Merger Arbitrage Mondays – April 18, 2011

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

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

Deal Statistics:

Total Number of Deals Closed in 2011	48
Total Number of Deals Not Completed in 2011	1
Total Number of Pending Deals
Cash Deals	49
Stock Deals	22
Stock & Cash Deals	14
Special Conditions	1
Total Number of Pending Deals	86

New Deals:

The acquisition of Global Crossing Limited (GLBC) by Level 3 Communications (LVLT) for $3 billion in an all stock deal, where Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing.
The acquisition of American Medical Systems Holdings (AMMD) by Endo Pharmaceuticals (ENDP) for $2.9 billion or $30 per share in cash.
The acquisition of Tasty Baking Company (TSTY) by Flower Foods (FLO) for $165 million or $4 per share in cash.
The acquisition of Graham Packaging Company (GRM) by Silgan Holdings (SLGN) for $4.1 billion or $19.56 per share in a cash plus stock deal. Graham shareholders will receive $4.75 in cash and 0.402 shares of Silgan common stock.
The acquisition of Bronco Drilling Company (BRNC) by Chesapeake (CHK) for $315 million or $11 per share in cash.

Closed Deals:

The acquisition of Wilber Corporation (GIW) by Community Bank System (CBU) on April 11, 2011.
The acquisition of NGAS Resources (NGAS) by Magnum Hunter Resources (MHR) on April 13, 2011.
The acquisition of Clinical Data (CLDA) by Forest Laboratories (FRX) on April 12, 2011.
The acquisition of Answers.com (ANSW) by AFCV Holdings on April 14, 2011.
The acquisition of Tongjitang Chinese Medicines (TCM) by Hanmax Investment Ltd. on April 15, 2011.

Top 10 deals with largest spreads:

Symbol	Announced Date	Acquiring Company	Closing Price	Last Price	Closing Date	Profit	Annu. Profit
TAM	01/19/2011	LAN Airlines S.A. (LFL)	$23.44	$19.43	12/31/2011	20.62%	29.28%
CASB	03/04/2011	Opus Bank (N/A)	$0.45	$0.395	06/30/2011	13.92%	69.62%
TLCR	06/07/2010	Grifols (GRF.MC)	$31.38	$28.19	06/30/2011	11.30%	56.52%
GLBC	04/11/2011	Level 3 Communications (LVLT)	$27.60	$25.78	12/31/2010	7.06%	0.00%
SHMR	10/15/2010	Essilor (N/A)	$14.50	$13.66	06/30/2011	6.15%	30.75%
DNBK	01/20/2011	People's United Financial Inc. (PBCT)	$23.00	$21.73	06/30/2011	5.84%	29.22%
HYC	11/17/2010	Verifone Systems (PAY)	$12.37	$11.69	09/30/2011	5.79%	12.81%
VRGY	03/28/2011	Advantest (ATE)	$15.00	$14.26	12/31/2069	5.19%	0.09%
AAI	09/27/2010	Southwest Airlines (LUV)	$7.75	$7.37	06/30/2011	5.16%	25.78%
TGE	03/21/2011	Dawson Geophysical Company (DWSN)	$7.66	$7.29	08/15/2011	5.14%	15.77%
ZRAN	02/21/2011	CSR PLC (N/A)	N/A	$10.19	06/30/2011	N/A	N/A

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.

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