Arbitrage Profit in European Takeovers Pending Nov. 29

Nov. 29 (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
EGNAK GA CPB CY     0.80    0.69    0.11   16.02           260   Stk         n/a
FRG GR   Private   27.50   23.90    3.60   15.06         2,377  Cash         n/a
GEW IM   Private    4.20    3.80    0.40   10.53         1,000  Cash         n/a
CDN LN   Private    1.12    1.02    0.10   10.07     1,264,287  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    7.82    0.78    9.90            91  Cash         n/a
RISH NO  Private   31.00   28.50    2.50    8.77             0   C/S         n/a
ECO AV   CWI AV     7.15    6.72    0.43    6.40        17,731  Cash    11/03/10
PROD NO  BWO NO    19.32   18.30    1.02    5.57             0   C&S         n/a
FNB PL   Private    1.95    1.85    0.10    5.41           105  Cash         n/a
DIAS GA  EUROB GA   0.64    0.61    0.03    5.24       216,098   Stk         n/a
DPB GR   DBK GR    25.00   23.90    1.10    4.60       498,999  Cash         n/a
STP LN   DAY LN     0.51    0.50    0.02    4.04        28,450  Cash    12/01/10
BWIN AV  PRTY LN   33.56   32.35    1.22    3.76       134,490   Stk    03/31/11
BRE LN   Multiple  10.70   10.35    0.35    3.38        78,513  Cash    03/31/11
CRXL NA  JNJ US    24.75   23.95    0.80    3.34       215,209  Cash    03/31/11
WSM LN   GE US      7.50    7.32    0.18    2.46       153,625  Cash         n/a
BII LN   BGC LN     3.78    3.70    0.08    2.15       222,576   C&S    02/01/11
AUX BB   BREB BB   585.90  574.05  11.85    2.06            60   C&S    12/01/10
TTPA US  Private    6.60    6.48    0.12    1.85        41,450  Cash    12/31/10
ROTO NA  Private   14.00   13.75    0.25    1.82           500   C/S         n/a
BTSM LN  TPK LN     4.53    4.46    0.06    1.40       268,453   C&S    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DAYN SW  ADBE US   139.00  137.10   1.90    1.39         2,000  Cash    12/31/10
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    11/29/10
IBLA SM  BAY LN     3.27    3.23    0.04    1.22     1,925,094   Stk    01/31/11
SUB NO   ACY NO    135.57  134.00   1.57    1.18       315,869   Stk    03/31/11
CHS LN   Multiple   1.60    1.59    0.02    0.95       446,889  Cash    02/28/11
BBAY LN  RY CN      4.85    4.82    0.03    0.62     1,158,161  Cash    12/31/10
KBU GR   TEG GR     5.55    5.53    0.02    0.36        45,980  Cash    01/31/11
ITL LN   CSGS US    0.72    0.72    0.00    0.35     1,521,938  Cash    12/31/10
SM7 GR   JPM US    20.00   19.95    0.05    0.23             0  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00    0.21        42,889  Cash         n/a
SSL LN   RB/ LN    11.63   11.63    0.00    0.00        50,337  Cash         n/a
SPI LN   Private    0.70    0.70    0.00    0.00       143,138  Cash         n/a
IFE1 GR  BXB AU    13.50   13.63   -0.13   -0.95        10,707  Cash         n/a
UCP LN   UT IN      0.31    0.33   -0.02   -5.34        56,429  Cash         n/a
HOT GR   ACS SM    55.26   59.56   -4.30   -7.23       190,809   Stk    01/31/11
NFDS LN  GNC ID     0.60    0.67   -0.07   -10.91    2,265,850   Stk    06/30/11
MTL LN   Private    0.13    0.15   -0.02   -14.75      247,152  Cash         n/a
================================================================================
   

SOURCE: Bloomberg

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

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