Arbitrage Profit in U.S. Takeovers Pending on Sept. 1

Sept. 1 (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
================================================================================
FCEC US  TOBC US    8.51    5.23    3.28   62.66        22,395   Stk    09/30/10
EMMS US  Multiple   2.40    1.54    0.86   55.84         1,400  Cash    09/02/10
SLRY US  KNXA US    4.07    2.86    1.21   42.31        56,722  Cash    12/31/10
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
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TLCR US  GRF SM    26.71   21.98    4.73   21.52       674,745   C&S    12/31/10
WPCS US  Private    3.50    3.16    0.34   10.76        76,028  Cash         n/a
ALY US   SEAW NO    4.25    3.87    0.38    9.82       425,534   C/S    12/31/10
ROAC US  Private    4.38    4.03    0.35    8.68         1,930  Cash         n/a
PLA US   N/A        5.50    5.09    0.41    8.06       139,027  Cash         n/a
AYE US   FE US     24.37   22.55    1.82    8.05           500   Stk    04/30/11
ADAM US  EBIX US    5.80    5.41    0.39    7.16       680,456   Stk    12/31/10
Q US     CTL US     6.02    5.65    0.37    6.50         2,000   Stk    06/30/11
LGF US   IEP US     7.50    7.14    0.36    5.04     3,551,518  Cash    10/22/10
NRGP US  NRGY US   28.67   27.38    1.29    4.73       508,872   Stk    12/31/10
RCMT US  CDI US     5.20    4.97    0.23    4.63        37,200  Cash         n/a
BNE US   RRD US    11.50   11.07    0.43    3.88       506,683  Cash         n/a
BGH US   BPL US    43.05   41.46    1.59    3.84        35,312   Stk    12/31/10
ATAC US  Private   25.00   24.12    0.88    3.65       348,934  Cash    12/31/10
PTV US   Private   33.25   32.08    1.17    3.65         1,407  Cash    12/31/10
NAL US   FNFG US   12.68   12.24    0.44    3.59     1,864,305   C/S    06/30/11
SMTB US  PBCT US    3.82    3.69    0.13    3.42        22,177   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FCCC US  Private    4.50    4.37    0.13    2.97         1,500  Cash    12/31/10
PRPX US  FSTR US   11.80   11.46    0.34    2.97        34,598  Cash    09/30/10
UNNF US  DGICA US   7.38    7.20    0.18    2.50         2,557   C&S    09/30/10
DIVX US  SNIC US    7.88    7.70    0.19    2.44       135,662   C&S    09/30/10
CASY US  ATD/B CN  38.50   37.62    0.88    2.34       144,300  Cash    09/30/10
CCBP US  FNB US    36.84   36.04    0.80    2.22           900   C&S    12/31/10
ALOY US  Multiple   9.80    9.60    0.20    2.08         3,224  Cash    12/31/10
MFE US   INTC US   48.00   47.05    0.95    2.02           100  Cash         n/a
PMACA US ORI US     7.03    6.91    0.12    1.72       136,250   Stk    09/30/10
OSTE US  MDT US     6.50    6.39    0.11    1.72       186,136  Cash         n/a
MAM US   EMA CN    45.00   44.32    0.68    1.53         1,320  Cash         n/a
OMNI US  Private    2.75    2.71    0.04    1.48        79,999  Cash    12/31/10
MIR US   RRI US     9.84    9.70    0.14    1.42       788,411   Stk    12/31/10
RSCR US  OCX CN    12.60   12.43    0.17    1.39       270,351  Cash         n/a
WAIN US  3994Z US  19.00   18.74    0.26    1.39         4,880  Cash    12/31/10
CJBK US  KRNY US    7.50    7.40    0.10    1.35         1,200  Cash    12/31/10
LOV US   Private    3.10    3.06    0.04    1.31        10,650  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ACF US   GM US     24.50   24.20    0.30    1.24     6,964,849  Cash    12/31/10
PSYS US  UHS US    33.75   33.35    0.40    1.20       912,398  Cash    12/31/10
XJT US   SKYW US    6.75    6.67    0.08    1.20           100  Cash    12/31/10
ME US    APA US    23.11   22.89    0.22    0.97     2,207,500   C/S    09/30/10
NTY US   Private   55.00   54.49    0.51    0.94           500  Cash    12/31/10
NYM US   Private   25.75   25.53    0.22    0.86        88,609  Cash    12/31/10
HEW US   AON US    48.67   48.27    0.40    0.82     3,018,656   C&S    11/30/10
AEZ US   HES US     6.90    6.85    0.05    0.72       661,720   Stk    12/31/10
LSBX US  PBCT US   21.00   20.85    0.15    0.72        15,200  Cash    12/31/10
BSMD US  MMSI US    4.38    4.35    0.03    0.69       308,400  Cash    09/30/10
GLG US   EMG LN     4.50    4.47    0.03    0.67       918,947  Cash    09/30/10
WEL US   HAL US     3.00    2.98    0.02    0.67       272,331   C/S         n/a
LNY US   N/A       24.50   24.35    0.15    0.62        22,020  Cash    10/31/10
ADCT US  TEL US    12.75   12.68    0.07    0.55           100  Cash    09/20/10
ACAP US  Private   41.50   41.34    0.16    0.39           100  Cash    12/31/10
PPCO US  ENDP US    5.00    4.98    0.02    0.35       185,273  Cash    09/17/10
SWWC US  Multiple  11.00   10.98    0.02    0.18        65,201  Cash    08/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DTPI US  10182Z US 12.50   12.48    0.02    0.16       468,174  Cash    12/31/10
HGRD US  Private    8.20    8.19    0.01    0.12       176,429  Cash    09/10/10
VIRL US  SNPS US   12.00   12.00    0.00    0.00       100,620  Cash         n/a
BXC US   Private    3.40    3.40    0.00    0.00        38,848  Cash    09/10/10
XAU CN   FRG CN     5.77    5.77    0.00   -0.03     2,965,266   C&S         n/a
MEND US  JNJ US    23.40   23.41   -0.01   -0.04       278,064  Cash    12/31/10
SWSI US  NBR US    22.12   22.13   -0.01   -0.05       774,751  Cash    09/08/10
CAL US   UAUA US   22.26   22.34   -0.08   -0.35     2,583,394   Stk    12/31/10
UNCA US  IBM US    21.00   21.11   -0.11   -0.52       592,575  Cash    12/31/10
PZZ US   Private    8.50    8.60   -0.10   -1.16        24,840  Cash         n/a
ICXT US  FLIR US    7.55    7.65   -0.10   -1.31        79,854  Cash    12/31/10
CPII US  CMTL US   13.85   14.05   -0.20   -1.41        47,665   C&S         n/a
GENZ US  SAN FP    69.00   70.11   -1.11   -1.58           100  Cash         n/a
TSFG US  TD CN      0.28    0.28   -0.01   -2.17       799,453   C/S         n/a
TRBN US  EBS US     4.35    4.45   -0.10   -2.36       128,348   C&S    12/31/10
ABII US  CELG US   71.47   73.34   -1.87   -2.55       225,005   C&S    12/31/10
DINE US  Private   13.50   13.86   -0.36   -2.60        15,994  Cash         n/a
================================================================================
   

SOURCE: Bloomberg

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

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