Harleysville National Corp. (HNBC) by First Niagara Financial Group (FNFG) all-stock deal.  (I am not a big fan of all-stock deals). The exchange ratio is 0.474 FNFG shares for each HNBC share.

Current prices 9/21/2009: HNBC $5.63 and FNFG $13.02.

Crunch:

I buy one share of HNBC today for $5.63.  The deal closes and I get 0.474 sh of FNFG, prices today at $13.02, or $6.17.  That’s a net of $6.17 - $5.63 = $0.54 or, in ROI terms: 0.54 / 5.63 = 9.6%.

I may enter this one today @ around $5.63.

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