Arbitrage Profit in European Takeovers Pending Oct. 27

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
================================================================================
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
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
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
================================================================================
   

SOURCE: Bloomberg

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

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