Merger Arbitrage Mondays

Merger Arbitrage Mondays – August 16, 2010

August 16, 2010

When compared to the past few weeks, there was a significant increase in merger activity last week with eight new deals announced and four deals closing.

The new all-cash deals include the acquisition of Superior Well Services (SWSI) by Nabors (NBR) for $22.12 per share in cash, the acquisition of Penwest Pharmaceuticals (PPCO) by Endo Pharmaceuticals (ENDP) for $5.00 per share in cash, the acquisition of Unica(UNCA) by IBM (IBM) for $21 per share in cash and the acquisition of Dynegy (DYN) by the Blackstone Group (BX) for $4.50 per share in cash.

The new all-stock or cash plus stock deals include the acquisition of Inergy Holdings (NRGP) by Inergy (NRGY) in an all stock deal where Inergy Holdings shareholders will receive 0.77 NRGY common units in exchange for each NRGP common unit, the acquisition of Comm Bancorp (CCBP) by F.N.B. Corporation (FNB) in a cash plus stock deal where Comm Bancorp shareholders will receive 3.4545 shares of F.N.B. common stock and $10.00 in cash for each share of Comm Bancorp held on the completion of the merger, the acquisition of Allis-Chalmers Energy (ALY) by Seawell where Allis-Chalmers stockholders will have the right to elect $4.25 in cash or 1.15 Seawell common shares for each share of Allis-Chalmers common stock, subject to proration if more than 35% of the shares elect to receive cash.

The acquisition of Trubion Pharmaceuticals (TRBN) by Emergent Biosolutions (EBS) is a new deal with special conditions where Trubion Pharmaceuticals shareholders will receive $1.365 per share in cash and 0.1641 shares of Emergent BioSolutions common stock per share held, plus one Contingent Value Right (CVR) per share, which will entitle the holder to receive cash payments based upon achievement of the following predefined milestones:

	Symbol	Announced Date	Acquiring Company	Closing Value	Closing Price	Last Price	Closing Date	Profit	Annu. Profit
+	TLCR	06/07/2010	Grifols (GRF.MC)	$3.4 billion	$26.32	$22.25	12/31/2010	18.29%	48.73%
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.
+	EMMS	05/25/2010	JS Acquisition and Alden Global Capital (N/A)	$3 billion	$2.40	$2.0525	09/30/2010	16.93%	137.33%
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.
+	ATBC	05/10/2010	Jacksonville Bancorp (JAXB)	N/A	$2.40	$2.05	09/30/2010	16.88%	136.90%
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.
+	ALY	08/12/2010	SeaDrill (N/A)	$890 million	$4.25	$3.70	12/31/2010	14.86%	39.60%
Details of Allis-Chalmers Energy, Inc. Expected to close by the end of the year 2010 for a closing value of $890 million. On the completion of the merger, Allis-Chalmers shareholders will get $4.25 in cash or 1.15 Seawell shares for each shares of Allis-Chalmers, subject to proration if more than 35% of the shares elect to receive cash.
+	SSE	02/23/2010	Naugatuck Valley Financial Corp (NVSL)	$19.5 million	$7.25	$6.341	09/30/2010	14.34%	116.28%
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
+	AYE	02/11/2010	FirstEnergy (FE)	$8.5 billion	$24.17	$22.27	03/31/2011	8.54%	13.73%
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
+	PINN	02/24/2010	Investor Group lead by Scotia Waterous (USA) (N/A)	$11 million	$0.34	$0.3222	08/21/2010	5.52%	403.29%
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
+	Q	04/22/2010	Century Link (CTL)	$10.6 billion	$6.00	$5.69	04/21/2011	5.43%	7.99%
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	$43.90	$42.17	12/31/2010	4.10%	10.93%
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.
+	ATAC	07/19/2010	Genco Distribution System Inc. (N/A)	$513 million	$25.00	$24.02	12/31/2010	4.08%	10.87%
Details of ATC Technology Expected to close by the fourth quarter of 2010 for a closing value of $513 million. On the completion of the merger, ATC shareholders will receive $25 per share in cash.
+	BNE	02/24/2010	RR Donnelley (RRD)	$481 million	$11.50	$11.12	09/30/2010	3.42%	27.72%
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
+	CCBP	08/09/2010	F.N.B. Corporation (FNB)	$70 million	$37.19	$36.00	12/31/2010	3.30%	8.78%
Details of Comm Bancorp Expected to close in the fourth quarter of 2010 for a closing value of $70 million. On the completion of the merger Comm Bancorp shareholders will receive 3.4545 shares of F.N.B. common stock and $10.00 in cash for each share of Comm Bancorp held.
+	ALOY	06/24/2010	ZelnickMedia (N/A)	$126.5 million	$9.80	$9.50	12/31/2010	3.16%	8.41%
Details of Alloy Expected to close in the fourth quarter of 2010 for a closing value of $126.5 million. On the completion of the merger, shareholders of Alloy Inc. will receive $9.80 per share in cash.
+	TTIL	06/09/2010	Teoco Corp. (N/A)	$58 million	$3.00	$2.91	09/30/2010	3.09%	25.09%
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.
+	VETS	06/02/2010	VCA Antech Inc (WOOF)	$41.25 million	$0.34	$0.33	09/30/2010	3.03%	24.58%
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.
+	XJT	08/04/2010	SkyWest (SKYW)	$133 million	$6.75	$6.58	12/31/2010	2.58%	6.88%
Details of Expressjet Holdings Expected to close in the fourth quarter of 2010, for a closing value of $133 million. On the completion of the merger, Expressjet shareholders will receive $6.75 per share in cash.
+	PRPX	02/17/2010	L.B. Foster Co. (FSTR)	$112 million	$11.71	$11.43	08/31/2010	2.45%	59.61%
Details of Portec Rail Products, Inc. Expected to close by August 31, 2010 for a closing value of $112mn. The cash deal is @ $11.71 per share
+	SMTB	07/15/2010	People's United Financial Inc. (PBCT)	$60 million	$3.89	$3.80	12/31/2010	2.36%	6.29%
Details of Smithtown Bancorp Inc Expected to close in the fourth quarter of 2010, for a closing value of $60 million. On the completion of the merger, Smithtown Bancorp shareholders will receive 0.1430 shares of People's United common stock and $2.00 in cash.
+	DIVX	06/02/2010	Sonic Solutions (SNIC)	$323 million	$7.76	$7.59	09/30/2010	2.30%	18.63%
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.
+	MIR	04/12/2010	RRI Energy In. (RRI)	$1.6 billion	$10.18	$9.97	12/31/2010	2.08%	5.55%
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.
+	OMNI	06/04/2010	Wellspring Capital Management (N/A)	$122 million	$2.75	$2.70	11/15/2010	1.85%	7.43%
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.
+	NTY	07/15/2010	The Carlyle Group (N/A)	$3.8 billion	$55.00	$54.01	12/31/2010	1.83%	4.88%
Details of NBTY Inc. Expected to close by the end of 2010 for a closing value of $3.8 billion. On the completion of the merger, NBTY shareholders will receive $55 per share in cash.
+	TSFG	05/17/2010	TD Bank Financial Group (N/A)	$61 million	$0.28	$0.275	09/30/2010	1.82%	14.75%
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.
+	GLG	05/17/2010	Man Group (N/A)	$1.6 billion	$4.50	$4.42	09/30/2010	1.81%	14.68%
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.
+	PSYS	05/17/2010	Universal Health (N/A)	$3.1 billion	$33.75	$33.16	12/31/2010	1.78%	4.74%
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.
+	ACF	07/22/2010	General Motors Co. (N/A)	$3.5 billion	$24.50	$24.08	12/31/2010	1.74%	4.65%
Details of AmeriCredit Corp. Expected to close in the fourth quarter of 2010, for a closing value of $3.5 billion. On the completion of the merger, ACF shareholders will receive $24.50 per share in cash.
+	NRGP	08/09/2010	Inergy (NRGY)	$2.07 billion	$30.48	$30.00	12/31/2010	1.59%	4.23%
Details of Inergy Holdings Expected to close in the fourth quarter of 2010 for a closing value of $2.07 billion in an all-stock deal. On the completion of the merger Inergy Holdings shareholders will receive 0.77 NRGY common units in exchange for each NRGP common unit they own.
+	LSBX	07/15/2010	People's United Financial Inc. (PBCT)	$96 million	$21.00	$20.70	12/31/2010	1.45%	3.86%
Details of LSB Corporation Expected to close in the fourth quarter of 2010 for a closing value of $96 million. On the completion of the merger, LSBX shareholders will receive $21 per share in cash.
+	WMZ	05/24/2010	Williams Partners L.P. (WPZ)		$32.85	$32.38	09/30/2010	1.44%	11.68%
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.
+	ECLP	06/09/2010	Allscripts-Misys Healthcare (MDRX)	$1.3 billion	$20.32	$20.06	11/15/2010	1.28%	5.12%
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.
+	MAM	03/12/2010	Emera Inc (N/A)	$75.7 million	$45.00	$44.45	12/31/2010	1.24%	3.30%
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
+	PMACA	06/10/2010	Old Republic International (ORI)	$228 million	$6.85	$6.77	09/30/2010	1.14%	9.29%
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.
+	NYM	07/15/2010	ProSight (N/A)	$230 million	$25.75	$25.46	12/31/2010	1.14%	3.03%
Details of NYMagic Expected to close in the fourth quarter of 2010 for a closing value of $230 million. On the completion of the merger, NYMagic shareholders will receive $25.75 per share in cash.
+	ADCT	07/13/2010	Tyco Electronics (TEL)	$1.24 billion	$12.75	$12.61	12/31/2010	1.11%	2.96%
Details of ADC Telecommunications Inc Expected to close in the fourth quarter of 2010, for a closing value of $1.24 billion. On the completion of the merger, ADC Telecommunications shareholders will receive $12.75 per share in cash
+	HEW	07/12/2010	Aon Corp (AON)	$4.9 billion	$49.09	$48.56	11/15/2010	1.10%	4.40%
Details of Hewitt Associates Expected to close by mid-November 2010, Aon Corp plans to acquire Hewitt Associates for $4.9 billion. The deal is a cash plus stock deal worth $50 at the time of announcement. Hewitt shareholders will receive $25.61 in cash and 0.6362 shares of AON.
+	WAIN	06/29/2010	Eastern Bank (N/A)	$163 million	$19.00	$18.80	12/31/2010	1.06%	2.83%
Details of Wainwright Bank & Trust Expected to close in the fourth quarter of 2010 for a closing value of $163 million. On the completion of the merger, Eastern Bank will pay $19 in cash for each share of Wainwright Bank.
+	WEL	04/09/2010	Halliburton Company (HAL)	$240 million	$3.00	$2.97	09/30/2010	1.01%	8.19%
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.
+	AEZ	07/28/2010	Hess Corp (HES)	$450 million	$7.25	$7.18	12/31/2010	0.91%	2.42%
Details of American Oil & Gas Inc. Expected to close in the fourth quarter of 2010 for a closing value of $450 million. On the completion of the merger, Hess will issue 0.1373 shares of its stock for each outstanding share of American Oil & Gas.
+	SWWC	03/03/2010	Institutional Investors (N/A)	$275 million	$11.00	$10.91	03/31/2011	0.82%	1.33%
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	$23.35	$23.17	09/30/2010	0.79%	6.42%
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.
+	ACAP	07/08/2010	The Doctors Company (N/A)	$386 million	$41.50	$41.18	12/31/2010	0.78%	2.07%
Details of American Physicians Capital Inc. Expected to close in the fourth quarter of 2010 for a closing value of $386 million. On the completion of the merger, American Physicians Capital shareholders will receive $41.50 per share in cash.
+	UNCA	08/13/2010	IBM (IBM)	$480 million	$21.00	$20.84	12/31/2010	0.77%	2.05%
Details of Unica Corporation Expected to close by the end of 2010 for a closing value of $480 million. On the completion of the merger Unica Corporation shareholders will receive $21 per share in cash.
+	GNA	06/02/2010	Gerdau (GGB)	$1.7 billion	$11.00	$10.92	08/31/2010	0.73%	17.83%
Details of Gerdau Ameristeel Corporation Expected to close by August 31, 2010 for a closing value of $1.7 billion. On the completion of the merger Gerdau Ameristeel shareholders will receive $11.00 per share in cash.
+	MEND	07/12/2010	Johnson & Johnson (JNJ)	$480 million	$23.40	$23.23	09/30/2010	0.73%	5.94%
Details of Micrus Endovascular Expected to close in the second half of 2010, JNJ plans to acquire MEND in an all cash deal valued at $480 million. MEND shareholders will receive $23.40 in cash should the deal complete.
+	PPCO	08/09/2010	Endo Pharmaceuticals (ENDP)	$144 million	$5.00	$4.97	12/31/2010	0.60%	1.61%
Details of Penwest Pharmaceuticals Expected to close in the fourth quarter of 2010 for a closing value of $144 million. On the completion of the merger, Penwest Pharmaceuticals shareholders will receive $5.00 per share in cash.
+	RCNI	03/05/2010	ABRY Partners (N/A)	$536 million	$15.00	$14.91	09/30/2010	0.60%	4.90%
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
+	RUBO	05/10/2010	Mill Road Capital (N/A)	$91 million	$8.70	$8.65	08/23/2010	0.58%	30.14%
Details of Rubio's Restaurants Expected to close on August 23, 2010 for a closing value of $91 million. On the completion of the merger, Rubio's Restaurants shareholders will receive $8.70 per share in cash.
+	VIRL	06/10/2010	Synopsys (SNPS)	$315 million	$12.00	$11.96	12/31/2010	0.33%	0.89%
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.
+	BXC	07/22/2010	Cerberus Capital Management (N/A)	$111.1 million	$3.40	$3.39	12/31/2010	0.29%	0.79%
Details of BlueLinx Holdings Inc. Expected to close in the fourth quarter of 2010 for a closing value of $111.1 million. On the completion of the merger, BXC shareholders will receive $3.40 per share in cash.
+	SII	02/19/2010	Schlumberger (SLB)	$7.5 billion	$40.93	$40.82	09/30/2010	0.27%	2.23%
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
+	QUOT	06/11/2010	LQ Acquisition (N/A)	$19 million	$4.00	$3.99	09/30/2010	0.25%	2.03%
Details of Life Quotes Expected to close in the third quarter of 2010 for a closing value of $19 million. On the completion of the merger Life Quotes shareholders will receive $4.00 per share in cash.
+	HGRD	07/28/2010	an affiliate of the private equity firm Vestar Capital (N/A)	$294 million	$8.20	$8.18	09/30/2010	0.24%	1.98%
Details of Health Grades Inc. Expected to close by the third quarter of 2010 for a closing value of $294 million. On the completion of the merger, HGRD shareholders will receive $8.20 per share in cash. Closing the transaction is subject to conditions that include regulatory approval.
+	BSMD	05/13/2010	Merit Medical Systems (MMSI)	$96 million	$4.38	$4.37	09/30/2010	0.23%	1.86%
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.
+	SWSI	08/09/2010	Nabors Industries (NBR)	$900 million	$22.12	$22.09	09/30/2010	0.14%	1.10%
Details of Superior Well Services Expected to close by the end of the third quarter of 2010 for a closing value of $900 million. On the completion of the merger Superior Well shareholders will receive $22.12 per share in cash.
+	ODSY	05/24/2010	Gentiva Health Services (GTIV)	$1.0 billion	$27.00	$26.98	09/30/2010	0.07%	0.60%
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.
+	SXE	05/07/2010	CGI Group (N/A)	$904 million	$37.50	$37.50	09/30/2010	0.00%	0.00%
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.
+	DYN	08/13/2010	Blackstone Group (BX)	$4.7 billion	$4.50	$4.53	12/31/2010	-0.66%	-1.76%
Details of Dynegy Expected to close by the end of the year for a closing value of $4.7 billion. On the completion of the merger, Dynegy shareholders will receive $4.50 per share in cash.
+	CPII	05/10/2010	Comtech (CMTL)	$472.3 million	$13.88	$13.98	09/30/2010	-0.69%	-5.56%
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.
+	CAL	05/03/2010	United (UAUA)	$1.2 billion	$22.56	$22.81	12/31/2010	-1.08%	-2.87%
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.
+	VRX	06/21/2010	Biovail Corporation (BVF)	$3.3 billion	$56.84	$57.75	12/31/2010	-1.58%	-4.20%
Details of Valeant Pharmaceuticals Expected to close by the end of 2010 for a closing value of roughly $3.3 billion. Valeant stockholders will get a one-time special cash dividend of $16.77 per share and 1.7809 shares of Biovail common stock. The combined company will pay an additional $1/share dividend to all stockholders of the new entity.
+	ABII	06/30/2010	Celgene (CELG)	$2.9 billion	$72.57	$75.33	12/31/2010	-3.67%	-9.77%
Details of Abraxis Bioscience Inc. Expected to close in the fourth quarter of 2010 for a closing value of $2.9 billion. Under terms of the deal, shareholders of Abraxis will receive $58 and 0.2617 shares of Celgene for each Abraxis share they own.
+	TRBN	08/12/2010	Emergent BioSolution (EBS)	$96.8 million	$4.23	$4.50	12/31/2010	-6.11%	-16.27%
Details of Trubion Pharmaceuticals Expected to close by the end of the year 2010 for a closing value of approximately $96.8 million. On the completion of the merger, Trubion Pharmaceuticals shareholders will receive $1.365 per share in cash and 0.1641 shares of Emergent BioSolutions common stock per share held, plus one Contingent Value Right (CVR) per share. The total potential aggregate value of the CVRs is $38.7 million over a 36-month period, post-closing. The combination of the upfront consideration along with the potential value of the CVRs results in total consideration of up to $135.5 million for Trubion stockholders. The Milestone Events related to the CVRs can be found at the following link http://finance.yahoo.com/news/Trubion-Pharmaceuticals-prnews-758460745.html?x=0&.v=1
+	MCCC	06/01/2010	Chief Executive Rocco Commisso (N/A)	$590 million	$6.00	$6.81	N/A	-11.89%	0.00%
Details of Mediacom Communications Corporation
+	DTG	04/26/2010	Hertz (HTZ)	$1.3 billion	$38.80	$47.45	12/31/2010	-18.22%	-48.55%
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.
+	CCE	02/25/2010	The Coca-Cola Company (KO)	$12.3 billion	N/A	$28.71	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 $12.3 billion. The deal includes $10 per share + a share in a new bottling company

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