FACTBOX - M&A spreads for deals under scrutiny

Jan 22 (Reuters) Arbitrage spreads, which measure the difference between
the offered price of an acquisition and the current trading price, have
fluctuated on several closely watched merger deals.

The following list shows the arbitrage spreads for some high-profile
takeover deals, based on Tuesday's stock prices. Historically, the wider the
spread, the more investors doubt the deal will close.
TARGET BUYER ARBITRAGE SPREAD
Alliance Data (ADS.N) Blackstone Group (BX.N) 37.1 percent
Aquila Inc. ILA.N Great Plains Energy (GXP.N) 15.7 percent
Clear Channel (CCU.N) Bain Capital, Thomas H. Lee 28.5 percent
Cumulus Media (CMLS.O) Merrill Lynch Global P/E 117.6 percent
Gemstar-TV Guide GMST.O Macrovision Corp. MVSN.O 40.5 percent
Hunstman Corp. (HUN.N) Hexion Specialty Chemical 20.5 percent
Penn National Gaming (PENN.O) Fortress Investment Group 21.8 percent
Reddy Ice Holdings (FRZ.N) GSO Capital Partners 41.3 percent
3Com Corp. (COMS.O) Bain Capital 40.0 percent
XM Satellite Radio XMSR.O Sirius Satellite (SIRI.O) 19.2 percent
(Reporting by Jessica Hall, editing by Dave Zimmerman)
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