Arbitrage Profit in European Takeovers Pending Dec. 27

Dec. 27 (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
================================================================================
PROD NO  BWO NO    22.20   18.30    3.90   21.31             0   C&S         n/a
CDN LN   Private    1.12    1.02    0.10    9.27       132,877  Cash         n/a
DLAR LN  Private    9.05    8.33    0.72    8.64        12,981  Cash         n/a
GEW IM   Private    4.20    4.00    0.20    5.00           477  Cash         n/a
CRXL NA  JNJ US    24.75   23.71    1.04    4.39           933  Cash    02/16/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BWIN AV  PRTY LN   29.51   28.30    1.21    4.27        17,825   Stk    03/31/11
UCP LN   UT IN      0.31    0.30    0.01    4.20        25,000  Cash         n/a
SLX GR   SWV GR     7.47    7.25    0.22    3.03             0   Stk         n/a
ROTO NA  Private   14.00   13.60    0.40    2.94           460   C/S         n/a
BRE LN   Multiple  10.70   10.42    0.28    2.69     2,001,726  Cash    03/31/11
BII LN   BGC LN     3.95    3.88    0.07    1.90             0   C&S    02/28/11
DIAS GA  EUROB GA   0.62    0.61    0.01    1.80        49,690   Stk         n/a
EURX US  Private   12.00   11.79    0.21    1.78       283,267  Cash    06/30/11
FRG GR   Private   27.50   27.05    0.45    1.66           468  Cash         n/a
TPL GR   Private    2.50    2.47    0.03    1.34         6,780  Cash    02/28/11
EBK GR   3413Z GR  41.50   40.98    0.52    1.27           100  Cash         n/a
VELO LN  Private    1.65    1.63    0.02    1.23         9,125  Cash    12/30/10
CPSP LN  Private    0.82    0.82    0.01    1.23             0  Cash    06/09/11
CSCG LN  SPG US     4.25    4.20    0.05    1.19       132,899  Cash         n/a
FSG LN   SL/ LN     1.40    1.39    0.01    1.08        14,566  Cash         n/a
DCN SW   N/A       438.40  434.50   3.90    0.90           120  Cash         n/a
CHX LN   RUG1V FH   0.37    0.36    0.00    0.69             0  Cash    01/20/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
TTPA US  Private    6.60    6.56    0.04    0.61       442,216  Cash    12/31/10
CARD SS  ASSAB SS  420.00  417.50   2.50    0.60           156  Cash    02/25/11
CHS LN   Multiple   1.60    1.59    0.01    0.47         1,700  Cash    02/28/11
NSR LN   Private    1.10    1.10    0.01    0.46             0  Cash    01/31/11
BLIN SS  RATOB SS  11.50   11.45    0.05    0.44         5,384  Cash    12/21/10
SUB NO   ACY NO    152.30  151.70   0.60    0.39         3,165   Stk    03/31/11
DAYN SW  ADBE US   139.00  138.50   0.50    0.36           135  Cash    12/31/10
GAMMA NA Multiple  29.00   28.90    0.10    0.35           350  Cash         n/a
RISH NO  Private   31.00   31.00    0.00    0.00         6,658   C/S         n/a
VARDA GA Private    1.10    1.10    0.00    0.00         1,050  Cash         n/a
HOT GR   ACS SM    64.34   64.35   -0.01   -0.01         3,276   Stk    01/31/11
WSM LN   GE US      7.86    7.94   -0.07   -0.95        12,354  Cash         n/a
QMED SS  Private   75.00   75.75   -0.75   -0.99         1,430  Cash    01/25/11
WTGN SW  MMM US    62.00   62.95   -0.95   -1.51         9,678  Cash    03/31/11
KBU GR   TEG GR     5.55    5.66   -0.11   -1.96           918  Cash    01/31/11
IFE1 GR  BXB AU    13.50   13.95   -0.45   -3.23             0  Cash         n/a
BSY LN   NWSA US    7.00    7.47   -0.46   -6.23       465,036  Cash         n/a
================================================================================
   

SOURCE: Bloomberg

To contact the reporter on this story: Barbara Sladkowska in Warsaw at bsladkowska@bloomberg.net

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

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