Arbitrage Profit in European Takeovers Pending Aug. 30

Aug. 30 (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    6.65    1.95   29.32         7,035  Cash         n/a
SPI LN   Private    0.65    0.55    0.10   19.27       267,053  Cash         n/a
PROD NO  BWO NO    14.79   12.80    1.99   15.55        24,095   C&S    09/08/10
EGNAK GA CPB CY     1.09    0.97    0.12   12.35            36   Stk         n/a
BRE LN   APOLLZ US 10.75    9.62    1.13   11.75       158,663  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
OLV FP   Private    1.70    1.65    0.05    3.03         5,300  Cash         n/a
AUX BB   BREB BB   539.82  525.05  14.77    2.81            24   C&S         n/a
BWIN AV  PRTY LN   38.89   37.99    0.90    2.36        14,479   Stk    03/31/11
GEW IM   Private    4.20    4.11    0.09    2.19           500  Cash         n/a
FNB PL   Private    1.95    1.91    0.04    2.09        13,490  Cash         n/a
EITZEN DCPrivate   30.51   30.00    0.51    1.70             0  Cash    08/16/10
HLB SS   RATOB SS  49.00   48.30    0.70    1.45             2  Cash    08/20/10
IBLA SM  BAY LN     2.61    2.58    0.04    1.42       585,076   Stk    12/31/10
BTSM LN  TPK LN     4.30    4.24    0.06    1.40       220,943   C&S         n/a
SHDP LN  TWX US     1.15    1.14    0.01    1.32         1,241 C,S&D         n/a
SUB NO   ACY NO    104.96  103.80   1.16    1.11       282,265   Stk    03/31/11
SPR FP   HON US    117.00  115.75   1.25    1.08         1,218  Cash    09/30/10
TOMK LN  Multiple   3.25    3.22    0.03    0.99     3,697,958  Cash         n/a
MOVE BB  SHP LN    19.00   18.84    0.16    0.85         6,153  Cash         n/a
DATA LN  MA US      3.60    3.57    0.03    0.84       641,151  Cash    10/31/10
SM7 GR   JPM US    20.00   19.85    0.15    0.76       630,317  Cash         n/a
DAYN SW  ADBE US   139.00  138.00   1.00    0.72           120  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
KDD LN   FDI LN     0.11    0.11    0.00    0.72       517,096   Stk    09/30/10
SWG LN   URS US     2.90    2.89    0.01    0.43        27,511  Cash    09/10/10
ARI LN   DBHN GR    7.75    7.73    0.02    0.26             0  Cash    08/31/10
SSL LN   RB/ LN    11.63   11.62    0.01    0.09     1,209,944  Cash         n/a
UCP LN   UT IN      0.31    0.31    0.00    0.00         1,564  Cash         n/a
ACADB SS Private   205.00  205.00   0.00    0.00        12,490  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
RIE NO   Private   40.50   40.50    0.00    0.00           200  Cash    08/03/10
MTL LN   Private    0.13    0.13    0.00    0.00       405,000  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00   -0.25     2,254,371  Cash         n/a
DNX LN   Private   18.00   18.10   -0.10   -0.55       698,488  Cash         n/a
BSY LN   NWSA US    7.00    7.08   -0.08   -1.13     2,528,740  Cash         n/a
COV AV   JPM US    47.00   49.10   -2.10   -4.28           546  Cash         n/a
WL6 GR   Private    4.10    4.40   -0.30   -6.78        14,748  Cash    08/12/10
IDS GR   SOW GR    15.00   16.10   -1.10   -6.83           618  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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