Arbitrage Profit in European Takeovers Pending Feb. 9

Feb. 9 (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    1.56    1.34    0.22   16.50       859,614   C&S         n/a
CDN LN   Private    1.12    1.01    0.11   10.89     1,376,752  Cash         n/a
ATCP IN  ATCOA SS 2250.00 2100.00  150.00   7.14         5,003  Cash         n/a
EBK GR   3413Z GR  41.50   39.12    2.38    6.08             0  Cash         n/a
FRG GR   Private   27.50   26.00    1.50    5.77             0  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
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           298  Cash    03/31/11
SLX GR   SWV GR     8.64    8.40    0.24    2.86             0   Stk         n/a
RPT LN   Private    0.38    0.37    0.01    2.70    23,699,477  Cash         n/a
GEW IM   Private    4.20    4.10    0.10    2.44         1,078  Cash         n/a
BRE LN   Multiple  10.70   10.50    0.20    1.90        92,896  Cash    02/12/11
IFE1 GR  BXB AU    13.50   13.28    0.22    1.66             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           219  Cash    02/22/11
BWIN AV  PRTY LN   26.73   26.44    0.29    1.10        72,347   Stk    03/31/11
WSM LN   GE US      7.86    7.79    0.08    0.96       779,676  Cash    02/03/11
NORK ID  BA/ LN     2.10    2.08    0.02    0.96       139,235  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        16,800  Cash         n/a
CRXL NA  JNJ US    24.75   24.56    0.19    0.79       609,773  Cash    02/16/11
GRT LN   HGG LN     1.09    1.08    0.01    0.78       719,654   Stk    04/12/11
DRAK NA  PRY IM    18.95   18.84    0.11    0.57       103,187   C&S         n/a
================================================================================
                   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         6,976  Cash    03/18/11
FSG LN   SL/ LN     1.40    1.40    0.00    0.36         3,000  Cash    01/14/11
SLG FP   SPR GR    38.05   37.95    0.10    0.26        40,584  Cash         n/a
EGR IM   ERG IM     0.97    0.97    0.00    0.26        40,503  Cash    02/28/11
EURX US  Private   12.00   11.98    0.02    0.17        49,955  Cash    02/11/11
VARDA GA Private    1.10    1.10    0.00    0.00         4,860  Cash         n/a
FALA FP  Private  5390.00 5390.00   0.00    0.00           166  Cash         n/a
GAMMA NA Multiple  29.00   29.00    0.00   -0.02        24,602  Cash         n/a
WTGN SW  MMM US    62.00   62.25   -0.25   -0.40        37,014  Cash    03/31/11
CPSP LN  Private    0.82    0.83   -0.01   -0.60             0  Cash    06/09/11
QMED SS  Private   75.00   76.75   -1.75   -2.28       174,191  Cash    01/25/11
RISH NO  Private   31.00   31.80   -0.80   -2.52           236   C/S         n/a
NFDS LN  Private    0.73    0.75   -0.02   -2.99     2,374,961  Cash         n/a
FTON SW  Private   350.00  363.00  -13.00  -3.58           285  Cash    03/14/11
KBU GR   TEG GR     5.55    5.92   -0.37   -6.25           400  Cash    02/04/11
BSY LN   NWSA US    7.00    7.64   -0.63   -8.32     2,383,773  Cash         n/a
DIAS GA  EUROB GA   0.75    0.85   -0.10   -11.58      739,660   Stk         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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