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Arbitrage Profit in European Takeovers Pending Nov. 16

Nov. 16 (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   26.71             0   Stk         n/a
EGNAK GA CPB CY     0.83    0.72    0.11   15.85         1,800   Stk         n/a
OCE NA   7751 JP    8.60    7.85    0.75    9.55           155  Cash         n/a
CDN LN   Private    1.12    1.02    0.10    9.54     1,074,603  Cash         n/a
RISH NO  Private   31.00   28.50    2.50    8.77             0   C/S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GEW IM   Private    4.20    3.87    0.33    8.53         2,001  Cash         n/a
IFC LN   Multiple   1.16    1.08    0.08    7.50             0  Cash         n/a
FRG GR   Private   27.50   25.80    1.70    6.59             0  Cash         n/a
ECO AV   CWI AV     7.15    6.75    0.40    5.93         9,918  Cash    11/03/10
IFE1 GR  BXB AU    13.50   12.76    0.74    5.80             0  Cash         n/a
CRXL NA  JNJ US    24.75   23.51    1.24    5.27       470,042  Cash    03/31/11
BWIN AV  PRTY LN   32.47   30.93    1.54    4.98       366,325   Stk    03/31/11
STP LN   DAY LN     0.51    0.50    0.02    4.04             0  Cash    12/01/10
BRE LN   Multiple  10.70   10.42    0.28    2.69       186,086  Cash    03/31/11
PROD NO  BWO NO    18.78   18.30    0.48    2.62             0   C&S         n/a
DIAS GA  EUROB GA   0.69    0.68    0.01    1.99        20,537   Stk         n/a
TTPA US  Private    6.60    6.48    0.12    1.85         2,060  Cash    12/31/10
ROTO NA  Private   14.00   13.75    0.25    1.82         1,100   C/S         n/a
IBLA SM  BAY LN     3.26    3.20    0.06    1.75     8,900,773   Stk    01/31/11
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    11/29/10
AUX BB   BREB BB   593.58  586.00   7.58    1.29             6   C&S         n/a
SUB NO   ACY NO    139.41  138.00   1.41    1.02       455,041   Stk    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
KBU GR   TEG GR     5.55    5.51    0.04    0.73           372  Cash    01/31/11
BBAY LN  RY CN      4.85    4.82    0.03    0.73        61,450  Cash    12/31/10
ITL LN   CSGS US    0.72    0.72    0.01    0.70     2,995,992  Cash    12/31/10
NAAN SW  CSGN VX  1000.00  993.50   6.50    0.65             0  Cash    10/22/10
FNB PL   Private    1.95    1.94    0.01    0.52        15,763  Cash         n/a
SM7 GR   JPM US    20.00   19.91    0.09    0.45             0  Cash         n/a
BTSM LN  TPK LN     4.58    4.56    0.02    0.38         7,364   C&S    12/31/10
DAYN SW  ADBE US   139.00  138.50   0.50    0.36           120  Cash    12/31/10
SSL LN   RB/ LN    11.63   11.63    0.00    0.00       274,558  Cash         n/a
SPI LN   Private    0.70    0.70    0.00    0.00       168,041  Cash         n/a
DPB GR   DBK GR    25.00   25.04   -0.04   -0.16            76  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00   -0.21        38,234  Cash         n/a
WSM LN   GE US      7.50    7.55   -0.04   -0.60        77,699  Cash         n/a
CPH LN   NDS SJ     0.74    0.75    0.00   -0.67             0  Cash         n/a
DRAK NA  NEX FP    15.00   15.45   -0.45   -2.91       241,629  Cash         n/a
HOT GR   ACS SM    59.34   62.26   -2.92   -4.68             0   Stk    01/31/11
MTL LN   Private    0.13    0.14   -0.01   -5.45             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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