Breaking News

U.S. FAA Extends Israel Flight Restrictions
Tweet TWEET

Arbitrage Profit in European Takeovers Pending Nov. 18

Nov. 18 (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    0.39    0.12   32.47             0   Stk         n/a
CPT FP   Multiple  35.50   27.77    7.73   27.84           110  Cash    11/19/10
EGNAK GA CPB CY     0.80    0.68    0.12   17.72           750   Stk         n/a
FRG GR   Private   27.50   24.85    2.65   10.66         1,310  Cash         n/a
OCE NA   7751 JP    8.60    7.82    0.78    9.90         1,486  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CDN LN   Private    1.12    1.02    0.10    9.27     2,278,510  Cash         n/a
RISH NO  Private   31.00   28.50    2.50    8.77         7,000   C/S         n/a
GEW IM   Private    4.20    3.88    0.32    8.25             0  Cash         n/a
IFC LN   Multiple   1.16    1.08    0.08    7.50             0  Cash         n/a
CRXL NA  JNJ US    24.75   23.60    1.15    4.87       383,612  Cash    03/31/11
BWIN AV  PRTY LN   31.55   30.11    1.43    4.76       103,575   Stk    03/31/11
ECO AV   CWI AV     7.15    6.85    0.30    4.36         3,483  Cash    11/03/10
IFE1 GR  BXB AU    13.50   12.95    0.55    4.25             0  Cash         n/a
STP LN   DAY LN     0.51    0.50    0.02    4.04             0  Cash    12/01/10
DIAS GA  EUROB GA   0.65    0.63    0.02    3.69       100,984   Stk         n/a
BRE LN   Multiple  10.70   10.39    0.31    2.98       559,145  Cash    03/31/11
PROD NO  BWO NO    18.72   18.30    0.42    2.30             0   C&S         n/a
WSM LN   GE US      7.50    7.35    0.15    2.04       643,048  Cash         n/a
TTPA US  Private    6.60    6.48    0.12    1.85        13,848  Cash    12/31/10
AUX BB   BREB BB   595.82  585.10  10.72    1.83            30   C&S         n/a
ROTO NA  Private   14.00   13.80    0.20    1.45         3,601   C/S         n/a
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    11/29/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
IBLA SM  BAY LN     3.13    3.10    0.03    1.03     8,588,679   Stk    01/31/11
BTSM LN  TPK LN     4.49    4.46    0.03    0.76     1,059,943   C&S    12/31/10
BBAY LN  RY CN      4.85    4.82    0.03    0.73       188,578  Cash    12/31/10
DAYN SW  ADBE US   139.00  138.00   1.00    0.72            85  Cash    12/31/10
NAAN SW  CSGN VX  1000.00  993.50   6.50    0.65            10  Cash    10/22/10
FNB PL   Private    1.95    1.94    0.01    0.52         1,424  Cash         n/a
SUB NO   ACY NO    133.66  133.00   0.66    0.49       558,899   Stk    03/31/11
SM7 GR   JPM US    20.00   19.91    0.09    0.48             0  Cash         n/a
ITL LN   CSGS US    0.72    0.72    0.00    0.35     1,489,864  Cash    12/31/10
DDT LN   9432 JP    1.20    1.20    0.00    0.21        37,120  Cash         n/a
KBU GR   TEG GR     5.55    5.55    0.00    0.02             0  Cash    01/31/11
SSL LN   RB/ LN    11.63   11.63    0.00    0.00         8,664  Cash         n/a
SPI LN   Private    0.70    0.70    0.00    0.00       336,551  Cash         n/a
DPB GR   DBK GR    25.00   25.03   -0.03   -0.12            25  Cash         n/a
DRAK NA  NEX FP    15.00   15.28   -0.28   -1.86       129,793  Cash         n/a
HOT GR   ACS SM    57.70   60.42   -2.72   -4.50           200   Stk    01/31/11
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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.