Arbitrage Profit in U.S. Takeovers Pending on Sept. 2

Sept. 2 (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    8.78    5.20    3.58   68.92        26,476   Stk    09/30/10
EMMS US  Multiple   2.40    1.55    0.85   54.84         5,187  Cash    09/02/10
CNIG US  EGAS US   25.00   19.25    5.75   29.87           126  Cash         n/a
TLCR US  GRF SM    27.08   22.28    4.80   21.56       115,732   C&S    12/31/10
WPCS US  Private    3.50    3.16    0.34   10.76         1,430  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
UNNF US  DGICA US   8.28    7.53    0.75   10.01         3,210   C&S    09/30/10
ROAC US  Private    4.38    4.03    0.35    8.68           100  Cash         n/a
AYE US   FE US     24.97   23.31    1.66    7.10       166,905   Stk    04/30/11
ADAM US  EBIX US    5.82    5.45    0.37    6.84        15,794   Stk    12/31/10
ALY US   SEAW NO    4.25    3.98    0.27    6.78         6,000   C/S    12/31/10
PLA US   N/A        5.50    5.16    0.34    6.59        34,239  Cash         n/a
BNE US   RRD US    11.50   10.99    0.51    4.64       123,200  Cash         n/a
NRGP US  NRGY US   28.80   27.56    1.24    4.49        36,180   Stk    12/31/10
BGH US   BPL US    43.67   41.85    1.82    4.34        22,512   Stk    12/31/10
RCMT US  CDI US     5.20    4.99    0.21    4.21         7,650  Cash         n/a
LGF US   IEP US     7.50    7.23    0.27    3.73        30,317  Cash    10/22/10
Q US     CTL US     6.02    5.82    0.20    3.51     6,370,923   Stk    06/30/11
NAL US   FNFG US   12.82   12.39    0.43    3.48       271,043   C/S    06/30/11
PTV US   Private   33.25   32.17    1.08    3.36       462,212  Cash    12/31/10
FCCC US  Private    4.50    4.37    0.13    2.97         1,500  Cash    12/31/10
ATAC US  Private   25.00   24.28    0.72    2.97        13,291  Cash    12/31/10
SMTB US  PBCT US    3.83    3.72    0.11    2.93         2,200   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DIVX US  SNIC US    8.09    7.88    0.21    2.71        23,064   C&S    09/30/10
BKC US   Private   24.00   23.39    0.61    2.61    47,934,151  Cash    12/31/10
WAIN US  3994Z US  19.00   18.53    0.47    2.54           635  Cash    12/31/10
ALOY US  Multiple   9.80    9.57    0.23    2.40           298  Cash    12/31/10
PRPX US  FSTR US   11.80   11.55    0.25    2.16        15,058  Cash    09/30/10
RSCR US  OCX CN    12.60   12.36    0.24    1.94        22,500  Cash         n/a
MFE US   INTC US   48.00   47.20    0.80    1.69       321,325  Cash         n/a
OSTE US  MDT US     6.50    6.40    0.10    1.56         6,300  Cash         n/a
CCBP US  FNB US    37.39   36.84    0.55    1.50           498   C&S    12/31/10
OMNI US  Private    2.75    2.71    0.04    1.48        25,655  Cash    12/31/10
CJBK US  KRNY US    7.50    7.40    0.10    1.35           200  Cash    12/31/10
MIR US   RRI US    10.42   10.30    0.12    1.15       118,963   Stk    12/31/10
PMACA US ORI US     7.14    7.06    0.08    1.10        27,462   Stk    09/30/10
WEL US   HAL US     3.00    2.97    0.03    1.01       747,803   C/S         n/a
LSBX US  PBCT US   21.00   20.79    0.21    1.01         7,856  Cash    12/31/10
NTY US   Private   55.00   54.46    0.54    0.99       387,201  Cash    12/31/10
XJT US   SKYW US    6.75    6.69    0.06    0.90        11,575  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ME US    APA US    23.54   23.35    0.19    0.80        55,198   C/S    09/30/10
PSYS US  UHS US    33.75   33.52    0.23    0.69       238,795  Cash    12/31/10
ACF US   GM US     24.50   24.33    0.17    0.68       617,356  Cash    12/31/10
GLG US   EMG LN     4.50    4.47    0.03    0.67       593,060  Cash    09/30/10
HEW US   AON US    49.40   49.08    0.32    0.65       266,591   C&S    11/30/10
MAM US   EMA CN    45.00   44.72    0.28    0.63         1,140  Cash         n/a
NYM US   Private   25.75   25.59    0.16    0.63        36,884  Cash    12/31/10
ACAP US  Private   41.50   41.25    0.25    0.61         3,140  Cash    12/31/10
AMPH US  PRA US    32.50   32.32    0.18    0.56        35,132  Cash    12/31/10
ADCT US  TEL US    12.75   12.69    0.06    0.51       133,526  Cash    09/20/10
BSMD US  MMSI US    4.38    4.36    0.02    0.46        30,649  Cash    09/30/10
SWWC US  Multiple  11.00   10.97    0.03    0.27        27,120  Cash    08/31/10
AEZ US   HES US     7.44    7.42    0.02    0.27       331,119   Stk    12/31/10
LNY US   N/A       24.50   24.47    0.03    0.12         1,200  Cash    10/31/10
HGRD US  Private    8.20    8.19    0.01    0.12        16,318  Cash    09/10/10
PPCO US  ENDP US    5.00    4.99    0.01    0.10        15,154  Cash    09/17/10
UNCA US  IBM US    21.00   20.99    0.01    0.05        12,474  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SWSI US  NBR US    22.12   22.11    0.01    0.05        45,896  Cash    09/08/10
VIRL US  SNPS US   12.00   11.99    0.01    0.04        12,000  Cash         n/a
LOV US   Private    3.10    3.10    0.00    0.00         2,859  Cash         n/a
MEND US  JNJ US    23.40   23.40    0.00    0.00       115,573  Cash    12/31/10
BXC US   Private    3.40    3.40    0.00    0.00         3,284  Cash    09/17/10
TRBN US  EBS US     4.50    4.50    0.00   -0.05        23,767   C&S    12/31/10
DTPI US  10182Z US 12.50   12.51   -0.01   -0.08        41,999  Cash    12/31/10
CAL US   UAUA US   23.31   23.34   -0.03   -0.13       305,799   Stk    12/31/10
SLRY US  KNXA US    4.07    4.08   -0.01   -0.25        72,327  Cash    09/30/10
TSFG US  TD CN      0.28    0.28    0.00   -0.39        42,227   C/S         n/a
CASY US  ATD/B CN  38.50   38.70   -0.20   -0.52        94,102  Cash    09/30/10
ICXT US  FLIR US    7.55    7.63   -0.08   -1.05         6,961  Cash    12/31/10
XAU CN   FRG CN     5.70    5.78   -0.08   -1.32        12,320   C&S         n/a
PZZ US   Private    8.50    8.64   -0.14   -1.62           260  Cash         n/a
CPII US  CMTL US   14.06   14.30   -0.24   -1.68         2,599   C&S         n/a
DINE US  Private   13.50   13.76   -0.26   -1.89           700  Cash         n/a
PAR US   HPQ US    33.00   33.67   -0.67   -1.99     7,219,829  Cash    09/24/10
================================================================================
   

SOURCE: Bloomberg

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

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