Arbitrage Profit in U.S. Takeovers Pending on Dec. 8

Dec. 8 (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
================================================================================
LTXC US  VRGY US   12.62    7.27    5.35   73.65     1,455,591   Stk    06/30/11
FCEC US  TOBC US   10.55    6.25    4.30   68.88           200   Stk         n/a
DIGA US  PSID US    0.60    0.39    0.22   55.84       177,983   Stk         n/a
TRGD US  TARM US    0.49    0.33    0.16   48.48        13,900   Stk    12/31/10
TLCR US  GRF SM    27.75   22.22    5.53   24.89       302,274   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        17,175  Cash         n/a
FSIN US  Multiple  11.50    9.37    2.13   22.73       112,608  Cash         n/a
FOFC US  CHMG US    7.83    6.90    0.93   13.54           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
PLA US   N/A        5.50    4.93    0.57   11.56       112,537  Cash         n/a
XCO US   N/A       20.50   18.50    2.00   10.81     3,358,006  Cash         n/a
CFWH US  Private    0.60    0.55    0.05    8.70        40,000  Cash    12/31/10
MROE US  ONB US    14.00   13.11    0.89    6.78        29,556   Stk    03/31/11
HYC US   PAY US     9.29    8.72    0.57    6.48       562,663   Stk    06/30/11
PNNW US  270436Z U 29.00   27.44    1.56    5.69        14,250  Cash         n/a
PVG US   PVR US    28.14   26.79    1.35    5.02       246,871   Stk         n/a
YOCM US  BN FP     39.82   38.00    1.82    4.79           400  Cash    12/28/10
ADAM US  EBIX US    6.99    6.71    0.28    4.22       150,325   Stk    01/31/11
AAI US   LUV US     7.75    7.45    0.30    4.03     2,757,598   C&S    06/30/11
LGF US   IEP US     7.50    7.23    0.27    3.73       257,218  Cash    12/10/10
GAS US   AGL US    50.52   48.79    1.73    3.55           100   C&S    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BUCY US  CAT US    92.00   89.16    2.84    3.19     2,630,662  Cash    06/30/11
MCCC US  N/A        8.75    8.48    0.27    3.18       613,569  Cash    06/30/11
ACBP US  GABC US   14.84   14.45    0.39    2.70         1,100   C&S         n/a
NAL US   FNFG US   14.28   13.92    0.36    2.57     1,162,880   C/S    06/30/11
NOVL US  Multiple   6.10    5.95    0.15    2.52         7,190  Cash    03/31/11
MFE US   INTC US   48.00   46.83    1.17    2.50     1,287,918  Cash         n/a
AYE US   FE US     23.72   23.16    0.56    2.41     1,873,392   Stk    04/30/11
VCGH US  Private    2.25    2.20    0.05    2.27        30,550  Cash    03/31/11
CADE US  Private    2.50    2.45    0.05    2.04        14,869  Cash    03/31/11
PRPX US  FSTR US   11.80   11.58    0.22    1.90        41,247  Cash    12/15/10
WL US    MTB US     4.08    4.01    0.07    1.81       964,689   Stk    06/30/11
ITCD US  ELNK US    3.00    2.95    0.05    1.69        51,870  Cash    03/31/11
OCNW US  CALX US    8.28    8.15    0.13    1.59        76,011   C&S    03/31/11
ROME US  BHLB US   11.66   11.49    0.17    1.52        18,647   C/S    03/31/11
Q US     CTL US     7.28    7.17    0.11    1.51    36,951,921   Stk    06/30/11
DLM US   Multiple  19.00   18.74    0.26    1.39     8,262,297  Cash    03/31/11
ID US    SAF FP    12.00   11.85    0.15    1.27       514,382  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BJGP US  SAN FP    10.00    9.88    0.12    1.21       143,109  Cash         n/a
LDSH US  ATI US    48.29   47.72    0.57    1.19       226,162   C&S         n/a
MIGP US  UFCS US   28.25   27.95    0.30    1.07        21,763  Cash    03/31/11
CPII US  Private   19.50   19.30    0.20    1.04        54,306  Cash         n/a
CTV US   Private   31.50   31.25    0.25    0.80     5,767,552  Cash    03/31/11
SVR US   Private   31.00   30.79    0.21    0.68     1,352,563  Cash    03/31/11
TTES US  RBN US    38.03   37.79    0.24    0.64       149,913   C&S         n/a
MAM US   EMA CN    45.00   44.72    0.28    0.62         2,954  Cash         n/a
ACV US   UNA NA    37.50   37.28    0.22    0.59     1,278,020  Cash         n/a
NUHC US  ARW US     7.00    6.96    0.04    0.57       654,310  Cash    12/31/10
NCOC US  Private    1.00    1.00    0.00    0.49        10,315  Cash    12/15/10
FFHS US  CHEV US   14.50   14.43    0.07    0.49           150  Cash    03/31/11
FMR US   FFH CN    16.50   16.43    0.07    0.43        74,924  Cash    03/31/11
KG US    PFE US    14.25   14.19    0.06    0.42     1,661,557  Cash    12/17/10
CLRT US  GE US      5.00    4.98    0.02    0.40       408,218  Cash    12/16/10
CFS US   Private    2.50    2.49    0.01    0.40        37,920  Cash    12/31/10
ROAC US  Private    5.25    5.23    0.02    0.38           229  Cash         n/a
================================================================================
                   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        21,900  Cash         n/a
ARTG US  ORCL US    6.00    5.98    0.02    0.33        10,125  Cash         n/a
BEZ US   ABBN VX   63.50   63.30    0.20    0.32     4,722,298  Cash    01/10/11
NHWK US  Private    6.50    6.48    0.02    0.31        62,225  Cash    03/31/11
ACTI US  ASSAB SS   3.25    3.24    0.01    0.31       310,124  Cash    12/31/10
TEAM US  Private    8.35    8.33    0.02    0.24        45,653  Cash    12/10/10
DINE US  Private   13.75   13.72    0.03    0.22       134,021  Cash    12/13/10
ADCT US  TEL US    12.75   12.73    0.02    0.16       988,652  Cash    12/08/10
ACLI US  Private   33.00   32.95    0.05    0.15       327,244  Cash    12/31/10
RSCR US  OCX CN    13.25   13.23    0.02    0.15        91,529  Cash         n/a
CCBP US  FNB US    42.30   42.24    0.06    0.14         1,000   C&S    12/31/10
ISLN US  EMC US    33.85   33.81    0.04    0.13     1,303,340  Cash    12/17/10
PZZ US   Private    8.50    8.49    0.01    0.12        12,490  Cash         n/a
CLU US   CLW US    12.00   11.99    0.01    0.08        18,113  Cash    12/31/10
AEZ US   HES US    10.36   10.35    0.01    0.08       409,217   Stk    12/31/10
INET US  6902Z US  13.35   13.34    0.01    0.07       101,773  Cash    12/31/10
ARG US   APD US    65.50   65.50    0.00    0.00     2,136,826  Cash    12/17/10
================================================================================
   

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

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