Arbitrage Profit in U.S. Takeovers Pending on Jan. 12

Jan. 12 (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
================================================================================
TRGD US  TARM US    0.61    0.35    0.26   72.86        32,350   Stk    12/31/10
LTXC US  VRGY US   12.46    7.58    4.88   64.36       348,548   Stk    06/30/11
DIGA US  PSID US    0.60    0.43    0.17   39.53        15,587   Stk         n/a
WPCS US  Private    3.50    2.78    0.72   25.90         2,475  Cash         n/a
FSIN US  Multiple  11.50    9.31    2.19   23.52           100  Cash         n/a
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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TLCR US  GRF SM    27.97   23.05    4.92   21.32       407,699   C&S         n/a
MCFI US  AMNB US    7.64    6.50    1.14   17.48         3,052   Stk    06/30/11
MNBZ US  Private    9.09    7.75    1.34   17.29         1,567  Cash    03/31/11
VRGY US  6857 JP   15.00   12.98    2.02   15.58       749,872  Cash         n/a
CGC US   TMM CN     5.58    4.95    0.64   12.87       164,968   Stk         n/a
FMMH US  BH US     31.00   27.58    3.42   12.40           600  Cash         n/a
ARG US   APD US    70.00   63.50    6.50   10.24       490,069  Cash    02/04/11
NPBP US  NWFL US   18.84   17.10    1.74   10.17         2,605   C/S    06/30/11
FOFC US  CHMG US    7.77    7.12    0.65    9.09           544   C/S    03/31/11
NGAS US  MHR US     0.63    0.58    0.05    8.81     2,738,212   Stk    03/31/11
FRA CN   DM CN      0.90    0.83    0.07    8.55       280,742   C/S         n/a
XCO US   N/A       20.50   19.08    1.42    7.44         3,300  Cash         n/a
PNNW US  270436Z U 29.00   27.40    1.60    5.84         8,977  Cash         n/a
MI US    BMO CN     7.44    7.06    0.38    5.38    16,051,458   Stk    07/31/11
PGN US   DUK US    46.08   43.95    2.13    4.86           974   Stk    12/31/11
PVG US   PVR US    27.37   26.12    1.25    4.79       205,595   Stk         n/a
LEGC US  BHLB US   13.95   13.40    0.55    4.08        17,765   C&S    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
HYC US   PAY US     9.86    9.47    0.39    4.07     1,164,564   Stk    06/30/11
CNXT US  SMSC US    2.23    2.15    0.08    3.77           800   C&S    06/30/11
ACL US   NOVN VX   168.00  162.32   5.68    3.50       932,322   Stk    06/30/11
ADAM US  EBIX US    7.88    7.62    0.26    3.45       154,978   Stk    01/31/11
AAI US   LUV US     7.75    7.50    0.25    3.33     2,054,682   C&S    06/30/11
WTNY US  HBHC US   14.04   13.61    0.43    3.19       647,449   Stk    06/30/11
CPD US   SUNP IN    4.75    4.61    0.14    3.04        66,658  Cash         n/a
GAS US   AGL US    51.73   50.28    1.45    2.88       251,418   C&S    06/30/11
NOVL US  Multiple   6.10    5.94    0.16    2.69       150,700  Cash    03/31/11
FSCI US  HNT-U CN  24.42   23.83    0.59    2.46         3,768   Stk         n/a
CLFC US  NARA US    7.51    7.34    0.17    2.28       526,702   Stk    12/31/11
VCGH US  Private    2.25    2.20    0.05    2.27        21,420  Cash    03/31/11
WL US    MTB US     4.45    4.36    0.09    2.18       412,060   Stk    06/30/11
CPEX US  FTAR US   27.25   26.68    0.57    2.14        11,275  Cash    06/30/11
BUCY US  CAT US    92.00   90.11    1.89    2.10       799,744  Cash    06/30/11
UPFC US  Multiple   7.05    6.92    0.13    1.88        17,565  Cash    03/31/11
MCCC US  N/A        8.75    8.59    0.16    1.86       309,680  Cash    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FFHS US  CHEV US   14.50   14.25    0.25    1.75           175  Cash    03/31/11
ROME US  BHLB US   12.26   12.06    0.20    1.65         2,305   C/S    03/31/11
AYE US   FE US     25.39   25.01    0.38    1.53     2,602,137   Stk    04/30/11
Q US     CTL US     7.39    7.28    0.11    1.51           200   Stk    06/30/11
CDELB US CMLS US   31.00   30.55    0.45    1.47        40,200   C/S         n/a
JAS US   Private   61.00   60.14    0.86    1.43     1,280,368  Cash    06/30/11
NAL US   FNFG US   15.35   15.15    0.20    1.30       362,304   C/S    06/30/11
CADE US  Private    2.50    2.47    0.03    1.21        17,293  Cash    03/31/11
ACV US   UNA NA    37.50   37.07    0.43    1.16       288,783  Cash         n/a
MFE US   INTC US   48.00   47.49    0.51    1.07     1,386,805  Cash         n/a
IFLG US  SWK US     4.75    4.70    0.05    1.06        27,055  Cash    03/31/11
ID US    SAF FP    12.00   11.89    0.11    0.93       254,496  Cash    03/31/11
BJGP US  SAN FP    10.00    9.91    0.09    0.91        82,227  Cash         n/a
ATHR US  QCOM US   45.00   44.60    0.40    0.90     5,918,743  Cash    06/30/11
MIGP US  UFCS US   28.25   28.04    0.21    0.75        41,564  Cash    03/31/11
DLM US   Multiple  19.00   18.86    0.14    0.74         5,600  Cash    03/31/11
ASRG US  Private    2.87    2.85    0.02    0.70        10,715  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DDMX US  TFI CN    25.00   24.83    0.17    0.68        37,470  Cash    03/31/11
PLA US   Private    6.15    6.11    0.04    0.65           200  Cash         n/a
KG US    PFE US    14.25   14.16    0.09    0.64     2,325,500  Cash    01/21/11
CPII US  Private   19.50   19.38    0.12    0.62       282,420  Cash         n/a
LDSH US  ATI US    50.71   50.45    0.26    0.52       143,160   C&S         n/a
DNEX US  TMO US    118.50  117.94   0.56    0.47       131,263  Cash    01/19/11
OCNW US  CALX US    8.70    8.66    0.04    0.47        51,035   C&S    03/31/11
CML US   DELL US   27.75   27.65    0.10    0.36       613,569  Cash         n/a
LCRD US  ASSAB SS   6.25    6.23    0.02    0.32       312,101  Cash    01/21/11
APSG US  RTN US    38.00   37.88    0.12    0.32       249,738  Cash    01/28/11
MATK US  DSM NA    31.50   31.42    0.08    0.25       338,549  Cash         n/a
BEZ US   ABBN VX   63.50   63.35    0.15    0.24       494,885  Cash    01/19/11
ROAC US  Private    5.25    5.24    0.01    0.19           950  Cash         n/a
FMR US   FFH CN    16.50   16.47    0.03    0.18        96,509  Cash    03/31/11
CTV US   Private   31.50   31.45    0.05    0.16       970,919  Cash    01/18/11
CYPB US  Multiple   6.50    6.49    0.01    0.15       490,332  Cash         n/a
SVR US   Private   31.00   30.97    0.03    0.10       584,274  Cash    03/31/11
================================================================================
   

SOURCE: Bloomberg

To contact the reporter on this story: Wendy Soong in New York at csoong@bloomberg.net

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