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Arbitrage Profit in European Takeovers Pending Sept. 7

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Sept. 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.

================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
OCE NA   7751 JP    8.60    7.07    1.53   21.64           525  Cash         n/a
PROD NO  BWO NO    14.79   12.35    2.44   19.76       312,097   C&S    09/08/10
BRE LN   APOLLZ US 10.75    9.63    1.12   11.63        56,006  Cash         n/a
EGNAK GA CPB CY     1.11    1.05    0.06    5.71           506   Stk         n/a
BWIN AV  PRTY LN   40.11   38.70    1.41    3.64         9,003   Stk    03/31/11
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AUX BB   BREB BB   542.38  525.05  17.33    3.30             3   C&S         n/a
FNB PL   Private    1.95    1.91    0.04    2.09         5,485  Cash         n/a
KDD LN   FDI LN     0.12    0.12    0.00    2.06       178,645   Stk    09/30/10
IBLA SM  BAY LN     2.76    2.71    0.05    1.95     2,982,085   Stk    12/31/10
GEW IM   Private    4.20    4.12    0.08    1.94         1,464  Cash         n/a
HLB SS   RATOB SS  49.00   48.20    0.80    1.66         3,435  Cash    08/20/10
SHDP LN  TWX US     1.15    1.14    0.01    1.32           108 C,S&D         n/a
SUB NO   ACY NO    107.25  106.00   1.25    1.18       216,675   Stk    03/31/11
SPR FP   HON US    117.00  115.75   1.25    1.08           185  Cash    09/30/10
BTSM LN  TPK LN     4.41    4.37    0.04    0.99        84,979   C&S         n/a
DATA LN  MA US      3.60    3.57    0.03    0.98     2,442,859  Cash    10/31/10
SM7 GR   JPM US    20.00   19.86    0.14    0.70        41,886  Cash         n/a
MOVE BB  SHP LN    19.00   18.88    0.12    0.64         2,141  Cash    09/27/10
OLV FP   Private    1.70    1.69    0.01    0.59         1,150  Cash    09/15/10
DAYN SW  ADBE US   139.00  138.20   0.80    0.58         7,265  Cash    12/31/10
TOMK LN  Multiple   3.25    3.24    0.02    0.46     2,086,368  Cash         n/a
CARL LN  Private    1.42    1.42    0.00    0.35        48,597  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
SSL LN   RB/ LN    11.63   11.59    0.04    0.35     1,908,229  Cash         n/a
DDT LN   9432 JP    1.20    1.20    0.00    0.33     1,175,311  Cash         n/a
SWG LN   URS US     2.90    2.89    0.01    0.26        12,675  Cash    09/10/10
EITZEN DCPrivate   30.51   30.50    0.01    0.03           800  Cash    08/16/10
RISH NO  Private   31.00   31.00    0.00    0.00         1,500   C/S         n/a
ACADB SS Private   205.00  205.00   0.00    0.00           751  Cash    09/13/10
TRIC SS  BARC LN    8.00    0.00    8.00    0.00             0  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        40,322  Cash         n/a
DNX LN   Private   18.00   18.08   -0.08   -0.44       154,607  Cash         n/a
SPI LN   Private    0.65    0.66   -0.01   -1.14       692,303  Cash         n/a
BSY LN   NWSA US    7.00    7.09   -0.08   -1.20     7,268,636  Cash         n/a
UCP LN   UT IN      0.31    0.33   -0.01   -4.62         4,357  Cash         n/a
MTRS SS  ALFA SS   68.00   71.50   -3.50   -4.90       968,965  Cash    10/08/10
IDS GR   SOW GR    15.00   15.93   -0.93   -5.84           325  Cash         n/a
COV AV   JPM US    47.00   50.40   -3.40   -6.75           660  Cash         n/a
ALT GR   Private   15.01   16.28   -1.27   -7.80         9,061  Cash         n/a
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
WL6 GR   Private    4.10    4.68   -0.58   -12.39       10,870  Cash    08/12/10
TF IM    IF IM      1.25    1.48   -0.23   -15.31       56,045  Cash         n/a
ACADB SS Private   170.00  205.00  -35.00  -17.07          751  Cash         n/a
PUI GR   Private   17.73   23.00   -5.27   -22.91        1,559  Cash         n/a
SPR FP   Private   70.00   115.75  -45.75  -39.52          185  Cash         n/a
GUI SM   SAB SM     2.44    4.58   -2.14   -46.71       10,724 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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