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Arbitrage Profit in U.S. Takeovers Pending on Dec. 6

Dec. 6 (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
================================================================================
FCEC US  TOBC US   10.46    6.29    4.17   66.22        31,655   Stk         n/a
TRGD US  TARM US    0.48    0.31    0.17   54.84       135,630   Stk    12/31/10
DIGA US  PSID US    0.60    0.40    0.20   50.00        55,899   Stk         n/a
WPCS US  Private    3.50    2.85    0.65   22.81        16,700  Cash         n/a
TLCR US  GRF SM    27.60   22.51    5.09   22.62     2,106,414   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FSIN US  Multiple  11.50    9.54    1.96   20.55       253,108  Cash         n/a
FOFC US  CHMG US    7.90    6.90    1.00   14.51           123   C/S    03/31/11
PLA US   N/A        5.50    4.88    0.62   12.70        84,961  Cash         n/a
MNBZ US  Private    9.09    8.10    0.99   12.22           500  Cash    03/31/11
FMMH US  BH US     29.00   25.85    3.15   12.19         2,158  Cash         n/a
XCO US   N/A       20.50   18.47    2.03   10.99     2,279,377  Cash         n/a
MROE US  ONB US    14.09   12.96    1.13    8.71        36,887   Stk    03/31/11
CFWH US  Private    0.60    0.55    0.05    8.60        31,500  Cash    12/31/10
YOCM US  BN FP     39.82   37.25    2.57    6.90         2,250  Cash    12/28/10
HYC US   PAY US     9.17    8.60    0.57    6.63     2,548,896   Stk    06/30/11
PVG US   PVR US    27.96   26.47    1.49    5.63       209,853   Stk         n/a
PNNW US  270436Z U 29.00   27.55    1.45    5.26         4,798  Cash         n/a
ADAM US  EBIX US    6.81    6.55    0.26    3.96        94,725   Stk    01/31/11
AAI US   LUV US     7.75    7.46    0.29    3.89       880,464   C&S    06/30/11
LTXC US  VRGY US    8.77    8.45    0.32    3.84         7,700   Stk    06/30/11
BUCY US  CAT US    92.00   89.25    2.75    3.08     3,461,818  Cash    06/30/11
MCCC US  N/A        8.75    8.50    0.25    2.94       646,257  Cash    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
NOVL US  Multiple   6.10    5.94    0.16    2.69       114,914  Cash    03/31/11
ACBP US  GABC US   14.80   14.45    0.35    2.45         2,600   C&S         n/a
NAL US   FNFG US   14.28   13.95    0.33    2.35           200   C/S    06/30/11
MFE US   INTC US   48.00   46.91    1.09    2.32     1,230,161  Cash         n/a
VCGH US  Private    2.25    2.20    0.05    2.27        21,984  Cash    03/31/11
AYE US   FE US     23.77   23.24    0.53    2.26     2,056,407   Stk    04/30/11
GIW US   CBU US     9.50    9.31    0.19    2.04        12,599   C&S         n/a
OCNW US  CALX US    8.29    8.13    0.16    1.95       239,172   C&S    03/31/11
LGF US   IEP US     7.50    7.36    0.14    1.90        69,844  Cash    12/10/10
PRPX US  FSTR US   11.80   11.58    0.22    1.90         4,274  Cash    12/15/10
WL US    MTB US     4.15    4.08    0.07    1.81       909,230   Stk    06/30/11
FFHS US  CHEV US   14.50   14.27    0.23    1.61         2,709  Cash    03/31/11
Q US     CTL US     7.23    7.12    0.11    1.50           300   Stk    06/30/11
BJGP US  SAN FP    10.00    9.86    0.14    1.42       492,587  Cash         n/a
DLM US   Multiple  19.00   18.74    0.26    1.39    15,674,467  Cash    03/31/11
ID US    SAF FP    12.00   11.84    0.16    1.35       325,586  Cash    03/31/11
LDSH US  ATI US    48.77   48.17    0.60    1.24       119,677   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CADE US  Private    2.50    2.47    0.03    1.21        16,196  Cash    03/31/11
ROME US  BHLB US   11.50   11.37    0.13    1.13         1,500   C/S    03/31/11
MIGP US  UFCS US   28.25   27.94    0.31    1.11        29,531  Cash    03/31/11
CPII US  Private   19.50   19.30    0.20    1.04        86,396  Cash         n/a
ITCD US  ELNK US    3.00    2.97    0.03    1.01           100  Cash    03/31/11
SVR US   Private   31.00   30.74    0.26    0.85       799,062  Cash    03/31/11
CFS US   Private    2.50    2.48    0.02    0.81        24,148  Cash    12/31/10
MAM US   EMA CN    45.00   44.65    0.35    0.78         3,392  Cash         n/a
CCBP US  FNB US    42.16   41.88    0.28    0.67         4,500   C&S    12/31/10
TESS US  Private   15.50   15.40    0.10    0.65         4,701  Cash         n/a
NHWK US  Private    6.50    6.46    0.04    0.62        52,874  Cash    03/31/11
ACV US   UNA NA    37.50   37.28    0.22    0.59       922,881  Cash         n/a
FMR US   FFH CN    16.50   16.41    0.09    0.55        64,759  Cash    03/31/11
NUHC US  ARW US     7.00    6.97    0.03    0.43        95,350  Cash    12/31/10
TTES US  RBN US    37.42   37.26    0.16    0.42        87,102   C&S         n/a
ROAC US  Private    5.25    5.23    0.02    0.38         2,100  Cash         n/a
BEZ US   ABBN VX   63.50   63.26    0.24    0.38     3,996,380  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
HBE US   KTOS US    8.20    8.17    0.03    0.37        39,059  Cash         n/a
ARTG US  ORCL US    6.00    5.98    0.02    0.33         6,100  Cash         n/a
ACTI US  ASSAB SS   3.25    3.24    0.01    0.31        21,575  Cash    12/31/10
KG US    PFE US    14.25   14.21    0.04    0.28         1,000  Cash    12/17/10
ISLN US  EMC US    33.85   33.76    0.09    0.27     2,929,124  Cash    12/17/10
CGC US   GAM CN     4.82    4.81    0.01    0.22           300   C&S    12/31/10
ACLI US  Private   33.00   32.93    0.07    0.21        58,050  Cash    12/31/10
CLRT US  GE US      5.00    4.99    0.01    0.20         2,000  Cash    12/16/10
CLU US   CLW US    12.00   11.98    0.02    0.17        19,165  Cash    12/31/10
INET US  6902Z US  13.35   13.33    0.02    0.15        55,294  Cash    12/31/10
TEAM US  Private    8.35    8.34    0.01    0.12        32,725  Cash    12/10/10
AEZ US   HES US    10.20   10.19    0.01    0.11       260,070   Stk    12/31/10
KEI US   DHR US    21.60   21.58    0.02    0.09        88,514  Cash    12/31/10
ADCT US  TEL US    12.75   12.74    0.01    0.08       278,688  Cash    12/08/10
DINE US  Private   13.75   13.74    0.01    0.07        22,707  Cash    12/07/10
NCOC US  Private    1.00    1.00    0.00    0.05        12,904  Cash    12/15/10
RSCR US  OCX CN    13.25   13.25    0.00    0.00        60,548  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FCCC US  Private    4.50    4.52   -0.02   -0.44        21,300  Cash    12/31/10
CTV US   Private   31.50   31.69   -0.19   -0.60       109,749  Cash    03/31/11
RAE US   19316Z US  1.60    1.61   -0.01   -0.62       155,693  Cash         n/a
NST US   NU US     41.51   41.80   -0.29   -0.69       385,510   Stk         n/a
PZZ US   Private    8.50    8.57   -0.07   -0.82        16,471  Cash         n/a
DPHI IN  BOOT IN  2128.88 2147.95  -19.07  -0.89           616   Stk         n/a
DDMX US  Private   24.00   24.24   -0.24   -0.99       239,775  Cash    03/31/11
ARG US   APD US    65.50   66.26   -0.76   -1.15           625  Cash    12/17/10
JCG US   Multiple  43.50   44.13   -0.63   -1.43     1,919,942  Cash         n/a
GENZ US  SAN FP    69.00   70.91   -1.91   -2.69     1,609,578  Cash    12/10/10
ACL US   NOVN VX   151.90  162.36  -10.46  -6.44       651,565   Stk         n/a
SUR US   CNA US    22.00   23.56   -1.56   -6.62        63,748  Cash         n/a
POLGA US BX US     15.25   16.39   -1.14   -6.96         5,000  Cash    03/31/11
CGC US   TMM CN     4.50    4.84   -0.34   -7.07           300   Stk         n/a
ALY US   SEAW NO    5.44    5.97   -0.53   -8.94       921,318   C/S    12/31/10
NAVI US  Private    3.05    3.53   -0.48   -13.60       21,714  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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