Arbitrage Profit in U.S. Takeovers Pending on Dec. 31
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Dec 31, 2010
Dec. 31 (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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LTXC US VRGY US 12.72 7.38 5.34 72.36 945,687 Stk 06/30/11
DIGA US PSID US 0.60 0.36 0.24 66.67 178,176 Stk n/a
TRGD US TARM US 0.56 0.35 0.21 60.00 10,482 Stk 12/31/10
WPCS US Private 3.50 2.66 0.84 31.58 33,880 Cash n/a
FSIN US Multiple 11.50 8.95 2.55 28.49 187,463 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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TLCR US GRF SM 27.84 23.25 4.59 19.76 257,054 C&S n/a
CGC US TMM CN 5.97 5.00 0.97 19.37 107,627 Stk n/a
FMMH US BH US 31.00 26.00 5.00 19.23 1,324 Cash n/a
MNBZ US Private 9.09 7.70 1.39 18.05 724 Cash 03/31/11
ACBP US GABC US 15.32 13.30 2.02 15.17 126 C&S n/a
VRGY US 6857 JP 15.00 13.25 1.75 13.21 1,050,340 Cash n/a
ARG US APD US 70.00 62.60 7.40 11.82 666,794 Cash 01/14/11
MCFI US AMNB US 7.79 7.00 0.79 11.30 2,000 Stk 06/30/11
FOFC US CHMG US 7.90 7.12 0.78 10.97 551 C/S 03/31/11
NGAS US MHR US 0.64 0.58 0.06 10.47 2,655,380 Stk 03/31/11
FRA CN DM CN 0.93 0.85 0.08 9.09 532,953 C/S n/a
CFWH US Private 0.60 0.56 0.04 8.09 14,000 Cash 12/31/10
NPBP US NWFL US 18.73 17.35 1.38 7.93 1,450 C/S 06/30/11
PNNW US 270436Z U 29.00 27.28 1.72 6.30 24,860 Cash n/a
LEGC US BHLB US 13.53 12.75 0.78 6.12 109,290 C&S 06/30/11
PVG US PVR US 27.64 26.08 1.56 5.97 210,575 Stk n/a
HYC US PAY US 8.93 8.43 0.50 5.94 274,371 Stk 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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XCO US N/A 20.50 19.36 1.14 5.89 353,050 Cash n/a
MROE US ONB US 15.07 14.30 0.77 5.39 115,215 Stk 03/31/11
MI US BMO CN 7.21 6.87 0.34 4.89 400 Stk 07/31/11
AAI US LUV US 7.75 7.39 0.36 4.87 1,721,809 C&S 06/30/11
PLA US N/A 5.50 5.25 0.25 4.76 153,583 Cash n/a
ADAM US EBIX US 7.47 7.18 0.29 4.10 93,106 Stk 01/31/11
MFE US INTC US 48.00 46.35 1.65 3.56 632,625 Cash n/a
MCCC US N/A 8.75 8.46 0.29 3.43 234,276 Cash 06/30/11
VCGH US Private 2.25 2.18 0.07 3.21 182,095 Cash 03/31/11
WTNY US HBHC US 14.62 14.18 0.44 3.11 1,459,880 Stk 06/30/11
CPD US SUNP IN 4.75 4.61 0.14 3.04 28,879 Cash n/a
BUCY US CAT US 92.00 89.40 2.60 2.91 1,515,172 Cash 06/30/11
CDELB US CMLS US 31.00 30.13 0.88 2.90 53,950 C/S n/a
GAS US AGL US 51.53 50.08 1.45 2.89 154,383 C&S 06/30/11
ACL US NOVN VX 168.00 163.56 4.44 2.71 1,257,100 Stk 06/30/11
NOVL US Multiple 6.10 5.94 0.16 2.69 8,558,751 Cash 03/31/11
ASRG US Private 2.87 2.80 0.07 2.50 38,100 Cash 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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CLFC US NARA US 7.69 7.52 0.17 2.32 119,081 Stk 12/31/11
UPFC US Multiple 7.05 6.90 0.15 2.17 13,799 Cash 03/31/11
AYE US FE US 24.85 24.39 0.46 1.87 764,650 Stk 04/30/11
NAL US FNFG US 15.40 15.16 0.24 1.61 543,945 C/S 06/30/11
ROME US BHLB US 11.97 11.79 0.18 1.49 1,946 C/S 03/31/11
FFHS US CHEV US 14.50 14.30 0.20 1.40 700 Cash 03/31/11
JAS US Private 61.00 60.18 0.82 1.36 417,815 Cash 06/30/11
OCNW US CALX US 8.82 8.71 0.11 1.24 24,787 C&S 03/31/11
DLM US Multiple 19.00 18.77 0.23 1.23 2,101,554 Cash 03/31/11
KG US PFE US 14.25 14.08 0.17 1.21 3,122,182 Cash 01/21/11
CADE US Private 2.50 2.47 0.03 1.21 13,800 Cash 03/31/11
ACV US UNA NA 37.50 37.07 0.43 1.16 417,852 Cash n/a
WL US MTB US 4.44 4.39 0.05 1.14 655,604 Stk 06/30/11
LDSH US ATI US 49.42 48.93 0.49 1.01 170,412 C&S n/a
DDMX US TFI CN 25.00 24.76 0.24 0.97 47,600 Cash 03/31/11
Q US CTL US 7.71 7.64 0.07 0.97 5,711,959 Stk 06/30/11
MIGP US UFCS US 28.25 27.99 0.26 0.93 16,709 Cash 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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BJGP US SAN FP 10.00 9.91 0.09 0.91 198,670 Cash n/a
CPII US Private 19.50 19.33 0.17 0.88 27,542 Cash n/a
JCG US Multiple 43.50 43.13 0.37 0.86 540,673 Cash n/a
CTV US Private 31.50 31.23 0.27 0.86 1,910,625 Cash 03/31/11
IFLG US SWK US 4.75 4.71 0.04 0.85 9,110 Cash 03/31/11
ID US SAF FP 12.00 11.90 0.10 0.84 718,749 Cash 03/31/11
BEZ US ABBN VX 63.50 63.09 0.41 0.65 755,008 Cash 01/10/11
MATK US DSM NA 31.50 31.30 0.20 0.64 1,365,151 Cash n/a
FMR US FFH CN 16.50 16.40 0.10 0.61 18,271 Cash 03/31/11
CML US DELL US 27.75 27.59 0.16 0.58 274,040 Cash n/a
SVR US Private 31.00 30.85 0.15 0.49 877,697 Cash 03/31/11
FMST US UNS CN 21.00 20.90 0.10 0.48 2,300 Cash 01/10/11
DNEX US TMO US 118.50 118.00 0.50 0.42 76,301 Cash 01/19/11
ROAC US Private 5.25 5.23 0.02 0.38 8,925 Cash n/a
TTES US RBN US 39.91 39.79 0.12 0.30 51,316 C&S n/a
APSG US RTN US 38.00 37.89 0.11 0.29 339,759 Cash 01/28/11
NUHC US ARW US 7.00 6.98 0.02 0.29 176,942 Cash 12/31/10
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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