Arbitrage Profit in European Takeovers Pending Feb. 10

Feb. 10 (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.

================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
MCHL LN  COST LN    1.53    1.34    0.20   14.86       187,279   C&S         n/a
CDN LN   Private    1.12    1.01    0.11   10.89     1,231,332  Cash         n/a
ATCP IN  ATCOA SS 2250.00 2044.95  205.05  10.03         2,684  Cash         n/a
FRG GR   Private   27.50   25.40    2.10    8.27             0  Cash         n/a
EBK GR   3413Z GR  41.50   39.27    2.23    5.68             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           175   C/S         n/a
GEW IM   Private    4.20    4.05    0.15    3.70         4,451  Cash         n/a
DCN SW   N/A       438.40  423.75  14.65    3.46            35  Cash    03/31/11
SLX GR   SWV GR     8.34    8.20    0.14    1.71             0   Stk         n/a
IFE1 GR  BXB AU    13.50   13.28    0.22    1.66             0  Cash         n/a
BRE LN   Multiple  10.70   10.55    0.15    1.42        16,219  Cash    02/12/11
DCO DC   DD US     665.00  657.50   7.50    1.14       430,188  Cash    02/22/11
WSM LN   GE US      7.86    7.79    0.08    0.96       375,516  Cash    02/03/11
NORK ID  BA/ LN     2.10    2.08    0.02    0.96        46,862  Cash    02/18/11
TPL GR   Private    2.50    2.48    0.02    0.93             0  Cash    02/28/11
CRXL NA  JNJ US    24.75   24.52    0.23    0.92       143,912  Cash    02/16/11
GSMN SW  Private   19.00   18.85    0.15    0.80        16,013  Cash         n/a
RPT LN   Private    0.38    0.38    0.00    0.66     7,695,069  Cash         n/a
VELO LN  Private    1.65    1.64    0.01    0.61             0  Cash    02/23/11
CARD SS  ASSAB SS  420.00  417.50   2.50    0.60         2,578  Cash    03/18/11
SLG FP   SPR GR    38.05   37.91    0.14    0.37        53,705  Cash         n/a
EGR IM   ERG IM     0.97    0.97    0.00    0.26       199,382  Cash    02/28/11
================================================================================
   

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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