Arbitrage Profit in U.S. Takeovers Pending on Feb. 1

Feb. 1 (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
================================================================================
DIGA US  PSID US    0.60    0.40    0.20   50.00        26,716   Stk         n/a
LTXC US  VRGY US   12.81    8.86    3.94   44.46       319,491   Stk    06/30/11
WPCS US  Private    3.50    2.70    0.80   29.63        13,600  Cash         n/a
CFHZ US  UBSI US   21.65   18.00    3.65   20.26         1,815   Stk    09/30/11
FSIN US  Multiple  11.50    9.64    1.86   19.29       114,089  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TLCR US  GRF SM    28.98   24.50    4.48   18.30       538,522   C&S         n/a
MNBZ US  Private    9.09    8.04    1.05   13.06           260  Cash    03/31/11
VRGY US  6857 JP   15.00   13.34    1.66   12.44       539,235  Cash         n/a
ARG US   APD US    70.00   62.67    7.33   11.70         1,200  Cash    02/04/11
FOFC US  CHMG US    8.03    7.20    0.83   11.60           923   C/S    03/31/11
NPBP US  NWFL US   19.10   17.25    1.85   10.74           378   C/S    06/30/11
FMMH US  BH US     31.00   28.00    3.00   10.71           200  Cash         n/a
FRA CN   DM CN      0.93    0.84    0.09   10.19       306,860   C/S         n/a
CGC US   TMM CN     5.22    4.78    0.44    9.27       328,014   Stk         n/a
PVG US   PVR US    27.46   26.24    1.22    4.65       117,378   Stk         n/a
NGAS US  MHR US     0.60    0.57    0.03    4.51       698,822   Stk    03/31/11
MI US    BMO CN     7.28    6.99    0.29    4.17    10,120,269   Stk    07/31/11
PGN US   DUK US    46.71   44.92    1.79    3.99     1,606,938   Stk    12/31/11
TRCI US  CCIX US    5.50    5.29    0.21    3.97        42,050  Cash         n/a
CLFC US  NARA US    7.62    7.35    0.27    3.63       246,462   Stk    12/31/11
PNNW US  270436Z U 29.00   28.00    1.00    3.57        19,348  Cash         n/a
MEE US   ANR US    65.07   62.86    2.21    3.52         2,961   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ACL US   NOVN VX   168.00  162.86   5.14    3.16     1,362,204   Stk    06/30/11
CDELB US CMLS US   31.00   30.05    0.95    3.16        80,000   C/S         n/a
WTNY US  HBHC US   13.71   13.31    0.40    3.01       768,021   Stk    06/30/11
GAS US   AGL US    51.96   50.47    1.49    2.96       339,582   C&S    06/30/11
CNXT US  SMSC US    2.15    2.09    0.06    2.89     1,613,535   C&S    06/30/11
HYC US   PAY US     9.19    8.94    0.25    2.75       452,021   Stk    06/30/11
AAI US   LUV US     7.55    7.39    0.16    2.22     1,788,973   C&S    06/30/11
LEGC US  BHLB US   13.28   13.00    0.28    2.12        11,967   C&S    06/30/11
DPHI IN  BOOT IN  1815.30 1778.00  37.30    2.10             3   Stk         n/a
XCO US   N/A       20.50   20.08    0.42    2.09     2,356,265  Cash         n/a
SBIB US  CMA US     9.03    8.87    0.16    1.85     2,928,339   Stk    06/30/11
VCGH US  Private    2.25    2.21    0.04    1.81        13,310  Cash    03/31/11
RAE US   Private    1.75    1.72    0.03    1.74        41,534  Cash    06/30/11
UPFC US  Multiple   7.05    6.93    0.12    1.73        56,327  Cash    03/31/11
ABBC US  SUSQ US   12.62   12.42    0.20    1.60       269,781   Stk    09/30/11
SSCC US  RKT US    37.93   37.35    0.58    1.55         1,607   C&S    06/30/11
DNBK US  PBCT US   21.88   21.56    0.32    1.49       183,820   C/S    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NOVA US  Private   13.25   13.06    0.19    1.45       165,709  Cash         n/a
WL US    MTB US     4.44    4.38    0.06    1.42       835,696   Stk    06/30/11
BUCY US  CAT US    92.00   90.76    1.24    1.37       631,861  Cash    06/30/11
NOVL US  Multiple   6.10    6.02    0.08    1.33     3,908,169  Cash    03/31/11
GIW US   CBU US     9.50    9.38    0.12    1.28        39,804   C&S         n/a
AYE US   FE US     26.09   25.78    0.31    1.21     1,115,846   Stk    04/30/11
NAL US   FNFG US   15.13   14.95    0.18    1.20       529,201   C/S    06/30/11
CPEX US  FTAR US   27.25   26.93    0.32    1.19        49,960  Cash    06/30/11
JAS US   Private   61.00   60.33    0.67    1.11       354,096  Cash    06/30/11
PPD US   Private   66.50   65.84    0.66    1.00       434,186  Cash    07/31/11
ATHR US  QCOM US   45.00   44.59    0.41    0.92           400  Cash    06/30/11
Q US     CTL US     7.20    7.13    0.07    0.91     8,694,433   Stk    06/30/11
ADAM US  EBIX US    7.04    6.99    0.05    0.72        24,510   Stk    01/31/11
MIGP US  UFCS US   28.25   28.05    0.20    0.71         1,681  Cash    03/31/11
ACV US   UNA NA    37.50   37.25    0.25    0.67       453,460  Cash         n/a
BJGP US  SAN FP    10.00    9.94    0.06    0.60       736,722  Cash         n/a
OCNW US  CALX US    8.60    8.55    0.05    0.60        51,530   C&S    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ID US    SAF FP    12.00   11.93    0.07    0.59       593,972  Cash    03/31/11
MCFI US  AMNB US    6.79    6.75    0.04    0.56         2,300   Stk    06/30/11
CPII US  Private   19.50   19.40    0.10    0.52       349,378  Cash         n/a
DNEX US  TMO US    118.50  117.98   0.52    0.44       123,908  Cash    02/16/11
DDMX US  TFI CN    25.00   24.89    0.11    0.44        36,134  Cash    03/31/11
FFHS US  CHEV US   14.50   14.44    0.06    0.42         5,515  Cash    03/31/11
CPD US   SUNP IN    4.75    4.73    0.02    0.42        54,336  Cash         n/a
CADE US  Private    2.50    2.49    0.01    0.40        13,137  Cash    03/31/11
PLD US   AMB US    14.98   14.92    0.06    0.38         3,000   Stk    06/30/11
LDSH US  ATI US    53.70   53.54    0.16    0.30       244,881   C&S         n/a
FMR US   FFH CN    16.50   16.45    0.05    0.30        47,099  Cash    03/31/11
MATK US  DSM NA    31.50   31.41    0.09    0.29       284,064  Cash    02/18/11
SNIC US  ROVI US   14.62   14.59    0.03    0.22     1,556,369   C/S    02/11/11
MFE US   INTC US   48.00   47.90    0.10    0.21     2,023,076  Cash         n/a
DLM US   Multiple  19.00   18.96    0.04    0.21         1,355  Cash    03/31/11
TMRK US  VZ US     19.00   18.96    0.04    0.21           500  Cash    03/31/11
JCG US   Multiple  43.50   43.42    0.08    0.18       461,010  Cash    03/31/11
================================================================================
   

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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