Arbitrage Profit in European Takeovers Pending Sept. 1

Sept. 1 (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    7.30    1.30   17.81        11,526  Cash         n/a
PROD NO  BWO NO    14.32   12.60    1.72   13.67        18,544   C&S    09/08/10
BRE LN   APOLLZ US 10.75    9.59    1.16   12.15        68,514  Cash         n/a
EGNAK GA CPB CY     1.09    0.98    0.11   11.20         1,789   Stk         n/a
SPI LN   Private    0.65    0.62    0.03    5.69       292,829  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BWIN AV  PRTY LN   39.70   38.24    1.46    3.83        28,636   Stk    03/31/11
GEW IM   Private    4.20    4.06    0.14    3.38         2,000  Cash         n/a
RIE NO   Private   40.50   39.50    1.00    2.53             0  Cash    08/03/10
IBLA SM  BAY LN     2.66    2.60    0.06    2.50     1,673,529   Stk    12/31/10
SUB NO   ACY NO    103.41  101.20   2.21    2.19       477,578   Stk    03/31/11
FNB PL   Private    1.95    1.91    0.04    2.09         8,030  Cash         n/a
HLB SS   RATOB SS  49.00   48.10    0.90    1.87           700  Cash    08/20/10
EITZEN DCPrivate   30.51   30.00    0.51    1.70             0  Cash    08/16/10
BTSM LN  TPK LN     4.37    4.31    0.06    1.35       312,457   C&S         n/a
SHDP LN  TWX US     1.15    1.14    0.01    1.32             0 C,S&D         n/a
OLV FP   Private    1.70    1.68    0.02    1.19        12,590  Cash         n/a
SPR FP   HON US    117.00  115.80   1.20    1.04           422  Cash    09/30/10
DAYN SW  ADBE US   139.00  138.00   1.00    0.72           914  Cash    12/31/10
KDD LN   FDI LN     0.11    0.11    0.00    0.72        93,433   Stk    09/30/10
MOVE BB  SHP LN    19.00   18.87    0.13    0.69       107,079  Cash    09/27/10
SM7 GR   JPM US    20.00   19.89    0.11    0.58       159,061  Cash         n/a
TOMK LN  Multiple   3.25    3.23    0.02    0.49     2,501,000  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SSL LN   RB/ LN    11.63   11.60    0.03    0.26       550,641  Cash         n/a
SWG LN   URS US     2.90    2.90    0.01    0.17        21,032  Cash    09/10/10
DATA LN  MA US      3.60    3.60    0.00    0.07        18,874  Cash    10/31/10
UCP LN   UT IN      0.31    0.31    0.00    0.00        50,000  Cash         n/a
ACADB SS Private   205.00  205.00   0.00    0.00           898  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       151,392  Cash         n/a
DNX LN   Private   18.00   18.11   -0.11   -0.61       197,414  Cash         n/a
DDT LN   9432 JP    1.20    1.21   -0.01   -0.66     2,091,995  Cash         n/a
BSY LN   NWSA US    7.00    7.10   -0.09   -1.34     1,819,247  Cash         n/a
AUX BB   BREB BB   529.58  539.99  -10.41  -1.93            22   C&S         n/a
COV AV   JPM US    47.00   49.80   -2.80   -5.62         1,439  Cash         n/a
WL6 GR   Private    4.10    4.37   -0.27   -6.18        17,134  Cash    08/12/10
IDS GR   SOW GR    15.00   16.01   -1.01   -6.31             0  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
================================================================================
   

SOURCE: Bloomberg

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

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