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

Jan. 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   12.62    8.64    3.98   46.11     1,409,767   Stk    06/30/11
DIGA US  PSID US    0.60    0.42    0.18   42.86        46,245   Stk         n/a
TRGD US  TARM US    0.60    0.43    0.17   39.53        82,725   Stk    12/31/10
WPCS US  Private    3.50    2.74    0.76   27.74        38,600  Cash         n/a
CFHZ US  UBSI US   21.85   18.00    3.85   21.41         1,815   Stk    09/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MEE US   ANR US    69.33   57.23   12.10   21.14     1,875,687   C&S         n/a
TLCR US  GRF SM    28.95   24.21    4.74   19.59     1,837,940   C&S         n/a
FSIN US  Multiple  11.50    9.72    1.78   18.31       363,077  Cash         n/a
VRGY US  6857 JP   15.00   13.15    1.85   14.07       939,406  Cash         n/a
CGC US   TMM CN     5.38    4.73    0.65   13.71       449,855   Stk         n/a
MNBZ US  Private    9.09    8.04    1.05   13.06           260  Cash    03/31/11
ARG US   APD US    70.00   62.38    7.62   12.22     1,020,450  Cash    02/04/11
FOFC US  CHMG US    8.03    7.25    0.78   10.83           500   C/S    03/31/11
NPBP US  NWFL US   19.10   17.25    1.85   10.74           400   C/S    06/30/11
FMMH US  BH US     31.00   28.00    3.00   10.71         1,000  Cash         n/a
FRA CN   DM CN      0.93    0.84    0.09   10.58        81,250   C/S         n/a
CNXT US  SMSC US    2.16    2.05    0.11    5.21         2,488   C&S    06/30/11
NGAS US  MHR US     0.58    0.56    0.03    5.18       998,042   Stk    03/31/11
TRCI US  CCIX US    5.50    5.24    0.26    4.96        13,299  Cash         n/a
MI US    BMO CN     7.28    6.99    0.29    4.20    25,538,580   Stk    07/31/11
PVG US   PVR US    27.19   26.11    1.08    4.12           840   Stk         n/a
PGN US   DUK US    46.92   45.34    1.58    3.49     1,480,904   Stk    12/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
PNNW US  270436Z U 29.00   28.03    0.97    3.46        20,585  Cash         n/a
HYC US   PAY US     9.20    8.89    0.31    3.46       418,147   Stk    06/30/11
CDELB US CMLS US   31.00   30.05    0.95    3.16        80,000   C/S         n/a
ACL US   NOVN VX   168.00  162.95   5.05    3.10     1,687,920   Stk    06/30/11
GAS US   AGL US    51.45   49.93    1.52    3.05       521,709   C&S    06/30/11
CLFC US  NARA US    7.45    7.24    0.21    2.94       235,349   Stk    12/31/11
AAI US   LUV US     7.58    7.37    0.21    2.84     4,152,207   C&S    06/30/11
WTNY US  HBHC US   13.73   13.35    0.38    2.82       906,841   Stk    06/30/11
RAE US   Private    1.75    1.71    0.04    2.34        36,646  Cash    06/30/11
UPFC US  Multiple   7.05    6.92    0.13    1.88        61,354  Cash    03/31/11
XCO US   N/A       20.50   20.13    0.37    1.84     7,599,274  Cash         n/a
LEGC US  BHLB US   13.26   13.03    0.23    1.80         2,835   C&S    06/30/11
DNBK US  PBCT US   21.93   21.56    0.37    1.70       229,353   C/S    06/30/11
NOVL US  Multiple   6.10    6.00    0.10    1.67     2,769,360  Cash    03/31/11
Q US     CTL US     7.16    7.05    0.11    1.54           100   Stk    06/30/11
MCCC US  N/A        8.75    8.62    0.13    1.51       263,566  Cash    06/30/11
WL US    MTB US     4.44    4.37    0.07    1.51     1,005,991   Stk    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ABBC US  SUSQ US   12.63   12.45    0.18    1.47       378,207   Stk    09/30/11
BUCY US  CAT US    92.00   90.68    1.32    1.46     1,495,259  Cash    06/30/11
NAL US   FNFG US   15.22   15.01    0.21    1.43       667,324   C/S    06/30/11
VCGH US  Private    2.25    2.22    0.03    1.35        22,367  Cash    03/31/11
CPEX US  FTAR US   27.25   26.89    0.36    1.34        13,100  Cash    06/30/11
SBIB US  CMA US     8.98    8.87    0.11    1.29     1,376,239   Stk    06/30/11
ADAM US  EBIX US    7.03    6.94    0.09    1.26        32,698   Stk    01/31/11
JAS US   Private   61.00   60.28    0.72    1.19       593,265  Cash    06/30/11
AYE US   FE US     25.86   25.59    0.27    1.05     1,589,750   Stk    04/30/11
OCNW US  CALX US    8.46    8.37    0.09    1.05        57,440   C&S    03/31/11
MCFI US  AMNB US    6.82    6.75    0.07    1.05         2,300   Stk    06/30/11
ATHR US  QCOM US   45.00   44.54    0.46    1.03         2,500  Cash    06/30/11
SSCC US  RKT US    37.74   37.37    0.37    1.00     4,926,626   C&S    06/30/11
ACV US   UNA NA    37.50   37.17    0.33    0.89       786,287  Cash         n/a
NOVA US  Private   13.25   13.14    0.11    0.88        40,210  Cash         n/a
ID US    SAF FP    12.00   11.92    0.08    0.67       586,065  Cash    03/31/11
MIGP US  UFCS US   28.25   28.08    0.17    0.61        21,450  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
LDSH US  ATI US    53.01   52.72    0.29    0.55       126,248   C&S         n/a
BJGP US  SAN FP    10.00    9.95    0.05    0.50     1,968,455  Cash         n/a
DLM US   Multiple  19.00   18.91    0.09    0.48     4,217,944  Cash    03/31/11
CPII US  Private   19.50   19.41    0.09    0.46        55,942  Cash         n/a
DDMX US  TFI CN    25.00   24.89    0.11    0.44        43,938  Cash    03/31/11
DNEX US  TMO US    118.50  118.01   0.49    0.42       103,199  Cash    02/16/11
TMRK US  VZ US     19.00   18.92    0.08    0.42    37,346,460  Cash    03/31/11
CADE US  Private    2.50    2.49    0.01    0.40           300  Cash    03/31/11
FFHS US  CHEV US   14.50   14.45    0.05    0.35         3,334  Cash    03/31/11
ASRG US  Private    2.87    2.86    0.01    0.35        30,697  Cash    03/31/11
SNIC US  ROVI US   14.53   14.48    0.05    0.34     2,416,244   C/S    02/11/11
ROME US  BHLB US   11.78   11.74    0.04    0.34           789   C/S    03/31/11
CGC US   GAM CN     4.76    4.74    0.02    0.34       449,855   C&S         n/a
PLA US   Private    6.15    6.13    0.02    0.33       438,335  Cash         n/a
FMR US   FFH CN    16.50   16.45    0.05    0.30        39,957  Cash    03/31/11
MATK US  DSM NA    31.50   31.41    0.09    0.29       774,923  Cash    02/18/11
MFE US   INTC US   48.00   47.87    0.13    0.27     2,705,050  Cash         n/a
================================================================================
   

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

Bloomberg reserves the right to edit or 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.