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Arbitrage Profit in U.S. Takeovers Pending on Dec. 3

Dec. 3 (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
================================================================================
FCEC US  TOBC US   10.47    6.29    4.18   66.51         9,025   Stk         n/a
DIGA US  PSID US    0.60    0.39    0.21   53.85        74,325   Stk         n/a
TLCR US  GRF SM    27.46   21.64    5.82   26.88     1,393,777   C&S    12/31/10
FSIN US  Multiple  11.50    9.23    2.27   24.59       291,957  Cash         n/a
WPCS US  Private    3.50    2.82    0.68   24.11        26,350  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TRGD US  TARM US    0.41    0.35    0.07   19.42       154,525   Stk    12/31/10
FOFC US  CHMG US    7.90    6.90    1.00   14.51           123   C/S    03/31/11
PLA US   N/A        5.50    4.81    0.69   14.35       155,424  Cash         n/a
MNBZ US  Private    9.09    8.10    0.99   12.22           500  Cash    03/31/11
FMMH US  BH US     29.00   25.85    3.15   12.19        10,100  Cash         n/a
XCO US   N/A       20.50   18.54    1.96   10.57     1,079,439  Cash         n/a
CFWH US  Private    0.60    0.55    0.05    9.59        10,000  Cash    12/31/10
MROE US  ONB US    13.82   12.69    1.13    8.87        29,799   Stk    03/31/11
YOCM US  BN FP     39.82   37.25    2.57    6.90         1,170  Cash    12/28/10
HYC US   PAY US     8.45    7.92    0.53    6.75           130   Stk    06/30/11
PNNW US  270436Z U 29.00   27.50    1.50    5.45        20,646  Cash         n/a
PVG US   PVR US    27.32   26.18    1.14    4.36       468,688   Stk         n/a
LTXC US  VRGY US    8.77    8.42    0.35    4.21       973,397   Stk    06/30/11
AAI US   LUV US     7.75    7.46    0.29    3.89     1,775,815   C&S    06/30/11
ADAM US  EBIX US    6.82    6.59    0.23    3.56       299,967   Stk    01/31/11
Q US     CTL US     7.32    7.08    0.24    3.37           100   Stk    06/30/11
BUCY US  CAT US    92.00   89.04    2.96    3.32     4,501,798  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       139,639  Cash         n/a
ARG US   APD US    65.50   63.71    1.79    2.81     3,185,795  Cash    12/17/10
NAL US   FNFG US   14.29   13.92    0.37    2.64       504,203   C/S    06/30/11
LGF US   IEP US     7.50    7.31    0.19    2.60       240,166  Cash    12/10/10
VCGH US  Private    2.25    2.19    0.06    2.51        14,137  Cash    03/31/11
MFE US   INTC US   48.00   46.89    1.11    2.37     1,084,564  Cash         n/a
NOVL US  Multiple   6.10    5.96    0.14    2.35         8,871  Cash    03/31/11
ACBP US  GABC US   14.77   14.45    0.32    2.25         2,600   C&S         n/a
AYE US   FE US     23.79   23.28    0.51    2.17     2,605,282   Stk    04/30/11
PRPX US  FSTR US   11.80   11.55    0.25    2.16        30,498  Cash    12/15/10
WL US    MTB US     4.14    4.07    0.07    1.78     1,968,276   Stk    06/30/11
OCNW US  CALX US    8.04    7.91    0.13    1.68       209,212   C&S    03/31/11
FFHS US  CHEV US   14.50   14.27    0.23    1.61         2,709  Cash    03/31/11
GIW US   CBU US     9.50    9.36    0.14    1.50         5,980   C&S         n/a
ID US    SAF FP    12.00   11.83    0.17    1.44       447,663  Cash    03/31/11
LDSH US  ATI US    48.83   48.15    0.68    1.40       384,772   C&S         n/a
ITCD US  ELNK US    3.00    2.96    0.04    1.35       316,875  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BJGP US  SAN FP    10.00    9.87    0.13    1.32       167,753  Cash         n/a
DLM US   Multiple  19.00   18.77    0.23    1.23           150  Cash    03/31/11
MIGP US  UFCS US   28.25   27.91    0.34    1.22       139,712  Cash    03/31/11
CADE US  Private    2.50    2.47    0.03    1.21        70,434  Cash    03/31/11
CPII US  Private   19.50   19.29    0.21    1.09       156,317  Cash         n/a
ROME US  BHLB US   11.50   11.38    0.12    1.04         1,700   C/S    03/31/11
SVR US   Private   31.00   30.73    0.27    0.88     3,420,826  Cash    03/31/11
CFS US   Private    2.50    2.48    0.02    0.81        45,259  Cash    12/31/10
TESS US  Private   15.50   15.38    0.12    0.78        19,292  Cash         n/a
FMR US   FFH CN    16.50   16.39    0.11    0.67        32,454  Cash    03/31/11
NCOC US  Private    1.00    0.99    0.01    0.67        22,720  Cash    12/15/10
MAM US   EMA CN    45.00   44.71    0.29    0.65         1,700  Cash         n/a
NHWK US  Private    6.50    6.46    0.04    0.62        90,523  Cash    03/31/11
DPHI IN  BOOT IN  2137.42 2127.15  10.28    0.48           127   Stk         n/a
CSCX US  OPTC IN    2.30    2.29    0.01    0.44        71,806  Cash         n/a
ACV US   UNA NA    37.50   37.34    0.16    0.43       663,604  Cash         n/a
NUHC US  ARW US     7.00    6.97    0.03    0.43       152,649  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AEZ US   HES US    10.20   10.16    0.04    0.39       547,582   Stk    12/31/10
ROAC US  Private    5.25    5.23    0.02    0.38         7,581  Cash         n/a
TTES US  RBN US    37.03   36.91    0.12    0.33        29,434   C&S         n/a
ARTG US  ORCL US    6.00    5.98    0.02    0.33     1,761,898  Cash         n/a
BEZ US   ABBN VX   63.50   63.30    0.20    0.32     4,596,785  Cash    03/31/11
ACLI US  Private   33.00   32.90    0.10    0.30        78,548  Cash    12/31/10
KG US    PFE US    14.25   14.21    0.04    0.28         1,000  Cash    12/17/10
PZZ US   Private    8.50    8.48    0.02    0.24        27,910  Cash         n/a
TEAM US  Private    8.35    8.33    0.02    0.24        14,392  Cash    12/10/10
HBE US   KTOS US    8.20    8.18    0.02    0.24        93,659  Cash         n/a
INET US  6902Z US  13.35   13.32    0.03    0.23        82,945  Cash    12/31/10
CLRT US  GE US      5.00    4.99    0.01    0.20     1,097,665  Cash    12/06/10
ISLN US  EMC US    33.85   33.79    0.06    0.18     1,078,935  Cash    12/17/10
CLU US   CLW US    12.00   11.98    0.02    0.17        19,288  Cash    12/31/10
CCBP US  FNB US    41.92   41.88    0.04    0.09         4,500   C&S    12/31/10
ADCT US  TEL US    12.75   12.74    0.01    0.08       540,051  Cash    12/08/10
DINE US  Private   13.75   13.74    0.01    0.07        20,554  Cash    12/07/10
================================================================================
   

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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