Prop desks were the largest players in the merger arb world up until recently. Both in the US and Europe proprietary trading has been cut back drastically. This has left meaty spreads on larger deals where there is simply not enough money to close the spreads.
The Goodrich deal offers a 4% spread and the deal is very likely to go through. In years past this deal might have been going at a 1%-2% spread. I am long Goodrich.