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Arbitrage Profit in European Takeovers Pending Feb. 8

Feb. 8 (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
================================================================================
MCHL LN  COST LN    1.51    1.35    0.16   11.95     1,720,451   C&S         n/a
CDN LN   Private    1.12    1.00    0.12   11.72     2,321,047  Cash         n/a
ATCP IN  ATCOA SS 2250.00 2090.00  160.00   7.66         1,571  Cash         n/a
RISH NO  Private   31.00   28.80    2.20    7.64           236   C/S         n/a
EBK GR   3413Z GR  41.50   39.15    2.35    6.00             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
ROTO NA  Private   14.00   13.37    0.63    4.71           200   C/S         n/a
DCN SW   N/A       438.40  423.25  15.15    3.58            71  Cash    03/31/11
RPT LN   Private    0.38    0.37    0.01    3.40    21,588,050  Cash         n/a
GEW IM   Private    4.20    4.08    0.12    3.00         1,680  Cash         n/a
SLX GR   SWV GR     8.48    8.30    0.18    2.11             0   Stk         n/a
BRE LN   Multiple  10.70   10.48    0.22    2.10        26,644  Cash    02/12/11
IFE1 GR  BXB AU    13.50   13.27    0.23    1.73             0  Cash         n/a
DRAK NA  PRY IM    18.84   18.59    0.25    1.33        85,504   C&S         n/a
DCO DC   DD US     665.00  657.50   7.50    1.14            37  Cash    02/22/11
CRXL NA  JNJ US    24.75   24.49    0.26    1.06       362,757  Cash    02/16/11
NORK ID  BA/ LN     2.10    2.08    0.02    0.96        34,928  Cash    02/18/11
TPL GR   Private    2.50    2.48    0.02    0.93             0  Cash    02/28/11
GSMN SW  Private   19.00   18.85    0.15    0.80         5,950  Cash         n/a
BWIN AV  PRTY LN   26.86   26.68    0.18    0.66       129,729   Stk    03/31/11
VELO LN  Private    1.65    1.64    0.01    0.61             0  Cash    02/23/11
CARD SS  ASSAB SS  420.00  418.00   2.00    0.48         2,899  Cash    03/18/11
================================================================================
                   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
SLG FP   SPR GR    38.05   37.95    0.10    0.26       162,243  Cash         n/a
EGR IM   ERG IM     0.97    0.97    0.00    0.26        79,832  Cash    02/28/11
EURX US  Private   12.00   11.98    0.02    0.17       110,822  Cash    02/11/11
WSM LN   GE US      7.86    7.85    0.01    0.13        96,131  Cash    02/03/11
GRT LN   HGG LN     1.08    1.08    0.00    0.10       759,922   Stk    04/12/11
VARDA GA Private    1.10    1.10    0.00    0.00         3,394  Cash         n/a
FALA FP  Private  5390.00 5390.00   0.00    0.00           158  Cash         n/a
CPSP LN  Private    0.82    0.83    0.00    0.00             0  Cash    06/09/11
WTGN SW  MMM US    62.00   62.30   -0.30   -0.48       558,347  Cash    03/31/11
QMED SS  Private   75.00   75.75   -0.75   -0.99       299,315  Cash    01/25/11
NFDS LN  Private    0.73    0.75   -0.02   -2.34     1,639,764  Cash         n/a
DIAS GA  EUROB GA   0.75    0.77   -0.02   -2.60        43,483   Stk         n/a
KBU GR   TEG GR     5.55    5.73   -0.18   -3.14             0  Cash    02/04/11
FTON SW  Private   350.00  366.75  -16.75  -4.57         2,227  Cash    03/14/11
BSY LN   NWSA US    7.00    7.64   -0.64   -8.38     2,157,049  Cash         n/a
NFDS LN  GNC ID     0.55    0.89   -0.33   -37.53    1,639,764   Stk    06/30/11
================================================================================
   

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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