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Arbitrage Profit in European Takeovers Pending Aug. 24

Aug. 24 (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           286  Cash         n/a
SPI LN   Private    0.65    0.54    0.11   20.37        69,336  Cash         n/a
PROD NO  BWO NO    14.80   12.90    1.90   14.74       135,079   C&S    09/08/10
BRE LN   APOLLZ US 10.75    9.44    1.31   13.94       250,713  Cash         n/a
KDD LN   FDI LN     0.11    0.10    0.01   10.18       345,502   Stk    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
EGNAK GA CPB CY     1.10    1.04    0.06    5.43         1,421   Stk         n/a
ACADB SS Private   205.00  197.00   8.00    4.06           693  Cash    09/13/10
UCP LN   UT IN      0.31    0.30    0.01    3.33       265,998  Cash         n/a
BWIN AV  PRTY LN   38.48   37.36    1.12    3.01        40,401   Stk    03/31/11
IBLA SM  BAY LN     2.70    2.63    0.07    2.80     1,166,531   Stk    12/31/10
GEW IM   Private    4.20    4.09    0.11    2.69         4,000  Cash         n/a
FNB PL   Private    1.95    1.91    0.04    2.09        12,875  Cash         n/a
SUB NO   ACY NO    101.81  99.95    1.86    1.86       287,094   Stk    03/31/11
SHDP LN  TWX US     1.15    1.14    0.01    1.32         1,000 C,S&D         n/a
RIE NO   Private   40.50   40.00    0.50    1.25           428  Cash    08/03/10
SPR FP   HON US    117.00  115.70   1.30    1.12         2,790  Cash    09/30/10
DATA LN  MA US      3.60    3.56    0.04    1.05        30,621  Cash    10/31/10
TOMK LN  Multiple   3.25    3.22    0.03    1.03     1,141,667  Cash         n/a
BTSM LN  TPK LN     4.32    4.28    0.04    0.94       161,854   C&S         n/a
MOVE BB  SHP LN    19.00   18.84    0.16    0.85        68,893  Cash         n/a
DAYN SW  ADBE US   139.00  138.00   1.00    0.72        11,950  Cash    12/31/10
EITZEN DCPrivate   30.51   30.30    0.21    0.69             0  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           400  Cash    08/20/10
SWG LN   URS US     2.90    2.89    0.02    0.52         5,321  Cash    09/10/10
ARI LN   DBHN GR    7.75    7.73    0.03    0.32     2,078,771  Cash    08/31/10
SSL LN   RB/ LN    11.63   11.61    0.02    0.17       254,871  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        44,710  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00   -0.25       699,451  Cash         n/a
DNX LN   Private   18.00   18.08   -0.08   -0.44     1,341,062  Cash         n/a
BSY LN   NWSA US    7.00    7.08   -0.08   -1.13     1,185,645  Cash         n/a
USA GR   Private   17.00   17.40   -0.40   -2.30             0  Cash    07/27/10
COV AV   JPM US    47.00   48.20   -1.20   -2.49         6,190  Cash         n/a
WL6 GR   Private    4.10    4.26   -0.16   -3.76        62,682  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           160  Cash         n/a
RISH NO  Private   31.00   34.00   -3.00   -8.82             0   C/S         n/a
ACADB SS Private   170.00  197.00  -27.00  -13.71          693  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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