Arbitrage Profit in European Takeovers Pending Feb. 2

Feb. 2 (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
================================================================================
FALA FP  Private  5390.00 3899.99 1490.01  38.21             6  Cash         n/a
CDN LN   Private    1.12    1.01    0.11   10.62       723,398  Cash         n/a
MCHL LN  COST LN    1.54    1.40    0.14    9.73     1,018,356   C&S         n/a
RISH NO  Private   31.00   28.70    2.30    8.01           251   C/S         n/a
FRG GR   Private   27.50   25.60    1.90    7.42             0  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ATCP IN  ATCOA SS 2250.00 2103.40  146.60   6.97         2,700  Cash         n/a
HOT GR   ACS SM    68.29   64.50    3.79    5.88             0   Stk    01/31/11
EBK GR   3413Z GR  41.50   39.22    2.28    5.81             0  Cash         n/a
DIAS GA  EUROB GA   0.76    0.73    0.03    4.73       212,839   Stk         n/a
ROTO NA  Private   14.00   13.37    0.63    4.71           738   C/S         n/a
SLX GR   SWV GR     7.69    7.35    0.34    4.63             0   Stk         n/a
DCN SW   N/A       438.40  422.25  16.15    3.82             8  Cash    03/31/11
IFE1 GR  BXB AU    13.50   13.08    0.42    3.21             0  Cash         n/a
GEW IM   Private    4.20    4.07    0.13    3.19            10  Cash         n/a
BRE LN   Multiple  10.70   10.47    0.23    2.20        57,993  Cash    02/05/11
BWIN AV  PRTY LN   27.25   26.94    0.31    1.15       108,412   Stk    03/31/11
DRAK NA  PRY IM    18.31   18.11    0.20    1.13       487,993   C&S    02/03/11
TPL GR   Private    2.50    2.47    0.03    1.01             0  Cash    02/28/11
CRXL NA  JNJ US    24.75   24.52    0.23    0.94       180,192  Cash    02/16/11
NORK ID  BA/ LN     2.10    2.08    0.02    0.91     1,548,564  Cash    02/18/11
DCO DC   DD US     665.00  660.00   5.00    0.76           292  Cash    02/22/11
GRT LN   HGG LN     1.04    1.03    0.01    0.52       703,621   Stk    04/12/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
CARD SS  ASSAB SS  420.00  418.00   2.00    0.48         6,440  Cash    02/25/11
NSR LN   Private    1.10    1.10    0.01    0.46             0  Cash         n/a
EURX US  Private   12.00   11.95    0.05    0.42       125,531  Cash    02/11/11
SLG FP   SPR GR    38.05   37.90    0.15    0.40        20,288  Cash         n/a
FSG LN   SL/ LN     1.40    1.40    0.00    0.36             0  Cash    01/14/11
KBU GR   TEG GR     5.55    5.54    0.01    0.20             0  Cash    02/04/11
WSM LN   GE US      7.86    7.85    0.02    0.19       402,926  Cash    02/03/11
CHS LN   Multiple   1.60    1.60    0.00    0.16        49,791  Cash    02/28/11
EGR IM   ERG IM     0.97    0.97    0.00    0.15        99,358  Cash    02/28/11
VARDA GA Private    1.10    1.10    0.00    0.00         1,361  Cash         n/a
GSMN SW  Private   19.00   19.00    0.00    0.00         2,276  Cash         n/a
VELO LN  Private    1.65    1.65    0.00    0.00             0  Cash    02/03/11
CPSP LN  Private    0.82    0.83   -0.01   -0.60             0  Cash    06/09/11
QMED SS  Private   75.00   76.25   -1.25   -1.64             9  Cash    01/25/11
FTON SW  Private   350.00  357.00  -7.00   -1.96         1,073  Cash         n/a
WTGN SW  MMM US    62.00   63.45   -1.45   -2.29        57,378  Cash    03/31/11
NFDS LN  Private    0.73    0.75   -0.02   -2.34     3,847,821  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

Bloomberg reserves the right to edit or 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.