Arbitrage Profit in European Takeovers Pending July 30

July 30 (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    2.13    3.38   158.82        1,240  Cash         n/a
OCE NA   7751 JP    8.60    6.14    2.46   40.13         2,690  Cash         n/a
GIPS NO  GOOG US   13.00   10.50    2.50   23.81             0  Cash         n/a
PROD NO  BWO NO    15.47   12.50    2.97   23.79        26,968   C&S         n/a
SPI LN   Private    0.65    0.57    0.08   14.54       101,393  Cash         n/a
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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
KDD LN   FDI LN     0.12    0.11    0.01   10.73     1,048,004   Stk    09/30/10
BRE LN   APOLLZ US 10.75    9.95    0.80    8.04       365,595  Cash         n/a
SVN LN   GRI LN     2.02    1.91    0.11    5.76             0  Cash    08/31/10
HOO US   SCI SP     6.75    6.44    0.31    4.81         7,600  Cash    07/30/10
DNX LN   Private   18.00   17.20    0.80    4.65       812,975  Cash         n/a
EGNAK GA CPB CY     1.22    1.17    0.05    4.07            10   Stk         n/a
EBG LN   WTN CN     0.22    0.21    0.01    3.97           200   Stk    08/06/10
BWIN AV  PRTY LN   44.70   43.17    1.53    3.55       195,442   Stk         n/a
UCP LN   UT IN      0.31    0.30    0.01    3.33     1,918,530  Cash         n/a
IBLA SM  BAY LN     2.65    2.57    0.08    3.19     3,461,599   Stk    12/31/10
SUB NO   ACY NO    106.34  103.80   2.54    2.45       313,564   Stk    03/31/11
PST LN   PBI US     0.31    0.31    0.01    1.64             0  Cash         n/a
ITK LN   TDY US     0.32    0.32    0.00    1.59             0  Cash         n/a
SPR FP   HON US    117.00  115.20   1.80    1.56         4,823  Cash    09/30/10
EITZEN DCPrivate   30.51   30.20    0.31    1.03           400  Cash    08/16/10
MACO DC  PROJ US   20.50   20.30    0.20    0.99           250  Cash    07/31/10
DAYN SW  ADBE US   139.00  137.80   1.20    0.87        16,139  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SWG LN   URS US     2.90    2.88    0.03    0.87        20,618  Cash    09/10/10
BTSM LN  TPK LN     4.52    4.48    0.04    0.80        63,983   C&S         n/a
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    0.58        76,740  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    0.09     1,494,565  Cash         n/a
TRIC SS  BARC LN    8.00    8.00    0.00    0.00       658,926  Cash         n/a
GNG FP   GRONT NA  28.20   28.20    0.00    0.00         6,286  Cash         n/a
MTL LN   Private    0.13    0.13    0.00    0.00       293,636  Cash         n/a
RIE NO   Private   40.50   40.70   -0.20   -0.49         3,200  Cash    08/03/10
SSL LN   RB/ LN    11.63   11.80   -0.17   -1.44       848,217  Cash         n/a
BSY LN   NWSA US    7.00    7.14   -0.14   -1.96     1,881,366  Cash         n/a
COV AV   JPM US    47.00   47.99   -0.99   -2.06           638  Cash         n/a
JCQ FP   IMS FP    30.49   31.25   -0.76   -2.45           332   Stk    01/21/11
DDT LN   9432 JP    1.20    1.23   -0.03   -2.60     2,542,813  Cash         n/a
GEW IM   Private    4.20    4.39   -0.19   -4.33        63,577  Cash    07/26/10
SIMAC NA Private    1.75    1.83   -0.08   -4.37           383  Cash         n/a
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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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