Arbitrage Profit in European Takeovers Pending Sept. 10

Sept. 10 (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   20.62         1,110  Cash         n/a
PROD NO  BWO NO    15.27   13.00    2.27   17.46     1,063,727   C&S    09/10/10
EGNAK GA CPB CY     1.09    0.98    0.11   11.20           553   Stk         n/a
BRE LN   APOLLZ US 10.75    9.83    0.92    9.36        80,479  Cash         n/a
SPI LN   Private    0.70    0.66    0.04    6.06     3,109,848  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BWIN AV  PRTY LN   42.65   41.21    1.44    3.50        47,031   Stk    03/31/11
KDD LN   FDI LN     0.13    0.12    0.00    2.64       551,100   Stk    09/30/10
FNB PL   Private    1.95    1.91    0.04    2.09       527,555  Cash         n/a
IBLA SM  BAY LN     2.88    2.82    0.06    2.03     7,393,987   Stk    12/31/10
OLV FP   Private    1.70    1.67    0.03    1.80         2,210  Cash    09/15/10
SUB NO   ACY NO    108.74  106.90   1.84    1.72       281,038   Stk    03/31/11
HLB SS   RATOB SS  49.00   48.20    0.80    1.66           970  Cash    08/20/10
BTSM LN  TPK LN     4.46    4.40    0.06    1.33     1,269,338   C&S         n/a
SHDP LN  TWX US     1.15    1.14    0.01    1.32         4,794 C,S&D         n/a
AUX BB   BREB BB   555.18  548.00   7.18    1.31           367   C&S         n/a
GEW IM   Private    4.20    4.16    0.04    0.90        12,900  Cash         n/a
MOVE BB  SHP LN    19.00   18.84    0.16    0.85        28,302  Cash    09/27/10
DATA LN  MA US      3.60    3.57    0.03    0.84     4,406,588  Cash    10/31/10
DNX LN   Private   18.00   17.86    0.14    0.78       831,868  Cash         n/a
DAYN SW  ADBE US   139.00  138.30   0.70    0.51         6,618  Cash    12/31/10
SM7 GR   JPM US    20.00   19.90    0.10    0.50       312,134  Cash         n/a
TOMK LN  Multiple   3.25    3.23    0.02    0.49     1,251,943  Cash    09/24/10
================================================================================
   

SOURCE: Bloomberg

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

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