Arbitrage Profit in U.S. Takeovers Pending on Dec. 31

Dec. 31 (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   12.72    7.38    5.34   72.36       945,687   Stk    06/30/11
DIGA US  PSID US    0.60    0.36    0.24   66.67       178,176   Stk         n/a
TRGD US  TARM US    0.56    0.35    0.21   60.00        10,482   Stk    12/31/10
WPCS US  Private    3.50    2.66    0.84   31.58        33,880  Cash         n/a
FSIN US  Multiple  11.50    8.95    2.55   28.49       187,463  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TLCR US  GRF SM    27.84   23.25    4.59   19.76       257,054   C&S         n/a
CGC US   TMM CN     5.97    5.00    0.97   19.37       107,627   Stk         n/a
FMMH US  BH US     31.00   26.00    5.00   19.23         1,324  Cash         n/a
MNBZ US  Private    9.09    7.70    1.39   18.05           724  Cash    03/31/11
ACBP US  GABC US   15.32   13.30    2.02   15.17           126   C&S         n/a
VRGY US  6857 JP   15.00   13.25    1.75   13.21     1,050,340  Cash         n/a
ARG US   APD US    70.00   62.60    7.40   11.82       666,794  Cash    01/14/11
MCFI US  AMNB US    7.79    7.00    0.79   11.30         2,000   Stk    06/30/11
FOFC US  CHMG US    7.90    7.12    0.78   10.97           551   C/S    03/31/11
NGAS US  MHR US     0.64    0.58    0.06   10.47     2,655,380   Stk    03/31/11
FRA CN   DM CN      0.93    0.85    0.08    9.09       532,953   C/S         n/a
CFWH US  Private    0.60    0.56    0.04    8.09        14,000  Cash    12/31/10
NPBP US  NWFL US   18.73   17.35    1.38    7.93         1,450   C/S    06/30/11
PNNW US  270436Z U 29.00   27.28    1.72    6.30        24,860  Cash         n/a
LEGC US  BHLB US   13.53   12.75    0.78    6.12       109,290   C&S    06/30/11
PVG US   PVR US    27.64   26.08    1.56    5.97       210,575   Stk         n/a
HYC US   PAY US     8.93    8.43    0.50    5.94       274,371   Stk    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
XCO US   N/A       20.50   19.36    1.14    5.89       353,050  Cash         n/a
MROE US  ONB US    15.07   14.30    0.77    5.39       115,215   Stk    03/31/11
MI US    BMO CN     7.21    6.87    0.34    4.89           400   Stk    07/31/11
AAI US   LUV US     7.75    7.39    0.36    4.87     1,721,809   C&S    06/30/11
PLA US   N/A        5.50    5.25    0.25    4.76       153,583  Cash         n/a
ADAM US  EBIX US    7.47    7.18    0.29    4.10        93,106   Stk    01/31/11
MFE US   INTC US   48.00   46.35    1.65    3.56       632,625  Cash         n/a
MCCC US  N/A        8.75    8.46    0.29    3.43       234,276  Cash    06/30/11
VCGH US  Private    2.25    2.18    0.07    3.21       182,095  Cash    03/31/11
WTNY US  HBHC US   14.62   14.18    0.44    3.11     1,459,880   Stk    06/30/11
CPD US   SUNP IN    4.75    4.61    0.14    3.04        28,879  Cash         n/a
BUCY US  CAT US    92.00   89.40    2.60    2.91     1,515,172  Cash    06/30/11
CDELB US CMLS US   31.00   30.13    0.88    2.90        53,950   C/S         n/a
GAS US   AGL US    51.53   50.08    1.45    2.89       154,383   C&S    06/30/11
ACL US   NOVN VX   168.00  163.56   4.44    2.71     1,257,100   Stk    06/30/11
NOVL US  Multiple   6.10    5.94    0.16    2.69     8,558,751  Cash    03/31/11
ASRG US  Private    2.87    2.80    0.07    2.50        38,100  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CLFC US  NARA US    7.69    7.52    0.17    2.32       119,081   Stk    12/31/11
UPFC US  Multiple   7.05    6.90    0.15    2.17        13,799  Cash    03/31/11
AYE US   FE US     24.85   24.39    0.46    1.87       764,650   Stk    04/30/11
NAL US   FNFG US   15.40   15.16    0.24    1.61       543,945   C/S    06/30/11
ROME US  BHLB US   11.97   11.79    0.18    1.49         1,946   C/S    03/31/11
FFHS US  CHEV US   14.50   14.30    0.20    1.40           700  Cash    03/31/11
JAS US   Private   61.00   60.18    0.82    1.36       417,815  Cash    06/30/11
OCNW US  CALX US    8.82    8.71    0.11    1.24        24,787   C&S    03/31/11
DLM US   Multiple  19.00   18.77    0.23    1.23     2,101,554  Cash    03/31/11
KG US    PFE US    14.25   14.08    0.17    1.21     3,122,182  Cash    01/21/11
CADE US  Private    2.50    2.47    0.03    1.21        13,800  Cash    03/31/11
ACV US   UNA NA    37.50   37.07    0.43    1.16       417,852  Cash         n/a
WL US    MTB US     4.44    4.39    0.05    1.14       655,604   Stk    06/30/11
LDSH US  ATI US    49.42   48.93    0.49    1.01       170,412   C&S         n/a
DDMX US  TFI CN    25.00   24.76    0.24    0.97        47,600  Cash    03/31/11
Q US     CTL US     7.71    7.64    0.07    0.97     5,711,959   Stk    06/30/11
MIGP US  UFCS US   28.25   27.99    0.26    0.93        16,709  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BJGP US  SAN FP    10.00    9.91    0.09    0.91       198,670  Cash         n/a
CPII US  Private   19.50   19.33    0.17    0.88        27,542  Cash         n/a
JCG US   Multiple  43.50   43.13    0.37    0.86       540,673  Cash         n/a
CTV US   Private   31.50   31.23    0.27    0.86     1,910,625  Cash    03/31/11
IFLG US  SWK US     4.75    4.71    0.04    0.85         9,110  Cash    03/31/11
ID US    SAF FP    12.00   11.90    0.10    0.84       718,749  Cash    03/31/11
BEZ US   ABBN VX   63.50   63.09    0.41    0.65       755,008  Cash    01/10/11
MATK US  DSM NA    31.50   31.30    0.20    0.64     1,365,151  Cash         n/a
FMR US   FFH CN    16.50   16.40    0.10    0.61        18,271  Cash    03/31/11
CML US   DELL US   27.75   27.59    0.16    0.58       274,040  Cash         n/a
SVR US   Private   31.00   30.85    0.15    0.49       877,697  Cash    03/31/11
FMST US  UNS CN    21.00   20.90    0.10    0.48         2,300  Cash    01/10/11
DNEX US  TMO US    118.50  118.00   0.50    0.42        76,301  Cash    01/19/11
ROAC US  Private    5.25    5.23    0.02    0.38         8,925  Cash         n/a
TTES US  RBN US    39.91   39.79    0.12    0.30        51,316   C&S         n/a
APSG US  RTN US    38.00   37.89    0.11    0.29       339,759  Cash    01/28/11
NUHC US  ARW US     7.00    6.98    0.02    0.29       176,942  Cash    12/31/10
================================================================================
   

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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