Arbitrage Profit in European Takeovers Pending Nov. 2

Nov. 2 (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   31.61             0   Stk         n/a
RISH NO  Private   31.00   28.00    3.00   10.71             0   C/S         n/a
OCE NA   7751 JP    8.60    7.85    0.75    9.55         2,182  Cash         n/a
EGNAK GA CPB CY     0.96    0.89    0.07    8.09             0   Stk         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   23.07    1.68    7.28     2,312,466  Cash    03/31/11
PROD NO  BWO NO    18.60   17.80    0.80    4.49         3,236   C&S         n/a
GEW IM   Private    4.20    4.05    0.15    3.83             0  Cash         n/a
BWIN AV  PRTY LN   35.59   34.36    1.23    3.57       436,732   Stk    03/31/11
TTPA US  Private    6.60    6.43    0.17    2.64        10,600  Cash    12/31/10
BRE LN   Multiple  10.70   10.45    0.25    2.39     1,080,884  Cash    03/31/11
CHX LN   RUG1V FH   0.37    0.36    0.01    2.10             0  Cash    11/08/10
DIAS GA  EUROB GA   0.68    0.67    0.01    1.59        22,624   Stk         n/a
AUX BB   BREB BB   584.30  575.50   8.80    1.53            18   C&S         n/a
WSM LN   GE US      7.50    7.40    0.11    1.42       482,655  Cash         n/a
ITL LN   CSGS US    0.72    0.71    0.01    1.41    24,576,281  Cash    12/31/10
SUB NO   ACY NO    131.10  129.50   1.60    1.24     1,447,821   Stk    03/31/11
NAAN SW  CSGN VX  1000.00  990.50   9.50    0.96            10  Cash    10/22/10
FRG GR   Private   27.50   27.30    0.20    0.73             0  Cash         n/a
SPI LN   Private    0.70    0.70    0.00    0.72       402,385  Cash         n/a
BTSM LN  TPK LN     4.52    4.49    0.03    0.64       361,690   C&S    12/31/10
ECO AV   CWI AV     7.15    7.11    0.04    0.52         6,423  Cash    11/03/10
================================================================================
                   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        46,036  Cash         n/a
IBLA SM  BAY LN     3.15    3.14    0.02    0.51     4,147,457   Stk    01/31/11
SM7 GR   JPM US    20.00   19.90    0.10    0.50             0  Cash         n/a
ROTO NA  Private   14.00   13.95    0.05    0.36         5,231   C/S         n/a
MTRS SS  Private   77.00   76.75    0.25    0.33        12,266  Cash    10/13/10
DAYN SW  ADBE US   139.00  138.60   0.40    0.29            47  Cash    12/31/10
DPB GR   DBK GR    25.00   24.96    0.04    0.16            88  Cash    11/04/10
SSL LN   RB/ LN    11.63   11.62    0.01    0.09       131,468  Cash         n/a
NUT LN   ELDP IN    0.06    0.07    0.00    0.00             0  Cash    11/16/10
DDT LN   9432 JP    1.20    1.21    0.00   -0.41        15,166  Cash         n/a
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   -0.80     1,374,012  Cash    12/31/10
HOT GR   ACS SM    59.28   60.01   -0.73   -1.22             0   Stk    01/31/11
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   15.36   -0.36   -2.38       158,542  Cash         n/a
CPH LN   NDS SJ     0.74    0.77   -0.03   -3.90             0  Cash         n/a
================================================================================
   

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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