The following table shows the arbitrage spreads for proposed mergers and acquisitions of global companies.

Arbitrage spreads measure the difference between the offered takeover price and the target company's current trading price. Historically, the wider the spread, the more investors doubt a deal will close.

    The Target Price is the latest trading price (delayed by at least 15 minutes) for the Target company's shares.

    The Offer Price per Share (OPPS) is the amount the acquirer offered for each share of the target company. If the offer terms include a stock component, the offer price per share will fluctuate based on the share price of the acquirer.

    All Deal Value, Target Price, and OPPS figures are converted to U.S. dollars.

    As of the Targets' latest trading prices (delayed by at least 15 minutes)
    Target Target HQ Acquiror Announced Date Deal Value ($M) Target Price Target Volume OPPS Spread %
    Agree Realty Corp USA Compson Holding Corp Wed May 03 2006 207.7 25.1 9934 27.5 +9.56%
    Aichi Machine Industry Co Ltd JPN Nissan Motor Co Ltd Fri Dec 16 2011 227.4 2.9419322 96000 3.45 +17.27%
    Aichi Machine Industry Co Ltd JPN Nissan Motor Co Ltd Fri Dec 16 2011 227.4 3.931141 219000 3.45 -12.24%
    AMAG Pharmaceuticals Inc USA MSMB Capital Management LLC Tue Aug 02 2011 380.9 16.51 37085 18.0 +9.02%
    Aspen Exploration Corp USA Royale Energy Inc Thu Nov 20 2008 3.1 1.1 4092 1.3 +18.18%
    Baltimore Gas and Electric Co USA MidAmerican Energy Co Thu Sep 18 2008 4,725.8 0.0 0 26.5 +0.00%
    Breakwater Resources Ltd CAN Nyrstar SA Wed Jun 15 2011 573.7 6.4844246 100 6.98 +7.64%
    Calpine Corp USA NRG Energy Inc Wed May 21 2008 10,916.4 16.22 680395 9.25 -42.97%
    CANMARC Real Estate Investment Trust CAN Cominar Real Estate Investment Trust Mon Nov 28 2011 678.6 16.88636 65318 16.46 -2.52%
    Clearwater Seafoods Inc CAN Cooke Aquaculture Inc Fri Aug 12 2011 78.7 2.2168963 20150 3.49 +57.43%
    Clearwater Seafoods Inc CAN Cooke Aquaculture Inc Fri Aug 12 2011 78.7 2.3467147 37405 3.49 +48.72%
    Cordy Oilfield Services Inc CAN Geosam Investments Ltd Wed Mar 25 2009 13.0 0.25963652 47500 0.2 -22.97%
    Endologix Inc USA Elliott Associates LP Tue Oct 14 2008 83.9 13.45 85884 2.25 -83.27%
    EXCO Resources Inc USA Investor Group Mon Nov 01 2010 4,359.4 6.83 1116187 18.5 +170.86%
    Fisher Communications Inc USA Huntingdon Real Estate Investment Trust Mon Jan 03 2011 222.1 30.3 4137 25.27 -16.60%
    Forestar Group Inc USA Holland M Ware Thu Jan 22 2009 535.5 16.59 29903 15.0 -9.58%
    Grande Cache Coal Corp CAN 1629835 Alberta Ltd Mon Oct 31 2011 991.1 9.926104 3662115 10.06 +1.35%
    Gryphon Gold Corp CAN Bolero Resources Corp Wed Jan 20 2010 17.0 0.175 161400 0.25 +42.86%
    Gyrodyne Co of America Inc USA Opportunity Partners LP Mon Apr 17 2006 49.6 99.0 1751 48.0 -51.52%
    Harvard Bioscience Inc USA Skystone Advisors LLC Fri Dec 14 2007 130.3 4.15 17010 5.0 +20.48%
    High Desert Gold Corp CAN Northern Financial Corp Tue Oct 28 2008 4.9 0.24465749 84500 0.19 -22.34%
    Hunt Gold Corp USA Undisclosed Acquirer Tue Jul 29 2008 .0 1.0E-4 2475 0.03 +29,900.00%
    Inyx Inc USA Investor Group Led by Kachkar M.D Mon Mar 26 2007 159.9 0.0010 2100 3.01 +300,900.00%
    Kona Grill Inc USA Mill Road Capital LP Mon May 18 2009 27.0 6.2 74321 4.6 -25.81%
    Legacy Reserves LP USA Apollo Management VII LP Fri Apr 03 2009 435.0 29.41 122268 14.0 -52.40%
    MI Developments Inc CAN ST Acquisition Corp Fri Oct 01 2010 601.6 29.388857 169452 13.0 -55.77%
    MI Developments Inc CAN ST Acquisition Corp Fri Oct 01 2010 601.6 36.55882 93819 13.0 -64.44%
    Mission West Properties Inc USA Undisclosed Acquirer Sat Jul 14 2007 1,800.0 10.3 10216 13.55 +31.55%
    Netlogic Microsystems Inc USA I&N Acquisition Corp Mon Sep 12 2011 3,450.3 49.8 153844 50.0 +0.40%
    Northstar Neuroscience Inc USA Tang Capital Partners LP Wed Jul 02 2008 48.0 0.017 865 2.25 +13,135.29%
    Novellus Systems Inc USA Lam Research Corp Wed Dec 14 2011 3,010.0 47.11 1076030 45.2 -4.05%
    Nutraceutical International Corp USA Ryan Drexler Wed Aug 19 2009 113.8 14.48 14562 10.75 -25.76%
    Ocwen Financial Corp USA Consortium led by William C. Erbey and Oaktree Capital Management LP and Angelo, Gordon & Co LP Tue Jan 15 2008 302.0 15.61 356431 7.0 -55.16%
    Pharmerica Corp USA Omnicare Inc Mon Aug 22 2011 440.8 13.14 183817 15.0 +14.16%
    Progress Energy Inc USA Duke Energy Corp Mon Jan 10 2011 13,614.6 54.55 272934 46.48 -14.79%
    Pulse Electronics Corp USA Bel Fuse Inc Mon Feb 28 2011 207.5 2.95 10966 6.0 +103.39%
    Quadra FNX Mining Ltd CAN KGHM Polska Miedz SA Tue Dec 06 2011 3,315.4 14.949072 4173681 14.97 +0.14%
    RG Barry Corp USA Mill Road Capital LP Thu Jan 29 2009 77.8 13.78 8267 7.75 -43.76%
    SemGroup Corp USA Plains All American Pipeline LP Mon Oct 24 2011 1,001.0 27.05 61615 24.0 -11.28%
    Sierra Minerals Inc CAN Treasury Metals Inc Mon Feb 02 2009 11.6 1.2282804 138813 1.04 -15.33%
    Successfactors Inc USA Sap America Inc Sat Dec 03 2011 237.3 39.97 65536 40.0 +0.08%
    Successfactors Inc USA Sap America Inc Sat Dec 03 2011 237.3 27.98 390109 40.0 +42.96%
    Successfactors Inc USA Sap America Inc Sat Dec 03 2011 237.3 27.89 114958 40.0 +43.42%
    Successfactors Inc USA Sap America Inc Sat Dec 03 2011 237.3 27.9 111958 40.0 +43.37%
    Successfactors Inc USA Sap America Inc Sat Dec 03 2011 237.3 27.99 284865 40.0 +42.91%
    Synovis Life Technologies Inc USA Baxter International Inc Tue Dec 13 2011 323.3 28.0 6274 28.0 +0.00%
    Talbots Inc USA Sycamore Partners LLC Tue Dec 06 2011 191.1 3.18 45023 3.0 -5.66%
    Tower Bancorp Inc USA Susquehanna Bancshares Inc Mon Jun 20 2011 343.7 31.74 74051 28.66 -9.70%
    Vulcan Materials Co USA Martin Marietta Materials Inc Mon Dec 12 2011 4,740.9 47.11 106020 36.69 -22.12%
    YM BioSciences Inc CAN BBM Holdings Inc Thu Nov 13 2008 46.6 2.2867985 68075 0.73 -68.08%
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Rates

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