Arbitrage Profit in Asian Takeovers Pending on Dec. 21

The following table shows the potential arbitrage profit in pending takeover bids for Asian 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
================================================================================
MAS AU      MIN AU      0.17      0.10     0.07  68.41     10,000  Stk       n/a
3323 TT    3211 TT     58.24     38.20    20.04  52.45  1,261,568  Stk       n/a
BOL AU     Private      0.52      0.38     0.14  36.84    347,644 Cash       n/a
HRBN US   Multiple     24.00     17.62     6.38  36.21    408,729 Cash       n/a
FRS AU      159 HK      1.28      0.95     0.33  34.80    112,598  Stk  01/17/11
================================================================================
                      Offer/    Target         Current    Target       Expected
Target    Acquirer     Share     Price  Spread Premium    Volume Pymt Completion
================================================================================
BRM AU      159 HK      6.40      4.93     1.47  29.88     52,067  Stk  12/17/10
APH AU      STR IN      0.35      0.27     0.08  29.63     20,000 Cash       n/a
600102 C 600022 CH     10.76      8.33     2.43  29.20 14,247,709  C/S       n/a
QSR MK     Private      6.70      5.57     1.13  20.29    224,500 Cash       n/a
PLUS MK    Private      5.20      4.36     0.84  19.27  3,992,100 Cash       n/a
QXM US     XING US      4.14      3.48     0.66  19.08     14,888  C&S       n/a
SGW MK     Private      2.60      2.24     0.36  16.07    209,800 Cash  12/23/10
ASX AU      SGX SP     44.05     38.34     5.71  14.89     57,172  C&S  06/30/11
GCL AU     NOBL SP     12.60     11.23     1.37  12.20      5,272 Cash       n/a
INP AU      DLS AU      0.14      0.13     0.01   7.69     21,001  Stk  12/31/10
SHDL IN    SIEM IN   1557.40   1460.00    97.40   6.67        113  Stk       n/a
AZO AU      DTE AU      0.90      0.85     0.06   6.51      5,486  Stk       n/a
NVMC MK    Private      0.78      0.74     0.04   6.12     35,000 Cash       n/a
BRAU IJ     VAA LN    540.00    510.00    30.00   5.88108,958,000 Cash       n/a
PLUS MK   Multiple      4.60      4.36     0.24   5.50  3,992,100 Cash       n/a
IIF AU      GMG AU      0.54      0.51     0.03   5.47    186,537 Cash       n/a
MHBS MK    Private      3.22      3.08     0.14   4.55      4,000 Cash       n/a
================================================================================
                      Offer/    Target         Current    Target       Expected
Target    Acquirer     Share     Price  Spread Premium    Volume Pymt Completion
================================================================================
051820 K 030530 KS  16412.01  15800.00   612.01   3.87     99,081  Stk  12/29/10
056200 K 130960 KS   3412.18   3310.00   102.18   3.09     46,611  Stk  03/01/11
PIH AU      BIP US      5.05      4.90     0.15   2.98  8,047,063  Stk       n/a
4915 JP    Private     74.00     72.00     2.00   2.78      9,000 Cash  12/21/10
AXA AU      AMP AU      6.43      6.27     0.16   2.61  1,364,976  C&S       n/a
LRC AU      KCN AU      0.02      0.02     0.00   2.59  1,003,920  Stk  01/31/11
3605 JP    8112 JP   1011.45    986.00    25.45   2.58      6,600  Stk  05/27/11
GIR AU      AGO AU      4.24      4.14     0.11   2.54    708,354  Stk  02/11/11
MFCAF US    TTT US      8.44      8.25     0.19   2.30      3,543  Stk       n/a
EAT SP     Private      0.14      0.14     0.00   2.22    893,000 Cash       n/a
LKH SP     Private      0.47      0.46     0.01   2.20     40,000 Cash       n/a
DOM AU      KCN AU      3.31      3.24     0.07   2.09    202,448  Stk  02/28/11
MRU AU     Private      8.00      7.85     0.15   1.91    302,203 Cash  04/29/11
9448 JP    Private   1500.00   1473.00    27.00   1.83     31,594 Cash  01/24/11
MSL AU      OIS US      3.90      3.83     0.07   1.83    697,962 Cash       n/a
2306 JP    8134 JP    777.40    764.00    13.40   1.75        500  Stk  03/29/11
AVO AU      ANO CN      3.34      3.29     0.05   1.55    158,982  Stk       n/a
================================================================================
                      Offer/    Target         Current    Target       Expected
Target    Acquirer     Share     Price  Spread Premium    Volume Pymt Completion
================================================================================
UKOT MK    3861 JP      1.40      1.38     0.02   1.45     54,700 Cash       n/a
SPSU TB    Private     16.20     16.00     0.20   1.25        100 Cash  01/17/11
2147 JP    RAND NA  27500.00  27200.00   300.00   1.10        110  Stk  01/13/11
5274 JP    5267 JP     95.88     95.00     0.88   0.93      1,000  Stk  03/29/11
6423 JP    9766 JP     90.69     90.00     0.69   0.76     99,000  Stk  12/28/10
2463 TT    2357 TT     57.50     57.10     0.40   0.70    262,120 Cash  01/21/11
ESS AU      FLS DC      0.73      0.73     0.00   0.69    392,121 Cash  01/28/11
8744 JP    Private    300.00    298.00     2.00   0.67     41,600 Cash  02/03/11
QSR MK     Private      5.60      5.57     0.03   0.54    224,500 Cash       n/a
8997 JP    8804 JP  60000.00  59700.00   300.00   0.50        741 Cash  02/07/11
2589 JP    Private   1641.00   1633.00     8.00   0.49     12,200 Cash  01/24/11
PVT AU     HSIC US      2.14      2.13     0.01   0.47        100 Cash  12/26/10
TTNP MK  011170 KS      2.35      2.34     0.01   0.43    280,000 Cash  12/24/10
2725 JP    7733 JP  60500.00  60300.00   200.00   0.33         22 Cash  12/27/10
7935 JP    Private   1000.00    997.00     3.00   0.30     12,000 Cash  12/27/10
CGG AU      EQN CN      0.51      0.51     0.00   0.29 82,544,242  C&S       n/a
7704 JP    6910 JP   1075.00   1072.00     3.00   0.28      6,500 Cash  12/27/10
================================================================================
                      Offer/    Target         Current    Target       Expected
Target    Acquirer     Share     Price  Spread Premium    Volume Pymt Completion
================================================================================
7553 JP    Private   2000.00   1995.00     5.00   0.25      4,300 Cash  01/11/11
349 HK   601398 CH     29.45     29.40     0.05   0.17          0 Cash  12/21/10
AVE AU      SGP AU      1.77      1.77     0.00   0.00      4,800 Cash  11/26/10
SPH AU      XTA LN      3.00      3.00     0.00   0.00      6,727 Cash  01/28/11
MCL SP      HKL SP      2.45      2.45     0.00   0.00     60,000 Cash       n/a
ITC AU      BPT AU      0.09      0.09     0.00   0.00  8,751,219 Cash       n/a
THOM SP    Private      1.75      1.75     0.00   0.00     68,000 Cash       n/a
037150 K 130960 KS  16639.46  16650.00   -10.54  -0.06     15,855  Stk  03/01/11
IHF AU     Private      0.95      0.95     0.00  -0.52    127,951 Cash       n/a
HYFT SP   Multiple      0.78      0.79    -0.01  -0.64     86,000 Cash  12/31/10
WWA AU     Private      2.80      2.82    -0.02  -0.71      7,300 Cash  12/31/10
AND AU        G CN      6.55      6.61    -0.06  -0.91    649,260  C/S  12/30/10
045710 K 130960 KS   4232.30   4300.00   -67.70  -1.57    491,750  Stk  03/01/11
CRG AU      FBU NZ      9.21      9.38    -0.17  -1.76    171,386  C&S       n/a
8403 JP    8309 JP    497.66    508.00   -10.34  -2.04  3,386,000  Stk  03/29/11
SSC TB     Private     42.00     44.00    -2.00  -4.55    271,400 Cash       n/a
RHD AU     Private      0.70      0.74    -0.04  -4.76     52,546 Cash       n/a
================================================================================
   

SOURCE: Bloomberg

To contact the reporter on this story: Michael J. Munoz in Hong Kong at mjmunoz@bloomberg.net

To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net

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