Arbitrage Profit in European Takeovers Pending Aug. 10

Aug. 10 (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
================================================================================
OCE NA   7751 JP    8.60    5.90    2.70   45.76        18,462  Cash         n/a
SPI LN   Private    0.65    0.54    0.11   21.50       111,962  Cash         n/a
PROD NO  BWO NO    15.38   13.40    1.98   14.76        56,733   C&S         n/a
KDD LN   FDI LN     0.13    0.11    0.01   12.80       276,515   Stk    09/30/10
CCALF US SCI SP     6.75    6.00    0.75   12.50         3,100  Cash    08/09/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BRE LN   APOLLZ US 10.75    9.97    0.78    7.82        22,633  Cash         n/a
DNX LN   Private   18.00   17.09    0.91    5.32        92,931  Cash         n/a
ACADB SS Private   205.00  195.00  10.00    5.13           480  Cash    09/13/10
BWIN AV  PRTY LN   42.95   41.50    1.45    3.50        29,210   Stk    03/31/11
UCP LN   UT IN      0.31    0.30    0.01    3.33       582,894  Cash         n/a
IBLA SM  BAY LN     2.84    2.76    0.08    2.97       832,984   Stk    12/31/10
RIE NO   Private   40.50   39.60    0.90    2.27           978  Cash    08/03/10
FNB PL   Private    1.95    1.91    0.04    2.09       194,572  Cash         n/a
SUB NO   ACY NO    112.68  110.40   2.28    2.06       351,808   Stk    03/31/11
GEW IM   Private    4.20    4.12    0.08    1.88         6,500  Cash    07/26/10
ITK LN   TDY US     0.32    0.32    0.00    1.59             0  Cash         n/a
MACO DC  PROJ US   20.50   20.20    0.30    1.49           419  Cash    07/31/10
SHDP LN  TWX US     1.15    1.14    0.01    1.32        13,165 C,S&D         n/a
EGNAK GA CPB CY     1.18    1.17    0.01    1.19           110   Stk         n/a
SPR FP   HON US    117.00  115.65   1.35    1.17        10,116  Cash    09/30/10
MOVE BB  SHP LN    19.00   18.79    0.21    1.12        12,741  Cash         n/a
TOMK LN  Multiple   3.25    3.22    0.03    0.90     2,203,357  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DAYN SW  ADBE US   139.00  138.00   1.00    0.72         2,280  Cash    12/31/10
INN LN   BRCM US    0.35    0.35    0.00    0.72             0  Cash    07/16/10
BTSM LN  TPK LN     4.54    4.51    0.03    0.61         5,037   C&S         n/a
CAII AV  CAI AV     6.50    6.47    0.03    0.46             0  Cash    08/16/10
SWG LN   URS US     2.90    2.89    0.01    0.43         8,854  Cash    09/10/10
HLB SS   RATOB SS  49.00   48.80    0.20    0.41         1,450  Cash    08/20/10
ARI LN   DBHN GR    7.75    7.73    0.03    0.32       338,609  Cash    08/31/10
EITZEN DCPrivate   30.51   30.50    0.01    0.03           127  Cash    08/16/10
SSL LN   RB/ LN    11.63   11.63    0.00    0.00     1,271,664  Cash         n/a
TRIC SS  BARC LN    8.00    8.00    0.00    0.00        34,096  Cash         n/a
GNG FP   GRONT NA  28.20   28.20    0.00    0.00         1,756  Cash         n/a
MTL LN   Private    0.13    0.13    0.00    0.00       317,600  Cash         n/a
BSY LN   NWSA US    7.00    7.10   -0.10   -1.41       822,657  Cash         n/a
GIPS NO  GOOG US   13.00   13.20   -0.20   -1.52           142  Cash         n/a
DDT LN   9432 JP    1.20    1.22   -0.02   -1.64       330,401  Cash         n/a
COV AV   JPM US    47.00   48.00   -1.00   -2.08         6,500  Cash         n/a
USA GR   Private   17.00   17.81   -0.81   -4.55           405  Cash    07/27/10
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SOURCE: Bloomberg

To contact the reporter on this story: Terry Barrett in Washington at tbarrett1@bloomberg.net

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