Arbitrage Profit in European Takeovers Pending Sept. 23

Sept. 23 (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.

================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FCEC US  TOBC US    9.22    5.25    3.97   75.59        21,095   Stk    09/30/10
TRGD US  TARM US    0.74    0.49    0.25   50.00       230,498   Stk    12/31/10
CNIG US  EGAS US   25.00   19.01    5.99   31.51           292  Cash         n/a
TLCR US  GRF SM    28.14   22.97    5.17   22.52       905,208   C&S    12/31/10
DIGA US  PSID US    0.60    0.49    0.11   22.45       113,628   Stk         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BXC US   Private    4.00    3.40    0.60   17.65        14,713  Cash    10/08/10
MAJC US  Private    0.45    0.39    0.06   15.38     1,303,691  Cash    03/31/11
KWG CN   CLF US     0.13    0.12    0.01   13.04     2,434,251  Cash         n/a
ADAM US  EBIX US    6.51    5.89    0.62   10.52       117,403   Stk    12/31/10
PLA US   N/A        5.50    5.08    0.42    8.27        51,563  Cash         n/a
SE CN    ENQ LN     0.17    0.16    0.01    7.79       192,200   Stk         n/a
ROAC US  Private    4.38    4.08    0.30    7.35           340  Cash         n/a
GPX CN   AVF-U CN   0.48    0.44    0.03    7.18    21,607,162   Stk         n/a
AYE US   FE US     24.73   23.25    1.48    6.35     2,810,927   Stk    04/30/11
ALY US   SEAW NO    4.25    4.00    0.25    6.25       358,660   C/S    12/31/10
RCMT US  CDI US     5.20    4.95    0.25    5.05        14,246  Cash         n/a
BNE US   RRD US    11.50   10.97    0.53    4.83       401,286  Cash         n/a
Q US     CTL US     6.56    6.27    0.29    4.62    12,609,407   Stk    06/30/11
WPCS US  Private    3.50    3.35    0.15    4.48       384,307  Cash         n/a
UNNF US  DGICA US   8.51    8.15    0.36    4.47         1,000   C&S    09/30/10
OCNW US  CALX US    7.36    7.07    0.29    4.04       199,719   C&S    03/31/11
BGH US   BPL US    44.17   42.51    1.66    3.90        80,667   Stk    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BCF CN   LEG CN     0.20    0.19    0.01    3.74        86,855   Stk         n/a
PVG US   PVR US    23.67   22.86    0.81    3.53       347,328   Stk         n/a
SMTB US  PBCT US    3.84    3.71    0.13    3.44        39,653   C&S    12/31/10
NAL US   FNFG US   12.82   12.43    0.39    3.15       498,771   C/S    06/30/11
PPX CN   FCE-U CN   3.07    2.98    0.09    2.86       377,451   Stk    11/30/10
NRGP US  NRGY US   29.39   28.60    0.79    2.77       258,770   Stk    12/31/10
CCBP US  FNB US    38.67   37.64    1.03    2.74           237   C&S    12/31/10
SPQ CN   CLF US     0.19    0.19    0.00    2.70       393,650  Cash         n/a
ID US    SAF FP    12.00   11.70    0.30    2.56     8,253,095  Cash    03/31/11
PRPX US  FSTR US   11.80   11.51    0.29    2.52         4,000  Cash    09/30/10
OTIX US  WDH DC     8.60    8.39    0.21    2.50        63,861  Cash    12/31/10
EPE US   EPD US    58.06   56.73    1.33    2.35       125,697   Stk    12/31/10
FCCC US  Private    4.50    4.40    0.10    2.27           500  Cash    12/31/10
LGF US   IEP US     7.50    7.34    0.16    2.18       121,729  Cash    10/22/10
ALOY US  Multiple   9.80    9.62    0.18    1.87         7,769  Cash    12/31/10
PTV US   Private   33.25   32.69    0.56    1.71    10,851,370  Cash    12/31/10
MFE US   INTC US   48.00   47.21    0.79    1.67     5,412,332  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
INET US  6902Z US  13.35   13.14    0.21    1.60     1,487,724  Cash    12/31/10
SNEN US  Private    1.90    1.87    0.03    1.60        32,930  Cash         n/a
OMNI US  Private    2.75    2.71    0.04    1.48        77,455  Cash    12/31/10
ME US    APA US    24.06   23.72    0.34    1.44     1,013,473   C/S    09/30/10
DIVX US  SNIC US    8.01    7.90    0.11    1.41       100,660   C&S    09/30/10
XJT US   SKYW US    6.75    6.66    0.09    1.35        58,978  Cash    12/31/10
NUHC US  ARW US     7.00    6.91    0.09    1.30       421,038  Cash    12/31/10
RAE US   19316Z US  1.60    1.58    0.02    1.27     1,203,133  Cash         n/a
BVM CN   RCI/B CN   0.40    0.40    0.00    1.27        24,500  Cash    09/30/10
LSBX US  PBCT US   21.00   20.74    0.26    1.25        26,997  Cash    12/31/10
KMK CN   Private    2.60    2.57    0.03    1.17       549,217  Cash         n/a
ATAC US  Private   25.00   24.73    0.27    1.09       558,078  Cash    12/31/10
ACF US   GM US     24.50   24.25    0.25    1.03    11,330,730  Cash    12/31/10
MAM US   EMA CN    45.00   44.55    0.45    1.01         1,125  Cash         n/a
CJBK US  KRNY US    7.50    7.43    0.07    0.94         1,294  Cash    12/31/10
MIR US   RRI US     9.84    9.75    0.09    0.90     1,055,628   Stk    12/31/10
TRX CN   TCM CN     1.47    1.46    0.01    0.89       836,664   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ADCT US  TEL US    12.75   12.64    0.11    0.87     1,921,437  Cash    10/18/10
BKC US   Private   24.00   23.80    0.20    0.84     1,876,471  Cash    10/14/10
CLU US   CLW US    12.00   11.90    0.10    0.84       202,331  Cash    12/31/10
PSYS US  UHS US    33.75   33.49    0.26    0.78       489,620  Cash    12/31/10
OSTE US  MDT US     6.50    6.45    0.05    0.78        80,382  Cash         n/a
IPI/A CN Multiple   6.50    6.45    0.05    0.78           400  Cash         n/a
GLG US   EMG LN     4.50    4.47    0.03    0.67       425,570  Cash    09/30/10
WAIN US  3994Z US  19.00   18.89    0.11    0.58         2,600  Cash    12/31/10
GTSI US  Private    7.00    6.96    0.04    0.57        18,551  Cash         n/a
AMPH US  PRA US    32.50   32.32    0.18    0.56        27,277  Cash    12/31/10
NYM US   Private   25.75   25.64    0.11    0.43        10,033  Cash    12/31/10
DTPI US  10182Z US 12.50   12.45    0.05    0.38       373,030  Cash    12/31/10
NTY US   Private   55.00   54.85    0.15    0.27     1,835,733  Cash    12/31/10
SLRY US  KNXA US    4.07    4.06    0.01    0.25       114,517  Cash    09/30/10
ACAP US  Private   41.50   41.40    0.10    0.24        27,953  Cash    12/31/10
RSCR US  OCX CN    13.25   13.22    0.03    0.23       139,640  Cash    10/20/10
LNY US   N/A       24.50   24.45    0.05    0.20        12,165  Cash    10/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
UNCA US  IBM US    21.00   20.96    0.04    0.19       116,796  Cash    12/31/10
MEND US  JNJ US    23.40   23.36    0.04    0.17       164,334  Cash    12/31/10
HEW US   AON US    50.26   50.20    0.06    0.13       830,580   C&S    11/30/10
ZGEN US  BMY US     9.75    9.74    0.01    0.10     2,739,088  Cash    10/07/10
PAR US   HPQ US    33.00   32.97    0.03    0.09     3,160,685  Cash    09/24/10
PMACA US ORI US     7.38    7.38    0.00    0.01       123,138   Stk    09/30/10
HGRD US  Private    8.20    8.20    0.00    0.00        66,987  Cash    10/07/10
PPCO US  ENDP US    5.00    5.00    0.00    0.00        93,070  Cash         n/a
ICXT US  FLIR US    7.55    7.55    0.00    0.00        42,149  Cash    10/01/10
CAL US   UAUA US   23.77   23.79   -0.02   -0.08     3,801,667   Stk    12/31/10
AEZ US   HES US     7.74    7.76   -0.02   -0.21       866,198   Stk    12/31/10
ARST US  HPQ US    43.50   43.59   -0.09   -0.21     1,617,793  Cash    12/31/10
ELE CN   ATH CN     0.36    0.36    0.00   -0.84     4,483,557   C/S         n/a
TUNE US  ZRAN US    2.92    2.95   -0.03   -1.02       410,523  Cash    12/31/10
XAU CN   FRG CN     5.39    5.45   -0.06   -1.14     1,246,768   C&S         n/a
PTEC US  Private    3.85    3.90   -0.05   -1.28       416,001  Cash         n/a
PZZ US   Private    8.50    8.62   -0.12   -1.39        10,893  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TSFG US  TD CN      0.28    0.29    0.00   -1.63     7,034,999   C/S         n/a
COGT US  MMM US    10.50   10.77   -0.27   -2.51     1,386,458  Cash    10/07/10
DYN US   BX US      4.50    4.63   -0.13   -2.81     6,739,589  Cash    12/31/10
GENZ US  SAN FP    69.00   71.20   -2.20   -3.09     3,213,233  Cash         n/a
ARG US   APD US    65.50   67.72   -2.22   -3.28       549,743  Cash    10/29/10
MAR CN   SWC US     3.65    3.78   -0.13   -3.56       441,540   C&S    11/30/10
ABII US  CELG US   72.90   75.92   -3.02   -3.98       184,085   C&S    12/31/10
NZ US    IBM US    27.00   28.19   -1.19   -4.22     4,287,504  Cash    12/31/10
DINE US  Private   13.50   14.15   -0.65   -4.59         1,150  Cash         n/a
LOV US   Private    3.10    3.28   -0.18   -5.49        55,340  Cash         n/a
ACL US   NOVN VX   157.19  166.75  -9.56   -5.73       422,142   Stk         n/a
SCM CN   CHMF RM    1.60    1.71   -0.11   -6.43    20,547,638  Cash         n/a
CASY US  3382 JP   40.00   42.83   -2.83   -6.61       480,065  Cash         n/a
TRBN US  EBS US     4.32    4.76   -0.44   -9.34        45,879   C&S    12/31/10
CASY US  ATD/B CN  38.50   42.83   -4.33   -10.11      480,065  Cash    09/30/10
POT CN   BHP AU    130.00  146.74  -16.74  -11.41    1,216,050  Cash    11/18/10
NAVI US  Private    3.05    3.48   -0.43   -12.36       33,356  Cash         n/a
================================================================================
   

SOURCE: Bloomberg

To contact the reporter on this story: Joel Rinneby in Stockholm at jrinneby@bloomberg.net

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