Arbitrage Profit in European Takeovers Pending Sept. 3

Sept. 3 (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    7.10    1.50   21.06         8,580  Cash         n/a
EGNAK GA CPB CY     1.15    0.99    0.16   16.19         2,078   Stk         n/a
PROD NO  BWO NO    14.43   12.50    1.93   15.44       109,194   C&S    09/08/10
BRE LN   APOLLZ US 10.75    9.72    1.03   10.60       281,776  Cash         n/a
AUX BB   BREB BB   545.26  526.00  19.26    3.66            22   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
KDD LN   FDI LN     0.13    0.13    0.00    3.18       781,264   Stk    09/30/10
BWIN AV  PRTY LN   39.68   38.64    1.04    2.69        23,292   Stk    03/31/11
FNB PL   Private    1.95    1.91    0.04    2.09         4,570  Cash         n/a
EITZEN DCPrivate   30.51   30.00    0.51    1.70           100  Cash    08/16/10
IBLA SM  BAY LN     2.75    2.70    0.04    1.65     2,309,946   Stk    12/31/10
SUB NO   ACY NO    111.72  110.10   1.62    1.47       428,967   Stk    03/31/11
SHDP LN  TWX US     1.15    1.14    0.01    1.32           650 C,S&D         n/a
BTSM LN  TPK LN     4.43    4.38    0.05    1.15        44,469   C&S         n/a
HLB SS   RATOB SS  49.00   48.50    0.50    1.03           300  Cash    08/20/10
SPR FP   HON US    117.00  115.85   1.15    0.99           718  Cash    09/30/10
DATA LN  MA US      3.60    3.57    0.03    0.91        70,499  Cash    10/31/10
MOVE BB  SHP LN    19.00   18.83    0.17    0.90       337,633  Cash    09/27/10
TOMK LN  Multiple   3.25    3.23    0.02    0.56     3,301,332  Cash         n/a
CARL LN  Private    1.42    1.41    0.01    0.53     1,106,788  Cash         n/a
SM7 GR   JPM US    20.00   19.90    0.10    0.53        72,670  Cash         n/a
DAYN SW  ADBE US   139.00  138.30   0.70    0.51         1,780  Cash    12/31/10
GEW IM   Private    4.20    4.18    0.02    0.48         3,091  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SWG LN   URS US     2.90    2.89    0.01    0.35           514  Cash    09/10/10
SSL LN   RB/ LN    11.63   11.60    0.03    0.26       318,578  Cash         n/a
RISH NO  Private   31.00   31.00    0.00    0.00         3,100   C/S         n/a
ACADB SS Private   205.00  205.00   0.00    0.00           310  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       801,000  Cash         n/a
RIE NO   Private   40.50   40.60   -0.10   -0.25         1,740  Cash    08/03/10
DDT LN   9432 JP    1.20    1.20    0.00   -0.33     1,039,933  Cash         n/a
DNX LN   Private   18.00   18.06   -0.06   -0.33       826,736  Cash         n/a
BSY LN   NWSA US    7.00    7.09   -0.08   -1.20     4,602,896  Cash         n/a
SPI LN   Private    0.65    0.67   -0.02   -2.26    10,901,656  Cash         n/a
OLV FP   Private    1.70    1.74   -0.04   -2.30           350  Cash    09/15/10
UCP LN   UT IN      0.31    0.32   -0.01   -3.12        72,023  Cash         n/a
COV AV   JPM US    47.00   49.60   -2.60   -5.24           410  Cash         n/a
IDS GR   SOW GR    15.00   16.05   -1.05   -6.54           928  Cash         n/a
WL6 GR   Private    4.10    4.41   -0.31   -7.01         9,180  Cash    08/12/10
================================================================================
   

SOURCE: Bloomberg

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

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