Merger Arbitrage Mondays – October 10, 2011

Merger activity increased last week with four new deals announced and five 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	161
Total Number of Deals Not Completed in 2011	2
Total Number of Pending Deals
Cash Deals	35
Stock Deals	18
Stock & Cash Deals	8
Total Number of Pending Deals	61

New Deals:

The acquisition of Pharmaceutical Product Development (PPDI) by affiliates of The Carlyle Group and Hellman & Friedman for $3.9 billion or $33.25 per share in cash.
The acquisition of S1 Corporation (SONE) by ACI Worldwide (ACIW) for $516 million in a cash plus stock deal, where shareholders of S1 Corporation will receive $6.62 per share in cash and 0.1064 shares of ACI common stock. This deal has been in the works since July when ACI Worldwide made its initial bid for S1 but the bid was rejected because S1 was planning on acquiring another company Fundtech (FNDT). Fundtech dropped the S1 deal in September for another offer, opening S1 up for a sweetened ACI Worldwide offer.
The acquisition of AC Moore Arts & Crafts Inc. (ACMR) by an affiliate of Sbar’s Inc for $40.8 million or $1.60 per share in cash.
The acquisition of Southwall Technologies (SWTX) by Solutia (SOA) for $113 million or $13.60 per share in cash.

Closed Deals:

The acquisition of Abington Bancorp (ABBC) by Susquehanna Bancshares (SUSQ) on October 03, 2011
The acquisition of Blackboard (BBBB) by Providence Equity Partners on October 04, 2011
The acquisition of Continucare (CNU) by Metropolitan Health networks (MDF) on October 04, 2011
The acquisition of Global Crossing Limited (GLBC) by Level 3 Communications (LVLT) on October 04, 2011
The acquisition of Ameron International Corporation (AMN) by National Oilwell Varco (NOV) on October 05, 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)	$0.84	$0.63	10/31/2011	33.93%	589.71%
MHS	07/21/2011	Express Scripts, Inc. (ESRX)	$60.76	$48.47	06/30/2012	25.36%	35.06%
AATI	05/26/2011	Skyworks Solutions, Inc. (SWKS)	$5.35	$4.37	12/31/2011	22.40%	99.73%
TAM	01/19/2011	LAN Airlines S.A. (LFL)	$18.78	$15.87	12/31/2011	18.36%	81.70%
HRBN	06/20/2011	Tech Full Electric Company Limited (N/A)	$24.00	$21.17	12/31/2011	13.37%	59.50%
ABVA	07/27/2011	Eagle Bancorp, Inc. (EGBN)	$5.15	$4.80	12/31/2011	7.30%	32.47%
ORCH	04/06/2011	Laboratory Corporation of America Holdings (LH)	$2.80	$2.61	10/31/2011	7.28%	126.53%
LOOP	04/27/2011	CoStar Group (CSGP)	$18.40	$17.36	12/31/2011	6.01%	26.76%
GR	09/21/2011	United Technologies Corp. (UTX)	$127.50	$120.38	06/30/2012	5.91%	8.18%
MMI	08/15/2011	Google (GOOG)	$40.00	$37.92	01/31/2012	5.49%	17.72%

List of all pending deals:

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

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