FACTBOX-Spreads of U.S. mergers and acquisitions

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April 14 (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 RIC DEAL VALUE* PRICE/SHARE SPREAD %
Pfizer Wyeth WYE.N 66,825.00 46.28 9.46
Merck & Co Schering Plough SGP.N 38,609.15 25.52 9.21
NRG Energy Calpine CPN.N 10,916.43 9.79 5.48
Thoratec Corp HeartWare Intl HTWR.OQ 9,392.76 30.90 18.85
Exelon NRG Energy NRG.N 6,237.66 22.84 24.62
CenturyTel Embarq EQ.N 5,744.34 37.04 1.49
Agrium CF Industries Hldgs CF.N 3,652.31 74.54 2.15
Fidelity Natl Metavante Tech MV.N 2,943.87 26.33 2.11
Consortium Post Properties PPS.N 2,054.24 47.00 258.78
CF Industries Terra Ind TRA.N 2,051.31 33.12 16.58
Validus Hlds IPC Holdings IPCR.OQ 1,677.41 28.50 3.99
Pulte Homes Centex CTX.N 1,341.58 9.95 2.20
Gilead Sciences CV Therapeutics CVTX.OQ 1,284.68 20.00 .20
Magellan Mid Prt Magellan Mid Hldgs MGG.N 1,147.91 19.48 5.25
NOTE: * Deal values in millions of U.S. dollars
SOURCE: Reuters
(Compiled by Oswald Blackwood)
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