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Arbitrage Profit in European Takeovers Pending Nov. 1

Nov. 1 (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    0.40    0.11   29.11             0   Stk         n/a
EGNAK GA CPB CY     1.00    0.89    0.11   11.86           300   Stk         n/a
RISH NO  Private   31.00   28.00    3.00   10.71         1,000   C/S         n/a
OCE NA   7751 JP    8.60    7.85    0.75    9.55         2,500  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
================================================================================
CRXL NA  JNJ US    24.75   23.25    1.50    6.45     7,427,343  Cash    03/31/11
GEW IM   Private    4.20    4.05    0.15    3.83         1,783  Cash         n/a
BWIN AV  PRTY LN   35.37   34.36    1.01    2.93       436,732   Stk    03/31/11
PROD NO  BWO NO    18.30   17.80    0.50    2.81        37,903   C&S         n/a
AUX BB   BREB BB   584.62  570.00  14.62    2.56           163   C&S         n/a
DIAS GA  EUROB GA   0.72    0.70    0.02    2.53       218,786   Stk         n/a
BRE LN   Multiple  10.70   10.45    0.25    2.39       273,327  Cash    03/31/11
SUB NO   ACY NO    125.99  123.10   2.89    2.35       685,019   Stk    03/31/11
TTPA US  Private    6.60    6.45    0.15    2.33           900  Cash    12/31/10
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       594,332  Cash         n/a
BTSM LN  TPK LN     4.49    4.43    0.06    1.35       224,777   C&S    12/31/10
ROTO NA  Private   14.00   13.84    0.16    1.16           122   C/S         n/a
NAAN SW  CSGN VX  1000.00  990.50   9.50    0.96            10  Cash    10/22/10
CPH LN   NDS SJ     0.74    0.74    0.01    0.68         4,854  Cash         n/a
IBLA SM  BAY LN     3.17    3.15    0.02    0.58    10,708,929   Stk    01/31/11
SM7 GR   JPM US    20.00   19.89    0.11    0.55             0  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ECO AV   CWI AV     7.15    7.11    0.04    0.52         6,423  Cash    11/03/10
FNB PL   Private    1.95    1.94    0.01    0.52        46,036  Cash         n/a
DAYN SW  ADBE US   139.00  138.50   0.50    0.36           605  Cash    12/31/10
FRG GR   Private   27.50   27.40    0.10    0.36             0  Cash         n/a
SPI LN   Private    0.70    0.70    0.00    0.36        47,564  Cash         n/a
MTRS SS  Private   77.00   76.75    0.25    0.33       142,284  Cash    10/13/10
SSL LN   RB/ LN    11.63   11.60    0.03    0.26       252,378  Cash    10/29/10
DDT LN   9432 JP    1.20    1.20    0.00    0.21        52,650  Cash         n/a
DPB GR   DBK GR    25.00   24.97    0.03    0.12            90  Cash    11/04/10
ITL LN   CSGS US    0.72    0.72    0.00    0.00    12,293,043  Cash    12/31/10
NUT LN   ELDP IN    0.06    0.07    0.00    0.00             0  Cash    11/16/10
MOVE BB  SHP LN    19.00   19.10   -0.10   -0.52            60  Cash    11/02/10
BBAY LN  RY CN      4.85    4.89   -0.04   -0.72       205,591  Cash    12/31/10
CARL LN  Private    1.42    1.44   -0.02   -1.05             0  Cash         n/a
MTL LN   Private    0.13    0.13    0.00   -1.89             0  Cash         n/a
DRAK NA  NEX FP    15.00   15.30   -0.30   -1.96       286,069  Cash         n/a
HOT GR   ACS SM    60.34   62.10   -1.76   -2.84       225,555   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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