Arbitrage Profit in U.S. Takeovers Pending on Sept. 27

Sept. 27 (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    9.36    5.43    3.93   72.36         8,900   Stk    09/30/10
TRGD US  TARM US    0.72    0.42    0.30   71.43        10,834   Stk    12/31/10
CNIG US  EGAS US   25.00   18.30    6.70   36.61           966  Cash         n/a
DIGA US  PSID US    0.60    0.47    0.13   27.33         3,547   Stk         n/a
TLCR US  GRF SM    28.35   23.10    5.24   22.68        44,562   C&S    12/31/10
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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MAJC US  Private    0.45    0.38    0.07   18.45        29,400  Cash    03/31/11
ADAM US  EBIX US    7.28    6.50    0.78   12.06        75,928   Stk    12/31/10
PLA US   N/A        5.50    5.07    0.43    8.48         9,490  Cash         n/a
ROAC US  Private    4.38    4.07    0.31    7.62           969  Cash         n/a
AAI US   LUV US     7.75    7.23    0.52    7.18    35,948,786   C&S    06/30/11
AYE US   FE US     25.62   24.31    1.31    5.39       243,964   Stk    04/30/11
UNNF US  DGICA US   8.58    8.15    0.43    5.25         1,000   C&S    09/30/10
Q US     CTL US     6.49    6.20    0.30    4.78     5,658,284   Stk    06/30/11
PVG US   PVR US    23.82   22.75    1.08    4.74        47,447   Stk         n/a
LGF US   IEP US     7.50    7.17    0.33    4.60        16,031  Cash    10/22/10
BNE US   RRD US    11.50   11.00    0.50    4.55        55,954  Cash         n/a
BGH US   BPL US    43.84   42.19    1.65    3.90         3,281   Stk    12/31/10
ALY US   SEAW NO    4.25    4.10    0.15    3.66        43,754   C/S    12/31/10
NAL US   FNFG US   12.78   12.34    0.44    3.60        64,987   C/S    06/30/11
WPCS US  Private    3.50    3.38    0.12    3.55           500  Cash         n/a
OCNW US  CALX US    7.58    7.33    0.25    3.38        69,412   C&S    03/31/11
FCCC US  Private    4.50    4.37    0.13    2.97         2,000  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SMTB US  PBCT US    3.86    3.75    0.11    2.91         7,600   C&S    12/31/10
RCMT US  CDI US     5.20    5.06    0.14    2.77         3,771  Cash         n/a
NRGP US  NRGY US   29.61   28.87    0.74    2.58        16,028   Stk    12/31/10
ID US    SAF FP    12.00   11.71    0.29    2.48       461,322  Cash    03/31/11
EPE US   EPD US    58.14   56.77    1.37    2.41        13,996   Stk    12/31/10
CCBP US  FNB US    39.47   38.57    0.90    2.33           110   C&S    12/31/10
TESS US  Private   15.50   15.15    0.35    2.30        15,881  Cash         n/a
OTIX US  WDH DC     8.60    8.41    0.19    2.26         7,800  Cash    12/31/10
DIVX US  SNIC US    8.28    8.11    0.17    2.08        10,915   C&S    09/30/10
ALOY US  Multiple   9.80    9.61    0.19    1.98           200  Cash    12/31/10
NHWK US  Private    6.50    6.38    0.13    1.96     3,219,115  Cash    03/31/11
RAE US   19316Z US  1.60    1.57    0.03    1.91        36,325  Cash         n/a
PRPX US  FSTR US   11.80   11.60    0.20    1.72           689  Cash    09/30/10
MFE US   INTC US   48.00   47.29    0.71    1.50       548,133  Cash         n/a
GTSI US  Private    7.00    6.90    0.10    1.45           400  Cash         n/a
CJBK US  KRNY US    7.50    7.40    0.10    1.35         1,934  Cash    12/31/10
ME US    APA US    24.55   24.22    0.33    1.34        73,333   C/S    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
INET US  6902Z US  13.35   13.18    0.17    1.29        13,589  Cash    12/31/10
OMNI US  Private    2.75    2.72    0.03    1.10         3,960  Cash    12/31/10
ATAC US  Private   25.00   24.74    0.26    1.05         8,027  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.89    0.03    1.04       151,767  Cash    12/31/10
NUHC US  ARW US     7.00    6.93    0.07    1.01        32,485  Cash    12/31/10
PTV US   Private   33.25   32.92    0.33    1.00       647,698  Cash    12/31/10
LSBX US  PBCT US   21.00   20.80    0.20    0.96        23,418  Cash    12/31/10
XJT US   SKYW US    6.75    6.69    0.06    0.90        42,072  Cash    12/31/10
MIR US   RRI US    10.08    9.99    0.09    0.89        49,455   Stk    12/31/10
MAM US   EMA CN    45.00   44.62    0.38    0.85           200  Cash         n/a
PSYS US  UHS US    33.75   33.48    0.27    0.81        62,501  Cash    12/31/10
BKC US   Private   24.00   23.83    0.17    0.71       176,782  Cash    10/14/10
OSTE US  MDT US     6.50    6.46    0.04    0.66         3,815  Cash         n/a
ADCT US  TEL US    12.75   12.68    0.07    0.59       164,832  Cash    10/18/10
CLU US   CLW US    12.00   11.93    0.07    0.59        58,239  Cash    12/31/10
WAIN US  3994Z US  19.00   18.90    0.10    0.53           200  Cash    12/31/10
AMPH US  PRA US    32.50   32.33    0.17    0.53         2,863  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BXC US   Private    4.00    3.98    0.02    0.50        24,505  Cash    10/08/10
GLG US   EMG LN     4.50    4.48    0.02    0.45        13,469  Cash    09/30/10
AEZ US   HES US     7.91    7.89    0.02    0.31        72,230   Stk    12/31/10
NYM US   Private   25.75   25.68    0.07    0.27           711  Cash    12/31/10
PMACA US ORI US     7.48    7.46    0.02    0.27        26,275   Stk    09/30/10
ACF US   GM US     24.50   24.44    0.06    0.25     1,166,494  Cash    12/31/10
PPCO US  ENDP US    5.00    4.99    0.01    0.20         7,940  Cash         n/a
MEND US  JNJ US    23.40   23.36    0.04    0.17        12,529  Cash    12/31/10
ARST US  HPQ US    43.50   43.43    0.07    0.16       168,342  Cash    10/20/10
ACAP US  Private   41.50   41.45    0.05    0.12         1,133  Cash    12/31/10
NTY US   Private   55.00   54.94    0.06    0.11       176,488  Cash    12/31/10
ZGEN US  BMY US     9.75    9.74    0.01    0.10       293,690  Cash    10/07/10
LNY US   N/A       24.50   24.48    0.02    0.08         1,200  Cash    10/31/10
HEW US   AON US    50.52   50.49    0.03    0.07       223,587   C&S    10/01/10
HGRD US  Private    8.20    8.19    0.01    0.06        11,231  Cash    10/07/10
UNCA US  IBM US    21.00   21.00    0.00    0.00         9,260  Cash    12/31/10
SLRY US  KNXA US    4.07    4.07    0.00    0.00           692  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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