Arbitrage Profit in U.S. Takeovers Pending on Aug. 4 (Table)

Aug. 4 (Bloomberg) --The following table shows the potential arbitrage profit in pending takeover bids for U.S. companies ranked by premium. Calculations are based on current share prices for the target and acquiring company and do not include future dividend payments or transaction costs. The offer per share is expressed in local currency.

Arbitrage profit is based on the difference between the per- share value of an offer and the target’s stock price. The table consists of takeovers valued at more than $20 million.

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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CNIG US  EGAS US   25.00   18.00    7.00   38.89         1,710  Cash         n/a
EMMS US  Multiple   2.40    1.96    0.44   22.45       279,086  Cash    08/06/10
TLCR US  GRF SM    26.73   22.21    4.52   20.36       230,856   C&S    12/31/10
FCEC US  TOBC US    9.62    8.60    1.02   11.83         7,700   Stk    09/30/10
ETFS US  Private   18.00   16.51    1.49    9.02         1,450  Cash    09/30/10
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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AYE US   FE US     25.08   23.15    1.93    8.33       429,634   Stk    04/30/11
ROAC US  Private    4.38    4.10    0.28    6.83        10,000  Cash         n/a
BGH US   BPL US    45.47   42.91    2.56    5.96         6,496   Stk    12/31/10
Q US     CTL US     5.98    5.65    0.33    5.85     5,474,243   Stk    06/30/11
ATAC US  Private   25.00   24.02    0.98    4.08        58,304  Cash    12/31/10
FCCC US  Private    4.50    4.35    0.15    3.45        33,700  Cash    12/31/10
XJT US   SKYW US    6.75    6.54    0.21    3.21     2,343,895  Cash    12/31/10
ALOY US  Multiple   9.80    9.52    0.28    2.94        13,500  Cash    12/31/10
DIVX US  SNIC US    7.85    7.63    0.22    2.84         6,114   C&S    09/30/10
PLA US   N/A        5.50    5.35    0.15    2.80        19,300  Cash         n/a
RCMT US  CDI US     5.20    5.07    0.13    2.61         1,255  Cash         n/a
UNNF US  DGICA US   7.57    7.40    0.17    2.27         1,102   C&S    09/30/10
WMZ US   WPZ US    35.43   34.69    0.74    2.14        18,888   Stk         n/a
PMACA US ORI US     6.89    6.75    0.14    2.10        52,823   Stk    09/30/10
GLG US   EMG LN     4.50    4.41    0.09    1.93         9,900  Cash    09/30/10
BNE US   RRD US    11.50   11.29    0.21    1.86        29,978  Cash         n/a
PSYS US  UHS US    33.75   33.14    0.61    1.84        48,260  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CPII US  CMTL US   14.11   13.86    0.25    1.82        15,499   C&S         n/a
ACF US   Private   24.50   24.10    0.40    1.66     1,728,102  Cash    12/31/10
ECLP US  MDRX US   20.09   19.77    0.32    1.61       113,022   Stk    12/31/10
NTY US   Private   55.00   54.13    0.87    1.61        80,386  Cash    12/31/10
SMTB US  PBCT US    3.96    3.90    0.06    1.52        11,700   C&S    12/31/10
LSBX US  PBCT US   21.00   20.69    0.31    1.50           200  Cash    12/31/10
CJBK US  KRNY US    7.50    7.39    0.11    1.49           100  Cash    12/31/10
MIR US   RRI US    10.86   10.70    0.16    1.48       188,462   Stk    12/31/10
OMNI US  Private    2.75    2.71    0.04    1.48         3,150  Cash    12/31/10
PRPX US  FSTR US   11.71   11.55    0.16    1.39           100  Cash    08/16/10
MAM US   EMA CN    45.00   44.44    0.56    1.26         1,900  Cash         n/a
WAIN US  3994Z US  19.00   18.79    0.21    1.12         2,187  Cash    12/31/10
WEL US   HAL US     3.00    2.97    0.03    1.01        42,986   C&S         n/a
PFWD US  ORCL US   17.00   16.84    0.16    0.95        11,399  Cash         n/a
HEW US   AON US    49.56   49.11    0.45    0.92       258,840   C&S    11/30/10
ACAP US  Private   41.50   41.13    0.37    0.90         3,625  Cash    12/31/10
AEZ US   HES US     7.71    7.64    0.07    0.89       216,673   Stk    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SWWC US  Multiple  11.00   10.91    0.09    0.82        16,064  Cash    08/31/10
NYM US   Private   25.75   25.54    0.21    0.82         9,312  Cash    12/31/10
ME US    APA US    24.48   24.31    0.17    0.71       308,809   C/S    09/30/10
BSMD US  MMSI US    4.38    4.35    0.03    0.69        30,433  Cash    09/30/10
MEND US  JNJ US    23.40   23.24    0.16    0.69       168,901  Cash    12/31/10
ODSY US  GTIV US   27.00   26.84    0.16    0.60       152,859  Cash    09/30/10
RUBO US  Private    8.70    8.65    0.05    0.58        10,800  Cash    09/30/10
CRE US   TIPTL US   9.00    8.95    0.05    0.56        21,900  Cash    08/13/10
EFJI US  Private    1.50    1.49    0.01    0.54        25,900  Cash    09/30/10
CRN US   GEO US    27.72   27.58    0.14    0.49        17,380   Stk    09/30/10
HGRD US  Private    8.20    8.16    0.03    0.43        48,775  Cash         n/a
RCNI US  Private   15.00   14.95    0.05    0.33        15,166  Cash    12/31/10
VIRL US  SNPS US   12.00   11.96    0.04    0.33        27,605  Cash         n/a
ADCT US  TEL US    12.75   12.71    0.04    0.31       867,285  Cash    08/23/10
SII US   SLB US    44.11   43.97    0.14    0.31       854,270   Stk    12/31/10
TSFG US  TD CN      0.28    0.28    0.00    0.23       263,992   C/S         n/a
GNA CN   GGBR4 BZ  11.00   10.98    0.02    0.20        31,869  Cash         n/a
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SOURCE: Bloomberg

To contact the reporter on this story: Wendy Soong in New York at csoong@bloomberg.net

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