Acquiror: Great Plains Energy (GXP) and Black Hills Spread: 9% Annualized Return: 14% Expected Closing Date: Jan 31, 2008 Issues: Aquila Inc. on Wednesday continued to make its case for shareholders to support its proposed acquisition by Great Plains Energy Inc. and Black Hills Corp. later this year. But shareholders speaking at the utility's annual meeting largely criticized the idea, saying the deal undercut investors.

Acquiror: Babcock & Brown (BBI) Spread: 6% Annualized Return: 55% Expected Closing Date: June 30, 2007 Issues: Critics of NorthWestern Energy's proposed sale to an Australian company say that regulators need to impose stiff restrictions on the deal if they decide to approve it. Both the Montana Consumer Counsel and AARP of Montana say the Public Service Commission has the authority to reject the sale -- a point being disputed by NorthWestern Energy and suitor Babcock & Brown Infrastructure.

Acquiror: BAE Systems plc Spread: 3% Annualized Return: 10% Expected Closing Date: Sept. 1, 2007 Issues: BAE Systems PLC is likely to complete its deal to buy Armor Holdings Inc. for $4.1 billion because regulators probably won't try to block the sale and no rival bidders are likely to surface, analysts said in early May.

Acquiror: Bain Capital LLC, Thomas H. Lee Spread: 4% Annualized Return: 11% Expected Closing Date: September 30, 2007 Issues: The board of Clear Channel Communications Inc. on May 18th accepted a further sweetened offer from private equity firms trying to buy the radio and billboard company. The new offer is $39.20 per share.

Acquiror: Kohlberg Kravis Roberts (KKR) Spread: 4% Annualized Return: 12% Expected Closing Date: September 30, 2007 Issues: The roughly $27 billion deal ($34 per share), announced in early April by Kohlberg Kravis Roberts and approved by First Data's board, remains subject to shareholder and regulator approval. It is expected to close by the end of the third quarter.

Acquiror: Genentech Inc. (DNA) Spread: 7% Annualized Return: 31% Expected Closing Date: August 1, 2007 Issues: Tanox said in a filing with the U.S. Securities Exchange Commission in early May that the two companies were continuing to work with the U.S. Federal Trade Commission in its review of the proposed acquisition, which Tanox stockholders approved on Jan. 15. The companies had previously expected to complete the transaction in the first quarter. Under the terms of the sale, Genentech will buy Houston-based Tanox for $919 million, or $20 per share.

Acquiror: Eurex Spread: 5% Annualized Return: 11% Expected Closing Date: November 1, 2007 Issues: The German stock exchange in late April announced the $2.8 billion (or $67.50 per share) acquisition of New York-based ISE, a deal that will create the world's top options market, rivaling U.S. players like the Chicago Board Options Exchange and Chicago Mercantile Exchange.

Acquiror: Great Atlantic & Pacific Tea Co. Spread: 5% Annualized Return: 11% Expected Closing Date: November 1, 2007 Issues: The Great Atlantic & Pacific Tea Company Inc. said in late April that it received a second request for information from the Federal Trade Commission in connection with the supermarket operator's plan to buy rival Pathmark Stores Inc. A&P said it still expects the deal to close in the second half of its current fiscal year, which ends in February 2008.