Arbitrage Profit in European Takeovers Pending Nov. 22

Nov. 22 (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     0.82    0.73    0.09   12.42         2,928   Stk         n/a
FRG GR   Private   27.50   24.90    2.60   10.44             0  Cash         n/a
OCE NA   7751 JP    8.60    7.82    0.78    9.90           206  Cash         n/a
CDN LN   Private    1.12    1.02    0.10    9.27       100,000  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    3.93    0.27    6.87             0  Cash         n/a
BWIN AV  PRTY LN   33.63   32.13    1.50    4.66       256,756   Stk    03/31/11
ECO AV   CWI AV     7.15    6.86    0.29    4.23         6,509  Cash    11/03/10
STP LN   DAY LN     0.51    0.50    0.02    4.04             0  Cash    12/01/10
BRE LN   Multiple  10.70   10.37    0.33    3.18       549,189  Cash    03/31/11
CRXL NA  JNJ US    24.75   24.05    0.70    2.91       647,239  Cash    03/31/11
DIAS GA  EUROB GA   0.65    0.64    0.01    2.07         6,055   Stk         n/a
PROD NO  BWO NO    18.66   18.30    0.36    1.97             0   C&S         n/a
BII LN   BGC LN     3.98    3.91    0.07    1.67       719,335   C&S         n/a
WSM LN   GE US      7.50    7.39    0.11    1.49       994,556  Cash         n/a
ROTO NA  Private   14.00   13.80    0.20    1.45           500   C/S         n/a
TTPA US  Private    6.60    6.52    0.08    1.23         4,600  Cash    12/31/10
BTSM LN  TPK LN     4.55    4.50    0.05    1.10       994,169   C&S    12/31/10
IBLA SM  BAY LN     3.22    3.19    0.03    1.07     4,853,075   Stk    01/31/11
SUB NO   ACY NO    139.20  138.20   1.00    0.72       494,286   Stk    03/31/11
CHX LN   RUG1V FH   0.37    0.36    0.00    0.69             0  Cash    11/29/10
================================================================================
                   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            10  Cash    10/22/10
BBAY LN  RY CN      4.85    4.82    0.03    0.62       307,719  Cash    12/31/10
FNB PL   Private    1.95    1.94    0.01    0.52         6,269  Cash         n/a
DAYN SW  ADBE US   139.00  138.30   0.70    0.51            36  Cash    12/31/10
SM7 GR   JPM US    20.00   19.90    0.10    0.50             0  Cash         n/a
AUX BB   BREB BB   601.90  599.00   2.90    0.48            75   C&S         n/a
KBU GR   TEG GR     5.55    5.54    0.01    0.25             0  Cash    01/31/11
SSL LN   RB/ LN    11.63   11.63    0.00    0.00        13,734  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00    0.00         4,905  Cash         n/a
ITL LN   CSGS US    0.72    0.72    0.00    0.00        10,483  Cash    12/31/10
SPI LN   Private    0.70    0.70    0.00    0.00        96,972  Cash         n/a
DPB GR   DBK GR    25.00   25.04   -0.04   -0.16         1,336  Cash         n/a
IFE1 GR  BXB AU    13.50   13.63   -0.13   -0.92         6,537  Cash         n/a
DRAK NA  NEX FP    15.00   15.44   -0.44   -2.82       109,986  Cash         n/a
COV AV   JPM US    47.00   50.06   -3.06   -6.11             0  Cash         n/a
NFDS LN  GNC ID     0.59    0.64   -0.05   -7.48     2,486,637   Stk    06/30/11
HOT GR   ACS SM    58.35   63.08   -4.73   -7.50             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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