Arbitrage Profit in European Takeovers Pending Nov. 26

Nov. 26 (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   29.11             0   Stk         n/a
EGNAK GA CPB CY     0.79    0.64    0.15   22.98         2,870   Stk         n/a
FRG GR   Private   27.50   23.50    4.00   17.02             0  Cash         n/a
GEW IM   Private    4.20    3.80    0.40   10.67             0  Cash         n/a
CDN LN   Private    1.12    1.02    0.10    9.80     3,475,202  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    7.84    0.76    9.69         9,553  Cash         n/a
RISH NO  Private   31.00   28.50    2.50    8.77             0   C/S         n/a
FNB PL   Private    1.95    1.81    0.14    7.73         1,976  Cash         n/a
PROD NO  BWO NO    19.26   18.30    0.96    5.25             0   C&S         n/a
ECO AV   CWI AV     7.15    6.82    0.33    4.79         5,272  Cash    11/03/10
IFE1 GR  BXB AU    13.50   12.94    0.56    4.33             0  Cash         n/a
BWIN AV  PRTY LN   34.32   32.92    1.40    4.27        81,353   Stk    03/31/11
DPB GR   DBK GR    25.00   24.00    1.00    4.17            20  Cash         n/a
STP LN   DAY LN     0.51    0.50    0.02    4.04             0  Cash    12/01/10
DIAS GA  EUROB GA   0.64    0.62    0.02    3.54        50,050   Stk         n/a
BRE LN   Multiple  10.70   10.36    0.34    3.28        44,409  Cash    03/31/11
CRXL NA  JNJ US    24.75   24.02    0.73    3.04       103,840  Cash    03/31/11
AUX BB   BREB BB   589.10  574.05  15.05    2.62            60   C&S         n/a
BII LN   BGC LN     3.78    3.70    0.08    2.06       272,854   C&S         n/a
WSM LN   GE US      7.50    7.35    0.15    2.04       202,937  Cash         n/a
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           500   C/S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
IBLA SM  BAY LN     3.33    3.28    0.05    1.60     4,324,372   Stk    01/31/11
KBU GR   TEG GR     5.55    5.46    0.09    1.59             0  Cash    01/31/11
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    11/29/10
SUB NO   ACY NO    136.32  134.60   1.72    1.28       403,379   Stk    03/31/11
BTSM LN  TPK LN     4.54    4.48    0.05    1.20       656,372   C&S    12/31/10
DAYN SW  ADBE US   139.00  137.50   1.50    1.09         2,000  Cash    12/31/10
BBAY LN  RY CN      4.85    4.82    0.03    0.56         1,317  Cash    12/31/10
SM7 GR   JPM US    20.00   19.92    0.08    0.40             0  Cash         n/a
ITL LN   CSGS US    0.72    0.72    0.00    0.35     1,521,938  Cash    12/31/10
DDT LN   9432 JP    1.20    1.20    0.00    0.21        14,100  Cash         n/a
SSL LN   RB/ LN    11.63   11.62    0.01    0.09         5,333  Cash         n/a
SPI LN   Private    0.70    0.70    0.00    0.00     2,693,874  Cash         n/a
UCP LN   UT IN      0.31    0.33   -0.02   -6.06        25,000  Cash         n/a
HOT GR   ACS SM    55.95   59.98   -4.03   -6.72             0   Stk    01/31/11
NFDS LN  GNC ID     0.60    0.67   -0.07   -11.00    2,964,223   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   19.20   -4.20   -21.90      682,786  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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