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Arbitrage Profit in U.S. Takeovers Pending on Oct. 11

Oct. 11 (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.

================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FCEC US  TOBC US    9.41    5.04    4.37   86.77         8,880   Stk    09/30/10
TRGD US  TARM US    0.63    0.43    0.20   45.35       113,770   Stk    12/31/10
DIGA US  PSID US    0.60    0.45    0.15   32.16        92,593   Stk         n/a
TLCR US  GRF SM    28.66   23.37    5.29   22.64       402,627   C&S    12/31/10
CFWH US  Private    0.60    0.51    0.09   17.65        85,675  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MROE US  ONB US    12.57   11.00    1.57   14.29        13,827   Stk    03/31/11
ADAM US  EBIX US    7.12    6.45    0.67   10.41       212,459   Stk    12/31/10
ROAC US  Private    4.38    4.06    0.32    7.88         4,351  Cash         n/a
UNNF US  DGICA US   8.76    8.15    0.61    7.45         3,231   C&S    09/30/10
WPCS US  Private    3.50    3.29    0.21    6.38        44,466  Cash         n/a
PLA US   N/A        5.50    5.18    0.32    6.18        57,493  Cash         n/a
PVG US   PVR US    25.11   23.74    1.37    5.76       162,294   Stk         n/a
AAI US   LUV US     7.75    7.36    0.39    5.30         8,700   C&S    06/30/11
ACBP US  GABC US   14.93   14.19    0.74    5.24        10,053   C&S         n/a
AYE US   FE US     25.66   24.40    1.26    5.16       857,795   Stk    04/30/11
Q US     CTL US     6.62    6.34    0.28    4.35           100   Stk    06/30/11
BGH US   BPL US    45.80   44.00    1.80    4.10        39,533   Stk    12/31/10
RCMT US  CDI US     5.20    5.00    0.20    4.00        12,534  Cash         n/a
NCOC US  Private    1.00    0.97    0.03    3.54       654,841  Cash    12/15/10
NAL US   FNFG US   13.12   12.68    0.44    3.50     1,135,883   C/S    06/30/11
ITCD US  ELNK US    3.00    2.93    0.07    2.39       320,114  Cash    03/31/11
PRPX US  FSTR US   11.80   11.56    0.24    2.08         2,447  Cash    11/15/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NHWK US  Private    6.50    6.37    0.13    2.04       708,356  Cash    03/31/11
BNE US   RRD US    11.50   11.28    0.22    1.95       418,633  Cash         n/a
RAE US   19316Z US  1.60    1.57    0.03    1.91       100,866  Cash         n/a
ID US    SAF FP    12.00   11.78    0.22    1.87       740,942  Cash    03/31/11
MFE US   INTC US   48.00   47.15    0.85    1.80     2,037,723  Cash         n/a
SMTB US  PBCT US    3.90    3.84    0.06    1.69        11,942   C&S    12/31/10
HBE US   KTOS US    7.00    6.89    0.11    1.60        31,250  Cash    12/31/10
OCNW US  CALX US    7.62    7.51    0.11    1.52       248,903   C&S    03/31/11
TTES US  RBN US    32.70   32.24    0.46    1.41       378,957   C&S         n/a
CCBP US  FNB US    40.99   40.50    0.49    1.20         3,100   C&S    12/31/10
EPE US   EPD US    61.44   60.73    0.71    1.17        67,315   Stk    12/31/10
XJT US   SKYW US    6.75    6.68    0.07    1.05        44,584  Cash    12/31/10
MIR US   RRI US    10.69   10.58    0.11    1.02           100   Stk    12/31/10
NRGP US  NRGY US   31.39   31.07    0.32    1.01        20,961   Stk    12/31/10
WAIN US  3994Z US  19.00   18.84    0.16    0.85         7,200  Cash    12/31/10
CLU US   CLW US    12.00   11.90    0.10    0.84       177,876  Cash    12/31/10
INET US  6902Z US  13.35   13.24    0.11    0.83       135,804  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CADE US  Private    2.50    2.48    0.02    0.81       112,597  Cash    03/31/11
DDMX US  Private   21.25   21.08    0.17    0.81        82,108  Cash    03/31/11
OMNI US  Private    2.75    2.73    0.02    0.73        94,964  Cash    12/31/10
ALOY US  Multiple   9.80    9.73    0.07    0.72        23,191  Cash    12/31/10
NUHC US  ARW US     7.00    6.95    0.05    0.72       157,709  Cash    12/31/10
ME US    APA US    25.10   24.93    0.17    0.70     1,783,222   C/S         n/a
TUNE US  ZRAN US    2.92    2.90    0.02    0.69       200,088  Cash    12/31/10
FCCC US  Private    4.50    4.47    0.03    0.67        15,000  Cash    12/31/10
PTV US   Private   33.25   33.04    0.21    0.64     2,403,723  Cash    12/31/10
OSTE US  MDT US     6.50    6.46    0.04    0.62        51,539  Cash         n/a
TESS US  Private   15.50   15.41    0.09    0.58        38,953  Cash         n/a
ADCT US  TEL US    12.75   12.68    0.07    0.55       596,697  Cash    10/18/10
LGF US   IEP US     7.50    7.46    0.04    0.54       158,201  Cash    10/22/10
PSYS US  UHS US    33.75   33.60    0.15    0.45       352,712  Cash    12/31/10
MAM US   EMA CN    45.00   44.80    0.20    0.45        16,960  Cash         n/a
CJBK US  KRNY US    7.50    7.47    0.03    0.40           540  Cash    12/31/10
PPCO US  ENDP US    5.00    4.98    0.02    0.40        18,139  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ATAC US  Private   25.00   24.91    0.09    0.36       183,623  Cash    12/31/10
AMPH US  PRA US    32.50   32.40    0.10    0.31         9,579  Cash    12/31/10
LSBX US  PBCT US   21.00   20.94    0.06    0.29           405  Cash    12/31/10
BKC US   Private   24.00   23.94    0.06    0.25     3,585,242  Cash    10/14/10
PZZ US   Private    8.50    8.48    0.02    0.24        13,961  Cash         n/a
ZGEN US  BMY US     9.75    9.73    0.02    0.21     1,381,835  Cash         n/a
KEI US   DHR US    21.60   21.56    0.04    0.19       163,425  Cash    12/31/10
AEZ US   HES US     8.59    8.57    0.02    0.18       773,942   Stk    12/31/10
NZ US    IBM US    27.00   26.96    0.04    0.15     1,897,878  Cash    12/31/10
NYM US   Private   25.75   25.72    0.03    0.12        24,819  Cash    12/31/10
ARST US  HPQ US    43.50   43.45    0.05    0.12       382,984  Cash    10/20/10
COGT US  MMM US    10.50   10.49    0.01    0.10           200  Cash    10/22/10
ACAP US  Private   41.50   41.47    0.03    0.07        36,764  Cash    12/31/10
GLG US   EMG LN     4.50    4.50    0.00    0.00       730,240  Cash    10/14/10
BXC US   Private    4.00    4.00    0.00    0.00        58,302  Cash    10/18/10
DTPI US  10182Z US 12.50   12.51   -0.01   -0.08        43,584  Cash    12/31/10
THMD US  Private   15.00   15.03   -0.03   -0.20       306,888  Cash    12/31/10
================================================================================
   

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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