European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>In a back to the 90's, Deustche seeks to acquire UK corporate stockbroker Numis for a  350p/share package (72% premium, 2.1x P/BVPS, 15.5x on a smoothed-out P/E) via scheme of arrangement.</li>
<li>The deal should bring deal flow to Deutsche Bank's UK business. Mifid II may spark more consolidation across UK brokers. Readacross: <a href="https://www.smartkarma.com/entities/peel-hunt-ltd-guernsey" target="_blank" data-smartkarma-citation="entities:34432:1" rel="noopener">Peel Hunt Ltd/Guernsey (PEEL LN)</a> could become a target.</li>
<li>Irrevocables are 27.2%. There's no arguing with the premium and the deal should close. Spread is 2.63%/c. 4.93% (gross/annualised, assuming for simplicity all payments at settlement, around 15 November). <strong>Long.</strong>
</li>
</ul>


In a back to the 90's, Deustche seeks to acquire UK corporate stockbroker Numis for a  350p/share package (72% premium, 2.1x P/BVPS, 15.5x on a smoothed-out P/E) via scheme of arrangement.
The deal should bring deal flow to Deutsche Bank's UK business. Mifid II may spark more consolidation across UK brokers. Readacross: Peel Hunt Ltd/Guernsey (PEEL LN) could become a target.
Irrevocables are 27.2%. There's no arguing with the premium and the deal should close. Spread is 2.63%/c. 4.93% (gross/annualised, assuming for simplicity all payments at settlement, around 15 November). Long.



Deutsche Bank/Numis Corporation: Acquiring Deal Flow

United Kingdom

Peel Hunt Limited of Guernsey operates as an investment bank The Bank offers investment and asset management, execution and trading, credit, sales, and internet services. Peel Hunt serves clients worldwide.

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Deutsche Bank/Numis Corporation: Acquiring Deal Flow

Numis and Deutsche Bank announced a recommended all-cash to be implemented by a scheme of arrangement, with the aim of complementing DB's UK...

Jesus Rodriguez Aguilar