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Arbitrage Profit in Canadian Takeovers Pending Sept. 22

Sept. 22 (Bloomberg) --The following table shows the potential arbitrage profit in pending takeover bids for Canadian 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
================================================================================
BIM CN   IOH AU     0.80    0.56    0.24   42.86       941,890  Cash    10/28/10
GPX CN   AVF-U CN   0.50    0.38    0.12   30.29       253,050   Stk         n/a
KWG CN   CLF US     0.13    0.11    0.02   18.18     1,256,213  Cash         n/a
SE CN    ENQ LN     0.17    0.16    0.01    8.96       169,000   Stk         n/a
BCF CN   LEG CN     0.20    0.19    0.01    3.74        57,668   Stk         n/a
SPQ CN   CLF US     0.19    0.19    0.00    2.70       301,193  Cash         n/a
BVM CN   RCI/B CN   0.40    0.40    0.00    1.27        19,000  Cash    09/30/10
KMK CN   Private    2.60    2.57    0.03    1.17     2,655,117  Cash         n/a
IPI/A CN Multiple   6.50    6.45    0.05    0.78       206,700  Cash         n/a
TRX CN   TCM CN     1.47    1.47    0.00    0.21     1,351,623   C&S         n/a
ELE CN   ATH CN     0.36    0.37   -0.01   -2.20       725,400   C/S         n/a
MAR CN   SWC US     3.54    3.71   -0.17   -4.59       108,525   C&S    11/30/10
POT CN   BHP AU   130.00* 146.66* -16.66  -11.36    1,400,208  Cash    11/18/10
UTS CN   FP FP      3.08    3.60   -0.52   -14.44    2,162,188   C&S         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>.

* -- In US dollars.

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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