Arbitrage Profit in European Takeovers Pending Aug. 12

Aug. 12 (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    2.03    3.47   171.60          188  Cash         n/a
OCE NA   7751 JP    8.60    5.95    2.65   44.54         5,715  Cash         n/a
SPI LN   Private    0.65    0.52    0.13   25.60       224,311  Cash         n/a
KDD LN   FDI LN     0.12    0.11    0.01   13.72       745,711   Stk    09/30/10
PROD NO  BWO NO    14.95   13.25    1.70   12.80       296,034   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DNX LN   Private   18.00   16.30    1.70   10.43     5,614,774  Cash         n/a
BRE LN   APOLLZ US 10.75    9.90    0.85    8.59       140,951  Cash         n/a
EGNAK GA CPB CY     1.12    1.06    0.06    5.35             0   Stk         n/a
ACADB SS Private   205.00  195.50   9.50    4.86         1,781  Cash    09/13/10
BWIN AV  PRTY LN   39.98   38.52    1.46    3.79       144,436   Stk    03/31/11
GEW IM   Private    4.20    4.06    0.14    3.45         8,576  Cash    07/26/10
UCP LN   UT IN      0.31    0.30    0.01    3.33       212,500  Cash         n/a
IBLA SM  BAY LN     2.66    2.58    0.08    3.06     3,170,665   Stk    12/31/10
FNB PL   Private    1.95    1.90    0.05    2.63         6,131  Cash         n/a
JCQ FP   IMS FP    30.57   30.00    0.57    1.90           101   Stk    01/21/11
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            13  Cash    07/31/10
SUB NO   ACY NO    109.27  107.70   1.57    1.46       707,348   Stk    03/31/11
SHDP LN  TWX US     1.15    1.14    0.01    1.32       440,000 C,S&D         n/a
RIE NO   Private   40.50   40.00    0.50    1.25         1,000  Cash    08/03/10
BTSM LN  TPK LN     4.44    4.39    0.05    1.23        35,073   C&S         n/a
SPR FP   HON US    117.00  115.60   1.40    1.21         3,495  Cash    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TOMK LN  Multiple   3.25    3.22    0.03    1.03     4,307,873  Cash         n/a
DAYN SW  ADBE US   139.00  137.80   1.20    0.87         3,249  Cash    12/31/10
MOVE BB  SHP LN    19.00   18.84    0.16    0.85        11,808  Cash         n/a
INN LN   BRCM US    0.35    0.35    0.00    0.72             0  Cash    07/16/10
SWG LN   URS US     2.90    2.88    0.02    0.69       126,667  Cash    09/10/10
EITZEN DCPrivate   30.51   30.30    0.21    0.69         9,920  Cash    08/16/10
HLB SS   RATOB SS  49.00   48.80    0.20    0.41             0  Cash    08/20/10
SSL LN   RB/ LN    11.63   11.59    0.04    0.35       885,504  Cash         n/a
ARI LN   DBHN GR    7.75    7.73    0.02    0.26       276,068  Cash    08/31/10
TRIC SS  BARC LN    8.00    8.00    0.00    0.00       108,183  Cash         n/a
GNG FP   GRONT NA  28.20   28.20    0.00    0.00         1,172  Cash         n/a
MTL LN   Private    0.13    0.13    0.00    0.00        93,294  Cash         n/a
DDT LN   9432 JP    1.20    1.21    0.00   -0.41     8,466,368  Cash         n/a
BSY LN   NWSA US    7.00    7.06   -0.05   -0.78     1,199,904  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   48.50   -1.50   -3.09           934  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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