Watch Live

Tweet TWEET

Arbitrage Profit in U.S. Takeovers Pending on Dec. 7

Dec. 7 (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
================================================================================
LTXC US  VRGY US   12.43    7.40    5.03   68.00           917   Stk    06/30/11
FCEC US  TOBC US   10.45    6.30    4.15   65.88        40,115   Stk         n/a
TRGD US  TARM US    0.48    0.32    0.16   51.56       141,590   Stk    12/31/10
DIGA US  PSID US    0.60    0.40    0.20   50.00        69,229   Stk         n/a
TLCR US  GRF SM    27.76   22.22    5.54   24.92       908,729   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
WPCS US  Private    3.50    2.83    0.67   23.67        22,150  Cash         n/a
FSIN US  Multiple  11.50    9.47    2.03   21.44       218,601  Cash         n/a
FOFC US  CHMG US    7.90    6.90    1.00   14.51           123   C/S    03/31/11
FMMH US  BH US     29.00   25.75    3.25   12.62           600  Cash         n/a
MNBZ US  Private    9.09    8.10    0.99   12.22           500  Cash    03/31/11
GAS US   AGL US    52.32   46.76    5.56   11.90        71,281   C&S    06/30/11
XCO US   N/A       20.50   18.55    1.95   10.51       785,295  Cash         n/a
PLA US   N/A        5.50    5.01    0.49    9.78       105,467  Cash         n/a
CFWH US  Private    0.60    0.55    0.05    8.70        17,650  Cash    12/31/10
YOCM US  BN FP     39.82   37.12    2.70    7.27           550  Cash    12/28/10
HYC US   PAY US     9.16    8.58    0.58    6.77     1,905,655   Stk    06/30/11
MROE US  ONB US    13.99   13.11    0.88    6.69        38,954   Stk    03/31/11
PVG US   PVR US    28.42   26.81    1.61    6.01       164,911   Stk         n/a
PNNW US  270436Z U 29.00   27.45    1.55    5.65        22,666  Cash         n/a
ADAM US  EBIX US    7.04    6.68    0.36    5.39       252,389   Stk    01/31/11
VCGH US  Private    2.25    2.16    0.09    4.17        81,450  Cash    03/31/11
AAI US   LUV US     7.75    7.45    0.30    4.03     1,522,583   C&S    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
LGF US   IEP US     7.50    7.25    0.25    3.45       389,573  Cash    12/10/10
MCCC US  N/A        8.75    8.48    0.27    3.18       304,276  Cash    06/30/11
BUCY US  CAT US    92.00   89.31    2.69    3.01           200  Cash    06/30/11
NAL US   FNFG US   14.27   13.92    0.35    2.49       349,578   C/S    06/30/11
NOVL US  Multiple   6.10    5.96    0.14    2.35           300  Cash    03/31/11
WL US    MTB US     4.09    4.00    0.09    2.28     4,218,239   Stk    06/30/11
MFE US   INTC US   48.00   46.93    1.07    2.28           100  Cash         n/a
AYE US   FE US     23.65   23.15    0.50    2.14     1,495,907   Stk    04/30/11
PRPX US  FSTR US   11.80   11.56    0.24    2.08        53,872  Cash    12/15/10
OCNW US  CALX US    8.36    8.22    0.14    1.72        98,305   C&S    03/31/11
CADE US  Private    2.50    2.46    0.04    1.63        11,199  Cash    03/31/11
FFHS US  CHEV US   14.50   14.28    0.22    1.54           200  Cash    03/31/11
Q US     CTL US     7.29    7.18    0.11    1.53         5,200   Stk    06/30/11
DLM US   Multiple  19.00   18.73    0.27    1.44    11,872,492  Cash    03/31/11
LDSH US  ATI US    48.64   48.00    0.64    1.33       109,504   C&S         n/a
BJGP US  SAN FP    10.00    9.87    0.13    1.32       127,926  Cash         n/a
ID US    SAF FP    12.00   11.85    0.15    1.27       499,501  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ROAC US  Private    5.25    5.19    0.06    1.16         2,098  Cash         n/a
MIGP US  UFCS US   28.25   27.93    0.32    1.15        12,863  Cash    03/31/11
CPII US  Private   19.50   19.28    0.22    1.14        61,605  Cash         n/a
ITCD US  ELNK US    3.00    2.97    0.03    1.01        21,516  Cash    03/31/11
ROME US  BHLB US   11.51   11.40    0.11    0.93        14,105   C/S    03/31/11
CTV US   Private   31.50   31.22    0.28    0.90         1,094  Cash    03/31/11
CFS US   Private    2.50    2.48    0.02    0.81         8,500  Cash    12/31/10
SVR US   Private   31.00   30.79    0.21    0.68       425,904  Cash    03/31/11
NCOC US  Private    1.00    0.99    0.01    0.66        28,225  Cash    12/15/10
CCBP US  FNB US    42.30   42.03    0.27    0.64         2,464   C&S    12/31/10
MAM US   EMA CN    45.00   44.72    0.28    0.62         2,954  Cash         n/a
NHWK US  Private    6.50    6.46    0.04    0.62        62,942  Cash    03/31/11
FMR US   FFH CN    16.50   16.40    0.10    0.61        34,538  Cash    03/31/11
TTES US  RBN US    37.67   37.44    0.23    0.61        86,471   C&S         n/a
ARG US   APD US    65.50   65.11    0.39    0.60           400  Cash    12/17/10
GIW US   CBU US     9.50    9.45    0.05    0.53        24,553   C&S         n/a
ACV US   UNA NA    37.50   37.32    0.18    0.48     1,043,403  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NUHC US  ARW US     7.00    6.97    0.03    0.43        10,998  Cash    12/31/10
CGC US   GAM CN     4.88    4.86    0.02    0.42       801,434   C&S    12/31/10
BEZ US   ABBN VX   63.50   63.26    0.24    0.38     4,610,563  Cash    03/31/11
HBE US   KTOS US    8.20    8.17    0.03    0.37        40,397  Cash         n/a
PZZ US   Private    8.50    8.47    0.03    0.35        11,827  Cash         n/a
ARTG US  ORCL US    6.00    5.98    0.02    0.33     2,506,600  Cash         n/a
ACTI US  ASSAB SS   3.25    3.24    0.01    0.31        58,401  Cash    12/31/10
KG US    PFE US    14.25   14.21    0.04    0.28     1,306,724  Cash    12/17/10
ACLI US  Private   33.00   32.93    0.07    0.21       120,054  Cash    12/31/10
CLRT US  GE US      5.00    4.99    0.01    0.20         5,000  Cash    12/16/10
ACBP US  GABC US   14.48   14.45    0.03    0.19         2,600   C&S         n/a
ADCT US  TEL US    12.75   12.73    0.02    0.16       461,164  Cash    12/08/10
TEAM US  Private    8.35    8.34    0.01    0.12         4,378  Cash    12/10/10
AEZ US   HES US    10.16   10.15    0.01    0.10       347,431   Stk    12/31/10
ISLN US  EMC US    33.85   33.82    0.03    0.09           400  Cash    12/17/10
CLU US   CLW US    12.00   11.99    0.01    0.08        19,606  Cash    12/31/10
INET US  6902Z US  13.35   13.34    0.01    0.07       134,933  Cash    12/31/10
================================================================================
   

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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.