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Arbitrage Profit in European Takeovers Pending Oct.8

Oct. 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.

================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
AFD LN   Multiple   0.51    0.39    0.12   32.47             0   Stk         n/a
OCE NA   7751 JP    8.60    7.84    0.76    9.69        11,500  Cash         n/a
EGNAK GA CPB CY     1.06    0.97    0.09    8.88         1,784   Stk         n/a
IFC LN   Private    1.16    1.08    0.08    7.50             0  Cash         n/a
OLV FP   Private    1.70    1.60    0.10    6.25        23,147  Cash    09/15/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
BRE LN   APOLLZ US 10.75   10.35    0.40    3.86       181,013  Cash         n/a
RISH NO  Private   31.00   30.00    1.00    3.33             0   C/S         n/a
BWIN AV  PRTY LN   39.78   38.70    1.08    2.80        50,598   Stk    03/31/11
PROD NO  BWO NO    17.16   16.70    0.46    2.75         2,200   C&S    09/30/10
GEW IM   Private    4.20    4.10    0.10    2.50         3,100  Cash         n/a
BTSM LN  TPK LN     4.61    4.50    0.11    2.35       521,813   C&S         n/a
FNB PL   Private    1.95    1.92    0.03    1.56         5,514  Cash         n/a
AUX BB   BREB BB   563.50  555.10   8.40    1.51            50   C&S         n/a
ROTO NA  Private   14.00   13.80    0.20    1.45           350   C/S         n/a
CHX LN   RUG1V FH   0.37    0.36    0.01    1.39             0  Cash         n/a
IBLA SM  BAY LN     3.04    3.01    0.03    1.04     5,624,959   Stk    12/31/10
SPI LN   Private    0.70    0.70    0.00    0.72       333,635  Cash         n/a
CARL LN  Private    1.42    1.41    0.01    0.71             0  Cash         n/a
CRXL NA  JNJ US    24.75   24.60    0.15    0.61       979,796  Cash    03/31/11
SM7 GR   JPM US    20.00   19.89    0.11    0.55             0  Cash         n/a
NAAN SW  CSGN VX  1000.00  995.50   4.50    0.45             2  Cash    10/22/10
DAYN SW  ADBE US   139.00  138.50   0.50    0.36            20  Cash    12/31/10
================================================================================
                   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       163,265  Cash    10/29/10
DPB GR   DBK GR    25.00   24.92    0.08    0.34            41  Cash    11/04/10
MOVE BB  SHP LN    19.00   18.95    0.05    0.26           550  Cash    09/27/10
DDT LN   9432 JP    1.20    1.20    0.00    0.08       367,687  Cash    10/11/10
DNX LN   Private   18.00   17.99    0.01    0.06       456,814  Cash         n/a
FRG GR   Private   27.50   27.49    0.01    0.04             0  Cash         n/a
SPR FP   HON US    116.00  116.00   0.00    0.00         4,172  Cash    10/12/10
NUT LN   Private    0.06    0.07    0.00    0.00             0  Cash         n/a
DATA LN  MA US      3.60    3.60    0.00    0.00        36,116  Cash    10/31/10
SUB NO   ACY NO    121.41  121.50  -0.09   -0.07       750,962   Stk    03/31/11
SHDP LN  TWX US     1.15    1.16   -0.01   -0.86             0 C,S&D    10/13/10
MTL LN   Private    0.13    0.13    0.00   -1.89             0  Cash         n/a
MTRS SS  ALFA SS   75.00   76.50   -1.50   -1.96       686,494  Cash    10/15/10
CPH LN   NDS SJ     0.74    0.76   -0.01   -1.99             0  Cash         n/a
WSM LN   GE US      7.50    7.68   -0.18   -2.34     1,362,690  Cash         n/a
ITL LN   CSGS US    0.72    0.74   -0.02   -2.70     3,254,497  Cash    12/31/10
MTRS SS  Private   73.00   76.50   -3.50   -4.58       686,494  Cash    10/21/10
================================================================================
                   Offer/  Target         Current      Target          Expected
Target   Acquirer  Share   Price   Spread Premium      Volume  Pymt  Completion
================================================================================
COV AV   JPM US    47.00   50.06   -3.06   -6.11             0  Cash         n/a
HOT GR   ACS SM    58.81   63.64   -4.83   -7.59             0   Stk         n/a
ALT GR   Private   15.01   16.28   -1.27   -7.80         9,061  Cash         n/a
UCP LN   UT IN      0.31    0.34   -0.03   -9.49             0  Cash         n/a
MOU LN   RHL LN     0.70    0.83   -0.13   -15.15            0  Cash    10/13/10
PUI GR   Private   17.73   24.28   -6.56   -26.99            0  Cash         n/a
GUI SM   SAB SM     2.31    4.19   -1.88   -44.97       17,561   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: 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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