Arbitrage Profit in European Takeovers Pending Aug. 4 (Table)

Aug. 4 (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    2.18    3.32   152.29        4,777  Cash         n/a
OCE NA   7751 JP    8.60    6.30    2.30   36.51         6,607  Cash         n/a
PROD NO  BWO NO    15.52   12.80    2.72   21.27       239,252   C&S         n/a
SPI LN   Private    0.65    0.57    0.08   14.04        82,823  Cash         n/a
KDD LN   FDI LN     0.12    0.11    0.01   11.13       172,806   Stk    09/30/10
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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BRE LN   APOLLZ US 10.75    9.99    0.77    7.66        59,157  Cash         n/a
DNX LN   Private   18.00   17.03    0.97    5.70       612,222  Cash         n/a
SVN LN   GRI LN     2.02    1.92    0.10    5.21         3,000  Cash    08/31/10
BWIN AV  PRTY LN   44.81   42.88    1.92    4.48        55,105   Stk    03/31/11
EGNAK GA CPB CY     1.26    1.21    0.05    3.96           140   Stk         n/a
UCP LN   UT IN      0.31    0.30    0.01    3.33       468,160  Cash         n/a
IBLA SM  BAY LN     2.89    2.81    0.08    3.03     2,591,190   Stk    12/31/10
ACADB SS Private   205.00  200.00   5.00    2.50           424  Cash    09/13/10
FNB PL   Private    1.95    1.91    0.04    2.09       476,891  Cash         n/a
EBG LN   WTN CN     0.22    0.21    0.00    1.91        15,627   Stk    08/06/10
PST LN   PBI US     0.31    0.31    0.01    1.64           750  Cash         n/a
SUB NO   ACY NO    113.32  111.50   1.82    1.63       376,182   Stk    03/31/11
ITK LN   TDY US     0.32    0.32    0.00    1.59         2,900  Cash         n/a
SPR FP   HON US    117.00  115.20   1.80    1.56         8,549  Cash    09/30/10
MACO DC  PROJ US   20.50   20.20    0.30    1.49           285  Cash    07/31/10
MOVE BB  SHP LN    19.00   18.78    0.22    1.17       336,057  Cash         n/a
BTSM LN  TPK LN     4.60    4.56    0.05    1.02        36,729   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GEW IM   Private    4.20    4.16    0.04    0.96         6,479  Cash    07/26/10
DAYN SW  ADBE US   139.00  137.90   1.10    0.80        21,221  Cash    12/31/10
INN LN   BRCM US    0.35    0.35    0.00    0.72             0  Cash    07/16/10
EITZEN DCPrivate   30.51   30.30    0.21    0.69         2,500  Cash    08/16/10
TOMK LN  Multiple   3.25    3.23    0.02    0.65     4,609,293  Cash         n/a
SWG LN   URS US     2.90    2.88    0.02    0.61       131,687  Cash    09/10/10
ARI LN   DBHN GR    7.75    7.72    0.04    0.45       336,870  Cash    08/31/10
HOO US   SCI SP     6.75    6.73    0.02    0.30         2,984  Cash    08/05/10
HLB SS   RATOB SS  49.00   48.90    0.10    0.20            20  Cash    08/20/10
TRIC SS  BARC LN    8.00    8.00    0.00    0.00        20,813  Cash         n/a
GNG FP   GRONT NA  28.20   28.20    0.00    0.00         2,314  Cash         n/a
RIE NO   Private   40.50   40.50    0.00    0.00    29,053,900  Cash    08/03/10
MTL LN   Private    0.13    0.13    0.00    0.00        13,297  Cash         n/a
SSL LN   RB/ LN    11.63   11.68   -0.05   -0.43     1,757,187  Cash         n/a
DDT LN   9432 JP    1.20    1.22   -0.01   -1.23     2,548,631  Cash         n/a
COV AV   JPM US    47.00   47.59   -0.59   -1.24         4,206  Cash         n/a
FRG GR   Private   25.00   25.50   -0.50   -1.96        16,059  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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