Arbitrage Profit in U.S. Takeovers Pending on Oct. 13

Oct. 13 (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    9.53    5.45    4.08   74.88        14,898   Stk    09/30/10
TRGD US  TARM US    0.63    0.40    0.23   57.50         3,925   Stk    12/31/10
DIGA US  PSID US    0.60    0.46    0.14   30.43        24,400   Stk         n/a
TLCR US  GRF SM    28.93   23.63    5.30   22.43       745,229   C&S    12/31/10
CFWH US  Private    0.60    0.51    0.09   17.65        20,125  Cash    12/31/10
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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MROE US  ONB US    12.43   11.10    1.33   11.99         9,767   Stk    03/31/11
ADAM US  EBIX US    7.22    6.63    0.59    8.92        67,860   Stk    12/31/10
UNNF US  DGICA US   8.75    8.15    0.60    7.32         3,231   C&S    09/30/10
PVG US   PVR US    25.45   23.82    1.63    6.85       159,215   Stk         n/a
ROAC US  Private    4.38    4.10    0.28    6.83           700  Cash         n/a
FMMH US  BH US     29.00   27.25    1.75    6.42       107,519  Cash         n/a
AYE US   FE US     25.58   24.20    1.38    5.70     5,911,140   Stk    04/30/11
AAI US   LUV US     7.75    7.34    0.41    5.59     7,214,159   C&S    06/30/11
WPCS US  Private    3.50    3.34    0.16    4.79        11,332  Cash         n/a
ACBP US  GABC US   14.85   14.19    0.66    4.63        10,053   C&S         n/a
RCMT US  CDI US     5.20    4.98    0.22    4.42         2,527  Cash         n/a
BGH US   BPL US    44.97   43.08    1.89    4.39        29,330   Stk    12/31/10
Q US     CTL US     6.62    6.37    0.25    3.94         5,000   Stk    06/30/11
NAL US   FNFG US   13.10   12.66    0.44    3.44       556,650   C/S    06/30/11
ROME US  BHLB US   10.50   10.15    0.35    3.41       389,343   C/S    03/31/11
NCOC US  Private    1.00    0.97    0.03    2.99        89,154  Cash    12/15/10
AHOM US  Private    0.67    0.65    0.02    2.76         2,000  Cash    10/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
OCNW US  CALX US    7.74    7.55    0.19    2.54       491,672   C&S    03/31/11
PLA US   N/A        5.50    5.37    0.13    2.42        90,569  Cash         n/a
ITCD US  ELNK US    3.00    2.93    0.07    2.39       425,455  Cash    03/31/11
LGF US   IEP US     7.50    7.34    0.16    2.18       142,309  Cash    10/22/10
PRPX US  FSTR US   11.80   11.55    0.25    2.16        26,107  Cash    11/15/10
RAE US   19316Z US  1.60    1.57    0.03    1.91       111,288  Cash         n/a
MFE US   INTC US   48.00   47.14    0.86    1.82     2,236,260  Cash         n/a
ID US    SAF FP    12.00   11.79    0.21    1.78       465,218  Cash    03/31/11
SMTB US  PBCT US    3.91    3.84    0.07    1.72        25,755   C&S    12/31/10
NHWK US  Private    6.50    6.39    0.11    1.72       381,011  Cash    03/31/11
TTES US  RBN US    32.38   31.86    0.52    1.64       392,073   C&S         n/a
CADE US  Private    2.50    2.46    0.04    1.63        43,781  Cash    03/31/11
HBE US   KTOS US    7.00    6.90    0.10    1.45        57,357  Cash    12/31/10
BNE US   RRD US    11.50   11.36    0.14    1.23       964,700  Cash         n/a
EPE US   EPD US    62.02   61.30    0.72    1.18        49,052   Stk    12/31/10
NRGP US  NRGY US   31.62   31.29    0.33    1.07        23,946   Stk    12/31/10
XJT US   SKYW US    6.75    6.68    0.07    1.05        43,560  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CLU US   CLW US    12.00   11.89    0.11    0.93       165,587  Cash    12/31/10
DDMX US  Private   21.25   21.07    0.18    0.85        59,377  Cash    03/31/11
WAIN US  3994Z US  19.00   18.84    0.16    0.85         6,088  Cash    12/31/10
CCBP US  FNB US    40.95   40.61    0.34    0.84         4,020   C&S    12/31/10
MIR US   RRI US    10.89   10.80    0.09    0.80     1,000,031   Stk    12/31/10
KG US    PFE US    14.25   14.14    0.11    0.78        36,192  Cash    03/31/11
INET US  6902Z US  13.35   13.25    0.10    0.75       119,962  Cash    12/31/10
OMNI US  Private    2.75    2.73    0.02    0.73       100,120  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.90    0.02    0.69       470,816  Cash    12/31/10
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           500  Cash    12/31/10
ACTI US  ASSAB SS   3.25    3.23    0.02    0.62        31,000  Cash    12/31/10
ALOY US  Multiple   9.80    9.74    0.06    0.62        19,594  Cash    12/31/10
GYMB US  6821Z US  65.40   65.00    0.40    0.62           500  Cash    12/31/10
PTV US   Private   33.25   33.05    0.20    0.61     1,822,683  Cash    12/31/10
ME US    APA US    25.11   24.96    0.15    0.60       802,123   C/S         n/a
BXC US   Private    4.00    3.98    0.02    0.50        74,053  Cash    10/18/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
PZZ US   Private    8.50    8.46    0.04    0.47        21,568  Cash         n/a
PSYS US  UHS US    33.75   33.60    0.15    0.45       509,912  Cash    12/31/10
AMPH US  PRA US    32.50   32.38    0.12    0.37        13,070  Cash    12/31/10
ADCT US  TEL US    12.75   12.71    0.04    0.31         2,000  Cash    10/18/10
OSTE US  MDT US     6.50    6.48    0.02    0.31        72,052  Cash         n/a
AEZ US   HES US     8.60    8.58    0.02    0.29       311,895   Stk    12/31/10
NUHC US  ARW US     7.00    6.98    0.02    0.29       224,604  Cash    12/31/10
LSBX US  PBCT US   21.00   20.94    0.06    0.29           600  Cash    12/31/10
ATAC US  Private   25.00   24.93    0.07    0.28       196,176  Cash    12/31/10
KEI US   DHR US    21.60   21.54    0.06    0.28       215,970  Cash    12/31/10
ACL US   NOVN VX   168.83  168.45   0.38    0.23       703,230   Stk         n/a
GLG US   EMG LN     4.50    4.49    0.01    0.22     1,592,118  Cash    10/14/10
NZ US    IBM US    27.00   26.94    0.06    0.22     2,864,781  Cash    12/31/10
PPCO US  ENDP US    5.00    4.99    0.01    0.20        17,334  Cash         n/a
COGT US  MMM US    10.50   10.48    0.02    0.19        50,000  Cash    10/22/10
BKC US   Private   24.00   23.97    0.03    0.13           200  Cash    10/14/10
ARST US  HPQ US    43.50   43.45    0.05    0.12       860,586  Cash    10/20/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DTPI US  10182Z US 12.50   12.49    0.01    0.08        59,509  Cash    12/31/10
ACAP US  Private   41.50   41.47    0.03    0.07        23,310  Cash    12/31/10
NYM US   Private   25.75   25.74    0.01    0.04        93,774  Cash    12/31/10
MAM US   EMA CN    45.00   45.00    0.00    0.00         3,749  Cash         n/a
THMD US  Private   15.00   15.03   -0.03   -0.20       107,090  Cash    12/31/10
PTEC US  Private    3.85    3.86   -0.01   -0.26       240,152  Cash         n/a
ACV US   UNA NA    37.50   37.60   -0.10   -0.27           200  Cash         n/a
LOV US   Private    3.10    3.11   -0.01   -0.32           500  Cash         n/a
ACTL US  MSCC US   20.88   20.99   -0.11   -0.52       159,831  Cash    01/02/11
CGC US   TMM CN     4.50    4.53   -0.03   -0.74       549,550   Stk         n/a
CGC US   GAM CN     4.48    4.52   -0.04   -0.83       549,550   C&S    12/31/10
TESS US  Private   15.50   15.83   -0.33   -2.08        25,820  Cash         n/a
XAU CN   FRG CN     5.56    5.69   -0.13   -2.25       111,692   C&S         n/a
ALY US   SEAW NO    4.25    4.40   -0.15   -3.41       253,698   C/S    12/31/10
RSCR US  OCX CN    13.25   13.72   -0.47   -3.43           400  Cash    11/05/10
POLGA US BX US     15.25   15.95   -0.70   -4.39         1,491  Cash    03/31/11
DINE US  Private   13.50   14.16   -0.66   -4.66         4,005  Cash         n/a
================================================================================
   

SOURCE: Bloomberg

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