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Arbitrage Profit in Canadian Takeovers Pending Sept. 28

Sept. 28 (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
================================================================================
KWG CN   CLF US     0.13    0.10    0.02   23.81        20,839  Cash         n/a
SE CN    ENQ LN     0.17    0.16    0.01    6.58        50,322   Stk         n/a
GPX CN   AVF-U CN   0.49    0.47    0.02    5.22       733,000   Stk         n/a
PPX CN   FCE-U CN   3.12    2.99    0.13    4.41         2,000   Stk    11/30/10
BCF CN   LEG CN     0.20    0.19    0.01    3.26         1,000   Stk         n/a
SCM CN   CHMF RM    1.60    1.56    0.04    2.56     1,066,600  Cash         n/a
BVM CN   RCI/B CN   0.40    0.40    0.00    1.27        16,000  Cash    09/30/10
KMK CN   Private    2.60    2.57    0.03    1.17        71,000  Cash         n/a
IPI/A CN Multiple   6.50    6.45    0.05    0.78           500  Cash         n/a
TRX CN   TCM CN     1.49    1.48    0.01    0.62        19,800   C&S         n/a
SPQ CN   CLF US     0.19    0.19    0.00    0.00        87,000  Cash         n/a
ELE CN   ATH CN     0.36    0.37   -0.01   -2.68        63,250   C/S         n/a
MAR CN   SWC US     3.69    3.87   -0.18   -4.64           750   C&S    11/30/10
POT CN   BHP AU    130.00  145.94  -15.94  -10.92       32,217  Cash    11/18/10
UTS CN   FP FP      3.08    3.61   -0.53   -14.68       47,416   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>.

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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