Arbitrage Profit in U.S. Takeovers Pending on Sept. 29

Sept. 29 (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    9.48    5.42    4.06   74.85         4,050   Stk    09/30/10
TRGD US  TARM US    0.71    0.41    0.30   74.39       159,464   Stk    12/31/10
CNIG US  EGAS US   25.00   19.15    5.85   30.55         1,000  Cash         n/a
DIGA US  PSID US    0.60    0.47    0.13   27.66       238,788   Stk         n/a
TLCR US  GRF SM    28.40   22.80    5.60   24.58       456,526   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MAJC US  Private    0.45    0.37    0.08   21.62        20,070  Cash    03/31/11
ADAM US  EBIX US    7.49    6.40    1.09   17.08       506,211   Stk    12/31/10
ROAC US  Private    4.38    4.05    0.33    8.12         2,586  Cash         n/a
PLA US   N/A        5.50    5.10    0.40    7.84       106,822  Cash         n/a
UNNF US  DGICA US   8.65    8.15    0.50    6.17         3,231   C&S    09/30/10
AAI US   LUV US     7.75    7.33    0.42    5.73           800   C&S    06/30/11
PVG US   PVR US    24.11   22.87    1.24    5.41       306,519   Stk         n/a
AYE US   FE US     25.57   24.29    1.28    5.28     2,215,971   Stk    04/30/11
Q US     CTL US     6.64    6.34    0.30    4.74         1,000   Stk    06/30/11
ALY US   SEAW NO    4.25    4.07    0.18    4.42       292,509   C/S    12/31/10
BNE US   RRD US    11.50   11.02    0.48    4.36       572,637  Cash         n/a
RCMT US  CDI US     5.20    5.00    0.20    4.00        27,665  Cash         n/a
NAL US   FNFG US   12.90   12.44    0.46    3.73       819,127   C/S    06/30/11
BGH US   BPL US    44.17   42.60    1.57    3.68        47,761   Stk    12/31/10
SMTB US  PBCT US    3.87    3.73    0.14    3.65        46,212   C&S    12/31/10
CCBP US  FNB US    39.71   38.40    1.31    3.41           800   C&S    12/31/10
LGF US   IEP US     7.50    7.26    0.24    3.31       163,272  Cash    10/22/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
WPCS US  Private    3.50    3.39    0.11    3.24        32,992  Cash         n/a
AHOM US  Private    0.67    0.65    0.02    2.89           145  Cash    10/31/10
OCNW US  CALX US    7.84    7.62    0.22    2.82       481,359   C&S    03/31/11
NCOC US  Private    1.00    0.97    0.03    2.82         1,760  Cash    12/15/10
TESS US  Private   15.50   15.09    0.41    2.72        80,983  Cash         n/a
EPE US   EPD US    58.51   57.07    1.44    2.53       123,952   Stk    12/31/10
NRGP US  NRGY US   30.04   29.30    0.74    2.52        71,945   Stk    12/31/10
ID US    SAF FP    12.00   11.71    0.29    2.48     1,610,639  Cash    03/31/11
NHWK US  Private    6.50    6.39    0.11    1.72     3,187,564  Cash    03/31/11
DIVX US  SNIC US    8.95    8.80    0.15    1.67       695,239   C&S    09/30/10
MFE US   INTC US   48.00   47.25    0.75    1.59           100  Cash         n/a
OMNI US  Private    2.75    2.71    0.04    1.48        97,429  Cash    12/31/10
PRPX US  FSTR US   11.80   11.63    0.17    1.46         6,900  Cash    09/30/10
ME US    APA US    24.35   24.01    0.34    1.41       786,902   C/S    09/30/10
FCCC US  Private    4.50    4.44    0.06    1.35         5,000  Cash    12/31/10
INET US  6902Z US  13.35   13.18    0.17    1.29       989,581  Cash    12/31/10
ALOY US  Multiple   9.80    9.68    0.12    1.24        12,500  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
WAIN US  3994Z US  19.00   18.78    0.22    1.17         1,298  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.89    0.03    1.04       476,556  Cash    12/31/10
ATAC US  Private   25.00   24.75    0.25    1.01       266,528  Cash    12/31/10
LSBX US  PBCT US   21.00   20.80    0.20    0.96         5,880  Cash    12/31/10
PTV US   Private   33.25   32.95    0.30    0.91     2,493,247  Cash    12/31/10
XJT US   SKYW US    6.75    6.69    0.06    0.90       118,345  Cash    12/31/10
CJBK US  KRNY US    7.50    7.44    0.06    0.81        10,900  Cash    12/31/10
MIR US   RRI US    10.18   10.10    0.08    0.77     2,157,997   Stk    12/31/10
CLU US   CLW US    12.00   11.91    0.09    0.76       109,876  Cash    12/31/10
RAE US   19316Z US  1.60    1.59    0.01    0.63       506,626  Cash         n/a
PSYS US  UHS US    33.75   33.54    0.21    0.63       516,926  Cash    12/31/10
NUHC US  ARW US     7.00    6.96    0.04    0.57       222,802  Cash    12/31/10
ADCT US  TEL US    12.75   12.68    0.07    0.55       778,882  Cash    10/18/10
BKC US   Private   24.00   23.88    0.12    0.50     2,009,577  Cash    10/14/10
AMPH US  PRA US    32.50   32.35    0.15    0.46        27,473  Cash    12/31/10
PMACA US ORI US     7.58    7.55    0.03    0.38       151,184   Stk    09/30/10
ACF US   GM US     24.50   24.41    0.09    0.37     3,355,061  Cash    10/01/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MAM US   EMA CN    45.00   44.86    0.14    0.31         6,148  Cash         n/a
OSTE US  MDT US     6.50    6.48    0.02    0.31        72,340  Cash         n/a
GTSI US  Private    7.00    6.98    0.02    0.29         7,600  Cash         n/a
BXC US   Private    4.00    3.99    0.01    0.25        51,058  Cash    10/08/10
SLRY US  KNXA US    4.07    4.06    0.01    0.25       145,168  Cash    09/30/10
GLG US   EMG LN     4.50    4.49    0.01    0.22       764,294  Cash    09/30/10
PPCO US  ENDP US    5.00    4.99    0.01    0.20        55,046  Cash         n/a
NYM US   Private   25.75   25.70    0.05    0.19        18,699  Cash    12/31/10
HEW US   AON US    50.78   50.72    0.06    0.13     2,610,609   C&S    10/01/10
AEZ US   HES US     7.99    7.98    0.01    0.12     1,130,274   Stk    12/31/10
ARST US  HPQ US    43.50   43.45    0.05    0.12     1,133,552  Cash    10/20/10
UNCA US  IBM US    21.00   20.98    0.02    0.10       156,194  Cash    12/31/10
CAL US   UAUA US   24.17   24.15    0.02    0.09     3,051,009   Stk    10/01/10
NTY US   Private   55.00   54.96    0.04    0.07     1,531,029  Cash    12/31/10
ACAP US  Private   41.50   41.47    0.03    0.07        41,375  Cash    12/31/10
LNY US   N/A       24.50   24.49    0.01    0.04        34,475  Cash    10/07/10
HGRD US  Private    8.20    8.20    0.00    0.00       102,408  Cash    10/07/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DTPI US  10182Z US 12.50   12.50    0.00    0.00       105,372  Cash    12/31/10
ZGEN US  BMY US     9.75    9.75    0.00    0.00         3,039  Cash    10/07/10
ICXT US  FLIR US    7.55    7.56   -0.01   -0.13        34,399  Cash    10/01/10
NZ US    IBM US    27.00   27.05   -0.05   -0.18     7,762,038  Cash    12/31/10
RSCR US  OCX CN    13.25   13.30   -0.05   -0.38       228,591  Cash    10/20/10
TSFG US  TD CN      0.28    0.29    0.00   -0.48       651,913   C/S         n/a
ACV US   UNA NA    37.50   37.69   -0.19   -0.50        44,100  Cash         n/a
PZZ US   Private    8.50    8.62   -0.12   -1.39        44,081  Cash         n/a
COGT US  MMM US    10.50   10.65   -0.15   -1.41     1,139,972  Cash    10/07/10
XAU CN   FRG CN     5.47    5.58   -0.11   -1.94       339,675   C&S         n/a
PTEC US  Private    3.85    3.95   -0.10   -2.53        89,993  Cash         n/a
ACL US   NOVN VX   163.21  168.15  -4.94   -2.94       752,066   Stk         n/a
GENZ US  SAN FP    69.00   71.50   -2.50   -3.50           500  Cash         n/a
ARG US   APD US    65.50   68.04   -2.54   -3.73       630,164  Cash    10/29/10
ABII US  CELG US   73.25   76.49   -3.24   -4.23        31,841   C&S    10/15/10
LOV US   Private    3.10    3.27   -0.17   -5.20         4,700  Cash         n/a
CASY US  3382 JP   40.00   42.41   -2.41   -5.68       339,226  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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