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Wednesday

Today’s deals (includes announced and amended deals to 8:00 a.m. New York time)

Plains Exploration & Production Co. shareholders are anticipating positive results from an oil well discovery, stoking bets that Freeport-McMoRan Copper & Gold Inc. will be forced to boost its takeover bid.

Since Phoenix-based Freeport agreed to buy Houston-based Plains in December for about $50 a share in cash and stock, or $6.9 billion, drilling began at Plains’ deep-water Phobos project in the Gulf of Mexico. As analysts expect the well’s results in the next month, traders last week pushed shares of oil-producer Plains as much as 2.7 percent above the mining company’s bid, the most since the acquisition was announced, accord-ing to data compiled by Bloomberg.

At the same time, Freeport shares have declined 24 percent as gold and copper prices tumbled, reducing the value of the deal to about $44 a share. Cowen Group Inc. says the odds of success at Phobos are better than 50 percent, and Freeport will likely improve the cash portion of its offer to boost the bid back to $50 a share to secure support from Plains stockholders. While it’s un-known whether the Plains share-holder vote or the Phobos results will come first, some investors have already filed lawsuits to block the transaction.

Phobos “could be a life-altering find,” said Steve Gerbel, founder and president of Chicago Capital

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

$25

$30

$35

$40

$45

$50

12/5/2012 1/5/2013 2/5/2013 3/5/2013 4/5/2013

Spread % Offer (rs) Freeport Offer Price/Share (ls)Plains Price/Share (ls) Freeport Price/Share (ls)

Source: Bloomberg CACX 71545865 <GO>

Plains Traders Bet oil Well to Force New Bid

TargeT Ticker secTor acquirer Ticker Value ($M)

eV/lTM eBiTda

CPP North American business - - Amtrust Financial Services Inc AFSI US 40 - Capespan Group Ltd 0121380D SJ Industrial Zeder Financial Services Ltd 0763595D SJ 29 - LDK Solar High-Tech Hefei Co Ltd 0763645D CH Energy Hefei High Tech Industrial Dev etc 0763648D CH 19 - Artone Paper Manufacturing Co Ltd 007190 KS Basic Materials Hansol Paper Co 004150 KS 18 10.7 Instart Logic 0763597D US Consumer, Non-cyclical Greylock Partners, Sutter Hill Ventures et al - 17 - Rawang Specialist Hospital Sdn Bhd 0763634D MK Consumer, Non-cyclical KPJ Healthcare Bhd KPJ MK 17 - Iora Health 0763624D US Consumer, Non-cyclical FMR LLC, Polaris Venture Partners et al - 14 - NanoBio Corp 804640Z US Consumer, Non-cyclical Perseus LLC, Venture Investors LLC - 11 - Kalgoorlie Mining Co Ltd KMC AU Basic Materials Norton Gold Fields Ltd NGF AU 9.7 - Gainsight Inc 0763651D US Technology Fund: Battery Ventures IX LP - 9.0 -

By JIM PolSon, lIezel HIll AnD TArA lACHAPelleIN PLAY. Liberty Global is considering a takeover bid for German cable network Kabel Deutschland, which has a market value of $8.5 billion. Page 3.

MARKET CALLS. A Liberty Global bid for Kabel Deutschland would put pres-sure on Vodafone, which needs the Ger-man cable operator to protect its competi-tive position, analysts at Deutsche Bank and Sanford C. Bernstein said. Page 3.

VALUATION. The analysis performed by Berry Petroleum’s bankers during its sale to LinnCo suggests that Newfield Exploration, Bill Barrett and Swift En-ergy could be takeover candidates, writes Wall Street Access’s Tom Burnett. Page 5.

DEAL ROSTER. Moelis & Co. helped sell one of its early clients this week: Life Technologies. Page 6.

PEOPLE. Page 4.

DEAL ARBITRAGE. Page 7.

M&a Watch

Plains Trading Above Freeport Offer Price

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NEwS, ANALYSIS AND CoMMENTARY

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Management lP. If “you were Freeport, you’d try to do everything you could to get this deal done before that well comes in. I don’t think the shareholders are going to let that happen.”

Plains said that its 50 percent stake in the Phobos project may hold the equiva-lent of 306 million barrels of oil. Anadarko Petroleum Corp., the well operator, controls 30 percent, while Exxon Mobil Corp. owns the rest. Anadarko began drill-ing the well in December and said it would take about 120 days to finish. Phobos well results may be available by May 6, when Anadarko is scheduled to report first-quarter earnings, Doug leggate, a Bank of America Corp. analyst, wrote in an April 12 note to clients. Anadarko considers the prospect “high risk,” with a 1-in-4 chance of commercial success, leggate wrote.

Plains shareholders are also waiting to hear when they will vote on the Freeport deal. Freeport needs majority support.

Freeport will likely offer more cash to Plains investors to boost the value of the bid back up to $50 a share and secure a vote in favor of the deal, Cowen analysts nicholas Pope and Anthony rizzuto wrote in a report dated April 5.

Keith Moore, an event-driven strategist for MKM Partners llC, estimates that more than 30 percent of Plains holders bought the stock on a bet that the Phobos results will lead to a higher bid from Freeport.

Freeport said Dec. 5 that it agreed to buy Plains for $25 in cash and 0.6531 share of Freeport for each Plains share, totaling about $50 a share at the time. In conjunction with the Plains takeover, Freeport also said the same day that it’s acquiring McMoRan Exploration Co., a

company that was spun off from Freeport-McMoRan Inc. 19 years ago. For that company, it’s paying $14.75 a share in cash, in addition to giving shareholders a stake in a royalty trust to benefit from future production.

The two takeovers will expand Freeport, which got almost 80 percent of its $18 billion of revenue last year from copper, into a global natural resources giant with access to oil and gas deposits onshore and in the U.S. Gulf of Mexico.

Freeport shares plunged 16 percent, the most in four years, the day the acquisition offers were disclosed as shareholders punished the mining company’s return to oil and gas. The stock is still down 24 percent as prices of its two primary com-modities tumbled. Freeport is scheduled to report earnings tomorrow.

Because of Freeport’s falling stock price, the value of the bid for Plains has slid to $44.10 a share. Plains shares closed yesterday 1.6 percent higher than that level, and the stock has traded above the value of the bid every day since March 15.

Freeport may need to increase its of-fer for Plains by about $1 billion, said laurence Balter, chief market strategist at oracle Investment research, equat-ing to a bump of about $7.75 a share. Plains shareholders may not want to own Freeport stock after the recent underper-formance, he said.

Freeport investors wouldn’t react well to an increased offer, given that the deal was unpopular to begin with, said rick de los reyes, who helps manage about $1 billion at T. rowe Price Group Inc.

Plains-FreePort…

TargeT Ticker secTor acquirer Ticker Value ($M)

eV/lTM eBiTda

TEAK Midstream LLC 3688951Z US Energy Atlas Pipeline Partners LP APL US 1,000 - Cosmos Initia Co Ltd 8844 JP Financial Daiwa House Industry Co Ltd 1925 JP 97 11.4 webMotors SA 0314209D BZ Communications carsales.com Ltd CRZ AU 90 - ALI Property Partners Corp 0763312D PM Financial Ayala Land Inc ALI PM 85 - Ingress Corp Bhd INGC MK Consumer, Cyclical Ramdawi Sdn Bhd 0763575D MK 85 5.3 Daiyoshi Trust Co Ltd 3243 JP Financial Daiwa House Industry Co Ltd 1925 JP 84 8.4 RM williams Pty Ltd 0367314D AU Consumer, Cyclical YTL Corp Bhd, L Capital Management SAS - 54 - Auris Medical AG 0763417D Sw Consumer, Non-cyclical Sofinnova Ventures Inc, Sofinnova Partners - 51 - Two gas processing plants - - GPS Group Ltd 886023Z LN 30 - Booker 0331413Z US Communications Bain Capital Venture Ptnrs, Revolution Ventures et al 28 -

yesTerday’s deals

Bloomberg Brief Mergers

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Liberty Global Said to Weigh Bid for Kabel Deutschland

John Malone’s Liberty Global Inc. is considering a takeover bid for Kabel Deutschland Holding AG, the German cable provider that’s also a takeover target for Vodafone Group Plc, two people familiar with the matter said.

no decision has been made and the en-glewood, Colorado-based liberty Global is aware of the antitrust issues of any deal because it already controls Germany’s second-largest cable operator, the people said, asking not to be identified because the deliberations are confidential.

Bert Holtkamp, a liberty Global spokes-man in Amsterdam, declined to comment, as did Insa Calsow, a Kabel Deutschland spokeswoman near Munich.

Kabel Deutschland rose as much as 8.7 percent in Frankfurt after Manager Magazin reported that liberty Global is preparing a bid. The stock traded 4.6 percent higher at 73.51 euros as of 12:14 a.m. local time. It has a market value of 6.5 billion euros ($8.6 billion).

In 2010, liberty Global acquired Uni-tymedia, with operations in central and western Germany and added south-west operator KabelBW the following year. This week, liberty Global won european Union approval to acquire U.K. cable provider Virgin Media Inc.

— Aaron Kirchfeld and Cornelius Rahn

Bertelsmann Selling $2.1 Bln Shares of Broadcaster RTL

Bertelsmann SE, europe’s largest media company, is raising as much as 1.6 billion euros ($2.1 billion) from the sale of a stake in broadcasting unit RTL Group SA to gain funds for acquisitions.

Bertelsmann is selling 23.18 million rTl shares at 54 euros to 62 euros apiece, with trading to begin April 30 in Frankfurt, luxembourg-based rTl said today. rTl stock rose as much as 1.1 percent to 57.92 euros in Brussels. Managers of the sale have an option to sell an additional 2.3 million shares. Bertelsmann, which owns about 92 percent of rTl, wants to keep at least a 75 percent stake.

Chief executive officer Ceo Thomas Rabe plans to spend as much as 3 billion euros on acquisitions over three years as Bertelsmann seeks to reduce its reli-

ance on europe. rTl, which already has listings in luxembourg and Brussels, is seeking growth from online and on-demand videos and has begun producing youTube shows through its FremantleMe-dia division.

— Cornelius Rahn

Daimler Raise $2.9 Bln With Sale of Remaining EADS Stake

Daimler AG, the world’s third-largest maker of luxury cars, sold its remaining stake in Airbus SAS parent European Aeronautic, Defence & Space Co. for 2.2 billion euros ($2.9 billion) to focus on its auto business.

Daimler disposed of 61.1 million shares in eADS, equal to 7.5 percent of the total, at 37 euros a share, the Stuttgart, Germa-ny-based automaker said in a statement today. eADS bought 16 million of the shares for 600 million euros, Daimler said.

A revaluation of Daimler’s stake in eADS will result in an estimated 2.7 billion-euro non-cash operating profit gain in the second quarter, the carmaker said last month. Daimler sold another 7.5 percent holding in eADS for 1.66 billion euros in December.

eADS, europe’s biggest aerospace company, climbed as much as 5.7 percent to 39.30 euros and was up 4.6 percent in Paris. The stock has gained 46 percent since Daimler announced the initial stake sale in December.

— Robert Wall and Dorothee Tschampa

China State Grid, AMP Said to Weigh Bids for N.Z. Utility Stake

China State Grid Corp. and AMP Ltd. are among companies considering buying Brookfield Infrastructure Partners LP’s stake in a new zealand utility, said three people with knowledge of the matter.

Indicative offers for the 42 percent stake in Powerco Ltd., the country’s second-biggest electricity and gas distributor by customers, are due this month, two people said, asking not to be identified as the information is pri-vate. Barclays Plc is advising Brookfield on the sale, which may fetch as much as nz$450 million ($381 million), the people said.

Access Capital Advisers, a Sydney-based fund manager with about $2.6 billion in assets, is also considering a bid for Powerco, the people said. QIC Ltd., an Australian investment fund, owns the rest of Powerco.

China State Grid, the nation’s big-gest electricity distributor, in novem-ber agreed to acquire 41.1 percent of ElectraNet Pty Ltd., the operator of the main power transmission network in South Australia state. The company is working with Macquarie Group Ltd. as it considers bidding for Powerco, one person said.

Andrew Willis, a spokesman for Brook-field Infrastructure, couldn’t be reached to comment outside of office hours in Toronto. Spokesmen at AMP and Access Capital de-clined to comment. State Grid didn’t respond

THe Wire

■ A Liberty Global Inc. bid for Kabel Deutschland Holding AG would put pres-sure on Vodafone Group plc to show its hand, as a deal is essential for Voda-fone’s competitive position, Deutsche Bank AG analyst David A. Write said in a research note. A liberty-Kabel deal would bring substantial cost synergies because it would create a single, national cable operator, Wright said. There have been long-held concerns over whether such a deal would gain regulatory clearance, although liberty likely feels that it has a good grasp on those issues after its recent Kabel BW purchase, he wrote.

“A Kabel Deutschland acquisition would be completely in following with their exist-ing strategy,” Robin Bienenstock, an analyst at Sanford C. Bernstein, said in a note. “A deal between liberty Global and Kabel Deutschland would put Vodafone under more pressure, and reduce their optionality in Germany.”

— Sam Chambers

MarkeT calls

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tHe Wire…

to faxed questions regarding a potential bid.The Wall Street Journal reported State

Grid’s interest earlier, citing people it didn’t identify.

Powerco, based in new Plymouth, dis-tributes power to about 320,000 homes on new zealand’s north Island and gas to about 102,000 homes, according to its website.

— Brett Foley

Ireland Expects Start of Bord Gais Energy Unit Sale in Weeks

Ireland’s energy ministry expects Bord Gais Eireann, the state-owned utility, to start the sale of its energy unit, compris-ing retail and power generation, “in the coming weeks.”

An information memorandum on the business will be issued to interested parties to formally begin the process, the

ministry said in an e-mailed response to questions. GDF Suez SA, France’s largest utility by market value, Centrica Plc and E.ON SE may bid for the unit, the Sunday Business Post reported March 17.

Bord Gais energy may be valued at as much as 1.4 billion euros ($1.8 billion), the Irish Times said in February.

Royal Bank of Canada is advising Bord Gais on the sale, while Royal Bank of Scotland Group Plc is counselling on the reorganization of the group’s capital structures, including 2.2 billion euros of debt. Barclays Plc is advising the state on the transaction.

— Joe Brennan

■ Wayne Kawarabayashi joined Union Square Advisors LLC as a partner in its new york office, according to a statement. Kawarabayashi was previously a manag-ing director of mergers and acquisitions at Barclays Plc. He was also a managing director at Lehman Brothers Holdings Inc. until its 2008 bankruptcy. Kawara-bayashi advised ITC Holdings Corp. on its $1.8 billion purchase of Entergy Corp.’s power-line business that was announced in 2011.

— Will Robinson

PeoPle WaTcH

E-mail people news to mergerbrief@bloomberg.net.

FUNCTIONS FOR THE MARKETFFM<GO>

M&A ARBITRAGEUse MARB to display real-time merger and acquisition (M&A) arbitrage spread data. You can sort the data by columns and market measurements and display charts and transaction details. You can also display data by region from saved templates, or create, edit, and share custom templates.

1. Run {MARB<GO>}, select ‘Regional Templates’ and ‘2) North America’ from the dropdown menus at the top-left of the screen.

2. Click on a target company’s ticker and select ‘6) Deal Details’ from the pop-up window.

3. Select the ‘27) Arb’ tab at the top of the screen to see how the premium has evolved since bid.

— Luis Guilherme Almeida, Bloomberg Application Specialist

lgralmeida@bloomberg.net

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By ToM BUrneTT WAll STreeT ACCeSS

A securities filing by LinnCo LLC for its proposed takeover of Berry Petroleum Co. suggests that three other indepen-dent oil and gas producers are trading at levels that do not reflect their inherent asset values. Newfield Exploration Co., Bill Barrett Corp., and Swift Energy Co.each trade at earnings, reserves, and production multiples well below what linn is paying for Berry, suggesting that they could be takeover targets.

linn announced its $4.2 billion deal for Berry on Feb. 21 and expects to close the transaction by the end of this quarter.

linn’s S-4 filing on Mar. 22 lists eleven independent companies that Berry’s bankers at Credit Suisse Group AG deemed comparable to Berry. That data is summarized in the accompanying table, supplemented with the percentage of each company’s proved reserves base consisting of crude oil and by the compa-nies’ leverage ratio.

Although natural gas prices have recov-ered to $4 per MCF (thousand cubic feet) from a decade low under $2 per MCF in April 2012, crude oil prices have performed much better than natural gas prices over the past several years. Consequently, a reserves base with a higher percentage of crude oil will carry a higher valuation per Boe (barrel oil equivalent) than a base that is more dependent upon natural gas. According to the Berry public filings, its reserves base is composed of 74 percent crude oil and 26 percent natural gas.

Credit Suisse settled on a range of earnings and energy-related multiples it believed best reflected Berry’s posi-tion in the independent energy produc-tion industry. The bank concluded that Berry deserved takeover-related multiple ranges of 6 to 7 times 2012 ebitda; $14 to $17.50 per Boe of proved reserves; and $100,000 to $120,000 per Boe of daily production.

newfield, Barrett and Swift all trade well below those levels. To be sure, newfield

and Swift’s reserves are more weighted toward natural gas than the Berry, but the value disparity between gas and crude has narrowed in the past year. All three companies’ reserves are primarily sited in north America, which is most attractive from a geopolitical perspective.

Moreover, the proportion of oil in the newfield and Swift reserve figures is not that much lower than those for four other companies trading at higher multiples, such as SM Energy Co., Laredo Petro-leum Holdings Inc., Cimarex Energy Co. and SandRidge Energy Inc.

Take newfield, which is currently trad-ing in the $20 to $21 range, down from a high of $76 two years ago, with a market cap of $2.8 billion and an enterprise value of $5.8 billion. estimated ebitda for 2013 is $1.48 billion, according to data compiled by Bloomberg, giving it an en-terprise value of 3.9 times 2013 ebitda, down slightly from the figure in the se-curities filing due to a drop in newfield’s stock price in the past month.

That is far below the 6 to 7 times 2012 ebitda range used by Credit Suisse to value

Berry. At yesterday’s closing price of $20.09, newfield is only selling at an eV/Proved reserves value of $10.24 per Boe, versus the $14 to $17.50 range Credit Suisse used in its Berry valuation process.

Finally, newfield is trading at an eV/Daily Production level of just $43,600, less than half the lower valuation range placed by Credit Suisse on the Berry daily production. If newfield were valued at an eV/reserves value of $14, the shares would be worth more than $36 (eV would be 566 million Boe x $14 or $7.9 billion, less debt of $3.0 billion, for an equity value of $4.9 billion, or $36.15 per share).

newfield, Barrett and Swift are each more dependent on natural gas than crude oil and each company carries a higher debt load relative to its eV than Berry. Still, all three stocks offer signifi-cant upside potential even at the lower end of the valuation ranges applied by linn in the Berry acquisition.

Tom Burnett CFA is Director of Research at Wall Street Access. He does not own any of the stocks mentioned here.

linnco’s deal for Berry suggests That Newfield, Bill Barrett and swift are undervalued

ValuaTioN

Berry’s Comps List Can Be Read as a Guide to Takeover Candidates

coMPaNy Ticker crude as % oF reserVes

eV/2013 esT eBiTda

eV/ProVed reserVes

eV/2013 daily ProducTioN

$/Boe/day (000) deBT/eV

SM Energy SM 53 4.4x $24.77 $44 0.26

Laredo LPI 52 6.3x $21.45 $95 0.36

whiting wLL 90 4.4x $21.21 $87 0.25

Denbury DNR 80 6.6x $20.65 $132 0.33

Cimarex XEC 45 5.1x $17.41 $57 0.11

Sand Ridge SD 58 5.8x $16.66 $53 0.50

Comstock CRK 33 4.5x $15.85 $49 0.63

Berry BRY 74 6.4x $15.46 $118 0.38

Resolute REN 100 7.9x $14.99 $86 0.41

Newfield NFX 48 4.1x $10.97 $49 0.53

Bill Barrett BBG 29 4.3x $9.99 $44 0.60

Swift SFY 48 3.3x $8.96 $40 0.60Sources: LinnCo Mar. 22 S-4, Bloomberg Valuation ratios compiled prior to Feb. 21 deal announcement.

NEW Monitor Implied Volatility of Your Favorite Shares

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deal rosTer

Moelis & Co., the advisory firm founded by Ken Moelis in 2007, won a role advis-ing one of its early clients, Life Technolo-gies Corp., on its $13.6 billion sale to Thermo Fisher Scientific Inc. this week.

less than a year after the boutique was founded, Moelis was hired by Invitrogen

Corp. to work on a $6.4 billion takeover of Applied Biosystems Inc. The com-bined company changed its name to life Technologies once the transaction was completed in 2008.

Morgan Stanley, one of the advisers that worked across from Moelis on the 2008

merger that formed life Technologies, was hired this time by Sigma-Aldrich Corp. to bid against its larger rival Thermo Fisher, though its takeover effort for life Technolo-gies fell short, a person familiar with the matter told Bloomberg news.

— Will Robinson

Buyer: Thermo Fisher Scientific Inc.

Investment banks: Barclays Plc

Paul Parker, head of global corporate finance and M&A

Drew Burch, head of health-care M&A

JPMorgan Chase & Co.

Doug Braunstein, vice chairman

robbie Huffines, vice- chairman of investment banking

Jeff Stute, head of north America health-care investment banking

Law firms: Wachtell, Lipton, Rosen & Katz

Matthew Guest, partner, corporate

Jeannemarie o’Brien, partner, executive comp and benefits

WilmerHale LLP

David e. redlick, partner, corporate

John D. Sigel, partner, commercial finance

Hal J. leibowitz, partner, corporate

erika l. robinson, partner, corporate

Target: Life Technologies Corp.

Investment banks: Deutsche Bank AG

Michael Cohen, managing director and co-head of health-care

David levin, managing director, health-care M&A

James Stynes, managing director and global chairman of M&A

Alberto realuyo, director, M&A

Moelis & Co.

Jeff raich, managing director and head of M&A

Ko Kobayashi, senior vice president

Law firms: Cravath, Swaine & Moore LLP

richard Hall, partner, corporate

Minh Van ngo, partner, corporate

Michael Schler, partner, tax

eric Hilfers, partner, executive comp and benefits

Matthew Morreale, partner, environmental

David Kappos, partner, intellectual property

Christine Varney, partner, antitrust

More Deal Rosters are available at {NI DEALROSTER <GO>} on the Bloomberg.

Moelis Helps an early client, life Technologies, Find a Buyer

Braunstein, who was JPMorgan’s chief financial officer until last year, worked with UnitedHealth Group

Inc. on its October agreement to pay about $4.9 billion to buy 90 per-cent of Amil Partcipacoes SA.

Huffines and Stute advised Baxter International Inc. on its $4 billion agreement in December to purchase Gambro AB from EQT Part-ners AB and Investor AB.

Leibowitz, co-chair of the law firm’s mergers and acquisitions practice group, represented Thermo Fisher on its acquisition of One Lambda Inc. last year for $925 million.

Stynes advised Molson Coors Brewing Co. on its 2.65 billion euro ($3.5 bil-lion) purchase of StarBev LP from CVC Capi-tal Partners Ltd.

Los Angeles-based Raich left UBS AG to become a found-ing partner of Moelis in 2007.

Parker was named co-head of global M&A for Lehman Brothers Holdings Inc. in 2008.

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deal arBiTrage

TargeT acquirer deal size (M)

exPecTed coMPleTioN

daTe

oFFer Per

sHare

TargeT Price

oFFer TyPe sPread

ProjecTed aNNualized

reTurN

1d % cHaNge

iN sPread

Major MoVe*

Sprint Nextel Corp DISH Network Corp 36,754 - 7.02 7.20 C&S -2.5% 0.0% -1.0%

HJ Heinz Co Berkshire Hathaway, 3G Capital 27,403 09/30/13 72.50 72.33 Cash 0.2% 0.5% -0.1%

Dell Inc Blackstone, Francisco Ptnrs, Insight Venture Mgmt 21,228 - 14.25 14.04 C/S 1.5% 0.0% 0.0%

Dell Inc Michael Dell, Silver Lake Mgmt 16,289 07/31/13 13.65 14.04 Cash -2.8% -9.6% 0.0%

Life Technologies Corp Thermo Fisher Scientific Inc 15,901 - 76.00 73.40 Cash 3.5% 0.0% -0.4%

Plains Exploration & Production Co

Freeport-McMoRan Copper & Gold Inc 10,173 06/30/13 44.10 44.80 C&S -1.6% -7.6% -0.2%

NYSE Euronext IntercontinentalExchange Inc 8,169 12/31/13 37.82 37.56 C/S 0.7% 1.0% -0.2%

Clearwire Corp DISH Network Corp 7,895 - 3.30 3.26 Cash 1.2% 0.0% -3.3% ▼

Coventry Health Care Inc Aetna Inc 5,591 06/30/13 49.30 49.18 C&S 0.2% 1.2% -0.1%

Berry Petroleum Co LinnCo LLC 4,174 06/30/13 51.79 47.68 Stk 8.6% 41.9% -0.3%

Copano Energy LLC Kinder Morgan Energy Partners LP 4,151 09/30/13 41.07 40.84 Stk 0.6% 1.2% -0.1%

Gardner Denver Inc KKR & Co LP 3,850 09/30/13 76.00 75.08 Cash 1.2% 2.7% -0.1%

Hudson City Bancorp Inc M&T Bank Corp 3,838 06/30/13 8.28 8.18 Stk 1.2% 5.7% -0.6%

Astral Media Inc BCE Inc 3,729 06/01/13 50.00 48.76 Cash 2.5% 20.2% -0.1%

Lufkin Industries Inc General Electric Co 3,238 12/31/13 88.50 88.46 Cash 0.0% 0.1% 0.0%

Alterra Capital Holdings Ltd Markel Corp 2,998 06/30/13 32.51 32.44 C&S 0.2% 1.0% -0.3%

Commonwealth REIT Corvex Mgmt, Related Fund Mgmt 2,898 - 24.50 22.73 Cash 7.8% 0.0% -1.1%

Ameristar Casinos Inc Pinnacle Entertainment Inc 2,690 09/30/13 26.50 26.40 Cash 0.4% 0.8% -0.6%

McMoRan Exploration Co Freeport-McMoRan Copper & Gold Inc 2,565 06/30/13 14.75 16.58 Cash -11.0% -53.7% -2.0%

Cymer Inc ASML Holding NV 2,346 06/30/13 97.69 96.46 C&S 1.3% 6.2% -1.6%

Compuware Corp Elliott Management Corp. 2,208 - 11.00 11.76 Cash -6.5% 0.0% -1.3%

Clearwire Corp Sprint Nextel Corp 2,141 - 2.97 3.26 Cash -8.9% 0.0% -3.3% ▼

Kayak Software Corp priceline.com Inc 1,660 - 40.63 40.83 C/S -0.5% 0.0% -0.3%

officeMax Inc office Depot Inc 1,512 12/31/13 9.98 11.14 Stk -10.4% -14.7% -0.4%

SuperMedia Inc Dex one Corp 1,474 - 4.80 4.79 Stk 0.2% 0.0% -1.8%

wMS Industries Inc Scientific Games Corp 1,449 12/31/13 26.00 25.31 Cash 2.7% 3.8% -0.2%

CH Energy Group Inc Fortis Inc/Canada 1,443 - 65.00 64.86 Cash 0.2% 0.0% -0.3%

Uranium one Inc #N/A Invalid Security 1,330 06/30/13 2.86 2.78 Cash 2.9% 14.0% -0.4%

Arbitron Inc Nielsen Holdings NV 1,238 - 48.00 46.74 Cash 2.7% 0.0% -0.2%

Netspend Holdings Inc Total System Services Inc 1,228 06/30/13 16.00 16.01 Cash -0.1% -0.3% -0.4%

Source: Bloomberg MARB<GO> North American deals*Spread moved by more than 2% of target price: ▲= up, ▼=down

04.17.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 7

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