Arbitrage Profit in European Takeovers Pending Feb. 4

Feb. 4 (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   11.44     3,408,481  Cash         n/a
MCHL LN  COST LN    1.54    1.40    0.15   10.72       624,804   C&S         n/a
ATCP IN  ATCOA SS 2250.00 2105.25  144.75   6.88         1,335  Cash         n/a
FRG GR   Private   27.50   25.99    1.51    5.81             0  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
EBK GR   3413Z GR  41.50   39.27    2.23    5.68             0  Cash         n/a
ROTO NA  Private   14.00   13.37    0.63    4.71           150   C/S         n/a
RISH NO  Private   31.00   29.70    1.30    4.38         1,814   C/S         n/a
GEW IM   Private    4.20    4.07    0.13    3.07         3,099  Cash         n/a
DRAK NA  PRY IM    18.45   17.94    0.51    2.83       388,149   C&S    02/03/11
BRE LN   Multiple  10.70   10.48    0.22    2.10        89,405  Cash    02/05/11
DCN SW   N/A       438.40  430.00   8.40    1.95           643  Cash    03/31/11
IFE1 GR  BXB AU    13.50   13.29    0.21    1.58             0  Cash         n/a
VELO LN  Private    1.65    1.63    0.02    1.23             0  Cash    02/23/11
DCO DC   DD US     665.00  657.50   7.50    1.14           429  Cash    02/22/11
CRXL NA  JNJ US    24.75   24.51    0.24    0.96       117,612  Cash    02/16/11
NORK ID  BA/ LN     2.10    2.08    0.02    0.96        81,317  Cash    02/18/11
TPL GR   Private    2.50    2.48    0.02    0.93           149  Cash    02/28/11
GSMN SW  Private   19.00   18.85    0.15    0.80         1,026  Cash         n/a
CARD SS  ASSAB SS  420.00  417.00   3.00    0.72        81,701  Cash    03/18/11
DIAS GA  EUROB GA   0.80    0.80    0.00    0.60        68,223   Stk         n/a
BWIN AV  PRTY LN   26.10   26.00    0.10    0.39       271,099   Stk    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
FSG LN   SL/ LN     1.40    1.40    0.00    0.36             0  Cash    01/14/11
EURX US  Private   12.00   11.96    0.04    0.33        46,347  Cash    02/11/11
SLG FP   SPR GR    38.05   37.93    0.12    0.32        14,944  Cash         n/a
GAMMA NA Multiple  29.00   28.92    0.08    0.26         1,154  Cash         n/a
WSM LN   GE US      7.86    7.84    0.02    0.26        31,744  Cash    02/03/11
EGR IM   ERG IM     0.97    0.97    0.00    0.26       141,719  Cash    02/28/11
GRT LN   HGG LN     1.03    1.03    0.00    0.20       762,605   Stk    04/12/11
CHS LN   Multiple   1.60    1.60    0.00    0.16        49,791  Cash    02/28/11
SLX GR   SWV GR     7.76    7.75    0.01    0.12            10   Stk         n/a
VARDA GA Private    1.10    1.10    0.00    0.00         2,812  Cash         n/a
CPSP LN  Private    0.82    0.83    0.00    0.00             0  Cash    06/09/11
KBU GR   TEG GR     5.55    5.61   -0.06   -1.07             0  Cash    02/04/11
FTON SW  Private   350.00  355.25  -5.25   -1.48           337  Cash    03/14/11
QMED SS  Private   75.00   76.25   -1.25   -1.64       257,562  Cash    01/25/11
WTGN SW  MMM US    62.00   63.25   -1.25   -1.98        25,871  Cash    03/31/11
NFDS LN  Private    0.73    0.75   -0.02   -2.34     1,373,882  Cash         n/a
BSY LN   NWSA US    7.00    7.68   -0.67   -8.79     3,999,298  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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