FACTBOX-Spreads of U.S. mergers and acquisitions

NEW YORK, Sept 4 (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 Name Target Name DEAL VALUE * PRICE/S SPREAD%
InBev NV Anheuser-Busch 49,915.24 70.00 2.56
Roche Holding Genentech Inc 37,505.28 89.00 -8.89
Mars Inc Wm Wrigley 21,917.51 80.00 .69
Dow Chemical Rohm and Haas 15,287.23 78.00 3.70
NRG Energy Inc Calpine Corp 10,916.43 18.76 11.53
Cleveland-Cliff Alpha Natural Resourc 9,031.59 106.74 21.45
Teva Pharm Barr Pharm 7,115.11 70.03 2.80
Waste Mgnt Republic Services 6,730.95 37.00 11.65
Republic Servic Allied Waste Ind 6,550.32 14.91 10.22
Invitrogen Corp Applied Biosystems 6,381.65 37.41 2.60
Hexion Specialt Huntsman Corp 6,213.24 28.00 112.77
Liberty Mutual Safeco Corp 6,124.91 68.25 .43
Triarc Co Wendys Intl 4,758.27 25.12 1.28
Iberdrola SA Energy East Corp 4,495.87 30.54 9.04
Tokio Marine Philadelphia Consolid 4,397.46 61.50 2.67
Bristol-Myers ImClone Systems 4,330.50 60.00 -6.90
Bunge Ltd Corn Products Intl 4,162.20 56.00 32.76
Fresenius Kabi APP Pharm 3,686.31 23.00 -3.97
Reed Elsevier ChoicePoint Inc 3,576.80 50.00 1.34
The Bank of Tok UnionBanCal Corp 3,512.80 73.50 .46
Consortium Puget Energy Inc 3,510.75 30.00 9.05
Finmeccanica DRS Tech 3,359.00 81.00 2.02
Delta Air Northwest Airlines 3,051.85 11.39 2.22
WebMD HLTH Corp 2,897.69 13.16 5.38
Brocade Comm Foundry Networks 2,807.93 19.16 4.00
United Tech Diebold Inc 2,631.77 40.00 1.86
Ashland Inc Hercules Inc 2,602.64 22.42 2.95
CVS Longs Drug 2,558.87 71.50 -.21
Nationwide Mutu Nationwide Fin 2,440.08 52.25 1.01
Consortium Post Properties Inc 2,054.24 47.00 45.42
Electronic Arts Take-Two Interactive 1,913.29 25.74 11.09
Precision Drill Grey Wolf Inc 1,820.45 8.68 3.43
Willis Group Hilb Rogal & Hobbs 1,673.94 46.00 1.43
Ricoh Americas IKON Office Solutions 1,617.30 17.25 .41
Vishay Intl International Rectifi 1,545.38 21.22 1.00
King Pharm Alpharma Inc 1,378.20 33.00 -7.80
Sky Acquisition Apria Healthcare 1,281.57 21.00 7.75
Dubai Intl Och-Ziff Capital Mgnt 1,258.62 33.00 94.35
Management Grp CKX Inc 1,164.71 12.00 59.36
Service Corp In Stewart Enterprises 1,020.92 11.00 16.28
NOTE: * Deal values in millions of U.S. dollars
SOURCE: Reuters
(Compiling by Oswald Blackwood)
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