Arbitrage Profit in European Takeovers Pending Oct. 27
By Joel Rinneby -
2010-10-27T06:48:53Z
Oct. 27 (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
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AFD LN Multiple 0.51 0.39 0.12 30.77 0 Stk n/a
EGNAK GA CPB CY 1.06 0.90 0.16 17.35 3,763 Stk n/a
RISH NO Private 31.00 27.00 4.00 14.81 0 C/S n/a
OCE NA 7751 JP 8.60 7.85 0.75 9.55 3,738 Cash n/a
IFC LN Multiple 1.16 1.08 0.08 7.50 0 Cash n/a
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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BWIN AV PRTY LN 39.40 36.92 2.48 6.73 50,226 Stk 03/31/11
PROD NO BWO NO 18.48 17.50 0.98 5.60 0 C&S n/a
GEW IM Private 4.20 4.00 0.20 5.00 1,187 Cash n/a
AUX BB BREB BB 590.38 574.00 16.38 2.85 2 C&S n/a
TTPA US Private 6.60 6.44 0.16 2.48 30,739 Cash 12/31/10
BRE LN Multiple 10.70 10.45 0.25 2.39 9,240,560 Cash 03/31/11
SUB NO ACY NO 125.46 123.20 2.26 1.83 880,591 Stk 03/31/11
CHX LN RUG1V FH 0.37 0.36 0.01 1.39 0 Cash 11/08/10
WSM LN GE US 7.50 7.40 0.10 1.35 446,118 Cash n/a
CRXL NA JNJ US 24.75 24.45 0.30 1.23 170,092 Cash 03/31/11
ROTO NA Private 14.00 13.84 0.16 1.16 4,200 C/S n/a
DIAS GA EUROB GA 0.79 0.78 0.01 1.12 84,368 Stk n/a
BTSM LN TPK LN 4.59 4.54 0.05 1.07 562,833 C&S 12/31/10
IBLA SM BAY LN 3.28 3.24 0.03 1.02 4,221,084 Stk 12/31/10
MTRS SS Private 77.00 76.25 0.75 0.98 136,533 Cash 10/13/10
SPI LN Private 0.70 0.70 0.00 0.72 125,330 Cash n/a
SM7 GR JPM US 20.00 19.86 0.14 0.70 16,834 Cash n/a
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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CPH LN NDS SJ 0.74 0.74 0.01 0.68 4,921 Cash n/a
FNB PL Private 1.95 1.94 0.01 0.52 149,685 Cash n/a
NAAN SW CSGN VX 1000.00 995.50 4.50 0.45 1 Cash 10/22/10
SSL LN RB/ LN 11.63 11.60 0.03 0.26 2,345,633 Cash 10/29/10
MOVE BB SHP LN 19.00 18.96 0.04 0.21 2,882 Cash 11/02/10
DPB GR DBK GR 25.00 24.99 0.01 0.06 344,461 Cash 11/04/10
DDT LN 9432 JP 1.20 1.20 0.00 0.00 187,356 Cash n/a
ECO AV CWI AV 7.15 7.15 0.00 0.00 14,758 Cash 11/03/10
DNX LN Private 18.00 18.00 0.00 0.00 31,862 Cash n/a
DAYN SW ADBE US 139.00 139.00 0.00 0.00 38 Cash 12/31/10
NUT LN ELDP IN 0.06 0.07 0.00 0.00 0 Cash 11/16/10
BBAY LN RY CN 4.85 4.88 -0.03 -0.51 991,524 Cash 12/31/10
ITL LN CSGS US 0.72 0.73 0.00 -0.69 2,721,250 Cash 12/31/10
FRG GR Private 27.50 27.80 -0.30 -1.08 1,252 Cash n/a
MTL LN Private 0.13 0.13 0.00 -1.89 0 Cash n/a
CARL LN Private 1.42 1.45 -0.03 -2.07 0 Cash n/a
DRAK NA NEX FP 15.00 15.40 -0.40 -2.60 170,567 Cash n/a
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SOURCE: Bloomberg
To contact the reporter on this story: Joel Rinneby in Stockholm at jrinneby@bloomberg.net
To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net
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