Arbitrage Profit in U.S. Takeovers Pending on Oct. 21

Oct. 21 (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   10.15    5.18    4.97   95.89         5,346   Stk         n/a
DIGA US  PSID US    0.60    0.37    0.23   62.16        57,491   Stk         n/a
TRGD US  TARM US    0.52    0.36    0.16   45.83        11,900   Stk    12/31/10
TLCR US  GRF SM    29.06   23.88    5.18   21.69       230,801   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        50,000  Cash    12/31/10
MROE US  ONB US    12.89   11.47    1.42   12.38        16,619   Stk    03/31/11
UNNF US  DGICA US   8.97    8.00    0.97   12.14         1,500   C&S    09/30/10
PLA US   N/A        5.50    5.07    0.43    8.48       241,456  Cash         n/a
FMMH US  BH US     29.00   26.80    2.20    8.21         4,847  Cash         n/a
ADAM US  EBIX US    7.41    6.91    0.50    7.30        70,131   Stk    12/31/10
WPCS US  Private    3.50    3.30    0.20    6.06        22,200  Cash         n/a
ACBP US  GABC US   14.78   13.95    0.83    5.96         8,014   C&S         n/a
AYE US   FE US     26.46   25.15    1.31    5.21     1,796,727   Stk    04/30/11
RCMT US  CDI US     5.20    4.97    0.23    4.63        27,234  Cash         n/a
PVG US   PVR US    25.41   24.29    1.12    4.62       102,097   Stk         n/a
Q US     CTL US     6.69    6.40    0.29    4.55    26,492,076   Stk    06/30/11
AAI US   LUV US     7.75    7.43    0.32    4.31         6,550   C&S    06/30/11
BGH US   BPL US    44.24   42.96    1.28    2.98       152,879   Stk    12/31/10
NAL US   FNFG US   13.13   12.78    0.35    2.77       760,828   C/S    06/30/11
LOV US   Private    3.10    3.02    0.08    2.65        43,985  Cash         n/a
PRPX US  FSTR US   11.80   11.50    0.30    2.61         4,353  Cash    11/15/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FFHS US  CHEV US   14.50   14.15    0.35    2.47        13,598  Cash    03/31/11
CADE US  Private    2.50    2.45    0.05    2.04        26,242  Cash    03/31/11
RAE US   19316Z US  1.60    1.57    0.03    1.91        72,990  Cash         n/a
NCOC US  Private    1.00    0.98    0.02    1.82        49,769  Cash    12/15/10
OCNW US  CALX US    7.53    7.41    0.12    1.63        77,683   C&S    03/31/11
TTES US  RBN US    32.79   32.30    0.49    1.50       397,234   C&S         n/a
NHWK US  Private    6.50    6.41    0.09    1.40       140,784  Cash    03/31/11
MFE US   INTC US   48.00   47.39    0.61    1.29     1,282,576  Cash         n/a
ID US    SAF FP    12.00   11.85    0.15    1.27     1,485,947  Cash    03/31/11
BNE US   RRD US    11.50   11.36    0.14    1.23       301,963  Cash         n/a
ROAC US  Private    5.25    5.19    0.06    1.16       128,387  Cash         n/a
EPE US   EPD US    62.82   62.15    0.67    1.08       170,917   Stk    12/31/10
HBE US   KTOS US    7.00    6.93    0.07    1.01         9,800  Cash    12/31/10
SMTB US  PBCT US    3.89    3.85    0.04    0.94        32,941   C&S    12/31/10
ACTI US  ASSAB SS   3.25    3.22    0.03    0.93     1,216,791  Cash    12/31/10
CSCX US  OPTC IN    2.30    2.28    0.02    0.88       646,279  Cash    12/31/10
ALOY US  Multiple   9.80    9.72    0.08    0.82         3,564  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DDMX US  Private   21.25   21.08    0.17    0.81        29,341  Cash    03/31/11
LSBX US  PBCT US   21.00   20.85    0.15    0.72         1,700  Cash    12/31/10
ADCT US  TEL US    12.75   12.66    0.09    0.71     1,897,473  Cash    11/15/10
GYMB US  6821Z US  65.40   64.95    0.45    0.69     2,182,577  Cash    12/31/10
MAM US   EMA CN    45.00   44.70    0.30    0.67        12,525  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        17,980  Cash    03/31/11
MIR US   RRI US    10.86   10.79    0.07    0.63     1,133,470   Stk    12/31/10
CLU US   CLW US    12.00   11.93    0.07    0.59        21,448  Cash    12/31/10
ROME US  BHLB US   11.00   10.94    0.06    0.54        24,253   C/S    03/31/11
INET US  6902Z US  13.35   13.28    0.07    0.53       230,777  Cash    12/31/10
ME US    APA US    25.42   25.29    0.13    0.52     1,595,479   C/S         n/a
OSTE US  MDT US     6.50    6.47    0.03    0.46        19,278  Cash         n/a
NST US   NU US     40.54   40.36    0.18    0.45       567,927   Stk         n/a
XJT US   SKYW US    6.75    6.72    0.03    0.45       161,137  Cash    12/31/10
AEZ US   HES US     8.69    8.65    0.04    0.44       509,238   Stk    12/31/10
CJBK US  KRNY US    7.50    7.47    0.03    0.40         1,600  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
PPCO US  ENDP US    5.00    4.98    0.02    0.40        15,854  Cash         n/a
WAIN US  3994Z US  19.00   18.93    0.07    0.37        16,600  Cash    12/31/10
CCBP US  FNB US    41.61   41.46    0.15    0.36           225   C&S    12/31/10
NRGP US  NRGY US   30.53   30.42    0.11    0.36       149,703   Stk    12/31/10
OMNI US  Private    2.75    2.74    0.01    0.36       121,964  Cash    12/31/10
PZZ US   Private    8.50    8.47    0.03    0.35        14,123  Cash         n/a
TUNE US  ZRAN US    2.92    2.91    0.01    0.34        89,026  Cash    12/31/10
KEI US   DHR US    21.60   21.53    0.07    0.33       100,277  Cash    12/31/10
HWK US   CSL US    50.00   49.85    0.15    0.30        56,362  Cash    12/31/10
NZ US    IBM US    27.00   26.92    0.08    0.30     3,869,076  Cash    12/31/10
NUHC US  ARW US     7.00    6.98    0.02    0.29        96,825  Cash    12/31/10
PTV US   Private   33.25   33.17    0.08    0.24     1,538,469  Cash    12/31/10
ATAC US  Private   25.00   24.94    0.06    0.24       159,565  Cash    12/31/10
PSYS US  UHS US    33.75   33.68    0.07    0.21       811,416  Cash    12/31/10
LGF US   IEP US     7.50    7.49    0.01    0.13       280,131  Cash    10/22/10
ACAP US  Private   41.50   41.46    0.04    0.10       213,644  Cash    12/31/10
AMPH US  PRA US    32.50   32.47    0.03    0.09        12,570  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ACV US   UNA NA    37.50   37.47    0.03    0.08     1,238,681  Cash         n/a
DTPI US  10182Z US 12.50   12.49    0.01    0.08        60,892  Cash    12/31/10
ARST US  HPQ US    43.50   43.47    0.03    0.07       500,792  Cash         n/a
ACTL US  MSCC US   20.88   20.87    0.01    0.05       616,789  Cash    11/01/10
NYM US   Private   25.75   25.74    0.01    0.04        11,573  Cash    12/31/10
RSCR US  OCX CN    13.25   13.25    0.00    0.00       449,822  Cash    11/05/10
PTEC US  Private    3.85    3.85    0.00    0.00        21,702  Cash         n/a
COGT US  MMM US    10.50   10.50    0.00    0.00     2,596,338  Cash    10/22/10
ITCD US  ELNK US    3.00    3.00    0.00    0.00       165,555  Cash    03/31/11
AGAM US  STJ US    20.80   20.81   -0.01   -0.05     2,865,969   C/S    12/31/10
THMD US  Private   15.00   15.09   -0.09   -0.60       122,480  Cash    12/31/10
TESS US  Private   15.50   15.60   -0.10   -0.64        14,667  Cash         n/a
ACL US   NOVN VX   167.60  168.76  -1.16   -0.69         5,307   Stk         n/a
CGC US   GAM CN     4.42    4.47   -0.05   -1.06       197,620   C&S    12/31/10
CGC US   TMM CN     4.50    4.56   -0.06   -1.40       197,620   Stk         n/a
XAU CN   FRG CN     5.43    5.58   -0.15   -2.63       196,718   C&S         n/a
TRBN US  EBS US     4.39    4.59   -0.20   -4.30         6,327   C&S    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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