Arbitrage Profit in European Takeovers Pending July 29 (Table)
By Wendy Soong -
2010-07-29T13:43:40Z
July 29 (Bloomberg) --The following table shows the potential arbitrage profit in pending takeover bids for European companies ranked by premium. Calculations are based on current share prices for the target and acquiring company and do not include future dividend payments or transaction costs. The offer per share is expressed in local currency.
Arbitrage profit is based on the difference between the per- share value of an offer and the target’s stock price. The table consists of takeovers valued at more than $20 million.
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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DERM SM N/A 5.50 2.16 3.34 154.63 7,392 Cash n/a
OCE NA 7751 JP 8.60 5.90 2.70 45.76 87,686 Cash n/a
GIPS NO GOOG US 13.00 10.50 2.50 23.81 0 Cash n/a
PROD NO BWO NO 15.39 12.70 2.69 21.18 52,175 C&S n/a
SPI LN Private 0.65 0.57 0.08 14.04 44,928 Cash n/a
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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KDD LN FDI LN 0.13 0.11 0.01 12.80 346,461 Stk 09/30/10
EGNAK GA CPB CY 1.26 1.17 0.09 8.09 2,433 Stk n/a
BRE LN APOLLZ US 10.75 10.01 0.74 7.39 682,659 Cash n/a
UCP LN UT IN 0.31 0.29 0.02 6.90 514,675 Cash n/a
SVN LN GRI LN 2.02 1.91 0.11 5.76 0 Cash 08/31/10
DNX LN Private 18.00 17.11 0.89 5.20 358,367 Cash n/a
HOO US SCI SP 6.75 6.44 0.31 4.81 4,400 Cash 07/30/10
IBLA SM BAY LN 2.68 2.60 0.09 3.32 2,726,917 Stk 12/31/10
PST LN PBI US 0.31 0.31 0.01 1.64 309 Cash n/a
SPR FP HON US 117.00 115.15 1.85 1.61 3,964 Cash 09/30/10
ITK LN TDY US 0.32 0.32 0.00 1.59 0 Cash n/a
SUB NO ACY NO 109.80 108.10 1.70 1.57 598,757 Stk 03/31/11
MACO DC PROJ US 20.50 20.20 0.30 1.49 10,904 Cash 07/31/10
BTSM LN TPK LN 4.61 4.56 0.05 1.18 864,958 C&S n/a
DAYN SW ADBE US 139.00 137.60 1.40 1.02 27,067 Cash 12/31/10
SWG LN URS US 2.90 2.88 0.03 0.87 108,721 Cash 09/10/10
EBG LN WTN CN 0.21 0.21 0.00 0.73 0 Stk 08/06/10
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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INN LN BRCM US 0.35 0.35 0.00 0.72 0 Cash 07/16/10
ARI LN DBHN GR 7.75 7.71 0.04 0.52 345,795 Cash 08/31/10
HLB SS RATOB SS 49.00 48.90 0.10 0.20 0 Cash 08/20/10
TOMK LN Multiple 3.25 3.25 0.00 0.06 4,100,294 Cash n/a
EITZEN DCPrivate 30.51 30.50 0.01 0.03 500 Cash 08/16/10
TRIC SS BARC LN 8.00 8.00 0.00 0.00 112,458 Cash n/a
GNG FP GRONT NA 28.20 28.20 0.00 0.00 698 Cash n/a
MTL LN Private 0.13 0.13 0.00 0.00 2,458,329 Cash n/a
RIE NO Private 40.50 40.60 -0.10 -0.25 0 Cash 08/03/10
COV AV JPM US 47.00 47.61 -0.61 -1.28 435 Cash n/a
SSL LN RB/ LN 11.63 11.80 -0.17 -1.44 935,259 Cash n/a
JCQ FP IMS FP 30.77 31.25 -0.48 -1.53 332 Stk 01/21/11
BSY LN NWSA US 7.00 7.15 -0.15 -2.10 2,266,280 Cash n/a
SIMAC NA Private 1.75 1.80 -0.05 -2.78 2,754 Cash n/a
DDT LN 9432 JP 1.20 1.24 -0.04 -3.23 1,569,391 Cash n/a
GEW IM Private 4.20 4.36 -0.16 -3.56 7,707 Cash 07/26/10
USA GR Private 17.00 17.70 -0.70 -3.95 342 Cash 07/27/10
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SOURCE: Bloomberg
To contact the reporter on this story: Wendy Soong in New York at csoong@bloomberg.net
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