Arbitrage Profit in European Takeovers Pending Nov. 23

Nov. 23 (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
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AFD LN   Multiple   0.51    0.40    0.11   26.71             0   Stk         n/a
FRG GR   Private   27.50   24.58    2.92   11.88             0  Cash         n/a
EGNAK GA CPB CY     0.80    0.72    0.08   11.18         4,310   Stk         n/a
CDN LN   Private    1.12    1.02    0.10    9.80     3,671,735  Cash         n/a
OCE NA   7751 JP    8.60    7.85    0.75    9.54         1,600  Cash         n/a
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                   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    3.99    0.21    5.33         9,200  Cash         n/a
BWIN AV  PRTY LN   34.16   32.46    1.70    5.24       211,969   Stk    03/31/11
DIAS GA  EUROB GA   0.64    0.61    0.03    4.44       118,623   Stk         n/a
IFE1 GR  BXB AU    13.50   12.94    0.56    4.33             0  Cash         n/a
ECO AV   CWI AV     7.15    6.86    0.29    4.15         3,534  Cash    11/03/10
STP LN   DAY LN     0.51    0.50    0.02    4.04             0  Cash    12/01/10
CRXL NA  JNJ US    24.75   23.85    0.90    3.77       252,340  Cash    03/31/11
BRE LN   Multiple  10.70   10.36    0.34    3.28       587,234  Cash    03/31/11
WSM LN   GE US      7.50    7.35    0.15    2.04       440,658  Cash         n/a
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         8,525  Cash    12/31/10
KBU GR   TEG GR     5.55    5.47    0.09    1.56             0  Cash    01/31/11
ROTO NA  Private   14.00   13.80    0.20    1.45           500   C/S         n/a
IBLA SM  BAY LN     3.18    3.14    0.04    1.31     4,830,189   Stk    01/31/11
BTSM LN  TPK LN     4.55    4.49    0.06    1.29        64,359   C&S    12/31/10
AUX BB   BREB BB   595.50  588.00   7.50    1.28            47   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SUB NO   ACY NO    138.13  137.00   1.13    0.83       399,193   Stk    03/31/11
ITL LN   CSGS US    0.72    0.72    0.01    0.70         4,517  Cash    12/31/10
CHX LN   RUG1V FH   0.37    0.36    0.00    0.69             0  Cash    11/29/10
BBAY LN  RY CN      4.85    4.82    0.03    0.62       891,658  Cash    12/31/10
FNB PL   Private    1.95    1.94    0.01    0.52         1,425  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   19.92    0.08    0.38             0  Cash         n/a
BII LN   BGC LN     3.88    3.88    0.01    0.22       597,723   C&S         n/a
DDT LN   9432 JP    1.20    1.20    0.00    0.21         9,079  Cash         n/a
DPB GR   DBK GR    25.00   24.98    0.02    0.08           100  Cash         n/a
SPI LN   Private    0.70    0.70    0.00    0.00       128,417  Cash         n/a
SSL LN   RB/ LN    11.63   11.64   -0.01   -0.09        18,160  Cash         n/a
COV AV   JPM US    47.00   50.06   -3.06   -6.11             0  Cash         n/a
HOT GR   ACS SM    56.96   62.38   -5.42   -8.69           300   Stk    01/31/11
UCP LN   UT IN      0.31    0.34   -0.03   -8.82             0  Cash         n/a
NFDS LN  GNC ID     0.58    0.64   -0.06   -9.31     2,004,117   Stk    06/30/11
MTL LN   Private    0.13    0.16   -0.03   -18.75            0  Cash         n/a
================================================================================
   

SOURCE: Bloomberg

To contact the reporter on this story: Joel Rinneby in Stockholm at jrinneby@bloomberg.net

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