Deal Spread Table

We attempt to keep a running total of all current merger arbitrage deals that can be readily participated in by an individual investor using a discount broker.  We typically make a “deal page” shortly after the deal is announced and then regularly update the deal page when it falls within a 4/16 threshold  (i.e., at least 4% spread and a 16% annualized return.)  Deals that fall beneath that threshold may not get update for long periods of time; possibly never if the spread is narrow shortly after the deal is announced.  Please keep that in mind when looking at these spread for an investment decision.

Deal Spread based on prices as of Thursday’s close, 04/04/2013, at 4:00 pm Eastern Time.

Bride's Stock Price
Groom's Stock Price
Deal Size
Type of Deal
Agreement Date
Spread (%)
Expected Closing Date
Days Until Est. Close
Ann. Return
Deal Page
Annapolis Bancorp ANNB$13.30F.N.B. Inc. FNB$11.74$51.0 millionStock1.143 shares of FNB + CVR of $0.36 per share (not counted in spread)10/22/20120.89%4/30/20132612.37%
Cascade Corp. CASC$64.98Toyota Industries TICON/A$759 milCash$65.00 per share10/22/20120.03%12/31/2012-93-0.12%
Cymer Inc CYMI$94.24ASML Holding ASML$66.08EU1.95 bil.Cash & Stock$20.00 cash + 1.1502 ASML shares10/17/20121.87%6/30/2013867.84%
Celtic Exploration CLT.TO$27.06Exxon Mobil XOM$89.77C$2.6 bil.Cash + StubC24.50 + 1/2 share of new spin-off (NAV C$2.32 share)10/17/2012-5.17%12/31/2012-9320.03%
First California Financial Group FCAL$8.36PacWest Bancorp PACW$28.34$231 mil.Cash$8.00 per share11/6/2012-4.31%3/31/2013-3516.75%
Williams Controls WMCO$15.40Curtis-Wright CS$33.15$119 mil.Cash$15.42 per share11/1/20120.13%12/31/2012-93-0.50%
The Brick Ltd BRK.TO$5.40Leon's Furniture LNF.TO$12.94C$700 mil.CashC$5.40 per share11/12/20120.00%3/31/2013-30.00%
CreXus Investment Corp CXS$13.02Annaly Capital Managment NLY$15.91$958 mil.Cash$12.50 per share11/12/2012-3.99%N/A
White River Capital RVR$21.91Parthenon Capital PartnersN/A$79.5 mil.Cash$21.93 per share11/15/20120.09%N/A
Spartan Oil STO.TO$5.42Pinecrest Energy PRY.V$1.14C$427 mi.Stock2.738 shares of Pinecrest11/21/2012-42.41%N/A
Zhongpin HOGS$12.88Going PrivateN/AApprox. $400 mil.Cash$13.50 per share11/26/20124.81%3/31/2013-3-577.64%
ALDILA ALDA$3.95Mitsubishi Rayon AmericaN/A$22 mil.Cash$4.00 per share12/4/20121.27%3/31/2013
Plains Exploration & Production Company PXP$46.44Freeport-McMoRan Copper & Gold FCX$31.70$6.9 bil.Cash & Stock$25.00 in cash AND 0.6531 shares of FCX common stock12/5/2012-1.59%6/30/201386-6.64%
McMoRan Exploration Co. MMR$16.47Freeport-McMoRan Copper & Gold FCX$31.70$3.4 bil.Cash & Stock$14.75 in cash and 1.15 units of a royalty trust (Royalty trust units not included in spread)12/5/2012-10.44%6/30/201386-43.72%
Intermec IN$9.86Honeywell International HON$73.75$600 mil.Cash$10.00 per share12/10/20121.42%6/30/2013865.94%
YM BioSciences YMI$2.94Gilead Sciences GILD$47.74$510 mil.Cash$2.95 per share12/12/20120.34%3/31/2013-3-40.82%
Rio Verde Minerals Develop Corp RVD.TO$0.40B&A Mineracao S.A.N/AC$48.6 mil.Cash$0.40 per share12/13/20121.27%2/23/2013-41-11.11%
Clearwire CLWR$3.33Sprint Nextel S$6.21$2.2 bil.Cash$2.97 per share12/17/2012-10.81%6/30/201386-45.25%
Arbitron ARB$46.87Nielsen Holdings NLSN$34.95$1.26 bil.Cash$48.00 per share12/18/20122.41%
Alterra Capital Holdings ALTE$32.11Markel MKL$515.90$3.13 bil.Cash & Stock$10.00 cash + 0.04315 Markel common shares12/19/20120.47%6/30/2013861.97%
Knight Capital Group KCG$3.74Getco HoldingsN/A$1.4 bil.Cash & Stock$3.75 cash or 1 share of new company stock (Assuming a 50/50 prorate and a $3.75 deal value for spread)12/19/20120.27%6/30/2013861.12%
Focus Media Holding FMCN$26.68Giovanna AcquisitionN/A$3.7 bil.Cash$27.50 per ADR12/19/20123.07%6/30/20138612.87%
Roma Financial ROMA$15.94Investors Bancorp ISBC$18.60$113.5 mil.Stock0.8653 shares of Investors Bancorp common stock12/20/20120.97%6/30/2013864.06%
NYSE Euronextl NYX$37.81IntercontinentalExchange ICE$157.10$8.2 bil.Cash & Stock$11.27 in cash + 0.1703 ICE common shares (most likely scenario)12/20/20120.57%12/31/20132670.76%
Ameristar Casinos ASCA$26.37Pinnacle Entertainment PNK$15.01$2.8 bil.Cash$26.50 per share12/21/20120.49%9/30/20131761.01%
FirstCity Financial FCFC$9.87Varde PartnersN/A$224.9 mil.Cash$10.00 per share12/21/20121.32%6/30/2013865.51%
NTS Realty Holdings Limited Partnership NLP$7.27Going PrivateN/A<$50 mil.Cash$7.50 per share12/27/20123.16%6/30/20138613.24%
Duff & Phelps DUF$15.52Going PrivateN/A$665 mil.Cash$15.55 per share12/31/20120.19%6/30/2013860.81%
EnergySolutions ES$3.73Energy Capital PartnersN/A$1.1 bil.Cash$3.75 per share1/7/20130.54%N/A
Aurizon Mines AZK$4.28Alamos Gold AGI.TO$12.82C$780 mil.Cash & StockC$1.8135 + 0.170861 shares of AGI.TO (assuming proration)1/14/2013-6.45%2/19/2013-4551.60%
K-Swiss KSWS$4.73E.Land World LtdN/A$170 mil.Cash$4.75 per share1/17/20130.42%6/30/2013861.77%
Primaris Retail Real Estate Investment Trust PMZ-UN.TO$27.18H&R REIT HR-UN.TO$23.35C$2.7 bil.Cash & StockC$6.89 in cash and 0.8518 H&R units1/17/2013-1.47%3/31/2013-3176.81%
SeaCube BOX$22.98Ontario Teachers Pension PlanN/A$467 mil.Cash$23.00 per share1/18/20130.09%6/30/2013860.36%
Pervasive Software PVSW$9.18Actian CorpN/A$162 mil.Cash$9.20 per share1/28/20130.22%6/30/2013860.91%
Somerset Hills Bancorp SOMH$11.34Lakeland Bancorp LBAI$9.68$64 mil.Cash & Stock1.07658 shares + $1.20 (assuming proration)1/29/20132.48%7/31/20131177.63%
Copano Energy CPNO$39.94Kinder Morgan Energy Partners KMP$88.20$5 bil.Stock.4563 units1/29/20130.77%9/30/20131761.57%
Virginia Commerce Bancorp VCBI$13.81United Bankshares UBSI$26.04$490 mil.Stock0.5442 shares1/30/20132.61%9/30/20131765.35%
Crexus Investment CXS$13.02Annaly Capital Management NLY$15.91$1 bil.Cash$13.00 per share1/31/2013-0.15%4/15/201311-5.03%
WMS Industries WMS$25.27Scientific Games SGMS$8.15$1.5 bil.Cash$26.00 per share1/31/20132.89%12/31/20132673.90%
Acme Packet APKT$29.24Oracle ORCL$32.37$1.7 bil.Cash$29.25 per share2/4/20130.05%6/30/2013860.21%
Dell DELL$14.26Going PrivateN/A$24.4 bil.Cash$13.65 per share2/5/2013-4.28%6/30/2014446-3.45%
Metals USA Holdings MUSA$20.63Reliance Steel & Aluminum RS$66.46$1.2 bil.Cash$20.65 per share2/6/20130.10%6/30/2013860.41%
First M&F FMFC$13.93Renasant RNST$21.67$119 mil.Stock0.6425 shares2/7/2013-0.05%9/30/2013176-0.10%
3SBio SSRX$15.21Going PrivateN/A$350 mil.Cash$15.40 per ADS2/8/20131.25%6/30/2013865.23%
H. J. Heinz HNZ$72.28Berkshire Hathaway/3G CapitalN/A$28 bil.Cash$72.50 per share2/14/20130.30%9/30/20131760.62%
Artio Global Investors ART$2.72Aberdeen Asset ManagementN/A$170 mil.Cash$2.75 per share2/14/20131.10%9/30/20131762.26%
Netspend Holdings NTSP$15.97Total System Services TSS$24.22$1.4 bil.Cash$16.00 per share2/19/20130.19%7/31/20131170.58%
PVF Capital PVFC$3.81F.N.B. FNB$11.74$106 mil.Stock0.3405 shares2/19/20134.92%9/30/201317610.06%
OfficeMax OMX$11.21Office Depot ODP$3.77$3 bil.Stock2.69 shares2/20/2013-9.53%12/31/2013267-12.85%
First Financial Holdings FFCH$20.50SCBT Financial SCBT$49.07$302 mil.Stock0.4237 shares2/20/20131.42%9/30/20131762.90%
Berry Petroleum BRY$46.00LinnCo LNCO$39.60$4.3 bil.Stock1.25 shares2/21/20137.61%6/30/20138631.85%
WSP Holdings WH$3.09Going PrivateN/A$894 mil.Cash$3.20 per share2/22/20133.56%6/30/20138614.90%
Atlantic Coast Financial ACFC$4.60Bond Street HoldingsN/A$12 mil.Cash$5.00 per share ($2.00 held in escrow for 1 year)2/26/20138.70%6/30/20138636.40%
Assisted Living Concepts ALC$11.90TPGN/A$278 mil.Cash$12.00 per share2/26/20130.84%
7 Days Group Holdings SVN$13.47Going PrivateN/A$688 mil.Cash$13.80 per ADS2/28/20132.45%12/31/20132673.30%
iParty IPT$0.45Party City HoldingsN/A$12 mil.Cash$0.45 per share3/1/20130.67%6/30/2013862.81%
Aurizon Mines AZK$4.28Hecla Mining HL$3.82C$796 mil.Cash & StockCAD$3.11 in cash and 0.34462 of a Hecla share3/4/20133.42%9/30/20131767.00%
Feihe International ADY$7.24Going PrivateN/A$147 mil.Cash$7.40 per share3/4/20132.21%6/30/2013869.25%
Asset Acceptance Capital AACC$17.40SI Financial Group SIFI$12.07$61 mil.Cash & Stock$8.775 + 0.75645 shares3/5/20132.90%9/30/20131765.94%
Newport Bancorp NFSB$6.71Encore Capital Group ECPG$28.87$200 mil.Cash$6.50 per share3/6/2013-3.13%6/30/201386-13.10%
Hot Topic HOTT$13.90Sycamore PartnersN/A$600 mil.Cash$14.00 per share3/7/20130.72%N/A
Gardner Denver GDI$75.02Kohlberg Kravis Roberts KKR$18.84$3.9 bil.Cash$76.00 per share3/8/20131.31%9/30/20131762.67%
Outdoor Channel Holdings OUTD$8.84Kroenke Sports & EntertainmentN/A$220 mil.Cash & Stock$8.75 per share3/13/2013-1.02%6/30/201386-4.26%
MakeMusic MMUS$4.83LaunchEquity Acquisition PartnersN/A$24 mil.Cash$4.85 per share3/13/20130.41%6/30/2013861.73%
Palomar Medical Technologies PMTI$13.58Cynosure CYNO$26.62$294 mil.Cash & Stock$6.825 per share in cash and $6.825 per share in CYNO stock3/18/20130.52%9/30/20131761.05%
Edac Technologies EDAC$18.54Greenbriar Equity GroupN/A$104 mil.Cash$17.75 per share3/18/2013-4.26%6/30/201386-17.84%
Obagi Medical Products OMPI$25.44Valeant Pharmaceuticals International VRX$72.61$340 mil.Cash$19.75 per share3/20/2013-22.37%6/30/201386-93.63%
American Greetings AM$18.14Weiss FamilyN/A$878 mil.Cash$18.35 per share4/1/20131.16%7/31/20131173.56%
Sterling Bancorp STL$11.32Provident New York Bancorp PBNY$9.08$344 mil.Stock1.2625 shares of PBNY4/4/20131.27%12/31/20132671.71%

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