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Arbitrage Profit in European Takeovers Pending Aug. 20

Aug. 20 (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    6.38    2.22   34.80        19,964  Cash         n/a
SPI LN   Private    0.65    0.52    0.13   24.40       122,239  Cash         n/a
PROD NO  BWO NO    15.10   13.00    2.10   16.17       377,455   C&S    09/08/10
CAII AV  CAI AV     6.50    5.62    0.88   15.74         4,750  Cash    08/16/10
BRE LN   APOLLZ US 10.75    9.65    1.10   11.40       143,806  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
KDD LN   FDI LN     0.12    0.11    0.01   11.13       380,390   Stk    09/30/10
DNX LN   Private   18.00   16.95    1.05    6.19     1,206,944  Cash         n/a
ACADB SS Private   205.00  195.50   9.50    4.86           462  Cash    09/13/10
BWIN AV  PRTY LN   39.13   37.51    1.62    4.33       334,630   Stk    03/31/11
RIE NO   Private   40.50   39.00    1.50    3.85         2,275  Cash    08/03/10
IBLA SM  BAY LN     2.81    2.72    0.08    3.04     4,604,903   Stk    12/31/10
GEW IM   Private    4.20    4.10    0.10    2.44           896  Cash         n/a
FNB PL   Private    1.95    1.91    0.04    2.09       119,666  Cash         n/a
BTSM LN  TPK LN     4.38    4.30    0.08    1.80       214,915   C&S         n/a
UCP LN   UT IN      0.31    0.31    0.01    1.64        45,000  Cash         n/a
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    1.34    17,892,850  Cash    10/31/10
SHDP LN  TWX US     1.15    1.14    0.01    1.32        20,000 C,S&D         n/a
SPR FP   HON US    117.00  115.65   1.35    1.17         8,823  Cash    09/30/10
SUB NO   ACY NO    107.14  105.90   1.24    1.17       533,852   Stk    03/31/11
TOMK LN  Multiple   3.25    3.22    0.04    1.09     3,071,867  Cash         n/a
MOVE BB  SHP LN    19.00   18.85    0.15    0.80        53,164  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         2,999  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        13,525  Cash    09/10/10
SSL LN   RB/ LN    11.63   11.58    0.05    0.43     3,456,305  Cash         n/a
HLB SS   RATOB SS  49.00   48.80    0.20    0.41             0  Cash    08/20/10
ARI LN   DBHN GR    7.75    7.72    0.03    0.39     1,289,833  Cash    08/31/10
EGNAK GA CPB CY     1.16    1.16    0.00    0.32            10   Stk         n/a
DDT LN   9432 JP    1.20    1.20    0.00    0.00     2,973,994  Cash         n/a
TRIC SS  BARC LN    8.00    8.00    0.00    0.00        28,327  Cash         n/a
GNG FP   GRONT NA  28.20   28.20    0.00    0.00         1,156  Cash         n/a
MTL LN   Private    0.13    0.13    0.00    0.00        68,654  Cash         n/a
BSY LN   NWSA US    7.00    7.06   -0.06   -0.85     3,444,652  Cash         n/a
USA GR   Private   17.00   17.40   -0.40   -2.30           635  Cash    07/27/10
COV AV   JPM US    47.00   48.50   -1.50   -3.09         3,250  Cash         n/a
GIPS NO  GOOG US   13.00   13.80   -0.80   -5.80           834  Cash         n/a
WL6 GR   Private    4.10    4.41   -0.31   -7.03        18,230  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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