Arbitrage Profit in U.S. Takeovers Pending on Oct. 7

Oct. 7 (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    9.34    5.10    4.24   83.15        10,570   Stk    09/30/10
TRGD US  TARM US    0.55    0.38    0.17   44.74       163,750   Stk    12/31/10
DIGA US  PSID US    0.60    0.45    0.15   33.33       396,881   Stk         n/a
TLCR US  GRF SM    28.48   23.20    5.28   22.75       897,497   C&S    12/31/10
CFWH US  Private    0.60    0.49    0.11   22.45       320,750  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MROE US  ONB US    12.88   11.25    1.63   14.47       305,740   Stk    03/31/11
ADAM US  EBIX US    7.27    6.39    0.88   13.74       379,380   Stk    12/31/10
ACBP US  GABC US   14.62   13.50    1.12    8.31         4,211   C&S         n/a
ROAC US  Private    4.38    4.05    0.33    8.15         4,679  Cash         n/a
UNNF US  DGICA US   8.75    8.15    0.60    7.40         3,231   C&S    09/30/10
PLA US   N/A        5.50    5.16    0.34    6.59        95,292  Cash         n/a
WPCS US  Private    3.50    3.30    0.20    6.06        51,669  Cash         n/a
AAI US   LUV US     7.75    7.33    0.42    5.73     8,835,030   C&S    06/30/11
AYE US   FE US     25.76   24.45    1.31    5.36     2,563,442   Stk    04/30/11
PVG US   PVR US    25.12   23.85    1.27    5.31       150,690   Stk         n/a
Q US     CTL US     6.70    6.41    0.29    4.51     9,193,794   Stk    06/30/11
BGH US   BPL US    45.49   43.64    1.85    4.25        94,091   Stk    12/31/10
NAL US   FNFG US   13.18   12.75    0.43    3.38     1,062,305   C/S    06/30/11
NCOC US  Private    1.00    0.97    0.03    3.28       119,494  Cash    12/15/10
RCMT US  CDI US     5.20    5.05    0.15    2.97         4,775  Cash         n/a
ITCD US  ELNK US    3.00    2.93    0.07    2.39       392,230  Cash    03/31/11
NHWK US  Private    6.50    6.35    0.15    2.36       642,370  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ID US    SAF FP    12.00   11.76    0.24    2.04     1,084,681  Cash    03/31/11
CCBP US  FNB US    40.81   40.00    0.81    2.04         6,783   C&S    12/31/10
TTES US  RBN US    30.56   29.98    0.58    1.93     4,622,882   C&S         n/a
RAE US   19316Z US  1.60    1.57    0.03    1.91       175,753  Cash         n/a
PRPX US  FSTR US   11.80   11.58    0.22    1.90           400  Cash    11/15/10
OCNW US  CALX US    7.66    7.52    0.14    1.86        96,577   C&S    03/31/11
SMTB US  PBCT US    3.92    3.85    0.07    1.83        35,650   C&S    12/31/10
MFE US   INTC US   48.00   47.22    0.78    1.65     2,068,952  Cash         n/a
EPE US   EPD US    61.11   60.15    0.96    1.60       114,397   Stk    12/31/10
LGF US   IEP US     7.50    7.39    0.11    1.49       100,811  Cash    10/22/10
FCCC US  Private    4.50    4.44    0.06    1.35        17,200  Cash    12/31/10
HBE US   KTOS US    7.00    6.91    0.09    1.30       486,602  Cash    12/31/10
INET US  6902Z US  13.35   13.18    0.17    1.29     1,488,625  Cash    12/31/10
BNE US   RRD US    11.50   11.36    0.14    1.23       636,664  Cash         n/a
TUNE US  ZRAN US    2.92    2.89    0.03    1.04       439,023  Cash    12/31/10
ME US    APA US    24.80   24.56    0.24    0.99     1,540,260   C/S         n/a
DIVX US  SNIC US    9.41    9.32    0.09    0.96       451,791   C&S    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ALOY US  Multiple   9.80    9.71    0.09    0.93        33,900  Cash    12/31/10
DDMX US  Private   21.25   21.06    0.19    0.90        57,083  Cash    03/31/11
ATAC US  Private   25.00   24.80    0.20    0.83       415,863  Cash    12/31/10
ADCT US  TEL US    12.75   12.65    0.10    0.79     1,401,029  Cash    10/18/10
NRGP US  NRGY US   31.21   30.97    0.24    0.77        71,653   Stk    12/31/10
PTV US   Private   33.25   33.00    0.25    0.76     2,836,630  Cash    12/31/10
OMNI US  Private    2.75    2.73    0.02    0.73        78,128  Cash    12/31/10
CJBK US  KRNY US    7.50    7.45    0.05    0.67         9,108  Cash    12/31/10
XJT US   SKYW US    6.75    6.71    0.04    0.60        55,467  Cash    12/31/10
CLU US   CLW US    12.00   11.93    0.07    0.59        58,700  Cash    12/31/10
NUHC US  ARW US     7.00    6.96    0.04    0.57       133,712  Cash    12/31/10
NZ US    IBM US    27.00   26.86    0.14    0.52     5,874,964  Cash    12/31/10
MAM US   EMA CN    45.00   44.78    0.22    0.50         4,501  Cash         n/a
PSYS US  UHS US    33.75   33.59    0.16    0.48       480,978  Cash    12/31/10
KEI US   DHR US    21.60   21.50    0.10    0.47       643,048  Cash    12/31/10
AMPH US  PRA US    32.50   32.35    0.15    0.46        21,480  Cash    12/31/10
PZZ US   Private    8.50    8.47    0.03    0.35        21,611  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
LSBX US  PBCT US   21.00   20.93    0.07    0.33         4,000  Cash    12/31/10
OSTE US  MDT US     6.50    6.48    0.02    0.31       154,399  Cash         n/a
MIR US   RRI US    10.01    9.98    0.03    0.28       669,900   Stk    12/31/10
BKC US   Private   24.00   23.94    0.06    0.25           200  Cash    10/14/10
NYM US   Private   25.75   25.69    0.06    0.23        23,475  Cash    12/31/10
PPCO US  ENDP US    5.00    4.99    0.01    0.20        54,201  Cash         n/a
ARST US  HPQ US    43.50   43.42    0.08    0.18     1,609,252  Cash    10/20/10
AEZ US   HES US     8.46    8.45    0.01    0.11       510,621   Stk    12/31/10
ZGEN US  BMY US     9.75    9.74    0.01    0.10     1,809,759  Cash    10/07/10
ACAP US  Private   41.50   41.47    0.03    0.07        51,317  Cash    12/31/10
WAIN US  3994Z US  19.00   18.99    0.01    0.05         2,600  Cash    12/31/10
GLG US   EMG LN     4.50    4.50    0.00    0.00           350  Cash    10/14/10
BXC US   Private    4.00    4.00    0.00    0.00        49,125  Cash    10/18/10
HGRD US  Private    8.20    8.20    0.00    0.00       100,745  Cash    10/07/10
RSCR US  OCX CN    13.25   13.25    0.00    0.00       252,172  Cash    10/20/10
THMD US  Private   15.00   15.01   -0.01   -0.07     1,266,038  Cash    12/31/10
ACV US   UNA NA    37.50   37.57   -0.07   -0.19     2,204,742  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================

DTPI US  10182Z US 12.50   12.53   -0.03   -0.24        94,307  Cash    12/31/10
ACTL US  MSCC US   20.88   20.95   -0.07   -0.33       633,361  Cash    11/01/10
COGT US  MMM US    10.50   10.57   -0.07   -0.66           200  Cash    10/07/10
PTEC US  Private    3.85    3.90   -0.05   -1.28       103,424  Cash         n/a
AHOM US  Private    0.67    0.68   -0.01   -1.47        36,500  Cash    10/31/10
CADE US  Private    2.50    2.54   -0.04   -1.57       365,531  Cash    03/31/11
XAU CN   FRG CN     5.42    5.51   -0.09   -1.63        73,215   C&S         n/a
LOV US   Private    3.10    3.16   -0.06   -1.90         6,700  Cash         n/a
ACL US   NOVN VX   163.11  167.39  -4.28   -2.56       622,119   Stk         n/a
DYN US   BX US      4.50    4.64   -0.14   -3.02     2,911,780  Cash    12/31/10
ALY US   SEAW NO    4.25    4.39   -0.14   -3.19       489,262   C/S    12/31/10
CASY US  3382 JP   40.00   41.38   -1.38   -3.33       729,182  Cash         n/a
TESS US  Private   15.50   16.05   -0.55   -3.43        37,121  Cash         n/a
GENZ US  SAN FP    69.00   71.75   -2.75   -3.83     3,820,034  Cash    12/10/10
POLGA US BX US     15.25   15.86   -0.61   -3.85           600  Cash    03/31/11
TRBN US  EBS US     4.29    4.47   -0.18   -3.93         5,100   C&S    12/31/10
ARG US   APD US    65.50   68.73   -3.23   -4.70       979,827  Cash    10/29/10
================================================================================
   

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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