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Arbitrage Profit in European Takeovers Pending Nov. 17

Nov. 17 (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.

================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AFD LN   Multiple   0.51    0.40    0.11   27.50             0   Stk         n/a
FRG GR   Private   27.50   24.00    3.50   14.58             0  Cash         n/a
EGNAK GA CPB CY     0.82    0.74    0.08   10.90         3,055   Stk         n/a
OCE NA   7751 JP    8.60    7.85    0.75    9.55         3,520  Cash         n/a
CDN LN   Private    1.12    1.02    0.10    9.54     1,658,094  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
RISH NO  Private   31.00   28.50    2.50    8.77             0   C/S         n/a
GEW IM   Private    4.20    3.88    0.32    8.25           495  Cash         n/a
IFC LN   Multiple   1.16    1.08    0.08    7.50             0  Cash         n/a
IFE1 GR  BXB AU    13.50   12.75    0.75    5.88             0  Cash         n/a
ECO AV   CWI AV     7.15    6.78    0.37    5.43         7,653  Cash    11/03/10
CRXL NA  JNJ US    24.75   23.55    1.20    5.10       581,737  Cash    03/31/11
BWIN AV  PRTY LN   31.49   30.03    1.45    4.84       143,001   Stk    03/31/11
DIAS GA  EUROB GA   0.68    0.65    0.03    4.22        35,370   Stk         n/a
STP LN   DAY LN     0.51    0.50    0.02    4.04             0  Cash    12/01/10
BRE LN   Multiple  10.70   10.41    0.29    2.79       224,383  Cash    03/31/11
IBLA SM  BAY LN     3.11    3.05    0.06    2.09     5,051,763   Stk    01/31/11
PROD NO  BWO NO    18.66   18.30    0.36    1.97             0   C&S         n/a
TTPA US  Private    6.60    6.48    0.12    1.85        19,156  Cash    12/31/10
ROTO NA  Private   14.00   13.75    0.25    1.82           602   C/S         n/a
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    11/29/10
WSM LN   GE US      7.50    7.40    0.10    1.35       298,944  Cash         n/a
SUB NO   ACY NO    133.76  132.00   1.76    1.34       932,898   Stk    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AUX BB   BREB BB   593.58  586.00   7.58    1.29             6   C&S         n/a
BTSM LN  TPK LN     4.52    4.47    0.05    1.11        17,906   C&S    12/31/10
KBU GR   TEG GR     5.55    5.51    0.04    0.73           800  Cash    01/31/11
BBAY LN  RY CN      4.85    4.82    0.03    0.73       169,496  Cash    12/31/10
DAYN SW  ADBE US   139.00  138.00   1.00    0.72           165  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        16,282  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00    0.21       303,418  Cash         n/a
SM7 GR   JPM US    20.00   19.99    0.01    0.05         2,038  Cash         n/a
SSL LN   RB/ LN    11.63   11.63    0.00    0.00        88,100  Cash         n/a
ITL LN   CSGS US    0.72    0.72    0.00    0.00       582,451  Cash    12/31/10
SPI LN   Private    0.70    0.70    0.00    0.00       278,787  Cash         n/a
DPB GR   DBK GR    25.00   25.04   -0.04   -0.16            23  Cash         n/a
DRAK NA  NEX FP    15.00   15.24   -0.24   -1.57       267,240  Cash         n/a
HOT GR   ACS SM    57.48   60.11   -2.63   -4.38            50   Stk    01/31/11
MTL LN   Private    0.13    0.14   -0.01   -5.45             0  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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