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Bonds News

FACTBOX-Spreads of U.S. mergers and acquisitions

 NEW YORK, Aug 21 (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/SHR  SPREAD %
InBev NV              Anheuser-Busch        49,915.24    70.00       3.32
Roche Holding         Genentech Inc         37,505.28    89.00      -9.17
Mars Inc              Wm Wrigley            21,917.51    80.00        .92
Dow Chemical          Rohm and Haas         15,287.23    78.00       3.07
Hewlett-Packard       Electronic Data       12,565.03    25.00        .32
CME                   NYMEX                 11,071.73    81.25       -.20
NRG                   Calpine Corp          10,916.43    20.69      15.25
Cleveland-Cliffs      Alpha Natural         9,031.59     116.45     24.23
Teva Pharma           Barr Pharm            7,115.11     69.67       3.38
Waste Mngmnt          Republic Services     6,730.95     37.00      13.25
Republic Srvc         Allied Waste          6,550.32     14.70      11.63
Invitrogen            Applied Biosystems    6,381.65     37.58       2.83
Hexion Specialty      Huntsman Corp         6,213.24     28.00     104.38
Liberty Mutual        Safeco Corp           6,124.91     68.25       1.17
Triarc Co             Wendys Intl           4,758.27     25.80       2.05
Iberdrola SA          Energy East           4,495.87     31.08      20.19
Tokio Marine          Philadelphia Consolida4,397.46     61.50       3.45
Bristol-Myers Squibb  ImClone Sys           4,330.50     60.00      -6.32
Bunge Ltd             Corn Products         4,162.20     56.00      22.89
Fresenius Kabi        APP Pharma            3,686.31     23.00      -1.84
Reed Elsevier         ChoicePoint Inc       3,576.80     50.00       2.46
The Bank of Tokyo     UnionBanCal           3,512.80     73.50        .22
Consortium            Puget Energy Inc      3,510.75     30.00       7.45
Finmeccanica SpA      DRS Tech              3,359.00     81.00       2.84
Delta Air             Northwest Air         3,051.85     10.34       5.06
WebMD                 HLTH Corp             2,897.69     13.29       6.22
Brocade Comm          Foundry Networks      2,807.93     19.15       6.89
United Tech           Diebold Inc           2,631.77     40.00       5.04
Ashland Inc           Hercules Inc          2,602.64     22.29       4.41
CVS                   Longs Drug Stores     2,558.87     71.50       -.83
Nationwide Mutual Ins Nationwide Financial  2,440.08     52.25       1.55
Consortium            Post Properties Inc   2,054.24     47.00      50.69
Electronic Arts       Take-Two Interactive  1,913.29     25.74       5.75
Precision Drilling    Grey Wolf Inc         1,788.40     10.00      19.19
Willis Group Holdings Hilb Rogal & Hobbs    1,673.94     46.00       3.67
Stone Energy          Bois d Arc Energy     1,650.94     22.14       -.22
Vishay IntertechnologyIntl Rectifier        1,545.38     21.22      -2.88
Sky Acquisition       Apria Healthcare      1,281.57     21.00       5.79
Dubai Intl            Och-Ziff Capital      1,258.62     33.00      96.31
Management Group      CKX Inc               1,164.71     12.00      47.24
Service Corp Intl     Stewart Enterprises   1,020.92     11.00      20.35
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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