Merger Arbitrage Mondays – September 20, 2010

Merger activity increased last week with five new deals announced and two deals closing.

Deal Statistics:

New Deals:

1. The acquisition of ArcSight Inc. (ARST) by Hewlett-Packard (HPQ) for $1.5 billion at $43.50 per share in cash
2. The acquisition of OTIX Global Inc. (OTIX) by William Demant for $50 million at $8.60 per share in cash
3. The acquisition of O.I. Corporation (OICO) by ITT Corporation (ITT) for $29 million at $12.50 per share in cash

Modified Deals and Other News:

1. Hertz (HTZ) raised its offer for Dollar Thrifty Automotive Group Inc. (DTG)  to $50 a share, or about $1.56 billion, topping a proposal from Avis Budget Group Inc. (CAR)
2. Jefferies & Company reiterates its Hold rating on Allegheny Energy (AYE) and lowers its price target to $23.50, from $24.50.
3. On September 15, 2010, Pet DRx Corporation (VETS) (the “Company”) received a Nasdaq Staff Determination letter notifying the Company that it will be delisted from The Nasdaq Stock Market

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