Arbitrage Profit in U.S. Takeovers Pending on Nov. 5

Nov. 5 (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
================================================================================
TRGD US  TARM US    0.52    0.30    0.22   75.00        16,700   Stk    12/31/10
FCEC US  TOBC US   10.87    6.35    4.52   71.21        17,801   Stk         n/a
DIGA US  PSID US    0.60    0.36    0.24   66.67        79,020   Stk         n/a
TLCR US  GRF SM    28.37   23.63    4.74   20.06     1,076,205   C&S    12/31/10
FOFC US  CHMG US    7.90    6.85    1.05   15.34           275   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        30,000  Cash    12/31/10
PLA US   N/A        5.50    4.95    0.55   11.11       135,895  Cash         n/a
MROE US  ONB US    12.69   11.45    1.24   10.80        50,203   Stk    03/31/11
WPCS US  Private    3.50    3.18    0.32   10.06        44,063  Cash         n/a
ACBP US  GABC US   15.43   14.24    1.19    8.37         5,907   C&S         n/a
XCO US   N/A       20.50   18.98    1.52    8.01     2,967,868  Cash         n/a
FMMH US  BH US     29.00   27.00    2.00    7.41         1,900  Cash         n/a
MNBZ US  Private    9.09    8.50    0.59    6.94         3,100  Cash    03/31/11
ADAM US  EBIX US    7.81    7.31    0.50    6.77        62,768   Stk    12/31/10
AAI US   LUV US     7.75    7.47    0.28    3.75     3,452,328   C&S    06/30/11
Q US     CTL US     7.16    6.92    0.24    3.52    19,447,534   Stk    06/30/11
BGH US   BPL US    45.82   44.43    1.39    3.14        80,332   Stk    12/31/10
LOV US   Private    3.10    3.01    0.09    2.99        31,201  Cash         n/a
NAL US   FNFG US   13.62   13.24    0.38    2.84     1,739,191   C/S    06/30/11
PVG US   PVR US    27.06   26.40    0.66    2.49       268,818   Stk         n/a
NHWK US  Private    6.50    6.35    0.15    2.36       264,553  Cash    03/31/11
FFHS US  CHEV US   14.50   14.19    0.31    2.18         2,000  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CCBP US  FNB US    41.57   40.70    0.87    2.15           800   C&S    12/31/10
GIW US   CBU US     9.50    9.31    0.19    2.04        26,955   C&S         n/a
CADE US  Private    2.50    2.45    0.05    2.04        23,063  Cash    03/31/11
SVR US   Private   31.00   30.40    0.60    1.97     4,791,921  Cash    03/31/11
PRPX US  FSTR US   11.80   11.57    0.23    1.97         1,550  Cash    11/15/10
BJGP US  SAN FP    10.00    9.82    0.18    1.83     2,742,329  Cash         n/a
AYE US   FE US     23.98   23.55    0.43    1.82     3,771,096   Stk    04/30/11
ID US    SAF FP    12.00   11.79    0.21    1.78       614,595  Cash    03/31/11
CFS US   Private    2.50    2.46    0.04    1.63       357,771  Cash    12/31/10
SMTB US  PBCT US    3.80    3.74    0.06    1.61        36,253   C&S    12/31/10
MFE US   INTC US   48.00   47.32    0.68    1.44       947,010  Cash         n/a
ROME US  BHLB US   11.24   11.08    0.16    1.42        23,210   C/S    03/31/11
ITCD US  ELNK US    3.00    2.96    0.04    1.35         2,000  Cash    03/31/11
BNE US   RRD US    11.50   11.35    0.15    1.32       186,888  Cash         n/a
CSCX US  OPTC IN    2.30    2.27    0.03    1.32        26,136  Cash    12/31/10
FMR US   FFH CN    16.50   16.31    0.19    1.16       176,035  Cash    03/31/11
TTES US  RBN US    34.94   34.57    0.37    1.07       125,490   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
LSBX US  PBCT US   21.00   20.80    0.20    0.96           600  Cash    12/31/10
ROAC US  Private    5.25    5.20    0.05    0.96        17,607  Cash         n/a
NCOC US  Private    1.00    0.99    0.01    0.91       110,628  Cash    12/15/10
FCCC US  Private    4.50    4.46    0.04    0.90           400  Cash    12/31/10
CJBK US  KRNY US    7.50    7.44    0.06    0.81         1,481  Cash    12/31/10
MIR US   RRI US    10.97   10.89    0.08    0.75     1,667,312   Stk    12/31/10
TEAM US  Private    8.35    8.29    0.06    0.72       114,826  Cash    12/31/10
HBE US   KTOS US    7.00    6.95    0.05    0.72         1,753  Cash    12/31/10
DDMX US  Private   21.25   21.10    0.15    0.71        40,536  Cash    03/31/11
TUNE US  ZRAN US    2.92    2.90    0.02    0.69       590,919  Cash    12/31/10
OCNW US  CALX US    7.49    7.44    0.05    0.67        52,066   C&S    03/31/11
KG US    PFE US    14.25   14.16    0.09    0.64           370  Cash    11/19/10
AGAM US  STJ US    20.80   20.69    0.11    0.53     1,629,860   C/S    11/17/10
ARTG US  ORCL US    6.00    5.97    0.03    0.50         1,000  Cash         n/a
ADCT US  TEL US    12.75   12.69    0.06    0.47        15,000  Cash    11/15/10
PZZ US   Private    8.50    8.46    0.04    0.47        38,057  Cash         n/a
ACV US   UNA NA    37.50   37.33    0.17    0.46     1,651,871  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NUHC US  ARW US     7.00    6.97    0.03    0.43        44,934  Cash    12/31/10
GYMB US  6821Z US  65.40   65.15    0.25    0.38       616,530  Cash    11/22/10
INET US  6902Z US  13.35   13.30    0.05    0.38       295,321  Cash    12/31/10
PTV US   Private   33.25   33.14    0.11    0.33     2,045,641  Cash    12/31/10
XJT US   SKYW US    6.75    6.73    0.02    0.30        85,750  Cash    12/31/10
EPE US   EPD US    64.77   64.59    0.18    0.28        65,412   Stk    12/31/10
WAIN US  3994Z US  19.00   18.95    0.05    0.26         1,200  Cash    12/31/10
DYN US   BX US      4.50    4.49    0.01    0.22     4,156,577  Cash    12/31/10
ALOY US  Multiple   9.80    9.78    0.02    0.20         6,038  Cash    12/31/10
CLRT US  GE US      5.00    4.99    0.01    0.20     1,464,555  Cash         n/a
AEZ US   HES US     9.51    9.49    0.02    0.19       903,392   Stk    12/31/10
CLU US   CLW US    12.00   11.98    0.02    0.17        25,237  Cash    12/31/10
RSCR US  OCX CN    13.25   13.23    0.02    0.15       177,613  Cash    11/05/10
PSYS US  UHS US    33.75   33.71    0.04    0.12       466,599  Cash    12/31/10
MAM US   EMA CN    45.00   44.95    0.05    0.11         1,321  Cash         n/a
CTV US   Private   31.50   31.47    0.03    0.10     5,213,070  Cash    03/31/11
NZ US    IBM US    27.00   26.99    0.01    0.04     1,206,977  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AMPH US  PRA US    32.50   32.49    0.01    0.03        25,097  Cash    12/31/10
HWK US   CSL US    50.00   49.99    0.01    0.02        56,286  Cash    12/31/10
LGF US   IEP US     7.50    7.50    0.00    0.00       337,466  Cash    11/12/10
OSTE US  MDT US     6.50    6.50    0.00    0.00        83,721  Cash         n/a
COGT US  MMM US    10.50   10.50    0.00    0.00       598,638  Cash         n/a
RAE US   19316Z US  1.60    1.60    0.00    0.00        71,891  Cash         n/a
ME US    APA US    26.17   26.18   -0.01   -0.04     9,950,371   C/S         n/a
NYM US   Private   25.75   25.76   -0.01   -0.04        21,871  Cash    12/31/10
KEI US   DHR US    21.60   21.61   -0.01   -0.05       160,483  Cash    12/31/10
NRGP US  NRGY US   30.90   30.92   -0.02   -0.06        39,016   Stk    11/08/10
RCMT US  CDI US     5.20    5.21   -0.01   -0.19         8,600  Cash         n/a
ACTI US  ASSAB SS   3.25    3.26   -0.01   -0.31       326,707  Cash    12/31/10
DINE US  Private   13.75   13.80   -0.05   -0.36         3,193  Cash         n/a
THMD US  Private   15.00   15.06   -0.06   -0.40        67,805  Cash    12/31/10
WL US    MTB US     4.24    4.28   -0.04   -0.99     5,547,464   Stk         n/a
PTEC US  Private    4.20    4.25   -0.05   -1.18       164,291  Cash         n/a
PTEC US  Private    4.20    4.25   -0.05   -1.18       164,291  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

Press spacebar to pause and continue. Press esc to stop.

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.