FACTBOX-Spreads of U.S. mergers and acquisitions

April 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>.
ACQUIRER NAME TARGET NAME DEAL PRICE/SHARE SPREAD%

VALUE*
Microsoft Corp Yahoo Inc 43,246 31 8.62
Consortium Clear Channel 19,350 39.2 31.81
CME Group NYMEX Holdings 11,071 99.97 6.43
Ingersoll-Rand Trane Inc 9,208 46.82 0.91
Takeda Pharma Millennium Pharma 8,121 25 1.63
Oracle Corp BEA Systems 7,941 19.38 0.91
Nokia NAVTEQ Corp 7,657 78 8.03
Hexion Specialty Huntsman Corp 6,213 28 26.41
Consortium Penn National 5,732 67 66.87
Sirius Satellite XM Satellite 4,570 11.87 3.92
Iberdrola SA Energy East 4,202 33.7 42.63
Bank of America Countrywide 4,143 6.74 20.17
Reed Elsevier ChoicePoint 3,576 50 3.67
Consortium Puget Energy 3,510 30 13.08
Delta Air Lines Northwest Airlines 3,051 8.5 13.79
WebMD Health HLTH Corp 2,897 12.64 14.24
Macrovision Gemstar TV Guide 2,724 6.35 27.77
United Tech Diebold Inc 2,631 40 4.66
Mapfre SA Commerce Group 2,316 36.7 1.1
Nationwide group Nationwide Financial 2,204 47.2 -3.2
Consortium Post Properties 2,054 47 28.91
Agrium Inc UAP Hldg 2,045 39 -0.38
Hellman & Friedman Getty Images 2,024 34 4.71
Electronic Arts Take-Two Interactive 1,932 26 -0.31
Kinetic Concepts Lifecell Corp 1,743 51 0.95
Great Plains Energy Aquila Inc 1,701 3.94 11.93
JPMorgan Chase Bear Stearns 1,693 9.93 -5.79
Gerdau SA Quanex Corp 1,457 39.2 -29.08
Blockbuster Circuit City 1,346 8 69.13
Management CKX Inc 1,334 13.75 53.46
Swingset Holdings Bright Horizons 1,268 48.25 5.81
Dubai Int'l Och-Ziff Capital 1,258 33 75.81
VISTAR Corp Performance Food 1,224 34.5 3.63
Fifth Third Bancorp First Charter Corp 1,089 31 3.06
TZ Holdings LP TriZetto Group 948 22 5.47
Inverness Medical Matria Healthcare 835 39 66.45
Ansys Inc Ansoft Corp 760 32.9 1.17
Verizon Wireless Rural Cellular 679 45 1.33
GlaxoSmithKline Sirtris Pharma 658 22.5 83.97
Sumitomo Heavy, TPG Axcelis Tech 613 6 15.16
Tullett Prebon eSpeed Inc 605 12 16.05
Golden Gate Children's Place 577 24 9.09
Grey Wolf Inc Basic Energy 560 13.16 -48.9
O'Reilly Auto CSK Auto Corp 528 12 2.83
Investor group Cumulus Media 507 11.75 99.49
NOTE: * Deal values in millions of U.S. dollars
SOURCE: Reuters
(Compiling by Jessica Hall; editing by Jeffrey Benkoe)
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