Arbitrage Profit in European Takeovers Pending Nov. 24

Nov. 24 (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   29.11             0   Stk         n/a
FRG GR   Private   27.50   24.70    2.80   11.34             0  Cash         n/a
EGNAK GA CPB CY     0.79    0.72    0.07   10.25         2,473   Stk         n/a
CDN LN   Private    1.12    1.02    0.10    9.80     3,358,204  Cash         n/a
OCE NA   7751 JP    8.60    7.90    0.70    8.87           500  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         7,326  Cash         n/a
BWIN AV  PRTY LN   34.08   32.58    1.50    4.61       221,092   Stk    03/31/11
DIAS GA  EUROB GA   0.63    0.60    0.03    4.57       104,322   Stk         n/a
IFE1 GR  BXB AU    13.50   12.93    0.57    4.41             0  Cash         n/a
ECO AV   CWI AV     7.15    6.87    0.28    4.06         1,496  Cash    11/03/10
CRXL NA  JNJ US    24.75   23.85    0.90    3.77       323,368  Cash    03/31/11
CHX LN   RUG1V FH   0.37    0.35    0.01    3.55             0  Cash    11/29/10
BRE LN   Multiple  10.70   10.35    0.35    3.38     1,238,907  Cash    03/31/11
STP LN   DAY LN     0.51    0.50    0.01    3.00             0  Cash    12/01/10
WSM LN   GE US      7.50    7.29    0.21    2.88       352,066  Cash         n/a
TTPA US  Private    6.60    6.48    0.12    1.85         7,700  Cash    12/31/10
IBLA SM  BAY LN     3.18    3.13    0.06    1.79     3,973,350   Stk    01/31/11
ROTO NA  Private   14.00   13.80    0.20    1.49         1,000   C/S         n/a
BII LN   BGC LN     3.75    3.70    0.05    1.29        33,664   C&S         n/a
SUB NO   ACY NO    135.47  134.00   1.47    1.10       456,593   Stk    03/31/11
SM7 GR   JPM US    20.00   19.81    0.19    0.96             0  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BTSM LN  TPK LN     4.52    4.48    0.04    0.93        22,631   C&S    12/31/10
ITL LN   CSGS US    0.72    0.72    0.01    0.70       106,847  Cash    12/31/10
BBAY LN  RY CN      4.85    4.82    0.03    0.62     1,012,322  Cash    12/31/10
KBU GR   TEG GR     5.55    5.52    0.03    0.56         1,000  Cash    01/31/11
FNB PL   Private    1.95    1.94    0.01    0.52         7,000  Cash         n/a
DAYN SW  ADBE US   139.00  138.30   0.70    0.51            36  Cash    12/31/10
SPI LN   Private    0.70    0.70    0.00    0.36       705,460  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00    0.21        77,406  Cash         n/a
DPB GR   DBK GR    25.00   24.98    0.02    0.08       567,625  Cash         n/a
PROD NO  BWO NO    18.30   18.30    0.00    0.00             0   C&S         n/a
SSL LN   RB/ LN    11.63   11.64   -0.01   -0.09        10,547  Cash         n/a
AUX BB   BREB BB   582.70  588.00  -5.30   -0.90            47   C&S         n/a
UCP LN   UT IN      0.31    0.32   -0.01   -3.88     1,607,556  Cash         n/a
HOT GR   ACS SM    55.92   59.64   -3.72   -6.24             0   Stk    01/31/11
NFDS LN  GNC ID     0.58    0.64   -0.06   -9.73     1,799,327   Stk    06/30/11
MTL LN   Private    0.13    0.15   -0.02   -14.75            0  Cash         n/a
DRAK NA  NEX FP    15.00   19.27   -4.27   -22.16    2,221,277  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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