Arbitrage Profit in U.S. Takeovers Pending on Oct. 28
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Oct 28, 2010
Oct. 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.
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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FCEC US TOBC US 10.00 5.50 4.50 81.78 18,469 Stk n/a
DIGA US PSID US 0.60 0.37 0.23 62.16 29,330 Stk n/a
TRGD US TARM US 0.51 0.35 0.16 46.68 46,086 Stk 12/31/10
TLCR US GRF SM 29.30 23.93 5.37 22.45 819,597 C&S 12/31/10
FOFC US CHMG US 7.77 6.65 1.12 16.80 200 C/S 03/31/11
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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UNNF US DGICA US 8.82 7.80 1.02 13.04 5,900 C&S 09/30/10
CFWH US Private 0.60 0.54 0.06 11.11 140,000 Cash 12/31/10
PLA US N/A 5.50 5.03 0.47 9.34 115,186 Cash n/a
MROE US ONB US 12.30 11.30 1.00 8.88 12,638 Stk 03/31/11
FMMH US BH US 29.00 27.00 2.00 7.41 1,578 Cash n/a
MNBZ US Private 9.09 8.50 0.59 6.94 3,100 Cash 03/31/11
WPCS US Private 3.50 3.29 0.21 6.38 10,423 Cash n/a
ADAM US EBIX US 7.69 7.26 0.43 5.96 129,636 Stk 12/31/10
PVG US PVR US 25.95 24.53 1.42 5.79 128,400 Stk n/a
AYE US FE US 24.19 23.06 1.13 4.88 1,981,868 Stk 04/30/11
RCMT US CDI US 5.20 4.99 0.21 4.21 20,945 Cash n/a
AAI US LUV US 7.75 7.44 0.31 4.17 13,968,368 C&S 06/30/11
Q US CTL US 6.80 6.54 0.26 4.01 21,140,845 Stk 06/30/11
BGH US BPL US 44.30 42.81 1.49 3.49 31,063 Stk 12/31/10
LOV US Private 3.10 3.00 0.10 3.33 77,576 Cash n/a
NAL US FNFG US 13.28 12.86 0.42 3.23 557,003 C/S 06/30/11
ACBP US GABC US 14.37 14.00 0.37 2.63 100 C&S n/a
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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TESS US Private 15.50 15.11 0.39 2.58 18,149 Cash n/a
GIW US CBU US 9.50 9.27 0.23 2.48 61,282 C&S n/a
CADE US Private 2.50 2.44 0.06 2.46 35,619 Cash 03/31/11
FFHS US CHEV US 14.50 14.17 0.33 2.33 800 Cash 03/31/11
PRPX US FSTR US 11.80 11.55 0.25 2.16 103,920 Cash 11/15/10
CGC US TMM CN 4.50 4.41 0.09 2.12 227,620 Stk n/a
OCNW US CALX US 7.50 7.35 0.15 2.06 220,227 C&S 03/31/11
ID US SAF FP 12.00 11.79 0.21 1.78 2,224,567 Cash 03/31/11
SMTB US PBCT US 3.79 3.73 0.06 1.73 23,450 C&S 12/31/10
NHWK US Private 6.50 6.40 0.10 1.56 119,313 Cash 03/31/11
BNE US RRD US 11.50 11.33 0.17 1.50 221,817 Cash n/a
MFE US INTC US 48.00 47.30 0.70 1.48 2,203,204 Cash n/a
TTES US RBN US 33.97 33.50 0.47 1.42 71,688 C&S n/a
ROME US BHLB US 11.07 10.92 0.15 1.41 5,047 C/S 03/31/11
CSCX US OPTC IN 2.30 2.27 0.03 1.32 800 Cash 12/31/10
NCOC US Private 1.00 0.99 0.01 1.32 74,568 Cash 12/15/10
RAE US 19316Z US 1.60 1.58 0.02 1.27 613,695 Cash n/a
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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LGF US IEP US 7.50 7.41 0.09 1.21 400 Cash 11/01/10
TUNE US ZRAN US 2.92 2.89 0.03 1.04 555,622 Cash 12/31/10
ROAC US Private 5.25 5.20 0.05 0.96 20,230 Cash n/a
MIR US RRI US 10.69 10.60 0.09 0.83 766,855 Stk 12/31/10
PSYS US UHS US 33.75 33.51 0.24 0.72 877,532 Cash 12/31/10
HBE US KTOS US 7.00 6.95 0.05 0.72 9,000 Cash 12/31/10
DDMX US Private 21.25 21.10 0.15 0.71 151,603 Cash 03/31/11
PZZ US Private 8.50 8.44 0.06 0.71 19,897 Cash n/a
ACV US UNA NA 37.50 37.25 0.25 0.67 2,213,471 Cash n/a
KG US PFE US 14.25 14.16 0.09 0.64 200 Cash 11/19/10
ADCT US TEL US 12.75 12.67 0.08 0.63 676,318 Cash 11/15/10
ALOY US Multiple 9.80 9.74 0.06 0.62 2,600 Cash 12/31/10
ACTI US ASSAB SS 3.25 3.23 0.02 0.62 171,373 Cash 12/31/10
CLRT US GE US 5.00 4.97 0.03 0.60 565,061 Cash n/a
EPE US EPD US 63.09 62.72 0.37 0.59 214,567 Stk 12/31/10
CLU US CLW US 12.00 11.93 0.07 0.59 52,168 Cash 12/31/10
NUHC US ARW US 7.00 6.96 0.04 0.57 154,754 Cash 12/31/10
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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MAM US EMA CN 45.00 44.75 0.25 0.56 810 Cash n/a
GYMB US 6821Z US 65.40 65.06 0.34 0.52 1,210,640 Cash 11/22/10
FCCC US Private 4.50 4.48 0.02 0.45 1,700 Cash 12/31/10
CJBK US KRNY US 7.50 7.47 0.03 0.40 5,390 Cash 12/31/10
INET US 6902Z US 13.35 13.30 0.05 0.38 104,953 Cash 12/31/10
LSBX US PBCT US 21.00 20.93 0.07 0.33 400 Cash 12/31/10
KEI US DHR US 21.60 21.53 0.07 0.33 219,228 Cash 12/31/10
WAIN US 3994Z US 19.00 18.94 0.06 0.32 4,208 Cash 12/31/10
OSTE US MDT US 6.50 6.48 0.02 0.31 18,445 Cash n/a
HWK US CSL US 50.00 49.85 0.15 0.30 41,561 Cash 12/31/10
PTV US Private 33.25 33.15 0.10 0.30 100 Cash 12/31/10
NRGP US NRGY US 30.19 30.10 0.09 0.30 42,887 Stk 11/08/10
CTV US Private 31.50 31.41 0.09 0.29 45,700 Cash 03/31/11
AEZ US HES US 8.58 8.56 0.02 0.26 509,292 Stk 12/31/10
ME US APA US 24.93 24.87 0.06 0.24 1,697,401 C/S n/a
AMPH US PRA US 32.50 32.43 0.07 0.22 13,744 Cash 12/31/10
PPCO US ENDP US 5.00 4.99 0.01 0.20 64,057 Cash n/a
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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NYM US Private 25.75 25.70 0.05 0.19 14,166 Cash 12/31/10
CCBP US FNB US 39.54 39.47 0.07 0.17 100 C&S 12/31/10
DTPI US 10182Z US 12.50 12.48 0.02 0.16 133,506 Cash 12/31/10
NZ US IBM US 27.00 26.96 0.04 0.15 2,291,230 Cash 12/31/10
RSCR US OCX CN 13.25 13.23 0.02 0.15 260,902 Cash 11/05/10
XJT US SKYW US 6.75 6.74 0.01 0.15 75,675 Cash 12/31/10
ACTL US MSCC US 20.88 20.86 0.02 0.10 200 Cash 11/01/10
ITCD US ELNK US 3.00 3.00 0.00 0.00 251,555 Cash 03/31/11
COGT US MMM US 10.50 10.51 -0.01 -0.10 628,639 Cash n/a
AGAM US STJ US 20.80 20.83 -0.03 -0.14 513,488 C/S 11/17/10
CGC US GAM CN 4.29 4.30 -0.01 -0.18 227,620 C&S 12/31/10
THMD US Private 15.00 15.05 -0.05 -0.33 47,326 Cash 12/31/10
ACLI US Private 33.00 33.21 -0.21 -0.63 197,047 Cash 12/31/10
PTEC US Private 4.05 4.12 -0.07 -1.70 216,481 Cash n/a
NST US NU US 40.72 41.44 -0.72 -1.73 684,545 Stk n/a
ACL US NOVN VX 163.00 166.89 -3.89 -2.33 835,835 Stk n/a
DINE US Private 13.75 14.19 -0.44 -3.10 1,018 Cash n/a
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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