Arbitrage Profit in U.S. Takeovers Pending on Oct. 20
By Terry Barrett -
2010-10-20T12:44:55Z
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
Sponsored Link
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.