Merger Arbitrage Mondays – September 12, 2011

Merger activity increased last week with three new deals announced and three 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	148
Total Number of Deals Not Completed in 2011	1
Total Number of Pending Deals
Cash Deals	33
Stock Deals	23
Stock & Cash Deals	10
Total Number of Pending Deals	66

New Deals:

The acquisition of Temple Inland (TIN) by International Paper (IP) for $4.3 billion or $32.00 per share in cash. This offer replaces an earlier $30.60 per share offer by International Paper that was rejected by Temple Inland as being too low.
The acquisition of Penn Millers Insurance Corporation (PMIC) by Ace Limited (ACE) for $20.50 per share in cash.
The acquisition of Caliper Life Sciences (CALP) by PerkinElmer (PKI) for $600 million or $10.50 per share in cash.

Closed Deals:

The acquisition of SFN Group (SFN) by Randstad Holding on September 05, 2011
The acquisition of Duncan Energy Partners (DEP) by Enterprise Products Partners (EPD) on September 07, 2011
The acquisition of Graham Packaging Company (GRM) by Reynolds Group Holdings Limited on September 08, 2011

Top 10 deals with largest spreads:

Symbol	Announced Date	Acquiring Company	Closing Price	Last Price	Closing Date	Profit	Annualized Profit
GRAN	04/27/2011	FNB United Corp (FNBN)	$1.47	$0.70	09/30/2011	109.73%	2225.12%
FNDT	06/27/2011	S1 Corporation (SONE)	$23.96	$16.19	12/31/2011	48.01%	159.31%
ALTH	07/20/2011	Amag Pharmaceuticals (AMAG)	$1.82	$1.44	12/31/2011	26.06%	86.48%
MHS	07/21/2011	Express Scripts, Inc. (ESRX)	$64.17	$51.31	06/30/2012	25.07%	31.34%
HRBN	06/20/2011	Tech Full Electric Company Limited (N/A)	$24.00	$19.80	12/31/2011	21.21%	70.39%
TAM	01/19/2011	LAN Airlines S.A. (LFL)	$24.62	$20.78	12/31/2011	18.46%	61.24%
AATI	05/26/2011	Skyworks Solutions, Inc. (SWKS)	$5.39	$4.64	09/30/2011	16.13%	327.05%
CRU	05/05/2011	Capital Product Partners L.P. (CPLP)	$9.91	$9.24	09/30/2011	7.21%	146.16%
NXG	08/29/2011	AuRico Gold Inc. (AUQ)	$4.27	$4.00	10/31/2011	6.76%	50.37%
MMI	08/15/2011	Google (GOOG)	$40.00	$37.50	01/31/2012	6.67%	17.26%

List of all pending deals:

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

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