Arbitrage Profit in U.S. Takeovers Pending on Oct. 8

Oct. 8 (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    9.20    5.25    3.95   75.16        12,621   Stk    09/30/10
TRGD US  TARM US    0.60    0.36    0.24   65.28       140,300   Stk    12/31/10
DIGA US  PSID US    0.60    0.44    0.16   36.36        56,157   Stk         n/a
TLCR US  GRF SM    28.42   23.26    5.16   22.17     2,395,077   C&S    12/31/10
CFWH US  Private    0.60    0.52    0.08   15.38        81,900  Cash    12/31/10
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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ADAM US  EBIX US    7.30    6.41    0.89   13.92       206,450   Stk    12/31/10
MROE US  ONB US    12.56   11.20    1.36   12.13        53,638   Stk    03/31/11
ROAC US  Private    4.38    4.06    0.32    7.88         4,351  Cash         n/a
PLA US   N/A        5.50    5.12    0.38    7.42       108,664  Cash         n/a
UNNF US  DGICA US   8.70    8.15    0.55    6.77         3,231   C&S    09/30/10
WPCS US  Private    3.50    3.28    0.22    6.71        11,280  Cash         n/a
ACBP US  GABC US   14.59   13.69    0.90    6.60           400   C&S         n/a
PVG US   PVR US    24.97   23.64    1.33    5.63        84,878   Stk         n/a
AAI US   LUV US     7.75    7.34    0.41    5.59     3,613,477   C&S    06/30/11
AYE US   FE US     25.65   24.38    1.27    5.22     1,162,904   Stk    04/30/11
RCMT US  CDI US     5.20    4.96    0.24    4.84        12,000  Cash         n/a
BGH US   BPL US    45.94   43.90    2.04    4.64        91,538   Stk    12/31/10
Q US     CTL US     6.67    6.39    0.28    4.32     1,529,000   Stk    06/30/11
NAL US   FNFG US   13.16   12.72    0.44    3.47       606,230   C/S    06/30/11
OCNW US  CALX US    7.55    7.35    0.20    2.74       111,539   C&S    03/31/11
LGF US   IEP US     7.50    7.33    0.17    2.32       121,058  Cash    10/22/10
ITCD US  ELNK US    3.00    2.93    0.07    2.21       355,496  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NHWK US  Private    6.50    6.36    0.14    2.20       747,157  Cash    03/31/11
ID US    SAF FP    12.00   11.76    0.24    2.04     2,072,730  Cash    03/31/11
NCOC US  Private    1.00    0.98    0.02    2.04        51,950  Cash    12/15/10
PRPX US  FSTR US   11.80   11.57    0.23    1.99        14,425  Cash    11/15/10
CCBP US  FNB US    40.78   40.00    0.78    1.95         1,600   C&S    12/31/10
BNE US   RRD US    11.50   11.28    0.22    1.95       600,476  Cash         n/a
RAE US   19316Z US  1.60    1.57    0.03    1.91       261,681  Cash         n/a
MFE US   INTC US   48.00   47.15    0.85    1.80     6,162,599  Cash         n/a
SMTB US  PBCT US    3.91    3.85    0.06    1.68        22,869   C&S    12/31/10
HBE US   KTOS US    7.00    6.89    0.11    1.60       237,612  Cash    12/31/10
FCCC US  Private    4.50    4.43    0.07    1.58        19,000  Cash    12/31/10
TTES US  RBN US    31.85   31.37    0.48    1.52     1,330,571   C&S         n/a
EPE US   EPD US    61.36   60.51    0.86    1.41        72,800   Stk    12/31/10
INET US  6902Z US  13.35   13.20    0.15    1.14       739,481  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.89    0.03    1.04       302,899  Cash    12/31/10
DDMX US  Private   21.25   21.05    0.20    0.95        68,231  Cash    03/31/11
NUHC US  ARW US     7.00    6.94    0.06    0.86       104,077  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
WAIN US  3994Z US  19.00   18.84    0.16    0.85         5,598  Cash    12/31/10
CLU US   CLW US    12.00   11.90    0.10    0.84       245,833  Cash    12/31/10
XJT US   SKYW US    6.75    6.70    0.05    0.77        22,419  Cash    12/31/10
ME US    APA US    24.78   24.60    0.18    0.74     1,181,656   C/S         n/a
OMNI US  Private    2.75    2.73    0.02    0.73        48,184  Cash    12/31/10
ALOY US  Multiple   9.80    9.73    0.07    0.72         2,606  Cash    12/31/10
PZZ US   Private    8.50    8.44    0.06    0.71         8,140  Cash         n/a
PTV US   Private   33.25   33.03    0.22    0.67        75,000  Cash    12/31/10
THMD US  Private   15.00   14.90    0.10    0.67       734,434  Cash    12/31/10
CJBK US  KRNY US    7.50    7.45    0.05    0.67         2,000  Cash    12/31/10
NRGP US  NRGY US   31.42   31.21    0.21    0.66        41,023   Stk    12/31/10
ADCT US  TEL US    12.75   12.67    0.08    0.63       562,490  Cash    10/18/10
PSYS US  UHS US    33.75   33.55    0.20    0.60       400,811  Cash    12/31/10
ATAC US  Private   25.00   24.85    0.15    0.60       243,112  Cash    12/31/10
AEZ US   HES US     8.49    8.44    0.05    0.55       643,015   Stk    12/31/10
MAM US   EMA CN    45.00   44.77    0.23    0.51        10,200  Cash         n/a
BXC US   Private    4.00    3.98    0.02    0.50        37,992  Cash    10/18/10
================================================================================
                   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        21,078  Cash    12/31/10
OSTE US  MDT US     6.50    6.47    0.03    0.46         5,000  Cash         n/a
NYM US   Private   25.75   25.64    0.11    0.43        39,312  Cash    12/31/10
KEI US   DHR US    21.60   21.51    0.09    0.42       159,303  Cash    12/31/10
PPCO US  ENDP US    5.00    4.98    0.02    0.40        27,932  Cash         n/a
CADE US  Private    2.50    2.49    0.01    0.40       156,420  Cash    03/31/11
RSCR US  OCX CN    13.25   13.20    0.05    0.38        62,112  Cash    10/20/10
DIVX US  SNIC US    9.65    9.62    0.03    0.32       576,209   C&S         n/a
BKC US   Private   24.00   23.93    0.07    0.29     2,482,849  Cash    10/14/10
LSBX US  PBCT US   21.00   20.94    0.06    0.29         1,200  Cash    12/31/10
NZ US    IBM US    27.00   26.93    0.07    0.26     3,928,505  Cash    12/31/10
DTPI US  10182Z US 12.50   12.47    0.03    0.24        63,783  Cash    12/31/10
ARST US  HPQ US    43.50   43.41    0.09    0.21     3,682,970  Cash    10/20/10
ACAP US  Private   41.50   41.44    0.06    0.14        30,033  Cash    12/31/10
GLG US   EMG LN     4.50    4.50    0.00    0.00     2,434,517  Cash    10/14/10
ZGEN US  BMY US     9.75    9.76   -0.01   -0.10     1,057,020  Cash         n/a
ACTL US  MSCC US   20.88   20.93   -0.05   -0.24       329,422  Cash    11/01/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
COGT US  MMM US    10.50   10.53   -0.03   -0.28       439,106  Cash         n/a
TESS US  Private   15.50   15.55   -0.05   -0.32        13,916  Cash         n/a
ACV US   UNA NA    37.50   37.68   -0.18   -0.48     1,399,680  Cash         n/a
MIR US   RRI US     9.95   10.00   -0.05   -0.49     1,671,866   Stk    12/31/10
LOV US   Private    3.10    3.12   -0.02   -0.64        45,492  Cash         n/a
AHOM US  Private    0.67    0.68   -0.01   -1.47           429  Cash    10/31/10
XAU CN   FRG CN     5.55    5.66   -0.11   -1.96        60,559   C&S         n/a
PTEC US  Private    3.85    3.93   -0.08   -2.04       323,823  Cash         n/a
ALY US   SEAW NO    4.25    4.36   -0.11   -2.52       275,724   C/S    12/31/10
ACL US   NOVN VX   162.56  167.24  -4.68   -2.80       395,429   Stk         n/a
DVD US   DDE US     1.74    1.80   -0.06   -3.14        51,324   Stk         n/a
CASY US  3382 JP   40.00   41.51   -1.51   -3.64       974,211  Cash         n/a
CGC US   GAM CN     4.46    4.63   -0.17   -3.77       659,673   C&S    12/31/10
POLGA US BX US     15.25   15.95   -0.70   -4.39           500  Cash    03/31/11
ARG US   APD US    65.50   68.57   -3.07   -4.48       425,477  Cash    10/29/10
GENZ US  SAN FP    69.00   72.36   -3.36   -4.64        23,670  Cash    12/10/10
ABII US  CELG US   73.06   76.67   -3.61   -4.71        20,447   C&S    10/15/10
================================================================================
   

SOURCE: Bloomberg

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

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