Arbitrage Profit in U.S. Takeovers Pending on Dec. 7
By -
Dec 7, 2010
Dec. 7 (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
================================================================================
LTXC US VRGY US 12.43 7.40 5.03 68.00 917 Stk 06/30/11
FCEC US TOBC US 10.45 6.30 4.15 65.88 40,115 Stk n/a
TRGD US TARM US 0.48 0.32 0.16 51.56 141,590 Stk 12/31/10
DIGA US PSID US 0.60 0.40 0.20 50.00 69,229 Stk n/a
TLCR US GRF SM 27.76 22.22 5.54 24.92 908,729 C&S 12/31/10
================================================================================
Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
================================================================================
WPCS US Private 3.50 2.83 0.67 23.67 22,150 Cash n/a
FSIN US Multiple 11.50 9.47 2.03 21.44 218,601 Cash n/a
FOFC US CHMG US 7.90 6.90 1.00 14.51 123 C/S 03/31/11
FMMH US BH US 29.00 25.75 3.25 12.62 600 Cash n/a
MNBZ US Private 9.09 8.10 0.99 12.22 500 Cash 03/31/11
GAS US AGL US 52.32 46.76 5.56 11.90 71,281 C&S 06/30/11
XCO US N/A 20.50 18.55 1.95 10.51 785,295 Cash n/a
PLA US N/A 5.50 5.01 0.49 9.78 105,467 Cash n/a
CFWH US Private 0.60 0.55 0.05 8.70 17,650 Cash 12/31/10
YOCM US BN FP 39.82 37.12 2.70 7.27 550 Cash 12/28/10
HYC US PAY US 9.16 8.58 0.58 6.77 1,905,655 Stk 06/30/11
MROE US ONB US 13.99 13.11 0.88 6.69 38,954 Stk 03/31/11
PVG US PVR US 28.42 26.81 1.61 6.01 164,911 Stk n/a
PNNW US 270436Z U 29.00 27.45 1.55 5.65 22,666 Cash n/a
ADAM US EBIX US 7.04 6.68 0.36 5.39 252,389 Stk 01/31/11
VCGH US Private 2.25 2.16 0.09 4.17 81,450 Cash 03/31/11
AAI US LUV US 7.75 7.45 0.30 4.03 1,522,583 C&S 06/30/11
================================================================================
Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
================================================================================
LGF US IEP US 7.50 7.25 0.25 3.45 389,573 Cash 12/10/10
MCCC US N/A 8.75 8.48 0.27 3.18 304,276 Cash 06/30/11
BUCY US CAT US 92.00 89.31 2.69 3.01 200 Cash 06/30/11
NAL US FNFG US 14.27 13.92 0.35 2.49 349,578 C/S 06/30/11
NOVL US Multiple 6.10 5.96 0.14 2.35 300 Cash 03/31/11
WL US MTB US 4.09 4.00 0.09 2.28 4,218,239 Stk 06/30/11
MFE US INTC US 48.00 46.93 1.07 2.28 100 Cash n/a
AYE US FE US 23.65 23.15 0.50 2.14 1,495,907 Stk 04/30/11
PRPX US FSTR US 11.80 11.56 0.24 2.08 53,872 Cash 12/15/10
OCNW US CALX US 8.36 8.22 0.14 1.72 98,305 C&S 03/31/11
CADE US Private 2.50 2.46 0.04 1.63 11,199 Cash 03/31/11
FFHS US CHEV US 14.50 14.28 0.22 1.54 200 Cash 03/31/11
Q US CTL US 7.29 7.18 0.11 1.53 5,200 Stk 06/30/11
DLM US Multiple 19.00 18.73 0.27 1.44 11,872,492 Cash 03/31/11
LDSH US ATI US 48.64 48.00 0.64 1.33 109,504 C&S n/a
BJGP US SAN FP 10.00 9.87 0.13 1.32 127,926 Cash n/a
ID US SAF FP 12.00 11.85 0.15 1.27 499,501 Cash 03/31/11
================================================================================
Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
================================================================================
ROAC US Private 5.25 5.19 0.06 1.16 2,098 Cash n/a
MIGP US UFCS US 28.25 27.93 0.32 1.15 12,863 Cash 03/31/11
CPII US Private 19.50 19.28 0.22 1.14 61,605 Cash n/a
ITCD US ELNK US 3.00 2.97 0.03 1.01 21,516 Cash 03/31/11
ROME US BHLB US 11.51 11.40 0.11 0.93 14,105 C/S 03/31/11
CTV US Private 31.50 31.22 0.28 0.90 1,094 Cash 03/31/11
CFS US Private 2.50 2.48 0.02 0.81 8,500 Cash 12/31/10
SVR US Private 31.00 30.79 0.21 0.68 425,904 Cash 03/31/11
NCOC US Private 1.00 0.99 0.01 0.66 28,225 Cash 12/15/10
CCBP US FNB US 42.30 42.03 0.27 0.64 2,464 C&S 12/31/10
MAM US EMA CN 45.00 44.72 0.28 0.62 2,954 Cash n/a
NHWK US Private 6.50 6.46 0.04 0.62 62,942 Cash 03/31/11
FMR US FFH CN 16.50 16.40 0.10 0.61 34,538 Cash 03/31/11
TTES US RBN US 37.67 37.44 0.23 0.61 86,471 C&S n/a
ARG US APD US 65.50 65.11 0.39 0.60 400 Cash 12/17/10
GIW US CBU US 9.50 9.45 0.05 0.53 24,553 C&S n/a
ACV US UNA NA 37.50 37.32 0.18 0.48 1,043,403 Cash n/a
================================================================================
Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
================================================================================
NUHC US ARW US 7.00 6.97 0.03 0.43 10,998 Cash 12/31/10
CGC US GAM CN 4.88 4.86 0.02 0.42 801,434 C&S 12/31/10
BEZ US ABBN VX 63.50 63.26 0.24 0.38 4,610,563 Cash 03/31/11
HBE US KTOS US 8.20 8.17 0.03 0.37 40,397 Cash n/a
PZZ US Private 8.50 8.47 0.03 0.35 11,827 Cash n/a
ARTG US ORCL US 6.00 5.98 0.02 0.33 2,506,600 Cash n/a
ACTI US ASSAB SS 3.25 3.24 0.01 0.31 58,401 Cash 12/31/10
KG US PFE US 14.25 14.21 0.04 0.28 1,306,724 Cash 12/17/10
ACLI US Private 33.00 32.93 0.07 0.21 120,054 Cash 12/31/10
CLRT US GE US 5.00 4.99 0.01 0.20 5,000 Cash 12/16/10
ACBP US GABC US 14.48 14.45 0.03 0.19 2,600 C&S n/a
ADCT US TEL US 12.75 12.73 0.02 0.16 461,164 Cash 12/08/10
TEAM US Private 8.35 8.34 0.01 0.12 4,378 Cash 12/10/10
AEZ US HES US 10.16 10.15 0.01 0.10 347,431 Stk 12/31/10
ISLN US EMC US 33.85 33.82 0.03 0.09 400 Cash 12/17/10
CLU US CLW US 12.00 11.99 0.01 0.08 19,606 Cash 12/31/10
INET US 6902Z US 13.35 13.34 0.01 0.07 134,933 Cash 12/31/10
================================================================================
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