September 3, 2008 / 2:22 PM / 10 years ago

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)
 (For more M&A news and our DealZone blog, go to
here

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