FACTBOX-Spreads on U.S. mergers and acquisitions

March 18 (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 PRICE/SHARE SPREAD%

VALUE*
Microsoft Corp Yahoo! Inc $43,247 $31 19.92
Consortium Clear Channel 19,350 39.2 21.36
CME Group NYMEX 11,072 95.43 13.2
Ingersoll-Rand Trane Inc 9,208 46.39 2.05
Toronto-Dominion Commerce Bancorp 8,175 35.53 1.49
Oracle Corp BEA Systems 7,942 19.38 2.3
Nokia NAVTEQ 7,657 78 13.08
Blackstone Alliance Data 6,434 81.75 85.37
Hexion Huntsman 6,213 28 19.81
Consortium Penn National 5,733 67 71.79
Sirius Satellite XM Satellite 4,571 12.37 14.57
Iberdrola Energy East 4,203 33.16 35.17
Bank of America Countrywide 4,144 6.55 60.19
Reed Elsevier ChoicePoint 3,577 50 4.28
Consortium Puget Energy 3,511 30 14.94
WebMD Health HLTH Corp 2,898 12.04 17.13
Macrovision Gemstar TV Guide 2,725 6.35 44.32
United Tech Diebold Inc 2,632 40 10.93
Mapfre SA Commerce Group 2,316 36.7 2.34
Bain, Huawei 3Com Corp 2,117 5.3 97.03
Consortium Post Properties 2,054 47 33.22
Agrium Inc UAP Hldg 2,046 39 2.39
Hellman & Friedman Getty Images Inc 2,025 34 8.18
Electronic Arts Take-Two 1,933 26 3.79
Great Plains Aquila Inc 1,701 3.91 20.6
Gerdau SA Quanex Corp 1,458 39.2 -21.66
Management CKX Inc 1,335 13.75 60.63
Swingset Holdings Bright Horizons 1,268 48.25 14.88
Dubai Int'l Och-Ziff 1,259 33 69.4
Munich Re Midland Co 1,258 65 0.84
VISTAR Corp Performance Food 1,225 34.5 9.66
Gramercy Capital American Financial 1,094 7.56 6.58
Fifth Third Bancorp First Charter Corp 1,090 31 18.01
CONSOL Energy CNX Gas Corp 931 28.67 -10.42
Alfa Delaware Alfa Corp 850 22 0.92
Inverness Medical Matria Health 835 39 85.45
Consortium Alfa Corp 797 22 0.92
GS Capital Myers Industries 790 22.5 77.87
VeraSun Energy US BioEnergy 686 4.8 1.98
Verizon Wireless Rural Cellular 679 45 2.51
Sumitomo, TPG Axcelis Tech 614 6 14.72
Tullett Prebon eSpeed Inc 605 12 7.05
Golden Gate Children's Place 578 24 21.83
PNC Financial Sterling Financial 565 19 -69.16
Investor group Cumulus Media 507 11.75 101.89
Aurora Capital NuCO2 Inc 455 30 15.25
CapitalSource TierOne Corp 435 14.32 24.84
Allis-Chalmers Bronco Drilling 425 16.33 2.51
FNB Corp Omega Financial 393 30.23 0.83
Harbinger Oglebay Norton 368 31 -15.07
BAE Systems MTC Tech 364 24 1.01
Galderma Lab Collagenex Pharma 356 16.6 0.85
O'Reilly Auto CSK Auto Corp 352 8 -12.76
Medrad Inc Possis Medical 331 19.5 0.31
Platinum Equity Covad 304 1.02 12.09
Consortium Ocwen Financial 302 7 65.09
Consortium Asyst Tech 298 6 70.94
Abrams Capital LLC GenTek Inc 275 33.5 22.4
Doctors Co Scpie Holdings 268 28 2.26
Meadowbrook ProCentury Corp 267 20 16.96
Investors Waste Industries 263 38 5.44
JPMorgan Bear Stearns 236 2.21 -54.13
Bracco Diagnostics E-Z-EM Inc 233 21 0.82
Tilman Fertitta Landrys 231 23.5 31.07
American Campus GMH Communities 230 5.43 -38.82
SBT Holdings Lifecore Biomedical 229 17 0.47
Putter Acquisition I-trax Inc 223 5.4 3.25
Sherwood Trans World 207 7 114.07
Employers Holdings AmCOMP Inc 193 12.5 2.04
Pfizer Inc Encysive Pharma 186 2.35 2.62
Elliott group Packeteer Inc 181 5.5 12.7
Coinmach Service Mac-Gray Corp 180 13.75 23.32
Home Holdings Restoration Hardware 175 4.5 7.14
Riley Investment Transmeta Corp 173 15.5 16.37
S&T Bancorp IBT Bancorp 171 31 7.83
Eastern Bank Massbank Corp 171 40 3.68
Quest Resource Pinnacle Gas 166 3.38 3.3
SunTrust Banks GB & T Bancshares 154 8.52 1.84
United Community Park View Federal 143 18.5 87.82
QBE Holdings North Pointe 143 16 0.76
AngloGold Golden Cycle 140 9.86 -0.2
Skystone Harvard Bio 130 5 5.71
Consortium Phoenix Tech 120 5.25 -66.39
Sears Holdings Restoration Hardware 117 4.55 8.33
Goldman Sachs EnerSys 112 22.4 -1.54
Freescale Semi Sigmatel Inc 108 3 7.14
NOTE: * Deal values in millions of U.S. dollars
SOURCE: Reuters
(Compiling by Jessica Hall)
(For more M&A news and our DealZone blog, go to
here)