Arbitrage Profit in U.S. Takeovers Pending on Feb. 1
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Feb 1, 2011
Feb. 1 (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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DIGA US PSID US 0.60 0.40 0.20 50.00 26,716 Stk n/a
LTXC US VRGY US 12.81 8.86 3.94 44.46 319,491 Stk 06/30/11
WPCS US Private 3.50 2.70 0.80 29.63 13,600 Cash n/a
CFHZ US UBSI US 21.65 18.00 3.65 20.26 1,815 Stk 09/30/11
FSIN US Multiple 11.50 9.64 1.86 19.29 114,089 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 28.98 24.50 4.48 18.30 538,522 C&S n/a
MNBZ US Private 9.09 8.04 1.05 13.06 260 Cash 03/31/11
VRGY US 6857 JP 15.00 13.34 1.66 12.44 539,235 Cash n/a
ARG US APD US 70.00 62.67 7.33 11.70 1,200 Cash 02/04/11
FOFC US CHMG US 8.03 7.20 0.83 11.60 923 C/S 03/31/11
NPBP US NWFL US 19.10 17.25 1.85 10.74 378 C/S 06/30/11
FMMH US BH US 31.00 28.00 3.00 10.71 200 Cash n/a
FRA CN DM CN 0.93 0.84 0.09 10.19 306,860 C/S n/a
CGC US TMM CN 5.22 4.78 0.44 9.27 328,014 Stk n/a
PVG US PVR US 27.46 26.24 1.22 4.65 117,378 Stk n/a
NGAS US MHR US 0.60 0.57 0.03 4.51 698,822 Stk 03/31/11
MI US BMO CN 7.28 6.99 0.29 4.17 10,120,269 Stk 07/31/11
PGN US DUK US 46.71 44.92 1.79 3.99 1,606,938 Stk 12/31/11
TRCI US CCIX US 5.50 5.29 0.21 3.97 42,050 Cash n/a
CLFC US NARA US 7.62 7.35 0.27 3.63 246,462 Stk 12/31/11
PNNW US 270436Z U 29.00 28.00 1.00 3.57 19,348 Cash n/a
MEE US ANR US 65.07 62.86 2.21 3.52 2,961 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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ACL US NOVN VX 168.00 162.86 5.14 3.16 1,362,204 Stk 06/30/11
CDELB US CMLS US 31.00 30.05 0.95 3.16 80,000 C/S n/a
WTNY US HBHC US 13.71 13.31 0.40 3.01 768,021 Stk 06/30/11
GAS US AGL US 51.96 50.47 1.49 2.96 339,582 C&S 06/30/11
CNXT US SMSC US 2.15 2.09 0.06 2.89 1,613,535 C&S 06/30/11
HYC US PAY US 9.19 8.94 0.25 2.75 452,021 Stk 06/30/11
AAI US LUV US 7.55 7.39 0.16 2.22 1,788,973 C&S 06/30/11
LEGC US BHLB US 13.28 13.00 0.28 2.12 11,967 C&S 06/30/11
DPHI IN BOOT IN 1815.30 1778.00 37.30 2.10 3 Stk n/a
XCO US N/A 20.50 20.08 0.42 2.09 2,356,265 Cash n/a
SBIB US CMA US 9.03 8.87 0.16 1.85 2,928,339 Stk 06/30/11
VCGH US Private 2.25 2.21 0.04 1.81 13,310 Cash 03/31/11
RAE US Private 1.75 1.72 0.03 1.74 41,534 Cash 06/30/11
UPFC US Multiple 7.05 6.93 0.12 1.73 56,327 Cash 03/31/11
ABBC US SUSQ US 12.62 12.42 0.20 1.60 269,781 Stk 09/30/11
SSCC US RKT US 37.93 37.35 0.58 1.55 1,607 C&S 06/30/11
DNBK US PBCT US 21.88 21.56 0.32 1.49 183,820 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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NOVA US Private 13.25 13.06 0.19 1.45 165,709 Cash n/a
WL US MTB US 4.44 4.38 0.06 1.42 835,696 Stk 06/30/11
BUCY US CAT US 92.00 90.76 1.24 1.37 631,861 Cash 06/30/11
NOVL US Multiple 6.10 6.02 0.08 1.33 3,908,169 Cash 03/31/11
GIW US CBU US 9.50 9.38 0.12 1.28 39,804 C&S n/a
AYE US FE US 26.09 25.78 0.31 1.21 1,115,846 Stk 04/30/11
NAL US FNFG US 15.13 14.95 0.18 1.20 529,201 C/S 06/30/11
CPEX US FTAR US 27.25 26.93 0.32 1.19 49,960 Cash 06/30/11
JAS US Private 61.00 60.33 0.67 1.11 354,096 Cash 06/30/11
PPD US Private 66.50 65.84 0.66 1.00 434,186 Cash 07/31/11
ATHR US QCOM US 45.00 44.59 0.41 0.92 400 Cash 06/30/11
Q US CTL US 7.20 7.13 0.07 0.91 8,694,433 Stk 06/30/11
ADAM US EBIX US 7.04 6.99 0.05 0.72 24,510 Stk 01/31/11
MIGP US UFCS US 28.25 28.05 0.20 0.71 1,681 Cash 03/31/11
ACV US UNA NA 37.50 37.25 0.25 0.67 453,460 Cash n/a
BJGP US SAN FP 10.00 9.94 0.06 0.60 736,722 Cash n/a
OCNW US CALX US 8.60 8.55 0.05 0.60 51,530 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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ID US SAF FP 12.00 11.93 0.07 0.59 593,972 Cash 03/31/11
MCFI US AMNB US 6.79 6.75 0.04 0.56 2,300 Stk 06/30/11
CPII US Private 19.50 19.40 0.10 0.52 349,378 Cash n/a
DNEX US TMO US 118.50 117.98 0.52 0.44 123,908 Cash 02/16/11
DDMX US TFI CN 25.00 24.89 0.11 0.44 36,134 Cash 03/31/11
FFHS US CHEV US 14.50 14.44 0.06 0.42 5,515 Cash 03/31/11
CPD US SUNP IN 4.75 4.73 0.02 0.42 54,336 Cash n/a
CADE US Private 2.50 2.49 0.01 0.40 13,137 Cash 03/31/11
PLD US AMB US 14.98 14.92 0.06 0.38 3,000 Stk 06/30/11
LDSH US ATI US 53.70 53.54 0.16 0.30 244,881 C&S n/a
FMR US FFH CN 16.50 16.45 0.05 0.30 47,099 Cash 03/31/11
MATK US DSM NA 31.50 31.41 0.09 0.29 284,064 Cash 02/18/11
SNIC US ROVI US 14.62 14.59 0.03 0.22 1,556,369 C/S 02/11/11
MFE US INTC US 48.00 47.90 0.10 0.21 2,023,076 Cash n/a
DLM US Multiple 19.00 18.96 0.04 0.21 1,355 Cash 03/31/11
TMRK US VZ US 19.00 18.96 0.04 0.21 500 Cash 03/31/11
JCG US Multiple 43.50 43.42 0.08 0.18 461,010 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