Merger Arbitrage Mondays

Merger Arbitrage Mondays – June 14, 2010

June 14, 2010

If we are supposed to be on the verge of a bear market, someone forgot to mention it to the deal makers as we once again saw seven new mergers announcements last week. We have had seven new mergers announced in three out of the four last weeks. You can use our new Merger Arbitrage Tool to view the spreads on these new deals and sort the entire list by profit, annualized profit or closing date by clicking on the headers.

The new deals include the acquisition of Medical Nutrition USA (MDNU) by Danone for $4 per share in cash, the acquisition of of TTI Telecom (TTIL) by Teoco Corp. for $3 per share in cash, the acquisition of PMA Capital (PMACA) by Old Republic International Corp. (ORI) in an all stock deal in which Old Republic will issue 0.55 shares of its common stock in exchange for each outstanding common share of PMA, the acquisition of Virage Logic Corp (VIRL) by Synopsys (SNPS) for $12 per share in cash, the acquisition of Talecris (TLCR) by Grifols in a cash plus stock deal worth $26.16, the acquisition of Eclipsys Corporation (ECLP) by Allscripts-Misys Healthcare (MDRX) in an all stock deal where each share of Eclipsys will be converted into 1.2 shares of Allscripts and the acquisition of Buckeye GP Holdings (BGH) by Buckeye Partners LP (BPL) in an all stock deal where each Buckeye GP unit will be converted into 0.705 Buckeye Partners unit.

Shares of WuXi PharmaTech (WX) fell sharply last week after its acquisition by Charles River Labs (CRL) came into question. San Francisco based activist hedge fund Jana Partners has become the largest shareholder of Charles River Labs after acquiring 4.7 million shares in recent weeks according to this article on Seeking Alpha. The fund feels that the price paid for WuXi was “unjustified” and would like to see the merger stopped or renegotiated at a lower price. It will be interesting to see how this turns out as hedge fund legend Julian Robertson (Tiger Management) has held a sizable position in WuXi since before the merger announcement. Trading at $17.09, WuXi is now very close to its pre-merger price of $16.57.

	Symbol	Announced Date	Acquiring Company	Closing Value	Closing Price	Last Price	Closing Date	Profit	Annu. Profit
+	WX	04/26/2010	Charles River Laboratories (CRL)	$1.6 billion	$20.94	$17.09	12/31/2010	22.52%	41.10%
Details of Wuxi Pharmatech (Cayman) Inc. A Expected to close by the end of the year for a closing values of $1.6bn. It is a cash and stock transaction in which WuXi PharmaTech ADS holders will receive $11.25 in cash and $10.00 of Charles River common stock determined by an exchange ratio. This exchange ratio will be determined by dividing $10.00 by the weighted average Charles River common stock closing price as reported on the New York Stock Exchange for the 20-day trading period ending on the second business day prior to closing (Charles River Average Price). However, if the Charles River Average Price is equal to or greater than $43.1726, then the exchange ratio will be fixed at 0.2316, and if the Charles River Average Price is equal to or less than $37.1486, then the exchange ratio will be fixed at 0.2692.
+	ATBC	05/10/2010	Jacksonville Bancorp (JAXB)	N/A	$3.04	$2.56	09/30/2010	18.59%	62.84%
Details of Atlantic BancGroup Inc Expected to close in the third quarter of 2010. If the merger is completed, Atlantic BancGroup shareholders will receive 0.2 shares of Jacksonville Bancorp common stock for each share of Atlantic BancGroup common stock held, plus up to approximately $0.65 per share in cash, subject to the qualifying sale of certain Atlantic BancGroup assets.
+	AYE	02/11/2010	FirstEnergy (FE)	$8.5 billion	$24.60	$21.34	03/31/2011	15.27%	19.22%
Details of Allegheny Energy, Inc. Common S Expected to close by March 31, 2011 for a closing value $8.5bn. It is a stock based transaction @ 0.667 share of FE
+	SSE	02/23/2010	Naugatuck Valley Financial Corp (NVSL)	$19.5 million	$7.25	$6.33	08/16/2010	14.53%	84.20%
Details of Southern Connecticut Bancorp In Expected to close by the third calendar quarter of 2010, for a closing value of $19.5mn @ $7.25/share. The Cash/stock election is subject to proration
+	Q	04/22/2010	Century Link (CTL)	$10.6 billion	$5.73	$5.29	04/21/2011	8.24%	9.67%
Details of Qwest Communications Internatio Expected to close in the first half of 2011for a value of $10.6bn. Under the terms of the agreement, Qwest shareholders will receive 0.1664 CenturyLink shares for each share of Qwest common stock they own at closing.
+	BGH	06/11/2010	Buckeye Partners LP (BPL)	$1.14 billion	$39.38	$36.65	12/31/2010	7.45%	13.60%
Details of Buckeye GP Holdings Expected to close in the fourth quarter of 2010 for a closing value of $1.14 billion. Under the deal, for each Buckeye GP unit, holders will get 0.705 Buckeye Partners units.
+	TTIL	06/09/2010	Teoco Corp. (N/A)	$58 million	$3.00	$2.80	09/30/2010	7.14%	24.14%
Details of TTI Telecom Expected to close in the third quarter of 2010 for a closing value of $58 million. On the completion of the merger, TTIL shareholders will receive $3 per share in cash.
+	ECLP	06/09/2010	Allscripts-Misys Healthcare (MDRX)	$1.3 billion	$20.72	$19.40	11/15/2010	6.82%	16.18%
Details of Eclipsys Corporation Expected to close in the next four or six months from June 2010 for a closing value of $1.3 billion. On the completion of the merger, Eclipsys shareholders will receive 1.2 shares of Allscripts.
+	PINN	02/24/2010	Investor Group lead by Scotia Waterous (USA) (N/A)	$11 million	$0.34	$0.32	06/30/2010	6.25%	142.58%
Details of Pinnacle Gas Resources, Inc. Expected to close by the second quarter of 2010 for a closing value of $11mn. It is a cash deal @ $0.34 per share
+	SWWC	03/03/2010	Institutional Investors (N/A)	$275 million	$11.00	$10.38	03/31/2011	5.97%	7.52%
Details of Southwest Water Company Expected to close by 3/31/2011 for a closing value of $275 million. It is a cash deal @ $11.00 per share
+	ME	04/15/2010	Apache (APA)	$2.7 billion	$23.76	$22.42	09/30/2010	5.97%	20.19%
Details of Mariner Energy, Inc. Mariner En Expected to close by the third quarter of 2010 for a value of $2.7bn. Under the cash and stock deal, Mariner stockholders will receive cash of $7.80 and 0.17043 of a share of Apache common stock in exchange for each share of Mariner common stock.
+	EMMS	05/25/2010	JS Acquisition and Alden Global Capital (N/A)	$3 billion	$2.40	$2.28	09/30/2010	5.26%	17.79%
Details of Emmis Communications Corporatio Expected to close in the third quarter of 2010 for a closing value of over $3bn. On the completion of the merger, Emmis Communications shareholders will receive $2.40 per share in cash.
+	DIVX	06/02/2010	Sonic Solutions (SNIC)	$323 million	$8.73	$8.39	09/30/2010	4.06%	13.72%
Details of DivX Expected to close by the third quarter of 2010 for a cosing value of $323mn. On the completion of the merger, DivX shareholders will receive $3.75 in cash and 0.514 shares of Sonic Solutions common stock for each share of DivX they hold.
+	VTIV	05/06/2010	Thomas H. Lee Partners (N/A)	$1.1 billion	$26.00	$25.00	09/30/2010	4.00%	13.52%
Details of inVentiv Health, Inc. Expected to close by the third quarter of 2010 for a closing value of approx $1.1bn. Under the terms of the agreement, which has been approved by inVentiv’s board of directors, inVentiv shareholders will receive $26.00 in cash for each share of VTIV common stock they hold.
+	EFJI	05/17/2010	Francisco Partners (N/A)		$1.05	$1.01	09/30/2010	3.96%	13.38%
Details of EFJohnson Technologies, Inc Expected to close by the third quarter of 2010. On the completion of the merger, EF Johnson Technologies shareholders will receive $1.05 per share in cash.
+	PSYS	05/17/2010	Universal Health (N/A)	$3.1 billion	$33.75	$32.52	12/31/2010	3.78%	6.90%
Details of Psychiatric Solutions, Inc. Expected to close by the fourth quarter of 2010 for a closing value of $3.1bn. On the completion of the merger, Psychiatric Solutions shareholders will receive $33.75 per share in cash.
+	MAM	03/12/2010	Emera Inc (N/A)	$75.7 million	$45.00	$43.45	12/31/2010	3.57%	6.51%
Details of Maine & Maritimes Corporation C Expected to close by the end of 2010 for a closing value of $75.7 million. The cash deal is @ $45 per share
+	GLG	05/17/2010	Man Group (N/A)	$1.6 billion	$4.50	$4.35	09/30/2010	3.45%	11.65%
Details of GLG Partners Inc Common Stock Expected to close by the third quarter of 2010 for a closing value of approximately $1.6bn. On the completion of the merger, GLG Partners shareholders will receive $4.50 per share in cash.
+	OMNI	06/04/2010	Wellspring Capital Management (N/A)	$122 million	$2.75	$2.66	11/15/2010	3.38%	8.02%
Details of OMNI Energy Services Corp. Expected to close in the second half of 2010 for a closing value of $122mn. On the completion of the merger OMNI Energy Services shareholders will receive $2.75 per share in cash.
+	IDC	05/04/2010	Silver Lake & Warburg Pincus (N/A)	$3.4 billion	$33.86	$32.76	09/30/2010	3.36%	11.35%
Details of Interactive Data Corporation Co Expected to close by the third quarter of 2010 for a cosing value of $3.4bn. According to the deal, Interactive Data shareholders will receive $33.86 per share in cash.
+	PMACA	06/10/2010	Old Republic International (ORI)	$228 million	$7.28	$7.05	09/30/2010	3.21%	10.86%
Details of PMA Capital Expected to close in the third quarter of 2010 for a closing value of $228 million. As part of the agreement, Old Republic will issue 0.55 shares of its common stock in exchange for each outstanding common share of PMA.
+	BNE	02/24/2010	RR Donnelley (RRD)	$481 million	$11.50	$11.15	09/30/2010	3.14%	10.61%
Details of Bowne & Co., Inc. Common Stock Expected to close by the second half of 2010 for a closing value of $481mn. It is a cash deal @ $11.50 per share
+	SII	02/19/2010	Schlumberger (SLB)	$7.5 billion	$41.43	$40.23	09/30/2010	2.99%	10.11%
Details of Smith International, Inc. Commo Expected to close by the second half of 2010. It is a stock-for-stock merger @ 0.6966 shares of SLB / $42.96 per SII share
+	ORCD	03/16/2010	eMusic (N/A)	$12.77 million	$2.05	$2.00	08/16/2010	2.50%	14.48%
Details of The Orchard Enterprises, Inc Expected to close by the third quarter of 2010 for $12.7 million @ $2.05 per share.
+	STBK	03/18/2010	Roma Financial Corp (ROMA)	$14.7 million	$2.52	$2.46	08/16/2010	2.44%	14.13%
Details of Sterling Banks, Inc. Expected to close in the third quarter of 2010 for a closing value of $14.7 million. The cash deal is @ $2.52 per share
+	PFWD	04/16/2010	Oracle Corp. (ORCL)	$685 million	$17.00	$16.61	06/30/2010	2.35%	53.56%
Details of Phase Forward Incorporated Expected to close in the middle of the year 2010 for a value of $685mn. Oracle is paying $17 per share in cash.
+	SNWL	06/03/2010	investor group led by private equity firm Thoma Bravo LLC (N/A)	$636 million	$11.50	$11.26	12/31/2010	2.13%	3.89%
Details of SonicWall Expected to close by the end of the year for a closing value of $636mn.On the completion of the merger SonicWall shareholders will get $11.50 per share in cash.
+	BSMD	05/13/2010	Merit Medical Systems (MMSI)	$96 million	$4.38	$4.29	09/30/2010	2.10%	7.09%
Details of BioSphere Medical, Inc. Expected to close in the third quarter of 2010 for a closing value of $96mn.If the merger is completed, BioSphere Medical shareholders will receive $4.38 per share in cash.
+	VRAD	05/17/2010	Providence Equity (N/A)	$294 million	$17.25	$16.90	09/30/2010	2.07%	7.00%
Details of Virtual Radiologic Corporation Expected to close by the third quarter of 2010 for a closing value of $294mn. On the completion of the merger, Virtual Radiologic shareholders will receive $17.25 per share in cash.
+	RCNI	03/05/2010	ABRY Partners (N/A)	$536 million	$15.00	$14.70	09/30/2010	2.04%	6.90%
Details of RCN Corp. Expected to close by the Second half 2010 for a closing value of $536mn. It is a cash deal @ $15.00 per share
+	MIR	04/12/2010	RRI Energy In. (RRI)	$1.6 billion	$12.22	$12.00	12/31/2010	1.82%	3.33%
Details of Mirant Corp Common Stock Expected to close by the end of the year 2010 for a value of $1.6bn. Mirant Corp. will combine with RRI Energy Inc. in a stock-deal to form GenOn Energy. Mirant stockholders will get about 2.84 RRI common shares for each Mirant share they own.
+	DCP	04/12/2010	Cerberus Capital Management (N/A)	$1.5 billion	$17.55	$17.25	11/15/2010	1.74%	4.12%
Details of Dyncorp International Inc. Dync Expected to close in the third or fourth quarter of 2010 for a value of $1.5bn. DynCorp International
+	DBTK	05/17/2010	Vision Solutions (N/A)	$242 million	$10.55	$10.37	09/30/2010	1.74%	5.87%
Details of Double-Take Software, Inc. Expected to close by the third quarter of 2010 for a closing value of $242mn. On the completion of the merger, Double-Take Software shareholders will receive $10.55 per share in cash.
+	PRPX	02/17/2010	L.B. Foster Co. (N/A)	$112 million	$11.71	$11.52	06/30/2010	1.65%	37.62%
Details of Portec Rail Products, Inc. Expected to close by the end of June 2010 for a closing value of $112mn. The cash deal is @ $11.71 per share
+	TSFG	05/17/2010	TD Bank Financial Group (N/A)	$61 million	$0.28	$0.2757	09/30/2010	1.56%	5.27%
Details of The South Financial Group Inc. Expected to close by the third quarter of 2010 for a closing value of $61mn. On the completion of the merger, The South Financial Group shareholders will receive either $0.28 in cash or 0.004 shares of TD Bank Financial Group common stock per The South Financial Group common share held.
+	ATSI	04/29/2010	Medtronic (MDT)	$350 million	$4.00	$3.94	09/30/2010	1.52%	5.15%
Details of ATS Medical, Inc. Expected to close by September 30 for a value of $350mn. Medtronic is offering ATS Medical $4 per share
+	CAL	05/03/2010	United (UAUA)	$1.2 billion	$23.92	$23.57	12/31/2010	1.48%	2.70%
Details of Continental Airlines, Inc. Comm Expected to close by the end of 2010 for a closing value of approximately $1.2bn. In the merger, Continental shareholders will receive 1.05 shares of United common stock for each Continental common share they own.
+	HTRN	05/05/2010	Endo Pharmaceuticals (ENDP)	$223 million	$4.85	$4.78	07/31/2010	1.46%	11.37%
Details of HealthTronics, Inc. Expected to close by July 31, 2010 for a closing value of $223mn. The deal is @ $4.85 cash per HealthTronics share
+	WMZ	05/24/2010	Williams Partners L.P. (WPZ)		$31.42	$31.02	09/30/2010	1.29%	4.36%
Details of Williams Pipeline Partners LP C Expected to close in the third quarter of 2010. On the completion of the merger, Williams Pipeline Partners shareholders will receive 0.7584 shares of Williams Partners common stock per share held.
+	MDNU	06/11/2010	Danone (N/A)	$62.3 million	$4.00	$3.95	09/30/2010	1.27%	4.28%
Details of Medical Nutrition USA Expected to close in the third quarter of 2010 for a closing value of $62.3 million. On the completion of the merger, shareholders of Medical Nutrition USA will receive $4 per share in cash.
+	CYBS	04/21/2010	Visa Inc. (V)	$2.0 billion	$26.00	$25.68	09/30/2010	1.25%	4.21%
Details of CyberSource Corporation Expected to close in Visa’s Fourth Fiscal Quarter ending in September for a closing value of $2bn. The closing price for the cash deal is at a price of $26.00 per share.
+	NADX	04/05/2010	GDC Holdings Inc. (N/A)	$100 million	$17.00	$16.80	06/30/2010	1.19%	27.16%
Details of National Dentex Corporation Expected to close at the end of the quarter ending June 30 for a value of $100mn. The deal is @ $17.00 per share in cash.
+	CRN	04/19/2010	GeoGroup (GEO)	$685 million	$26.29	$25.98	09/30/2010	1.18%	3.98%
Details of Cornell Corrections, Inc. Commo Expected to close in the third quarter of 2010 at an estimated enterprise value of $685 million based on the closing prices of both companies
+	CPII	05/10/2010	Comtech (CMTL)	$472.3 million	$15.96	$15.80	09/30/2010	1.03%	3.48%
Details of CPI International, Inc. Expected to close in the third quarter of 2010 for a closing alue of $472.3mn. If the merger is completed, CPI International shareholders will receive a combination of $9.00 in cash plus a fraction of Comtech common stock equal to $8.10 divided by the average closing price of Comtech common stock over a specified period of time prior to closing, provided that the fraction shall not be greater than 0.2382 nor less than 0.2132.
+	WEL	04/09/2010	Halliburton Company (HAL)	$240 million	$3.00	$2.97	09/30/2010	1.01%	3.41%
Details of Boots and Coots, Inc. Common St Expected to close in the summer of 2010 for a value of $240mn. The $3 cash & stock deal consists of $1.73 in cash and $1.27 in Halliburton stock.
+	ODSY	05/24/2010	Gentiva Health Services (GTIV)	$1.0 billion	$27.00	$26.74	09/30/2010	0.97%	3.29%
Details of Odyssey Healthcare, Inc. Expected to close in the third quarter of 2010 for a closing value of $1.0bn. On the completion of the merger, Odyssey HealthCare shareholders will receive $27.00 per share in cash.
+	CKR	03/01/2010	Apollo Management VII (N/A)	$694 million	$12.55	$12.43	06/30/2010	0.97%	22.02%
Details of CKE Restaurants, Inc. Common St Expected to close by June 30 for a closing value of $694 mn.CKE scrapped the THL deal and accepted Apollo’s takeover bid @ $12.55 per share.
+	VIRL	06/10/2010	Synopsys (SNPS)	$315 million	$12.00	$11.90	12/31/2010	0.84%	1.53%
Details of Virage Logic Corp Expected to close in the fourth quarter of 2010 for a closing value of $315 million. The deal values Virage at $12 per share.
+	SXE	05/07/2010	CGI Group (N/A)	$904 million	$37.50	$37.19	09/30/2010	0.83%	2.82%
Details of Stanley, Inc. Common Stock Expected to close during the fall of 2010 for a closing value of $904mn. CGI will pay shareholders $37.50 for each share of Stanley.
+	SENO	05/05/2010	Bard (BARD.PK)	$200 million	$11.00	$10.91	09/30/2010	0.82%	2.79%
Details of SenoRx, Inc. Expected to close by the third quarter of 2010 for a closing value of $200mn. The deal is @ $11.00 per share in cash.
+	IUSA	03/08/2010	CCMP (N/A)	$460 million	$8.00	$7.94	06/30/2010	0.76%	17.24%
Details of infoGROUP Inc. Expected to close by this Summer for a value of $460 million @ $8.00 per share
+	BELM	03/29/2010	Avnet (AVT)	$252 million	$7.00	$6.95	06/30/2010	0.72%	16.41%
Details of Bell Microproducts Inc. Expected to close in two to four months for a closing value of $252mn and also assuming $342 million in debt for the company as part of the transaction, bringing the total value of the deal up to $594 million.Avnet is paying $7 a share for San Jose-based Bell Microproducts Inc.
+	SY	05/12/2010	SAP (SAP)	$5.8 billion	$65.00	$64.60	09/30/2010	0.62%	2.09%
Details of Sybase, Inc. Common Stock Expected to close in the third quarter of 2010 for a closing value of $5.8bn. If the merger is completed, Sybase shareholders will receive $65.00 per share in cash.
+	EVVV	06/01/2010	Covidien plc (COV)	$2.6 billion	$22.50	$22.37	07/31/2010	0.58%	4.51%
Details of ev3 Expected to close by July 31, 2010 for a closing value of $2.6bn. Covidien will pay $22.50 in cash for each ev3 share.
+	MIL	03/01/2010	Merck (MRK)	$6 billion	$107.00	$106.67	09/30/2010	0.31%	1.05%
Details of Millipore Corporation Common St Expected to close by the second half of 2010 for a closing value of $6bn. It is a cash deal @ $107 per share
+	RBI	03/15/2010	affiliate of Oncap Management Partners L.P. (N/A)		$13.55	$13.52	08/16/2010	0.22%	1.29%
Details of Sport Supply Group, Inc Expected to close in the second or third quarter of 2010. ONCAP has the unilateral option to terminate the merger agreement by paying to Sport Supply Group a termination fee of either $6,000,000 or $10,000,000, depending on whether financing is available to ONCAP. It is a cash deal @ $13.55
+	BWY	03/29/2010	Madison Dearborn Partners, LLC ("MDP") (N/A)	$915 million	$20.00	$19.99	08/16/2010	0.05%	0.29%
Details of Bway Holding Company Expected to close in the second or third quarter of 2010 for a value of $915 million.Under the agreement, BWAY shareholders will receive $20.00 cash for each share of BWAY common stock they own.
+	NGA	04/01/2010	AZZ Inc. (AZZ)	$125.6 million	$7.50	$7.50	08/31/2010	0.00%	0.00%
Details of North American Galvanizing & Co Expected to close by the end of AZZ’s fiscal second quarter, Aug. 31for a value of $125.6 million. AZZ plans a cash tender offer for NAGC of $7.50 per share
+	PALM	04/28/2010	Hewlett – Packard (HPQ)	$1.2 billion	$5.70	$5.70	07/31/2010	0.00%	0.00%
Details of Palm, Inc. Expected to close by July 31, 2010 for a closing value of $1.2bn. It is a cash deal @ $5.7 per share.
+	VETS	06/02/2010	VCA Antech Inc (WOOF)	$41.25 million	$0.34	$0.34	09/30/2010	0.00%	0.00%
Details of PET DRx Corp Expected to close by the third quarter of 2010 for a closing value of $41.25mn. On the completion of the mergerPet DRx shareholders are expected to receive $0.34 – $0.36 per share in cash.
+	TWPG	04/26/2010	Stifel Financial (SF)	$300 million	$6.21	$6.23	06/30/2010	-0.29%	-6.72%
Details of Thomas Weisel Partners Group, I Expected to close on June 30 for a closing values of $300mn. Stifel plans to acquire all of the outstanding shares of Thomas Weisel Partners common stock in a stock-for-stock merger using a fixed exchange ratio of 0.1364 shares of Stifel common stock for each share of Thomas Weisel Partners common stock.
+	GNA	06/02/2010	Gerdau (GGB)	$1.7 billion	$11.00	$11.05	N/A	-0.45%	0.00%
Details of Gerdau Ameristeel Corporation
+	ARD	04/04/2010	SandRidge Energy Inc. (SD)	$1.6 billion	$34.70	$35.20	09/30/2010	-1.43%	-4.82%
Details of Arena Resources Inc Common Stoc Expected to close during the second or third quarter of 2010 for a value of $1.6bn. The stock-cash merger is @ 4.7771 shares of SandRidge common stock and $2.50 in cash for each share of Arena common stock.
+	MCCC	06/01/2010	Chief Executive Rocco Commisso (N/A)	$590 million	$6.00	$6.79	N/A	-11.63%	0.00%
Details of Mediacom Communications Corporation
+	TLCR	06/07/2010	Grifols (N/A)	$3.4 billion	$19.00	$21.81	12/31/2010	-12.88%	-23.51%
Details of Talecris Expected to close by the end of the year for a closing value of $3.4 billion. On the completion of the merger Grifols will pay $19 in cash and 0.641 newly issued, nonvoting shares for each share of Talecris.
+	DTG	04/26/2010	Hertz (HTZ)	$1.3 billion	$39.34	$45.23	12/31/2010	-13.03%	-23.77%
Details of Dollar Thrifty Automotive Group Expected to close by the end of the year for a value of $1.3 billion. The transaction values Dollar Thrifty stock at approximately $41.00 per share. the $41.00 per share purchase price is comprised of 80% cash consideration and 20% stock consideration. The cash portion will be paid in two components; (1) a $200 million special cash dividend representing approximately $6.88 per share, to be paid by Dollar Thrifty immediately prior to the transaction closing and (2) $25.92 per share to be paid by Hertz at the closing. The stock is at a fixed exchange ratio of 0.6366 per share, based upon a Hertz common stock closing price of $12.88 per share on April 23, 2010.
+	SMMX	04/05/2010	Accelrys Inc. (ACCL)	$186 million	$5.16	$6.21	06/30/2010	-16.89%	-385.34%
Details of Symyx Technologies, Inc. Expected to be completed by the end of June 2010 for a value for $186mn. It is an all-stock merger where Symyx shareholders will receive 0.7802 shares of Accelrys common stock for each share of Symyx.
+	CCE	02/25/2010	The Coca-Cola Company (KO)	$12.3 billion	N/A	$26.27	10/01/2010	N/A	N/A
Details of Coca-Cola Enterprises, Inc. Com Expected to close by October 1, 2010 for a closing value of $1.23bn. The deal includes $10 per share + a share in a new bottling company

Merger Arbitrage Mondays – June 14, 2010

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