Arbitrage Profit in European Takeovers Pending Aug. 31

Aug. 31 (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
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OCE NA   7751 JP    8.60    7.00    1.60   22.86        36,875  Cash         n/a
SPI LN   Private    0.65    0.54    0.11   19.82        37,362  Cash         n/a
BRE LN   APOLLZ US 10.75    9.54    1.21   12.68        69,348  Cash         n/a
PROD NO  BWO NO    13.95   12.50    1.45   11.60        14,825   C&S    09/08/10
EGNAK GA CPB CY     1.07    0.99    0.08    8.04         1,679   Stk         n/a
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                   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         8,474  Cash         n/a
RIE NO   Private   40.50   39.50    1.00    2.53           400  Cash    08/03/10
AUX BB   BREB BB   537.90  525.00  12.90    2.46            15   C&S         n/a
IBLA SM  BAY LN     2.59    2.54    0.06    2.33     1,111,409   Stk    12/31/10
GEW IM   Private    4.20    4.11    0.09    2.19           500  Cash         n/a
BWIN AV  PRTY LN   38.50   37.69    0.80    2.13        39,568   Stk    03/31/11
FNB PL   Private    1.95    1.91    0.04    2.09        18,396  Cash         n/a
SUB NO   ACY NO    103.09  101.30   1.79    1.77       231,646   Stk    03/31/11
EITZEN DCPrivate   30.51   30.00    0.51    1.70             0  Cash    08/16/10
UCP LN   UT IN      0.31    0.31    0.01    1.64        50,000  Cash         n/a
HLB SS   RATOB SS  49.00   48.30    0.70    1.45         1,923  Cash    08/20/10
BTSM LN  TPK LN     4.29    4.23    0.06    1.43       178,123   C&S         n/a
SHDP LN  TWX US     1.15    1.14    0.01    1.32         4,825 C,S&D         n/a
SPR FP   HON US    117.00  115.85   1.15    0.99         1,878  Cash    09/30/10
MOVE BB  SHP LN    19.00   18.83    0.17    0.90       128,912  Cash         n/a
DATA LN  MA US      3.60    3.57    0.03    0.84        58,338  Cash    10/31/10
KDD LN   FDI LN     0.11    0.11    0.00    0.72       300,412   Stk    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DAYN SW  ADBE US   139.00  138.10   0.90    0.65         1,074  Cash    12/31/10
TOMK LN  Multiple   3.25    3.23    0.02    0.49     2,259,989  Cash         n/a
SM7 GR   JPM US    20.00   19.93    0.07    0.35       115,270  Cash         n/a
SWG LN   URS US     2.90    2.89    0.01    0.35        87,216  Cash    09/10/10
SSL LN   RB/ LN    11.63   11.62    0.01    0.09       143,260  Cash         n/a
ACADB SS Private   205.00  205.00   0.00    0.00           270  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       550,925  Cash         n/a
DNX LN   Private   18.00   18.07   -0.07   -0.39       148,978  Cash         n/a
DDT LN   9432 JP    1.20    1.21    0.00   -0.41     4,813,177  Cash         n/a
BSY LN   NWSA US    7.00    7.08   -0.08   -1.06       814,131  Cash         n/a
COV AV   JPM US    47.00   48.90   -1.90   -3.89           513  Cash         n/a
WL6 GR   Private    4.10    4.35   -0.25   -5.75         8,892  Cash    08/12/10
IDS GR   SOW GR    15.00   16.05   -1.05   -6.54           280  Cash         n/a
RISH NO  Private   31.00   34.00   -3.00   -8.82             0   C/S         n/a
ALT GR   Private   14.00   16.28   -2.28   -14.00        9,061  Cash         n/a
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SOURCE: Bloomberg

To contact the reporter on this story: Wendy Soong in New York at csoong@bloomberg.net

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