dealReporter Risk Arbitrage Weekly Overview 11 February 2011 - 17 February 2011

18/02/2011

On Monday Achilles Group announced they had received 72.69% acceptances, and the offer would be extended and remain open for acceptance until the next closing date on 19 February 2011. Achilles then announced on Wednesday the FSA and Lloyd's had both given approval in respect of the acquisition. On Thursday the offer was declared unconditional as to acceptances, after the number of acceptances required to fulfil the acceptance condition was reduced from 95% to 80%, and Achilles had received acceptances by that date of appproximately 81.23% of the share capital of BRIT.

The board of Feintool has taken a neutral stance to the public takeover offer by Franke Artemis Holding, a press release stated on Wednesday, and has decided against making a recommendation to shareholders to accept or decline the offer. PricewaterhouseCoopers, mandated to carry out a fairness opinion, concluded the offer price is fair and adequate.

The board of Greencore confirmed it is still considering its options in relation to whether or not Greencore will amend its offer for Northern Foods plc.

On Monday GROHE announced the intention to launch a public offer for Joyou via its wholly owned entity Grohe Asia AG. The offer price is EUR 13.50 per share, representing a premium of between 5 and 6% above the estimated average price of Joyou shares during the last three months. At the time of this announcement, GROHE had received irrevocable commitments from at least 30% of shareholdings in Joyou.

Nieuwe Steen Investments issued a statement last Friday regarding its proposed merger with VastNed, noting its positive aspects, yet affirming VastNed to be not the only possibility. On Monday Nieuwe Steen informed VastNed it was no longer interested in continuing negotiations regarding a possible merger. VastNed believed the exchange ratio offered by Nieuwe Steen insufficiently reflected the underlying value of VastNed, and dialogue over an acceptable compromise was not reached.

The boards of EAGA and Carillion announced they had reached agreement on the terms of the recommended cash acquisition of Carillion by EAGA. The acquisition has a value of GBP 1.20 per EAGA share, made up of GBP 1.1879 in cash and payment of the EAGA interim dividend of GBP 0.0121. The acquisition values the entire share capital of EAGA at approximately GBP 306.5m.The offer represents a premium of approximately 50% to EAGA's closing price of GBP 0.8 on 2 February 2011, the last business day prior to the issue of an announcement that Eaga was in talks that might lead to an offer, and a premium of approximately 30.4% to its closing price of GBP 0.92 on 10 February 2011, the last Business Day prior to the issue of this announcement.

The board of Q-Med unanimously recommended the increased offer by Galderma of SEK 79 per share last Friday. Galderma announced they had received acceptances from shareholders representign approximately 77.79% of Q-Med, and the acceptance period would be extended to 24 February 2011.

Last Friday 3M announced the final interim results of its offer for Winterthur, which showed its position amounted to 36.97% of Winterthur shares. By further announcing it waived the minimum acceptance threshold, 3M declared the offer successful. The additional acceptance period during which the offer can still be accped will run until 25 February 2011.

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