Arbitrage Profit in European Takeovers Pending Nov. 25

Nov. 25 (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    0.39    0.12   29.94         7,583   Stk         n/a
EGNAK GA CPB CY     0.79    0.66    0.13   20.27         2,168   Stk         n/a
FRG GR   Private   27.50   24.70    2.80   11.34             0  Cash         n/a
GEW IM   Private    4.20    3.80    0.40   10.67        15,928  Cash         n/a
CDN LN   Private    1.12    1.02    0.10   10.07     1,098,709  Cash         n/a
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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
OCE NA   7751 JP    8.60    7.90    0.70    8.87           500  Cash         n/a
RISH NO  Private   31.00   28.50    2.50    8.77             0   C/S         n/a
BWIN AV  PRTY LN   34.51   32.67    1.84    5.63       185,063   Stk    03/31/11
ECO AV   CWI AV     7.15    6.83    0.32    4.73         1,326  Cash    11/03/10
STP LN   DAY LN     0.51    0.50    0.02    4.04         5,750  Cash    12/01/10
BRE LN   Multiple  10.70   10.35    0.35    3.38       280,367  Cash    03/31/11
CRXL NA  JNJ US    24.75   23.96    0.79    3.30       150,748  Cash    03/31/11
BII LN   BGC LN     3.70    3.59    0.11    3.14       250,822   C&S         n/a
WSM LN   GE US      7.50    7.28    0.22    3.09       656,055  Cash         n/a
AUX BB   BREB BB   585.90  574.05  11.85    2.06            60   C&S         n/a
IBLA SM  BAY LN     3.30    3.24    0.06    1.99     6,246,317   Stk    01/31/11
TTPA US  Private    6.60    6.48    0.12    1.85        35,874  Cash    12/31/10
ROTO NA  Private   14.00   13.75    0.25    1.82         1,000   C/S         n/a
PROD NO  BWO NO    18.60   18.30    0.30    1.64             0   C&S         n/a
DIAS GA  EUROB GA   0.64    0.63    0.01    1.64        62,591   Stk         n/a
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    11/29/10
SUB NO   ACY NO    136.75  135.00   1.75    1.29       942,989   Stk    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BTSM LN  TPK LN     4.53    4.50    0.02    0.52        65,369   C&S    12/31/10
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
DPB GR   DBK GR    25.00   24.88    0.12    0.48       786,963  Cash         n/a
BBAY LN  RY CN      4.85    4.83    0.02    0.41         1,000  Cash    12/31/10
ITL LN   CSGS US    0.72    0.72    0.00    0.35        79,547  Cash    12/31/10
SM7 GR   JPM US    20.00   19.94    0.06    0.28             0  Cash         n/a
ADEN FP  Private   27.00   27.00    0.00    0.00         3,732  Cash    11/26/10
SPI LN   Private    0.70    0.70    0.00    0.00       152,219  Cash         n/a
SSL LN   RB/ LN    11.63   11.64   -0.01   -0.09       104,309  Cash         n/a
KBU GR   TEG GR     5.55    5.56   -0.01   -0.18       120,424  Cash    01/31/11
DDT LN   9432 JP    1.20    1.20    0.00   -0.21        37,619  Cash         n/a
IFE1 GR  BXB AU    13.50   13.62   -0.12   -0.88        21,932  Cash         n/a
HOT GR   ACS SM    56.27   59.77   -3.50   -5.85       290,480   Stk    01/31/11
UCP LN   UT IN      0.31    0.33   -0.02   -6.77       274,891  Cash         n/a
NFDS LN  GNC ID     0.58    0.64   -0.07   -10.34    1,581,254   Stk    06/30/11
MTL LN   Private    0.13    0.15   -0.02   -14.75            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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