Arbitrage Profit in European Takeovers Pending Nov. 11
By Joel Rinneby -
2010-11-11T08:01:43Z
Nov. 11 (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
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AFD LN Multiple 0.51 0.39 0.12 32.47 0 Stk n/a
CDN LN Private 1.12 1.00 0.12 12.28 4,445,060 Cash n/a
OCE NA 7751 JP 8.60 7.85 0.75 9.55 116 Cash n/a
RISH NO Private 31.00 28.50 2.50 8.77 0 C/S n/a
IFC LN Multiple 1.16 1.08 0.08 7.50 0 Cash n/a
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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CRXL NA JNJ US 24.75 23.15 1.60 6.91 531,739 Cash 03/31/11
GEW IM Private 4.20 3.95 0.25 6.33 1,500 Cash n/a
TTPA US Private 6.60 6.41 0.19 3.04 202,522 Cash 12/31/10
STP LN DAY LN 0.51 0.50 0.01 3.00 0 Cash 12/01/10
BRE LN Multiple 10.70 10.42 0.28 2.69 806,074 Cash 03/31/11
BWIN AV PRTY LN 31.56 30.80 0.76 2.47 146,275 Stk 03/31/11
DIAS GA EUROB GA 0.70 0.69 0.01 2.15 7,050 Stk n/a
AUX BB BREB BB 612.78 600.00 12.78 2.13 29 C&S n/a
IBLA SM BAY LN 3.27 3.21 0.06 1.86 3,623,893 Stk 01/31/11
ROTO NA Private 14.00 13.75 0.25 1.82 1,368 C/S n/a
CHX LN RUG1V FH 0.37 0.36 0.01 1.39 0 Cash 11/29/10
ECO AV CWI AV 7.15 7.08 0.07 1.03 3,860 Cash 11/03/10
EGNAK GA CPB CY 0.85 0.84 0.01 0.90 295 Stk n/a
SUB NO ACY NO 138.13 137.00 1.13 0.83 996,507 Stk 03/31/11
FRG GR Private 27.50 27.30 0.20 0.73 820 Cash n/a
BBAY LN RY CN 4.85 4.82 0.03 0.73 596,303 Cash 12/31/10
BTSM LN TPK LN 4.63 4.60 0.03 0.69 255,662 C&S 12/31/10
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Offer/ Target Current Target Expected
Target Acquirer Share Price Spread Premium Volume Pymt Completion
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NAAN SW CSGN VX 1000.00 993.50 6.50 0.65 0 Cash 10/22/10
SM7 GR JPM US 20.00 19.88 0.13 0.63 0 Cash n/a
FNB PL Private 1.95 1.94 0.01 0.52 6,778 Cash n/a
DAYN SW ADBE US 139.00 138.50 0.50 0.36 120 Cash 12/31/10
SPI LN Private 0.70 0.70 0.00 0.36 313,116 Cash n/a
SSL LN RB/ LN 11.63 11.63 0.00 0.00 19,523 Cash n/a
ITL LN CSGS US 0.72 0.72 0.00 0.00 35,305 Cash 12/31/10
NUT LN ELDP IN 0.06 0.07 0.00 0.00 0 Cash 11/16/10
DPB GR DBK GR 25.00 25.03 -0.03 -0.12 236 Cash n/a
DDT LN 9432 JP 1.20 1.20 0.00 -0.21 86,216 Cash n/a
WSM LN GE US 7.50 7.53 -0.03 -0.33 868,935 Cash n/a
MTRS SS Private 77.00 77.75 -0.75 -0.96 1,714 Cash 10/13/10
PROD NO BWO NO 19.38 19.60 -0.22 -1.12 47,620 C&S n/a
MTL LN Private 0.13 0.13 0.00 -1.89 0 Cash n/a
DRAK NA NEX FP 15.00 15.49 -0.49 -3.19 120,171 Cash n/a
CPH LN NDS SJ 0.74 0.77 -0.02 -3.27 0 Cash n/a
HOT GR ACS SM 59.89 63.48 -3.59 -5.66 0 Stk 01/31/11
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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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