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Merger Arbitrage

Company Ticker Acquirer Announced Date Deal Price Current Price Spread Expected Close
Actuate BIRT OpenText 12/5/2014 $6.60 $6.55 0.8% 3/31/2015
Cubist Pharmaceuticals CBST Merck 12/8/2014 $102.00 $98.67 3.4% 3/31/2015
Hawaiian Electric Industries, Inc. HE NextEra Energy 12/3/2014 $25.55 $32.74 -22% 12/1/2015
MicroFinancial, Inc. MFI Fortress Investment Group 12/15/2014 $10.20 $10.25 -0.5% N/A
PetSmart PETM BC Partners 12/14/2014 $83.00 $81.31 2.1% 6/30/2015
The Pantry, Inc. PTRY Couche-Tard 12/18/2014 $36.75 $36.37 1% 6/30/2015
Paramount Gold And Silver PZG Coeur Mining 12/17/2014 $0.99 $0.94 5.3% 6/30/2015
Riverbed Technology RVBD Thoma Bravo 12/15/2014 $21.00 $20.33 3.3% 6/30/2015
Talisman Energy TLM Repsol 12/16/2014 $8.00 $7.85 1.9% 6/30/2015
Volcano VOLC Philips N.V. 12/17/2014 $18.00 $17.88 0.7% 3/31/2015


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.