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Arbitrage Profit in Canadian Takeovers Pending Aug. 29

Aug. 29 (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
================================================================================
MOB-U CN Private    2.05    1.33    0.72   54.14         8,875  Cash         n/a
HYD CN   Private    1.37    1.04    0.33   31.73        58,100  Cash         n/a
WCS/A CN Private   11.00    8.50    2.50   29.41         7,460  Cash         n/a
RON CN   LOW US    14.50   12.61    1.89   14.99       288,733  Cash    07/31/12
NXY CN   883 HK    27.50   25.41    2.09    8.21     2,614,633  Cash    12/31/12
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AAB CN   DSM CN     0.40    0.37    0.03    8.11        41,610   Stk    10/31/12
CNI CN   IXR AU     0.53    0.50    0.03    6.27         2,690   Stk    08/31/12
ACM/A CN BCE CN    50.00   47.68    2.32    4.87     1,553,079  Cash    12/31/12
IZN CN   Private    1.10    1.05    0.05    4.76           410  Cash         n/a
ELC CN   JSP IN     2.00    1.91    0.09    4.71       297,172  Cash    10/09/12
ICI CN   Private    2.05    1.97    0.08    4.06     4,423,375  Cash         n/a
AVR CN   EDV CN     0.72    0.70    0.02    2.72     2,951,230   Stk    10/31/12
WFE CN   GO CN      4.01    3.94    0.07    1.72       140,797   Stk         n/a
HEQ CN   Private    9.50    9.40    0.10    1.06         8,114  Cash         n/a
CMT CN   MIL US     1.25    1.24    0.01    0.81        10,981  Cash    09/06/12
VT CN    GLEN LN   16.25   16.13    0.12    0.74     2,570,269  Cash    09/30/12
SWX CN   SPZ CN     0.22    0.22    0.00    0.59        10,500  Cash    10/31/12
TWT CN   Private    4.00    3.98    0.02    0.50         1,300  Cash    09/30/12
LMA CN   Private    3.50    3.49    0.01    0.29       464,711  Cash    09/10/12
PSV CN   FTI US    11.00   10.98    0.02    0.16       729,774  Cash         n/a
PRQ CN   Private   22.00   21.97    0.03    0.14     5,079,003  Cash         n/a
HRG CN   NORD LI    1.33    1.40   -0.07   -4.74       245,844   C/S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MAQ CN   MUX US     1.73    3.88   -2.15   -55.31       41,049   Stk         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: Stephen Rose in Washington at srose31@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net

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