Arbitrage Profit in U.S. Takeovers Pending on Oct. 26

Oct. 26 (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    9.99    5.35    4.64   86.71         4,580   Stk         n/a
DIGA US  PSID US    0.60    0.38    0.22   57.89       133,503   Stk         n/a
TRGD US  TARM US    0.55    0.36    0.19   52.35        36,900   Stk    12/31/10
TLCR US  GRF SM    29.30   23.86    5.44   22.82       503,088   C&S    12/31/10
FOFC US  CHMG US    7.66    6.75    0.91   13.48         1,554   C/S    03/31/11
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                   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       168,000  Cash    12/31/10
UNNF US  DGICA US   8.90    8.00    0.90   11.20           500   C&S    09/30/10
MROE US  ONB US    12.46   11.31    1.15   10.14        36,056   Stk    03/31/11
PLA US   N/A        5.50    5.07    0.43    8.48       119,349  Cash         n/a
WPCS US  Private    3.50    3.25    0.25    7.69        23,175  Cash         n/a
FMMH US  BH US     29.00   26.98    2.02    7.49         2,030  Cash         n/a
GIW US   CBU US     9.50    8.88    0.62    6.98       265,899   C&S         n/a
MNBZ US  Private    9.09    8.50    0.59    6.94         3,100  Cash    03/31/11
ADAM US  EBIX US    7.38    6.96    0.42    6.04       205,138   Stk    12/31/10
AYE US   FE US     24.77   23.41    1.36    5.79        30,000   Stk    04/30/11
PVG US   PVR US    25.54   24.25    1.29    5.31       128,377   Stk         n/a
RCMT US  CDI US     5.20    4.96    0.24    4.84        65,217  Cash         n/a
CTV US   Private   31.50   30.16    1.34    4.44        14,050  Cash         n/a
Q US     CTL US     6.81    6.53    0.28    4.27    13,981,133   Stk    06/30/11
BGH US   BPL US    44.28   42.68    1.60    3.75        40,487   Stk    12/31/10
NAL US   FNFG US   13.41   12.97    0.44    3.38       696,210   C/S    06/30/11
AAI US   LUV US     7.75    7.50    0.25    3.33     3,555,054   C&S    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TESS US  Private   15.50   15.08    0.42    2.79        48,123  Cash         n/a
PRPX US  FSTR US   11.80   11.50    0.30    2.61        10,554  Cash    11/15/10
ACBP US  GABC US   14.61   14.24    0.37    2.58           636   C&S         n/a
FFHS US  CHEV US   14.50   14.17    0.33    2.33           800  Cash    03/31/11
CADE US  Private    2.50    2.45    0.05    2.04        28,358  Cash    03/31/11
NCOC US  Private    1.00    0.98    0.02    1.82        66,457  Cash    12/15/10
BNE US   RRD US    11.50   11.30    0.20    1.77       457,322  Cash         n/a
OCNW US  CALX US    7.59    7.48    0.11    1.50       100,168   C&S    03/31/11
MFE US   INTC US   48.00   47.31    0.69    1.46     2,307,770  Cash         n/a
ROME US  BHLB US   11.16   11.00    0.16    1.43        10,152   C/S    03/31/11
TTES US  RBN US    33.75   33.28    0.47    1.41       158,212   C&S         n/a
ID US    SAF FP    12.00   11.84    0.16    1.35         1,800  Cash    03/31/11
CSCX US  OPTC IN    2.30    2.27    0.03    1.32       183,895  Cash    12/31/10
LOV US   Private    3.10    3.06    0.04    1.31        41,300  Cash         n/a
RAE US   19316Z US  1.60    1.58    0.02    1.27       144,386  Cash         n/a
CCBP US  FNB US    39.85   39.35    0.50    1.26           100   C&S    12/31/10
NHWK US  Private    6.50    6.43    0.07    1.09        84,585  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SMTB US  PBCT US    3.81    3.77    0.04    1.07        36,249   C&S    12/31/10
ITCD US  ELNK US    3.00    2.97    0.03    1.01         7,200  Cash    03/31/11
ROAC US  Private    5.25    5.20    0.05    0.96        75,231  Cash         n/a
EPE US   EPD US    63.15   62.55    0.60    0.96        73,595   Stk    12/31/10
ACTI US  ASSAB SS   3.25    3.22    0.03    0.93       218,736  Cash    12/31/10
FCCC US  Private    4.50    4.46    0.04    0.90        17,000  Cash    12/31/10
HBE US   KTOS US    7.00    6.94    0.06    0.86        14,048  Cash    12/31/10
PSYS US  UHS US    33.75   33.47    0.28    0.84     7,940,771  Cash    12/31/10
INET US  6902Z US  13.35   13.26    0.09    0.68       141,697  Cash    12/31/10
GYMB US  6821Z US  65.40   64.96    0.44    0.68     2,185,428  Cash    12/31/10
MAM US   EMA CN    45.00   44.71    0.29    0.65        12,874  Cash         n/a
KG US    PFE US    14.25   14.16    0.09    0.64    15,506,202  Cash    03/31/11
CLRT US  GE US      5.00    4.97    0.03    0.60     8,257,462  Cash         n/a
PZZ US   Private    8.50    8.45    0.05    0.59        18,784  Cash         n/a
WAIN US  3994Z US  19.00   18.90    0.10    0.53         5,364  Cash    12/31/10
DDMX US  Private   21.25   21.14    0.11    0.52        80,001  Cash    03/31/11
ALOY US  Multiple   9.80    9.75    0.05    0.51         5,900  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ME US    APA US    25.03   24.90    0.13    0.50     1,548,669   C/S         n/a
ACV US   UNA NA    37.50   37.32    0.18    0.48     2,316,567  Cash         n/a
NUHC US  ARW US     7.00    6.97    0.03    0.43       102,534  Cash    12/31/10
CJBK US  KRNY US    7.50    7.47    0.03    0.40           706  Cash    12/31/10
LGF US   IEP US     7.50    7.47    0.03    0.40        86,292  Cash    11/01/10
PPCO US  ENDP US    5.00    4.98    0.02    0.40        19,876  Cash         n/a
ADCT US  TEL US    12.75   12.70    0.05    0.39       820,484  Cash    11/15/10
OMNI US  Private    2.75    2.74    0.01    0.36        84,786  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.91    0.01    0.34     1,600,511  Cash    12/31/10
CLU US   CLW US    12.00   11.96    0.04    0.33        14,831  Cash    12/31/10
LSBX US  PBCT US   21.00   20.93    0.07    0.33         4,160  Cash    12/31/10
PTV US   Private   33.25   33.15    0.10    0.30     1,628,449  Cash    12/31/10
XJT US   SKYW US    6.75    6.73    0.02    0.30        64,548  Cash    12/31/10
MIR US   RRI US    10.06   10.04    0.02    0.24           500   Stk    12/31/10
HWK US   CSL US    50.00   49.88    0.12    0.24        47,710  Cash    12/31/10
AEZ US   HES US     8.59    8.57    0.02    0.21       475,649   Stk    12/31/10
NYM US   Private   25.75   25.70    0.05    0.19        11,758  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
KEI US   DHR US    21.60   21.56    0.04    0.19        60,262  Cash    12/31/10
NZ US    IBM US    27.00   26.95    0.05    0.19         1,000  Cash    12/31/10
AMPH US  PRA US    32.50   32.45    0.05    0.15        12,050  Cash    12/31/10
ACTL US  MSCC US   20.88   20.86    0.02    0.10       370,380  Cash    11/01/10
RSCR US  OCX CN    13.25   13.25    0.00    0.00       304,406  Cash    11/05/10
OSTE US  MDT US     6.50    6.50    0.00    0.00       126,806  Cash         n/a
DTPI US  10182Z US 12.50   12.50    0.00    0.00        43,619  Cash    12/31/10
COGT US  MMM US    10.50   10.51   -0.01   -0.10       455,117  Cash    10/26/10
CGC US   TMM CN     4.50    4.50    0.00   -0.10           400   Stk         n/a
NRGP US  NRGY US   30.31   30.35   -0.04   -0.12        24,418   Stk    12/31/10
AGAM US  STJ US    20.80   20.86   -0.06   -0.29     1,102,739   C/S    11/17/10
CGC US   GAM CN     4.39    4.40   -0.01   -0.29           400   C&S    12/31/10
THMD US  Private   15.00   15.08   -0.08   -0.53        42,519  Cash    12/31/10
NST US   NU US     40.91   41.40   -0.49   -1.19       824,258   Stk         n/a
PTEC US  Private    4.05    4.11   -0.06   -1.46       133,330  Cash         n/a
XAU CN   FRG CN     5.65    5.81   -0.16   -2.83       291,462   C&S         n/a
ACL US   NOVN VX   162.53  168.05  -5.52   -3.28       445,427   Stk         n/a
================================================================================
   

SOURCE: Bloomberg

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