Arbitrage Profit in U.S. Takeovers Pending on Oct. 29

Oct. 29 (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    9.80    5.45    4.35   79.87         8,000   Stk         n/a
DIGA US  PSID US    0.60    0.36    0.24   66.67        21,189   Stk         n/a
TRGD US  TARM US    0.51    0.35    0.16   45.71        62,410   Stk    12/31/10
FMR US   FFH CN    16.50   11.36    5.14   45.25       345,913  Cash    03/31/11
TLCR US  GRF SM    29.24   24.34    4.90   20.11     1,141,114   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FOFC US  CHMG US    7.90    6.65    1.25   18.81           200   C/S    03/31/11
UNNF US  DGICA US   8.81    7.80    1.01   12.90        26,602   C&S    09/30/10
PLA US   N/A        5.50    4.95    0.55   11.11       172,808  Cash         n/a
CFWH US  Private    0.60    0.54    0.06   11.11        20,150  Cash    12/31/10
MROE US  ONB US    12.13   11.20    0.93    8.26        10,428   Stk    03/31/11
FMMH US  BH US     29.00   27.00    2.00    7.41         2,200  Cash         n/a
MNBZ US  Private    9.09    8.50    0.59    6.94         3,100  Cash    03/31/11
ADAM US  EBIX US    7.98    7.51    0.47    6.26       427,686   Stk    12/31/10
PVG US   PVR US    26.11   24.59    1.52    6.17       124,950   Stk         n/a
LOV US   Private    3.10    2.96    0.14    4.73       118,991  Cash         n/a
AYE US   FE US     24.13   23.06    1.07    4.62     3,182,689   Stk    04/30/11
AAI US   LUV US     7.75    7.41    0.34    4.59    13,761,484   C&S    06/30/11
Q US     CTL US     6.86    6.56    0.30    4.51    13,242,998   Stk    06/30/11
WPCS US  Private    3.50    3.35    0.15    4.48        35,671  Cash         n/a
BGH US   BPL US    44.39   42.70    1.69    3.97        28,355   Stk    12/31/10
RCMT US  CDI US     5.20    5.02    0.18    3.59         1,250  Cash         n/a
NAL US   FNFG US   13.34   12.91    0.43    3.34       518,835   C/S    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
LGF US   IEP US     7.50    7.28    0.22    3.02       136,811  Cash    11/12/10
GIW US   CBU US     9.50    9.26    0.24    2.59        11,471   C&S         n/a
CGC US   TMM CN     4.50    4.40    0.10    2.33       282,391   Stk         n/a
FFHS US  CHEV US   14.50   14.18    0.32    2.26         9,800  Cash    03/31/11
CADE US  Private    2.50    2.45    0.05    2.04        37,696  Cash    03/31/11
ACBP US  GABC US   14.28   14.00    0.28    2.01           100   C&S         n/a
PRPX US  FSTR US   11.80   11.58    0.22    1.90        66,305  Cash    11/15/10
NHWK US  Private    6.50    6.38    0.12    1.88        83,832  Cash    03/31/11
SMTB US  PBCT US    3.75    3.68    0.07    1.87        24,834   C&S    12/31/10
BJGP US  SAN FP    10.00    9.83    0.17    1.73     8,969,440  Cash         n/a
OCNW US  CALX US    7.50    7.38    0.12    1.65        50,253   C&S    03/31/11
SVR US   Private   31.00   30.50    0.50    1.64    25,008,828  Cash    03/31/11
ID US    SAF FP    12.00   11.81    0.19    1.61       779,205  Cash    03/31/11
TESS US  Private   15.50   15.27    0.23    1.51        18,935  Cash         n/a
TTES US  RBN US    33.88   33.40    0.48    1.43        82,929   C&S         n/a
MFE US   INTC US   48.00   47.33    0.67    1.42     2,070,595  Cash         n/a
NCOC US  Private    1.00    0.99    0.01    1.34        31,230  Cash    12/15/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BNE US   RRD US    11.50   11.35    0.15    1.32       220,110  Cash         n/a
ROAC US  Private    5.25    5.19    0.06    1.16        84,500  Cash         n/a
CJBK US  KRNY US    7.50    7.42    0.08    1.08           100  Cash    12/31/10
TUNE US  ZRAN US    2.92    2.89    0.03    1.04         1,000  Cash    12/31/10
ROME US  BHLB US   11.05   10.95    0.10    0.88         4,500   C/S    03/31/11
CCBP US  FNB US    39.61   39.27    0.34    0.85         3,400   C&S    12/31/10
INET US  6902Z US  13.35   13.24    0.11    0.83       318,862  Cash    12/31/10
EPE US   EPD US    62.93   62.46    0.47    0.74        63,256   Stk    12/31/10
DINE US  Private   13.75   13.65    0.10    0.73        14,674  Cash         n/a
HBE US   KTOS US    7.00    6.95    0.05    0.72         6,400  Cash    12/31/10
DDMX US  Private   21.25   21.10    0.15    0.71        29,710  Cash    03/31/11
KG US    PFE US    14.25   14.15    0.10    0.71        45,751  Cash    11/19/10
CLU US   CLW US    12.00   11.92    0.08    0.67        66,839  Cash    12/31/10
ACV US   UNA NA    37.50   37.26    0.24    0.64     1,707,259  Cash         n/a
ADCT US  TEL US    12.75   12.67    0.08    0.63       461,738  Cash    11/15/10
RAE US   19316Z US  1.60    1.59    0.01    0.63       124,948  Cash         n/a
MIR US   RRI US    10.72   10.65    0.07    0.62       794,167   Stk    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ALOY US  Multiple   9.80    9.74    0.06    0.62        26,182  Cash    12/31/10
ACTI US  ASSAB SS   3.25    3.23    0.02    0.62           100  Cash    12/31/10
AEZ US   HES US     8.68    8.63    0.05    0.60       296,865   Stk    12/31/10
PZZ US   Private    8.50    8.45    0.05    0.59        35,313  Cash         n/a
NUHC US  ARW US     7.00    6.96    0.04    0.57        73,321  Cash    12/31/10
MAM US   EMA CN    45.00   44.75    0.25    0.56         6,286  Cash         n/a
CGC US   GAM CN     4.34    4.32    0.02    0.50       282,391   C&S    12/31/10
GYMB US  6821Z US  65.40   65.08    0.32    0.49     1,263,416  Cash    11/22/10
OSTE US  MDT US     6.50    6.47    0.03    0.46        89,805  Cash         n/a
XJT US   SKYW US    6.75    6.72    0.03    0.45        66,428  Cash    12/31/10
FCCC US  Private    4.50    4.48    0.02    0.45         4,500  Cash    12/31/10
CSCX US  OPTC IN    2.30    2.29    0.01    0.44         2,100  Cash    12/31/10
ME US    APA US    24.90   24.81    0.09    0.38        25,000   C/S         n/a
NYM US   Private   25.75   25.66    0.09    0.35        21,608  Cash    12/31/10
LSBX US  PBCT US   21.00   20.93    0.07    0.33           400  Cash    12/31/10
ITCD US  ELNK US    3.00    2.99    0.01    0.33        17,389  Cash    03/31/11
AMPH US  PRA US    32.50   32.40    0.10    0.31        30,519  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
KEI US   DHR US    21.60   21.54    0.06    0.28       129,204  Cash    12/31/10
HWK US   CSL US    50.00   49.88    0.12    0.24        47,519  Cash    12/31/10
PSYS US  UHS US    33.75   33.67    0.08    0.24     1,717,830  Cash    12/31/10
CLRT US  GE US      5.00    4.99    0.01    0.20        10,000  Cash         n/a
PTV US   Private   33.25   33.19    0.06    0.18     1,384,847  Cash    12/31/10
DTPI US  10182Z US 12.50   12.48    0.02    0.16        74,058  Cash    12/31/10
NZ US    IBM US    27.00   26.96    0.04    0.15     2,112,123  Cash    12/31/10
RSCR US  OCX CN    13.25   13.23    0.02    0.15       380,317  Cash    11/05/10
ACTL US  MSCC US   20.88   20.86    0.02    0.10       311,881  Cash    11/01/10
COGT US  MMM US    10.50   10.49    0.01    0.10       824,779  Cash         n/a
NRGP US  NRGY US   30.03   30.01    0.02    0.07        40,667   Stk    11/08/10
AGAM US  STJ US    20.80   20.79    0.01    0.05       821,894   C/S    11/17/10
PPCO US  ENDP US    5.00    5.00    0.00    0.00        14,093  Cash         n/a
ACLI US  Private   33.00   33.10   -0.10   -0.30       105,453  Cash    12/31/10
THMD US  Private   15.00   15.05   -0.05   -0.33        52,302  Cash    12/31/10
WAIN US  3994Z US  19.00   19.07   -0.07   -0.37           400  Cash    12/31/10
CTV US   Private   31.50   31.64   -0.14   -0.44    26,549,525  Cash    03/31/11
================================================================================
   

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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