Arbitrage Profit in U.S. Takeovers Pending on Nov. 18

Nov. 18 (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   10.41    6.21    4.20   67.70         5,618   Stk         n/a
DIGA US  PSID US    0.60    0.36    0.24   66.67        18,787   Stk         n/a
TRGD US  TARM US    0.40    0.32    0.08   25.00        10,000   Stk    12/31/10
TLCR US  GRF SM    27.75   22.40    5.35   23.90       758,554   C&S    12/31/10
WPCS US  Private    3.50    2.96    0.54   18.24         3,500  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CFWH US  Private    0.60    0.53    0.07   14.29        34,150  Cash    12/31/10
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         3,400  Cash    03/31/11
FSIN US  Multiple  11.50   10.27    1.23   11.98       417,579  Cash         n/a
XCO US   N/A       20.50   18.44    2.06   11.17           500  Cash         n/a
FMMH US  BH US     29.00   26.30    2.70   10.27           206  Cash         n/a
PLA US   N/A        5.50    5.04    0.46    9.13       121,653  Cash         n/a
PVG US   PVR US    26.51   24.81    1.70    6.85       103,082   Stk         n/a
MROE US  ONB US    12.61   11.81    0.80    6.77        13,576   Stk    03/31/11
RCMT US  CDI US     5.20    4.89    0.31    6.34         8,978  Cash         n/a
HYC US   PAY US     7.57    7.13    0.44    6.16         4,595   Stk    06/30/11
PNNW US  270436Z U 29.00   27.41    1.59    5.80        57,452  Cash         n/a
LOV US   Private    3.10    2.96    0.14    4.73        12,199  Cash         n/a
AAI US   LUV US     7.75    7.41    0.34    4.59     2,881,203   C&S    06/30/11
CGC US   TMM CN     4.50    4.30    0.20    4.57       293,427   Stk         n/a
ADAM US  EBIX US    6.52    6.26    0.26    4.08        72,832   Stk    12/31/10
Q US     CTL US     6.97    6.75    0.22    3.29           200   Stk    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     2,113,182  Cash         n/a
BUCY US  CAT US    92.00   89.37    2.63    2.94         2,025  Cash    06/30/11
NAL US   FNFG US   13.64   13.26    0.38    2.90       375,802   C/S    06/30/11
ACBP US  GABC US   14.51   14.10    0.41    2.88         1,036   C&S         n/a
AYE US   FE US     23.81   23.22    0.59    2.55     1,388,415   Stk    04/30/11
SVR US   Private   31.00   30.32    0.68    2.24     1,697,249  Cash    03/31/11
LGF US   IEP US     7.50    7.35    0.15    2.04       133,908  Cash    11/22/10
CADE US  Private    2.50    2.45    0.05    2.04        30,309  Cash    03/31/11
BJGP US  SAN FP    10.00    9.80    0.20    2.04     1,904,601  Cash         n/a
GIW US   CBU US     9.50    9.31    0.19    2.04        26,747   C&S         n/a
PRPX US  FSTR US   11.80   11.57    0.23    1.99         8,617  Cash    12/15/10
OCNW US  CALX US    7.50    7.36    0.14    1.92        56,591   C&S    03/31/11
ID US    SAF FP    12.00   11.78    0.22    1.87       389,398  Cash    03/31/11
CCBP US  FNB US    41.26   40.61    0.65    1.61         1,500   C&S    12/31/10
FFHS US  CHEV US   14.50   14.28    0.22    1.54         2,300  Cash    03/31/11
MFE US   INTC US   48.00   47.30    0.70    1.48     1,696,048  Cash         n/a
LDSH US  ATI US    46.06   45.42    0.64    1.40           100   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ITCD US  ELNK US    3.00    2.96    0.04    1.35     1,080,613  Cash    03/31/11
TTES US  RBN US    33.19   32.75    0.44    1.34       136,684   C&S         n/a
CSCX US  OPTC IN    2.30    2.27    0.03    1.32        81,682  Cash    11/30/10
NHWK US  Private    6.50    6.42    0.08    1.25        48,500  Cash    03/31/11
FMR US   FFH CN    16.50   16.30    0.20    1.23        98,537  Cash    03/31/11
CFS US   Private    2.50    2.47    0.03    1.21        32,018  Cash    12/31/10
SMTB US  PBCT US    3.79    3.75    0.04    1.15        49,432   C&S    12/31/10
BNE US   RRD US    11.50   11.38    0.12    1.05        99,196  Cash         n/a
NCOC US  Private    1.00    0.99    0.01    0.91        29,794  Cash    12/15/10
DDMX US  Private   21.25   21.07    0.18    0.85        32,584  Cash    03/31/11
ARTG US  ORCL US    6.00    5.95    0.05    0.84     7,866,367  Cash         n/a
ROME US  BHLB US   11.13   11.04    0.09    0.81           700   C/S    03/31/11
LSBX US  PBCT US   21.00   20.85    0.15    0.72         2,500  Cash    12/31/10
KG US    PFE US    14.25   14.15    0.10    0.71     6,946,605  Cash    11/19/10
ACV US   UNA NA    37.50   37.24    0.26    0.70       929,106  Cash         n/a
TUNE US  ZRAN US    2.92    2.90    0.02    0.69           100  Cash    12/31/10
TESS US  Private   15.50   15.40    0.10    0.65        17,115  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
PZZ US   Private    8.50    8.45    0.05    0.59        70,767  Cash         n/a
MIR US   RRI US    11.08   11.02    0.06    0.59     1,523,168   Stk    12/31/10
DINE US  Private   13.75   13.67    0.08    0.59        37,839  Cash    12/07/10
ROAC US  Private    5.25    5.22    0.03    0.57         7,416  Cash         n/a
NUHC US  ARW US     7.00    6.96    0.04    0.57       169,535  Cash    12/31/10
TEAM US  Private    8.35    8.31    0.04    0.48        23,902  Cash    12/10/10
ADCT US  TEL US    12.75   12.69    0.06    0.47           100  Cash    12/08/10
BGH US   BPL US    46.64   46.43    0.21    0.44        66,280   Stk    12/31/10
CLU US   CLW US    12.00   11.95    0.05    0.42        18,894  Cash    12/31/10
CLRT US  GE US      5.00    4.98    0.02    0.40         9,700  Cash    12/06/10
ISLN US  EMC US    33.85   33.72    0.13    0.39     6,474,488  Cash         n/a
INET US  6902Z US  13.35   13.30    0.05    0.38       123,772  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        32,557  Cash    12/31/10
ACTI US  ASSAB SS   3.25    3.24    0.01    0.31        93,765  Cash    12/31/10
AGAM US  STJ US    20.80   20.74    0.06    0.28           200   C/S         n/a
NYM US   Private   25.75   25.68    0.07    0.27        51,199  Cash    11/24/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
HWK US   CSL US    50.00   49.87    0.13    0.26        30,283  Cash    11/30/10
PTEC US  Private    4.20    4.19    0.01    0.24       258,568  Cash         n/a
FCCC US  Private    4.50    4.49    0.01    0.22         1,100  Cash    12/31/10
RSCR US  OCX CN    13.25   13.22    0.03    0.21       116,493  Cash         n/a
COGT US  MMM US    10.50   10.48    0.02    0.19       311,095  Cash         n/a
CJBK US  KRNY US    7.50    7.49    0.01    0.13           425  Cash    12/31/10
EPE US   EPD US    63.75   63.67    0.08    0.13       195,276   Stk    12/31/10
AMPH US  PRA US    32.50   32.46    0.04    0.12        10,985  Cash    12/31/10
KEI US   DHR US    21.60   21.58    0.02    0.09        68,639  Cash    12/31/10
GYMB US  6821Z US  65.40   65.34    0.06    0.09     1,043,781  Cash    11/22/10
AEZ US   HES US     9.31    9.31    0.00    0.02       600,243   Stk    12/31/10
RAE US   19316Z US  1.60    1.61   -0.01   -0.62       115,934  Cash         n/a
ACLI US  Private   33.00   33.21   -0.21   -0.63        39,399  Cash    12/31/10
ACL US   NOVN VX   159.24  160.80  -1.56   -0.97       430,974   Stk         n/a
GENZ US  SAN FP    69.00   69.75   -0.75   -1.08     1,798,852  Cash    12/10/10
DYN US   BX US      5.00    5.06   -0.06   -1.19         1,000  Cash    11/23/10
CTV US   Private   31.50   31.93   -0.43   -1.35     1,691,193  Cash    03/31/11
================================================================================
   

SOURCE: Bloomberg

To contact the reporter on this story: Wendy Soong in New York at csoong@bloomberg.net

To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net

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