Arbitrage Profit in European Takeovers Pending Jan. 25

Jan. 25 (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
================================================================================
FALA FP  Private  5390.00 3899.99 1490.01  38.21             6  Cash         n/a
DLAR LN  Private    9.05    6.95    2.10   30.22     4,173,726  Cash         n/a
CDN LN   Private    1.12    0.97    0.15   15.46       317,279  Cash         n/a
RISH NO  Private   31.00   27.00    4.00   14.81           630   C/S         n/a
MCHL LN  COST LN    1.51    1.39    0.12    8.73       380,134   C&S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FRG GR   Private   27.50   25.40    2.10    8.27             0  Cash         n/a
ROTO NA  Private   14.00   13.35    0.65    4.87         2,800   C/S         n/a
DCN SW   N/A       438.40  422.25  16.15    3.82            10  Cash    03/31/11
GEW IM   Private    4.20    4.07    0.13    3.19         3,503  Cash         n/a
DIAS GA  EUROB GA   0.68    0.66    0.02    3.13        62,391   Stk         n/a
IFE1 GR  BXB AU    13.50   13.21    0.29    2.20             0  Cash         n/a
DAYN SW  ADBE US   139.00  136.20   2.80    2.06            76  Cash    12/31/10
BRE LN   Multiple  10.70   10.49    0.21    2.00        96,923  Cash    01/29/11
SLX GR   SWV GR     7.74    7.60    0.14    1.79             0   Stk         n/a
CRXL NA  JNJ US    24.75   24.38    0.38    1.54       133,919  Cash    02/16/11
EBK GR   3413Z GR  41.50   40.90    0.60    1.47             0  Cash         n/a
NORK ID  BA/ LN     2.10    2.07    0.03    1.45       211,220  Cash         n/a
HOT GR   ACS SM    65.58   64.72    0.86    1.33             0   Stk    01/31/11
BII LN   BGC LN     3.95    3.90    0.05    1.18       101,453   C&S    02/28/11
TPL GR   Private    2.50    2.47    0.03    1.13             0  Cash    02/28/11
DRAK NA  PRY IM    18.37   18.21    0.16    0.90       709,307   C&S    02/03/11
SLG FP   SPR GR    38.05   37.76    0.29    0.77        30,147  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CARD SS  ASSAB SS  420.00  417.00   3.00    0.72        77,017  Cash    02/25/11
GRT LN   HGG LN     1.02    1.01    0.01    0.63     1,116,380   Stk    04/12/11
VELO LN  Private    1.65    1.64    0.01    0.61             0  Cash    02/03/11
DCO DC   DD US     665.00  661.50   3.50    0.53            92  Cash    02/22/11
CHS LN   Multiple   1.60    1.59    0.01    0.47         3,233  Cash    02/28/11
FSG LN   SL/ LN     1.40    1.40    0.00    0.36             0  Cash    01/14/11
EGR IM   ERG IM     0.97    0.97    0.00    0.21       123,613  Cash    02/28/11
EURX US  Private   12.00   11.98    0.02    0.17        74,537  Cash    02/03/11
WSM LN   GE US      7.86    7.86    0.01    0.06        39,062  Cash    02/03/11
VARDA GA Private    1.10    1.10    0.00    0.00         1,145  Cash         n/a
BWIN AV  PRTY LN   27.40   27.43   -0.03   -0.11       195,319   Stk    03/31/11
GAMMA NA Multiple  29.00   29.06   -0.06   -0.21         7,792  Cash         n/a
GSMN SW  Private   19.00   19.05   -0.05   -0.26         5,717  Cash         n/a
NSR LN   Private    1.10    1.11    0.00   -0.45             0  Cash    01/31/11
CPSP LN  Private    0.82    0.83   -0.01   -0.60             0  Cash    06/09/11
KBU GR   TEG GR     5.55    5.61   -0.06   -1.00             0  Cash    02/04/11
QMED SS  Private   75.00   76.00   -1.00   -1.32        87,403  Cash    01/25/11
================================================================================
   

SOURCE: Bloomberg

To contact the reporter on this story: Joel Rinneby in Stockholm at jrinneby@bloomberg.net

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