Arbitrage Profit in European Takeovers Pending Dec. 3

Dec. 3 (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    0.42    0.09   22.89             0   Stk         n/a
EGNAK GA CPB CY     0.86    0.74    0.12   16.36           733   Stk         n/a
OCE NA   7751 JP    8.60    7.77    0.83   10.68           618  Cash         n/a
PROD NO  BWO NO    20.10   18.30    1.80    9.84             0   C&S         n/a
ECO AV   CWI AV     7.15    6.51    0.64    9.81         1,380  Cash    11/03/10
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                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FRG GR   Private   27.50   25.15    2.35    9.34         2,275  Cash         n/a
RISH NO  Private   31.00   28.50    2.50    8.77             0   C/S         n/a
CDN LN   Private    1.12    1.05    0.07    6.92     5,127,452  Cash         n/a
GEW IM   Private    4.20    3.99    0.21    5.26        14,439  Cash         n/a
BWIN AV  PRTY LN   37.07   35.26    1.81    5.13       322,856   Stk    03/31/11
CRXL NA  JNJ US    24.75   23.63    1.13    4.76       450,292  Cash    03/31/11
BII LN   BGC LN     3.94    3.80    0.14    3.65        22,836   C&S    02/28/11
BRE LN   Multiple  10.70   10.37    0.33    3.18       149,985  Cash    03/31/11
STP LN   DAY LN     0.51    0.50    0.01    3.00             0  Cash    12/01/10
ROTO NA  Private   14.00   13.70    0.30    2.19         1,100   C/S         n/a
FNB PL   Private    1.95    1.91    0.04    2.09         5,482  Cash         n/a
TPL GR   Private    2.50    2.45    0.05    2.04       517,846  Cash    02/28/11
IBLA SM  BAY LN     3.34    3.28    0.06    1.76     6,263,835   Stk    01/31/11
TTPA US  Private    6.60    6.50    0.10    1.54       158,172  Cash    12/31/10
DAYN SW  ADBE US   139.00  137.00   2.00    1.46            55  Cash    12/31/10
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    01/20/11
EURX US  Private   12.00   11.84    0.16    1.35     2,124,626  Cash    06/30/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CPSP LN  Private    0.82    0.82    0.01    1.23       466,045  Cash    06/09/11
BLIN SS  RATOB SS  11.50   11.40    0.10    0.88             1  Cash    12/21/10
CHS LN   Multiple   1.60    1.59    0.01    0.79         8,246  Cash    02/28/11
SUB NO   ACY NO    144.84  143.80   1.04    0.72       640,665   Stk    03/31/11
SPI LN   Private    0.70    0.70    0.00    0.36             0  Cash    12/03/10
BTSM LN  TPK LN     4.63    4.62    0.01    0.32       206,570   C&S    12/31/10
BBAY LN  RY CN      4.85    4.84    0.01    0.21       218,359  Cash    12/31/10
DDT LN   9432 JP    1.20    1.20    0.00    0.21             0  Cash         n/a
KBU GR   TEG GR     5.55    5.54    0.01    0.18       129,178  Cash    01/31/11
VARDA GA Private    1.10    1.10    0.00    0.00        85,513  Cash         n/a
WSM LN   GE US      7.50    7.52   -0.01   -0.20     1,390,752  Cash         n/a
DIAS GA  EUROB GA   0.67    0.67    0.00   -0.34       296,762   Stk         n/a
IFE1 GR  BXB AU    13.50   13.88   -0.38   -2.74         4,154  Cash         n/a
UCP LN   UT IN      0.31    0.32   -0.01   -3.88       198,490  Cash         n/a
HOT GR   ACS SM    55.70   60.53   -4.83   -7.99       462,167   Stk    01/31/11
NFDS LN  GNC ID     0.65    0.72   -0.07   -9.92     2,230,013   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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