Arbitrage Profit in European Takeovers Pending Oct. 28

Oct. 28 (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     1.04    0.88    0.16   17.72         5,375   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         5,442  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
================================================================================
PROD NO  BWO NO    18.36   17.50    0.86    4.91         2,780   C&S         n/a
GEW IM   Private    4.20    4.04    0.16    4.02         3,072  Cash         n/a
BWIN AV  PRTY LN   37.19   36.12    1.07    2.96       339,771   Stk    03/31/11
TTPA US  Private    6.60    6.42    0.18    2.80        14,377  Cash    12/31/10
BRE LN   Multiple  10.70   10.43    0.27    2.59       339,179  Cash    03/31/11
AUX BB   BREB BB   585.90  574.00  11.90    2.07             2   C&S         n/a
ECO AV   CWI AV     7.15    7.01    0.14    1.97        12,890  Cash    11/03/10
WSM LN   GE US      7.50    7.37    0.13    1.83       597,184  Cash         n/a
MTRS SS  Private   77.00   75.75    1.25    1.65        82,584  Cash    10/13/10
SUB NO   ACY NO    122.26  120.30   1.96    1.63       512,552   Stk    03/31/11
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    11/08/10
CRXL NA  JNJ US    24.75   24.45    0.30    1.23       140,545  Cash    03/31/11
ROTO NA  Private   14.00   13.84    0.16    1.16         4,200   C/S         n/a
ITL LN   CSGS US    0.72    0.71    0.01    1.05    12,433,265  Cash    12/31/10
IBLA SM  BAY LN     3.24    3.22    0.03    0.78     3,914,475   Stk    12/31/10
CARL LN  Private    1.42    1.41    0.01    0.71             0  Cash         n/a
BTSM LN  TPK LN     4.51    4.48    0.03    0.69       952,268   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FNB PL   Private    1.95    1.94    0.01    0.52       173,293  Cash         n/a
NAAN SW  CSGN VX  1000.00  995.50   4.50    0.45             1  Cash    10/22/10
SM7 GR   JPM US    20.00   19.92    0.08    0.40             0  Cash         n/a
DAYN SW  ADBE US   139.00  138.50   0.50    0.36            99  Cash    12/31/10
SPI LN   Private    0.70    0.70    0.00    0.36        49,416  Cash         n/a
SSL LN   RB/ LN    11.63   11.59    0.04    0.35        86,632  Cash    10/29/10
MOVE BB  SHP LN    19.00   18.96    0.04    0.21         2,882  Cash    11/02/10
DDT LN   9432 JP    1.20    1.20    0.00    0.21        55,346  Cash         n/a
DPB GR   DBK GR    25.00   24.96    0.04    0.16            53  Cash    11/04/10
DNX LN   Private   18.00   17.99    0.01    0.06        33,772  Cash         n/a
NUT LN   ELDP IN    0.06    0.07    0.00    0.00        75,000  Cash    11/16/10
DIAS GA  EUROB GA   0.76    0.76    0.00   -0.25        13,353   Stk         n/a
FRG GR   Private   27.50   27.59   -0.09   -0.33           873  Cash         n/a
BBAY LN  RY CN      4.85    4.88   -0.03   -0.51     1,457,211  Cash    12/31/10
MTL LN   Private    0.13    0.13    0.00   -1.89             0  Cash         n/a
DRAK NA  NEX FP    15.00   15.45   -0.45   -2.94       301,105  Cash         n/a
CPH LN   NDS SJ     0.74    0.77   -0.02   -3.27             0  Cash         n/a
================================================================================
   

SOURCE: Bloomberg

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

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