Private equity deals are now reaching levels close to $50 billion, and there has been speculation that The Home Depot (NYSE:HD) could be taken private for over $100 billion.

A look at companies in the $20 billion to $60 billion market cap range comes up with some firms that could be likely takeover candidates. To see what they might go for, each company's balance sheet, cashflow and assets were evaluated.

Nvidia (NASDQ:NVDA) This chip company is often mentioned as an M&A possibility for Intel (NASDAQ:INTC) especially after AMD (NYSE:AMD) took over ATI Technology. Break-Up Value $43 plus.

Duke Energy (NYSE:DUK) Private equity firms are finding the utilities industry more and more attractive. Duke is one of the largest and most successful companies in this sector. Break-Up Value $29.

3M (NYSE:MMM) Like other conglomerates, especially GE (NYSE:GE), 3M may well be worth more in pieces that it is as a collection of companies, some of which are not as closely related as Wall St. would like. Break-Up Value $109.

Alcoa (NYSE:AA) Alcoa has been mentioned as a target for other metals companies, especially over the last few weeks. Its balance sheet and cashflow could draw bids fairly soon. Break-Up Value $46

ADP (NYSE:ADP) The company has one division, Dealer Services, which drags down the value of the entire company because of its low margins. Spin that out, and the company might be worth more than itscurrent value. Getting rid of the unit is critical even if ADP stays independent. Break-Up Value $44.

Schering-Plough (NYSE:SGP) The pharma company has a consumer health business that hurts the value of the overall company. Push that out in an IPO or sell it off, and the parent's value goes up. Break-Up Value $29 plus.

Motorola (NYSE:MOT) Carl Icahn thinks that Motorola is worth a lot more than it trades for. Break the handset business off from the telecom equipment division, and he is right. Break-Up Value $26 plus.

Corning Inc. (NYSE:GLW) Corning may be worth over 50% more than its current share price. A litigation settlement holds it price down, but it products are critical in growing markets like LCDs. Break-Up Value $35.

Douglas A. McIntyre is a partner at 24/7 Wall St.