Arbitrage Profit in European Takeovers Pending Aug. 3

Aug. 3 (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    2.21    3.29   148.31          988  Cash         n/a
OCE NA   7751 JP    8.60    6.20    2.40   38.71        17,426  Cash         n/a
PROD NO  BWO NO    15.35   12.80    2.55   19.95       144,989   C&S         n/a
SPI LN   Private    0.65    0.57    0.08   14.04        80,010  Cash         n/a
KDD LN   FDI LN     0.12    0.11    0.01   13.25       354,821   Stk    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BRE LN   APOLLZ US 10.75    9.99    0.76    7.61        96,864  Cash         n/a
EGNAK GA CPB CY     1.26    1.20    0.06    5.39           732   Stk         n/a
DNX LN   Private   18.00   17.08    0.92    5.39       505,782  Cash         n/a
SVN LN   GRI LN     2.02    1.92    0.10    5.21             0  Cash    08/31/10
BWIN AV  PRTY LN   45.56   43.62    1.94    4.45       107,719   Stk    03/31/11
IBLA SM  BAY LN     2.90    2.81    0.09    3.34     9,317,689   Stk    12/31/10
UCP LN   UT IN      0.31    0.30    0.01    3.33       967,699  Cash         n/a
FNB PL   Private    1.95    1.90    0.05    2.63       307,040  Cash         n/a
ACADB SS Private   205.00  200.00   5.00    2.50            65  Cash    09/13/10
JCQ FP   IMS FP    30.91   30.16    0.75    2.50           385   Stk    01/21/11
SUB NO   ACY NO    111.40  109.10   2.30    2.11       459,251   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        49,251  Cash         n/a
SPR FP   HON US    117.00  115.25   1.75    1.52         6,131  Cash    09/30/10
MOVE BB  SHP LN    19.00   18.72    0.28    1.50       216,871  Cash         n/a
BTSM LN  TPK LN     4.61    4.57    0.03    0.74       216,187   C&S         n/a
INN LN   BRCM US    0.35    0.35    0.00    0.72             0  Cash    07/16/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
EITZEN DCPrivate   30.51   30.30    0.21    0.69         2,500  Cash    08/16/10
GEW IM   Private    4.20    4.17    0.03    0.66         5,311  Cash    07/26/10
DAYN SW  ADBE US   139.00  138.10   0.90    0.65        27,627  Cash    12/31/10
ARI LN   DBHN GR    7.75    7.71    0.04    0.58        62,996  Cash    08/31/10
SWG LN   URS US     2.90    2.89    0.01    0.43        34,233  Cash    09/10/10
TOMK LN  Multiple   3.25    3.24    0.01    0.40     6,911,753  Cash         n/a
HOO US   SCI SP     6.75    6.73    0.02    0.30        27,560  Cash    08/05/10
HLB SS   RATOB SS  49.00   48.90    0.10    0.20            20  Cash    08/20/10
RISH NO  Private   31.00   31.00    0.00    0.00         2,000   C/S         n/a
MACO DC  PROJ US   20.50   20.50    0.00    0.00         2,300  Cash    07/31/10
GNG FP   GRONT NA  28.20   28.20    0.00    0.00         4,648  Cash         n/a
RIE NO   Private   40.50   40.50    0.00    0.00         1,751  Cash    08/03/10
MTL LN   Private    0.13    0.13    0.00    0.00       605,098  Cash         n/a
TRIC SS  BARC LN    8.00    8.05   -0.05   -0.62       131,977  Cash         n/a
BSY LN   NWSA US    7.00    7.08   -0.08   -1.06     2,272,462  Cash         n/a
SSL LN   RB/ LN    11.63   11.76   -0.13   -1.11     1,310,677  Cash         n/a
FRG GR   Private   25.00   25.30   -0.30   -1.19        20,023  Cash         n/a
================================================================================
   
SOURCE: Bloomberg

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

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