Arbitrage Profit in U.S. Takeovers Pending on Oct. 22

Oct. 22 (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    9.79    5.26    4.53   86.20         1,100   Stk         n/a
DIGA US  PSID US    0.60    0.37    0.23   62.16       108,685   Stk         n/a
TRGD US  TARM US    0.55    0.35    0.20   57.14         1,000   Stk    12/31/10
CLRT US  GE US      5.00    3.74    1.26   33.69     3,164,160  Cash         n/a
TLCR US  GRF SM    29.32   23.99    5.33   22.21       541,191   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FOFC US  CHMG US    7.51    6.55    0.96   14.70         2,007   C/S    03/31/11
UNNF US  DGICA US   8.95    7.90    1.05   13.23           394   C&S    09/30/10
CFWH US  Private    0.60    0.53    0.07   13.21       135,000  Cash    12/31/10
MROE US  ONB US    12.72   11.47    1.25   10.94        20,363   Stk    03/31/11
PLA US   N/A        5.50    5.07    0.43    8.48       186,411  Cash         n/a
ADAM US  EBIX US    7.27    6.76    0.51    7.61       429,617   Stk    12/31/10
FMMH US  BH US     29.00   27.10    1.90    7.01         3,098  Cash         n/a
WPCS US  Private    3.50    3.30    0.20    6.06        12,451  Cash         n/a
AYE US   FE US     26.23   24.96    1.27    5.10     1,969,610   Stk    04/30/11
RCMT US  CDI US     5.20    4.96    0.24    4.84         8,399  Cash         n/a
Q US     CTL US     6.73    6.43    0.30    4.72           500   Stk    06/30/11
PVG US   PVR US    25.24   24.12    1.11    4.62       104,923   Stk         n/a
BGH US   BPL US    44.45   42.80    1.65    3.86        45,079   Stk    12/31/10
AAI US   LUV US     7.75    7.48    0.27    3.61         7,000   C&S    06/30/11
NAL US   FNFG US   13.43   13.00    0.43    3.28     2,544,729   C/S    06/30/11
LOV US   Private    3.10    3.02    0.08    2.65         7,076  Cash         n/a
PRPX US  FSTR US   11.80   11.50    0.30    2.61        10,731  Cash    11/15/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ACBP US  GABC US   14.29   13.95    0.34    2.43         8,014   C&S         n/a
FFHS US  CHEV US   14.50   14.17    0.33    2.33         3,800  Cash    03/31/11
CGC US   TMM CN     4.50    4.42    0.08    1.87       343,265   Stk         n/a
NCOC US  Private    1.00    0.98    0.02    1.78        46,450  Cash    12/15/10
OCNW US  CALX US    7.54    7.41    0.13    1.71       109,886   C&S    03/31/11
TTES US  RBN US    32.70   32.27    0.43    1.32       428,949   C&S         n/a
CSCX US  OPTC IN    2.30    2.27    0.03    1.32       221,116  Cash    12/31/10
MFE US   INTC US   48.00   47.39    0.61    1.29     1,105,342  Cash         n/a
NHWK US  Private    6.50    6.42    0.08    1.25       144,988  Cash    03/31/11
LGF US   IEP US     7.50    7.41    0.09    1.21       350,070  Cash    11/01/10
SMTB US  PBCT US    3.87    3.82    0.05    1.21        63,940   C&S    12/31/10
BNE US   RRD US    11.50   11.37    0.13    1.14         2,000  Cash         n/a
ID US    SAF FP    12.00   11.87    0.13    1.10       561,046  Cash    03/31/11
EPE US   EPD US    62.93   62.25    0.68    1.08       138,513   Stk    12/31/10
TUNE US  ZRAN US    2.92    2.89    0.03    1.04       854,478  Cash    12/31/10
ROAC US  Private    5.25    5.20    0.05    0.96        88,737  Cash         n/a
ACTI US  ASSAB SS   3.25    3.22    0.03    0.93       299,605  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FCCC US  Private    4.50    4.46    0.04    0.90         2,600  Cash    12/31/10
HBE US   KTOS US    7.00    6.94    0.06    0.86        19,225  Cash    12/31/10
GYMB US  6821Z US  65.40   64.86    0.54    0.83     4,048,854  Cash    12/31/10
ROME US  BHLB US   10.94   10.85    0.09    0.83           983   C/S    03/31/11
DDMX US  Private   21.25   21.08    0.17    0.81        50,289  Cash    03/31/11
CLU US   CLW US    12.00   11.91    0.09    0.76       131,330  Cash    12/31/10
MAM US   EMA CN    45.00   44.70    0.30    0.67           515  Cash         n/a
CJBK US  KRNY US    7.50    7.45    0.05    0.67         1,000  Cash    12/31/10
ALOY US  Multiple   9.80    9.74    0.06    0.62         6,298  Cash    12/31/10
PZZ US   Private    8.50    8.45    0.05    0.59        34,425  Cash         n/a
KG US    PFE US    14.25   14.17    0.08    0.56           800  Cash    03/31/11
LSBX US  PBCT US   21.00   20.90    0.10    0.48         6,716  Cash    12/31/10
ME US    APA US    25.35   25.23    0.12    0.47       911,868   C/S         n/a
XJT US   SKYW US    6.75    6.72    0.03    0.45       489,787  Cash    12/31/10
NYM US   Private   25.75   25.64    0.11    0.43        50,025  Cash    12/31/10
NUHC US  ARW US     7.00    6.97    0.03    0.43        62,894  Cash    12/31/10
AEZ US   HES US     8.67    8.63    0.04    0.42       652,059   Stk    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        22,075  Cash         n/a
WAIN US  3994Z US  19.00   18.93    0.07    0.37         5,010  Cash    12/31/10
OMNI US  Private    2.75    2.74    0.01    0.36       116,636  Cash    12/31/10
ADCT US  TEL US    12.75   12.71    0.04    0.31     2,238,230  Cash    11/15/10
OSTE US  MDT US     6.50    6.48    0.02    0.31        21,305  Cash         n/a
INET US  6902Z US  13.35   13.31    0.04    0.30       207,897  Cash    12/31/10
PTV US   Private   33.25   33.16    0.09    0.27     2,053,218  Cash    12/31/10
PSYS US  UHS US    33.75   33.67    0.08    0.24       749,374  Cash    12/31/10
HWK US   CSL US    50.00   49.89    0.11    0.22        50,710  Cash    12/31/10
ATAC US  Private   25.00   24.95    0.05    0.20        96,788  Cash    12/31/10
NZ US    IBM US    27.00   26.96    0.04    0.15     4,330,066  Cash    12/31/10
ACV US   UNA NA    37.50   37.45    0.05    0.13     2,441,882  Cash         n/a
AMPH US  PRA US    32.50   32.46    0.04    0.12        17,169  Cash    12/31/10
ACTL US  MSCC US   20.88   20.86    0.02    0.10       398,368  Cash    11/01/10
MIR US   RRI US    10.35   10.34    0.01    0.07       993,555   Stk    12/31/10
ACAP US  Private   41.50   41.49    0.01    0.02        87,705  Cash    12/31/10
RSCR US  OCX CN    13.25   13.25    0.00    0.00       189,040  Cash    11/05/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ITCD US  ELNK US    3.00    3.00    0.00    0.00        10,284  Cash    03/31/11
CADE US  Private    2.50    2.50    0.00    0.00        44,885  Cash    03/31/11
NRGP US  NRGY US   30.02   30.03   -0.01   -0.03        54,672   Stk    12/31/10
KEI US   DHR US    21.60   21.61   -0.01   -0.05       141,330  Cash    12/31/10
ARST US  HPQ US    43.50   43.52   -0.02   -0.05       410,583  Cash         n/a
DTPI US  10182Z US 12.50   12.51   -0.01   -0.08        67,973  Cash    12/31/10
COGT US  MMM US    10.50   10.51   -0.01   -0.10       388,174  Cash    10/22/10
CGC US   GAM CN     4.30    4.31   -0.01   -0.19       343,265   C&S    12/31/10
CCBP US  FNB US    41.09   41.28   -0.19   -0.46           150   C&S    12/31/10
PTEC US  Private    4.05    4.07   -0.02   -0.49     1,456,913  Cash         n/a
NST US   NU US     40.28   40.55   -0.27   -0.67       836,933   Stk         n/a
TESS US  Private   15.50   15.61   -0.11   -0.70        18,770  Cash         n/a
THMD US  Private   15.00   15.11   -0.11   -0.73        72,314  Cash    12/31/10
AGAM US  STJ US    20.80   20.97   -0.17   -0.81     2,921,403   C/S    12/31/10
RAE US   19316Z US  1.60    1.62   -0.02   -1.23       629,325  Cash         n/a
ACL US   NOVN VX   164.54  167.70  -3.16   -1.88     1,104,287   Stk         n/a
XAU CN   FRG CN     5.48    5.59   -0.11   -1.89       218,779   C&S         n/a
================================================================================
   

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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.