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Arbitrage Profit in U.S. Takeovers Pending on Oct. 20

Oct. 20 (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    9.90    5.35    4.55   85.01           800   Stk         n/a
DIGA US  PSID US    0.60    0.36    0.24   66.67       230,725   Stk         n/a
TRGD US  TARM US    0.51    0.36    0.16   43.06        11,900   Stk    12/31/10
TLCR US  GRF SM    29.01   23.80    5.21   21.89       289,524   C&S    12/31/10
FOFC US  CHMG US    7.51    6.55    0.96   14.70         2,007   C/S    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CFWH US  Private    0.60    0.53    0.07   13.21       119,900  Cash    12/31/10
MROE US  ONB US    12.83   11.46    1.37   11.92        11,019   Stk    03/31/11
UNNF US  DGICA US   8.89    8.00    0.89   11.10         1,500   C&S    09/30/10
ADAM US  EBIX US    7.44    6.84    0.60    8.77        94,912   Stk    12/31/10
PLA US   N/A        5.50    5.09    0.41    8.06       126,266  Cash         n/a
FMMH US  BH US     29.00   27.00    2.00    7.41        12,334  Cash         n/a
WPCS US  Private    3.50    3.30    0.20    6.06         2,373  Cash         n/a
AYE US   FE US     26.30   24.96    1.34    5.37     1,828,751   Stk    04/30/11
AAI US   LUV US     7.75    7.37    0.38    5.16     2,790,353   C&S    06/30/11
PVG US   PVR US    25.37   24.19    1.18    4.89       115,749   Stk         n/a
RCMT US  CDI US     5.20    4.96    0.24    4.84        12,431  Cash         n/a
Q US     CTL US     6.58    6.29    0.29    4.55         1,700   Stk    06/30/11
BGH US   BPL US    43.98   42.27    1.71    4.06       105,864   Stk    12/31/10
ACBP US  GABC US   14.49   13.95    0.54    3.88         8,014   C&S         n/a
NAL US   FNFG US   13.10   12.75    0.35    2.71     1,204,455   C/S    06/30/11
FFHS US  CHEV US   14.50   14.15    0.35    2.47        24,966  Cash    03/31/11
PRPX US  FSTR US   11.80   11.52    0.28    2.43         2,055  Cash    11/15/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
LOV US   Private    3.10    3.03    0.07    2.31        25,804  Cash         n/a
OCNW US  CALX US    7.57    7.40    0.17    2.28       106,124   C&S    03/31/11
CADE US  Private    2.50    2.45    0.05    2.04        12,992  Cash    03/31/11
NCOC US  Private    1.00    0.98    0.02    2.04        29,482  Cash    12/15/10
RAE US   19316Z US  1.60    1.57    0.03    1.91       393,441  Cash         n/a
TTES US  RBN US    32.77   32.26    0.51    1.57       404,795   C&S         n/a
ROME US  BHLB US   10.95   10.78    0.17    1.56        20,490   C/S    03/31/11
EPE US   EPD US    62.50   61.62    0.88    1.44        78,346   Stk    12/31/10
ID US    SAF FP    12.00   11.83    0.17    1.44     1,819,047  Cash    03/31/11
SMTB US  PBCT US    3.88    3.83    0.05    1.43        32,078   C&S    12/31/10
NST US   NU US     40.40   39.86    0.54    1.35     1,540,755   Stk         n/a
MFE US   INTC US   48.00   47.38    0.62    1.31     3,353,416  Cash         n/a
NHWK US  Private    6.50    6.42    0.08    1.25       100,712  Cash    03/31/11
BNE US   RRD US    11.50   11.36    0.14    1.23       494,546  Cash         n/a
ROAC US  Private    5.25    5.19    0.06    1.16        43,580  Cash         n/a
TUNE US  ZRAN US    2.92    2.89    0.03    1.04       668,889  Cash    12/31/10
HBE US   KTOS US    7.00    6.93    0.07    1.01         7,900  Cash    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       668,880  Cash    12/31/10
NRGP US  NRGY US   31.42   31.14    0.28    0.89        57,574   Stk    12/31/10
CSCX US  OPTC IN    2.30    2.28    0.02    0.88        10,000  Cash    12/31/10
MIR US   RRI US    10.49   10.40    0.09    0.86       791,671   Stk    12/31/10
DDMX US  Private   21.25   21.07    0.18    0.85        53,357  Cash    03/31/11
CLU US   CLW US    12.00   11.90    0.10    0.84       126,248  Cash    12/31/10
CGC US   TMM CN     4.50    4.47    0.03    0.77       692,814   Stk         n/a
GYMB US  6821Z US  65.40   64.91    0.49    0.75     3,643,265  Cash    12/31/10
OMNI US  Private    2.75    2.73    0.02    0.73       371,660  Cash    12/31/10
LSBX US  PBCT US   21.00   20.85    0.15    0.72         3,702  Cash    12/31/10
ALOY US  Multiple   9.80    9.73    0.07    0.72        23,426  Cash    12/31/10
PZZ US   Private    8.50    8.44    0.06    0.71        20,960  Cash         n/a
MAM US   EMA CN    45.00   44.70    0.30    0.67        11,544  Cash         n/a
FCCC US  Private    4.50    4.47    0.03    0.67        10,000  Cash    12/31/10
KG US    PFE US    14.25   14.16    0.09    0.64           276  Cash    03/31/11
ADCT US  TEL US    12.75   12.67    0.08    0.63     1,100,425  Cash    11/15/10
XJT US   SKYW US    6.75    6.71    0.04    0.60        81,996  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NYM US   Private   25.75   25.60    0.15    0.59        71,275  Cash    12/31/10
AEZ US   HES US     8.55    8.50    0.05    0.58       571,686   Stk    12/31/10
CJBK US  KRNY US    7.50    7.46    0.04    0.54         8,858  Cash    12/31/10
AGAM US  STJ US    20.80   20.69    0.11    0.53     4,446,577   C/S    12/31/10
WAIN US  3994Z US  19.00   18.90    0.10    0.53         8,099  Cash    12/31/10
PSYS US  UHS US    33.75   33.61    0.14    0.42         1,500  Cash    12/31/10
PPCO US  ENDP US    5.00    4.98    0.02    0.40         2,000  Cash         n/a
NZ US    IBM US    27.00   26.90    0.10    0.37     5,370,304  Cash    12/31/10
KEI US   DHR US    21.60   21.52    0.08    0.37       216,721  Cash    12/31/10
ATAC US  Private   25.00   24.92    0.08    0.32       428,792  Cash    12/31/10
AMPH US  PRA US    32.50   32.40    0.10    0.31       135,309  Cash    12/31/10
OSTE US  MDT US     6.50    6.48    0.02    0.31       117,076  Cash         n/a
HWK US   CSL US    50.00   49.85    0.15    0.30        82,295  Cash    12/31/10
PTV US   Private   33.25   33.15    0.10    0.30     1,226,791  Cash    12/31/10
RSCR US  OCX CN    13.25   13.21    0.04    0.30       953,176  Cash    11/05/10
INET US  6902Z US  13.35   13.31    0.04    0.30       293,708  Cash    12/31/10
LGF US   IEP US     7.50    7.48    0.02    0.27       416,663  Cash    10/22/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CGC US   GAM CN     4.35    4.34    0.01    0.21       692,814   C&S    12/31/10
ME US    APA US    25.23   25.18    0.05    0.20     1,892,790   C/S         n/a
NUHC US  ARW US     7.00    6.99    0.01    0.14        36,325  Cash    12/31/10
ACTL US  MSCC US   20.88   20.86    0.02    0.10       458,890  Cash    11/01/10
DTPI US  10182Z US 12.50   12.49    0.01    0.08       117,605  Cash    12/31/10
ACAP US  Private   41.50   41.48    0.02    0.05        38,191  Cash    12/31/10
ARST US  HPQ US    43.50   43.49    0.01    0.02       381,805  Cash    10/20/10
PTEC US  Private    3.85    3.85    0.00    0.00        89,379  Cash         n/a
ITCD US  ELNK US    3.00    3.00    0.00    0.00        76,177  Cash    03/31/11
ACV US   UNA NA    37.50   37.53   -0.03   -0.08     3,125,142  Cash         n/a
COGT US  MMM US    10.50   10.51   -0.01   -0.10     3,251,817  Cash    10/22/10
CCBP US  FNB US    41.33   41.42   -0.09   -0.21           900   C&S    12/31/10
TESS US  Private   15.50   15.54   -0.04   -0.26        26,635  Cash         n/a
ACL US   NOVN VX   166.30  167.40  -1.10   -0.66       797,064   Stk         n/a
THMD US  Private   15.00   15.16   -0.16   -1.06        97,476  Cash    12/31/10
XAU CN   FRG CN     5.21    5.27   -0.06   -1.19        52,343   C&S         n/a
ACLI US  Private   33.00   33.90   -0.90   -2.65       277,123  Cash    12/31/10
================================================================================
   

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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