Arbitrage Profit in U.S. Takeovers Pending on Sept. 30

Sept. 30 (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    9.39    5.07    4.32   85.04        30,571   Stk    09/30/10
TRGD US  TARM US    0.72    0.40    0.32   80.00        71,900   Stk    12/31/10
CNIG US  EGAS US   25.00   19.00    6.00   31.58         3,450  Cash         n/a
TLCR US  GRF SM    28.31   22.73    5.58   24.56       523,459   C&S    12/31/10
HYC US   PAY US     5.25    4.23    1.02   24.11       912,567  Cash         n/a
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                   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        37,215  Cash    03/31/11
DIGA US  PSID US    0.60    0.52    0.08   16.50       365,884   Stk         n/a
ADAM US  EBIX US    7.44    6.43    1.01   15.75       448,843   Stk    12/31/10
UNNF US  DGICA US   8.76    8.15    0.61    7.45         3,231   C&S    09/30/10
PLA US   N/A        5.50    5.13    0.37    7.21       116,649  Cash         n/a
ROAC US  Private    4.38    4.11    0.27    6.57           400  Cash         n/a
AAI US   LUV US     7.75    7.34    0.41    5.59         1,200   C&S    06/30/11
PVG US   PVR US    24.12   22.85    1.27    5.55       143,826   Stk         n/a
Q US     CTL US     6.59    6.28    0.31    4.98    21,223,831   Stk    06/30/11
AYE US   FE US     25.71   24.53    1.18    4.79     3,141,055   Stk    04/30/11
BNE US   RRD US    11.50   11.02    0.48    4.36       379,363  Cash         n/a
RCMT US  CDI US     5.20    5.00    0.20    4.00        51,608  Cash         n/a
WPCS US  Private    3.50    3.38    0.12    3.55        22,640  Cash         n/a
BGH US   BPL US    44.36   42.84    1.52    3.54        55,408   Stk    12/31/10
NAL US   FNFG US   13.09   12.65    0.44    3.45       731,087   C/S    06/30/11
ALY US   SEAW NO    4.25    4.11    0.14    3.41       388,754   C/S    12/31/10
DIVX US  SNIC US    9.34    9.05    0.29    3.23       388,110   C&S    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TESS US  Private   15.50   15.03    0.47    3.13       130,064  Cash         n/a
AHOM US  Private    0.67    0.65    0.02    2.89           157  Cash    10/31/10
NCOC US  Private    1.00    0.97    0.03    2.82       298,334  Cash    12/15/10
LGF US   IEP US     7.50    7.31    0.19    2.60       201,093  Cash    10/22/10
SMTB US  PBCT US    3.86    3.77    0.09    2.51        47,850   C&S    12/31/10
CCBP US  FNB US    39.57   38.68    0.89    2.30           300   C&S    12/31/10
ID US    SAF FP    12.00   11.73    0.27    2.30     1,318,980  Cash    03/31/11
OCNW US  CALX US    7.92    7.76    0.16    2.10       190,672   C&S    03/31/11
NHWK US  Private    6.50    6.37    0.13    2.04           158  Cash    03/31/11
NRGP US  NRGY US   30.58   30.00    0.58    1.95       100,846   Stk    12/31/10
MFE US   INTC US   48.00   47.24    0.76    1.61           900  Cash         n/a
EPE US   EPD US    59.10   58.18    0.92    1.58       343,651   Stk    12/31/10
OMNI US  Private    2.75    2.71    0.04    1.48        37,356  Cash    12/31/10
PRPX US  FSTR US   11.80   11.63    0.17    1.46         2,473  Cash    09/30/10
GTSI US  Private    7.00    6.90    0.10    1.45       116,667  Cash         n/a
LSBX US  PBCT US   21.00   20.72    0.28    1.35        65,397  Cash    12/31/10
FCCC US  Private    4.50    4.44    0.06    1.35         5,000  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ME US    APA US    24.51   24.19    0.32    1.31     4,709,113   C/S    09/30/10
INET US  6902Z US  13.35   13.18    0.17    1.29       471,099  Cash    12/31/10
RAE US   19316Z US  1.60    1.58    0.02    1.27       196,061  Cash         n/a
ALOY US  Multiple   9.80    9.68    0.12    1.24         3,345  Cash    12/31/10
XJT US   SKYW US    6.75    6.67    0.08    1.20        84,245  Cash    12/31/10
ATAC US  Private   25.00   24.73    0.27    1.09       535,290  Cash    12/31/10
MIR US   RRI US    10.06    9.97    0.09    0.95       649,840   Stk    12/31/10
PTV US   Private   33.25   32.95    0.30    0.91     2,267,173  Cash    12/31/10
WAIN US  3994Z US  19.00   18.85    0.15    0.80         4,987  Cash    12/31/10
PSYS US  UHS US    33.75   33.51    0.24    0.72       422,564  Cash    12/31/10
KEI US   DHR US    21.60   21.45    0.15    0.70     5,971,567  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.90    0.02    0.69       396,106  Cash    12/31/10
CJBK US  KRNY US    7.50    7.45    0.05    0.67        18,163  Cash    12/31/10
OSTE US  MDT US     6.50    6.46    0.04    0.62        49,110  Cash         n/a
CLU US   CLW US    12.00   11.93    0.07    0.59        91,298  Cash    12/31/10
NUHC US  ARW US     7.00    6.96    0.04    0.57       108,635  Cash    12/31/10
ADCT US  TEL US    12.75   12.68    0.07    0.55       795,724  Cash    10/18/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BKC US   Private   24.00   23.88    0.12    0.50     1,409,214  Cash    10/14/10
BXC US   Private    4.00    3.98    0.02    0.50        96,497  Cash    10/08/10
PMACA US ORI US     7.62    7.58    0.04    0.49       193,594   Stk    09/30/10
GLG US   EMG LN     4.50    4.48    0.02    0.45       383,735  Cash    09/30/10
MAM US   EMA CN    45.00   44.82    0.18    0.41           367  Cash         n/a
AMPH US  PRA US    32.50   32.40    0.10    0.31        23,155  Cash    12/31/10
SLRY US  KNXA US    4.07    4.06    0.01    0.25        67,712  Cash    09/30/10
PZZ US   Private    8.50    8.48    0.02    0.24       370,544  Cash         n/a
CAL US   UAUA US   24.58   24.53    0.05    0.21     3,469,861   Stk    10/01/10
ZGEN US  BMY US     9.75    9.73    0.02    0.21           400  Cash    10/07/10
PPCO US  ENDP US    5.00    4.99    0.01    0.20        32,599  Cash         n/a
AEZ US   HES US     8.07    8.06    0.01    0.13       828,691   Stk    12/31/10
HGRD US  Private    8.20    8.19    0.01    0.12        73,049  Cash    10/07/10
ARST US  HPQ US    43.50   43.46    0.04    0.09       818,251  Cash    10/20/10
HEW US   AON US    50.82   50.77    0.05    0.09       837,480   C&S    10/01/10
ACF US   GM US     24.50   24.48    0.02    0.08     4,657,597  Cash    10/01/10
ACAP US  Private   41.50   41.47    0.03    0.07        20,579  Cash    12/31/10
================================================================================
                   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       845,274  Cash    12/31/10
LNY US   N/A       24.50   24.50    0.00    0.00        20,173  Cash    10/07/10
NYM US   Private   25.75   25.75    0.00    0.00        35,240  Cash    12/31/10
UNCA US  IBM US    21.00   21.01   -0.01   -0.05        48,168  Cash    12/31/10
NZ US    IBM US    27.00   27.03   -0.03   -0.11       261,600  Cash    12/31/10
RSCR US  OCX CN    13.25   13.28   -0.03   -0.23       101,884  Cash    10/20/10
DTPI US  10182Z US 12.50   12.54   -0.04   -0.32        74,119  Cash    12/31/10
ICXT US  FLIR US    7.55    7.58   -0.03   -0.40       100,563  Cash    10/01/10
ACV US   UNA NA    37.50   37.83   -0.33   -0.87     4,023,355  Cash         n/a
TSFG US  TD CN      0.28    0.29    0.00   -0.92     1,032,758   C/S         n/a
COGT US  MMM US    10.50   10.64   -0.14   -1.32     1,671,342  Cash    10/07/10
XAU CN   FRG CN     5.52    5.60   -0.08   -1.48       121,221   C&S         n/a
PTEC US  Private    3.85    3.91   -0.06   -1.53       140,251  Cash         n/a
GENZ US  SAN FP    69.00   71.12   -2.12   -2.98     3,883,453  Cash         n/a
ARG US   APD US    65.50   68.00   -2.50   -3.68       384,697  Cash    10/29/10
ACL US   NOVN VX   161.34  167.94  -6.60   -3.93       531,935   Stk         n/a
LOV US   Private    3.10    3.25   -0.15   -4.62        13,200  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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