Arbitrage Profit in U.S. Takeovers Pending on Aug. 31

Aug. 31 (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.

================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FCEC US  TOBC US    8.46    5.61    2.85   50.84         7,422   Stk    09/30/10
EMMS US  Multiple   2.40    1.70    0.70   41.18       351,853  Cash    09/02/10
CNIG US  EGAS US   25.00   19.00    6.00   31.58           377  Cash         n/a
CRE US   TIPTL US   9.00    7.11    1.89   26.58        30,021  Cash         n/a
TLCR US  GRF SM    26.51   22.10    4.41   19.95       360,029   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
LGF US   IEP US     7.50    6.49    1.01   15.56       138,000  Cash    10/22/10
WPCS US  Private    3.50    3.15    0.35   11.11       147,141  Cash         n/a
ALY US   SEAW NO    4.25    3.85    0.40   10.39       268,137   C/S    12/31/10
PLA US   N/A        5.50    5.07    0.43    8.48       112,582  Cash         n/a
AYE US   FE US     24.23   22.39    1.84    8.23     1,497,223   Stk    04/30/11
ROAC US  Private    4.38    4.08    0.30    7.35         2,786  Cash         n/a
Q US     CTL US     5.99    5.62    0.37    6.53         2,120   Stk    06/30/11
ADAM US  EBIX US    5.80    5.46    0.34    6.18         1,100   Stk    12/31/10
NRGP US  NRGY US   29.23   27.68    1.55    5.60       304,793   Stk    12/31/10
BGH US   BPL US    43.57   41.65    1.92    4.61        44,899   Stk    12/31/10
ATAC US  Private   25.00   24.01    0.99    4.12         1,000  Cash    12/31/10
RCMT US  CDI US     5.20    5.00    0.20    4.00        22,165  Cash         n/a
BNE US   RRD US    11.50   11.11    0.39    3.51       258,420  Cash         n/a
PTV US   Private   33.25   32.17    1.08    3.36       150,400  Cash    12/31/10
NAL US   FNFG US   12.75   12.37    0.38    3.04           100   C/S    06/30/11
DIVX US  SNIC US    7.86    7.63    0.23    2.97       153,868   C&S    09/30/10
PRPX US  FSTR US   11.80   11.49    0.31    2.70           200  Cash    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ALOY US  Multiple   9.80    9.57    0.23    2.40        17,638  Cash    12/31/10
PMACA US ORI US     6.94    6.80    0.14    1.99       208,741   Stk    09/30/10
CCBP US  FNB US    36.50   35.80    0.70    1.94           689   C&S    12/31/10
MFE US   INTC US   48.00   47.09    0.91    1.93           100  Cash         n/a
MIR US   RRI US     9.81    9.63    0.18    1.86       850,790   Stk    12/31/10
OSTE US  MDT US     6.50    6.39    0.11    1.72       139,129  Cash         n/a
MAM US   EMA CN    45.00   44.32    0.68    1.53         1,320  Cash         n/a
PSYS US  UHS US    33.75   33.25    0.50    1.50       315,157  Cash    12/31/10
XJT US   SKYW US    6.75    6.65    0.10    1.50       115,150  Cash    12/31/10
UNNF US  DGICA US   7.36    7.25    0.11    1.50         2,763   C&S    09/30/10
SMTB US  PBCT US    3.81    3.75    0.06    1.48        17,442   C&S    12/31/10
OMNI US  Private    2.75    2.71    0.04    1.48        61,832  Cash    12/31/10
WAIN US  3994Z US  19.00   18.73    0.27    1.44         2,800  Cash    12/31/10
RSCR US  OCX CN    12.60   12.43    0.17    1.37       122,852  Cash         n/a
ME US    APA US    23.06   22.78    0.28    1.24     2,194,122   C/S    09/30/10
ACF US   GM US     24.50   24.22    0.28    1.16     3,601,501  Cash    12/31/10
NTY US   Private   55.00   54.38    0.62    1.14       988,899  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GLG US   EMG LN     4.50    4.45    0.05    1.12       383,173  Cash    09/30/10
FCCC US  Private    4.50    4.45    0.05    1.12           800  Cash    12/31/10
CJBK US  KRNY US    7.50    7.42    0.08    1.08         1,700  Cash    12/31/10
NOVL US  Private    5.75    5.69    0.06    1.05     1,298,458  Cash         n/a
WEL US   HAL US     3.00    2.97    0.03    1.01         1,300   C/S         n/a
LNY US   N/A       24.50   24.26    0.24    0.99        28,669  Cash    10/31/10
NYM US   Private   25.75   25.50    0.25    0.98        47,694  Cash    12/31/10
AEZ US   HES US     6.94    6.87    0.07    0.97       657,954   Stk    12/31/10
ACAP US  Private   41.50   41.13    0.37    0.90        63,985  Cash    12/31/10
LSBX US  PBCT US   21.00   20.85    0.15    0.72         8,200  Cash    12/31/10
GNA CN   GGBR4 BZ  11.00   10.92    0.08    0.70       205,841  Cash    09/01/10
HEW US   AON US    48.76   48.43    0.33    0.68       940,382   C&S    11/30/10
ADCT US  TEL US    12.75   12.68    0.07    0.55       841,236  Cash    09/20/10
HGRD US  Private    8.20    8.17    0.03    0.37       235,868  Cash    09/10/10
SWWC US  Multiple  11.00   10.96    0.04    0.36       137,870  Cash    08/31/10
WMZ US   WPZ US    32.07   31.97    0.10    0.32        66,675   Stk         n/a
BXC US   Private    3.40    3.39    0.01    0.29        97,745  Cash    09/10/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BSMD US  MMSI US    4.38    4.37    0.01    0.23        17,614  Cash    09/30/10
PPCO US  ENDP US    5.00    4.99    0.01    0.20       170,143  Cash    09/17/10
SWSI US  NBR US    22.12   22.09    0.03    0.14           400  Cash    09/08/10
MEND US  JNJ US    23.40   23.38    0.02    0.09       157,680  Cash    12/31/10
VIRL US  SNPS US   12.00   11.99    0.01    0.08       121,055  Cash         n/a
UNCA US  IBM US    21.00   21.02   -0.02   -0.10       296,045  Cash    12/31/10
DTPI US  10182Z US 12.50   12.53   -0.03   -0.24           100  Cash    12/31/10
LOV US   Private    3.10    3.11   -0.01   -0.32        41,070  Cash         n/a
XAU CN   FRG CN     5.67    5.69   -0.02   -0.44     3,811,343   C&S         n/a
TSFG US  TD CN      0.27    0.28    0.00   -0.53     1,646,870   C/S         n/a
CAL US   UAUA US   21.75   21.89   -0.14   -0.66     4,287,287   Stk    12/31/10
DINE US  Private   13.50   13.66   -0.16   -1.17         4,552  Cash         n/a
GENZ US  SAN FP    69.00   69.91   -0.91   -1.30         9,900  Cash         n/a
ICXT US  FLIR US    7.55    7.65   -0.10   -1.31       163,953  Cash    12/31/10
PZZ US   Private    8.50    8.65   -0.15   -1.73        33,267  Cash         n/a
CPII US  CMTL US   13.98   14.30   -0.32   -2.22        15,393   C&S         n/a
CASY US  ATD/B CN  36.75   37.90   -1.15   -3.03     1,007,495  Cash    09/30/10
================================================================================
   

SOURCE: Bloomberg

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

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