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Merger Arbitrage

Company Ticker Acquirer Announced Date Deal Price Current Price Spread Expected Close
Humana HUM Aetna 7/3/2015 $230.11 $187.50 22.7% 12/31/2016
Health Net HNT Centene 7/2/2015 $74.55 $71.57 4.2% 3/31/2016
Gramercy Property Trust GPT Chambers Street Properties 7/1/2015 $22.90 $22.55 1.6% 12/31/2015
Xoom XOOM PayPal 7/1/2015 $25.00 $25.05 -0.2% 12/31/2015
Chubb Corp. CB ACE 7/1/2015 $125.37 $121.47 3.2% 3/31/2016
Towers Watson TW Willis Group 6/30/2015 $129.03 $128.93 0.1% 12/31/2015
Martha Stewart Living MSO Sequential Brands 6/22/2015 $6.15 $6.31 -2.5% 12/31/2015
Sutron Corporation STRN Hach Company 6/22/2015 $8.50 $8.44 0.7% 9/30/2015
Home Properties HME Lone Star Funds 6/22/2015 $75.23 $73.26 2.7% 12/31/2015
Lumenis LMNS XIO Group 6/18/2015 $14.00 $13.74 1.9% 9/30/2015


Highlighted Deal

December 8, 2014 - Merck (NYSE: MRK) and Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) announced that the companies have entered into a definitive agreement under which Merck will acquire Cubist for $102 per share in cash, which represents a 35 percent premium to Cubist’s average stock price for the most recent five trading days.

Unanimously approved by the boards of directors of both companies, the transaction has an equity valuation of $8.4 billion and will also include $1.1 billion in net debt (based on projected cash balances) and other considerations for a total transaction value of approximately $9.5 billion.