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Arbitrage Profit in European Takeovers Pending July 29

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
================================================================================
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
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
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
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
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
================================================================================
   
SOURCE: Bloomberg

To contact the reporter on this story: Wendy Soong in New York at csoong@bloomberg.net

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