Arbitrage Profit in European Takeovers Pending Jan. 10

Jan. 10 (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
================================================================================
DCO DC   DD US     665.00  530.00  135.00  25.47           429  Cash    06/30/11
CDN LN   Private    1.12    0.97    0.15   15.17     4,065,005  Cash         n/a
DLAR LN  Private    9.05    8.35    0.70    8.38       489,963  Cash         n/a
DIAS GA  EUROB GA   0.58    0.54    0.04    7.53        24,968   Stk         n/a
FRG GR   Private   27.50   26.00    1.50    5.77             0  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
GEW IM   Private    4.20    4.01    0.19    4.87           419  Cash         n/a
ROTO NA  Private   14.00   13.39    0.61    4.56           450   C/S         n/a
CSCG LN  SPG US     4.25    4.08    0.17    4.12     4,821,847  Cash         n/a
CRXL NA  JNJ US    24.75   23.90    0.85    3.58       181,493  Cash    02/16/11
RISH NO  Private   31.00   30.00    1.00    3.33             0   C/S         n/a
DAYN SW  ADBE US   139.00  136.20   2.80    2.06           400  Cash    12/31/10
BII LN   BGC LN     3.93    3.86    0.07    1.86       430,218   C&S    02/28/11
FSG LN   SL/ LN     1.40    1.38    0.02    1.82             0  Cash    01/14/11
BRE LN   Multiple  10.70   10.52    0.18    1.71        88,538  Cash    01/10/11
SLX GR   SWV GR     7.30    7.18    0.12    1.67            20   Stk         n/a
IFE1 GR  BXB AU    13.50   13.29    0.21    1.58             0  Cash         n/a
EBK GR   3413Z GR  41.50   40.90    0.60    1.47             0  Cash         n/a
TPL GR   Private    2.50    2.46    0.04    1.42             0  Cash    02/28/11
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash    01/20/11
EURX US  Private   12.00   11.88    0.12    1.01        61,373  Cash    01/20/11
BWIN AV  PRTY LN   30.49   30.18    0.30    1.00       140,184   Stk    03/31/11
CARD SS  ASSAB SS  420.00  416.00   4.00    0.96        24,090  Cash    02/25/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DCN SW   N/A       438.40  435.00   3.40    0.78             5  Cash         n/a
DRAK NA  PRY IM    18.08   17.96    0.12    0.69       849,479   C&S    06/30/11
KBU GR   TEG GR     5.55    5.52    0.03    0.54             0  Cash    01/31/11
NSR LN   Private    1.10    1.10    0.01    0.46           135  Cash    01/31/11
CHS LN   Multiple   1.60    1.60    0.01    0.31         1,965  Cash    02/28/11
GAMMA NA Multiple  29.00   28.99    0.01    0.03         6,736  Cash         n/a
BLIN SS  RATOB SS  11.50   11.50    0.00    0.00           866  Cash    12/21/10
VARDA GA Private    1.10    1.10    0.00    0.00        20,434  Cash         n/a
QMED SS  Private   75.00   75.00    0.00    0.00       516,806  Cash    01/25/11
VELO LN  Private    1.65    1.65    0.00    0.00             0  Cash    01/20/11
WSM LN   GE US      7.86    7.89   -0.03   -0.38       495,012  Cash         n/a
CPSP LN  Private    0.82    0.83   -0.01   -0.90        14,706  Cash    06/09/11
WTGN SW  MMM US    62.00   63.00   -1.00   -1.59        10,862  Cash    03/31/11
HOT GR   ACS SM    58.83   61.10   -2.27   -3.71            60   Stk    01/31/11
BSY LN   NWSA US    7.00    7.47   -0.46   -6.23     2,471,041  Cash         n/a
NFDS LN  GNC ID     0.60    0.72   -0.12   -16.71      540,521   Stk    06/30/11
PUI GR   Private   17.73   27.50   -9.77   -35.53            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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