Arbitrage Profit in European Takeovers Pending Aug. 19

Aug. 19 (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    6.05    2.55   42.15         5,456  Cash         n/a
SPI LN   Private    0.65    0.53    0.12   23.81        18,067  Cash         n/a
PROD NO  BWO NO    15.14   13.25    1.89   14.25        13,685   C&S    09/08/10
KDD LN   FDI LN     0.12    0.11    0.01   11.13        42,239   Stk    09/30/10
BRE LN   APOLLZ US 10.75    9.81    0.94    9.58         1,673  Cash         n/a
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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CAII AV  CAI AV     6.50    5.99    0.51    8.60         4,000  Cash    08/16/10
EGNAK GA CPB CY     1.18    1.11    0.07    6.06           620   Stk         n/a
RIE NO   Private   40.50   38.50    2.00    5.19             0  Cash         n/a
DNX LN   Private   18.00   17.15    0.85    4.96       175,930  Cash         n/a
ACADB SS Private   205.00  195.50   9.50    4.86           245  Cash    09/13/10
BWIN AV  PRTY LN   38.74   37.20    1.54    4.15        72,743   Stk    03/31/11
FNB PL   Private    1.95    1.90    0.05    2.63        59,953  Cash         n/a
IBLA SM  BAY LN     2.79    2.72    0.07    2.53       151,857   Stk    12/31/10
GEW IM   Private    4.20    4.10    0.10    2.44           500  Cash         n/a
SUB NO   ACY NO    109.59  107.60   1.99    1.85        29,072   Stk    03/31/11
ITK LN   TDY US     0.32    0.32    0.00    1.59             0  Cash         n/a
DATA LN  MA US      3.60    3.55    0.05    1.41       427,266  Cash    10/31/10
BTSM LN  TPK LN     4.40    4.35    0.06    1.32        22,630   C&S         n/a
SHDP LN  TWX US     1.15    1.14    0.01    1.32             0 C,S&D         n/a
SPR FP   HON US    117.00  115.65   1.35    1.17         2,402  Cash    09/30/10
MOVE BB  SHP LN    19.00   18.80    0.20    1.06           138  Cash         n/a
TOMK LN  Multiple   3.25    3.22    0.03    1.03       269,147  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
UCP LN   UT IN      0.31    0.31    0.00    0.81        90,781  Cash         n/a
DAYN SW  ADBE US   139.00  138.00   1.00    0.72         2,627  Cash    12/31/10
EITZEN DCPrivate   30.51   30.30    0.21    0.69             0  Cash    08/16/10
SWG LN   URS US     2.90    2.88    0.02    0.61           132  Cash    09/10/10
HLB SS   RATOB SS  49.00   48.80    0.20    0.41           250  Cash    08/20/10
SSL LN   RB/ LN    11.63   11.59    0.04    0.35     2,687,274  Cash         n/a
ARI LN   DBHN GR    7.75    7.73    0.03    0.32        65,911  Cash    08/31/10
TRIC SS  BARC LN    8.00    8.00    0.00    0.00         8,800  Cash         n/a
MTL LN   Private    0.13    0.13    0.00    0.00             0  Cash         n/a
DDT LN   9432 JP    1.20    1.21   -0.01   -0.50       131,194  Cash         n/a
GNG FP   GRONT NA  28.20   28.40   -0.20   -0.70           480  Cash         n/a
USA GR   Private   17.00   17.18   -0.18   -1.05           415  Cash    07/27/10
BSY LN   NWSA US    7.00    7.08   -0.08   -1.06       273,317  Cash         n/a
GIPS NO  GOOG US   13.00   13.20   -0.20   -1.52             0  Cash         n/a
COV AV   JPM US    47.00   48.98   -1.98   -4.04            80  Cash         n/a
WL6 GR   Private    4.10    4.43   -0.33   -7.45         1,762  Cash    08/12/10
RISH NO  Private   31.00   34.00   -3.00   -8.82             0   C/S         n/a
================================================================================
   

SOURCE: Bloomberg

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

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