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: Bid Progress, Attractive Spread

Advent & CenterBridge/​Aareal Bank AG: All Conditions Met

Advent & CenterBridge/​Aareal Bank AG: Delisting Offer

Advent & CenterBridge/Aareal Bank AG: Lapsed Offer

Advent & CenterBridge/Aareal Bank AG: Agreed Takeover Offer

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

Event-Driven

<ul>
<li>The consortium sees value in Aareal, as it intends to come back with a renewed €33/share offer, while getting the main holdouts on board after securing 37% of voting rights. </li>
<li>Aareal's Board will nod again, and BaFin should green light the new offer (6.5% increase). Acceptances needed would be 36.5% of the float. The offer would more palatable.</li>
<li>My SOTP valuation ranges from €36.8 - €39.67share. Gross spread (5 April) is 1.58%, 5.14% annualised assuming settlement by 30 July (it could be earlier). Long ARL GR.</li>
</ul>


The consortium sees value in Aareal, as it intends to come back with a renewed €33/share offer, while getting the main holdouts on board after securing 37% of voting rights. 
Aareal's Board will nod again, and BaFin should green light the new offer (6.5% increase). Acceptances needed would be 36.5% of the float. The offer would more palatable.
My SOTP valuation ranges from €36.8 - €39.67share. Gross spread (5 April) is 1.58%, 5.14% annualised assuming settlement by 30 July (it could be earlier). Long ARL GR.


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

Aareal Bank AG

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

Advent & CenterBridge/Aareal: Getting the Holdouts on Board