Arbitrage Profit in European Takeovers Pending Jan. 11

Jan. 11 (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
================================================================================
CDN LN   Private    1.12    0.97    0.15   15.46     1,155,150  Cash         n/a
DLAR LN  Private    9.05    8.28    0.77    9.30       922,283  Cash         n/a
GEW IM   Private    4.20    3.98    0.22    5.59         1,500  Cash         n/a
FRG GR   Private   27.50   26.05    1.45    5.57             0  Cash         n/a
ROTO NA  Private   14.00   13.39    0.61    4.56           450   C/S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CRXL NA  JNJ US    24.75   23.90    0.85    3.56       149,672  Cash    02/16/11
RISH NO  Private   31.00   30.00    1.00    3.33             0   C/S         n/a
SLX GR   SWV GR     7.18    7.03    0.15    2.13             0   Stk         n/a
DAYN SW  ADBE US   139.00  136.20   2.80    2.06           400  Cash    12/31/10
BRE LN   Multiple  10.70   10.53    0.17    1.61        25,088  Cash    01/22/11
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
BII LN   BGC LN     3.92    3.87    0.05    1.38       297,338   C&S    02/28/11
DCO DC   DD US     665.00  657.00   8.00    1.22        20,125  Cash    06/30/11
EURX US  Private   12.00   11.88    0.12    1.01       275,455  Cash    01/20/11
VELO LN  Private    1.65    1.64    0.01    0.92             0  Cash    01/20/11
CARD SS  ASSAB SS  420.00  416.50   3.50    0.84        11,506  Cash    02/25/11
DIAS GA  EUROB GA   0.52    0.52    0.00    0.81       368,162   Stk         n/a
DCN SW   N/A       438.40  435.00   3.40    0.78             5  Cash    03/31/11
KBU GR   TEG GR     5.55    5.51    0.04    0.69             0  Cash    01/31/11
DRAK NA  PRY IM    17.84   17.72    0.12    0.67       545,451   C&S    06/30/11
================================================================================
   

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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