Indiana's largest mergers and acquisitions of 2004.

1 Guidant*--$25.4 billion

Acquirer: Johnson & Johnson, New Brunswick, N.J. Personal care products, pharmaceuticals and surgical equipment

Target: Guidant Corp., Indianapolis Cardiovascular medical products

2 Anthem-WellPoint--$16.5 billion

Acquirer: Anthem Inc. (now known as WellPoint), Indianapolis Health insurance

Target: WellPoint Health Networks, Thousand Oaks, Calif. Health insurance

3 Simon Property Group--$5.1 billion

Acquirer: Simon Property Group, Indianapolis Real estate investment trust

Target: Chelsea Property Group, Roseland, N.J. Real estate investment trust

4 Eli Lilly & Co.--$377 million

Acquirer: Eli Lily & Co,, Indianapolis Pharmaceutical products

Target: Applied Molecular Evolution, San Diego Proteins and genes

5 Hillenbrand--$330 million

Acquirer: Hillenbrand Industries, Batesville Health care equipment, caskets

Target: Mediq Inc., Pennsauken, N.J. Medical equipment rental services

6 Biomet--$300 million

Acquirer: Biomet Inc., Warsaw Orthopedic products

Target: Remainder of Biomet-Merck joint venture, Darmstadt, Germany Biomaterials and orthopedic products

7 Galyans--$292 million

Acquirer: Dicks Sporting Goods, Pittsburgh Sporting goods retailer

Target: Galyans Trading Co., Plainfield Sporting goods retailer

8 Hillenbrand-Forethought--$280 million

Acquirer: Devlin Group LLC, New York Private equity firm

Target: Forethought Financial Services, subs. Hillenbrand Industries, Batesville Funeral planning insurance and services

9 Biomet--$261 million

Acquirer: Biomet Inc., Warsaw Orthopedic products

Target: Interpore International Inc., Irvine, Calif. Synthetic bone-graft materials

10 Starcraft*--$185 million

Acquirer: Quantum Fuel Systems Technologies Worldwide, Irvine, Calif. Fuel systems for fuel cells and alternative fuel applications

Target: Starcraff Corp., Goshen Automotive conversions

11 Aearo Corp.--$175 million

Acquirer: Bear Stearns Cos. Inc., New York Investment banking

Target: Aearo Corp., Indianapolis Personal protection and industrial safety equipment

12 Mercantile Bancorp--$157 million

Acquirer: Harris Bank, Chicago Commercial bank

Target: Mercantile Bancorp Inc., Hammond Commercial bank

13 ATA Holdings--$117 million

Acquirer: Southwest Airlines, Dallas Airline

Target: ATA Holdings Corp. (certain gate leases and assets plus equity share), Indianapolis Airline

14 Zimmer--$108 million

Acquirer: Zimmer Holdings Inc., Warsaw Orthopedic products

Target: Implex Corp., Allendale, N.J. Orthopedic implant devices

15 Indianapolis Marriott--$106 million

Acquirer: LaSalle Hotel Properties, Washington, D.C. Real estate investment trust

Target: Indianapolis Marriott Downtown, Indianapolis 615 room hotel

16 MyStar Communications--$74 million

Acquirer: Entercom Communications Corp., Bala Cynwyd, Penn. Owns and operates radio stations

Target: MyStar Communications Corp., Indianapolis Three Indianapolis radio stations

17 Emmis Communications*--$70 million

Acquirer: Emmis Communications Corp., Indianapolis Radio and TV operations, publishing

Target: Bonneville International Corp. radio stations, Salt Lake City Radio stations

18 Conforma Clad--$65 million

Acquirer: Kennametal Inc, Latrobe, Penn. Tools and tooling systems

Target: Conforma Clad Inc., New Albany Radial bearings and extruder barrels

19 Dunn Hospitality Group--$62 million

Acquirer: Ashford Hospitality Trust, Dallas Real estate investment trust

Target: Nine hotels owned by Dunn Hospitality Group, Evansville Operates hotels and motels

20 Guidant--$45 million

Acquirer: Guidant Corp., Indianapolis Cardiovascular medical products

Target: AFx Inc., Fremont, Calilf. Medical instruments for cardiac surgery procedures

21 CTS Corp.*--$39 million

Acquirer: CTS Corp., Elkhart Electronic components and sensors

Target: SMTEK International Inc., Newbury Park, Calif. Telecommunications, computer, medical and other equipment

22 Lincoln-First Shares--$34 million

Acquirer: Lincoln Bancorp, Plainfield Savings institution

Target: First Shares Bancorp, Greenwood Savings institution

23 CIC Enterprises--$30 million

Acquirer: First Advantage Corp., St. Petersburg, Fla. Online information and screening services for businesses

Target: CIC Enterprises, Indianapolis Tax consulting services

24 Crossroads RV Inc.--$27 million

Acquirer: Thor Industries Inc., Jackson Center, Ohio Motor homes, trailers and buses

Target: Crossroads RV Inc., Topeka Towable fifth wheel and travel trailer RVs

25 American Commercial Lines--$24 million

Acquirer: Sipsa SA, Santiago, Chile Investment firm

Target: American Commercial Lines LLC, Jeffersonville Inland freight transportation

Source: FactSet Mergerstat LLC, individual companies listed and other news sources.

* Indicates deal that had not closed by year-end.