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Merger Arbitrage

Company Ticker Acquirer Announced Date Deal Price Current Price Spread Expected Close
Broadcom BRCM Avago Tech 5/28/2015 $54.50 $56.85 -4.1% 3/31/2016
Rally Software RALY CA Technologies 5/27/2015 $19.50 $19.42 0.4% 9/30/2015
Meru Networks MERU Fortinet 5/27/2015 $1.63 $1.62 0.6% 9/30/2015
SFX Entertainment SFXE Robert F.X. Sillerman 5/26/2015 $5.25 $4.87 7.8% 12/31/2015
Geeknet GKNT Hot Topic 5/26/2015 $17.50 $19.90 -12.1% 6/30/2015
Time Warner Cable TWC Charter Communications 5/26/2015 $196.83 $180.89 8.8% 12/31/2015
Frischs Restaurants FRS NRD Partners I, L.P. 5/22/2015 $34.00 $34.06 -0.2% 9/30/2015
Eagle Rock Energy Partners, L.P. EROC Vanguard Natural Resources 5/21/2015 $2.94 $2.71 8.4% 9/30/2015
Omnicare OCR CVS Health 5/21/2015 $98.00 $95.29 2.8% 12/31/2015
ANN, Inc. ANN Ascena Retail 5/18/2015 $47.39 $46.75 1.4% 12/31/2015


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.