Arbitrage Profit in European Takeovers Pending Dec. 23

Dec. 23 (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.

================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
PROD NO  BWO NO    21.72   18.30    3.42   18.69             0   C&S         n/a
CDN LN   Private    1.12    1.03    0.09    8.74       718,673  Cash         n/a
DLAR LN  Private    9.05    8.37    0.68    8.12       161,535  Cash         n/a
UCP LN   UT IN      0.31    0.29    0.02    6.90        42,000  Cash         n/a
SLX GR   SWV GR     7.59    7.25    0.34    4.72             0   Stk         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CRXL NA  JNJ US    24.75   23.78    0.97    4.06        90,771  Cash    02/16/11
BII LN   BGC LN     4.03    3.89    0.15    3.83         6,000   C&S    02/28/11
GEW IM   Private    4.20    4.07    0.13    3.32            20  Cash         n/a
BRE LN   Multiple  10.70   10.38    0.32    3.08        16,621  Cash    03/31/11
ROTO NA  Private   14.00   13.60    0.40    2.94         3,707   C/S         n/a
TPL GR   Private    2.50    2.46    0.04    1.79             0  Cash    02/28/11
EURX US  Private   12.00   11.80    0.20    1.69       220,126  Cash    06/30/11
CSCG LN  SPG US     4.25    4.18    0.07    1.67     1,006,575  Cash         n/a
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    01/20/11
BLIN SS  RATOB SS  11.50   11.35    0.15    1.32         8,840  Cash    12/21/10
VELO LN  Private    1.65    1.63    0.02    1.23             0  Cash    12/30/10
FSG LN   SL/ LN     1.40    1.39    0.01    1.08         8,612  Cash         n/a
TTPA US  Private    6.60    6.53    0.07    1.07        82,416  Cash    12/31/10
BWIN AV  PRTY LN   29.90   29.60    0.29    0.99       132,956   Stk    03/31/11
DCN SW   N/A       438.40  434.25   4.15    0.96             5  Cash         n/a
CARD SS  ASSAB SS  420.00  417.00   3.00    0.72        69,943  Cash    02/25/11
DAYN SW  ADBE US   139.00  138.50   0.50    0.36           135  Cash    12/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CHS LN   Multiple   1.60    1.60    0.01    0.31             0  Cash    02/28/11
FRG GR   Private   27.50   27.44    0.06    0.22             0  Cash         n/a
SUB NO   ACY NO    150.70  150.40   0.30    0.20       923,227   Stk    03/31/11
GAMMA NA Multiple  29.00   28.95    0.05    0.17        10,685  Cash         n/a
VARDA GA Private    1.10    1.10    0.00    0.00         4,400  Cash         n/a
CPSP LN  Private    0.82    0.83    0.00    0.00             0  Cash    06/09/11
DIAS GA  EUROB GA   0.63    0.63    0.00   -0.41         8,568   Stk         n/a
NSR LN   Private    1.10    1.11    0.00   -0.45             0  Cash    01/31/11
WSM LN   GE US      7.86    7.90   -0.04   -0.51       246,170  Cash         n/a
HOT GR   ACS SM    64.08   64.66   -0.58   -0.90            22   Stk    01/31/11
WTGN SW  MMM US    62.00   62.60   -0.60   -0.96        30,530  Cash    03/31/11
QMED SS  Private   75.00   75.75   -0.75   -0.99       533,124  Cash    01/25/11
KBU GR   TEG GR     5.55    5.63   -0.08   -1.47             0  Cash    01/31/11
IFE1 GR  BXB AU    13.50   13.81   -0.31   -2.24             0  Cash         n/a
RISH NO  Private   31.00   32.00   -1.00   -3.13        20,010   C/S         n/a
EBK GR   3413Z GR  41.50   42.96   -1.46   -3.40             0  Cash         n/a
BSY LN   NWSA US    7.00    7.43   -0.43   -5.79     7,850,957  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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.