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Arbitrage Profit in European Takeovers Pending Aug. 27

Aug. 27 (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
================================================================================
OCE NA   7751 JP    8.60    6.50    2.10   32.31         6,446  Cash         n/a
SPI LN   Private    0.65    0.54    0.11   20.37       133,972  Cash         n/a
GIPS NO  GOOG US   13.00   11.50    1.50   13.04           235  Cash    08/27/10
PROD NO  BWO NO    14.47   12.85    1.62   12.58        58,672   C&S    09/08/10
BRE LN   APOLLZ US 10.75    9.57    1.18   12.27        68,534  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
EGNAK GA CPB CY     1.09    0.98    0.11   11.20           500   Stk         n/a
KDD LN   FDI LN     0.11    0.10    0.01    5.63       359,434   Stk    09/30/10
BWIN AV  PRTY LN   38.90   37.69    1.22    3.23        20,294   Stk    03/31/11
GEW IM   Private    4.20    4.11    0.09    2.31           500  Cash         n/a
IBLA SM  BAY LN     2.63    2.57    0.06    2.22     3,398,159   Stk    12/31/10
FNB PL   Private    1.95    1.91    0.04    2.09        21,543  Cash         n/a
OLV FP   Private    1.70    1.67    0.03    1.80       177,530  Cash         n/a
EITZEN DCPrivate   30.51   30.00    0.51    1.70             0  Cash    08/16/10
SUB NO   ACY NO    102.77  101.30   1.47    1.45       148,985   Stk    03/31/11
SHDP LN  TWX US     1.15    1.14    0.01    1.32         1,241 C,S&D         n/a
RIE NO   Private   40.50   40.00    0.50    1.25         1,800  Cash    08/03/10
SPR FP   HON US    117.00  115.75   1.25    1.08           482  Cash    09/30/10
HLB SS   RATOB SS  49.00   48.50    0.50    1.03            13  Cash    08/20/10
BTSM LN  TPK LN     4.29    4.24    0.04    1.02        76,463   C&S         n/a
TOMK LN  Multiple   3.25    3.22    0.03    0.96     1,786,713  Cash         n/a
MOVE BB  SHP LN    19.00   18.83    0.17    0.90         6,898  Cash         n/a
DATA LN  MA US      3.60    3.57    0.03    0.84       385,091  Cash    10/31/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
DAYN SW  ADBE US   139.00  138.00   1.00    0.72           623  Cash    12/31/10
SWG LN   URS US     2.90    2.89    0.01    0.35        10,280  Cash    09/10/10
ARI LN   DBHN GR    7.75    7.73    0.02    0.26             0  Cash    08/31/10
SSL LN   RB/ LN    11.63   11.62    0.01    0.09       590,560  Cash         n/a
ACADB SS Private   205.00  205.00   0.00    0.00         1,577  Cash    09/13/10
TRIC SS  BARC LN    8.00    8.00    0.00    0.00       124,475  Cash         n/a
GNG FP   GRONT NA  28.20   28.20    0.00    0.00         1,156  Cash         n/a
MTL LN   Private    0.13    0.13    0.00    0.00       245,000  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00   -0.17       980,365  Cash         n/a
DNX LN   Private   18.00   18.08   -0.08   -0.44       354,303  Cash         n/a
BSY LN   NWSA US    7.00    7.07   -0.07   -0.92       839,268  Cash         n/a
USA GR   Private   17.00   17.21   -0.21   -1.22           161  Cash    07/27/10
UCP LN   UT IN      0.31    0.32    0.00   -1.59           584  Cash         n/a
COV AV   JPM US    47.00   48.51   -1.51   -3.11         1,476  Cash         n/a
WL6 GR   Private    4.10    4.25   -0.15   -3.53         5,234  Cash    08/12/10
IDS GR   SOW GR    15.00   16.05   -1.05   -6.54           830  Cash         n/a
RISH NO  Private   31.00   34.00   -3.00   -8.82             0   C/S         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
ALT GR   Private   14.00   16.28   -2.28   -14.00        9,061  Cash         n/a
TF IM    IF IM      1.25    1.47   -0.22   -15.02        1,000  Cash         n/a
ACADB SS Private   170.00  205.00  -35.00  -17.07        1,577  Cash         n/a
PUI GR   Private   17.73   24.01   -6.28   -26.16          627  Cash         n/a
SPR FP   Private   70.00   115.75  -45.75  -39.52          482  Cash         n/a
GUI SM   SAB SM     2.38    4.67   -2.29   -48.96        3,118 C,S&D         n/a
================================================================================
NOTE: For more information on calculations and methodology, see
{MARB <GO>} and hit the HELP key once. To download this data into
a spreadsheet, see {MARB <GO>} then choose Output to Excel or type
97 <GO>.

SOURCE: Bloomberg

To contact the reporter on this story: Wendy Soong in New York at csoong@bloomberg.net

To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net

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