Arbitrage Profit in European Takeovers Pending Nov. 12

Nov. 12 (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    0.41    0.10   24.39             0   Stk         n/a
EGNAK GA CPB CY     0.84    0.74    0.10   13.63         3,395   Stk         n/a
OCE NA   7751 JP    8.60    7.85    0.75    9.55           116  Cash         n/a
CDN LN   Private    1.12    1.02    0.10    9.27     6,209,071  Cash         n/a
RISH NO  Private   31.00   28.50    2.50    8.77         2,500   C/S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GEW IM   Private    4.20    3.90    0.30    7.69         3,135  Cash         n/a
IFC LN   Multiple   1.16    1.08    0.08    7.50             0  Cash         n/a
CRXL NA  JNJ US    24.75   23.07    1.68    7.31       182,397  Cash    03/31/11
STP LN   DAY LN     0.51    0.50    0.02    4.04        23,250  Cash    12/01/10
BWIN AV  PRTY LN   30.81   29.90    0.91    3.06       370,477   Stk    03/31/11
TTPA US  Private    6.60    6.42    0.18    2.80         5,775  Cash    12/31/10
BRE LN   Multiple  10.70   10.42    0.28    2.69       212,010  Cash    03/31/11
ECO AV   CWI AV     7.15    6.99    0.16    2.22           325  Cash    11/03/10
DIAS GA  EUROB GA   0.69    0.68    0.01    1.99        29,728   Stk         n/a
IBLA SM  BAY LN     3.18    3.13    0.05    1.47     7,136,125   Stk    01/31/11
ROTO NA  Private   14.00   13.80    0.20    1.45           500   C/S         n/a
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    11/29/10
AUX BB   BREB BB   608.30  600.10   8.20    1.37            10   C&S         n/a
SUB NO   ACY NO    143.14  141.30   1.84    1.30       875,250   Stk    03/31/11
BTSM LN  TPK LN     4.58    4.52    0.06    1.28       153,559   C&S    12/31/10
BBAY LN  RY CN      4.85    4.81    0.04    0.79     1,504,636  Cash    12/31/10
FRG GR   Private   27.50   27.30    0.20    0.73           470  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CPH LN   NDS SJ     0.74    0.74    0.01    0.68             0  Cash         n/a
NAAN SW  CSGN VX  1000.00  993.50   6.50    0.65             0  Cash    10/22/10
SM7 GR   JPM US    20.00   19.87    0.13    0.65             0  Cash         n/a
FNB PL   Private    1.95    1.94    0.01    0.52        41,867  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       545,228  Cash         n/a
ITL LN   CSGS US    0.72    0.72    0.00    0.35     6,086,509  Cash    12/31/10
MTRS SS  Private   77.00   76.75    0.25    0.33         1,093  Cash    10/13/10
PROD NO  BWO NO    19.26   19.20    0.06    0.31        26,159   C&S         n/a
DDT LN   9432 JP    1.20    1.20    0.00    0.21        73,340  Cash         n/a
SSL LN   RB/ LN    11.63   11.62    0.01    0.09        15,986  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   25.02   -0.02   -0.10            84  Cash         n/a
WSM LN   GE US      7.50    7.54   -0.04   -0.46       134,819  Cash         n/a
MTL LN   Private    0.13    0.13    0.00   -1.89             0  Cash         n/a
DRAK NA  NEX FP    15.00   15.43   -0.43   -2.76       134,669  Cash         n/a
COV AV   JPM US    47.00   50.06   -3.06   -6.11             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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