Arbitrage Profit in U.S. Takeovers Pending on Oct. 15

Oct. 15 (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    9.84    5.46    4.38   80.29         1,610   Stk         n/a
TRGD US  TARM US    0.60    0.40    0.20   50.00         3,700   Stk    12/31/10
DIGA US  PSID US    0.60    0.42    0.18   42.86         2,000   Stk         n/a
TLCR US  GRF SM    29.24   24.16    5.08   21.02        31,713   C&S    12/31/10
CFWH US  Private    0.60    0.52    0.08   15.38        80,000  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    12.76   11.28    1.48   13.14           300   Stk    03/31/11
ADAM US  EBIX US    7.38    6.72    0.67    9.96         7,400   Stk    12/31/10
FMMH US  BH US     29.00   26.60    2.40    9.02         3,825  Cash         n/a
UNNF US  DGICA US   8.87    8.15    0.72    8.81           500   C&S    09/30/10
WPCS US  Private    3.50    3.26    0.24    7.36         5,220  Cash         n/a
ROAC US  Private    4.38    4.10    0.28    6.83         1,390  Cash         n/a
AYE US   FE US     25.97   24.54    1.43    5.81       170,270   Stk    04/30/11
PVG US   PVR US    25.50   24.12    1.38    5.73         2,622   Stk         n/a
AAI US   LUV US     7.75    7.38    0.38    5.08       611,833   C&S    06/30/11
RCMT US  CDI US     5.20    4.96    0.24    4.84        13,255  Cash         n/a
Q US     CTL US     6.71    6.42    0.29    4.48     1,666,342   Stk    06/30/11
ACBP US  GABC US   14.57   14.00    0.57    4.08           200   C&S         n/a
BGH US   BPL US    44.45   42.80    1.65    3.86         8,732   Stk    12/31/10
PLA US   N/A        5.50    5.31    0.19    3.58        40,445  Cash         n/a
NAL US   FNFG US   13.10   12.68    0.42    3.28       204,682   C/S    06/30/11
NCOC US  Private    1.00    0.97    0.03    3.09         2,894  Cash    12/15/10
SMTB US  PBCT US    3.89    3.78    0.11    2.92           300   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ROME US  BHLB US   10.98   10.70    0.28    2.57        56,189   C/S    03/31/11
FFHS US  CHEV US   14.50   14.16    0.34    2.40         1,256  Cash    03/31/11
ITCD US  ELNK US    3.00    2.93    0.07    2.39     3,082,289  Cash    03/31/11
CADE US  Private    2.50    2.45    0.05    2.04        45,138  Cash    03/31/11
PRPX US  FSTR US   11.80   11.58    0.22    1.90         1,000  Cash    11/15/10
MFE US   INTC US   48.00   47.23    0.77    1.63       276,660  Cash         n/a
OCNW US  CALX US    7.67    7.56    0.11    1.47        21,809   C&S    03/31/11
ID US    SAF FP    12.00   11.83    0.17    1.44       258,378  Cash    03/31/11
NHWK US  Private    6.50    6.41    0.09    1.40        41,800  Cash    03/31/11
HBE US   KTOS US    7.00    6.91    0.09    1.30           100  Cash    12/31/10
EPE US   EPD US    62.53   61.74    0.79    1.29        11,131   Stk    12/31/10
RAE US   19316Z US  1.60    1.58    0.02    1.27         1,100  Cash         n/a
TTES US  RBN US    33.24   32.87    0.37    1.13        24,635   C&S         n/a
NRGP US  NRGY US   31.70   31.38    0.32    1.02         2,645   Stk    12/31/10
BNE US   RRD US    11.50   11.39    0.11    0.97       185,921  Cash         n/a
ALOY US  Multiple   9.80    9.72    0.08    0.82         4,875  Cash    12/31/10
XJT US   SKYW US    6.75    6.70    0.05    0.75        16,000  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
OMNI US  Private    2.75    2.73    0.02    0.73         6,800  Cash    12/31/10
DDMX US  Private   21.25   21.10    0.15    0.71        22,187  Cash    03/31/11
MAM US   EMA CN    45.00   44.70    0.30    0.67         2,146  Cash         n/a
CJBK US  KRNY US    7.50    7.45    0.05    0.67        10,000  Cash    12/31/10
FCCC US  Private    4.50    4.47    0.03    0.67         3,800  Cash    12/31/10
LOV US   Private    3.10    3.08    0.02    0.65         5,726  Cash         n/a
ACTI US  ASSAB SS   3.25    3.23    0.02    0.62        33,671  Cash    12/31/10
CLU US   CLW US    12.00   11.93    0.07    0.59        24,863  Cash    12/31/10
GYMB US  6821Z US  65.40   65.02    0.38    0.58       174,473  Cash    12/31/10
KG US    PFE US    14.25   14.17    0.08    0.56     1,246,362  Cash    03/31/11
LGF US   IEP US     7.50    7.46    0.04    0.54       108,396  Cash    10/22/10
ME US    APA US    25.37   25.24    0.13    0.53       120,810   C/S         n/a
ADCT US  TEL US    12.75   12.69    0.06    0.47       237,416  Cash    10/18/10
ATAC US  Private   25.00   24.90    0.10    0.40        59,919  Cash    12/31/10
PPCO US  ENDP US    5.00    4.98    0.02    0.40         5,306  Cash         n/a
PSYS US  UHS US    33.75   33.63    0.12    0.36       134,276  Cash    12/31/10
PTV US   Private   33.25   33.14    0.11    0.33       554,844  Cash    12/31/10
================================================================================
                   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           200  Cash    12/31/10
WAIN US  3994Z US  19.00   18.94    0.06    0.32           500  Cash    12/31/10
AMPH US  PRA US    32.50   32.40    0.10    0.31        25,381  Cash    12/31/10
INET US  6902Z US  13.35   13.31    0.04    0.30        77,488  Cash    12/31/10
BXC US   Private    4.00    3.99    0.01    0.25        32,311  Cash    10/18/10
NZ US    IBM US    27.00   26.94    0.06    0.22       401,677  Cash    12/31/10
MIR US   RRI US    10.52   10.49    0.02    0.22        23,033   Stk    12/31/10
HWK US   CSL US    50.00   49.90    0.10    0.20       561,885  Cash    12/31/10
AEZ US   HES US     8.65    8.64    0.01    0.15       113,265   Stk    12/31/10
OSTE US  MDT US     6.50    6.49    0.01    0.15        15,850  Cash         n/a
PZZ US   Private    8.50    8.49    0.01    0.12        16,346  Cash         n/a
ARST US  HPQ US    43.50   43.47    0.03    0.07        60,736  Cash    10/20/10
ACAP US  Private   41.50   41.48    0.02    0.05        13,717  Cash    12/31/10
NYM US   Private   25.75   25.75    0.00    0.00         9,676  Cash    12/31/10
COGT US  MMM US    10.50   10.50    0.00    0.00       115,488  Cash    10/22/10
BKC US   Private   24.00   24.00    0.00    0.00       271,771  Cash         n/a
TUNE US  ZRAN US    2.92    2.92    0.00    0.00        90,934  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
KEI US   DHR US    21.60   21.60    0.00    0.00       144,559  Cash    12/31/10
CCBP US  FNB US    41.23   41.25   -0.02   -0.05         1,520   C&S    12/31/10
ACTL US  MSCC US   20.88   20.90   -0.02   -0.10        79,248  Cash    01/02/11
THMD US  Private   15.00   15.02   -0.02   -0.13        21,158  Cash    12/31/10
NUHC US  ARW US     7.00    7.01   -0.01   -0.14         3,400  Cash    12/31/10
DTPI US  10182Z US 12.50   12.52   -0.02   -0.16        45,969  Cash    12/31/10
ACV US   UNA NA    37.50   37.73   -0.23   -0.61        59,902  Cash         n/a
XAU CN   FRG CN     5.54    5.58   -0.04   -0.67         1,500   C&S         n/a
CGC US   GAM CN     4.55    4.60   -0.05   -1.01       167,279   C&S    12/31/10
PTEC US  Private    3.85    3.89   -0.04   -1.03         7,302  Cash         n/a
ACL US   NOVN VX   166.61  169.29  -2.68   -1.58        53,067   Stk         n/a
TESS US  Private   15.50   15.86   -0.36   -2.27         8,825  Cash         n/a
CGC US   TMM CN     4.50    4.64   -0.14   -2.92       167,279   Stk         n/a
RSCR US  OCX CN    13.25   13.75   -0.50   -3.64        67,928  Cash    11/05/10
TRBN US  EBS US     4.39    4.59   -0.20   -4.34         1,300   C&S    12/31/10
POLGA US BX US     15.25   15.95   -0.70   -4.39         1,491  Cash    03/31/11
GENZ US  SAN FP    69.00   72.40   -3.40   -4.70       459,052  Cash    12/10/10
================================================================================
   

SOURCE: Bloomberg

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

To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net

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