Arbitrage Profit in European Takeovers Pending Feb. 7

Feb. 7 (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
================================================================================
RPT LN   Private    0.38    0.31    0.07   21.60    12,050,389  Cash         n/a
CDN LN   Private    1.12    1.00    0.12   11.44     1,482,032  Cash         n/a
MCHL LN  COST LN    1.51    1.38    0.13    9.71       195,518   C&S         n/a
ATCP IN  ATCOA SS 2250.00 2090.05  159.95   7.65         1,263  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
================================================================================
SLX GR   SWV GR     8.10    7.65    0.45    5.88             0   Stk         n/a
FRG GR   Private   27.50   26.04    1.46    5.61             0  Cash         n/a
ROTO NA  Private   14.00   13.40    0.60    4.48            83   C/S         n/a
RISH NO  Private   31.00   30.00    1.00    3.33         2,248   C/S         n/a
GEW IM   Private    4.20    4.07    0.13    3.19         2,376  Cash         n/a
DCN SW   N/A       438.40  425.00  13.40    3.15            40  Cash    03/31/11
BRE LN   Multiple  10.70   10.48    0.22    2.10        86,243  Cash    02/12/11
IFE1 GR  BXB AU    13.50   13.27    0.23    1.73             0  Cash         n/a
BWIN AV  PRTY LN   26.61   26.18    0.42    1.62       109,444   Stk    03/31/11
DCO DC   DD US     665.00  657.00   8.00    1.22           258  Cash    02/22/11
CRXL NA  JNJ US    24.75   24.50    0.25    1.02       277,695  Cash    02/16/11
TPL GR   Private    2.50    2.48    0.02    0.93             0  Cash    02/28/11
NORK ID  BA/ LN     2.10    2.08    0.02    0.91        61,000  Cash    02/18/11
DRAK NA  PRY IM    18.80   18.63    0.17    0.89       246,930   C&S    02/03/11
GSMN SW  Private   19.00   18.85    0.15    0.80            27  Cash         n/a
CARD SS  ASSAB SS  420.00  417.00   3.00    0.72         9,979  Cash    03/18/11
VELO LN  Private    1.65    1.64    0.01    0.61             0  Cash    02/23/11
================================================================================
                   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
GRT LN   HGG LN     1.06    1.05    0.00    0.32     2,035,344   Stk    04/12/11
SLG FP   SPR GR    38.05   37.95    0.10    0.26         3,450  Cash         n/a
GAMMA NA Multiple  29.00   28.92    0.08    0.26         1,158  Cash         n/a
EURX US  Private   12.00   11.97    0.03    0.25       114,935  Cash    02/11/11
WSM LN   GE US      7.86    7.85    0.02    0.19       949,948  Cash    02/03/11
EGR IM   ERG IM     0.97    0.97    0.00    0.10       269,285  Cash    02/28/11
DIAS GA  EUROB GA   0.78    0.78    0.00    0.08       176,434   Stk         n/a
VARDA GA Private    1.10    1.10    0.00    0.00         6,868  Cash         n/a
FALA FP  Private  5390.00 5390.00   0.00    0.00            15  Cash         n/a
CPSP LN  Private    0.82    0.83    0.00    0.00             0  Cash    06/09/11
QMED SS  Private   75.00   76.25   -1.25   -1.64     1,080,924  Cash    01/25/11
WTGN SW  MMM US    62.00   63.25   -1.25   -1.98        32,954  Cash    03/31/11
FTON SW  Private   350.00  357.50  -7.50   -2.10           345  Cash    03/14/11
NFDS LN  Private    0.73    0.75   -0.02   -2.34     2,231,246  Cash         n/a
KBU GR   TEG GR     5.55    5.73   -0.18   -3.07             0  Cash    02/04/11
BSY LN   NWSA US    7.00    7.60   -0.60   -7.89     3,890,307  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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