Arbitrage Profit in U.S. Takeovers Pending on Nov. 19

Nov. 19 (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   10.34    6.15    4.19   68.09         2,580   Stk         n/a
DIGA US  PSID US    0.60    0.37    0.23   62.16       291,813   Stk         n/a
TLCR US  GRF SM    27.57   22.34    5.23   23.40       407,288   C&S    12/31/10
WPCS US  Private    3.50    2.86    0.64   22.38         5,638  Cash         n/a
TRGD US  TARM US    0.38    0.33    0.05   14.39        14,760   Stk    12/31/10
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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         2,500  Cash    12/31/10
FSIN US  Multiple  11.50   10.17    1.33   13.08       467,209  Cash         n/a
FOFC US  CHMG US    7.63    6.80    0.83   12.25         1,000   C/S    03/31/11
MNBZ US  Private    9.09    8.10    0.99   12.22           500  Cash    03/31/11
XCO US   N/A       20.50   18.50    2.00   10.81     1,568,030  Cash         n/a
FMMH US  BH US     29.00   26.50    2.50    9.43         1,200  Cash         n/a
PLA US   N/A        5.50    5.05    0.45    8.91       129,065  Cash         n/a
PVG US   PVR US    26.72   24.75    1.97    7.98       101,545   Stk         n/a
MROE US  ONB US    12.83   11.95    0.88    7.33        32,105   Stk    03/31/11
RCMT US  CDI US     5.20    4.85    0.35    7.22        20,669  Cash         n/a
HYC US   PAY US     7.71    7.21    0.50    6.90     4,862,378   Stk    06/30/11
PNNW US  270436Z U 29.00   27.39    1.61    5.88        28,731  Cash         n/a
ADAM US  EBIX US    6.77    6.43    0.34    5.22       233,492   Stk    12/31/10
AAI US   LUV US     7.75    7.43    0.32    4.31     2,333,545   C&S    06/30/11
LOV US   Private    3.10    2.98    0.12    4.03         6,600  Cash         n/a
NAL US   FNFG US   13.75   13.31    0.44    3.29       336,943   C/S    06/30/11
BUCY US  CAT US    92.00   89.12    2.88    3.23     6,223,159  Cash    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MCCC US  N/A        8.75    8.48    0.27    3.18     1,717,106  Cash         n/a
CCBP US  FNB US    41.89   40.61    1.28    3.14         1,500   C&S    12/31/10
Q US     CTL US     7.08    6.88    0.20    2.96     9,077,588   Stk    06/30/11
ACBP US  GABC US   14.61   14.25    0.36    2.51           400   C&S         n/a
AYE US   FE US     24.03   23.45    0.58    2.48     1,337,524   Stk    04/30/11
CGC US   TMM CN     4.50    4.40    0.10    2.35       220,889   Stk         n/a
BJGP US  SAN FP    10.00    9.79    0.21    2.15       372,052  Cash         n/a
CADE US  Private    2.50    2.45    0.05    2.04        56,339  Cash    03/31/11
PRPX US  FSTR US   11.80   11.57    0.23    1.99        11,846  Cash    12/15/10
FFHS US  CHEV US   14.50   14.24    0.26    1.83         2,190  Cash    03/31/11
ID US    SAF FP    12.00   11.79    0.21    1.78       603,036  Cash    03/31/11
LDSH US  ATI US    46.42   45.71    0.71    1.55       869,839   C&S         n/a
MFE US   INTC US   48.00   47.28    0.72    1.52       851,293  Cash         n/a
GIW US   CBU US     9.50    9.36    0.14    1.50         3,607   C&S         n/a
ITCD US  ELNK US    3.00    2.96    0.04    1.35        45,412  Cash    03/31/11
OCNW US  CALX US    7.60    7.50    0.10    1.27        61,259   C&S    03/31/11
SVR US   Private   31.00   30.65    0.35    1.14     7,981,186  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FMR US   FFH CN    16.50   16.32    0.18    1.10       122,634  Cash    03/31/11
TTES US  RBN US    34.34   33.97    0.37    1.09       359,334   C&S         n/a
NHWK US  Private    6.50    6.43    0.07    1.09       121,493  Cash    03/31/11
BNE US   RRD US    11.50   11.38    0.12    1.05       256,686  Cash         n/a
ROME US  BHLB US   11.30   11.19    0.11    0.95         8,020   C/S    03/31/11
NCOC US  Private    1.00    0.99    0.01    0.91        21,562  Cash    12/15/10
CSCX US  OPTC IN    2.30    2.28    0.02    0.88       108,534  Cash    11/30/10
CFS US   Private    2.50    2.48    0.02    0.81        34,775  Cash    12/31/10
DDMX US  Private   21.25   21.09    0.16    0.76        23,767  Cash    03/31/11
ARTG US  ORCL US    6.00    5.95    0.05    0.76         7,100  Cash         n/a
ACV US   UNA NA    37.50   37.22    0.28    0.75     1,173,461  Cash         n/a
TUNE US  ZRAN US    2.92    2.90    0.02    0.69       604,113  Cash    12/31/10
KG US    PFE US    14.25   14.16    0.09    0.64     1,945,793  Cash    11/19/10
TEAM US  Private    8.35    8.30    0.05    0.60        64,696  Cash    12/10/10
PZZ US   Private    8.50    8.45    0.05    0.59        51,918  Cash         n/a
ROAC US  Private    5.25    5.22    0.03    0.57         7,416  Cash         n/a
ADCT US  TEL US    12.75   12.68    0.07    0.55       726,091  Cash    12/08/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
LGF US   IEP US     7.50    7.46    0.04    0.54       182,082  Cash    11/22/10
NUHC US  ARW US     7.00    6.97    0.03    0.50        17,175  Cash    12/31/10
LSBX US  PBCT US   21.00   20.90    0.10    0.48           114  Cash    12/31/10
MIR US   RRI US    10.97   10.92    0.05    0.47     1,313,397   Stk    12/31/10
CLU US   CLW US    12.00   11.95    0.05    0.42        29,061  Cash    12/31/10
ISLN US  EMC US    33.85   33.72    0.13    0.39     7,166,086  Cash         n/a
SMTB US  PBCT US    3.79    3.78    0.01    0.39        66,585   C&S    12/31/10
INET US  6902Z US  13.35   13.30    0.05    0.38        81,058  Cash    12/31/10
MAM US   EMA CN    45.00   44.85    0.15    0.33           850  Cash         n/a
THMD US  Private   15.00   14.95    0.05    0.33        35,430  Cash    12/31/10
TESS US  Private   15.50   15.45    0.05    0.32        11,467  Cash         n/a
HWK US   CSL US    50.00   49.87    0.13    0.26        32,483  Cash    11/30/10
PTEC US  Private    4.20    4.19    0.01    0.24        67,765  Cash         n/a
BGH US   BPL US    46.75   46.64    0.11    0.23        47,608   Stk    12/31/10
NYM US   Private   25.75   25.69    0.06    0.23        39,771  Cash    11/24/10
FCCC US  Private    4.50    4.49    0.01    0.22         1,100  Cash    12/31/10
CLRT US  GE US      5.00    4.99    0.01    0.20       443,521  Cash    12/06/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AMPH US  PRA US    32.50   32.45    0.05    0.15        12,637  Cash    12/31/10
CJBK US  KRNY US    7.50    7.49    0.01    0.13           425  Cash    12/31/10
GYMB US  6821Z US  65.40   65.32    0.08    0.12       696,168  Cash    11/22/10
EPE US   EPD US    63.92   63.86    0.06    0.09       100,012   Stk    12/31/10
KEI US   DHR US    21.60   21.59    0.01    0.05       121,709  Cash    12/31/10
DINE US  Private   13.75   13.75    0.00    0.00        40,299  Cash    12/07/10
COGT US  MMM US    10.50   10.50    0.00    0.00     1,804,752  Cash         n/a
ACTI US  ASSAB SS   3.25    3.25    0.00    0.00        31,553  Cash    12/31/10
AEZ US   HES US     9.61    9.63   -0.02   -0.21       690,428   Stk    12/31/10
RSCR US  OCX CN    13.25   13.30   -0.05   -0.38        54,332  Cash         n/a
ACLI US  Private   33.00   33.18   -0.18   -0.54       138,031  Cash    12/31/10
NST US   NU US     41.47   42.01   -0.54   -1.28       314,839   Stk         n/a
CTV US   Private   31.50   31.99   -0.49   -1.53     1,078,878  Cash    03/31/11
GENZ US  SAN FP    69.00   70.27   -1.27   -1.81     1,635,834  Cash    12/10/10
RAE US   19316Z US  1.60    1.63   -0.03   -1.84        84,093  Cash         n/a
CGC US   GAM CN     4.20    4.31   -0.11   -2.65       220,889   C&S    12/31/10
ACL US   NOVN VX   159.09  163.68  -4.59   -2.80       697,678   Stk         n/a
================================================================================
   

SOURCE: Bloomberg

To contact the reporter on this story: Terry Barrett in Washington at tbarrett1@bloomberg.net

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