Arbitrage Profit in U.S. Takeovers Pending on Oct. 28

Oct. 28 (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   10.00    5.50    4.50   81.78        18,469   Stk         n/a
DIGA US  PSID US    0.60    0.37    0.23   62.16        29,330   Stk         n/a
TRGD US  TARM US    0.51    0.35    0.16   46.68        46,086   Stk    12/31/10
TLCR US  GRF SM    29.30   23.93    5.37   22.45       819,597   C&S    12/31/10
FOFC US  CHMG US    7.77    6.65    1.12   16.80           200   C/S    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
UNNF US  DGICA US   8.82    7.80    1.02   13.04         5,900   C&S    09/30/10
CFWH US  Private    0.60    0.54    0.06   11.11       140,000  Cash    12/31/10
PLA US   N/A        5.50    5.03    0.47    9.34       115,186  Cash         n/a
MROE US  ONB US    12.30   11.30    1.00    8.88        12,638   Stk    03/31/11
FMMH US  BH US     29.00   27.00    2.00    7.41         1,578  Cash         n/a
MNBZ US  Private    9.09    8.50    0.59    6.94         3,100  Cash    03/31/11
WPCS US  Private    3.50    3.29    0.21    6.38        10,423  Cash         n/a
ADAM US  EBIX US    7.69    7.26    0.43    5.96       129,636   Stk    12/31/10
PVG US   PVR US    25.95   24.53    1.42    5.79       128,400   Stk         n/a
AYE US   FE US     24.19   23.06    1.13    4.88     1,981,868   Stk    04/30/11
RCMT US  CDI US     5.20    4.99    0.21    4.21        20,945  Cash         n/a
AAI US   LUV US     7.75    7.44    0.31    4.17    13,968,368   C&S    06/30/11
Q US     CTL US     6.80    6.54    0.26    4.01    21,140,845   Stk    06/30/11
BGH US   BPL US    44.30   42.81    1.49    3.49        31,063   Stk    12/31/10
LOV US   Private    3.10    3.00    0.10    3.33        77,576  Cash         n/a
NAL US   FNFG US   13.28   12.86    0.42    3.23       557,003   C/S    06/30/11
ACBP US  GABC US   14.37   14.00    0.37    2.63           100   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TESS US  Private   15.50   15.11    0.39    2.58        18,149  Cash         n/a
GIW US   CBU US     9.50    9.27    0.23    2.48        61,282   C&S         n/a
CADE US  Private    2.50    2.44    0.06    2.46        35,619  Cash    03/31/11
FFHS US  CHEV US   14.50   14.17    0.33    2.33           800  Cash    03/31/11
PRPX US  FSTR US   11.80   11.55    0.25    2.16       103,920  Cash    11/15/10
CGC US   TMM CN     4.50    4.41    0.09    2.12       227,620   Stk         n/a
OCNW US  CALX US    7.50    7.35    0.15    2.06       220,227   C&S    03/31/11
ID US    SAF FP    12.00   11.79    0.21    1.78     2,224,567  Cash    03/31/11
SMTB US  PBCT US    3.79    3.73    0.06    1.73        23,450   C&S    12/31/10
NHWK US  Private    6.50    6.40    0.10    1.56       119,313  Cash    03/31/11
BNE US   RRD US    11.50   11.33    0.17    1.50       221,817  Cash         n/a
MFE US   INTC US   48.00   47.30    0.70    1.48     2,203,204  Cash         n/a
TTES US  RBN US    33.97   33.50    0.47    1.42        71,688   C&S         n/a
ROME US  BHLB US   11.07   10.92    0.15    1.41         5,047   C/S    03/31/11
CSCX US  OPTC IN    2.30    2.27    0.03    1.32           800  Cash    12/31/10
NCOC US  Private    1.00    0.99    0.01    1.32        74,568  Cash    12/15/10
RAE US   19316Z US  1.60    1.58    0.02    1.27       613,695  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
LGF US   IEP US     7.50    7.41    0.09    1.21           400  Cash    11/01/10
TUNE US  ZRAN US    2.92    2.89    0.03    1.04       555,622  Cash    12/31/10
ROAC US  Private    5.25    5.20    0.05    0.96        20,230  Cash         n/a
MIR US   RRI US    10.69   10.60    0.09    0.83       766,855   Stk    12/31/10
PSYS US  UHS US    33.75   33.51    0.24    0.72       877,532  Cash    12/31/10
HBE US   KTOS US    7.00    6.95    0.05    0.72         9,000  Cash    12/31/10
DDMX US  Private   21.25   21.10    0.15    0.71       151,603  Cash    03/31/11
PZZ US   Private    8.50    8.44    0.06    0.71        19,897  Cash         n/a
ACV US   UNA NA    37.50   37.25    0.25    0.67     2,213,471  Cash         n/a
KG US    PFE US    14.25   14.16    0.09    0.64           200  Cash    11/19/10
ADCT US  TEL US    12.75   12.67    0.08    0.63       676,318  Cash    11/15/10
ALOY US  Multiple   9.80    9.74    0.06    0.62         2,600  Cash    12/31/10
ACTI US  ASSAB SS   3.25    3.23    0.02    0.62       171,373  Cash    12/31/10
CLRT US  GE US      5.00    4.97    0.03    0.60       565,061  Cash         n/a
EPE US   EPD US    63.09   62.72    0.37    0.59       214,567   Stk    12/31/10
CLU US   CLW US    12.00   11.93    0.07    0.59        52,168  Cash    12/31/10
NUHC US  ARW US     7.00    6.96    0.04    0.57       154,754  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MAM US   EMA CN    45.00   44.75    0.25    0.56           810  Cash         n/a
GYMB US  6821Z US  65.40   65.06    0.34    0.52     1,210,640  Cash    11/22/10
FCCC US  Private    4.50    4.48    0.02    0.45         1,700  Cash    12/31/10
CJBK US  KRNY US    7.50    7.47    0.03    0.40         5,390  Cash    12/31/10
INET US  6902Z US  13.35   13.30    0.05    0.38       104,953  Cash    12/31/10
LSBX US  PBCT US   21.00   20.93    0.07    0.33           400  Cash    12/31/10
KEI US   DHR US    21.60   21.53    0.07    0.33       219,228  Cash    12/31/10
WAIN US  3994Z US  19.00   18.94    0.06    0.32         4,208  Cash    12/31/10
OSTE US  MDT US     6.50    6.48    0.02    0.31        18,445  Cash         n/a
HWK US   CSL US    50.00   49.85    0.15    0.30        41,561  Cash    12/31/10
PTV US   Private   33.25   33.15    0.10    0.30           100  Cash    12/31/10
NRGP US  NRGY US   30.19   30.10    0.09    0.30        42,887   Stk    11/08/10
CTV US   Private   31.50   31.41    0.09    0.29        45,700  Cash    03/31/11
AEZ US   HES US     8.58    8.56    0.02    0.26       509,292   Stk    12/31/10
ME US    APA US    24.93   24.87    0.06    0.24     1,697,401   C/S         n/a
AMPH US  PRA US    32.50   32.43    0.07    0.22        13,744  Cash    12/31/10
PPCO US  ENDP US    5.00    4.99    0.01    0.20        64,057  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NYM US   Private   25.75   25.70    0.05    0.19        14,166  Cash    12/31/10
CCBP US  FNB US    39.54   39.47    0.07    0.17           100   C&S    12/31/10
DTPI US  10182Z US 12.50   12.48    0.02    0.16       133,506  Cash    12/31/10
NZ US    IBM US    27.00   26.96    0.04    0.15     2,291,230  Cash    12/31/10
RSCR US  OCX CN    13.25   13.23    0.02    0.15       260,902  Cash    11/05/10
XJT US   SKYW US    6.75    6.74    0.01    0.15        75,675  Cash    12/31/10
ACTL US  MSCC US   20.88   20.86    0.02    0.10           200  Cash    11/01/10
ITCD US  ELNK US    3.00    3.00    0.00    0.00       251,555  Cash    03/31/11
COGT US  MMM US    10.50   10.51   -0.01   -0.10       628,639  Cash         n/a
AGAM US  STJ US    20.80   20.83   -0.03   -0.14       513,488   C/S    11/17/10
CGC US   GAM CN     4.29    4.30   -0.01   -0.18       227,620   C&S    12/31/10
THMD US  Private   15.00   15.05   -0.05   -0.33        47,326  Cash    12/31/10
ACLI US  Private   33.00   33.21   -0.21   -0.63       197,047  Cash    12/31/10
PTEC US  Private    4.05    4.12   -0.07   -1.70       216,481  Cash         n/a
NST US   NU US     40.72   41.44   -0.72   -1.73       684,545   Stk         n/a
ACL US   NOVN VX   163.00  166.89  -3.89   -2.33       835,835   Stk         n/a
DINE US  Private   13.75   14.19   -0.44   -3.10         1,018  Cash         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

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