Arbitrage Profit in U.S. Takeovers Pending on Feb. 10
By Terry Barrett -
2011-02-10T13:12:29Z
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
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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
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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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
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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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
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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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
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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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
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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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
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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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