Arbitrage Profit in U.S. Takeovers Pending on Oct. 12

Oct. 12 (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    9.44    5.30    4.14   78.12        14,436   Stk    09/30/10
TRGD US  TARM US    0.63    0.40    0.23   57.50        11,918   Stk    12/31/10
ACTI US  ASSAB SS   3.25    2.26    0.99   43.81       786,400  Cash    12/31/10
DIGA US  PSID US    0.60    0.42    0.18   42.86       157,975   Stk         n/a
FMMH US  BH US     29.00   20.50    8.50   41.46           323  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
KG US    PFE US    14.25   10.15    4.10   40.39     3,590,757  Cash    03/31/11
TLCR US  GRF SM    28.62   23.57    5.05   21.42       896,625   C&S    12/31/10
CFWH US  Private    0.60    0.52    0.08   15.38        75,000  Cash    12/31/10
MROE US  ONB US    12.42   11.00    1.42   12.90        81,789   Stk    03/31/11
ADAM US  EBIX US    7.16    6.54    0.62    9.51       102,327   Stk    12/31/10
UNNF US  DGICA US   8.77    8.15    0.62    7.61         3,231   C&S    09/30/10
ROAC US  Private    4.38    4.10    0.28    6.83           700  Cash         n/a
PVG US   PVR US    25.33   23.85    1.48    6.22       112,897   Stk         n/a
AAI US   LUV US     7.75    7.34    0.41    5.59         5,500   C&S    06/30/11
WPCS US  Private    3.50    3.32    0.18    5.42        17,199  Cash         n/a
AYE US   FE US     25.64   24.38    1.26    5.17       863,970   Stk    04/30/11
Q US     CTL US     6.62    6.33    0.29    4.52    10,022,518   Stk    06/30/11
BGH US   BPL US    45.33   43.39    1.94    4.47        60,132   Stk    12/31/10
RCMT US  CDI US     5.20    4.98    0.22    4.42         3,385  Cash         n/a
ACBP US  GABC US   14.76   14.19    0.57    4.02        10,053   C&S         n/a
NAL US   FNFG US   13.15   12.69    0.46    3.64       325,903   C/S    06/30/11
SMTB US  PBCT US    3.90    3.77    0.13    3.42        23,694   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NCOC US  Private    1.00    0.97    0.03    3.09        78,901  Cash    12/15/10
OCNW US  CALX US    7.64    7.45    0.19    2.50        33,826   C&S    03/31/11
ITCD US  ELNK US    3.00    2.93    0.07    2.39       443,233  Cash    03/31/11
PLA US   N/A        5.50    5.39    0.11    2.04       170,042  Cash         n/a
NHWK US  Private    6.50    6.37    0.13    2.04       262,829  Cash    03/31/11
RAE US   19316Z US  1.60    1.57    0.03    1.91       108,125  Cash         n/a
PRPX US  FSTR US   11.80   11.58    0.22    1.90        16,700  Cash    11/15/10
ID US    SAF FP    12.00   11.78    0.22    1.87       957,450  Cash    03/31/11
MFE US   INTC US   48.00   47.13    0.87    1.85     1,358,784  Cash         n/a
HBE US   KTOS US    7.00    6.89    0.11    1.60        39,213  Cash    12/31/10
BNE US   RRD US    11.50   11.32    0.18    1.59     1,011,061  Cash         n/a
TTES US  RBN US    32.37   31.92    0.45    1.42       244,589   C&S         n/a
EPE US   EPD US    61.97   61.28    0.69    1.12       110,208   Stk    12/31/10
OMNI US  Private    2.75    2.72    0.03    1.10        26,721  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.89    0.03    1.04       745,286  Cash    12/31/10
INET US  6902Z US  13.35   13.23    0.12    0.91       175,465  Cash    12/31/10
XJT US   SKYW US    6.75    6.69    0.06    0.90        43,631  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MIR US   RRI US    10.74   10.65    0.09    0.89     1,050,974   Stk    12/31/10
GYMB US  6821Z US  65.40   64.83    0.57    0.88           300  Cash    12/31/10
DDMX US  Private   21.25   21.07    0.18    0.85        39,507  Cash    03/31/11
WAIN US  3994Z US  19.00   18.84    0.16    0.85         2,268  Cash    12/31/10
NRGP US  NRGY US   31.62   31.36    0.26    0.82        46,820   Stk    12/31/10
CADE US  Private    2.50    2.48    0.02    0.81        29,204  Cash    03/31/11
PTEC US  Private    3.85    3.82    0.03    0.79       128,140  Cash         n/a
BXC US   Private    4.00    3.97    0.03    0.76        46,938  Cash    10/18/10
ALOY US  Multiple   9.80    9.73    0.07    0.72         6,826  Cash    12/31/10
PZZ US   Private    8.50    8.44    0.06    0.71        17,147  Cash         n/a
FCCC US  Private    4.50    4.47    0.03    0.67        12,000  Cash    12/31/10
CJBK US  KRNY US    7.50    7.45    0.05    0.67           220  Cash    12/31/10
ADCT US  TEL US    12.75   12.67    0.08    0.63       407,084  Cash    10/18/10
OSTE US  MDT US     6.50    6.46    0.04    0.62        62,402  Cash         n/a
ME US    APA US    25.19   25.04    0.15    0.58     1,102,820   C/S         n/a
NUHC US  ARW US     7.00    6.96    0.04    0.57        64,253  Cash    12/31/10
PTV US   Private   33.25   33.07    0.18    0.54     1,908,557  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
PSYS US  UHS US    33.75   33.58    0.17    0.51       282,325  Cash    12/31/10
MAM US   EMA CN    45.00   44.78    0.22    0.49        18,705  Cash         n/a
CCBP US  FNB US    40.85   40.67    0.18    0.44         2,850   C&S    12/31/10
AMPH US  PRA US    32.50   32.36    0.14    0.43        18,835  Cash    12/31/10
ATAC US  Private   25.00   24.90    0.10    0.40        74,096  Cash    12/31/10
PPCO US  ENDP US    5.00    4.98    0.02    0.40        16,630  Cash         n/a
KEI US   DHR US    21.60   21.53    0.07    0.33       368,988  Cash    12/31/10
AEZ US   HES US     8.66    8.63    0.03    0.29       406,164   Stk    12/31/10
LSBX US  PBCT US   21.00   20.94    0.06    0.29         5,485  Cash    12/31/10
LGF US   IEP US     7.50    7.48    0.02    0.27       129,154  Cash    10/22/10
BKC US   Private   24.00   23.94    0.06    0.25     2,694,544  Cash    10/14/10
GLG US   EMG LN     4.50    4.49    0.01    0.22           100  Cash    10/14/10
NZ US    IBM US    27.00   26.94    0.06    0.22     2,034,023  Cash    12/31/10
COGT US  MMM US    10.50   10.48    0.02    0.19       866,160  Cash    10/22/10
ARST US  HPQ US    43.50   43.43    0.07    0.16     1,104,347  Cash    10/20/10
ACAP US  Private   41.50   41.46    0.04    0.10        30,190  Cash    12/31/10
CLU US   CLW US    12.00   11.99    0.01    0.08       162,222  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NYM US   Private   25.75   25.73    0.02    0.08        33,323  Cash    12/31/10
ZGEN US  BMY US     9.75    9.75    0.00    0.00       149,400  Cash         n/a
ACV US   UNA NA    37.50   37.50    0.00    0.00     1,743,580  Cash         n/a
DTPI US  10182Z US 12.50   12.51   -0.01   -0.08        26,186  Cash    12/31/10
THMD US  Private   15.00   15.06   -0.06   -0.40       143,463  Cash    12/31/10
TESS US  Private   15.50   15.61   -0.11   -0.70           800  Cash         n/a
ACL US   NOVN VX   165.03  166.60  -1.57   -0.94       856,507   Stk         n/a
ACTL US  MSCC US   20.88   21.19   -0.31   -1.46       204,439  Cash    11/01/10
AHOM US  Private    0.67    0.68   -0.01   -1.47         1,000  Cash    10/31/10
CGC US   GAM CN     4.49    4.57   -0.08   -1.75       416,165   C&S    12/31/10
LOV US   Private    3.10    3.16   -0.06   -1.90        37,665  Cash         n/a
XAU CN   FRG CN     5.52    5.65   -0.13   -2.24        55,615   C&S         n/a
CGC US   TMM CN     4.50    4.63   -0.13   -2.85       416,165   Stk         n/a
RSCR US  OCX CN    13.25   13.65   -0.40   -2.93       196,626  Cash    11/05/10
DINE US  Private   13.50   14.00   -0.50   -3.57         6,689  Cash         n/a
ALY US   SEAW NO    4.25    4.42   -0.17   -3.85       163,370   C/S    12/31/10
TRBN US  EBS US     4.32    4.50   -0.18   -4.03           849   C&S    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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.