Merger Arbitrage Mondays – April 25, 2011

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

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

Deal Statistics:

New Deals:

1. The acquisition of Bancorp Rhode Island (BARI) by Brookline Bancorp (BRKL) in a cash and stock deal for $234 million, where Bancorp Rhode Island shareholders will receive either $48.25 in cash, or 4.686 shares of Brookline Bancorp common stock or a combination thereof, with total cash consideration of approximately $121 million and total stock consideration of approximately 11.0 million shares of Brookline Bancorp common stock. Elections will be subject to allocation procedures that are intended to ensure that approximately 50% of the outstanding shares of Bancorp Rhode Island common stock will be converted into Brookline Bancorp common stock. To stay on the conservative side we are treating this transaction as an all stock deal in our Merger Arbitrage tool.
2. The acquisition of DPL Inc. (DPL) by AES Corporation (AES) for $4.7 billion or $30 per share in cash.
3. The acquisition of China Security & Surveillance Technology (CSR) by Rightmark Holdings Limited for $584.2 million or $6.50 per share in cash. CSR has taken a hit in recent months along with other Chinese small cap stocks and it is interesting to note that the spread of the deal is unusually high at 17.12%.

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