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FACTBOX-Spreads of U.S. mergers and acquisitions

Fri Oct 17, 2008 4:25pm EDT

 Oct 17 (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          TERGET              DEAL VALUE* PRICE/SHARE SPREAD%
InBev NV          Anheuser-Busch      49,915.24   70.00          16.76
Bank of America   Merrill Lynch       44,339.70   20.84          13.59
Roche Holding     Genentech           37,505.28   89.00           8.63
Dow Chemical      Rohm and Haas       15,287.23   78.00          11.02
Wells Fargo       Wachovia            15,127.19   6.75            4.64
NRG               Calpine             10,916.43   9.71           10.95
Altria            UST                 10,256.34   69.50           7.60
Cleveland-Cliffs  Alpha Natural       9,031.59    48.15          32.93
Teva Pharm        Barr Pharm          7,184.67    65.45           6.46
Republic Services Allied Waste        6,550.32    9.89            3.25
Invitrogen        Applied Biosys      6,381.65    30.77           1.62
Hexion            Huntsman            6,213.24    28.00         129.13
Eli Lilly         ImClone             6,089.83    70.00           3.05
Samsung           SanDisk             5,850.27    26.00          57.67
MidAmerican       Constellation Ener  4,725.79    26.50           8.92
Tokio Marine      Phili Consolidated  4,397.46    61.50           7.89
Bunge Ltd         Corn Products       4,162.20    56.00         179.58
Consortium        Puget Energy        3,510.75    30.00          33.69
Finmeccanica      DRS                 3,359.00    81.00            .98
Delta Air         Northwest Air       3,051.85    11.05           3.08
WebMD             HLTH                2,897.69    9.67           10.85
Brocade Comm      Foundry Ntwks       2,807.93    18.82          13.95
Ashland           Hercules            2,602.64    20.97          13.55
CVS               Longs Drug          2,574.54    71.50            .08
Nationwide Mutual Nationwide Fin      2,440.08    52.25           6.85
Microchip Tech    Atmel               2,231.03    5.00           31.93
Consortium        Post Properties     2,054.24    47.00         109.73
Banco Santander   Sovereign Banc      1,910.18    3.72           20.85
Precision Drill   Grey Wolf           1,820.45    6.78           17.06
Ricoh Americas    IKON                1,617.30    17.25           3.17
King Pharm        Alpharma            1,545.25    37.00           7.87
Sky Acquisition   Apria Healthcare    1,281.57    21.00          31.41
Dubai Intl        Och-Ziff            1,258.62    33.00         489.29
Mgnt Group        CKX                 1,164.71    12.00         193.40

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