Merger Arbitrage Mondays – July 4, 2011

Merger activity increased last week with four new deals announced and twelve 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 2011	116
Total Number of Deals Not Completed in 2011	1
Total Number of Pending Deals
Cash Deals	36
Stock Deals	20
Stock & Cash Deals	12
Total Number of Pending Deals	62

New Deals:

1. The acquisition of Servidyne (SERV) by Scientific Conservation for $13 million or $3.50 per share in cash.
2. The acquisition of Continucare (CNU) by Metropolitan Health Networks (MDF) for $416 million in a cash and stock transaction, where shareholders of Continucare will receive $6.25 per share in cash, and 0.0414 of a share of Metropolitan common stock for each share of Continucare common stock. The exact value of the consideration per share will depend on Metropolitan’s share price at closing. Metropolitan expects to issue approximately 2.7 million shares in connection with the transaction.
3. The acquisition of BJ’s Wholesale Club (BJ) by affiliates of Leonard Green & Partners for $2.8 billion or $51.25 per share in cash.
4. The acquisition of Blackboard (BBBB) by Providence Equity Partners for $1.64 billion or $45.00 per share in cash.

Closed Deals:

1. The acquisition of Orthovita (VITA) by Stryker Corporation (SYK) on June 27, 2011
2. The acquisition of LaBarge (LB) by Ducommun (DCO) on June 28, 2011
3. The acquisition of LaBranche & Co. (LAB) by Cowen Group (COWN) on June 29, 2011
4. The acquisition of Beckman Coulter (BEC) by Danaher Corporation (DHR) on June 30, 2011
5. The acquisition of Pre-Paid Legal Services (PPD) by MidOcean Partners on June 30, 2011
6. The acquisition of Rural/Metro Corporation (RURL) by Warburg Pincus on June 30, 2011
7. The acquisition of Cascade Financial Corporation (CASB) by Opus Bank on July 01, 2011
8. The acquisition of Danvers Bancorp (DNBK) by People’s United Financial (PBCT) on July 01, 2011
9. The acquisition of Frontier Oil Corporation (FTO) by HollyFrontier Corporation (HFC) on July 01, 2011
10. The acquisition of Nationwide Health Properties (NHP) by Ventad (VTR) on July 01, 2011
11. The acquisition of K-Sea Transportation Partners (KSP) by Kirby Corporation (KEX) on July 01, 2011
12. The acquisition of Shamir Optical Industry (SHMR) by Essilor on July 01, 2011

Top 10 deals with largest spreads:

Symbol	Announced Date	Acquiring Company	Closing Price	Last Price	Closing Date	Profit	Annu. Profit
GRAN	04/27/2011	FNB United Corp (FNBN)	$1.45	$0.92	09/30/2011	57.74%	239.51%
HRBN	06/20/2011	Tech Full Electric Company Limited (N/A)	$24.00	$16.31	12/31/2011	47.15%	95.61%
CSR	04/20/2011	Rightmark Holdings Limited (N/A)	$6.50	$5.29	09/30/2011	22.87%	94.87%
TAM	01/19/2011	LAN Airlines S.A. (LFL)	$25.95	$22.27	12/31/2011	16.51%	33.48%
CFSG	05/20/2011	Bain Capital Partners (N/A)	$9.00	$7.85	11/15/2011	14.65%	39.90%
ZRAN	02/21/2011	CSR PLC (CSR.L)	$9.29	$8.56	09/30/2011	8.50%	35.26%
FTLK	05/31/2011	Fortress Group Limited (N/A)	$7.20	$6.70	09/30/2011	7.46%	30.95%
SVVS	04/27/2011	CenturyLink (CTL)	$41.92	$39.62	12/31/2011	5.80%	11.77%
PVSA	06/15/2011	F.N.B. Corporation (FNB)	$22.89	$21.70	12/31/2011	5.49%	11.13%
ALKS	05/09/2011	Elan Corporation (ELAN)	N/A	$19.04	09/30/2011	N/A	N/A

List of all pending deals:

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