European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Advent & CenterBridge/Aareal Bank AG: Lapsed Offer

Advent & CenterBridge/​Aareal: Getting the Holdouts on Board

Advent & Centerbridge/Aareal: Bid Progress, Attractive Spread

Advent & CenterBridge/Aareal Bank AG: Agreed Takeover Offer

Event-Driven

<ul>
<li>On 26 January, the consortium offered a "best and final" offer of €31/share, a 6.9% increase vs. the initial one. Minimum acceptance threshold is 60%. Offer extended till 2 February.</li>
<li>Petrus and Teleios (together hold c.21% stake) consider the new offer to be a lousy deal for shareholders, mainly because of diverging views over the value of Software unit Aareon.</li>
<li>A 11.5% gross spread, among the highest in the European space, reflects uncertainty about the final outcome. The 2022e dividend yield is 5.2% (Capital IQ consensus). <strong>Speculative buy</strong>.</li>
</ul>


On 26 January, the consortium offered a "best and final" offer of €31/share, a 6.9% increase vs. the initial one. Minimum acceptance threshold is 60%. Offer extended till 2 February.
Petrus and Teleios (together hold c.21% stake) consider the new offer to be a lousy deal for shareholders, mainly because of diverging views over the value of Software unit Aareon.
A 11.5% gross spread, among the highest in the European space, reflects uncertainty about the final outcome. The 2022e dividend yield is 5.2% (Capital IQ consensus). Speculative buy.


Advent & CenterBridge/​Aareal Bank AG: "Best and Final" Offer

Aareal Bank AG

Advent & CenterBridge/​Aareal Bank AG: "Best and Final" Offer

Advent & CenterBridge/Aareal Bank AG: "Best and Final" Offer