Arbitrage Profit in European Takeovers Pending Nov. 3

Nov. 3 (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   28.30             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    7.97    0.63    7.90           493  Cash         n/a
IFC LN   Multiple   1.16    1.08    0.08    7.50             0  Cash         n/a
CRXL NA  JNJ US    24.75   23.06    1.69    7.33       865,898  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GEW IM   Private    4.20    3.95    0.25    6.33         4,950  Cash         n/a
ECO AV   CWI AV     7.15    6.92    0.23    3.32         9,667  Cash    11/03/10
BWIN AV  PRTY LN   33.42   32.38    1.03    3.18       880,438   Stk    03/31/11
TTPA US  Private    6.60    6.41    0.19    3.04        73,826  Cash    12/31/10
DIAS GA  EUROB GA   0.70    0.68    0.02    2.70       740,070   Stk         n/a
AUX BB   BREB BB   590.38  575.50  14.88    2.59            18   C&S         n/a
BRE LN   Multiple  10.70   10.45    0.25    2.39       165,666  Cash    03/31/11
ROTO NA  Private   14.00   13.75    0.25    1.82           180   C/S         n/a
WSM LN   GE US      7.50    7.39    0.11    1.49       763,004  Cash         n/a
SUB NO   ACY NO    137.39  135.40   1.99    1.47     1,582,268   Stk    03/31/11
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    11/08/10
BTSM LN  TPK LN     4.53    4.47    0.06    1.36     2,471,555   C&S    12/31/10
EGNAK GA CPB CY     0.90    0.89    0.01    1.28             0   Stk         n/a
IBLA SM  BAY LN     3.18    3.15    0.03    1.05     3,745,056   Stk    01/31/11
FNB PL   Private    1.95    1.93    0.02    1.04         4,455  Cash         n/a
PROD NO  BWO NO    18.36   18.20    0.16    0.88        39,018   C&S         n/a
SPI LN   Private    0.70    0.70    0.00    0.72     9,767,181  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CARL LN  Private    1.42    1.41    0.01    0.71             0  Cash         n/a
NAAN SW  CSGN VX  1000.00  993.00   7.00    0.70             0  Cash    10/22/10
SM7 GR   JPM US    20.00   19.89    0.11    0.55             0  Cash         n/a
ITL LN   CSGS US    0.72    0.72    0.00    0.35     2,309,124  Cash    12/31/10
MTRS SS  Private   77.00   76.75    0.25    0.33         1,153  Cash    10/13/10
DAYN SW  ADBE US   139.00  138.60   0.40    0.29            60  Cash    12/31/10
DDT LN   9432 JP    1.20    1.20    0.00    0.21        34,785  Cash         n/a
FRG GR   Private   27.50   27.45    0.05    0.18             0  Cash         n/a
SSL LN   RB/ LN    11.63   11.61    0.02    0.17       926,253  Cash         n/a
NUT LN   ELDP IN    0.06    0.07    0.00    0.00             0  Cash    11/16/10
DPB GR   DBK GR    25.00   25.04   -0.04   -0.16           248  Cash    11/04/10
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   -0.86       338,210  Cash    12/31/10
DRAK NA  NEX FP    15.00   15.20   -0.20   -1.35       275,120  Cash         n/a
MTL LN   Private    0.13    0.13    0.00   -1.89             0  Cash         n/a
CPH LN   NDS SJ     0.74    0.77   -0.02   -3.27             0  Cash         n/a
HOT GR   ACS SM    59.35   61.52   -2.17   -3.52             0   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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