Arbitrage Profit in U.S. Takeovers Pending on Oct. 5

Oct. 5 (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    9.22    5.10    4.12   80.76         3,700   Stk    09/30/10
TRGD US  TARM US    0.63    0.40    0.23   56.25        11,500   Stk    12/31/10
ACBP US  GABC US   14.11   10.00    4.11   41.08         2,738   C&S         n/a
DIGA US  PSID US    0.60    0.45    0.15   33.33       396,881   Stk         n/a
TLCR US  GRF SM    28.27   23.12    5.15   22.29       623,825   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ADAM US  EBIX US    7.42    6.46    0.96   14.92       255,401   Stk    12/31/10
POLGA US BX US     18.16   15.99    2.17   13.57        26,760  Cash    03/31/11
ROAC US  Private    4.38    4.05    0.33    8.15         4,679  Cash         n/a
PLA US   N/A        5.50    5.17    0.33    6.38       147,694  Cash         n/a
UNNF US  DGICA US   8.61    8.15    0.46    5.59         3,231   C&S    09/30/10
AAI US   LUV US     7.75    7.34    0.41    5.59           709   C&S    06/30/11
WPCS US  Private    3.50    3.32    0.18    5.42        20,284  Cash         n/a
AYE US   FE US     25.73   24.45    1.28    5.22     1,420,053   Stk    04/30/11
CADE US  TRMK US    2.09    1.99    0.10    5.08        35,057   Stk    03/31/11
Q US     CTL US     6.58    6.28    0.30    4.72         2,460   Stk    06/30/11
RCMT US  CDI US     5.20    4.97    0.23    4.63        26,755  Cash         n/a
PVG US   PVR US    24.63   23.56    1.07    4.53       141,603   Stk         n/a
BGH US   BPL US    45.23   43.70    1.53    3.51        35,319   Stk    12/31/10
NAL US   FNFG US   13.15   12.72    0.43    3.40       802,547   C/S    06/30/11
LGF US   IEP US     7.50    7.26    0.24    3.31       213,803  Cash    10/22/10
ITCD US  ELNK US    3.00    2.93    0.07    2.56     4,675,017  Cash    03/31/11
NCOC US  Private    1.00    0.98    0.02    2.56       123,072  Cash    12/15/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CCBP US  FNB US    39.43   38.45    0.98    2.55           800   C&S    12/31/10
PRPX US  FSTR US   11.80   11.55    0.25    2.16        30,458  Cash    11/15/10
NHWK US  Private    6.50    6.37    0.13    2.04           500  Cash    03/31/11
RAE US   19316Z US  1.60    1.57    0.03    1.91        78,087  Cash         n/a
ID US    SAF FP    12.00   11.78    0.22    1.87     1,510,307  Cash    03/31/11
EPE US   EPD US    60.34   59.30    1.05    1.76       112,956   Stk    12/31/10
MFE US   INTC US   48.00   47.21    0.79    1.67           500  Cash         n/a
OCNW US  CALX US    7.78    7.66    0.12    1.60        82,782   C&S    03/31/11
SMTB US  PBCT US    3.87    3.82    0.05    1.43        34,273   C&S    12/31/10
FCCC US  Private    4.50    4.44    0.06    1.35         5,000  Cash    12/31/10
BNE US   RRD US    11.50   11.35    0.15    1.32       485,616  Cash         n/a
INET US  6902Z US  13.35   13.19    0.16    1.21       724,198  Cash    12/31/10
DIVX US  SNIC US    9.38    9.27    0.11    1.17       509,672   C&S    09/30/10
NRGP US  NRGY US   31.00   30.67    0.33    1.08        74,875   Stk    12/31/10
XJT US   SKYW US    6.75    6.68    0.07    1.05       482,872  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.89    0.03    1.04       259,525  Cash    12/31/10
ATAC US  Private   25.00   24.75    0.25    1.01       165,498  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DDMX US  Private   21.25   21.05    0.20    0.95     1,169,188  Cash    03/31/11
ALOY US  Multiple   9.80    9.71    0.09    0.93        36,750  Cash    12/31/10
PTV US   Private   33.25   32.95    0.30    0.91     3,279,088  Cash    12/31/10
ADCT US  TEL US    12.75   12.65    0.10    0.79       792,988  Cash    10/18/10
OSTE US  MDT US     6.50    6.45    0.05    0.78        29,339  Cash         n/a
OMNI US  Private    2.75    2.73    0.02    0.73        74,134  Cash    12/31/10
PZZ US   Private    8.50    8.44    0.06    0.71        29,955  Cash         n/a
LSBX US  PBCT US   21.00   20.86    0.14    0.67        16,791  Cash    12/31/10
CJBK US  KRNY US    7.50    7.45    0.05    0.67        19,107  Cash    12/31/10
PSYS US  UHS US    33.75   33.54    0.21    0.63           200  Cash    12/31/10
AEZ US   HES US     8.17    8.12    0.05    0.59     2,653,650   Stk    12/31/10
AMPH US  PRA US    32.50   32.32    0.18    0.56        30,300  Cash    12/31/10
MAM US   EMA CN    45.00   44.80    0.20    0.45         1,900  Cash         n/a
RSCR US  OCX CN    13.25   13.19    0.06    0.45       294,837  Cash    10/20/10
NYM US   Private   25.75   25.64    0.11    0.43        38,691  Cash    12/31/10
NZ US    IBM US    27.00   26.89    0.11    0.41           600  Cash    12/31/10
BKC US   Private   24.00   23.91    0.09    0.38     1,474,264  Cash    10/14/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
WAIN US  3994Z US  19.00   18.93    0.07    0.37         2,414  Cash    12/31/10
CLU US   CLW US    12.00   11.96    0.04    0.33        96,843  Cash    12/31/10
MIR US   RRI US     9.92    9.90    0.02    0.23       491,997   Stk    12/31/10
ME US    APA US    24.33   24.28    0.05    0.22     4,111,747   C/S         n/a
PPCO US  ENDP US    5.00    4.99    0.01    0.20        51,641  Cash         n/a
NUHC US  ARW US     7.00    6.99    0.01    0.14        80,114  Cash    12/31/10
ACAP US  Private   41.50   41.45    0.05    0.12        51,994  Cash    12/31/10
UNCA US  IBM US    21.00   20.98    0.02    0.10        85,745  Cash    12/31/10
ZGEN US  BMY US     9.75    9.74    0.01    0.10       743,444  Cash    10/07/10
KEI US   DHR US    21.60   21.59    0.01    0.05       500,095  Cash    12/31/10
ARST US  HPQ US    43.50   43.49    0.01    0.02           500  Cash    10/20/10
AHOM US  Private    0.67    0.67    0.00    0.00        17,724  Cash    10/31/10
GLG US   EMG LN     4.50    4.50    0.00    0.00       799,694  Cash    09/30/10
BXC US   Private    4.00    4.00    0.00    0.00        72,010  Cash    10/18/10
HGRD US  Private    8.20    8.20    0.00    0.00       208,328  Cash    10/07/10
DTPI US  10182Z US 12.50   12.50    0.00    0.00       191,983  Cash    12/31/10
ACTL US  MSCC US   20.88   20.95   -0.07   -0.33     6,140,275  Cash    02/28/11
================================================================================
   

SOURCE: Bloomberg

To contact the reporter on this story: Terry Barrett in Washington at tbarrett1@bloomberg.net

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

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