Arbitrage Profit in European Takeovers Pending Nov. 30

Nov. 30 (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     0.82    0.66    0.16   24.35         7,189   Stk         n/a
FRG GR   Private   27.50   24.30    3.20   13.17             0  Cash         n/a
OCE NA   7751 JP    8.60    7.76    0.84   10.82         2,365  Cash         n/a
CDN LN   Private    1.12    1.02    0.10    9.80     1,922,138  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GEW IM   Private    4.20    3.84    0.36    9.37         6,008  Cash         n/a
ECO AV   CWI AV     7.15    6.55    0.60    9.16        11,641  Cash    11/03/10
RISH NO  Private   31.00   28.50    2.50    8.77           900   C/S         n/a
FNB PL   Private    1.95    1.86    0.09    4.84           740  Cash         n/a
PROD NO  BWO NO    19.14   18.30    0.84    4.59             0   C&S         n/a
BWIN AV  PRTY LN   33.91   32.46    1.45    4.47       137,989   Stk    03/31/11
IFE1 GR  BXB AU    13.50   12.96    0.54    4.17             0  Cash         n/a
BRE LN   Multiple  10.70   10.34    0.36    3.48       378,852  Cash    03/31/11
CRXL NA  JNJ US    24.75   23.93    0.82    3.41       292,218  Cash    03/31/11
TPL GR   Private    2.50    2.42    0.08    3.31         5,500  Cash    02/28/11
WSM LN   GE US      7.50    7.30    0.20    2.74       119,441  Cash         n/a
SM7 GR   JPM US    20.00   19.55    0.45    2.33             0  Cash         n/a
ROTO NA  Private   14.00   13.75    0.25    1.82           500   C/S         n/a
TTPA US  Private    6.60    6.50    0.10    1.54        28,779  Cash    12/31/10
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    01/20/11
BII LN   BGC LN     3.76    3.72    0.05    1.33       151,011   C&S    02/28/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CHS LN   Multiple   1.60    1.58    0.02    1.27     1,696,256  Cash    02/28/11
BTSM LN  TPK LN     4.48    4.42    0.05    1.19        97,921   C&S    12/31/10
SUB NO   ACY NO    133.13  131.60   1.53    1.16       572,153   Stk    03/31/11
KBU GR   TEG GR     5.55    5.49    0.06    1.09             0  Cash    01/31/11
BLIN SS  RATOB SS  11.50   11.40    0.10    0.88     1,695,310  Cash    12/21/10
IBLA SM  BAY LN     3.16    3.13    0.03    0.84     5,259,254   Stk    01/31/11
AUX BB   BREB BB   573.10  570.00   3.10    0.54            28   C&S    12/01/10
BBAY LN  RY CN      4.85    4.83    0.02    0.41       106,074  Cash    12/31/10
SPI LN   Private    0.70    0.70    0.00    0.00        90,465  Cash         n/a
STP LN   DAY LN     0.51    0.52    0.00    0.00             0  Cash    12/01/10
DDT LN   9432 JP    1.20    1.20    0.00   -0.21         2,346  Cash         n/a
DIAS GA  EUROB GA   0.62    0.63   -0.01   -1.95       130,590   Stk         n/a
UCP LN   UT IN      0.31    0.33   -0.01   -4.62       282,010  Cash         n/a
HOT GR   ACS SM    54.22   59.14   -4.92   -8.33           512   Stk    01/31/11
NFDS LN  GNC ID     0.61    0.70   -0.09   -13.21    3,175,761   Stk    06/30/11
MTL LN   Private    0.13    0.15   -0.02   -13.33            0  Cash         n/a
PUI GR   Private   17.73   25.00   -7.27   -29.08            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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