Arbitrage Profit in European Takeovers Pending Oct. 29

Oct. 29 (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
================================================================================
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           147  Cash         n/a
IFC LN   Multiple   1.16    1.08    0.08    7.50             0  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GEW IM   Private    4.20    3.95    0.25    6.26         7,597  Cash         n/a
PROD NO  BWO NO    18.30   17.40    0.90    5.17         3,570   C&S         n/a
CRXL NA  JNJ US    24.75   23.85    0.90    3.77     4,333,574  Cash    03/31/11
BWIN AV  PRTY LN   36.84   35.54    1.30    3.67       100,632   Stk    03/31/11
TTPA US  Private    6.60    6.42    0.18    2.80        64,521  Cash    12/31/10
BRE LN   Multiple  10.70   10.45    0.25    2.39       497,743  Cash    03/31/11
SUB NO   ACY NO    125.78  123.50   2.28    1.84       577,485   Stk    03/31/11
AUX BB   BREB BB   579.50  570.00   9.50    1.67           163   C&S         n/a
IBLA SM  BAY LN     3.28    3.23    0.05    1.55    10,052,465   Stk    01/31/11
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39       185,912  Cash    11/08/10
WSM LN   GE US      7.50    7.41    0.09    1.21       624,577  Cash         n/a
ROTO NA  Private   14.00   13.84    0.16    1.16           122   C/S         n/a
FNB PL   Private    1.95    1.93    0.02    1.04         9,178  Cash         n/a
ECO AV   CWI AV     7.15    7.08    0.07    0.97        10,372  Cash    11/03/10
BTSM LN  TPK LN     4.51    4.48    0.03    0.78       133,881   C&S    12/31/10
CPH LN   NDS SJ     0.74    0.74    0.01    0.68         3,000  Cash         n/a
CARL LN  Private    1.42    1.41    0.01    0.53             0  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SM7 GR   JPM US    20.00   19.91    0.09    0.48             0  Cash         n/a
NAAN SW  CSGN VX  1000.00  995.50   4.50    0.45             1  Cash    10/22/10
SPI LN   Private    0.70    0.70    0.00    0.36        27,380  Cash         n/a
SSL LN   RB/ LN    11.63   11.59    0.04    0.35       185,183  Cash    10/29/10
ITL LN   CSGS US    0.72    0.72    0.00    0.35    17,493,936  Cash    12/31/10
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        99,943  Cash         n/a
DPB GR   DBK GR    25.00   24.99    0.01    0.06       681,857  Cash    11/04/10
DAYN SW  ADBE US   139.00  139.00   0.00    0.00            10  Cash    12/31/10
MTRS SS  Private   77.00   77.00    0.00    0.00       278,350  Cash    10/13/10
NUT LN   ELDP IN    0.06    0.07    0.00    0.00       108,554  Cash    11/16/10
FRG GR   Private   27.50   27.51   -0.01   -0.04           113  Cash         n/a
DIAS GA  EUROB GA   0.76    0.76    0.00   -0.25        13,353   Stk         n/a
BBAY LN  RY CN      4.85    4.88   -0.03   -0.61     1,107,477  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   15.33   -0.33   -2.15       399,164  Cash         n/a
HOT GR   ACS SM    60.53   62.75   -2.22   -3.54           273   Stk    01/31/11
================================================================================
   

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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