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Merger Arbitrage

Company Ticker Acquirer Announced Date Deal Price Current Price Spread Expected Close
Aruba Networks ARUN HP 3/2/2015 $24.67 $24.65 0.1% 9/30/2015
Square 1 Financial SQBK Pacwest Bancorp 3/2/2015 $26.98 $26.00 3.8% 12/31/2015
Mavenir Systems MVNR Mitel Networks 3/2/2015 $17.09 $16.82 1.6% 6/30/2015
Freescale Semiconductor FSL NXP Semiconductors 3/1/2015 $41.31 $40.36 2.3% 12/31/2015
UIL Holdings UIL Iberdrola US 2/25/2015 $52.75 $50.50 4.5% 12/31/2015
Emulex Corporation ELX Avago Technologies 2/25/2015 $8.00 $7.96 0.5% 11/1/2015
Polypore PPO Asahi Kasei 2/23/2015 $60.50 $59.26 2.1% N/A
Home Loan Servicing HLSS New Residential 2/22/2015 $18.25 $18.57 -1.7% 6/30/2015
Salix Pharmaceuticals SLXP Valeant Pharma 2/22/2015 $158.00 $156.88 0.7% 6/30/2015
Orbitz Worldwide OWW Expedia 2/12/2015 $12.00 $11.56 3.8% N/A


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.