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Merger Arbitrage

Company Ticker Acquirer Announced Date Deal Price Current Price Spread Expected Close
Auspex Pharma ASPX Teva 3/30/2015 $101.00 $100.68 0.3% 6/30/2015
Catamaran CTRX UnitedHealth 3/30/2015 $61.50 $59.25 3.8% 12/31/2015
Dover Saddlery DOVR Webster Capital 4/14/2015 $8.50 $8.40 1.2% 6/30/2015
Excel Trust EXL Blackstone Property Partners L.P. 4/10/2015 $15.85 $15.84 0.1% 12/31/2015
Shanda Games GAME Capitalhold Limited 4/3/2015 $7.10 $6.86 3.5% 12/31/2015
Hyperion Therapeutics HPTX Horizon Pharma 3/30/2015 $46.00 $46.06 -0.1% 6/30/2015
Informatica INFA Permira Funds/CPPIB 4/7/2015 $48.75 $47.83 1.9% 9/30/2015
Montpelier Re Holdings Ltd. MRH Endurance 3/31/2015 $39.04 $39.62 -1.5% 9/30/2015
QEP Midstream Partners, LP QEPM Tesoro Logistics LP 4/6/2015 $17.42 $17.35 0.4% 12/31/2015
Zep, Inc. ZEP New Mountain Capital 4/8/2015 $20.05 $19.95 0.5% 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.