Arbitrage Profit in European Takeovers Pending Nov. 8

Nov. 8 (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   32.47             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           631  Cash         n/a
IFC LN   Multiple   1.16    1.08    0.08    7.50             0  Cash         n/a
CRXL NA  JNJ US    24.75   23.14    1.61    6.96       244,703  Cash    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GEW IM   Private    4.20    3.96    0.24    6.06         8,585  Cash         n/a
TTPA US  Private    6.60    6.42    0.18    2.80       107,980  Cash    12/31/10
BRE LN   Multiple  10.70   10.43    0.27    2.59       114,338  Cash    03/31/11
BWIN AV  PRTY LN   32.66   32.06    0.60    1.88       456,328   Stk    03/31/11
SUB NO   ACY NO    137.28  134.80   2.48    1.84     1,001,140   Stk    03/31/11
ROTO NA  Private   14.00   13.75    0.25    1.82           180   C/S         n/a
IBLA SM  BAY LN     3.32    3.27    0.05    1.63    21,114,936   Stk    01/31/11
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    11/08/10
PROD NO  BWO NO    19.26   19.00    0.26    1.37        23,089   C&S         n/a
FNB PL   Private    1.95    1.93    0.02    1.04        12,157  Cash         n/a
BTSM LN  TPK LN     4.60    4.55    0.05    1.02     1,859,420   C&S    12/31/10
DIAS GA  EUROB GA   0.67    0.66    0.01    0.93         4,820   Stk         n/a
SM7 GR   JPM US    20.00   19.83    0.17    0.88             0  Cash         n/a
BBAY LN  RY CN      4.85    4.82    0.03    0.71       703,031  Cash    12/31/10
NAAN SW  CSGN VX  1000.00  993.00   7.00    0.70             0  Cash    10/22/10
CPH LN   NDS SJ     0.74    0.74    0.01    0.68         7,650  Cash         n/a
AUX BB   BREB BB   603.50  600.00   3.50    0.58            49   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ITL LN   CSGS US    0.72    0.72    0.00    0.35    39,003,409  Cash    12/31/10
DAYN SW  ADBE US   139.00  138.60   0.40    0.29         1,800  Cash    12/31/10
FRG GR   Private   27.50   27.45    0.05    0.18           175  Cash         n/a
SSL LN   RB/ LN    11.63   11.62    0.01    0.09       428,712  Cash         n/a
ECO AV   CWI AV     7.15    7.15    0.00    0.03         7,762  Cash    11/03/10
MTRS SS  Private   77.00   77.00    0.00    0.00         1,532  Cash    10/13/10
NUT LN   ELDP IN    0.06    0.07    0.00    0.00             0  Cash    11/16/10
SPI LN   Private    0.70    0.70    0.00    0.00     2,864,768  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00   -0.21       338,299  Cash         n/a
DPB GR   DBK GR    25.00   25.13   -0.13   -0.50           250  Cash         n/a
MTL LN   Private    0.13    0.13    0.00   -1.89             0  Cash         n/a
WSM LN   GE US      7.50    7.70   -0.20   -2.60       972,768  Cash         n/a
DRAK NA  NEX FP    15.00   15.40   -0.40   -2.60       108,491  Cash         n/a
COV AV   JPM US    47.00   50.06   -3.06   -6.11             0  Cash         n/a
HOT GR   ACS SM    57.66   61.65   -3.99   -6.48       220,110   Stk    01/31/11
EGNAK GA CPB CY     0.88    0.96   -0.08   -8.20             0   Stk         n/a
UCP LN   UT IN      0.31    0.35   -0.04   -11.43    1,117,900  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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