Arbitrage Profit in U.S. Takeovers Pending on Oct. 19

Oct. 19 (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   10.24    5.40    4.84   89.59         7,234   Stk         n/a
DIGA US  PSID US    0.60    0.37    0.23   62.16       681,996   Stk         n/a
TRGD US  TARM US    0.54    0.36    0.18   50.00        27,375   Stk    12/31/10
TLCR US  GRF SM    29.24   24.00    5.24   21.84       274,909   C&S    12/31/10
CFWH US  Private    0.60    0.52    0.08   15.38        10,100  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MROE US  ONB US    12.90   11.30    1.60   14.19           800   Stk    03/31/11
FMMH US  BH US     29.00   25.50    3.50   13.73         6,242  Cash         n/a
UNNF US  DGICA US   8.94    8.15    0.79    9.73           500   C&S    09/30/10
CSCX US  OPTC IN    2.30    2.10    0.20    9.52        33,350  Cash    12/31/10
ADAM US  EBIX US    7.40    6.81    0.59    8.61        61,534   Stk    12/31/10
ACBP US  GABC US   14.93   13.95    0.98    7.00         8,014   C&S         n/a
PVG US   PVR US    25.65   24.25    1.40    5.76        76,155   Stk         n/a
AYE US   FE US     26.30   24.91    1.39    5.58     1,720,710   Stk    04/30/11
AAI US   LUV US     7.75    7.38    0.37    5.01     3,950,291   C&S    06/30/11
Q US     CTL US     6.64    6.35    0.29    4.58    21,359,199   Stk    06/30/11
PLA US   N/A        5.50    5.26    0.24    4.56        64,936  Cash         n/a
RCMT US  CDI US     5.20    4.99    0.21    4.28         3,125  Cash         n/a
BGH US   BPL US    44.39   42.67    1.72    4.02        67,781   Stk    12/31/10
WPCS US  Private    3.50    3.37    0.13    3.86        14,746  Cash         n/a
NAL US   FNFG US   13.15   12.79    0.36    2.85       749,224   C/S    06/30/11
FFHS US  CHEV US   14.50   14.16    0.34    2.40        40,725  Cash    03/31/11
PRPX US  FSTR US   11.80   11.55    0.25    2.16         1,850  Cash    11/15/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ROAC US  Private    5.25    5.14    0.11    2.14       687,693  Cash         n/a
CADE US  Private    2.50    2.45    0.05    2.04         8,319  Cash    03/31/11
NCOC US  Private    1.00    0.98    0.02    2.04        24,564  Cash    12/15/10
OCNW US  CALX US    7.62    7.47    0.15    2.03        51,510   C&S    03/31/11
RAE US   19316Z US  1.60    1.57    0.03    1.91        84,664  Cash         n/a
NST US   NU US     39.91   39.30    0.61    1.55     2,349,035   Stk         n/a
TTES US  RBN US    33.45   32.94    0.51    1.54       379,249   C&S         n/a
ID US    SAF FP    12.00   11.84    0.16    1.35     1,013,642  Cash    03/31/11
ROME US  BHLB US   11.10   10.95    0.15    1.35        26,644   C/S    03/31/11
MFE US   INTC US   48.00   47.40    0.60    1.27     2,779,030  Cash         n/a
NHWK US  Private    6.50    6.42    0.08    1.25        75,230  Cash    03/31/11
BNE US   RRD US    11.50   11.37    0.13    1.14       186,460  Cash         n/a
EPE US   EPD US    62.77   62.08    0.69    1.12       145,800   Stk    12/31/10
SMTB US  PBCT US    3.88    3.84    0.04    1.09        69,368   C&S    12/31/10
HBE US   KTOS US    7.00    6.93    0.07    1.01        27,650  Cash    12/31/10
BXC US   Private    4.00    3.96    0.04    1.01       251,994  Cash    10/18/10
NRGP US  NRGY US   31.71   31.40    0.31    0.98        54,315   Stk    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ACTI US  ASSAB SS   3.25    3.22    0.03    0.93       950,940  Cash    12/31/10
CLU US   CLW US    12.00   11.90    0.10    0.84       103,078  Cash    12/31/10
DDMX US  Private   21.25   21.08    0.17    0.81        26,078  Cash    03/31/11
ADCT US  TEL US    12.75   12.65    0.10    0.79     1,644,145  Cash    11/15/10
XJT US   SKYW US    6.75    6.70    0.05    0.75       182,568  Cash    12/31/10
ALOY US  Multiple   9.80    9.73    0.07    0.72         4,000  Cash    12/31/10
FCCC US  Private    4.50    4.47    0.03    0.67         3,800  Cash    12/31/10
GYMB US  6821Z US  65.40   65.00    0.40    0.62     1,129,989  Cash    12/31/10
ME US    APA US    25.93   25.77    0.16    0.60     1,082,525   C/S         n/a
MAM US   EMA CN    45.00   44.76    0.24    0.55         4,735  Cash         n/a
KG US    PFE US    14.25   14.18    0.07    0.49    17,679,864  Cash    03/31/11
AGAM US  STJ US    20.80   20.70    0.10    0.48    46,451,573   C/S    12/31/10
CCBP US  FNB US    41.61   41.42    0.19    0.46           900   C&S    12/31/10
OSTE US  MDT US     6.50    6.47    0.03    0.46        84,777  Cash         n/a
INET US  6902Z US  13.35   13.29    0.06    0.45       127,017  Cash    12/31/10
WAIN US  3994Z US  19.00   18.92    0.08    0.42           200  Cash    12/31/10
ATAC US  Private   25.00   24.90    0.10    0.40       312,272  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CJBK US  KRNY US    7.50    7.47    0.03    0.40        10,974  Cash    12/31/10
PPCO US  ENDP US    5.00    4.98    0.02    0.40        18,655  Cash         n/a
PSYS US  UHS US    33.75   33.62    0.13    0.39       624,233  Cash    12/31/10
NZ US    IBM US    27.00   26.90    0.10    0.37     5,473,618  Cash    12/31/10
OMNI US  Private    2.75    2.74    0.01    0.36        73,315  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.91    0.01    0.34       179,860  Cash    12/31/10
MIR US   RRI US    10.57   10.54    0.03    0.33     1,459,100   Stk    12/31/10
PTV US   Private   33.25   33.15    0.10    0.30     1,738,804  Cash    12/31/10
AEZ US   HES US     8.84    8.81    0.03    0.30       435,750   Stk    12/31/10
LSBX US  PBCT US   21.00   20.94    0.06    0.29         1,500  Cash    12/31/10
PZZ US   Private    8.50    8.48    0.02    0.24         9,363  Cash         n/a
HWK US   CSL US    50.00   49.90    0.10    0.20        92,566  Cash    12/31/10
NUHC US  ARW US     7.00    6.99    0.01    0.14        41,677  Cash    12/31/10
ARST US  HPQ US    43.50   43.46    0.04    0.09       232,683  Cash    10/20/10
AMPH US  PRA US    32.50   32.47    0.03    0.09        21,369  Cash    12/31/10
NYM US   Private   25.75   25.73    0.02    0.08        15,789  Cash    12/31/10
BKC US   Private   24.00   23.98    0.02    0.08       733,707  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ACAP US  Private   41.50   41.49    0.01    0.02        15,771  Cash    12/31/10
DTPI US  10182Z US 12.50   12.50    0.00    0.00        71,195  Cash    12/31/10
KEI US   DHR US    21.60   21.60    0.00    0.00       210,833  Cash    12/31/10
ACTL US  MSCC US   20.88   20.88    0.00    0.00       323,372  Cash    11/01/10
COGT US  MMM US    10.50   10.51   -0.01   -0.10       565,142  Cash    10/22/10
ACV US   UNA NA    37.50   37.54   -0.04   -0.11     4,205,253  Cash         n/a
ITCD US  ELNK US    3.00    3.01   -0.01   -0.33       440,269  Cash    03/31/11
LGF US   IEP US     7.50    7.55   -0.05   -0.66       226,737  Cash    10/22/10
TESS US  Private   15.50   15.62   -0.12   -0.77        23,354  Cash         n/a
LOV US   Private    3.10    3.13   -0.03   -0.96        14,033  Cash         n/a
THMD US  Private   15.00   15.15   -0.15   -0.99       145,753  Cash    12/31/10
PTEC US  Private    3.85    3.89   -0.04   -1.03       106,065  Cash         n/a
XAU CN   FRG CN     5.34    5.47   -0.13   -2.33        48,877   C&S         n/a
CGC US   GAM CN     4.50    4.61   -0.11   -2.39       377,474   C&S    12/31/10
ACL US   NOVN VX   165.55  169.88  -4.33   -2.55       802,747   Stk         n/a
RSCR US  OCX CN    13.25   13.70   -0.45   -3.28       158,478  Cash    11/05/10
GENZ US  SAN FP    69.00   72.05   -3.05   -4.23     5,255,079  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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