Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Arbitrage Profit in U.S. Takeovers Pending on Feb. 28

Feb. 28 (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
================================================================================
DIGA US  PSID US    0.60    0.43    0.17   39.21       361,761   Stk         n/a
LTXC US  VRGY US   12.46    9.10    3.36   36.93       432,430   Stk    06/30/11
WPCS US  Private    3.50    2.79    0.71   25.67         5,300  Cash         n/a
CFHZ US  UBSI US   21.91   18.00    3.91   21.75           605   Stk    09/30/11
FSIN US  Multiple  11.50    9.60    1.90   19.79        80,022  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FMMH US  BH US     31.00   26.00    5.00   19.23           900  Cash         n/a
FDO US   Private   60.00   50.54    9.46   18.72     2,733,079  Cash         n/a
TLCR US  GRF SM    29.53   24.92    4.61   18.51     1,226,650   C&S         n/a
VRGY US  6857 JP   15.00   12.98    2.02   15.56     1,218,239  Cash         n/a
NHP US   VTR US    44.99   38.96    6.03   15.47           200   Stk    09/30/11
FOFC US  CHMG US    8.56    7.50    1.06   14.10           105   C/S    03/31/11
MNBZ US  Private    9.09    8.20    0.89   10.85           400  Cash    03/31/11
MCFI US  AMNB US    7.13    6.50    0.63    9.66         1,600   Stk    06/30/11
NPBP US  NWFL US   18.76   17.30    1.46    8.46         5,000   C/S    06/30/11
CDELB US CMLS US   37.00   34.80    2.20    6.32        12,000   C/S         n/a
NGAS US  MHR US     0.62    0.58    0.04    6.17       836,242   Stk    03/31/11
PVG US   PVR US    27.95   26.45    1.50    5.67       159,674   Stk         n/a
TRCI US  CCIX US    5.50    5.23    0.27    5.16        39,723  Cash         n/a
LEGC US  BHLB US   14.03   13.45    0.58    4.28         7,723   C&S    06/30/11
HYC US   PAY US    10.57   10.15    0.42    4.10       700,291   Stk    06/30/11
ZRAN US  CSR LN    11.66   11.22    0.44    3.91     1,351,505   Stk    06/30/11
MI US    BMO CN     7.95    7.67    0.28    3.68     6,486,112   Stk    07/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AAI US   LUV US     7.53    7.27    0.26    3.64     6,011,752   C&S    06/30/11
FRA CN   DM CN      0.89    0.86    0.03    3.62        87,500   C/S         n/a
NOVL US  Multiple   6.10    5.91    0.19    3.30     3,688,090  Cash    03/31/11
MEE US   ANR US    66.02   63.99    2.03    3.17     1,815,629   C&S         n/a
PNNW US  270436Z U 29.00   28.12    0.88    3.13         9,772  Cash         n/a
PGN US   DUK US    46.69   45.30    1.39    3.06       739,605   Stk    12/31/11
AMLJ US  ANEN US    2.15    2.09    0.06    2.87        13,250  Cash    06/30/11
LAB US   COWN US    4.30    4.19    0.11    2.66       270,902   Stk    09/30/11
VCGH US  Private    2.25    2.20    0.05    2.27         9,330  Cash    03/31/11
WTNY US  HBHC US   14.47   14.15    0.32    2.24       495,196   Stk    06/30/11
DEP US   EPD US    41.43   40.54    0.89    2.21       368,199   Stk         n/a
PDE US   ESV US    42.07   41.19    0.88    2.15           700   C&S    06/30/11
SBIB US  CMA US     9.18    9.01    0.17    1.92       827,582   Stk    06/30/11
CLFC US  NARA US    7.96    7.81    0.15    1.87       101,248   Stk    12/31/11
ACL US   NOVN VX   168.00  164.94   3.06    1.86     1,969,211   Stk    06/30/11
SVLF US  Private    2.50    2.46    0.04    1.63        61,241  Cash         n/a
HUGH US  SATS US   60.70   59.74    0.96    1.61        81,455  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
WL US    MTB US     4.55    4.48    0.07    1.55       538,553   Stk    06/30/11
RHB US   KND US    37.91   37.36    0.55    1.48       396,684   C&S    06/30/11
EMS US   5056Z US  64.00   63.11    0.89    1.41           100  Cash    06/30/11
GAS US   AGL US    53.29   52.59    0.70    1.34       269,380   C&S    06/30/11
DNBK US  PBCT US   22.06   21.78    0.28    1.28        53,816   C/S    06/30/11
CNXT US  Private    2.40    2.37    0.03    1.27     1,074,929  Cash    06/30/11
CPD US   SUNP IN    5.25    5.19    0.06    1.16        47,251  Cash         n/a
TLGD US  Private   10.10    9.99    0.11    1.10       233,012  Cash    06/30/11
BUCY US  CAT US    92.00   91.01    0.99    1.09     1,102,799  Cash    06/30/11
Q US     CTL US     6.73    6.66    0.07    1.04         1,000   Stk    06/30/11
GIW US   CBU US     9.50    9.41    0.09    0.96         6,299   C/S         n/a
RVI US   DSW US    17.31   17.15    0.16    0.95       132,826   Stk         n/a
XCO US   N/A       20.50   20.31    0.19    0.94     1,555,678  Cash         n/a
ROME US  BHLB US   12.31   12.20    0.11    0.94        13,059   C/S    03/31/11
XETA US  PAET US    5.50    5.45    0.05    0.92        32,603  Cash    05/09/11
ACV US   UNA NA    37.50   37.22    0.28    0.75       543,121  Cash         n/a
NAL US   FNFG US   15.77   15.66    0.11    0.72       454,859   C/S    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ABBC US  SUSQ US   12.79   12.70    0.09    0.71        47,120   Stk    09/30/11
BEC US   DHR US    83.50   82.92    0.58    0.70     1,797,498  Cash    03/23/11
NAVI US  TWC US     5.50    5.46    0.04    0.69        83,991  Cash    06/30/11
NOVA US  Private   13.25   13.16    0.09    0.68        89,541  Cash    06/30/11
ID US    SAF FP    12.00   11.92    0.08    0.67       977,369  Cash    03/31/11
JCG US   Multiple  43.50   43.22    0.28    0.65         6,700  Cash    03/31/11
LDSH US  ATI US    54.23   53.90    0.33    0.62        55,625   C&S         n/a
FFHS US  CHEV US   14.50   14.41    0.09    0.62           100  Cash    03/31/11
LZR US   Private    8.46    8.41    0.05    0.59         5,360  Cash    05/08/11
DNEX US  TMO US    118.50  117.90   0.60    0.51       155,095  Cash    04/07/11
ATHR US  QCOM US   45.00   44.77    0.23    0.51       935,706  Cash    06/30/11
PLA US   Private    6.15    6.12    0.03    0.49        62,326  Cash    03/03/11
PLD US   AMB US    15.92   15.85    0.07    0.46     3,977,401   Stk    06/30/11
JAS US   Private   61.00   60.74    0.26    0.43       498,419  Cash    06/30/11
MIGP US  UFCS US   28.25   28.13    0.12    0.43         2,500  Cash    03/31/11
UPFC US  Multiple   7.05    7.02    0.03    0.43        39,096  Cash    03/31/11
CPEX US  FTAR US   27.25   27.14    0.11    0.41           490  Cash    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CADE US  Private    2.50    2.49    0.01    0.40         7,250  Cash    03/31/11
PPD US   Private   66.50   66.24    0.26    0.39       148,405  Cash    07/31/11
DLM US   Multiple  19.00   18.94    0.06    0.32     2,517,768  Cash    03/31/11
TMRK US  VZ US     19.00   18.94    0.06    0.32           100  Cash    03/10/11
SSCC US  RKT US    38.77   38.70    0.07    0.18     1,596,761   C&S    06/30/11
GXDX US  NOVN VX   25.00   24.98    0.02    0.08       485,292  Cash    03/04/11
KG US    PFE US    14.25   14.24    0.01    0.07       131,938  Cash    03/01/11
HRLY US  KTOS US   19.00   18.99    0.01    0.05        51,704  Cash    03/31/11
MFE US   INTC US   48.00   47.98    0.02    0.04         2,000  Cash    03/01/11
CGC US   TMM CN     5.36    5.37   -0.02   -0.31       163,713   Stk         n/a
DPHI IN  BOOT IN  1851.98 1860.00  -8.02   -0.43            69   Stk         n/a
MCCC US  N/A        8.75    8.81   -0.06   -0.68       535,861  Cash    06/30/11
FTO US   HOC US    27.82   28.03   -0.21   -0.76         1,488   Stk    09/30/11
CLDA US  FRX US    30.00   30.30   -0.30   -0.99           300  Cash    06/30/11
NST US   NU US     44.08   44.64   -0.56   -1.25       327,346   Stk         n/a
CGC US   GAM CN     5.43    5.51   -0.08   -1.52       163,713   C&S         n/a
NYX US   DB1 GR    36.38   37.00   -0.62   -1.67           100   Stk    12/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GENZ US  SAN FP    74.00   75.39   -1.39   -1.84         1,500  Cash    03/16/11
RAE US   Private    1.75    1.79   -0.04   -2.23        41,800  Cash    06/30/11
ASRG US  Private    2.87    2.94   -0.07   -2.38         8,261  Cash    03/31/11
XOHO US  Private    0.70    0.73   -0.03   -4.11        15,476  Cash         n/a
FSCI US  HNT-U CN  23.63   25.76   -2.13   -8.26         9,510   Stk         n/a
SUR US   CNA US    22.00   25.35   -3.35   -13.21       40,753  Cash         n/a
THC US   CYH US     6.00    7.07   -1.07   -15.13       30,695   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: Terry Barrett in Washington at tbarrett1@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.