Arbitrage Profit in European Takeovers Pending Feb. 3

Feb. 3 (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
CDN LN   Private    1.12    1.00    0.12   12.00     1,452,862  Cash         n/a
MCHL LN  COST LN    1.54    1.40    0.14   10.32       192,968   C&S         n/a
ATCP IN  ATCOA SS 2250.00 2107.50  142.50   6.76         2,892  Cash         n/a
EBK GR   3413Z GR  41.50   39.16    2.34    5.98             0  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FRG GR   Private   27.50   25.99    1.51    5.81             0  Cash         n/a
HOT GR   ACS SM    67.22   63.95    3.27    5.11             0   Stk    01/31/11
ROTO NA  Private   14.00   13.37    0.63    4.71           738   C/S         n/a
RISH NO  Private   31.00   29.70    1.30    4.38         1,875   C/S         n/a
DIAS GA  EUROB GA   0.79    0.76    0.03    3.99       520,860   Stk         n/a
GEW IM   Private    4.20    4.05    0.15    3.70           755  Cash         n/a
DCN SW   N/A       438.40  423.25  15.15    3.58            16  Cash    03/31/11
BRE LN   Multiple  10.70   10.48    0.22    2.10        54,049  Cash    02/05/11
BWIN AV  PRTY LN   26.96   26.47    0.49    1.87        77,401   Stk    03/31/11
IFE1 GR  BXB AU    13.50   13.27    0.23    1.73             0  Cash         n/a
DCO DC   DD US     665.00  656.00   9.00    1.37           626  Cash    02/22/11
TPL GR   Private    2.50    2.48    0.02    0.97             0  Cash    02/28/11
NORK ID  BA/ LN     2.10    2.08    0.02    0.96       330,656  Cash    02/18/11
CRXL NA  JNJ US    24.75   24.52    0.23    0.94       353,205  Cash    02/16/11
DRAK NA  PRY IM    18.31   18.16    0.15    0.85       545,743   C&S    02/03/11
GSMN SW  Private   19.00   18.85    0.15    0.80        11,400  Cash         n/a
SLX GR   SWV GR     7.65    7.60    0.05    0.67             0   Stk         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
EURX US  Private   12.00   11.95    0.05    0.42       164,996  Cash    02/11/11
SLG FP   SPR GR    38.05   37.91    0.14    0.37        55,199  Cash         n/a
CARD SS  ASSAB SS  420.00  418.50   1.50    0.36        15,492  Cash    03/18/11
FSG LN   SL/ LN     1.40    1.40    0.00    0.36             0  Cash    01/14/11
GRT LN   HGG LN     1.03    1.03    0.00    0.33     1,143,047   Stk    04/12/11
WSM LN   GE US      7.86    7.85    0.02    0.19        57,839  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       235,995  Cash    02/28/11
VARDA GA Private    1.10    1.10    0.00    0.00         4,517  Cash         n/a
CPSP LN  Private    0.82    0.83    0.00    0.00             0  Cash    06/09/11
VELO LN  Private    1.65    1.65    0.00    0.00             0  Cash    02/03/11
KBU GR   TEG GR     5.55    5.56   -0.01   -0.11             0  Cash    02/04/11
GAMMA NA Multiple  29.00   29.05   -0.05   -0.17           921  Cash         n/a
QMED SS  Private   75.00   76.25   -1.25   -1.64       294,626  Cash    01/25/11
FTON SW  Private   350.00  356.00  -6.00   -1.69           460  Cash         n/a
WTGN SW  MMM US    62.00   63.45   -1.45   -2.29        43,406  Cash    03/31/11
NFDS LN  Private    0.73    0.75   -0.02   -2.34     2,564,000  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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