Arbitrage Profit in European Takeovers Pending Aug. 26

Aug. 26 (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    6.30    2.30   36.49        21,997  Cash         n/a
SPI LN   Private    0.65    0.53    0.12   23.22        73,816  Cash         n/a
PROD NO  BWO NO    14.85   12.80    2.05   16.02       132,433   C&S    09/08/10
GIPS NO  GOOG US   13.00   11.50    1.50   13.04           235  Cash         n/a
BRE LN   APOLLZ US 10.75    9.57    1.19   12.39       201,217  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
EGNAK GA CPB CY     1.08    1.00    0.08    7.63         1,113   Stk         n/a
BWIN AV  PRTY LN   39.07   37.76    1.31    3.46        70,642   Stk    03/31/11
KDD LN   FDI LN     0.11    0.11    0.00    3.12       313,701   Stk    09/30/10
IBLA SM  BAY LN     2.63    2.57    0.06    2.28     2,915,230   Stk    12/31/10
GEW IM   Private    4.20    4.11    0.09    2.19           585  Cash         n/a
FNB PL   Private    1.95    1.91    0.04    2.09        73,316  Cash         n/a
OLV FP   Private    1.70    1.67    0.03    1.80       177,530  Cash         n/a
EITZEN DCPrivate   30.51   30.00    0.51    1.70             0  Cash    08/16/10
SHDP LN  TWX US     1.15    1.14    0.01    1.32         5,528 C,S&D         n/a
RIE NO   Private   40.50   40.00    0.50    1.25         3,000  Cash    08/03/10
BTSM LN  TPK LN     4.28    4.23    0.05    1.18       297,830   C&S         n/a
SPR FP   HON US    117.00  115.70   1.30    1.12         3,950  Cash    09/30/10
MOVE BB  SHP LN    19.00   18.80    0.20    1.06        97,707  Cash         n/a
DATA LN  MA US      3.60    3.56    0.04    1.05        34,446  Cash    10/31/10
TOMK LN  Multiple   3.25    3.22    0.03    0.96     1,011,323  Cash         n/a
SUB NO   ACY NO    101.49  100.60   0.89    0.89       376,949   Stk    03/31/11
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        10,982  Cash    12/31/10
SWG LN   URS US     2.90    2.89    0.02    0.52        60,825  Cash    09/10/10
ARI LN   DBHN GR    7.75    7.73    0.02    0.26     1,150,774  Cash    08/31/10
SSL LN   RB/ LN    11.63   11.61    0.02    0.17       578,803  Cash         n/a
UCP LN   UT IN      0.31    0.31    0.00    0.00        52,041  Cash         n/a
ACADB SS Private   205.00  205.00   0.00    0.00         2,296  Cash    09/13/10
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       511,091  Cash         n/a
DNX LN   Private   18.00   18.03   -0.03   -0.17       687,290  Cash         n/a
DDT LN   9432 JP    1.20    1.21   -0.01   -0.50     3,132,730  Cash         n/a
BSY LN   NWSA US    7.00    7.06   -0.05   -0.78     1,073,535  Cash         n/a
COV AV   JPM US    47.00   48.38   -1.38   -2.85         3,400  Cash         n/a
WL6 GR   Private    4.10    4.25   -0.15   -3.53        11,552  Cash    08/12/10
USA GR   Private   17.00   17.88   -0.88   -4.92           300  Cash    07/27/10
IDS GR   SOW GR    15.00   16.05   -1.05   -6.54           100  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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