Arbitrage Profit in European Takeovers Pending Aug. 23

Aug. 23 (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    6.10    2.50   40.91           995  Cash         n/a
SPI LN   Private    0.65    0.54    0.11   19.82        85,891  Cash         n/a
PROD NO  BWO NO    14.90   13.20    1.70   12.86       637,036   C&S    09/08/10
KDD LN   FDI LN     0.12    0.11    0.01   11.55     1,811,402   Stk    09/30/10
BRE LN   APOLLZ US 10.75    9.69    1.06   10.94        28,702  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
EGNAK GA CPB CY     1.14    1.07    0.07    6.25             0   Stk         n/a
ACADB SS Private   205.00  195.00  10.00    5.13            10  Cash    09/13/10
RIE NO   Private   40.50   39.00    1.50    3.85         2,318  Cash    08/03/10
BWIN AV  PRTY LN   38.60   37.20    1.40    3.78        37,710   Stk    03/31/11
IBLA SM  BAY LN     2.79    2.71    0.08    2.93     1,304,260   Stk    12/31/10
GEW IM   Private    4.20    4.10    0.10    2.44           500  Cash         n/a
FNB PL   Private    1.95    1.91    0.04    2.09        61,926  Cash         n/a
UCP LN   UT IN      0.31    0.31    0.01    1.64             0  Cash         n/a
SHDP LN  TWX US     1.15    1.14    0.01    1.32             0 C,S&D         n/a
DATA LN  MA US      3.60    3.56    0.04    1.05        48,985  Cash    10/31/10
SPR FP   HON US    117.00  115.80   1.20    1.04         2,736  Cash    09/30/10
TOMK LN  Multiple   3.25    3.22    0.03    1.03     1,384,090  Cash         n/a
SUB NO   ACY NO    105.12  104.10   1.02    0.98       187,405   Stk    03/31/11
MOVE BB  SHP LN    19.00   18.83    0.17    0.90         6,557  Cash         n/a
BTSM LN  TPK LN     4.42    4.39    0.03    0.78        11,457   C&S         n/a
DAYN SW  ADBE US   139.00  138.00   1.00    0.72        18,412  Cash    12/31/10
EITZEN DCPrivate   30.51   30.30    0.21    0.69           283  Cash    08/16/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
HLB SS   RATOB SS  49.00   48.70    0.30    0.62            60  Cash    08/20/10
SWG LN   URS US     2.90    2.89    0.01    0.43        45,410  Cash    09/10/10
ARI LN   DBHN GR    7.75    7.72    0.03    0.39       105,433  Cash    08/31/10
SSL LN   RB/ LN    11.63   11.60    0.03    0.26       491,970  Cash         n/a
TRIC SS  BARC LN    8.00    8.00    0.00    0.00       124,475  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       274,090  Cash         n/a
DNX LN   Private   18.00   18.02   -0.02   -0.11       950,187  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00   -0.33       197,943  Cash         n/a
BSY LN   NWSA US    7.00    7.09   -0.08   -1.20       827,930  Cash         n/a
COV AV   JPM US    47.00   48.26   -1.26   -2.61           344  Cash         n/a
USA GR   Private   17.00   17.90   -0.90   -5.03           465  Cash    07/27/10
WL6 GR   Private    4.10    4.35   -0.25   -5.75        14,460  Cash    08/12/10
GIPS NO  GOOG US   13.00   13.80   -0.80   -5.80             0  Cash         n/a
IDS GR   SOW GR    15.00   16.10   -1.10   -6.83           835  Cash         n/a
RISH NO  Private   31.00   34.00   -3.00   -8.82             0   C/S         n/a
ACADB SS Private   170.00  195.00  -25.00  -12.82           10  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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