Arbitrage Profit in U.S. Takeovers Pending on Nov. 12
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Nov 12, 2010
Nov. 12 (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 0.35 0.25 71.43 101,048 Stk n/a
FCEC US TOBC US 10.31 6.34 3.97 62.55 1,001 Stk n/a
TRGD US TARM US 0.52 0.36 0.16 45.83 48,150 Stk 12/31/10
WPCS US Private 3.50 2.79 0.71 25.45 16,900 Cash n/a
TLCR US GRF SM 27.82 23.36 4.46 19.08 537,561 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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PNNW US 270436Z U 29.00 24.40 4.60 18.85 4,679 Cash n/a
FOFC US CHMG US 7.82 6.70 1.12 16.73 1,000 C/S 03/31/11
CFWH US Private 0.60 0.53 0.07 14.29 2,500 Cash 12/31/10
MNBZ US Private 9.09 8.10 0.99 12.22 3,400 Cash 03/31/11
FSIN US Multiple 11.50 10.47 1.03 9.84 309,744 Cash n/a
PLA US N/A 5.50 5.02 0.48 9.56 101,288 Cash n/a
FMMH US BH US 29.00 26.50 2.50 9.43 300 Cash n/a
XCO US N/A 20.50 18.88 1.62 8.58 1,769,713 Cash n/a
MROE US ONB US 12.83 11.90 0.93 7.79 10,195 Stk 03/31/11
PVG US PVR US 27.53 26.04 1.49 5.72 96,515 Stk n/a
ADAM US EBIX US 7.41 7.07 0.34 4.83 265,354 Stk 12/31/10
AAI US LUV US 7.75 7.42 0.33 4.45 4,218,315 C&S 06/30/11
LGF US IEP US 7.50 7.21 0.29 4.02 401,726 Cash 11/12/10
ACBP US GABC US 15.07 14.50 0.57 3.94 2,500 C&S n/a
LOV US Private 3.10 3.00 0.10 3.33 209,219 Cash n/a
Q US CTL US 7.05 6.83 0.22 3.23 2,900 Stk 06/30/11
NAL US FNFG US 13.77 13.38 0.39 2.90 523,465 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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BGH US BPL US 49.11 47.89 1.22 2.55 49,203 Stk 12/31/10
CADE US Private 2.50 2.44 0.06 2.46 43,796 Cash 03/31/11
RCMT US CDI US 5.20 5.08 0.12 2.36 46,922 Cash n/a
AYE US FE US 23.81 23.29 0.52 2.24 1,153,521 Stk 04/30/11
SMTB US PBCT US 3.80 3.72 0.08 2.24 56,529 C&S 12/31/10
CCBP US FNB US 41.75 40.91 0.84 2.05 400 C&S 12/31/10
FFHS US CHEV US 14.50 14.21 0.29 2.04 900 Cash 03/31/11
BJGP US SAN FP 10.00 9.80 0.20 2.04 854,353 Cash n/a
SVR US Private 31.00 30.43 0.57 1.87 1,237,169 Cash 03/31/11
ID US SAF FP 12.00 11.79 0.21 1.78 554,344 Cash 03/31/11
PRPX US FSTR US 11.80 11.60 0.20 1.72 6,500 Cash 11/15/10
OCNW US CALX US 7.63 7.51 0.12 1.64 97,821 C&S 03/31/11
MFE US INTC US 48.00 47.36 0.64 1.35 2,397,516 Cash n/a
FMR US FFH CN 16.50 16.29 0.21 1.29 94,645 Cash 03/31/11
ROME US BHLB US 11.18 11.04 0.14 1.28 4,233 C/S 03/31/11
TTES US RBN US 35.21 34.78 0.43 1.23 59,475 C&S n/a
CFS US Private 2.50 2.47 0.03 1.21 76,486 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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NHWK US Private 6.50 6.43 0.07 1.09 437,279 Cash 03/31/11
TUNE US ZRAN US 2.92 2.89 0.03 1.04 1,483,019 Cash 12/31/10
ITCD US ELNK US 3.00 2.97 0.03 1.01 40,651 Cash 03/31/11
NCOC US Private 1.00 0.99 0.01 1.01 34,463 Cash 12/15/10
ROAC US Private 5.25 5.20 0.05 0.96 8,706 Cash n/a
CSCX US OPTC IN 2.30 2.28 0.02 0.88 74,622 Cash 11/30/10
ARTG US ORCL US 6.00 5.95 0.05 0.84 14,553,179 Cash n/a
ACV US UNA NA 37.50 37.20 0.30 0.81 1,184,204 Cash n/a
DDMX US Private 21.25 21.08 0.17 0.81 44,011 Cash 03/31/11
TEAM US Private 8.35 8.29 0.06 0.72 31,196 Cash 12/31/10
HBE US KTOS US 7.00 6.95 0.05 0.72 16,210 Cash 12/31/10
PZZ US Private 8.50 8.44 0.06 0.71 41,714 Cash n/a
MAM US EMA CN 45.00 44.70 0.30 0.67 951 Cash n/a
ADCT US TEL US 12.75 12.67 0.08 0.63 1,075,447 Cash 11/15/10
AEZ US HES US 9.87 9.81 0.06 0.63 295,135 Stk 12/31/10
KG US PFE US 14.25 14.17 0.08 0.56 280 Cash 11/19/10
INET US 6902Z US 13.35 13.28 0.07 0.53 44,208 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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GIW US CBU US 9.50 9.45 0.05 0.53 1,600 C&S n/a
BNE US RRD US 11.50 11.44 0.06 0.52 709,803 Cash n/a
LSBX US PBCT US 21.00 20.90 0.10 0.48 1,100 Cash 12/31/10
RSCR US OCX CN 13.25 13.19 0.06 0.45 238,398 Cash 11/15/10
NUHC US ARW US 7.00 6.97 0.03 0.43 42,018 Cash 12/31/10
CLRT US GE US 5.00 4.98 0.02 0.40 469,216 Cash 12/06/10
EPE US EPD US 65.69 65.44 0.24 0.37 97,895 Stk 12/31/10
HWK US CSL US 50.00 49.85 0.15 0.30 133,343 Cash 11/30/10
GYMB US 6821Z US 65.40 65.22 0.18 0.28 1,400 Cash 11/22/10
CJBK US KRNY US 7.50 7.48 0.02 0.27 1,335 Cash 12/31/10
WAIN US 3994Z US 19.00 18.95 0.05 0.26 1,702 Cash 12/31/10
CLU US CLW US 12.00 11.97 0.03 0.25 76,541 Cash 12/31/10
PTEC US Private 4.20 4.19 0.01 0.24 277,180 Cash n/a
NYM US Private 25.75 25.69 0.06 0.23 41,598 Cash 12/31/10
PTV US Private 33.25 33.19 0.06 0.18 1,626,649 Cash 11/17/10
AMPH US PRA US 32.50 32.44 0.06 0.18 26,327 Cash 12/31/10
PSYS US UHS US 33.75 33.70 0.05 0.15 541,030 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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OSTE US MDT US 6.50 6.49 0.01 0.15 259,263 Cash n/a
COGT US MMM US 10.50 10.49 0.01 0.10 1,000 Cash n/a
KEI US DHR US 21.60 21.58 0.02 0.09 153,263 Cash 12/31/10
FCCC US Private 4.50 4.50 0.00 0.00 4,900 Cash 12/31/10
XJT US SKYW US 6.75 6.75 0.00 0.00 16,227 Cash 11/15/10
THMD US Private 15.00 15.00 0.00 0.00 36,392 Cash 12/31/10
MIR US RRI US 10.74 10.75 -0.01 -0.05 615,149 Stk 12/31/10
TESS US Private 15.50 15.53 -0.03 -0.19 13,842 Cash n/a
DINE US Private 13.75 13.78 -0.03 -0.22 2,488 Cash 12/07/10
AGAM US STJ US 20.80 20.85 -0.05 -0.24 392,245 C/S 11/17/10
ACTI US ASSAB SS 3.25 3.26 -0.01 -0.31 169,548 Cash 12/31/10
ACLI US Private 33.00 33.36 -0.36 -1.08 27,635 Cash 12/31/10
NST US NU US 41.24 41.79 -0.55 -1.33 258,262 Stk n/a
CTV US Private 31.50 32.03 -0.53 -1.65 1,947,898 Cash 03/31/11
GENZ US SAN FP 69.00 70.16 -1.16 -1.65 2,594,932 Cash 12/10/10
RAE US 19316Z US 1.60 1.63 -0.03 -1.84 113,444 Cash n/a
CGC US TMM CN 4.50 4.61 -0.11 -2.35 656,009 Stk 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