Buyer Buyer Industry Seller Seller Industry  Date 

Value*

($ Mil.)

Returns**

Seller Initial Buyer Initial Buyer 1-Year
Millennium Pharmaceuticals Biotechnology Leukosite Biotechnology 10/99 635 51% -9% 195%
Buhrmann Commercial Services & Supplies Corporate Express Specialty Retail 7/99 1,017 14% 26% 129%
Metromedia Fiber Network Diversified Telecommunication Svcs. Abovenet Communications Internet Software & Svcs. 6/99 1,553 31% -12% 114%
Shire Pharmaceuticals Group Pharmaceuticals Roberts Pharmaceutical Pharmaceuticals 7/99 992 24% 0% 109%
Westwood One Media Metro Networks Media 6/99 878 -6% 9% 93%
Devon Energy Oil & Gas Pennzenergy Oil & Gas 5/99 676 15% 6% 68%
Genzyme Biotechnology Biomatrix Biotechnology 3/00 875 14% 9% 68%
Anadarko Petroleum Oil & Gas Union Pacific Resources Group Oil & Gas 4/00 5,440 22% 1% 59%
M&T Bank Banks Keystone Financial Banks 5/00 1,028 29% -4% 54%
James River Paper & Forest Products Fort Howard Paper & Forest Products 5/97 3,163 22% 7% 46%
Suiza Foods Food Products Dean Foods Food Products 4/01 1,462 19% 3% 45%
Northrop Grumman Aerospace & Defense Litton Industries Aerospace & Defense 12/00 3,641 28% -3% 44%
Star Banc Banks Firstar Banks 7/98 7,046 32% -2% 44%
New York Community Bancorp Banks Richmond County Financial Banks 3/01 779 11% 7% 43%
King Pharmaceuticals Pharmaceuticals Jones Pharma Pharmaceuticals 7/00 3,348 -11% -13% 42%
Flextronics International Electronic Equipment & Instruments Dii Group Electronic Equipment & Instruments 11/99 2,405 30% 9% 42%
Praxair Chemicals Cbi Industries Commercial Services & Supplies 10/95 1,440 55% 12% 40%
Rite Aid Food & Drug Retailing Thrifty Payless Holdings Food & Drug Retailing 10/96 1,400 20% -2% 38%
Koninklijke Ahold Food & Drug Retailing Stop & Shop Food & Drug Retailing 3/96 1,800 25% 7% 38%
Spx Electrical Equipment United Dominion Industries Machinery 3/01 954 23% -1% 38%
Avnet Electronic Equipment & Instruments Kent Electronics Electronic Equipment & Instruments 3/01 587 36% -7% 37%
Healthsouth Health Care Providers & Svcs. Surgical Care Affiliates Health Care Providers & Svcs. 10/95 1,200 30% 2% 36%
Reed Elsevier Media Harcourt General Media 10/00 4,379 -2% 9% 35%
Tenet Healthcare Health Care Providers & Svcs. Ornda Healthcorp Health Care Providers & Svcs. 10/96 1,730 14% 2% 35%
Tyco International Industrial Conglomerates Adt Commercial Services & Supplies 3/97 4,092 23% -4% 35%
Northrop Grumman Aerospace & Defense Newport News Shipbuilding Aerospace & Defense 5/01 2,345 -5% -9% 34%
Qwest Communications Intl. Diversified Telecommunication Svcs. Lci International Diversified Telecommunication Svcs. 3/98 4,174 12% 5% 34%
Global Crossing Diversified Telecommunication Svcs. Frontier Diversified Telecommunication Svcs. 3/99 10,910 37% 18% 33%
Viacom Media Cbs Media 9/99 40,410 5% 6% 32%
Cincinnati Bell Diversified Telecommunication Svcs. Ixc Communications Diversified Telecommunication Svcs. 7/99 1,813 15% -17% 32%
Rohm & Haas Chemicals Morton International Chemicals 2/99 4,483 38% -6% 27%
Jones Apparel Group Textiles, Apparel & Luxury Goods Nine West Group Textiles, Apparel & Luxury Goods 3/99 907 13% -24% 27%
Usa Waste Services Commercial Services & Supplies Waste Management Commercial Services & Supplies 3/98 13,218 23% 7% 26%
Aluminum Co. Of America Metals & Mining Alumax Metals & Mining 3/98 2,671 25% -1% 25%
Gannett Media Multimedia Media 7/95 1,711 -4% -7% 25%
Summit Bancorporation Banks Collective Bancorp Banks 2/97 867 11% -4% 25%
Allied Irish Banks Banks Dauphin Deposit Banks 1/97 1,360 25% -1% 25%
Energy East Electric Utilities Rgs Energy Group Electric Utilities 2/01 1,366 8% -5% 23%
Computer Associates Intl. Software Platinum Technology Software 3/99 2,931 144% -1% 22%
American International Group Insurance Sunamerica Diversified Financials 8/98 17,800 20% 0% 22%
Barrick Gold Metals & Mining Homestake Mining Metals & Mining 6/01 2,293 8% -15% 22%
Pepsico Beverages Quaker Oats Food Products 12/00 12,776 12% 7% 21%
Radian Group Insurance Enhance Financial Services Grp. Insurance 11/00 539 2% 0% 21%
Qwest Communications Intl. Diversified Telecommunication Svcs. U S West Diversified Telecommunication Svcs. 6/99 40,294 4% -23% 21%
Tribune Media Renaissance Communications Media 7/96 1,130 16% 2% 21%
Amerisource Health Health Care Providers & Svcs. Bergen Brunswig Health Care Providers & Svcs. 3/01 2,432 -2% -10% 20%
Mgm Grand Hotels, Restaurants & Leisure Mirage Resorts Hotels, Restaurants & Leisure 2/00 3,284 49% -1% 19%
Gannett Media Central Newspapers Media 6/00 2,446 12% 0% 18%
National Grid Group Electric Utilities New England Electric System Electric Utilities 12/98 3,217 10% 4% 18%
Tribune Media Times Mirror Media 3/00 5,636 76% -7% 17%
Kerr-Mcgee Oil & Gas Oryx Energy Oil & Gas 10/98 1,840 36% -3% 17%
America Online Internet Software & Svcs. Time Warner Media 1/00 165,938 11% 1% 17%
Charter One Financial Banks Rcsb Financial Banks 5/97 616 26% 2% 16%
Fifth Third Bancorp Banks Old Kent Financial Banks 11/00 4,924 47% 5% 16%
International Paper Paper & Forest Products Federal Paper Board Paper & Forest Products 11/95 2,700 24% -1% 16%
First Empire State Banks Onbancorp Banks 10/97 872 10% 3% 15%
Cvs Food & Drug Retailing Revco D.S. NA 2/97 2,795 4% 3% 15%
Hilton Hotels Hotels, Restaurants & Leisure Promus Hotel Hotels, Restaurants & Leisure 9/99 3,029 17% -14% 15%
Alcoa Metals & Mining Reynolds Metals Metals & Mining 8/99 4,395 13% 1% 14%
First Union Banks Corestates Financial Banks 11/97 16,805 3% -6% 14%
Public Service Co. Of Colorado Electric Utilities Southwestern Public Service Electric Utilities 8/95 1,260 3% 3% 14%
Cardinal Health Health Care Providers & Svcs. Allegiance Health Care Equipment & Supplies 10/98 4,348 17% -9% 14%
Southern National Banks United Carolina Bancshares Banks 11/96 985 49% -2% 13%
Alliedsignal Aerospace & Defense Honeywell Electrical Equipment 6/99 13,803 10% 6% 13%
Trw Auto Components Lucasvarity Auto Components 1/99 6,630 32% -9% 12%
Laidlaw Road & Rail American Medical Response Health Care Providers & Svcs. 1/97 1,120 20% 9% 12%
Barr Laboratories Pharmaceuticals Duramed Pharmaceuticals Pharmaceuticals 6/01 496 14% 0% 11%
First Bank System Banks Firstier Financial Banks 8/95 NA -2% 2% 11%
Brooklyn Union Gas Gas Utilities Long Island Lighting Banks 12/96 3,013 2% 1% 11%
Scana Electric Utilities Public Service Co. Of N.C. Gas Utilities 2/99 677 26% -12% 10%
Chevron Oil & Gas Texaco Oil & Gas 10/00 35,761 12% -3% 10%
Dominion Resources Electric Utilities Consolidated Natural Gas Gas Utilities 2/99 6,126 4% -6% 10%
International Speedway Hotels, Restaurants & Leisure Penske Motorsports Hotels, Restaurants & Leisure 5/99 610 43% 14% 10%
Canadian National Railway Road & Rail Illinois Central Road & Rail 2/98 2,396 3% 13% 10%
Norwest Banks Wells Fargo Banks 6/98 33,874 -3% -11% 10%
Symantec Software Axent Technologies Software 7/00 929 24% -3% 9%
Borg-Warner Automotive Auto Components Kuhlman Electrical Equipment 12/98 657 39% 5% 9%
Broken Hill Proprietary Metals & Mining Magma Copper Metals & Mining 12/95 1,800 37% 3% 9%
Thomas & Betts Electrical Equipment Augat Electrical Equipment 10/96 515 22% -4% 8%
Physician Sales & Service Health Care Providers & Svcs. Gulf South Medical Supply Health Care Providers & Svcs. 12/97 657 6% -12% 8%
Weyerhaeuser Paper & Forest Products Willamette Industries Paper & Forest Products 11/00 5,274 40% -1% 8%
Interpublic Group Media True North Communications Media 3/01 2,020 -2% -9% 7%
Phillips Petroleum Oil & Gas Tosco Oil & Gas 2/01 7,202 17% -10% 7%
First Union Banks Wachovia Banks 4/01 12,980 4% -6% 7%
Nipsco Industries Electric Utilities Bay State Gas Gas Utilities 12/97 543 22% 0% 6%
Wells Fargo Banks First Interstate Bancorp Banks 10/95 11,600 18% -1% 6%
Northrop Grumman Aerospace & Defense Logicon Aerospace & Defense 5/97 758 25% -3% 6%
Bell Atlantic Diversified Telecommunication Svcs. Gte Diversified Telecommunication Svcs. 7/98 52,846 -1% 5% 6%
Kimberly-Clark Household Products Scott Paper Household Products 7/95 9,400 -3% 7% 6%
Amerada Hess Oil & Gas Triton Energy Oil & Gas 7/01 1,686 46% -5% 5%
Ohio Edison Electric Utilities Centerior Energy Electric Utilities 9/96 1,612 16% -7% 5%
Firstenergy Electric Utilities Gpu Electric Utilities 8/00 4,427 10% -12% 4%
Philip Morris Tobacco Nabisco Group Holdings Food Products 6/00 14,740 4% 1% 4%
Nationsbank Banks Bankamerica Banks 4/98 59,274 2% 4% 4%
Walt Disney Media Capital Cities/Abc Media 7/95 18,920 12% -2% 4%
Texas Utilities Electric Utilities Energy Group Electric Utilities 3/98 7,054 6% -3% 4%
Iron Mountain Commercial Services & Supplies Pierce Leahy Commercial Services & Supplies 10/99 571 9% -17% 4%
R.J. Reynolds Tobacco Holdings Tobacco Nabisco Group Holdings Food Products 6/00 9,793 4% -12% 3%
Total Renal Care Holdings Health Care Providers & Svcs. Renal Treatment Centers Health Care Providers & Svcs. 11/97 1,038 -10% -14% 3%
Union Electric Electric Utilities Cipsco Electric Utilities 8/95 1,200 11% -2% 3%
Travelers Group Insurance Citicorp Banks 4/98 70,006 8% 6% 2%
Keyspan Gas Utilities Eastern Enterprises Gas Utilities 11/99 1,729 13% -4% 2%
Baker Hughes Energy Equipment & Svcs. Western Atlas Energy Equipment & Svcs. 5/98 5,398 13% -3% 1%
Firstar Banks Mercantile Bancorporation Banks 4/99 10,403 17% -10% 1%
Duke Power Electric Utilities Panenergy Gas Utilities 11/96 7,553 4% 0% 1%
Pfizer Pharmaceuticals Warner-Lambert Pharmaceuticals 11/99 93,876 20% -12% 1%
Halliburton Energy Equipment & Svcs. Dresser Industries Energy Equipment & Svcs. 2/98 7,723 17% 3% 1%
Georgia-Pacific Paper & Forest Products Fort James Household Products 7/00 7,374 30% -12% 1%
Kroger Food & Drug Retailing Fred Meyer Multiline Retail 10/98 7,532 14% -1% 0%
Federal Express Air Freight & Logistics Caliber System Road & Rail 10/97 2,453 10% 0% 0%
Union Planters Banks Leader Financial Banks 3/96 523 14% -2% 0%
Gillette Personal Products Duracell International Electrical Equipment 9/96 6,443 28% 1% 0%
General Dynamics Aerospace & Defense Gulfstream Aerospace Aerospace & Defense 5/99 5,198 18% -10% 0%
Qlogic Semiconductor Equipment & Prods. Ancor Communications Communications Equipment 5/00 1,537 15% -29% 0%
Devon Energy Oil & Gas Mitchell Energy & Development Oil & Gas 8/01 3,012 29% -2% -1%
Sbc Communications Diversified Telecommunication Svcs. Pacific Telesis Group Diversified Telecommunication Svcs. 4/96 16,709 19% -7% -1%
Bell Atlantic Diversified Telecommunication Svcs. Nynex Diversified Telecommunication Svcs. 4/96 21,500 -7% 3% -1%
Supervalu Food & Drug Retailing Richfood Holdings Food & Drug Retailing 6/99 883 35% 2% -2%
Weyerhaeuser Paper & Forest Products Macmillan Bloedel Building Products 6/99 2,349 27% -2% -3%
A.H. Belo Media Providence Journal Media 9/96 1,487 46% -13% -3%
Firstar Banks U.S. Bancorp Banks 10/00 20,992 7% -18% -3%
Eaton Machinery Aeroquip-Vickers Machinery 2/99 1,608 58% -8% -3%
National City Banks First Of America Bank Banks 12/97 6,980 20% -13% -3%
Ingersoll-Rand Machinery Hussmann International Machinery 5/00 1,472 117% 3% -3%
Bp Amoco Oil & Gas Atlantic Richfield Oil & Gas 4/99 26,611 14% -4% -4%
At&T Diversified Telecommunication Svcs. Mediaone Group Media 4/99 55,795 18% -6% -4%
Washington Mutual Banks Dime Bancorp Banks 6/01 4,990 4% -5% -4%
Banc One Banks First Chicago Nbd Banks 4/98 28,784 4% -7% -4%
Invitrogen Biotechnology Dexter Chemicals 7/00 1,444 12% -14% -4%
Scottish Power Electric Utilities Pacificorp Electric Utilities 12/98 7,760 9% -3% -4%
Koninklijke Ahold Food & Drug Retailing Giant Food Food & Drug Retailing 5/98 2,636 11% 6% -4%
Pride International Energy Equipment & Svcs. Marine Drilling Energy Equipment & Svcs. 5/01 1,917 -3% 0% -5%
Exxon Oil & Gas Mobil Oil & Gas 12/98 77,213 18% 1% -5%
Dana Auto Components Echlin Auto Components 5/98 3,505 0% -8% -5%
International Paper Paper & Forest Products Champion International Paper & Forest Products 4/00 6,185 28% -6% -5%
Roadway Road & Rail Arnold Industries Road & Rail 8/01 539 10% 11% -5%
Lsi Logic Semiconductor Equipment & Prods. C-Cube Microsystems Semiconductor Equipment & Prods. 3/01 823 57% -1% -5%
National City Banks Fort Wayne National Banks 1/98 706 6% 4% -6%
Doubleclick Internet Software & Svcs. Abacus Direct Commercial Services & Supplies 6/99 922 26% -1% -6%
Associated Banc-Corp Banks First Financial Banks 5/97 1,060 2% 0% -6%
Kerr-Mcgee Oil & Gas Hs Resources Oil & Gas 5/01 1,206 34% 1% -6%
Williams Gas Utilities Mapco Oil & Gas 11/97 2,532 30% -4% -6%
Charter One Financial Banks St Paul Bancorp Banks 5/99 1,143 11% -2% -6%
Aegon Insurance Transamerica Insurance 2/99 9,714 29% 0% -7%
Patterson Energy Energy Equipment & Svcs. Uti Energy Energy Equipment & Svcs. 2/01 1,356 6% -2% -7%
Cisco Systems Communications Equipment Stratacom Communications Equipment 4/96 4,000 29% 2% -7%
American General Diversified Financials Uslife Insurance 2/97 1,684 13% 2% -7%
Dow Chemical Chemicals Union Carbide Chemicals 8/99 8,899 30% -2% -7%
Valero Energy Oil & Gas Ultramar Diamond Shamrock Oil & Gas 5/01 4,117 20% 2% -8%
Csx/Norfolk Southern Road & Rail Conrail Road & Rail 10/96 8,280 13% -12% -8%
Valspar Chemicals Lilly Industries Chemicals 6/00 737 119% -2% -8%
Albertson's Food & Drug Retailing American Stores Food & Drug Retailing 8/98 8,290 23% -3% -8%
Phone.Com Internet Software & Svcs. Software.Com Internet Software & Svcs. 8/00 6,387 29% 0% -8%
Webmethods Internet Software & Svcs. Active Software Software 5/00 1,183 12% -11% -8%
3com Communications Equipment Chipcom Communications Equipment 7/95 775 51% 3% -8%
Illinois Tool Works Machinery Premark International Insurance 9/99 3,370 42% -7% -8%
Suntrust Banks Banks Crestar Financial Banks 7/98 9,411 18% -8% -8%
Boeing Aerospace & Defense Mcdonnell Douglas Aerospace & Defense 12/96 13,343 18% 5% -8%
Unilever Food Products Bestfoods Food Products 5/00 18,273 17% -11% -8%
International Game Technology Hotels, Restaurants & Leisure Anchor Gaming Hotels, Restaurants & Leisure 7/01 878 -2% -7% -9%
Devon Energy Oil & Gas Santa Fe Snyder Oil & Gas 5/00 2,354 17% 4% -9%
Fleet Financial Group Banks Bankboston Banks 3/99 15,615 10% -9% -9%
Transocean Sedco Forex Energy Equipment & Svcs. R&B Falcon Energy Equipment & Svcs. 8/00 5,618 17% 5% -9%
Houston Industries Electric Utilities Noram Energy Gas Utilities 8/96 2,205 25% -4% -10%
Chemical Banking Banks Chase Manhattan Banks 8/95 13,000 4% 0% -10%
Cendant Commercial Services & Supplies Galileo International Commercial Services & Supplies 6/01 2,899 7% 10% -10%
Triad Hospitals Health Care Providers & Svcs. Quorum Health Group Health Care Providers & Svcs. 10/00 1,153 3% -10% -10%
Chase Manhattan Diversified Financials J.P. Morgan Diversified Financials 9/00 36,346 1% -16% -10%
Citizens Bancshares Banks Mid Am Banks 5/98 654 -3% -6% -11%
International Paper Paper & Forest Products Union Camp Containers & Packaging 11/98 4,912 27% -5% -11%
J.C. Penney Multiline Retail Eckerd Food & Drug Retailing 11/96 2,555 19% -1% -11%
Cooper Tire & Rubber Auto Components Standard Products Auto Components 7/99 586 54% 1% -12%
Litton Industries Aerospace & Defense Avondale Industries Energy Equipment & Svcs. 5/99 504 19% 0% -12%
Banc One Banks First Usa Diversified Financials 1/97 7,300 39% -4% -12%
Hercules Chemicals Betzdearborn Chemicals 7/98 2,135 82% -12% -12%
Fleetboston Financial Banks Summit Bancorporation Banks 10/00 7,334 38% -5% -12%
Steris Health Care Equipment & Supplies Amsco International Health Care Equipment & Supplies 12/95 620 -14% -19% -12%
First American Banks Deposit Guaranty Banks 12/97 2,614 14% -9% -13%
National City Banks Integra Financial Banks 8/95 2,100 3% -10% -13%
Bowater Paper & Forest Products Avenor NA 3/98 1,601 6% 3% -13%
Kla Instruments Semiconductor Equipment & Prods. Tencor Instruments Semiconductor Equipment & Prods. 1/97 1,267 39% 7% -13%
Wisconsin Energy Electric Utilities Wicor Gas Utilities 6/99 1,180 15% -4% -13%
Huntington Bancshares Banks First Michigan Bank Banks 5/97 829 -5% -4% -13%
Pnc Bank Banks Midlantic Banks 7/95 3,600 16% -8% -14%
Jds Uniphase Communications Equipment Sdl Semiconductor Equipment & Prods. 7/00 38,128 24% -19% -14%
Energy East Electric Utilities Cmp Group Electric Utilities 6/99 957 27% 1% -14%
Fidelity National Financial Insurance Chicago Title Insurance 8/99 1,135 32% -3% -15%
Peoples Heritage Financial Grp. Banks Banknorth Group Banks 6/99 762 11% -10% -15%
Gilead Sciences Biotechnology Nexstar Pharmaceuticals Pharmaceuticals 3/99 501 71% 23% -15%
Conagra Food Products International Home Foods Food Products 6/00 1,627 31% -8% -15%
Phelps Dodge Metals & Mining Cyprus Amax Minerals Metals & Mining 8/99 1,661 24% -2% -16%
Tyco International Industrial Conglomerates Amp Electrical Equipment 11/98 11,158 8% 2% -16%
Worldcom Diversified Telecommunication Svcs. Mci Communications Diversified Telecommunication Svcs. 10/97 28,712 11% -4% -16%
Time Warner Media Turner Broadcasting System Media 8/95 6,700 33% -6% -16%
Lockheed Martin Aerospace & Defense Loral Aerospace & Defense 1/96 7,000 25% -1% -17%
Perkinelmer Electronic Equipment & Instruments Packard Bioscience Electronic Equipment & Instruments 7/01 570 13% 22% -18%
Crompton & Knowles Chemicals Witco Chemicals 6/99 979 23% 7% -18%
Carolina Power & Light Electric Utilities Florida Progress Electric Utilities 8/99 5,325 10% -10% -19%
Berkshire Hathaway Insurance General Re Insurance 6/98 21,174 13% 1% -19%
Kinder Morgan Energy Partners Gas Utilities Santa Fe Pacific Pipeline Partners Energy Equipment & Svcs. 10/97 1,038 22% -7% -19%
Sbc Communications Diversified Telecommunication Svcs. Ameritech Diversified Telecommunication Svcs. 5/98 61,388 3% -8% -19%
Wpp Group Media Young & Rubicam Media 5/00 3,886 -14% -21% -19%
Cuc International Commercial Services & Supplies Hfs Commercial Services & Supplies 5/97 10,906 -11% -7% -19%
American Oncology Resources Health Care Providers & Svcs. Physician Reliance Network Health Care Providers & Svcs. 12/98 628 26% 18% -19%
Verisign Internet Software & Svcs. Network Solutions Internet Software & Svcs. 3/00 17,779 37% -19% -19%
National Grid Group Electric Utilities Niagara Mohawk Power Electric Utilities 9/00 3,048 7% -22% -19%
Ultramar Oil & Gas Diamond Shamrock Oil & Gas 9/96 956 9% 8% -19%
Burlington Resources Oil & Gas Louisiana Land & Exploration Oil & Gas 7/97 2,411 23% 1% -20%
Pulte Household Durables Del Webb Household Durables 5/01 754 29% 0% -20%
Newmont Mining Metals & Mining Santa Fe Pacific Gold Metals & Mining 12/96 2,044 42% -3% -20%
Astoria Financial Banks Long Island Bancorp Banks 4/98 1,667 -3% -6% -20%
Comerica Banks Imperial Bancorp Banks 11/00 1,227 16% -14% -21%
Cemex Construction Materials Southdown Construction Materials 9/00 2,621 35% -3% -21%
Solectron Electronic Equipment & Instruments C-Mac Industries Electronic Equipment & Instruments 8/01 2,611 19% -9% -22%
Alltel Diversified Telecommunication Svcs. 360 Communications Wireless Telecommunication Svcs. 3/98 4,130 3% -15% -22%
Chancellor Media Media Capstar Broadcasting Media 8/98 4,980 -7% -15% -22%
Vignette Internet Software & Svcs. Ondisplay Software 5/00 1,532 -6% -25% -22%
Sanmina Electronic Equipment & Instruments Sci Systems Electronic Equipment & Instruments 7/01 4,427 17% -4% -23%
Forest Oil Oil & Gas Forcenergy Oil & Gas 7/00 622 11% -11% -24%
Jefferson Smurfit Containers & Packaging Stone Container Containers & Packaging 5/98 2,102 7% -2% -24%
Quintiles Transnational Health Care Providers & Svcs. Envoy Commercial Services & Supplies 12/98 1,597 35% -8% -24%
Terra Networks Internet Software & Svcs. Lycos Internet Software & Svcs. 5/00 10,722 11% -10% -24%
Armstrong World Industries Building Products Triangle Pacific Paper & Forest Products 6/98 890 33% -5% -24%
Dte Energy Electric Utilities Mcn Energy Group Gas Utilities 10/99 2,441 40% -7% -25%
American Electric Power Electric Utilities Central & South West Electric Utilities 12/97 6,622 -1% -4% -25%
Applied Micro Circuits Semiconductor Equipment & Prods. Mmc Networks Communications Equipment 8/00 3,834 53% 18% -25%
Swiss Re Insurance Life Re Insurance 7/98 1,852 16% 5% -26%
I2 Technologies Software Aspect Development Software 3/00 6,613 -13% -8% -27%
Elan Pharmaceuticals Athena Neurosciences Pharmaceuticals 3/96 589 21% 7% -27%
Infospace.Com Internet Software & Svcs. Go2net Internet Software & Svcs. 7/00 3,877 20% -25% -27%
Amsouth Bancorporation Banks First American Insurance 6/99 6,198 -13% -21% -27%
Compaq Computer Computers & Peripherals Digital Equipment Computers & Peripherals 1/98 8,868 40% 0% -28%
Imc Global Chemicals Freeport-Mcmoran Metals & Mining 7/97 719 11% -13% -30%
Pacificare Health Systems Health Care Providers & Svcs. Fhp International Health Care Providers & Svcs. 8/96 1,477 30% 1% -30%
Household International Diversified Financials Beneficial Diversified Financials 4/98 7,216 4% -5% -30%
Daimler-Benz Automobiles Chrysler Automobiles 5/98 38,568 16% -6% -30%
Mattel Leisure Equipment & Prods. Learning Company Software 12/98 3,093 -16% -18% -30%
Newell Household Durables Rubbermaid Household Durables 10/98 5,799 21% -22% -31%
Union Planters Banks Magna Group Banks 2/98 2,034 20% -7% -32%
Potash Corp. Of Saskatchewan Chemicals Arcadian Chemicals 9/96 1,180 11% -7% -33%
Clorox Household Products First Brands Household Products 10/98 1,523 69% -1% -34%
Teleglobe Diversified Telecommunication Svcs. Excel Communications Diversified Telecommunication Svcs. 6/98 3,025 -5% 7% -34%
Avnet Electronic Equipment & Instruments Marshall Industries Electronic Equipment & Instruments 6/99 648 103% -11% -35%
Ubs Banks Painewebber Group Diversified Financials 7/00 12,039 49% -9% -35%
St. Paul Insurance Usf&G Insurance 1/98 2,479 11% 8% -35%
Vertex Pharmaceuticals Biotechnology Aurora Biosciences Biotechnology 4/01 549 37% -11% -37%
Imc Global Chemicals Vigoro Chemicals 11/95 1,160 19% -5% -38%
Mckesson Health Care Providers & Svcs. Hbo & Co. Software 10/98 14,143 -19% -15% -38%
Motorola Communications Equipment General Instrument Communications Equipment 9/99 11,467 -12% -15% -40%
Unum Insurance Provident Insurance 11/98 4,751 13% 7% -40%
Genesis Health Ventures Health Care Providers & Svcs. Multicare Companies Health Care Providers & Svcs. 6/97 1,011 9% 2% -41%
Northern Telecom Communications Equipment Bay Networks Communications Equipment 6/98 8,479 -7% -16% -41%
Informix Software Ardent Software Software 12/99 746 30% -10% -42%
Opentv Software Spyglass Internet Software & Svcs. 3/00 2,089 20% -33% -43%
B.F. Goodrich Chemicals Coltec Industries Auto Components 11/98 1,410 17% 3% -43%
Rhodia Sa Chemicals Chirex Chemicals 7/00 558 55% -12% -43%
Markel Insurance Terra Nova (Bermuda) Holdings Insurance 8/99 858 13% -9% -43%
U.S. Industries Building Products Zurn Industries Machinery 2/98 557 16% -5% -44%
Netiq Software Webtrends Internet Software & Svcs. 1/01 948 15% -8% -45%
3com Communications Equipment U.S. Robotics Communications Equipment 2/97 6,600 7% -5% -47%
News Corp. Media New World Communications Grp. Media 7/96 2,480 39% -11% -48%
Sulzer Medica Health Care Equipment & Supplies Spine-Tech Health Care Equipment & Supplies 12/97 532 56% 4% -48%
Ak Steel Holding Metals & Mining Armco Metals & Mining 5/99 726 22% 8% -49%
Mallinckrodt Health Care Equipment & Supplies Nellcor Puritan Bennett Health Care Equipment & Supplies 7/97 1,805 43% -11% -50%
Allied Waste Industries Commercial Services & Supplies Browning-Ferris Industries Commercial Services & Supplies 3/99 7,116 19% -29% -50%
Clear Channel Communications Media Amfm Media 10/99 17,308 21% -5% -50%
Seagull Energy Oil & Gas Ocean Energy Oil & Gas 11/98 1,094 -21% -36% -53%
Synetic Health Care Providers & Svcs. Medical Manager Software 5/99 1,327 55% 8% -53%
Triquint Semiconductor Semiconductor Equipment & Prods. Sawtek Electronic Equipment & Instruments 5/01 1,280 21% -14% -54%
Office Depot Specialty Retail Viking Office Products Specialty Retail 5/98 2,930 15% -15% -55%
Dillard's Multiline Retail Mercantile Stores Multiline Retail 5/98 2,940 3% 4% -55%
Conseco Insurance Green Tree Financial Diversified Financials 4/98 7,092 35% -15% -55%
Primedia Media About.Com Internet Software & Svcs. 10/00 644 3% -26% -57%
Corixa Biotechnology Coulter Pharmaceutical Pharmaceuticals 10/00 836 10% -14% -60%
United Rentals Specialty Retail U.S. Rentals Commercial Services & Supplies 6/98 988 9% 3% -62%
Placer Dome Metals & Mining Getchell Gold Metals & Mining 12/98 1,067 80% -16% -62%
Kana Communications Internet Software & Svcs. Silknet Software Internet Software & Svcs. 2/00 3,527 31% -1% -62%
Proffitt's Multiline Retail Saks Holdings Multiline Retail 7/98 2,135 -3% -23% -63%
Peregrine Systems Software Remedy Software 6/01 1,087 71% -12% -63%
Advanced Micro Devices Semiconductor Equipment & Prods. Nexgen Semiconductor Equipment & Prods. 10/95 860 -12% -16% -63%
Starwood Lodging Trust Hotels, Restaurants & Leisure Itt Hotels, Restaurants & Leisure 10/97 9,564 9% 7% -65%
Egl Air Freight & Logistics Circle International Group Air Freight & Logistics 7/00 543 13% -24% -71%
Sunbeam Household Durables Coleman Leisure Equipment & Prods. 3/98 1,610 79% 18% -74%
Mindspring Enterprises Internet Software & Svcs. Earthlink Network Internet Software & Svcs. 9/99 1,705 -15% -16% -84%
Computer Sciences Software Continuum Media 4/96 1,440 26% -5% -85%
Harmonic Communications Equipment C-Cube Microsystems Semiconductor Equipment & Prods. 10/99 1,690 -9% -40% -99%
Rational Software Software Pure Atria Software 4/97 851 -59% -36% -114%
Healtheon/Webmd Health Care Providers & Svcs. Medical Manager Health Care Providers & Svcs. 2/00 3,208 48% 16% -152%
Adelphia Communications Media Century Communications Media 3/99 3,487 16% -3% NA
Allied Waste Industries Commercial Services & Supplies American Disposal Services Commercial Services & Supplies 8/98 1,090 -8% -21% NA
Clear Channel Communications Media Universal Outdoor Holdings Media 10/97 1,020 5% 5% NA
Clear Channel Communications Media Jacor Communications Media 10/98 2,640 -4% -13% NA
Conseco Insurance Life Partners Group Insurance 3/96 600 34% 8% NA
El Paso Energy Gas Utilities Sonat Gas Utilities 3/99 3,934 12% -16% NA
Integrated Health Services Health Care Providers & Svcs. Rotech Medical Health Care Providers & Svcs. 7/97 585 -7% -11% NA
Monsanto Chemicals Pharmacia & Upjohn Pharmaceuticals 12/99 25,760 -12% -12% NA
Nationsbank Banks Boatmen's Bancshares Banks 8/96 8,740 23% -8% NA
Nationsbank Banks Barnett Banks Banks 8/97 14,947 25% -12% NA
Star Banc Banks Great Financial Banks 9/97 608 16% -3% NA
Tosco Oil & Gas Circle K Food & Drug Retailing 2/96 710 37% 11% NA
Usa Waste Services Commercial Services & Supplies Sanifill Commercial Services & Supplies 6/96 1,220 10% -3% NA
Voicestream Wireless Wireless Telecommunication Svcs. Omnipoint Wireless Telecommunication Svcs. 6/99 1,715 60% 14% NA

*Value of offer when announced

**Percentage-point difference between company returns and indexes of S&P 500 peers from one week before announcement to one week (initial) and one year after

DATA: Standard & Poor's, Boston Consulting Group

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