Breaking News

Morgan Stanley to Pay $275 Million to Settle Subprime SEC Charges
Tweet TWEET

Arbitrage Profit in European Takeovers Pending Dec. 28

Dec. 28 (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    22.32   18.30    4.02   21.97             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
EBK GR   3413Z GR  41.50   38.85    2.65    6.82             0  Cash         n/a
DIAS GA  EUROB GA   0.60    0.57    0.03    6.11       144,350   Stk         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CRXL NA  JNJ US    24.75   23.62    1.13    4.78        49,141  Cash    02/16/11
UCP LN   UT IN      0.31    0.30    0.01    4.20        25,000  Cash         n/a
FRG GR   Private   27.50   26.50    1.00    3.77             0  Cash         n/a
GEW IM   Private    4.20    4.05    0.15    3.70         1,398  Cash         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
EURX US  Private   12.00   11.73    0.27    2.30       275,036  Cash    06/30/11
BWIN AV  PRTY LN   29.31   28.71    0.60    2.08       268,691   Stk    03/31/11
BII LN   BGC LN     3.95    3.88    0.07    1.90             0   C&S    02/28/11
IFE1 GR  BXB AU    13.50   13.26    0.24    1.81             0  Cash         n/a
TPL GR   Private    2.50    2.46    0.04    1.79           300  Cash    02/28/11
SLX GR   SWV GR     7.33    7.20    0.13    1.76             3   Stk         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
KBU GR   TEG GR     5.55    5.49    0.06    1.13             0  Cash    01/31/11
FSG LN   SL/ LN     1.40    1.39    0.01    1.08        14,566  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DCN SW   N/A       438.40  434.50   3.90    0.90           120  Cash         n/a
SUB NO   ACY NO    152.30  151.00   1.30    0.86       161,764   Stk    03/31/11
DAYN SW  ADBE US   139.00  138.00   1.00    0.72             0  Cash    12/31/10
CHX LN   RUG1V FH   0.37    0.36    0.00    0.69             0  Cash    01/20/11
TTPA US  Private    6.60    6.56    0.04    0.61        16,900  Cash    12/31/10
CARD SS  ASSAB SS  420.00  417.50   2.50    0.60        17,888  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        27,018  Cash    12/21/10
GAMMA NA Multiple  29.00   28.95    0.05    0.17         4,394  Cash         n/a
RISH NO  Private   31.00   31.00    0.00    0.00             0   C/S         n/a
VARDA GA Private    1.10    1.10    0.00    0.00         2,478  Cash         n/a
HOT GR   ACS SM    63.00   63.11   -0.11   -0.17             0   Stk    01/31/11
WTGN SW  MMM US    62.00   62.50   -0.50   -0.80         5,187  Cash    03/31/11
WSM LN   GE US      7.86    7.94   -0.07   -0.95        12,354  Cash         n/a
QMED SS  Private   75.00   76.75   -1.75   -2.28       501,069  Cash    01/25/11
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

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.