Arbitrage Profit in European Takeovers Pending Nov. 11

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
================================================================================
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
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
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
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
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
================================================================================
   

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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