Arbitrage Profit in U.S. Takeovers Pending on Dec. 6
By Wendy Soong -
2010-12-06T13:29:27Z
Dec. 6 (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 10.46 6.29 4.17 66.22 31,655 Stk n/a
TRGD US TARM US 0.48 0.31 0.17 54.84 135,630 Stk 12/31/10
DIGA US PSID US 0.60 0.40 0.20 50.00 55,899 Stk n/a
WPCS US Private 3.50 2.85 0.65 22.81 16,700 Cash n/a
TLCR US GRF SM 27.60 22.51 5.09 22.62 2,106,414 C&S 12/31/10
================================================================================
Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
================================================================================
FSIN US Multiple 11.50 9.54 1.96 20.55 253,108 Cash n/a
FOFC US CHMG US 7.90 6.90 1.00 14.51 123 C/S 03/31/11
PLA US N/A 5.50 4.88 0.62 12.70 84,961 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 2,158 Cash n/a
XCO US N/A 20.50 18.47 2.03 10.99 2,279,377 Cash n/a
MROE US ONB US 14.09 12.96 1.13 8.71 36,887 Stk 03/31/11
CFWH US Private 0.60 0.55 0.05 8.60 31,500 Cash 12/31/10
YOCM US BN FP 39.82 37.25 2.57 6.90 2,250 Cash 12/28/10
HYC US PAY US 9.17 8.60 0.57 6.63 2,548,896 Stk 06/30/11
PVG US PVR US 27.96 26.47 1.49 5.63 209,853 Stk n/a
PNNW US 270436Z U 29.00 27.55 1.45 5.26 4,798 Cash n/a
ADAM US EBIX US 6.81 6.55 0.26 3.96 94,725 Stk 01/31/11
AAI US LUV US 7.75 7.46 0.29 3.89 880,464 C&S 06/30/11
LTXC US VRGY US 8.77 8.45 0.32 3.84 7,700 Stk 06/30/11
BUCY US CAT US 92.00 89.25 2.75 3.08 3,461,818 Cash 06/30/11
MCCC US N/A 8.75 8.50 0.25 2.94 646,257 Cash 06/30/11
================================================================================
Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
================================================================================
NOVL US Multiple 6.10 5.94 0.16 2.69 114,914 Cash 03/31/11
ACBP US GABC US 14.80 14.45 0.35 2.45 2,600 C&S n/a
NAL US FNFG US 14.28 13.95 0.33 2.35 200 C/S 06/30/11
MFE US INTC US 48.00 46.91 1.09 2.32 1,230,161 Cash n/a
VCGH US Private 2.25 2.20 0.05 2.27 21,984 Cash 03/31/11
AYE US FE US 23.77 23.24 0.53 2.26 2,056,407 Stk 04/30/11
GIW US CBU US 9.50 9.31 0.19 2.04 12,599 C&S n/a
OCNW US CALX US 8.29 8.13 0.16 1.95 239,172 C&S 03/31/11
LGF US IEP US 7.50 7.36 0.14 1.90 69,844 Cash 12/10/10
PRPX US FSTR US 11.80 11.58 0.22 1.90 4,274 Cash 12/15/10
WL US MTB US 4.15 4.08 0.07 1.81 909,230 Stk 06/30/11
FFHS US CHEV US 14.50 14.27 0.23 1.61 2,709 Cash 03/31/11
Q US CTL US 7.23 7.12 0.11 1.50 300 Stk 06/30/11
BJGP US SAN FP 10.00 9.86 0.14 1.42 492,587 Cash n/a
DLM US Multiple 19.00 18.74 0.26 1.39 15,674,467 Cash 03/31/11
ID US SAF FP 12.00 11.84 0.16 1.35 325,586 Cash 03/31/11
LDSH US ATI US 48.77 48.17 0.60 1.24 119,677 C&S n/a
================================================================================
Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
================================================================================
CADE US Private 2.50 2.47 0.03 1.21 16,196 Cash 03/31/11
ROME US BHLB US 11.50 11.37 0.13 1.13 1,500 C/S 03/31/11
MIGP US UFCS US 28.25 27.94 0.31 1.11 29,531 Cash 03/31/11
CPII US Private 19.50 19.30 0.20 1.04 86,396 Cash n/a
ITCD US ELNK US 3.00 2.97 0.03 1.01 100 Cash 03/31/11
SVR US Private 31.00 30.74 0.26 0.85 799,062 Cash 03/31/11
CFS US Private 2.50 2.48 0.02 0.81 24,148 Cash 12/31/10
MAM US EMA CN 45.00 44.65 0.35 0.78 3,392 Cash n/a
CCBP US FNB US 42.16 41.88 0.28 0.67 4,500 C&S 12/31/10
TESS US Private 15.50 15.40 0.10 0.65 4,701 Cash n/a
NHWK US Private 6.50 6.46 0.04 0.62 52,874 Cash 03/31/11
ACV US UNA NA 37.50 37.28 0.22 0.59 922,881 Cash n/a
FMR US FFH CN 16.50 16.41 0.09 0.55 64,759 Cash 03/31/11
NUHC US ARW US 7.00 6.97 0.03 0.43 95,350 Cash 12/31/10
TTES US RBN US 37.42 37.26 0.16 0.42 87,102 C&S n/a
ROAC US Private 5.25 5.23 0.02 0.38 2,100 Cash n/a
BEZ US ABBN VX 63.50 63.26 0.24 0.38 3,996,380 Cash 03/31/11
================================================================================
Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
================================================================================
HBE US KTOS US 8.20 8.17 0.03 0.37 39,059 Cash n/a
ARTG US ORCL US 6.00 5.98 0.02 0.33 6,100 Cash n/a
ACTI US ASSAB SS 3.25 3.24 0.01 0.31 21,575 Cash 12/31/10
KG US PFE US 14.25 14.21 0.04 0.28 1,000 Cash 12/17/10
ISLN US EMC US 33.85 33.76 0.09 0.27 2,929,124 Cash 12/17/10
CGC US GAM CN 4.82 4.81 0.01 0.22 300 C&S 12/31/10
ACLI US Private 33.00 32.93 0.07 0.21 58,050 Cash 12/31/10
CLRT US GE US 5.00 4.99 0.01 0.20 2,000 Cash 12/16/10
CLU US CLW US 12.00 11.98 0.02 0.17 19,165 Cash 12/31/10
INET US 6902Z US 13.35 13.33 0.02 0.15 55,294 Cash 12/31/10
TEAM US Private 8.35 8.34 0.01 0.12 32,725 Cash 12/10/10
AEZ US HES US 10.20 10.19 0.01 0.11 260,070 Stk 12/31/10
KEI US DHR US 21.60 21.58 0.02 0.09 88,514 Cash 12/31/10
ADCT US TEL US 12.75 12.74 0.01 0.08 278,688 Cash 12/08/10
DINE US Private 13.75 13.74 0.01 0.07 22,707 Cash 12/07/10
NCOC US Private 1.00 1.00 0.00 0.05 12,904 Cash 12/15/10
RSCR US OCX CN 13.25 13.25 0.00 0.00 60,548 Cash n/a
================================================================================
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
Sponsored Link
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.