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 [...]