Arbitrage Profit in European Takeovers Pending Dec. 2

Dec. 2 (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   27.50             0   Stk         n/a
EGNAK GA CPB CY     0.85    0.70    0.15   22.05         2,185   Stk         n/a
FRG GR   Private   27.50   24.70    2.80   11.34         2,162  Cash         n/a
OCE NA   7751 JP    8.60    7.77    0.83   10.68           618  Cash         n/a
ECO AV   CWI AV     7.15    6.51    0.64    9.83         6,703  Cash    11/03/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GEW IM   Private    4.20    3.83    0.37    9.66         2,003  Cash         n/a
CDN LN   Private    1.12    1.03    0.09    9.00     6,775,821  Cash         n/a
PROD NO  BWO NO    19.92   18.30    1.62    8.85             0   C&S         n/a
RISH NO  Private   31.00   28.50    2.50    8.77         5,000   C/S         n/a
DIAS GA  EUROB GA   0.69    0.64    0.05    7.86        79,611   Stk         n/a
CRXL NA  JNJ US    24.75   23.60    1.15    4.87     1,401,605  Cash    03/31/11
BWIN AV  PRTY LN   36.60   35.05    1.55    4.43       496,855   Stk    03/31/11
IFE1 GR  BXB AU    13.50   12.97    0.53    4.09             0  Cash         n/a
BRE LN   Multiple  10.70   10.36    0.34    3.28       271,979  Cash    03/31/11
FNB PL   Private    1.95    1.90    0.05    2.63           336  Cash         n/a
TPL GR   Private    2.50    2.44    0.06    2.25             0  Cash    02/28/11
ROTO NA  Private   14.00   13.70    0.30    2.15           500   C/S         n/a
TTPA US  Private    6.60    6.49    0.11    1.69       153,250  Cash    12/31/10
KBU GR   TEG GR     5.55    5.46    0.09    1.69             0  Cash    01/31/11
BII LN   BGC LN     3.78    3.73    0.06    1.51       144,206   C&S    02/28/11
IBLA SM  BAY LN     3.19    3.14    0.05    1.46     4,323,593   Stk    01/31/11
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    01/20/11
================================================================================
                   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     1,128,736  Cash    02/28/11
EURX US  Private   12.00   11.86    0.14    1.18     8,638,836  Cash    06/30/11
WSM LN   GE US      7.50    7.42    0.08    1.08     1,440,511  Cash         n/a
SUB NO   ACY NO    138.77  138.10   0.67    0.48       855,241   Stk    03/31/11
BLIN SS  RATOB SS  11.50   11.45    0.05    0.44       226,396  Cash    12/21/10
BBAY LN  RY CN      4.85    4.83    0.02    0.41       172,767  Cash    12/31/10
SPI LN   Private    0.70    0.70    0.00    0.36             0  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00    0.21           172  Cash         n/a
BTSM LN  TPK LN     4.47    4.46    0.01    0.16     1,097,771   C&S    12/31/10
DAYN SW  ADBE US   139.00  139.00   0.00    0.00            33  Cash    12/31/10
VARDA GA Private    1.10    1.10    0.00    0.00       137,495  Cash         n/a
CPSP LN  Private    0.82    0.83    0.00    0.00             0  Cash    06/09/11
STP LN   DAY LN     0.51    0.53   -0.01   -1.90             0  Cash    12/01/10
UCP LN   UT IN      0.31    0.33   -0.01   -4.62       235,000  Cash         n/a
HOT GR   ACS SM    55.28   58.78   -3.50   -5.95           223   Stk    01/31/11
NFDS LN  GNC ID     0.64    0.70   -0.06   -9.23     1,009,214   Stk    06/30/11
MTL LN   Private    0.13    0.15   -0.02   -13.33            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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