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Arbitrage Profit in U.S. Takeovers Pending on Aug. 3

Aug. 3 (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
================================================================================
EMMS US  Multiple   2.40    1.60    0.80   50.00       148,167  Cash    08/03/10
CNIG US  EGAS US   25.00   18.00    7.00   38.89         1,710  Cash         n/a
TLCR US  GRF SM    26.64   22.21    4.43   19.93       558,156   C&S    12/31/10
AYE US   FE US     25.92   23.52    2.40   10.20       926,529   Stk    04/30/11
ETFS US  Private   18.00   16.51    1.49    9.02         1,450  Cash    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FCEC US  TOBC US    9.54    8.78    0.76    8.71         8,504   Stk    09/30/10
ROAC US  Private    4.38    4.10    0.28    6.83        25,500  Cash         n/a
BGH US   BPL US    45.46   42.90    2.56    5.96         7,163   Stk    12/31/10
Q US     CTL US     5.99    5.66    0.33    5.87     4,230,599   Stk    06/30/11
ATAC US  Private   25.00   24.00    1.00    4.17       116,235  Cash    12/31/10
FCCC US  Private    4.50    4.35    0.15    3.45         9,150  Cash    12/31/10
WMZ US   WPZ US    35.88   34.84    1.04    2.98        19,220   Stk         n/a
ALOY US  Multiple   9.80    9.52    0.28    2.94        19,327  Cash    12/31/10
CJBK US  KRNY US    7.50    7.30    0.20    2.74         2,775  Cash    12/31/10
PLA US   N/A        5.50    5.36    0.14    2.61        96,121  Cash         n/a
BNE US   RRD US    11.50   11.25    0.25    2.22        68,045  Cash         n/a
DIVX US  SNIC US    7.85    7.69    0.16    2.04        42,962   C&S    09/30/10
TSFG US  TD CN      0.29    0.28    0.01    2.01     1,535,464   C/S    07/31/10
UNNF US  DGICA US   7.54    7.40    0.14    1.95           240   C&S    09/30/10
OMNI US  Private    2.75    2.70    0.05    1.85        21,367  Cash    12/31/10
GLG US   EMG LN     4.50    4.42    0.08    1.81       150,692  Cash    09/30/10
PSYS US  UHS US    33.75   33.15    0.60    1.81       197,702  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NTY US   Private   55.00   54.05    0.95    1.76       644,054  Cash    12/31/10
MIR US   RRI US    11.20   11.01    0.19    1.71       201,432   Stk    12/31/10
PMACA US ORI US     6.90    6.79    0.11    1.66       189,576   Stk    09/30/10
CPII US  CMTL US   14.17   13.94    0.23    1.64        29,170   C&S         n/a
ACF US   Private   24.50   24.13    0.37    1.53     1,415,964  Cash    12/31/10
ECLP US  MDRX US   20.16   19.87    0.29    1.46        49,136   Stk    12/31/10
WAIN US  3994Z US  19.00   18.75    0.25    1.33         8,209  Cash    12/31/10
PRPX US  FSTR US   11.71   11.56    0.15    1.30           904  Cash    08/16/10
HEW US   AON US    49.82   49.29    0.53    1.07       894,021   C&S    11/30/10
MAM US   EMA CN    45.00   44.54    0.46    1.02           300  Cash         n/a
ACAP US  Private   41.50   41.08    0.42    1.02         8,432  Cash    12/31/10
PFWD US  ORCL US   17.00   16.83    0.17    1.01        77,368  Cash         n/a
SWWC US  Multiple  11.00   10.89    0.11    1.01        24,286  Cash    08/31/10
LSBX US  PBCT US   21.00   20.79    0.21    1.01         1,700  Cash    12/31/10
WEL US   HAL US     3.00    2.97    0.03    1.01        42,601   C&S         n/a
RCMT US  CDI US     5.20    5.15    0.05    0.97         8,250  Cash         n/a
AEZ US   HES US     7.67    7.60    0.07    0.97       586,234   Stk    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NYM US   Private   25.75   25.51    0.24    0.94         8,500  Cash    12/31/10
ME US    APA US    24.54   24.31    0.23    0.93       577,493   C/S    09/30/10
SMTB US  PBCT US    3.98    3.95    0.03    0.88         9,558   C&S    12/31/10
CRE US   TIPTL US   9.00    8.92    0.08    0.87         6,450  Cash    08/13/10
ODSY US  GTIV US   27.00   26.82    0.18    0.67       199,567  Cash    09/30/10
RUBO US  Private    8.70    8.65    0.05    0.57         1,350  Cash    09/30/10
CRN US   GEO US    27.79   27.64    0.15    0.56        32,383   Stk    09/30/10
VIRL US  SNPS US   12.00   11.94    0.06    0.50        52,086  Cash         n/a
MEND US  JNJ US    23.40   23.29    0.11    0.47       277,922  Cash    12/31/10
BSMD US  MMSI US    4.38    4.36    0.02    0.46         7,266  Cash    09/30/10
ADCT US  TEL US    12.75   12.70    0.05    0.39     1,208,319  Cash    08/23/10
RCNI US  Private   15.00   14.94    0.06    0.37        96,479  Cash    12/31/10
SII US   SLB US    43.80   43.65    0.14    0.32     1,980,441   Stk    12/31/10
LNY US   N/A       24.50   24.43    0.07    0.29         4,866  Cash         n/a
GNA CN   GGBR4 BZ  11.00   10.98    0.02    0.17        57,835  Cash         n/a
HGRD US  Private    8.20    8.19    0.01    0.12       263,129  Cash    08/10/10
VTIV US  6612Z US  26.00   25.97    0.03    0.12        92,057  Cash    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SXE US   GIB/A CN  37.50   37.46    0.04    0.11       101,174  Cash    08/16/10
RBI US   OCX CN    13.55   13.54    0.01    0.07         5,343  Cash         n/a
STST US  BA US     34.50   34.49    0.01    0.04        63,989  Cash    08/04/10
ATSI US  MDT US     4.00    4.00    0.00    0.00       426,645  Cash         n/a
EFJI US  Private    1.50    1.50    0.00    0.00        54,441  Cash    09/30/10
CAL US   UAUA US   24.48   24.66   -0.18   -0.75     1,159,282   Stk    12/31/10
LGF US   IEP US     6.50    6.63   -0.13   -1.96        27,487  Cash    08/25/10
ARG US   APD US    63.50   65.66   -2.16   -3.29       206,057  Cash    08/13/10
ABII US  CELG US   72.67   75.58   -2.91   -3.85       158,331   C&S    12/31/10
CASY US  ATD/B CN  36.75   38.23   -1.48   -3.87       198,096  Cash    08/30/10
DINE US  Private   13.50   14.17   -0.67   -4.73         4,300  Cash         n/a
NOVL US  Private    5.75    6.06   -0.31   -5.12       264,071  Cash         n/a
LOV US   Private    3.10    3.35   -0.25   -7.47         2,900  Cash         n/a
BXC US   Private    3.40    3.69   -0.29   -7.86        20,385  Cash    08/27/10
ACL US   NOVN VX   140.18  157.59  -17.41  -11.05      113,150   Stk         n/a
MCCC US  N/A        6.00    7.40   -1.40   -18.92       25,307  Cash         n/a
================================================================================
NOTE: For more information on calculations and methodology, see
{MARB <GO>} and hit the HELP key once. To download this data into
a spreadsheet, see {MARB <GO>} then choose Output to Excel or type
97 <GO>.

SOURCE: Bloomberg

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

To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net

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