Arbitrage Profit in U.S. Takeovers Pending on Oct. 29
By -
Oct 29, 2010
Oct. 29 (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 9.80 5.45 4.35 79.87 8,000 Stk n/a
DIGA US PSID US 0.60 0.36 0.24 66.67 21,189 Stk n/a
TRGD US TARM US 0.51 0.35 0.16 45.71 62,410 Stk 12/31/10
FMR US FFH CN 16.50 11.36 5.14 45.25 345,913 Cash 03/31/11
TLCR US GRF SM 29.24 24.34 4.90 20.11 1,141,114 C&S 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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FOFC US CHMG US 7.90 6.65 1.25 18.81 200 C/S 03/31/11
UNNF US DGICA US 8.81 7.80 1.01 12.90 26,602 C&S 09/30/10
PLA US N/A 5.50 4.95 0.55 11.11 172,808 Cash n/a
CFWH US Private 0.60 0.54 0.06 11.11 20,150 Cash 12/31/10
MROE US ONB US 12.13 11.20 0.93 8.26 10,428 Stk 03/31/11
FMMH US BH US 29.00 27.00 2.00 7.41 2,200 Cash n/a
MNBZ US Private 9.09 8.50 0.59 6.94 3,100 Cash 03/31/11
ADAM US EBIX US 7.98 7.51 0.47 6.26 427,686 Stk 12/31/10
PVG US PVR US 26.11 24.59 1.52 6.17 124,950 Stk n/a
LOV US Private 3.10 2.96 0.14 4.73 118,991 Cash n/a
AYE US FE US 24.13 23.06 1.07 4.62 3,182,689 Stk 04/30/11
AAI US LUV US 7.75 7.41 0.34 4.59 13,761,484 C&S 06/30/11
Q US CTL US 6.86 6.56 0.30 4.51 13,242,998 Stk 06/30/11
WPCS US Private 3.50 3.35 0.15 4.48 35,671 Cash n/a
BGH US BPL US 44.39 42.70 1.69 3.97 28,355 Stk 12/31/10
RCMT US CDI US 5.20 5.02 0.18 3.59 1,250 Cash n/a
NAL US FNFG US 13.34 12.91 0.43 3.34 518,835 C/S 06/30/11
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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 7.28 0.22 3.02 136,811 Cash 11/12/10
GIW US CBU US 9.50 9.26 0.24 2.59 11,471 C&S n/a
CGC US TMM CN 4.50 4.40 0.10 2.33 282,391 Stk n/a
FFHS US CHEV US 14.50 14.18 0.32 2.26 9,800 Cash 03/31/11
CADE US Private 2.50 2.45 0.05 2.04 37,696 Cash 03/31/11
ACBP US GABC US 14.28 14.00 0.28 2.01 100 C&S n/a
PRPX US FSTR US 11.80 11.58 0.22 1.90 66,305 Cash 11/15/10
NHWK US Private 6.50 6.38 0.12 1.88 83,832 Cash 03/31/11
SMTB US PBCT US 3.75 3.68 0.07 1.87 24,834 C&S 12/31/10
BJGP US SAN FP 10.00 9.83 0.17 1.73 8,969,440 Cash n/a
OCNW US CALX US 7.50 7.38 0.12 1.65 50,253 C&S 03/31/11
SVR US Private 31.00 30.50 0.50 1.64 25,008,828 Cash 03/31/11
ID US SAF FP 12.00 11.81 0.19 1.61 779,205 Cash 03/31/11
TESS US Private 15.50 15.27 0.23 1.51 18,935 Cash n/a
TTES US RBN US 33.88 33.40 0.48 1.43 82,929 C&S n/a
MFE US INTC US 48.00 47.33 0.67 1.42 2,070,595 Cash n/a
NCOC US Private 1.00 0.99 0.01 1.34 31,230 Cash 12/15/10
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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BNE US RRD US 11.50 11.35 0.15 1.32 220,110 Cash n/a
ROAC US Private 5.25 5.19 0.06 1.16 84,500 Cash n/a
CJBK US KRNY US 7.50 7.42 0.08 1.08 100 Cash 12/31/10
TUNE US ZRAN US 2.92 2.89 0.03 1.04 1,000 Cash 12/31/10
ROME US BHLB US 11.05 10.95 0.10 0.88 4,500 C/S 03/31/11
CCBP US FNB US 39.61 39.27 0.34 0.85 3,400 C&S 12/31/10
INET US 6902Z US 13.35 13.24 0.11 0.83 318,862 Cash 12/31/10
EPE US EPD US 62.93 62.46 0.47 0.74 63,256 Stk 12/31/10
DINE US Private 13.75 13.65 0.10 0.73 14,674 Cash n/a
HBE US KTOS US 7.00 6.95 0.05 0.72 6,400 Cash 12/31/10
DDMX US Private 21.25 21.10 0.15 0.71 29,710 Cash 03/31/11
KG US PFE US 14.25 14.15 0.10 0.71 45,751 Cash 11/19/10
CLU US CLW US 12.00 11.92 0.08 0.67 66,839 Cash 12/31/10
ACV US UNA NA 37.50 37.26 0.24 0.64 1,707,259 Cash n/a
ADCT US TEL US 12.75 12.67 0.08 0.63 461,738 Cash 11/15/10
RAE US 19316Z US 1.60 1.59 0.01 0.63 124,948 Cash n/a
MIR US RRI US 10.72 10.65 0.07 0.62 794,167 Stk 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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ALOY US Multiple 9.80 9.74 0.06 0.62 26,182 Cash 12/31/10
ACTI US ASSAB SS 3.25 3.23 0.02 0.62 100 Cash 12/31/10
AEZ US HES US 8.68 8.63 0.05 0.60 296,865 Stk 12/31/10
PZZ US Private 8.50 8.45 0.05 0.59 35,313 Cash n/a
NUHC US ARW US 7.00 6.96 0.04 0.57 73,321 Cash 12/31/10
MAM US EMA CN 45.00 44.75 0.25 0.56 6,286 Cash n/a
CGC US GAM CN 4.34 4.32 0.02 0.50 282,391 C&S 12/31/10
GYMB US 6821Z US 65.40 65.08 0.32 0.49 1,263,416 Cash 11/22/10
OSTE US MDT US 6.50 6.47 0.03 0.46 89,805 Cash n/a
XJT US SKYW US 6.75 6.72 0.03 0.45 66,428 Cash 12/31/10
FCCC US Private 4.50 4.48 0.02 0.45 4,500 Cash 12/31/10
CSCX US OPTC IN 2.30 2.29 0.01 0.44 2,100 Cash 12/31/10
ME US APA US 24.90 24.81 0.09 0.38 25,000 C/S n/a
NYM US Private 25.75 25.66 0.09 0.35 21,608 Cash 12/31/10
LSBX US PBCT US 21.00 20.93 0.07 0.33 400 Cash 12/31/10
ITCD US ELNK US 3.00 2.99 0.01 0.33 17,389 Cash 03/31/11
AMPH US PRA US 32.50 32.40 0.10 0.31 30,519 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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KEI US DHR US 21.60 21.54 0.06 0.28 129,204 Cash 12/31/10
HWK US CSL US 50.00 49.88 0.12 0.24 47,519 Cash 12/31/10
PSYS US UHS US 33.75 33.67 0.08 0.24 1,717,830 Cash 12/31/10
CLRT US GE US 5.00 4.99 0.01 0.20 10,000 Cash n/a
PTV US Private 33.25 33.19 0.06 0.18 1,384,847 Cash 12/31/10
DTPI US 10182Z US 12.50 12.48 0.02 0.16 74,058 Cash 12/31/10
NZ US IBM US 27.00 26.96 0.04 0.15 2,112,123 Cash 12/31/10
RSCR US OCX CN 13.25 13.23 0.02 0.15 380,317 Cash 11/05/10
ACTL US MSCC US 20.88 20.86 0.02 0.10 311,881 Cash 11/01/10
COGT US MMM US 10.50 10.49 0.01 0.10 824,779 Cash n/a
NRGP US NRGY US 30.03 30.01 0.02 0.07 40,667 Stk 11/08/10
AGAM US STJ US 20.80 20.79 0.01 0.05 821,894 C/S 11/17/10
PPCO US ENDP US 5.00 5.00 0.00 0.00 14,093 Cash n/a
ACLI US Private 33.00 33.10 -0.10 -0.30 105,453 Cash 12/31/10
THMD US Private 15.00 15.05 -0.05 -0.33 52,302 Cash 12/31/10
WAIN US 3994Z US 19.00 19.07 -0.07 -0.37 400 Cash 12/31/10
CTV US Private 31.50 31.64 -0.14 -0.44 26,549,525 Cash 03/31/11
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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