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Arbitrage Profit in European Takeovers Pending Sept. 9

Sept. 9 (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    7.13    1.47   20.60         1,067  Cash         n/a
PROD NO  BWO NO    15.17   13.00    2.17   16.72       424,639   C&S    09/10/10
BRE LN   APOLLZ US 10.75    9.63    1.13   11.69        50,417  Cash         n/a
EGNAK GA CPB CY     1.09    1.05    0.04    3.79             0   Stk         n/a
BWIN AV  PRTY LN   43.15   41.68    1.47    3.52       124,278   Stk    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GEW IM   Private    4.20    4.11    0.09    2.31           500  Cash         n/a
IBLA SM  BAY LN     2.84    2.78    0.06    2.19     4,066,694   Stk    12/31/10
AUX BB   BREB BB   550.70  539.00  11.70    2.17            63   C&S         n/a
SUB NO   ACY NO    108.74  106.80   1.94    1.81       397,967   Stk    03/31/11
HLB SS   RATOB SS  49.00   48.20    0.80    1.66           970  Cash    08/20/10
FNB PL   Private    1.95    1.92    0.03    1.56        12,775  Cash         n/a
SHDP LN  TWX US     1.15    1.14    0.01    1.32             0 C,S&D         n/a
KDD LN   FDI LN     0.12    0.12    0.00    0.90       642,200   Stk    09/30/10
BTSM LN  TPK LN     4.44    4.41    0.04    0.89        89,387   C&S         n/a
DATA LN  MA US      3.60    3.57    0.03    0.84         4,140  Cash    10/31/10
MOVE BB  SHP LN    19.00   18.85    0.15    0.80        21,023  Cash    09/27/10
DNX LN   Private   18.00   17.86    0.14    0.78     2,567,711  Cash         n/a
SM7 GR   JPM US    20.00   19.85    0.15    0.73       120,686  Cash         n/a
SPR FP   HON US    117.00  116.30   0.70    0.60           681  Cash    09/30/10
OLV FP   Private    1.70    1.69    0.01    0.59           901  Cash    09/15/10
DDT LN   9432 JP    1.20    1.19    0.01    0.59     1,526,078  Cash         n/a
DAYN SW  ADBE US   139.00  138.20   0.80    0.58         4,923  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TOMK LN  Multiple   3.25    3.23    0.02    0.53     1,980,063  Cash    09/24/10
SSL LN   RB/ LN    11.63   11.57    0.06    0.52       948,974  Cash         n/a
CARL LN  Private    1.42    1.42    0.00    0.35     2,623,091  Cash         n/a
SWG LN   URS US     2.90    2.90    0.01    0.17         1,091  Cash    09/10/10
EITZEN DCPrivate   30.51   30.50    0.01    0.03             0  Cash    08/16/10
RISH NO  Private   31.00   31.00    0.00    0.00             0   C/S         n/a
ACADB SS Private   205.00  205.00   0.00    0.00           973  Cash    09/13/10
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         8,000  Cash         n/a
SPI LN   Private    0.65    0.66   -0.01   -1.14       108,569  Cash         n/a
BSY LN   NWSA US    7.00    7.16   -0.16   -2.23     2,682,127  Cash         n/a
UCP LN   UT IN      0.31    0.33   -0.02   -5.34       751,667  Cash         n/a
COV AV   JPM US    47.00   49.72   -2.72   -5.47           669  Cash         n/a
MTRS SS  ALFA SS   68.00   72.50   -4.50   -6.21       567,356  Cash    10/08/10
IDS GR   SOW GR    15.00   16.00   -1.00   -6.25           477  Cash         n/a
ALT GR   Private   15.01   16.28   -1.27   -7.80         9,061  Cash         n/a
TF IM    IF IM      1.25    1.48   -0.23   -15.31            0  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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