Arbitrage Profit in European Takeovers Pending Dec. 1

Dec. 1 (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
================================================================================
VARDA GA Private    1.10    0.66    0.44   66.67            80  Cash         n/a
AFD LN   Multiple   0.51    0.40    0.11   28.30             0   Stk         n/a
EGNAK GA CPB CY     0.82    0.68    0.14   20.69         1,640   Stk         n/a
FRG GR   Private   27.50   24.80    2.70   10.89             0  Cash         n/a
OCE NA   7751 JP    8.60    7.77    0.83   10.68           618  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ECO AV   CWI AV     7.15    6.51    0.64    9.83         1,808  Cash    11/03/10
GEW IM   Private    4.20    3.83    0.37    9.66         3,700  Cash         n/a
PROD NO  BWO NO    19.80   18.30    1.50    8.20             0   C&S         n/a
RISH NO  Private   31.00   29.00    2.00    6.90        10,000   C/S         n/a
DIAS GA  EUROB GA   0.62    0.58    0.04    6.79       210,702   Stk         n/a
BWIN AV  PRTY LN   34.24   32.34    1.90    5.88       143,982   Stk    03/31/11
SM7 GR   JPM US    20.00   18.97    1.03    5.43             0  Cash         n/a
CDN LN   Private    1.12    1.07    0.05    4.67     4,319,495  Cash         n/a
IFE1 GR  BXB AU    13.50   12.95    0.55    4.25             0  Cash         n/a
BRE LN   Multiple  10.70   10.32    0.38    3.68       290,761  Cash    03/31/11
BII LN   BGC LN     3.78    3.66    0.13    3.45        50,944   C&S    02/28/11
KBU GR   TEG GR     5.55    5.37    0.18    3.31             0  Cash    01/31/11
CRXL NA  JNJ US    24.75   23.99    0.76    3.17       343,026  Cash    03/31/11
STP LN   DAY LN     0.51    0.50    0.01    3.00             0  Cash    12/01/10
TPL GR   Private    2.50    2.44    0.06    2.63             0  Cash    02/28/11
WSM LN   GE US      7.50    7.33    0.17    2.32     1,281,472  Cash         n/a
ROTO NA  Private   14.00   13.70    0.30    2.19         1,804   C/S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CPSP LN  Private    0.82    0.81    0.01    1.85             0  Cash         n/a
TTPA US  Private    6.60    6.49    0.11    1.69        82,055  Cash    12/31/10
DAYN SW  ADBE US   139.00  137.10   1.90    1.39           102  Cash    12/31/10
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    01/20/11
CHS LN   Multiple   1.60    1.58    0.02    1.27       634,049  Cash    02/28/11
IBLA SM  BAY LN     3.12    3.08    0.03    1.09     5,547,612   Stk    01/31/11
BTSM LN  TPK LN     4.44    4.39    0.05    1.03     1,163,774   C&S    12/31/10
SUB NO   ACY NO    131.63  130.30   1.33    1.02       698,771   Stk    03/31/11
BLIN SS  RATOB SS  11.50   11.40    0.10    0.88       885,014  Cash    12/21/10
DDT LN   9432 JP    1.20    1.19    0.01    0.63         5,500  Cash         n/a
AUX BB   BREB BB   573.10  570.00   3.10    0.54            28   C&S    12/01/10
FNB PL   Private    1.95    1.94    0.01    0.52         3,250  Cash         n/a
BBAY LN  RY CN      4.85    4.83    0.02    0.39       447,946  Cash    12/31/10
SPI LN   Private    0.70    0.70    0.00    0.36     2,776,223  Cash         n/a
UCP LN   UT IN      0.31    0.33   -0.02   -5.34       471,644  Cash         n/a
HOT GR   ACS SM    54.12   57.30   -3.18   -5.55             0   Stk    01/31/11
NFDS LN  GNC ID     0.64    0.72   -0.08   -11.25    3,463,736   Stk    06/30/11
================================================================================
   

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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