Arbitrage Profit in European Takeovers Pending Aug. 25

Aug. 25 (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    6.01    2.59   43.09         3,138  Cash         n/a
SPI LN   Private    0.65    0.53    0.12   22.64        38,811  Cash         n/a
GIPS NO  GOOG US   13.00   11.00    2.00   18.18        28,949  Cash         n/a
PROD NO  BWO NO    14.62   12.75    1.87   14.68        70,013   C&S    09/08/10
BRE LN   APOLLZ US 10.75    9.52    1.23   12.98       240,488  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
KDD LN   FDI LN     0.11    0.11    0.01    7.55       160,390   Stk    09/30/10
EGNAK GA CPB CY     1.09    1.02    0.07    6.84           500   Stk         n/a
BWIN AV  PRTY LN   38.31   37.00    1.31    3.53        34,517   Stk    03/31/11
GEW IM   Private    4.20    4.08    0.12    2.94         1,950  Cash         n/a
IBLA SM  BAY LN     2.66    2.60    0.07    2.58     2,213,694   Stk    12/31/10
UCP LN   UT IN      0.31    0.30    0.01    2.48        42,041  Cash         n/a
ACADB SS Private   205.00  200.50   4.50    2.24        25,699  Cash    09/13/10
FNB PL   Private    1.95    1.91    0.04    2.09        34,373  Cash         n/a
SUB NO   ACY NO    99.31   97.50    1.81    1.86       258,804   Stk    03/31/11
OLV FP   Private    1.70    1.67    0.03    1.80       177,530  Cash         n/a
SHDP LN  TWX US     1.15    1.14    0.01    1.32             0 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        34,667  Cash    09/30/10
TOMK LN  Multiple   3.25    3.22    0.03    1.06     1,325,245  Cash         n/a
DATA LN  MA US      3.60    3.56    0.04    1.05        16,042  Cash    10/31/10
MOVE BB  SHP LN    19.00   18.82    0.18    0.96        73,441  Cash         n/a
HLB SS   RATOB SS  49.00   48.60    0.40    0.82         1,500  Cash    08/20/10
================================================================================
                   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        13,441  Cash    12/31/10
EITZEN DCPrivate   30.51   30.30    0.21    0.69             0  Cash    08/16/10
BTSM LN  TPK LN     4.30    4.28    0.02    0.47         2,786   C&S         n/a
SWG LN   URS US     2.90    2.89    0.01    0.43        38,073  Cash    09/10/10
ARI LN   DBHN GR    7.75    7.74    0.01    0.19       417,679  Cash    08/31/10
SSL LN   RB/ LN    11.63   11.61    0.02    0.17       362,905  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       124,156  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00   -0.17       451,258  Cash         n/a
DNX LN   Private   18.00   18.06   -0.06   -0.33       492,401  Cash         n/a
BSY LN   NWSA US    7.00    7.07   -0.07   -0.99     1,371,728  Cash         n/a
USA GR   Private   17.00   17.21   -0.21   -1.22            60  Cash    07/27/10
COV AV   JPM US    47.00   48.42   -1.42   -2.93           758  Cash         n/a
WL6 GR   Private    4.10    4.25   -0.15   -3.53         3,199  Cash    08/12/10
IDS GR   SOW GR    15.00   16.10   -1.10   -6.83           250  Cash         n/a
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: Wendy Soong in New York at csoong@bloomberg.net

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