FACTBOX-Spreads of U.S. mergers and acquisitions

Tue Sep 23, 2008 11:40am EDT

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 NEW YORK, Sept 23 (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>
AQUIRER           TARGET                DEAL VALUE* PRICE/SHARE SPREAD%
InBev NV          Anheuser-Busch        49,915.24   70.00          5.11
Bank of America   Merrill Lynch         44,339.70   29.35          4.64
Roche Holding     Genentech             37,505.28   89.00         -3.58
Mars Inc          Wm Wrigley            21,917.51   80.00          1.27
Dow Chemical      Rohm and Haas         15,287.23   78.00          6.70
NRG Energy        Calpine Corp          10,916.43   15.18         12.04
Altria Group      UST Inc               10,256.34   69.50          3.65
Cleveland-Cliffs  Alpha Natural         9,031.59    94.92         45.25
Teva Pharm        Barr Pharm            7,115.11    67.67          4.42
Waste Mgnt        Republic Services     6,730.95    37.00         17.46
Republic Services Allied Waste          6,550.32    14.18         21.47
Invitrogen        Applied Biosys        6,381.65    35.37          3.74
Hexion            Huntsman Corp         6,213.24    28.00        180.56
Samsung Electro   SanDisk Corp          5,850.27    26.00         16.85
Triarc Co         Wendys Intl           4,758.27    21.38           .27
Tokio Marine      Philadelphia Consol   4,397.46    61.50          2.93
Bristol-Myers     ImClone Systems       4,330.50    60.00          1.01
Bunge Ltd         Corn Products         4,162.20    56.00         55.86
The Bank of Tokyo UnionBanCal           3,512.80    73.50           .34
Consortium        Puget Energy          3,510.75    30.00         14.20
Finmeccanica      DRS Tech              3,359.00    81.00          5.50
Delta Air         Northwest Air         3,051.85    10.88          8.42
WebMD             HLTH Corp             2,897.69    13.19          6.78
Brocade Comm      Foundry Networks      2,807.93    19.07          5.25
Walgreen          Longs Drug            2,700.57    75.00           .66
United Tech       Diebold Inc           2,631.77    40.00         20.30
Ashland Inc       Hercules Inc          2,602.64    21.29          8.69
CVS               Longs Drug            2,574.54    71.50         -4.04
Nationwide Mutual Nationwide Fin        2,440.08    52.25          2.85
Consortium        Post Prop             2,054.24    47.00         60.14
Precision Drill   Grey Wolf             1,820.45    8.36           5.31
Vishay Intertech  Intl Rectifier        1,675.01    23.00         17.17
Willis Group      Hilb Rogal            1,673.94    46.00          2.77
Ricoh Americas    IKON                  1,617.30    17.25          1.23
King Pharm        Alpharma              1,545.25    37.00          2.86
Sky Acquisition   Apria Healthcare      1,281.57    21.00         13.94
Dubai Intl        Och-Ziff              1,258.62    33.00        150.38
Management Group  CKX Inc               1,164.71    12.00         77.51
Service Corp Intl Stewart Enterprises   1,020.92    11.00         21.41
NOTE: * Deal values in millions of U.S. dollars
SOURCE: Reuters
 (Compiling by Oswald Blackwood)