CEO, Manalo LLP

Roderick Manlo

Manalo LLP

We provide event driven research services to hedge fund managers and institutional investors that cover select definitive and pre-announced M&A deals, focusing on identifying and analysing the key upside and downside risks to a particular transaction. We primarily analyse $billion+ takeovers or mergers of publicly-traded European targets, but also look at deals globally to assess when there is a key European angle or aspect that can influence the deal outcome.

With over 16 years’ experience in risk arbitrage and investment banking, we specialise in providing research and advisory services on all facets of risk arbitrage, with particular expertise in:

- Cross-Border M&A
- Hostile Takeovers
- Local Takeover Codes
- Antitrust & Competition
- Financial Valuation
- Shareholder Vote Analysis
- Impacts of Precedent Transactions
- Risk Arbitrage Trading Strategies

Event-Driven

<p>Atkins is not a “must-have”, as evidenced by SNC’s “no-increase statement” on which, under UK takeover law, virtually dismisses any chances of a bump, except in the event of a counterbid from a third party. This has singlehandedly broken the bumpitrage argument and, from here, opinions stating that dissident Atkins shareholders can successfully push for higher cash consideration should generally be ignored. Since SNC previously confirmed that Atkins shareholders would not be entitled to retain its regular dividend in addition to the offer consideration, it would not be possible under the UK Takeover Code for SNC to have Atkins pay its regular dividend and then waive its right to reduce the offer price. Set to close early next month, this transaction looks very clean from here and Atkins' current stock price reflects this.</p>

Atkins is not a “must-have”, as evidenced by SNC’s “no-increase statement” on which, under UK takeover law, virtually dismisses any chances of a bump, except in the event of a counterbid from a third party. This has singlehandedly broken the bumpitrage argument and, from here, opinions stating that dissident Atkins shareholders can successfully push for higher cash consideration should generally be ignored. Since SNC previously confirmed that Atkins shareholders would not be entitled to retain its regular dividend in addition to the offer consideration, it would not be possible under the UK Takeover Code for SNC to have Atkins pay its regular dividend and then waive its right to reduce the offer price. Set to close early next month, this transaction looks very clean from here and Atkins' current stock price reflects this.

WS Atkins / SNC-Lavalin Group: Few, if Any, Deal Impediments

United Kingdom

WS Atkins plc provides design, engineering and project management consulting services. The Company offers services including engineering and advanced technology consultancy, management services, property and building design services, facilities management and other related professional services. Atkins serves customers in the United Kingdom, North America, the Middle East and Asia.

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WS Atkins PLC (ATK LN)

WS Atkins / SNC-Lavalin Group: Few, if Any, Deal Impediments

Atkins is not a “must-have”, as evidenced by SNC’s “no-increase statement” on which, under UK takeover law, virtually dismisses any chances of a...

Roderick Manlo

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