Merger Arbitrage Mondays

Merger Arbitrage Mondays – September 19, 2011

September 12, 2011

Merger activity remained steady last week with three new deals announced and four 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	152
Total Number of Deals Not Completed in 2011	2
Total Number of Pending Deals
Cash Deals	33
Stock Deals	22
Stock & Cash Deals	8
Total Number of Pending Deals	63

New Deals:

The acquisition of NetLogic Microsystems (NETL) by Broadcom (BRCM) for $3.7 billion or $50 per share in cash.
The acquisition of Global Industries (GLBL) by Technip for $1.1 billion or $8.00 per share in cash.
The acquisition of M&F Worldwide (MFW) by MacAndrews and Forbes Holdings for $25.00 per share in cash. MacAndrews & Forbes currently owns approximately 43% of the outstanding shares of MFW common stock.

Updated Deals:

On September 14, 2011, Avis Budget Group (CAR) dropped its bid to buy rival rental car company Dollar Thrifty Group (DTG) citing current market conditions.
On September 16, 2011, Transatlantic Holdings (TRH) and Allied World Assurance (AWH) called off their proposed $2.94 billion merger.

Closed Deals:

The acquisition of the Timberland Company (TBL) by V.F. Corporation (VFC) on September 13, 2011
The acquisition of Alkermes (ALKS) by Elan Corporation (ELN) on September 16, 2011
The acquisition of Lubrizol Corporation (LZ) by Berkshire Hathaway (BRK.A)(BRK.B) on September 16, 2011
The acquisition of China security & Surveillance Tech. (CSR) by Rightmark Holdings Limited on September 16, 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)	$1.49	$0.70	09/30/2011	112.14%	3721.10%
AATI	05/26/2011	Skyworks Solutions, Inc. (SWKS)	$5.53	$4.09	09/30/2011	35.22%	1168.72%
MHS	07/21/2011	Express Scripts, Inc. (ESRX)	$61.72	$49.84	06/30/2012	23.83%	30.52%
HRBN	06/20/2011	Tech Full Electric Company Limited (N/A)	$24.00	$20.01	12/31/2011	19.94%	70.66%
TAM	01/19/2011	LAN Airlines S.A. (LFL)	$23.36	$19.97	12/31/2011	17.00%	60.23%
ABVA	07/27/2011	Eagle Bancorp, Inc. (EGBN)	$5.42	$5.09	12/31/2011	6.44%	22.82%
ALTH	07/20/2011	Amag Pharmaceuticals (AMAG)	$1.79	$1.685	12/31/2011	6.21%	22.01%
NXG	08/29/2011	AuRico Gold Inc. (AUQ)	$3.95	$3.73	10/31/2011	5.98%	51.94%
MMI	08/15/2011	Google (GOOG)	$40.00	$37.81	01/31/2012	5.79%	15.78%
LOOP	04/27/2011	CoStar Group (CSGP)	$18.47	$17.47	12/31/2011	5.73%	20.30%

List of all pending deals:

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

Merger Arbitrage Mondays – September 19, 2011

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