Arbitrage Profit in European Takeovers Pending Sept. 2

Sept. 2 (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    7.18    1.42   19.78         3,610  Cash         n/a
PROD NO  BWO NO    14.33   12.55    1.78   14.22       176,698   C&S    09/08/10
EGNAK GA CPB CY     1.13    1.00    0.13   13.01           881   Stk         n/a
BRE LN   APOLLZ US 10.75    9.75    1.00   10.26        37,193  Cash         n/a
KDD LN   FDI LN     0.12    0.12    0.00    3.81     1,848,164   Stk    09/30/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
RIE NO   Private   40.50   39.10    1.40    3.58           140  Cash    08/03/10
RISH NO  Private   31.00   30.00    1.00    3.33            21   C/S         n/a
GEW IM   Private    4.20    4.10    0.10    2.44         1,000  Cash         n/a
IBLA SM  BAY LN     2.72    2.66    0.06    2.22     1,846,224   Stk    12/31/10
FNB PL   Private    1.95    1.91    0.04    2.09        15,866  Cash         n/a
BWIN AV  PRTY LN   39.53   38.79    0.73    1.89        34,603   Stk    03/31/11
EITZEN DCPrivate   30.51   30.00    0.51    1.70           100  Cash    08/16/10
SUB NO   ACY NO    109.59  107.90   1.69    1.56       888,578   Stk    03/31/11
SHDP LN  TWX US     1.15    1.14    0.01    1.32       150,400 C,S&D         n/a
BTSM LN  TPK LN     4.41    4.36    0.05    1.14        68,358   C&S         n/a
HLB SS   RATOB SS  49.00   48.50    0.50    1.03           300  Cash    08/20/10
MOVE BB  SHP LN    19.00   18.84    0.16    0.85       198,086  Cash    09/27/10
SPR FP   HON US    117.00  116.10   0.90    0.78         1,251  Cash    09/30/10
DATA LN  MA US      3.60    3.58    0.02    0.63         6,979  Cash    10/31/10
OLV FP   Private    1.70    1.69    0.01    0.59        10,050  Cash    09/15/10
DAYN SW  ADBE US   139.00  138.20   0.80    0.58         2,758  Cash    12/31/10
TOMK LN  Multiple   3.25    3.23    0.02    0.56     5,296,461  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SM7 GR   JPM US    20.00   19.90    0.10    0.50        88,396  Cash         n/a
SWG LN   URS US     2.90    2.89    0.01    0.35        24,494  Cash    09/10/10
SSL LN   RB/ LN    11.63   11.61    0.02    0.17       857,710  Cash         n/a
UCP LN   UT IN      0.31    0.31    0.00    0.00       340,211  Cash         n/a
ACADB SS Private   205.00  205.00   0.00    0.00           167  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       639,291  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00   -0.33     4,790,788  Cash         n/a
DNX LN   Private   18.00   18.09   -0.09   -0.50       241,963  Cash         n/a
AUX BB   BREB BB   536.30  539.99  -3.69   -0.68            22   C&S         n/a
BSY LN   NWSA US    7.00    7.10   -0.09   -1.34     3,406,790  Cash         n/a
SPI LN   Private    0.65    0.67   -0.02   -3.35    15,774,510  Cash         n/a
COV AV   JPM US    47.00   49.27   -2.27   -4.61         1,420  Cash         n/a
IDS GR   SOW GR    15.00   16.15   -1.15   -7.12           614  Cash         n/a
WL6 GR   Private    4.10    4.53   -0.43   -9.39         7,636  Cash    08/12/10
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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