European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Apollo has acquired 21.85% of <a href="https://www.smartkarma.com/entities/applus-services-sa" target="_blank" data-smartkarma-citation="entities:21249:1" rel="noopener">Applus Services SA (APPS SM)</a> from risk arb funds and raised the offer price by 12% to €10.65/share, 9% above I Squared/TDR's offer.</li>
<li>The competing consortium should counterbid to stay in the game. My fair value estimate is €10.92. The shares are trading at €10.88 in the hope of a counteroffer.</li>
<li>If you have not been holding the shares since the outset (I have been positive about the shares since May), I would probably weight the risk/reward before getting involved.</li>
</ul>


Apollo has acquired 21.85% of Applus Services SA (APPS SM) from risk arb funds and raised the offer price by 12% to €10.65/share, 9% above I Squared/TDR's offer.
The competing consortium should counterbid to stay in the game. My fair value estimate is €10.92. The shares are trading at €10.88 in the hope of a counteroffer.
If you have not been holding the shares since the outset (I have been positive about the shares since May), I would probably weight the risk/reward before getting involved.


Apollo Increases Its Advantage in the Bidding War

<ul>
<li>The spread has been in positive territory since the announcement. Apollo only bid the minimum requested by the Board. Investors hope for a counteroffer or Apollo sweetening its offer. </li>
<li>Exceeding the 75% threshold is key for Apollo to be able to quickly and effectively carry out the delisting of Applus+, the objective stated in the  offer announcement. </li>
<li>Risk arbitrageurs holding now over 25%, may give that gentle push, otherwise delisting will be in jeopardy. A sweetening/counteroffer in the range €10-10.5/share seems very likely.</li>
</ul>


The spread has been in positive territory since the announcement. Apollo only bid the minimum requested by the Board. Investors hope for a counteroffer or Apollo sweetening its offer. 
Exceeding the 75% threshold is key for Apollo to be able to quickly and effectively carry out the delisting of Applus+, the objective stated in the  offer announcement. 
Risk arbitrageurs holding now over 25%, may give that gentle push, otherwise delisting will be in jeopardy. A sweetening/counteroffer in the range €10-10.5/share seems very likely.


Spain

Telepizza Group, S.A.U. operates pizza restaurants. The Company has headquarters in Spain and serves customers throughout Europe and South America.

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Telepizza Group Sa (TPZ SM)

Apollo Increases Its Advantage in the Bidding War

Apollo acquires 21.85% of Applus Services, raises offer price by 12% and 9% above I Squared/TDR. The market expects a counteroffer. If not already...

Jesus Rodriguez Aguilar

Apollo/Applus: Blocking Minorities

The spread has been in positive territory since the announcement. Apollo only bid the minimum requested by the Board. Investors hope for a...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Apollo Increases Its Advantage in the Bidding War

​Apollo acquires 21.85% of Applus Services, raises offer price by 12% and 9% above I Squared/TDR. The market expects a counteroffer. If not already...

Jesus Rodriguez Aguilar

Apollo/Applus: Blocking Minorities

The spread has been in positive territory since the announcement. Apollo only bid the minimum requested by the Board. Investors hope for a...

Jesus Rodriguez Aguilar

Apollo acquires 21.85% of Applus Services, raises offer price by 12% and 9% above I Squared/TDR. The market expects a counteroffer. If not already...