Indiana's largest mergers and acquisitions of 2006.

• Position: MERGERS & ACQUISITIONS - Steel Dynamics Inc. acquires Roanoke Electric Steel Corp. - Sky Financial Group Inc. acquires Waterfield Group Inc. - First Midwest Bancorporation Inc. acquires Bank Calumet

1 Biomet*--$10.8 billion

Acquirer: Biomet Inc. private consortium, Warsaw Private group led by Kohlberg Kravis Roberts & Co.

Target: Biomet Inc., Warsaw Reconstructive surgery equipment, trauma devices, electrical bone growth stimulators

2 ADESA*--$2.5 billion

Acquirer: ADESA Inc. private consortium, Private group led by Kelso & Co. GS Capital Partners, ValueAct Capital and Parthenon Capital

Target: ADESA Inc., Carmel Operates automobile auctions

3 Eli Lilly*--$2.2 billion

Acquirer: Eli Lilly & Co., Indianapolis Health care and pharmaceutical products

Target: ICOS Corp., Bothell, Wash. Proprietary pharmaceuticals for treatment of erectile dysfunction and psoriasis inflammatory diseases

4 Windrose Medical Properties--$383 million

Acquirer: Health Care REIT Inc., Toledo, Ohio Real estate investment trust

Target: Windrose Medical Properties Trust, Indianapolis Real estate investment trust

5 Steel Dynamics--$370 million

Acquirer: Steel Dynamics Inc., Fort Wayne Steel products

Target: Roanoke Electric Steel Corp., Roanoke, Va. Steel products

6 Waterfield Group--$330 million

Acquirer: Sky Financial Group Inc., Bowling Green, Ohio Commercial bank

Target: Waterfield Group of Companies, Fort Wayne Financial services

7 Bank Calumet--$307 million

Acquirer: First Midwest Bancorp Inc., Itasca, Ill. Commercial bank

Target: Bank Calumet Inc., Hammond Commercial bank

8 First National Bank & Trust--$290 million

Acquirer: Bank of Montreal, Montreal, Quebec Commercial bank

Target: First National Bank & Trust (Indiana), Kokomo Commercial bank

9 Irwin Mortgage--$275 million

Acquirer: FirstPlus Financial Group Inc., Dallas, Texas Banking and mortgage lending services

Target: Irwin Mortgage subs. Irwin Financial Corp., Fishers Mortgage lending services

10 Emmis television stations--$259 million

Acquirer: Blackstone Group and Montecito Broadcast Group (formerly SJL Broadcast Group), Montecito, Calif. Television broadcasting

Target: Three television stations owned by Emmis Communications Corp., Indianapolis Broadcast and print communications

11 Emmis television stations--$218 million

Acquirer: Hearst-Argyle Television Inc., New York Television stations and newspapers

Target: Television station owned by Emmis Communications Corp., Indianapolis Broadcast and print communications

12 Banjo Corp.--$183 million

Acquirer: IDEX Corp., Northbrook, Ill. Industrial pumps and other engineering equipment

Target: Banjo Corp., Crawfordsville Injection molding of glass reinforced...