end of the calendar year 2013 for a closing value of $1.17 billion in an all stock deal. Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.
+	CLWR	12/17/2012	Sprint Nextel Corp. (S)	All Cash	$2.2 billion	$2.97	$3.25	14,068,328	03/31/2013	-8.62%	73.13%
Details of Clearwire Corporation Expected to close in the first quarter of 2013 for a closing value of $2.2 billion, Upon completion of the merger, shareholders of Clearwire Corporation will receive $2.90 per share in cash. Update(s) January 9, 2013: Dish Network offered $3.30 per share for Clearwire trumping Sprint Nextel’s $2.2 billion offer.
+	ES	01/07/2013	a subsidiary of Energy Capital Partners II, LLC (N/A)	All Cash	$1.1 billion	$3.75	$4.14	793,895	06/30/2013	-9.42%	-71.63%
Details of EnergySolutions, Inc Expected to close for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Energy Solutions will receive $3.75 per share in cash.
+	MMR	12/05/2012	Freeport-McMoRan Copper & Gold Inc. (FCX)	All Cash	3.4 billion	$14.75	$16.51	577,711	06/30/2013	-10.66%	-81.06%
Details of McMoRan Exploration Co. Expected to close in the second quarter of 2013 for a closing value of $3.4 billion. Upon completion of the merger, shareholders of McMoRan Exploration will receive $14.75 per share in cash and 1.15 units of a royalty trust.
+	ACFC	02/26/2013	Bond Street Holdings (N/A)	All Cash	N/A	$5.00	$5.80	1,100	06/30/2013	-13.79%	-104.89%
Details of Atlantic Coast Financial Corporation Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of Atlantic Coast Federal Corporation will receive $5.00 per share in cash.
+	OUTD	03/13/2013	Kroenke Sports & Entertainment LLC (N/A)	All Cash	$227 million	$8.75	$10.30	92,922	06/30/2013	-15.05%	-114.43%
Details of Outdoor Channel Holdings, Inc. Expected to close in the first quarter of 2013. This is a cash (or) stock deal where shareholders can elect to either received $8 per share or they can receive one share in the new merged entity called IMOH that will be listed on the Nasdaq. Since IMOH is not yet listed, we are treating this as an all cash deal. According to the press release, the Company’s board has also approved a 25 cent per share special dividend which will be paid on or about December 7, 2012 to stockholders of record as of the close of business on November 27, 2012. According to the company, an aggregate of $115 million will be available for the Company’s stockholders electing cash. This implies that approximately 57% of investors will receive cash. Update(s) March 13, 2013: Outdoor Channel Holdings terminated its previously announced agreement to be acquired by InterMedia and entered into a merger agreement with Kroenke Sports & Entertainment for $8.75 in an all cash transaction.
+	VRTA	05/31/2012	Vestin Realty Mortgage II, Inc. (VRTB)	All Stock	N/A	$0.93	$1.17	N/A	03/31/2013	-20.80%	176.59%
Details of Vestin Realty Mortgage I, Inc Expected to close in the fourth quarter of 2012 in an all stock deal. Under the terms of the agreement, stockholders of VTRA (other than VRTB) will receive a fixed ratio of 0.82 share of VRTB common stock for each share of VRTA common stock they own.
+	WAVE	08/02/2012	AT&T, Inc. (T)	All Cash	$600 million	$1.00	$1.44	N/A	03/31/2013	-30.56%	259.37%
Details of Nextwave Wireless Inc. Expected to close in the first quarter of 2013 for a closing value of $600 million. Upon completion of the merger, shareholders of NextWave Wireless will receive $1.00 per share in cash.

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Insider Weekends – May 10, 2013

May 12, 2013 | Insider Buying | Author Asif

Welcome to edition 152 of Insider Weekends. Insider buying increased with insiders purchasing $66.13 million of their stock last week compared to $21.26 million in the week prior. Selling also increased with insiders selling $2.06 billion of stock last week compared to $1.94 billion in the week prior.

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 decreased to 31.13. In other words, insiders sold more than 31 times as much stock as they purchased. The Sell/Buy ratio this week compares favorably with the prior week, when the ratio stood at 91.2. 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 May 10, 2013

Notable Insider Buys:

1. JPMorgan Chase & Co. (JPM): $48.96

Director James S. Crown acquired 301,477 shares of JPMorgan, paying $47.29 per share for a total amount of $14.26 million. These shares were purchased indirectly through family funds.

You can view the list of recent insider transactions for JPMorgan Chase & Co. here.

P/E: 8.74	Forward P/E: 8.24	Industry P/E: 22.17
P/S: 2.06	Price/Book: 0.95	EV/EBITDA: N/A
Market Cap: $186.94B	Avg. Daily Volume: 23,496,500	52 Week Range: $30.83 – $51

2. Independent Bank Group, Inc. (IBTX): $29

Shares of this regional bank were acquired by 4 insiders:

Director Stacy G. Smith acquired 82,850 shares, paying $26.21 per share for a total amount of $2,171,496. 19,230 of these shares were acquired indirectly by SCW Partners, LLC.
Director Craig E. Holmes acquired 3,500 shares, paying $28.97 per share for a total amount of $101,393. Mr. Holmes increased his stake by 364.58% to 4,460 shares with this purchase.
EVP/CFO Michelle S. Hickox acquired 1,500 shares, paying $28.97 per share for a total amount of $43,455. Ms. Hickox increased her stake by 18.75% to 9,500 shares with this purchase.
Vice Chairman and CLO Brian E. Hobart acquired 500 shares, paying $28.70 per share for a total amount of $14,350. Mr. Hobart increased his stake by 0.24% to 211,011 shares with this purchase.

You can view the list of recent insider transactions for Independent Bank Group, Inc. here.

P/E: 18.59	Forward P/E: 14.95	Industry P/E: N/A
P/S: 5.13	Price/Book: 2.01	EV/EBITDA: N/A
Market Cap: $332.60M	Avg. Daily Volume: 38,037	52 Week Range: $27.54 – $31.11

3. ABIOMED, Inc. (ABMD): $22.4

Director Henri A. Termeer acquired 100,000 shares of this medical devices company, paying $19.86 per share for a total amount of $1,986,410. Mr. Termeer increased his stake by 54.83% to 282,398 shares with this purchase.

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

P/E: 60.54	Forward P/E: 37.97	Industry P/E: 20.11
P/S: 5.14	Price/Book: 5.93	EV/EBITDA: 35.42
Market Cap: $864.66M	Avg. Daily Volume: 475,484	52 Week Range: $11.8 – $26.17

4. Luminex Corporation (LMNX): $18.38

Director Walter G. Loewenbaum II acquired 93,235 shares of this biological testing and diagnostics company, paying $17.18 per share for a total amount of $1,601,980. Mr. Loewenbaum increased his stake by 16.40% to 661,627 shares with this purchase.

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

P/E: 117.82	Forward P/E: 32.82	Industry P/E: 21.75
P/S: 3.48	Price/Book: 2.8	EV/EBITDA: 18.32
Market Cap: $764.37M	Avg. Daily Volume: 176,103	52 Week Range: $15.39 – $25.79

5. Walter Energy, Inc. (WLT): $19.59

Shares of this metallurgical coal producer were acquired by 11 insiders:

Director Michael T. Tokarz acquired 25,000 shares, paying $17.75 per share for a total amount of $443,750. Mr. Tokarz increased his stake by 43.22% to 82,844 shares with this purchase.
Director Joseph B. Leonard acquired 16,700 shares, paying $17.73 per share for a total amount of $296,091. Mr. Leonard increased his stake by 229.27% to 23,984 shares with this purchase.
Director Bernard G. Rethore acquired 10,000 shares, paying $17.56 per share for a total amount of $175,600. Mr. Rethore increased his stake by 108.18% to 19,244 shares with this purchase.
Chief Executive Officer Walter J. Scheller acquired 8,585 shares, paying $17.57 per share for a total amount of $150,838. Mr. Scheller increased his stake by 21.62% to 48,291 shares with this purchase.
Sr VP-General Counsel & Secretary Earl H. Doppelt acquired 5,000 shares, paying $17.40 per share for a total amount of $87,000. Mr. Doppelt increased his stake by 19.85% to 30,185 shares with this purchase.
Director David R. Beatty acquired 5,000 shares, paying $17.72 per share for a total amount of $88,600. Mr. Beatty increased his stake by 35.57% to 19,057 shares with this purchase.
Director A J. Wagner acquired 5,000 shares, paying $18.89 per share for a total amount of $94,450. These shares were purchased indirectly through a Self-managed IRA.
Sr. VP-Chief Financial Officer William G. Harvey acquired 5,000 shares, paying $17.56 per share for a total amount of $87,800. Mr. Harvey increased his stake by 59.69% to 13,377 shares with this purchase.
SVP, Project Development Charles C. Stewart acquired 3,000 shares, paying $16.81 per share for a total amount of $50,430. Mr. Stewart increased his stake by 8.73% to 37,379 shares with this purchase.
Director Jerry W. Kolb acquired 2,835 shares, paying $17.69 per share for a total amount of $50,151. Mr. Kolb increased his stake by 23.91% to 14,690 shares with this purchase.
Director Mary R. Henderson acquired 2,000 shares, paying $17.66 per share for a total amount of $35,320. Ms. Henderson increased her stake by 79.90% to 4,503 shares with this purchase.

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

P/E: N/A	Forward P/E: 21.06	Industry P/E: 14.14
P/S: 0.53	Price/Book: 1.25	EV/EBITDA: 12.41
Market Cap: $1.23B	Avg. Daily Volume: 4,722,280	52 Week Range: $16.08 – $62.6

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

Notable Insider Sales:

1. Facebook, Inc. (FB): $26.68

Shares of Facebook were sold by 3 insiders:

Director James Breyer sold 1,331,609 shares for $28.54, generating $38 million from the sale. These shares were sold indirectly through a trust.
Chief Operating Officer Sheryl Sandberg sold 176,452 shares for $27.25, generating $4.8 million from the sale. 6,696 of these shares were sold indirectly through a trust
Chief Financial Officer David A. Ebersman sold 23,400 shares for $27.91, generating $653,211 from the sale.

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

P/E: 580	Forward P/E: 34.65	Industry P/E: 21.79
P/S: 11.91	Price/Book: 5.51	EV/EBITDA: 43.74
Market Cap: $64.51B	Avg. Daily Volume: 39,649,800	52 Week Range: $17.55 – $45

2. Cabela’s Incorporated (CAB): $67.81

Shares of this sporting goods retailer were sold by 2 insiders:

Chairman Richard N. Cabela sold 280,964 shares for $63.80, generating $17.9 million from the sale. These shares were sold indirectly by Cabela’s Family, LLC.
Director Michael R. McCarthy sold 207,800 shares for $64.25, generating $13.4 million from the sale. These shares were sold indirectly by MGL Holdings, LLC

You can view the list of recent insider transactions for Cabela’s Incorporated here.

P/E: 24.95	Forward P/E: 17.61	Industry P/E: N/A
P/S: 1.42	Price/Book: 3.28	EV/EBITDA: 16.95
Market Cap: $4.78B	Avg. Daily Volume: 703,911	52 Week Range: $33.1 – $68.13

3. The Charles Schwab Corporation (SCHW): $18.09

Shares of this investment brokerage were sold by 2 insiders:

Chairman Charles R. Schwab sold 1,500,000 shares for $16.97, generating $25.4 million from the sale.
Director Stephen T. McLin sold 5,244 shares for $17.38, generating $91,143 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 The Charles Schwab Corporation here.

P/E: 26.29	Forward P/E: 20.79	Industry P/E: 22.67
P/S: 4.73	Price/Book: 2.36	EV/EBITDA: N/A
Market Cap: $23.88B	Avg. Daily Volume: 9,075,290	52 Week Range: $11.64 – $18.34

4. MSC Industrial Direct Co. Inc. (MSM): $82.63

Shares of this industrial products distributor were sold by 7 insiders:

Director Mitchell Jacobson sold 83,400 shares for $80.11, generating $6.7 million from the sale. Some of these shares were sold indirectly through a trust.
President and CEO Erik Gershwind sold 41,050 shares for $80.34, generating $3.3 million from the sale.
Executive VP, Sales Thomas Cox sold 10,392 shares for $79.80, generating $829,238 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
EVP and CFO Jeffrey Kaczka sold 4,951 shares for $81.01, generating $401,088 from the sale. These shares were sold as a result of exercising options immediately prior to the sale.
EVP of Human Resources Eileen McGuire sold 2,791 shares for $80.03, generating $223,361 from the sale.
VP, Finance and Controller Christopher Davanzo sold 2,188 shares for $80.07, generating $175,188 from the sale. 2,000 of these shares were sold as a result of exercising options immediately prior to the sale.
Senior VP and CIO Charles Bonomo sold 1,287 shares for $80.81, generating $104,003 from the sale.

You can view the list of recent insider transactions for MSC Industrial Direct Co. Inc. here.

P/E: 20.25	Forward P/E: 18.04	Industry P/E: N/A
P/S: 2.14	Price/Book: 3.95	EV/EBITDA: 10.54
Market Cap: $5.23B	Avg. Daily Volume: 384,433	52 Week Range: $61.39 – $87.92

5. Gentex Corp. (GNTX): $24.58

Shares of this auto and aerospace parts company were sold by 5 insiders:

Chairman of the Board & CEO Fred Bauer sold 418,632 shares for $24.52, generating $10.3 million from the sale.
VP Finance & Treasurer Steven A. Dykman sold 7,680 shares for $24.50, generating $188,166 from the sale.
Senior Vice President Mark W. Newton sold 3,840 shares for $24.37, generating $93,582 from the sale.
Senior Vice President Bruce A. Los sold 3,500 shares for $24.14, generating $84,503 from the sale.
Vice President, Operations Paul V. Flynn sold 2,325 shares for $24.56, generating $57,094 from the sale.

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

P/E: 21.01	Forward P/E: 18.07	Industry P/E: 10.34
P/S: 3.23	Price/Book: 2.99	EV/EBITDA: 10.08
Market Cap: $3.50B	Avg. Daily Volume: 905,821	52 Week Range: $14.38 – $24.76

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

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Merger Arbitrage Mondays – May 6, 2013

May 5, 2013 | Merger Arbitrage | Author Asif

Merger activity decreased last week with four 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 2013	56
Total Number of Pending Deals
Cash Deals	49
Stock Deals	16
Stock & Cash Deals	3
Total Number of Pending Deals	68
Total Deal Size	$213.78 billion

New Deals:

The acquisition of Conceptus (CPTS) by Bayer HealthCare for $1.1 billion or $31.00 per share in cash.
The acquisition of Telular Corporation (WRLS) by Avista Capital Partners for $253 million or $12.61 per share in cash.
The acquisition of Crimson Exploration (CXPO) by Contango Oil & Gas Company (MCF) in an all stock deal. Under the terms of the agreement, shareholders of Crimson Exploration will receive 0.08288 shares of Contango common stock for each Crimson share.
The acquisition of Ebix (EBIX) by Goldman Sachs (GS) for $820 million or $20.00 per share in cash.

Closed Deals:

The acquisition of K-Swiss (KSWS) by E. Land on April 30, 2013. It took 103 days to complete this deal.
The acquisition of Copano Energy (CPNO) by Kinder Morgan Energy Partners (KMP) on May 1, 2013. It took 92 days to complete this deal.
The acquisition of Alterra Capital Holdings Limited (ALTE) by Markel (MKL) on May 1, 2013. It took 133 days to complete this deal.
The acquisition of MakeMusic (MMUS) by LaunchEquity Acquisition Partners on May 1, 2013. It took 49 days to complete this deal.

Top 10 deals with largest spreads:

Symbol	Announced Date	Acquiring Company	Closing Price	Last Price	Closing Date	Profit	Annualized Profit
NYX	12/20/2012	IntercontinentalExchange, Inc. (ICE)	$44.40	$40.38	12/31/2013	9.95%	15.20%
BRY	02/21/2013	LinnCo, LLC (LNCO)	$53.20	$48.59	06/30/2013	9.49%	62.96%
PBTH	04/24/2013	Opko Health, Inc. (OPK)	$6.64	$6.13	12/31/2013	8.28%	12.64%
WSB	09/10/2012	Old Line Bancshares, Inc. (OLBK)	$6.87	$6.40	06/30/2013	7.34%	48.72%
KCG	12/19/2012	GETCO Holding Company (N/A)	$3.75	$3.55	06/30/2013	5.63%	37.39%
NFSB	03/05/2013	SI Financial Group Inc. (SIFI)	$17.70	$16.95	09/30/2013	4.43%	11.00%
JADE	03/22/2013	Flora Bloom Holdings & Flora Fragrance Holdings (N/A)	$2.00	$1.92	12/31/2013	4.17%	6.36%
HOGS	11/26/2012	Chairman and CEO Xianfu Zhu (N/A)	$13.50	$12.96	06/30/2013	4.17%	27.65%
MEMS	04/23/2013	IDG-Accel China Capital II, L.P. (N/A)	$4.23	$4.07	09/30/2013	3.93%	9.76%
WH	02/21/2013	WSP OCTG GROUP Ltd. (N/A)	$3.20	$3.08	06/30/2013	3.90%	25.86%

List of all pending deals:

	Symbol	Announced Date	Acquiring Company	Deal Type	Closing Value	Closing Price	Last Price	Volume	Closing Date	Profit	Annu. Profit
+	NYX	12/20/2012	IntercontinentalExchange, Inc. (ICE)	All Stock	$8.2 billion	$44.40	$40.38	1,758,891	12/31/2013	9.95%	15.20%
Details of NYSE Euronext, Inc. Expected to close in the second half of 2013 for a closing value of $8.2 billion. Under the terms of the agreement, NYSE Euronext shareholders will have the option to elect to receive consideration per NYSE Euronext share of (i) $33.12 in cash, (ii) 0.2581 IntercontinentalExchange common shares or (iii) a mix of $11.27 in cash plus 0.1703 ICE common shares.
+	BRY	02/21/2013	LinnCo, LLC (LNCO)	All Stock	$4.3 billion	$53.20	$48.59	436,819	06/30/2013	9.49%	62.96%
Details of Berry Petroleum Co. Expected to close on June 30, 2013 for a closing value of $4.3 billion in an all stock deal. Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry.
+	PBTH	04/24/2013	Opko Health, Inc. (OPK)	All Stock	$480 million	$6.64	$6.13	428,595	12/31/2013	8.28%	12.64%
Details of PROLOR Biotech, Inc. Expected to close in the second half of 2013 for a closing value of $480 million in an all stock deal. Upon completion of the merger, shareholders of PROLOR Biotech will receive 0.9951 shares of OPKO common stock for each share of PROLOR common stock.
+	WSB	09/10/2012	Old Line Bancshares, Inc. (OLBK)	All Stock	$49 million	$6.87	$6.40	100	06/30/2013	7.34%	48.72%
Details of WSB Holdings, Inc. Expected to close in the second quarter of 2013 for a closing value of $49 million. Shareholders of WSB Holdings will receive either Old Line common stock or cash with a 65%/35% stock/cash mix. Each share of WSB Holdings will receive either 0.5608 shares of Old Line or $6.09/share in cash subject to adjustments based on certain conditions. We are treating this deal as an all stock deal.
+	KCG	12/19/2012	GETCO Holding Company (N/A)	All Cash	$1.4 billion	$3.75	$3.55	1,885,183	06/30/2013	5.63%	37.39%
Details of Knight Capital Group, Inc. Expected to close in the second quarter of 2013 for a closing value of $1.4 billion. Under the agreement, existing Knight shareholders (other than GETCO) will have the right to elect to receive $3.75 per share in cash or one share of common stock of the new holding company.
+	NFSB	03/05/2013	SI Financial Group Inc. (SIFI)	All Stock	$61.3 million	$17.70	$16.95	104	09/30/2013	4.43%	11.00%
Details of Newport Bancorp Inc. Expected to cloe in the third quarter of 2013 for a closing value of $61.3 million. Upon completion of the merger, shareholders of Newport Bancorp will receive $17.55 per share in cash. In order to be more conservative, we are treating this deal as an all stock deal, since half the consideration will be paid in cash and half in stock.
+	JADE	03/22/2013	Flora Bloom Holdings & Flora Fragrance Holdings (N/A)	All Cash	N/A	$2.00	$1.92	51,855	12/31/2013	4.17%	6.36%
Details of LJ International Inc. Upon completion of the merger, shareholders of LJ International will receive $2.00 per share in cash.
+	HOGS	11/26/2012	Chairman and CEO Xianfu Zhu (N/A)	All Cash	$418 million	$13.50	$12.96	178,123	06/30/2013	4.17%	27.65%
Details of Zhongpin, Inc. Expected to close in the second quarter of 2013 for a closing value of $418 million. Upon completion of the merger, shareholders of Zhongpin will receive $13.50 per share in cash.
+	MEMS	04/23/2013	IDG-Accel China Capital II, L.P. (N/A)	All Cash	N	$4.23	$4.07	269,411	09/30/2013	3.93%	9.76%
Details of MEMSIC, Inc. Expected to close in the third quarter of 2013. Upon completion of the merger, shareholders of MEMSIC will receive $4.225 per share in cash.
+	WH	02/21/2013	WSP OCTG GROUP Ltd. (N/A)	All Cash	$893.6 million	$3.20	$3.08	48,593	06/30/2013	3.90%	25.86%
Details of WSP Holdings Ltd. Expected to close in the second quarter of 2013 for a closing value of $893.6 million. Upon completion of the merger, shareholders of WSP Holdings will receive $3.20 per share in cash.
+	PVFC	02/19/2013	F.N.B. Corporation (FNB)	All Stock	$106.4 million	$3.92	$3.77	85,210	09/30/2013	3.87%	9.60%
Details of PVF Capital Corp. Expected to close in the third quarter of 2013 for a closing value of $106.4 million in an all stock deal. Under the terms of the agreement, PVF Capital Corp. will receive 0.3405 shares of F.N.B. Corporation common stock for each common share of PVF Capital Corp.
+	NLP	12/27/2012	J.D. Nichols & Brian F. Lavin (N/A)	All Cash	N/A	$7.50	$7.25	1,667	06/30/2013	3.45%	22.88%
Details of NTS Realty Holdings LP Expected to close in the first half of 2013. Upon completion of the merger, shareholders of NTS Realty Holdings will receive $7.50 per share in cash.
+	LIFE	04/15/2013	Thermo Fisher Scientific, Inc. (TMO)	All Cash	$13.6 billion	$76.00	$73.65	3,566,424	01/31/2014	3.19%	4.31%
Details of Life Technologies Corporation Expected to close early in 2014 for a closing value of $13.6 billion plus the assumption of net debt at close ($2.2 billion as of uear end 2012). Upon completion of the merger, shareholders of Life Technologies will receive $76.00 per share in cash.
+	WMS	01/31/2013	Scientific Games Corporation (SGMS)	All Cash	1.5 billion	$26.00	$25.30	289,173	12/31/2013	2.77%	4.23%
Details of WMS Industries Inc. Expected to close by the end of the year for a closing value of $1.5 billion. Upon completion of the merger, shareholders of WMS Industries will receive $26.00 per share in cash.
+	VCBI	01/30/2013	United Bankshares Inc. (UBSI)	All Stock	$490.6 million	$13.72	$13.36	27,369	09/30/2013	2.69%	6.68%
Details of Virginia Commerce Bancorp Inc. Expected to close in the third quarter of 2013 for a closing value of $490.6 million in an all stock deal. Upon completion of the merger, shareholders of Virginia Commerce Bancorp will receive 0.5442 of United’s shares for each share of VCBI.
+	ARB	12/18/2012	Nielsen Holdings N.V. (NLSN)	All Cash	N/A	$48.00	$46.75	179,922	09/30/2013	2.67%	6.64%
Details of Arbitron Inc. Expected to close in the third quarter of 2013. Upon completion of the merger, shareholders of Arbitron will receive $48.00 per share in cash.
+	DELL	02/05/2013	Michael Dell, Dell�s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake (N/A)	All Cash	$24.4 billion	$13.65	$13.31	15,243,504	07/31/2013	2.55%	10.84%
Details of Dell Inc. Expected to close in the second quarter of Dell’s FY2014 for a closing value of $24.4 billion. Upon completion of the merger, shareholders of Dell will receive $13.65 per share in cash.
+	EBIX	05/03/2013	The Goldman Sachs Group, Inc. (GS)	All Cash	$820 milion	$20.00	$19.52	1,802,146	09/30/2013	2.46%	6.11%
Details of Ebix Inc. Expected to close in the third quarter of 2013 for a closing value of $820 million. Upon completion of the merger, shareholders of Ebix will receive $20.00 per share in cash
+	IN	12/10/2012	Honeywell International Inc. (HON)	All Cash	$600 million	$10.00	$9.77	426,187	06/30/2013	2.35%	15.62%
Details of Intermec, Inc. Expected to close in the second quarter of 2013 for a closing value of $600 million. Upon completion of the merger, shareholders of Intermec will receive $10.00 per share in cash.
+	HCBK	08/27/2012	M&T Bank Corporation (MTB)	All Stock	$3.7 billion	$8.47	$8.29	1,454,347	06/30/2013	2.14%	14.23%
Details of Hudson City Bancorp, Inc. Expected to close in the first quarter of 2013 for a closing value of $3.7 billion in an all stock deal. Under the terms of the agreement, shareholders of Hudson City Bancorp will receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash.
+	MPR	04/22/2013	CECO Environmental Corp. (CECE)	All Cash	$210 million	$13.75	$13.48	208,865	09/30/2013	2.00%	4.97%
Details of Met-Pro Corp. Expected to close in the third quarter of 2013 for a closing value of $210 million. Upon completion of the merger, shareholders of Met-Pro will receive $13.75 per share in cash.
+	SVN	02/28/2013	Keystone Lodging Holdings Limited (N/A)	All Cash	$688 million	$13.80	$13.54	60,507	12/31/2013	1.92%	2.93%
Details of 7 Days Group Holdings Limited Expected to close in the second half of 2013 for a closing value of $688 million. Upon completion of the merger, shareholders of 7 Days Group Holdings Limited will receive $13.80 per share in cash.
+	FMFC	02/07/2013	Renasant Corp. (RNST)	All Stock	$118.8 million	$14.61	$14.36	25,858	09/30/2013	1.74%	4.33%
Details of First M&F Corporation Expected to close in the third quarter of 2013 for a closing value of $118.8 million in an all stock deal, Under the terms of the agreement, M&F common shareholders will receive 0.6425 shares of Renasant common stock for each share of M&F common stock.
+	FCAL	11/06/2012	PacWest Bancorp (PACW)	All Cash	$231 million	$8.00	$7.89	142,749	03/31/2013	1.39%	0.00%
Details of First California Financial Group, Inc. Expected to close late in the first quarter of 2013 for a closing value of $231 million. Upon completion of the merger, shareholders of First California Financial Group will receive $8.00 per share in an all stock deal. The number of shares of PacWest common stock deliverable for each share of First California common stock will be determined based on an average price of PacWest common stock over a measuring period prior to the receipt of regulatory approval, and will fluctuate if such average price is between $20.00 and $27.00 and will be fixed if such average price is below $20.00 or above $27.00. Based on PacWest’s closing stock price of $22.27 on Monday, November 5, 2012, First California stockholders would have received 0.3592 of a share of PacWest common stock for each share of First California common stock. On account of this variable ratio subject to a collar, we are going to treat this as an all cash deal for now.
+	ADY	03/04/2013	Diamond Infant Formula Holding Limited (N/A)	All Cash	$147 million	$7.40	$7.30	31,357	06/30/2013	1.37%	9.09%
Details of Feihe International, Inc. Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of Feihe International will receive $7.40 per share in cash.
+	FCFC	12/21/2012	Varde Partners Inc. (N/A)	All Cash	$225 million	$10.00	$9.88	15,200	06/30/2013	1.21%	8.06%
Details of FirstCity Financial Corp. Expected to close in the first half of 2013 for a closing value of $225 million. Upon completion of the merger, shareholders of FirstCity Financial will receive $10.00 per share in cash.
+	GDI	03/08/2013	Kohlberg Kravis Roberts & Co. L.P. (N/A)	All Cash	$3.9 billion	$76.00	$75.13	1,082,425	09/30/2013	1.16%	2.88%
Details of Gardner Denver Inc. Expected to close in the third quarter of 2013 for a closing value of $3.9 billion. Upon completion of the merger, shareholders of Gardner Denver will receive $76.00 per share in cash.
+	FMCN	12/19/2012	Giovanna Parent Limited (N/A)	All Cash	$3.7 billion	$27.50	$27.24	716,561	06/30/2013	0.95%	6.33%
Details of Focus Media Holding Ltd. Expected to close in the second quarter of 2013 for a closing value of $3.7 billion. Upon completion of the merger, shareholders of Focus Media will receive $27.50 per share in cash.
+	CXPO	04/30/2013	Contango Oil & Gas Company (MCF)	All Stock	$390 million	$3.23	$3.21	565,893	09/30/2013	0.72%	1.79%
Details of Crimson Exploration Inc. Expected to close in the third quarter of 2013 for a closing value of $390 million in an all-stock deal. Upon completion of the merger, shareholders of Crimson Exploration will receive 0.08288 shares of Contango common stock for each Crimson share.
+	IPT	03/01/2013	Party City (N/A)	All Cash	$35 million	$0.45	$0.447	34,588	06/30/2013	0.67%	4.45%
Details of iParty Corp. Expected to close in the second quarter of 2013 for a closing value of $35 million. Upon completion of the merger, shareholders of iParty will receive $0.45 per share in cash.
+	ROMA	12/19/2012	Investors Bancorp Inc. (ISBC)	All Stock	$113.5 million	$17.10	$16.99	15,936	06/30/2013	0.64%	4.23%
Details of Roma Financial Corp. Expected to close in the second quarter of 2013 for a closing value of $113.5 million in an all stock deal. Under the terms of the agreement, each outstanding share of Roma Financial common stock, including shares owned by Roma MHC, will be converted into 0.8653 shares of Investors Bancorp common stock upon completion of the merger.
+	MPAC	04/11/2013	Kevin T. Keane, Chairman of the Company, and Daniel G. Keane, President and Chief Executive Officer of the Company (N/A)	All Cash	N/A	$8.40	$8.35	1,400	06/30/2013	0.60%	3.97%
Details of MOD-PAC Corp. Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of MOD – PAC Corp will receive $8.40 per share in cash.
+	FFCH	02/20/2013	SCBT Financial Corporation (SCBT)	All Stock	$302.4 million	$20.49	$20.38	26,994	09/30/2013	0.56%	1.39%
Details of First Financial Holdings Inc. Expected to close in the third quarter of 2013 for a closing value of $302.4 million in an all stock deal. Under the terms of the agreement, shareholders of First Financial will receive 0.4237 shares of SCBT common stock for each share of FFCH common stock.
+	ALC	02/26/2013	TPG (N/A)	All Cash	$278 million	$12.00	$11.94	106,503	06/30/2013	0.50%	3.33%
Details of Assisted Living Concepts Inc. Expected to close for a closing value of $278 million. Under the terms of the agreement, Assisted Living’s Class A shareholders will get $12 per share in cash while Class B shareholders will get $12.90 per share in cash.
+	HOTT	03/07/2013	Sycamore Partners (N/A)	All Cash	$600 million	$14.00	$13.93	265,282	06/30/2013	0.50%	3.33%
Details of Hot Topic Inc. Expected to close for a closing value of $600 million. Upon completion of the merger, shareholders of Hot Topic will receive $14.00 per share in cash.
+	ASCA	12/21/2012	Pinnacle Entertainment Inc. (PNK)	All Cash	$2.8 billion	$26.50	$26.37	118,938	09/30/2013	0.49%	1.22%
Details of Ameristar Casinos Inc. Expected to close in the third quarter of 2013 for a closing value of $2.8 billion. Upon completion of the merger, shareholders of Ameristar Casinos will receive $26.50 per share in cash.
+	STL	04/04/2013	Provident New York Bancorp (PBNY)	All Stock	$344 million	$11.35	$11.30	111,503	12/31/2013	0.44%	0.67%
Details of Sterling Bancorp Expected to close in the fourth quarter of 2013 for a closing value of $344 million in an all stock deal. Upon completion of the merger, shareholders of Sterling Bancorp will receive 1.2625 shares of Provident New York Bancorp common stock for each share of Sterling Bancorp common stock.
+	ART	02/14/2013	Aberdeen Asset Management PLC (N/A)	All Cash	N/A	$2.75	$2.74	220,862	08/15/2013	0.36%	1.32%
Details of Artio Global Investors Inc. Expected to close by the end of the second quarter or early in the third quarter of 2013. Upon completion of the merger, shareholders of Artio Global Investors will receive $2.75 per share in cash.
+	CHG	02/21/2012	Fortis Inc. (N/A)	All Cash	$1.5 billion	$65.00	$64.80	23,362	06/30/2013	0.31%	2.05%
Details of CH Energy Group, Inc. Expected to close in the first quarter of 2013 for a closing value of $1.5 billion. Upon completion of the merger, shareholders of CH Energy Group will receive $65.00 per share in cash. Update(s) January 28, 2013: CH Energy Group and (CHG) and Fortis filed a settlement agreement. The closing of the acquisition is now expected to take place during the second quarter of 2013.
+	CYMI	10/17/2012	ASML Holding NV (ASML)	Cash Plus Stock	$2.5 billion	$109.14	$108.83	364,881	06/30/2013	0.29%	1.89%
Details of Cymer Inc. Expected to close in the first half of 2013 for a closing value of $2.5 billion in a cash plus stock deal. Under the terms of the agreement each Cymer shareholder to receive US$20.00 in cash and a fixed ratio of 1.1502 ASML ordinary shares per Cymer share.
+	AIM	04/22/2013	TransDigm Group Incorporated (TDG)	All Cash	$39 million	$7.75	$7.73	88,645	09/30/2013	0.26%	0.64%
Details of Aerosonic Corp. Expected to close in the third quarter of 2013 for a closing value of $39 million. Upon completion of the merger, shareholders of Aerosonic will receive $7.75 per share in cash.
+	NTSP	02/19/2013	Total System Services, Inc. (TSS)	All Cash	$1.4 billion	$16.00	$15.97	396,652	06/30/2013	0.19%	1.25%
Details of Netspend Holdings, Inc. Expected to close in mid 2013 for a closing value of $1.4 billion. Upon completion of the merger, shareholders of Netspend Holdings will receive $16.00 per share in cash.
+	LUFK	04/08/2013	General Electric Company (GE)	All Cash	$3.3 billion	$88.50	$88.39	611,983	12/31/2013	0.12%	0.19%
Details of Lufkin Industries Inc. Expected to close in the second half of 2013 for a closing value of $3.3 billion. Upon completion of the merger, shareholders of Lufkin Industries will receive $88.50 per share in cash.
+	EDAC	03/18/2013	GB Aero Engine LLC, an affiliate of Greenbriar Equity Group LLC (N/A)	All Cash	$104.1 million	$17.75	$17.73	12,588	06/30/2013	0.11%	0.75%
Details of Edac Technologies Corp. Expected to close in the second quarter of 2013 for a closing value of $104.1 million. Upon completion of the merger, shareholders of Edac Technologies will receive $17.75 per share in cash.
+	HNZ	02/14/2013	Berkshire Hathaway and 3G Capital (N/A)	All Cash	$28 billion	$72.50	$72.44	2,223,458	09/30/2013	0.08%	0.21%
Details of H. J. Heinz Company Expected to close in the third calendar quarter of 2013 for a closing value of $28 billion. Upon completion of the merger, shareholders of the H.J. Heinz Company will receive $72.50 per share in cash.
+	CVH	08/20/2012	Aetna Inc. (AET)	Cash Plus Stock	$7.3 billion	$50.22	$50.22	1,013,330	06/30/2013	0.00%	0.02%
Details of Coventry Health Care Inc. Expexted to close in mid 2013 for a closing vaue of $7.3 billion in a cash plus stock deal. Under the terms of the agreement, Coventry stockholders will receive $27.30 in cash and 0.3885 Aetna common shares for each Coventry share. common shares for each Coventry share
+	PWER	04/22/2013	ABB Ltd. (ABB)	All Cash	$1 billion	$6.35	$6.35	2,158,981	12/31/2013	0.00%	0.00%
Details of Power-One Inc. Expected to close in the second half of 2013 for a closing value of $1 billion. Upon completion of the merger, shareholders of Power-One will receive $6.35 per share in cash.
+	AACC	03/06/2013	Encore Capital Group, Inc. (ECPG)	All Cash	$200 million	$6.50	$6.51	204,348	06/30/2013	-0.15%	-1.02%
Details of Asset Acceptance Capital Corp. Epected to close during the second quarter of 2013 for a closing value of $200 million. Upon completion of the merger, shareholders of Asset Acceptance Capital will receive $6.50 per share in cash.
+	CPTS	04/29/2013	Bayer HealthCare LLC (N/A)	All Cash	$1.1 billion	$31.00	$31.05	996,114	06/30/2013	-0.16%	-1.07%
Details of Conceptus, Inc. Expected to close by mid-year 2013 for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Conceptus will receive $31.00 per share in cash.
+	NFP	04/15/2013	Madison Dearborn Partners, LLC (N/A)	All Cash	$1.3 billion	$25.35	$25.40	472,854	09/30/2013	-0.20%	-0.49%
Details of National Financial Partners Corp. Expected to close in the third quarter of 2013 for a closing value of $1.3 billion. Upon completion of the merger, shareholders of National Financial Partners will receive $25.35 per share in cash.
+	BKI	04/24/2013	Georgia-Pacific LLC (N/A)	All Cash	$1.5 billion	$37.50	$37.58	956,524	09/30/2013	-0.21%	-0.53%
Details of Buckeye Technologies Inc. Expected to close for a closing value of $1.5 billion. Upon completion of the merger, shareholders of Buckeye Technologies will receive $37.50 per share in cash.
+	PXP	12/05/2012	Freeport-McMoRan Copper & Gold Inc. (FCX)	Cash Plus Stock	$6.9 billion	$45.33	$45.53	2,387,312	06/30/2013	-0.44%	-2.90%
Details of Plains Exploration & Production Company Expected to close in the second quarter of 2013 for a closing value of $6.9 billion in a cash plus stock deal. Upon completion of the merger, shaerholders of Plains Exploration & Production Company will receive $25.00 in cash and 0.6531 shares of FCX common stock.
+	CXS	01/31/2013	Annaly Capital Management, Inc. (NLY)	All Cash	$1 billion	$13.00	$13.06	260,700	04/30/2013	-0.46%	27.95%
Details of Crexus Investment Corp. Expected to close as soon as practicable after the tender offer expires in mid-April 2013. Upon completion of the merger, shareholders of Crexus Investment will receive $13.00 per share in cash.
+	AM	04/01/2013	Weiss Family (N/A)	All Cash	$878 million	$18.20	$18.33	180,018	07/31/2013	-0.71%	-3.01%
Details of American Greetings Corp. Expected to close in July 2013 for a closing value of $878 million. Upon completion of the merger, shareholders of American Greetings will receive $18.20 per share in cash and, if declared by the Board of Directors, one regular quarterly dividend of $0.15 per share declared and payable in a manner consistent with the Company’s past practice. If the transaction closed in July 2013, the targeted closing date, the total cash amount shareholders would receive would be $18.35 per share.
+	SOMH	01/29/2013	Lakeland Bancorp Inc. (LBAI)	All Stock	$64.4 million	$11.39	$11.47	7,700	09/30/2013	-0.72%	-1.78%
Details of Somerset Hills Bancorp Expected to close in the second or third quarter of 2013 for a closing value of $64.4 million. Upon completion of the merger, shareholders of Somerset Hills Bancorp will receive either 1.1962 shares of Lakeland Bancorp common stock or $12.00 in cash, subject to proration as described in the Merger Agreement, so that 90% of the aggregate merger consideration will be shares of Lakeland Bancorp common stock and 10% will be cash.
+	WRLS	07/12/2013	Avista Capital Partners (N/A)	All Cash	$253 million	$12.61	$12.72	164,623	06/30/2013	-0.86%	-5.74%
Details of Telular Corporation Expected to close on July 12, 2013 for a closing value of $253 million. Upon completion of the merger, shareholders of Telular Corporation will receive $12.61 per share in cash.
+	FSCI	04/11/2013	Sinclair Broadcast Group Inc. (SBGI)	All Cash	$373.3 milliom	$41.00	$41.37	23,304	09/30/2013	-0.89%	-2.22%
Details of Fisher Communications, Inc. Expected to close in the third quarter of 2013 for a closing value of $373.3 million. Upon completion of the merger, shareholders of Fisher Communications will receive $41.00 per share in cash.
+	PMTI	03/18/2013	Cynosure, Inc. (CYNO)	All Cash	$294 million	$13.65	$13.81	81,699	09/30/2013	-1.16%	-2.88%
Details of Palomar Medical Technologies Inc. Epected to close in the third quarter of 2013 for a closing value of $294 million. Upon completion of the merger, shareholders of Palomar Medial Technologies will receive $6.825 per share in cash and $6.825 per share in Cynosure common stock, subject to the following collar provisions: if the number determined by dividing the Target Stock Value by the Average Buyer Stock Price is less than or equal to 0.229, the Exchange Ratio shall be 0.229 and if the number determined by dividing the Target Stock Value by the Average Buyer Stock Price is greater than or equal to 0.283, the Exchange Ratio shall be 0.283. We are treating this an as all cash deal worth $13.65.
+	KYAK	11/08/2012	priceline.com Incorporated (PCLN)	All Cash	$1.65 billion	$40.00	$40.53	55,340	06/30/2013	-1.31%	-8.68%
Details of Kayak Software Corporation Expected to close in the second quarter of 2013 for a closing value of $1.65 billion. Upon completion of the merger, shareholders of Kayak Software Corporation will receive $40.00 per share in a cash or stock deal. KAYAK shareholders will have the right to elect to receive cash or stock with a value of $40 per KAYAK share, (subject to (i) the collar mechanism described below and (ii) pro ration such that the overall consideration in the deal to KAYAK shareholders will consist of one-third cash and two-thirds stock). The stock portion of the consideration will be subject to a 10% collar pursuant to which the value of thePriceline.com stock delivered to those receiving stock will be $40 per KAYAK share so long as the aggregate volume-weighted averagePriceline.com trading price for the 30-day period ending 2 days prior to Closing (as set forth more fully in the Merger Agreement) is between$571.31 and $698.27 per Priceline.com share. If such average price is above $698.27 or below $571.31, those receiving Priceline.com stock will receive a fixed exchange ratio as set forth in the Merger Agreement. On account of the variable ratio for those electing to receive stock and the collar, we are treating this as an all cash deal for now.
+	ACFC	02/26/2013	Bond Street Holdings (N/A)	All Cash	N/A	$5.00	$5.10	42,656	06/30/2013	-1.96%	-13.01%
Details of Atlantic Coast Financial Corporation Expected to close in the second quarter of 2013. Upon completion of the merger, shareholders of Atlantic Coast Federal Corporation will receive $5.00 per share in cash.
+	SSRX	02/08/2013	Decade Sunshine Limited (N/A)	All Cash	$340 million	$15.40	$16.49	23,411	06/30/2013	-6.61%	-43.87%
Details of 3SBio Inc. Expected to close in the second quarter of 2013 for a closing value of $340 million. Upon completion of the merger, shareholders of 3SBio will receive $15.40 per share in cash.
+	ES	01/07/2013	a subsidiary of Energy Capital Partners II, LLC (N/A)	All Cash	$1.1 billion	$3.75	$4.12	567,168	06/30/2013	-8.98%	-59.60%
Details of EnergySolutions, Inc Expected to close for a closing value of $1.1 billion. Upon completion of the merger, shareholders of Energy Solutions will receive $3.75 per share in cash.
+	OMX	02/20/2013	Office Depot, Inc. (ODP)	All Stock	$1.17 billion	$10.46	$11.59	971,803	12/31/2013	-9.71%	-14.84%
Details of OfficeMax Incorporated Expected to close by the end of the calendar year 2013 for a closing value of $1.17 billion in an all stock deal. Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.
+	MMR	12/05/2012	Freeport-McMoRan Copper & Gold Inc. (FCX)	All Cash	3.4 billion	$14.75	$16.76	1,671,552	06/30/2013	-11.99%	-79.59%
Details of McMoRan Exploration Co. Expected to close in the second quarter of 2013 for a closing value of $3.4 billion. Upon completion of the merger, shareholders of McMoRan Exploration will receive $14.75 per share in cash and 1.15 units of a royalty trust.
+	CLWR	12/17/2012	Sprint Nextel Corp. (S)	All Cash	$2.2 billion	$2.97	$3.38	10,106,003	03/31/2013	-12.13%	122.99%
Details of Clearwire Corporation Expected to close in the first quarter of 2013 for a closing value of $2.2 billion, Upon completion of the merger, shareholders of Clearwire Corporation will receive $2.90 per share in cash. Update(s) January 9, 2013: Dish Network offered $3.30 per share for Clearwire trumping Sprint Nextel’s $2.2 billion offer.
+	OUTD	03/13/2013	Kroenke Sports & Entertainment LLC (N/A)	All Cash	$227 million	$8.75	$10.00	267,127	06/30/2013	-12.50%	-82.95%
Details of Outdoor Channel Holdings, Inc. Expected to close in the first quarter of 2013. This is a cash (or) stock deal where shareholders can elect to either received $8 per share or they can receive one share in the new merged entity called IMOH that will be listed on the Nasdaq. Since IMOH is not yet listed, we are treating this as an all cash deal. According to the press release, the Company’s board has also approved a 25 cent per share special dividend which will be paid on or about December 7, 2012 to stockholders of record as of the close of business on November 27, 2012. According to the company, an aggregate of $115 million will be available for the Company’s stockholders electing cash. This implies that approximately 57% of investors will receive cash. Update(s) March 13, 2013: Outdoor Channel Holdings terminated its previously announced agreement to be acquired by InterMedia and entered into a merger agreement with Kroenke Sports & Entertainment for $8.75 in an all cash transaction.
+	VRTA	05/31/2012	Vestin Realty Mortgage II, Inc. (VRTB)	All Stock	N/A	$0.94	$1.17	N/A	03/31/2013	-19.40%	196.71%
Details of Vestin Realty Mortgage I, Inc Expected to close in the fourth quarter of 2012 in an all stock deal. Under the terms of the agreement, stockholders of VTRA (other than VRTB) will receive a fixed ratio of 0.82 share of VRTB common stock for each share of VRTA common stock they own.
+	WAVE	08/02/2012	AT&T, Inc. (T)	All Cash	$600 million	$1.00	$1.44	N/A	03/31/2013	-30.56%	309.80%
Details of Nextwave Wireless Inc. Expected to close in the first quarter of 2013 for a closing value of $600 million. Upon completion of the merger, shareholders of NextWave Wireless will receive $1.00 per share in cash.

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