FACTBOX-Spreads of U.S. mergers and acquisitions

NEW YORK, June 23 (Reuters) - The following list shows the arbitrage spread
for proposed mergers and acquisitions of U.S. companies.

Historically, the wider the spread, the more investors doubt a deal will
close. Arbitrage spreads measure the difference between the offered takeover
price and the target company's current trading price.

For real-time spreads, go to <US/ARB/MENU>
ACQUIRER TARGET DEAL VALUE* PRICE/SHARE SPREAD%
InBev NV Anheuser-Busch 46,349.87 65 7.14
Mars Inc Wm Wrigley 21,917.51 80 2.81
Consortium Clear Channel 17,900.00 36 1.58
HP Electronic Data Systems 12,565.03 25 1.58
CME NYMEX 11,071.73 92.79 1.69
NRG Calpine Corp 10,916.43 22.99 0.52
Nokia Oyj NAVTEQ 7,657.19 78 0.93
Republic Services Allied Waste 6,550.32 14.04 3.51
Invitrogen Corp Applied Biosystems 6,381.65 35.52 5.55
Hexion Huntsman Corp 6,213.24 28 118.07
Liberty Mutual Safeco Corp 6,124.91 68.25 1.59
Consortium Penn National Gaming 5,732.69 67 80.89
Triarc Co Wendys 4,758.27 30.13 0.27
Sirius XM 4,570.57 9.15 10.29
Iberdrola SA Energy East 4,202.70 32.9 36.04
Bank of America Countrywide Financial 4,143.76 4.94 4.39
Reed Elsevier Grp ChoicePoint Inc 3,576.80 50 2.88
Consortium Puget Energy Inc 3,510.75 30 16.69
Finmeccanica SpA DRS Tech 3,359.00 81 2.66
Delta Air Northwest Air 3,051.85 7.1 6.61
WebMD HLTH Corp 2,897.69 13.59 10.12
Smith Intl W-H Energy 2,894.29 94.08 -0.47
United Tech Diebold Inc 2,631.77 40 8.37
Nationwide Mut'l Ins Nationwide Financial 2,204.24 47.2 -5.94
Consortium Post Properties 2,054.24 47 39.8
Hellman & Friedman Getty Images 2,024.80 34 0.98
Electronic Arts Take-Two Interactive 1,932.61 26 -2.37
CBS CNET 1,751.96 11.5 0.26
Great Plains Aquila Inc 1,701.41 4.07 5.24
Willis Grp Hilb Rogal & Hobbs 1,673.94 46 3.63
Precision Drilling Grey Wolf 1,663.22 9.3 -0.21
Stone Energy Bois d' Arc Energy 1,650.94 24.81 0.18
Cadence Design Sys Mentor Graphics 1,453.85 16 4.64
Grey Wolf Inc Basic Energy Services 1,418.18 40.98 26.79
Blockbuster Circuit City 1,346.93 8 86.92
Dubai Int'l Och-Ziff Capital 1,258.62 33 57.89
Management Group CKX 1,164.71 12 22.95
NOTE: * Deal values in millions of U.S. dollars
SOURCE: Reuters
(Compiling by Oswald Blackwood; Editing by Brian Moss)
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