Arbitrage Profit in U.S. Takeovers Pending on Nov. 12

Nov. 12 (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
================================================================================
DIGA US  PSID US    0.60    0.35    0.25   71.43       101,048   Stk         n/a
FCEC US  TOBC US   10.31    6.34    3.97   62.55         1,001   Stk         n/a
TRGD US  TARM US    0.52    0.36    0.16   45.83        48,150   Stk    12/31/10
WPCS US  Private    3.50    2.79    0.71   25.45        16,900  Cash         n/a
TLCR US  GRF SM    27.82   23.36    4.46   19.08       537,561   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
PNNW US  270436Z U 29.00   24.40    4.60   18.85         4,679  Cash         n/a
FOFC US  CHMG US    7.82    6.70    1.12   16.73         1,000   C/S    03/31/11
CFWH US  Private    0.60    0.53    0.07   14.29         2,500  Cash    12/31/10
MNBZ US  Private    9.09    8.10    0.99   12.22         3,400  Cash    03/31/11
FSIN US  Multiple  11.50   10.47    1.03    9.84       309,744  Cash         n/a
PLA US   N/A        5.50    5.02    0.48    9.56       101,288  Cash         n/a
FMMH US  BH US     29.00   26.50    2.50    9.43           300  Cash         n/a
XCO US   N/A       20.50   18.88    1.62    8.58     1,769,713  Cash         n/a
MROE US  ONB US    12.83   11.90    0.93    7.79        10,195   Stk    03/31/11
PVG US   PVR US    27.53   26.04    1.49    5.72        96,515   Stk         n/a
ADAM US  EBIX US    7.41    7.07    0.34    4.83       265,354   Stk    12/31/10
AAI US   LUV US     7.75    7.42    0.33    4.45     4,218,315   C&S    06/30/11
LGF US   IEP US     7.50    7.21    0.29    4.02       401,726  Cash    11/12/10
ACBP US  GABC US   15.07   14.50    0.57    3.94         2,500   C&S         n/a
LOV US   Private    3.10    3.00    0.10    3.33       209,219  Cash         n/a
Q US     CTL US     7.05    6.83    0.22    3.23         2,900   Stk    06/30/11
NAL US   FNFG US   13.77   13.38    0.39    2.90       523,465   C/S    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BGH US   BPL US    49.11   47.89    1.22    2.55        49,203   Stk    12/31/10
CADE US  Private    2.50    2.44    0.06    2.46        43,796  Cash    03/31/11
RCMT US  CDI US     5.20    5.08    0.12    2.36        46,922  Cash         n/a
AYE US   FE US     23.81   23.29    0.52    2.24     1,153,521   Stk    04/30/11
SMTB US  PBCT US    3.80    3.72    0.08    2.24        56,529   C&S    12/31/10
CCBP US  FNB US    41.75   40.91    0.84    2.05           400   C&S    12/31/10
FFHS US  CHEV US   14.50   14.21    0.29    2.04           900  Cash    03/31/11
BJGP US  SAN FP    10.00    9.80    0.20    2.04       854,353  Cash         n/a
SVR US   Private   31.00   30.43    0.57    1.87     1,237,169  Cash    03/31/11
ID US    SAF FP    12.00   11.79    0.21    1.78       554,344  Cash    03/31/11
PRPX US  FSTR US   11.80   11.60    0.20    1.72         6,500  Cash    11/15/10
OCNW US  CALX US    7.63    7.51    0.12    1.64        97,821   C&S    03/31/11
MFE US   INTC US   48.00   47.36    0.64    1.35     2,397,516  Cash         n/a
FMR US   FFH CN    16.50   16.29    0.21    1.29        94,645  Cash    03/31/11
ROME US  BHLB US   11.18   11.04    0.14    1.28         4,233   C/S    03/31/11
TTES US  RBN US    35.21   34.78    0.43    1.23        59,475   C&S         n/a
CFS US   Private    2.50    2.47    0.03    1.21        76,486  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NHWK US  Private    6.50    6.43    0.07    1.09       437,279  Cash    03/31/11
TUNE US  ZRAN US    2.92    2.89    0.03    1.04     1,483,019  Cash    12/31/10
ITCD US  ELNK US    3.00    2.97    0.03    1.01        40,651  Cash    03/31/11
NCOC US  Private    1.00    0.99    0.01    1.01        34,463  Cash    12/15/10
ROAC US  Private    5.25    5.20    0.05    0.96         8,706  Cash         n/a
CSCX US  OPTC IN    2.30    2.28    0.02    0.88        74,622  Cash    11/30/10
ARTG US  ORCL US    6.00    5.95    0.05    0.84    14,553,179  Cash         n/a
ACV US   UNA NA    37.50   37.20    0.30    0.81     1,184,204  Cash         n/a
DDMX US  Private   21.25   21.08    0.17    0.81        44,011  Cash    03/31/11
TEAM US  Private    8.35    8.29    0.06    0.72        31,196  Cash    12/31/10
HBE US   KTOS US    7.00    6.95    0.05    0.72        16,210  Cash    12/31/10
PZZ US   Private    8.50    8.44    0.06    0.71        41,714  Cash         n/a
MAM US   EMA CN    45.00   44.70    0.30    0.67           951  Cash         n/a
ADCT US  TEL US    12.75   12.67    0.08    0.63     1,075,447  Cash    11/15/10
AEZ US   HES US     9.87    9.81    0.06    0.63       295,135   Stk    12/31/10
KG US    PFE US    14.25   14.17    0.08    0.56           280  Cash    11/19/10
INET US  6902Z US  13.35   13.28    0.07    0.53        44,208  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GIW US   CBU US     9.50    9.45    0.05    0.53         1,600   C&S         n/a
BNE US   RRD US    11.50   11.44    0.06    0.52       709,803  Cash         n/a
LSBX US  PBCT US   21.00   20.90    0.10    0.48         1,100  Cash    12/31/10
RSCR US  OCX CN    13.25   13.19    0.06    0.45       238,398  Cash    11/15/10
NUHC US  ARW US     7.00    6.97    0.03    0.43        42,018  Cash    12/31/10
CLRT US  GE US      5.00    4.98    0.02    0.40       469,216  Cash    12/06/10
EPE US   EPD US    65.69   65.44    0.24    0.37        97,895   Stk    12/31/10
HWK US   CSL US    50.00   49.85    0.15    0.30       133,343  Cash    11/30/10
GYMB US  6821Z US  65.40   65.22    0.18    0.28         1,400  Cash    11/22/10
CJBK US  KRNY US    7.50    7.48    0.02    0.27         1,335  Cash    12/31/10
WAIN US  3994Z US  19.00   18.95    0.05    0.26         1,702  Cash    12/31/10
CLU US   CLW US    12.00   11.97    0.03    0.25        76,541  Cash    12/31/10
PTEC US  Private    4.20    4.19    0.01    0.24       277,180  Cash         n/a
NYM US   Private   25.75   25.69    0.06    0.23        41,598  Cash    12/31/10
PTV US   Private   33.25   33.19    0.06    0.18     1,626,649  Cash    11/17/10
AMPH US  PRA US    32.50   32.44    0.06    0.18        26,327  Cash    12/31/10
PSYS US  UHS US    33.75   33.70    0.05    0.15       541,030  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
OSTE US  MDT US     6.50    6.49    0.01    0.15       259,263  Cash         n/a
COGT US  MMM US    10.50   10.49    0.01    0.10         1,000  Cash         n/a
KEI US   DHR US    21.60   21.58    0.02    0.09       153,263  Cash    12/31/10
FCCC US  Private    4.50    4.50    0.00    0.00         4,900  Cash    12/31/10
XJT US   SKYW US    6.75    6.75    0.00    0.00        16,227  Cash    11/15/10
THMD US  Private   15.00   15.00    0.00    0.00        36,392  Cash    12/31/10
MIR US   RRI US    10.74   10.75   -0.01   -0.05       615,149   Stk    12/31/10
TESS US  Private   15.50   15.53   -0.03   -0.19        13,842  Cash         n/a
DINE US  Private   13.75   13.78   -0.03   -0.22         2,488  Cash    12/07/10
AGAM US  STJ US    20.80   20.85   -0.05   -0.24       392,245   C/S    11/17/10
ACTI US  ASSAB SS   3.25    3.26   -0.01   -0.31       169,548  Cash    12/31/10
ACLI US  Private   33.00   33.36   -0.36   -1.08        27,635  Cash    12/31/10
NST US   NU US     41.24   41.79   -0.55   -1.33       258,262   Stk         n/a
CTV US   Private   31.50   32.03   -0.53   -1.65     1,947,898  Cash    03/31/11
GENZ US  SAN FP    69.00   70.16   -1.16   -1.65     2,594,932  Cash    12/10/10
RAE US   19316Z US  1.60    1.63   -0.03   -1.84       113,444  Cash         n/a
CGC US   TMM CN     4.50    4.61   -0.11   -2.35       656,009   Stk         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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