European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The main shareholders of Caverion (27.08% in aggregate) are joining Bain Capital in a voluntary recommended public €7/share cash tender offer that seems adequate in the short term.</li>
<li>Nevertheless the offer price fails to account for the potential of Caverion, in my view. My fair value estimate (comps-based) is €9.01/share, thus an offer sweetening could be likely.</li>
<li>I consider it unlikely that the offer will fail, and although the current spread is not so attractive on a rate of return basis, I would be long the shares.</li>
</ul>


The main shareholders of Caverion (27.08% in aggregate) are joining Bain Capital in a voluntary recommended public €7/share cash tender offer that seems adequate in the short term.
Nevertheless the offer price fails to account for the potential of Caverion, in my view. My fair value estimate (comps-based) is €9.01/share, thus an offer sweetening could be likely.
I consider it unlikely that the offer will fail, and although the current spread is not so attractive on a rate of return basis, I would be long the shares.


North Holdings 3/Caverion: Agreed Takeout

Finland

Caverion Corporation provides building systems and industrial services in the Nordic countries, Central Europe, Russia and the Baltic countries. The Company provides services that cover all building systems in properties, including HVAC systems, security, fire safety and telecommunications systems as well as the automation that controls them.

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Caverion Corp (CAV1V FH)

North Holdings 3/Caverion: Agreed Takeout

The main shareholders of Caverion (27.08% in aggregate) are joining Bain Capital in a voluntary recommended public €7/share cash tender offer.

Jesus Rodriguez Aguilar

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52-week Range

Market Cap (USDm)

P/E

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