Arbitrage Profit in U.S. Takeovers Pending on Sept. 28

Sept. 28 (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    5.45    3.91   71.81        12,151   Stk    09/30/10
TRGD US  TARM US    0.73    0.43    0.30   69.77        20,000   Stk    12/31/10
CNIG US  EGAS US   25.00   19.29    5.71   29.60           400  Cash         n/a
DIGA US  PSID US    0.60    0.47    0.13   27.39         8,190   Stk         n/a
TLCR US  GRF SM    28.44   22.70    5.74   25.27        21,772   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MAJC US  Private    0.45    0.36    0.09   24.90         5,000  Cash    03/31/11
ADAM US  EBIX US    7.11    6.34    0.77   12.17        32,784   Stk    12/31/10
PLA US   N/A        5.50    5.08    0.42    8.27        12,989  Cash         n/a
ROAC US  Private    4.38    4.05    0.33    8.12         2,586  Cash         n/a
UNNF US  DGICA US   8.63    8.15    0.48    5.83         1,000   C&S    09/30/10
AAI US   LUV US     7.75    7.36    0.37    5.01     6,957,148   C&S    06/30/11
AYE US   FE US     25.60   24.38    1.22    5.00       124,814   Stk    04/30/11
LGF US   IEP US     7.50    7.16    0.34    4.75         4,294  Cash    10/22/10
PVG US   PVR US    23.83   22.76    1.07    4.72        40,422   Stk         n/a
ALY US   SEAW NO    4.25    4.06    0.19    4.68        18,498   C/S    12/31/10
Q US     CTL US     6.56    6.28    0.29    4.61     1,349,618   Stk    06/30/11
BNE US   RRD US    11.50   11.01    0.49    4.45       127,901  Cash         n/a
NAL US   FNFG US   12.80   12.36    0.44    3.58       104,310   C/S    06/30/11
WPCS US  Private    3.50    3.38    0.12    3.55           900  Cash         n/a
BGH US   BPL US    43.87   42.38    1.49    3.53         3,768   Stk    12/31/10
SMTB US  PBCT US    3.84    3.73    0.11    3.07         2,070   C&S    12/31/10
NCOC US  Private    1.00    0.97    0.03    3.01       194,823  Cash    12/15/10
================================================================================
                   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         2,000  Cash    12/31/10
OCNW US  CALX US    7.65    7.43    0.22    2.93        61,039   C&S    03/31/11
AHOM US  Private    0.67    0.65    0.02    2.89           145  Cash    10/31/10
NRGP US  NRGY US   29.78   28.96    0.82    2.82         2,300   Stk    12/31/10
RAE US   19316Z US  1.60    1.56    0.04    2.56        24,716  Cash         n/a
TESS US  Private   15.50   15.12    0.38    2.51        10,400  Cash         n/a
LSBX US  PBCT US   21.00   20.49    0.51    2.49         2,900  Cash    12/31/10
EPE US   EPD US    58.11   56.71    1.40    2.47         3,304   Stk    12/31/10
ID US    SAF FP    12.00   11.72    0.28    2.39       193,420  Cash    03/31/11
CCBP US  FNB US    39.02   38.16    0.86    2.25           100   C&S    12/31/10
NHWK US  Private    6.50    6.37    0.13    2.04       430,994  Cash    03/31/11
DIVX US  SNIC US    8.62    8.46    0.16    1.92        42,828   C&S    09/30/10
ALOY US  Multiple   9.80    9.62    0.18    1.87         1,700  Cash    12/31/10
MFE US   INTC US   48.00   47.24    0.76    1.61       393,624  Cash         n/a
PRPX US  FSTR US   11.80   11.62    0.18    1.55           100  Cash    09/30/10
ME US    APA US    24.23   23.90    0.34    1.41        54,442   C/S    09/30/10
INET US  6902Z US  13.35   13.17    0.18    1.37        18,476  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
OMNI US  Private    2.75    2.71    0.04    1.35         3,300  Cash    12/31/10
XJT US   SKYW US    6.75    6.66    0.09    1.35        39,300  Cash    12/31/10
ATAC US  Private   25.00   24.70    0.30    1.21        82,600  Cash    12/31/10
PTV US   Private   33.25   32.90    0.35    1.06       200,368  Cash    12/31/10
CLU US   CLW US    12.00   11.88    0.12    1.01         9,692  Cash    12/31/10
RCMT US  CDI US     5.20    5.15    0.05    0.97           100  Cash         n/a
MAM US   EMA CN    45.00   44.60    0.40    0.90           300  Cash         n/a
OSTE US  MDT US     6.50    6.45    0.05    0.78         8,066  Cash         n/a
MIR US   RRI US     9.99    9.92    0.07    0.74        26,843   Stk    12/31/10
NUHC US  ARW US     7.00    6.95    0.05    0.72        15,322  Cash    12/31/10
PSYS US  UHS US    33.75   33.51    0.24    0.72        70,125  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.90    0.02    0.69        65,323  Cash    12/31/10
NYM US   Private   25.75   25.60    0.15    0.59         2,700  Cash    12/31/10
ADCT US  TEL US    12.75   12.68    0.07    0.55       243,520  Cash    10/18/10
BKC US   Private   24.00   23.87    0.13    0.54       112,463  Cash    10/14/10
WAIN US  3994Z US  19.00   18.90    0.10    0.53           200  Cash    12/31/10
BXC US   Private    4.00    3.98    0.02    0.50         8,086  Cash    10/08/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AMPH US  PRA US    32.50   32.34    0.16    0.49         3,419  Cash    12/31/10
PMACA US ORI US     7.55    7.51    0.04    0.48         8,886   Stk    09/30/10
AEZ US   HES US     7.93    7.89    0.04    0.46       114,761   Stk    12/31/10
PPCO US  ENDP US    5.00    4.98    0.02    0.36         7,290  Cash         n/a
LNY US   N/A       24.50   24.43    0.07    0.29         5,621  Cash    10/07/10
ACF US   GM US     24.50   24.43    0.07    0.29       550,854  Cash    10/01/10
CJBK US  KRNY US    7.50    7.48    0.02    0.27         1,000  Cash    12/31/10
GLG US   EMG LN     4.50    4.49    0.01    0.22       534,412  Cash    09/30/10
ACAP US  Private   41.50   41.41    0.09    0.22         5,830  Cash    12/31/10
UNCA US  IBM US    21.00   20.96    0.04    0.19        58,145  Cash    12/31/10
DTPI US  10182Z US 12.50   12.48    0.02    0.16         6,867  Cash    12/31/10
RSCR US  OCX CN    13.25   13.23    0.02    0.15         8,230  Cash    10/20/10
GTSI US  Private    7.00    6.99    0.01    0.14         5,800  Cash         n/a
HGRD US  Private    8.20    8.19    0.01    0.12         9,589  Cash    10/07/10
ZGEN US  BMY US     9.75    9.74    0.01    0.10        32,713  Cash    10/07/10
ARST US  HPQ US    43.50   43.46    0.04    0.09       128,498  Cash    10/20/10
HEW US   AON US    50.85   50.81    0.04    0.09       184,442   C&S    10/01/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NTY US   Private   55.00   54.97    0.03    0.05       219,803  Cash    12/31/10
SLRY US  KNXA US    4.07    4.07    0.00    0.00        11,600  Cash    09/30/10
CAL US   UAUA US   24.11   24.11    0.00   -0.01       324,931   Stk    10/01/10
TSFG US  TD CN      0.28    0.28    0.00   -0.12        41,966   C/S         n/a
ICXT US  FLIR US    7.55    7.56   -0.01   -0.13         8,406  Cash    10/01/10
NZ US    IBM US    27.00   27.05   -0.05   -0.18       786,195  Cash    12/31/10
CGC US   TMM CN     4.50    4.52   -0.02   -0.40       562,714   Stk         n/a
PZZ US   Private    8.50    8.55   -0.05   -0.58           258  Cash         n/a
XAU CN   FRG CN     5.33    5.37   -0.04   -0.75         3,575   C&S         n/a
ACV US   UNA NA    37.50   37.82   -0.32   -0.85       901,181  Cash         n/a
COGT US  MMM US    10.50   10.63   -0.13   -1.22        72,476  Cash    10/07/10
PTEC US  Private    3.85    3.92   -0.07   -1.79           900  Cash         n/a
GENZ US  SAN FP    69.00   71.22   -2.22   -3.12       280,721  Cash         n/a
ACL US   NOVN VX   162.68  168.12  -5.44   -3.24        75,084   Stk         n/a
ARG US   APD US    65.50   67.76   -2.26   -3.34        57,311  Cash    10/29/10
LOV US   Private    3.10    3.23   -0.13   -4.02        45,800  Cash         n/a
DINE US  Private   13.50   14.07   -0.57   -4.05         4,200  Cash         n/a
================================================================================
   

SOURCE: Bloomberg

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

To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net

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