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.

I Squared & TDR/Applus: Counteroffer at €11.0

I Squared & TDR Win the Long Battle for Applus at the Final Auction

Apollo/Applus: Somewhat Cheap Offer and First Mover Advantage

I Squared & TDR/Applus: Competing Offer at €9.75

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