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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 $70.91 42.4% 6/30/2015
Catamaran CTRX UnitedHealth 3/30/2015 $61.50 $48.32 27.3% 12/31/2015
Hyperion Therapeutics HPTX Horizon Pharma 3/30/2015 $46.00 $42.74 7.6% 6/30/2015
Cellular Dynamics International ICEL Fujifilm 3/30/2015 $16.50 $7.94 107.8% 6/30/2015
Integrated Silicon Solutions ISSI Chinese Consortium 3/12/2015 $19.25 $17.76 8.4% 9/30/2015
Kofax KFX Lexmark 3/24/2015 $11.00 $10.92 0.7% 6/30/2015
Life Time Fitness LTM Leonard Green, TPG 3/16/2015 $72.10 $70.98 1.6% 9/30/2015
Norcraft NCFT Fortune Brands 3/30/2015 $25.50 $22.90 11.4% 4/30/2015
Revett Mining Company, Inc. RVM Hecla Mining 3/27/2015 $0.50 $0.47 6.6% 6/30/2015
Vitesse Semiconductor VTSS Microsemi 3/18/2015 $5.28 $5.30 -0.4% 6/28/2015


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.