FACTBOX-Spreads of U.S. mergers and acquisitions

NEW YORK, Sept 3 (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 49,915.24 70.00 2.90
Roche Holding Genentech Inc 37,505.28 89.00 -9.45
Mars Inc Wm Wrigley 21,917.51 80.00 .63
Dow Chemical Rohm and Haas 15,287.23 78.00 3.78
NRG Energy Inc Calpine Corp 10,916.43 19.58 15.19
Cleveland-Cliffs Alpha Natural Res 9,031.59 110.10 19.02
Teva Pharm Barr Pharm 7,115.11 69.42 3.20
Waste Mngt Republic Services 6,730.95 37.00 10.81
Republic Services Allied Waste Ind 6,550.32 15.03 9.52
Invitrogen Corp Applied Biosystems 6,381.65 37.31 2.41
Hexion Specialty Huntsman Corp 6,213.24 28.00 108.80
Liberty Mutual Safeco Corp 6,124.91 68.25 .71
Triarc Co Wendys Intl 4,758.27 25.25 1.88
Iberdrola SA Energy East Corp 4,495.87 30.60 12.01
Tokio Marine Philadelphia Consolida4,397.46 61.50 2.72
Bristol-Myers ImClone Systems Inc 4,330.50 60.00 -6.90
Bunge Ltd Corn Products Intl 4,162.20 56.00 30.51
Fresenius Kabi APP Pharm 3,686.31 23.00 -3.93
Reed Elsevier ChoicePoint Inc 3,576.80 50.00 3.71
The Bank of Tokyo UnionBanCal Corp 3,512.80 73.50 -.15
Consortium Puget Energy Inc 3,510.75 30.00 8.34
Finmeccanica SpA DRS Tech 3,359.00 81.00 1.89
Delta Air Northwest Air 3,051.85 11.46 2.62
WebMD Health Corp HLTH Corp 2,897.69 13.31 5.08
Brocade Comm Foundry Networks 2,807.93 19.17 4.34
United Tech Diebold Inc 2,631.77 40.00 2.17
Ashland Inc Hercules Inc 2,602.64 22.41 3.29
CVS Longs Drug 2,558.87 71.50 .03
Nationwide Mutual Nationwide Financial 2,440.08 52.25 .89
Consortium Post Properties 2,054.24 47.00 48.97
Electronic Arts Take-Two Interactive 1,913.29 25.74 4.89
Precision Drilling Grey Wolf Inc 1,820.45 8.70 3.28
Willis Group Hilb Rogal & Hobbs 1,673.94 46.00 1.14
Ricoh Americas IKON Office 1,617.30 17.25 -.23
Vishay Intertech Intl Rectifier Corp 1,545.38 21.22 2.31
King Pharm Alpharma Inc 1,378.20 33.00 -7.56
Sky Acquisition Apria Healthcare 1,281.57 21.00 7.03
Dubai Intl Och-Ziff Capital 1,258.62 33.00 91.97
Management Group CKX Inc 1,164.71 12.00 57.89
Service Corp Intl Stewart Enterprises 1,020.92 11.00 16.53
NOTE: * Deal values in millions of U.S. dollars
SOURCE: Reuters
(Compiling by Oswald Blackwood)
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