Arbitrage Profit in European Takeovers Pending Aug. 11

Aug. 11 (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    2.06    3.44   166.99       14,072  Cash         n/a
OCE NA   7751 JP    8.60    5.90    2.70   45.76        21,743  Cash         n/a
SPI LN   Private    0.65    0.53    0.12   23.81       240,887  Cash         n/a
PROD NO  BWO NO    15.27   13.15    2.12   16.12        43,436   C&S         n/a
KDD LN   FDI LN     0.13    0.11    0.02   15.37     1,250,832   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    9.89    0.86    8.70       152,526  Cash         n/a
EGNAK GA CPB CY     1.14    1.06    0.08    7.25         1,968   Stk         n/a
DNX LN   Private   18.00   16.96    1.04    6.13       231,316  Cash         n/a
ACADB SS Private   205.00  197.00   8.00    4.06         1,129  Cash    09/13/10
BWIN AV  PRTY LN   42.58   41.00    1.58    3.85        29,793   Stk    03/31/11
IBLA SM  BAY LN     2.70    2.62    0.08    3.14     2,575,294   Stk    12/31/10
JCQ FP   IMS FP    30.86   30.00    0.86    2.86         1,460   Stk    01/21/11
FNB PL   Private    1.95    1.90    0.05    2.63        77,687  Cash         n/a
RIE NO   Private   40.50   39.60    0.90    2.27           978  Cash    08/03/10
GEW IM   Private    4.20    4.11    0.09    2.25         1,400  Cash    07/26/10
ITK LN   TDY US     0.32    0.32    0.00    1.59             0  Cash         n/a
SHDP LN  TWX US     1.15    1.14    0.01    1.32        13,838 C,S&D         n/a
SPR FP   HON US    117.00  115.60   1.40    1.21         1,405  Cash    09/30/10
SUB NO   ACY NO    109.06  107.90   1.16    1.07       832,472   Stk    03/31/11
MACO DC  PROJ US   20.50   20.30    0.20    0.99         2,295  Cash    07/31/10
MOVE BB  SHP LN    19.00   18.82    0.18    0.96         3,787  Cash         n/a
TOMK LN  Multiple   3.25    3.22    0.03    0.90     3,156,147  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DAYN SW  ADBE US   139.00  137.90   1.10    0.80        12,072  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        10,592  Cash    08/16/10
SWG LN   URS US     2.90    2.89    0.02    0.52        91,578  Cash    09/10/10
HLB SS   RATOB SS  49.00   48.80    0.20    0.41             0  Cash    08/20/10
ARI LN   DBHN GR    7.75    7.73    0.03    0.32       346,390  Cash    08/31/10
SSL LN   RB/ LN    11.63   11.60    0.03    0.26     2,437,219  Cash         n/a
BTSM LN  TPK LN     4.46    4.45    0.01    0.25         7,386   C&S         n/a
UCP LN   UT IN      0.31    0.31    0.00    0.00        66,448  Cash         n/a
TRIC SS  BARC LN    8.00    8.00    0.00    0.00        35,081  Cash         n/a
GNG FP   GRONT NA  28.20   28.20    0.00    0.00         1,916  Cash         n/a
MTL LN   Private    0.13    0.13    0.00    0.00        32,144  Cash         n/a
BSY LN   NWSA US    7.00    7.08   -0.08   -1.06     4,597,920  Cash         n/a
DDT LN   9432 JP    1.20    1.21   -0.01   -1.15     3,092,871  Cash         n/a
GIPS NO  GOOG US   13.00   13.20   -0.20   -1.52             0  Cash         n/a
USA GR   Private   17.00   17.45   -0.45   -2.58             0  Cash    07/27/10
COV AV   JPM US    47.00   48.60   -1.60   -3.29         5,244  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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