FACTBOX-Scuttled U.S. buyouts and deals under pressure

Feb 1 (Reuters) - Reddy Ice Holdings Inc (FRZ.N: Quote, Profile, Research, Stock Buzz), a maker of packaged ice,
became the latest casualty in the weak merger market, as tight credit
conditions and fears of a global recession put pressure on several planned
leverage buyouts.

Late on Thursday, Reddy Ice said it would receive a $21 million cash
settlement to cancel a $1.1 billion deal to be bought by hedge fund GSO Capital
Partners.

The first list below ranks the largest buyout deals that have been
withdrawn since 2004, according to research firm Dealogic.

The second list ranks the arbitrage spreads for some high-profile takeover
deals, based on Friday's stock prices. 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.
TOP 10 WITHDRAWN BUYOUTS SINCE 2004
BUYER TARGET VALUE
Group led by JC Flowers SLM Corp $25.57 bln
Providence Equity, KKR, Blackstone Clear Channel (Bid No. 1) $18.76 bln
KKR, Silver Lake Partners Freescale Semi (Bid No. 1) $16.00 bln
Thomas H. Lee, CCMP Capital Home Depot Supply (Bid No. 2) $10.00 bln
Cerberus Capital, management Affiliated Computer Services $8.63 bln
KKR, GS Capital Partners Harman Int'l Industries $7.98 bln
Cerberus Capital United Rentals Inc. $6.30 bln
CCMP Capital, GS Capital Partners Triad Hospitals Inc. $5.91 bln
Capital Partners Inc Highwoods Properties Inc. $3.48 bln
Ceberus-led consortium Delphi Corp. (Bid No. 1) $3.40 bln
SOURCE: Dealogic
SPREADS FOR HIGH-PROFILE DEALS UNDER SCRUTINY
BUYER TARGET ARBITRAGE SPREAD
Investor group Cumulus Media 80.8 percent
Finish Line Inc Genesco Inc 70.0 percent
Macrovision Corp Gemstar TV Guide 61.9 percent
Blackstone Group Alliance Data 60.5 percent
Bain Capital Partners 3Com Corp 30.5 percent
Fortress Investment Group Penn National Gaming 29.3 percent
Iberdrola Energy East Corp 26.5 percent
Buyout group Clear Channel 26.4 percent
Great Plains Energy Aquila Inc 23.4 percent
Sirius Satellite XM Satellite Radio 18.2 percent
SOURCE: Reuters Data
(Compiling by Jessica Hall)
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