Arbitrage Profit in U.S. Takeovers Pending on Feb. 10

Feb. 10 (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    0.43    0.17   39.53       147,898   Stk         n/a
LTXC US  VRGY US   13.11    9.50    3.61   38.04       464,701   Stk    06/30/11
WPCS US  Private    3.50    2.81    0.69   24.56         3,400  Cash         n/a
CFHZ US  UBSI US   21.82   18.00    3.82   21.24           605   Stk    09/30/11
TLCR US  GRF SM    29.44   24.76    4.68   18.91       883,315   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FSIN US  Multiple  11.50    9.73    1.77   18.19       167,387  Cash         n/a
MNBZ US  Private    9.09    7.78    1.31   16.84         2,400  Cash    03/31/11
FMMH US  BH US     31.00   27.50    3.50   12.73           200  Cash         n/a
FOFC US  CHMG US    8.37    7.50    0.87   11.60         2,749   C/S    03/31/11
NPBP US  NWFL US   19.06   17.22    1.84   10.71         3,872   C/S    06/30/11
ARG US   APD US    70.00   63.52    6.48   10.20           200  Cash    02/15/11
VRGY US  6857 JP   15.00   13.66    1.34    9.81       535,157  Cash         n/a
MCFI US  AMNB US    6.93    6.50    0.43    6.62         9,000   Stk    06/30/11
FRA CN   DM CN      0.93    0.87    0.06    6.39       203,500   C/S         n/a
CGC US   TMM CN     5.58    5.31    0.27    5.15       466,862   Stk         n/a
NGAS US  MHR US     0.58    0.55    0.03    4.90       915,585   Stk    03/31/11
AAI US   LUV US     7.69    7.40    0.29    3.90     1,715,939   C&S    06/30/11
LEGC US  BHLB US   13.76   13.26    0.50    3.78        70,992   C&S    06/30/11
HYC US   PAY US     9.99    9.66    0.33    3.40       212,283   Stk    06/30/11
MEE US   ANR US    63.83   61.87    1.96    3.17     4,485,263   C&S         n/a
MI US    BMO CN     7.50    7.28    0.22    3.04     6,219,767   Stk    07/31/11
PNNW US  270436Z U 29.00   28.20    0.80    2.84        59,936  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
WTNY US  HBHC US   13.50   13.16    0.34    2.59       470,187   Stk    06/30/11
NOVL US  Multiple   6.10    5.95    0.15    2.52     1,973,455  Cash    03/31/11
SBIB US  CMA US     9.35    9.13    0.22    2.45     4,248,048   Stk    06/30/11
TRCI US  CCIX US    5.50    5.37    0.13    2.42        12,200  Cash         n/a
ACL US   NOVN VX   168.00  164.10   3.90    2.38     1,332,637   Stk    06/30/11
GAS US   AGL US    52.88   51.66    1.22    2.35       178,704   C&S    06/30/11
CLFC US  NARA US    7.63    7.48    0.15    2.04       185,886   Stk    12/31/11
PVG US   PVR US    27.38   26.84    0.54    2.02        81,544   Stk         n/a
WL US    MTB US     4.56    4.47    0.09    2.02     1,044,746   Stk    06/30/11
XETA US  PAET US    5.50    5.40    0.10    1.85     3,300,050  Cash    05/09/11
XCO US   N/A       20.50   20.13    0.37    1.84     2,810,644  Cash         n/a
RHB US   KND US    37.63   36.97    0.66    1.78     2,126,671   C&S    06/30/11
PDE US   ESV US    39.54   38.85    0.69    1.77     6,757,286   C&S    06/30/11
RAE US   Private    1.75    1.72    0.03    1.74       224,843  Cash    06/30/11
PGN US   DUK US    46.58   45.79    0.79    1.73     1,936,183   Stk    12/31/11
CDELB US CMLS US   31.00   30.50    0.50    1.64       106,200   C/S         n/a
VCGH US  Private    2.25    2.22    0.03    1.35         9,563  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NAL US   FNFG US   15.72   15.52    0.20    1.26       422,368   C/S    06/30/11
BUCY US  CAT US    92.00   90.86    1.14    1.25       588,923  Cash    06/30/11
SVLF US  Private    2.50    2.47    0.03    1.21       418,517  Cash         n/a
Q US     CTL US     7.40    7.32    0.08    1.16    11,279,434   Stk    06/30/11
CPD US   SUNP IN    4.75    4.70    0.05    1.06        24,275  Cash         n/a
FFHS US  CHEV US   14.50   14.35    0.15    1.05         2,450  Cash    03/31/11
ACV US   UNA NA    37.50   37.13    0.37    1.00       595,966  Cash         n/a
AYE US   FE US     26.63   26.37    0.26    1.00     2,837,838   Stk    02/11/11
UPFC US  Multiple   7.05    6.98    0.07    1.00         5,700  Cash    03/31/11
ATHR US  QCOM US   45.00   44.58    0.42    0.94           100  Cash    06/30/11
NOVA US  Private   13.25   13.13    0.12    0.91       101,022  Cash    06/30/11
BEC US   DHR US    83.50   82.78    0.72    0.87     2,558,800  Cash    06/30/11
DNBK US  PBCT US   22.21   22.02    0.19    0.87        65,895   C/S    06/30/11
CPEX US  FTAR US   27.25   27.02    0.23    0.85           600  Cash    06/30/11
FSCI US  HNT-U CN  24.59   24.40    0.20    0.81         3,782   Stk         n/a
RVI US   DSW US    18.12   17.99    0.13    0.73     3,516,501   Stk         n/a
PLD US   AMB US    15.04   14.93    0.11    0.73     8,339,786   Stk    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ABBC US  SUSQ US   12.88   12.79    0.09    0.73       117,562   Stk    09/30/11
NAVI US  TWC US     5.50    5.46    0.04    0.73       394,995  Cash    06/30/11
LZR US   Private    8.46    8.40    0.06    0.71        59,056  Cash    05/08/11
OCNW US  CALX US    9.09    9.03    0.06    0.70        25,398   C&S    03/31/11
DNEX US  TMO US    118.50  117.70   0.80    0.68        81,546  Cash    02/16/11
ID US    SAF FP    12.00   11.92    0.08    0.67       254,963  Cash    03/31/11
JAS US   Private   61.00   60.61    0.39    0.64       171,674  Cash    06/30/11
HRLY US  KTOS US   19.00   18.88    0.12    0.64       670,256  Cash    03/31/11
LDSH US  ATI US    53.91   53.59    0.32    0.61        67,008   C&S         n/a
MIGP US  UFCS US   28.25   28.10    0.15    0.53        14,655  Cash    03/31/11
ROME US  BHLB US   12.13   12.08    0.05    0.40         2,699   C/S    03/31/11
CADE US  Private    2.50    2.49    0.01    0.40           767  Cash    03/31/11
TMRK US  VZ US     19.00   18.93    0.07    0.37       628,991  Cash    03/31/11
PPD US   Private   66.50   66.26    0.24    0.36        47,591  Cash    07/31/11
PLA US   Private    6.15    6.13    0.02    0.33       153,772  Cash    02/22/11
BJGP US  SAN FP    10.00    9.97    0.03    0.30        80,783  Cash         n/a
DLM US   Multiple  19.00   18.95    0.05    0.26           200  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GXDX US  NOVN VX   25.00   24.94    0.06    0.24       541,090  Cash    02/25/11
MTXX US  Private    8.75    8.73    0.02    0.23        42,376  Cash    02/14/11
CPII US  Private   19.50   19.46    0.04    0.21         9,181  Cash         n/a
GIW US   CBU US     9.50    9.48    0.02    0.21        14,704   C&S         n/a
DDMX US  TFI CN    25.00   24.95    0.05    0.20       349,493  Cash    03/31/11
MFE US   INTC US   48.00   47.91    0.09    0.19       848,734  Cash         n/a
NST US   NU US     44.35   44.26    0.09    0.19       495,018   Stk         n/a
SNIC US  ROVI US   14.80   14.77    0.03    0.19     1,474,891   C/S    02/11/11
JCG US   Multiple  43.50   43.43    0.07    0.16       376,589  Cash    03/31/11
MATK US  DSM NA    31.50   31.45    0.05    0.16       190,021  Cash    02/18/11
CML US   DELL US   27.75   27.71    0.04    0.14       151,939  Cash         n/a
KG US    PFE US    14.25   14.23    0.02    0.14       408,532  Cash    03/01/11
TOD US   Private   22.27   22.24    0.03    0.13        24,054  Cash    02/11/11
DPHI IN  BOOT IN  1805.10 1805.00   0.10    0.01            78   Stk         n/a
CGC US   GAM CN     5.30    5.32   -0.02   -0.31       466,862   C&S         n/a
SSCC US  RKT US    38.94   39.23   -0.29   -0.73     2,308,366   C&S    06/30/11
CNXT US  Private    2.45    2.47   -0.02   -0.81           716  Cash         n/a
================================================================================
   

SOURCE: Bloomberg

To contact the reporter on this story: Terry Barrett in Washington at tbarrett1@bloomberg.net

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