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.

BBVA/Garanti: Looking to Secure Acceptances with a 23% Increase

BBVA/Garanti: Offer Period, Shares at a 9% Premium to Offer Price

Event-Driven

Turkiye Garanti Bankasi As / Event-Driven

<ul>
<li>Until last week, BBVA had already secured a 71.1% stake in Garanti. The deadline to accept BBVA's takeover bid ends on 18 May. Settlement will take place on 19 May.</li>
<li>Gross spread is 0.2%. Recently, the offer price has acted as a support for the share price, which may drop if BBVA doesn't reach the squeeze-out threshold. Tender.
</li>
<li>The squeeze-out threshold is 98% (95% for delisting). My understanding is that the squeeze-out price is arithmetic average of the daily VWAP in the 30 days before threshold disclosure. </li>
</ul>


Until last week, BBVA had already secured a 71.1% stake in Garanti. The deadline to accept BBVA's takeover bid ends on 18 May. Settlement will take place on 19 May.
Gross spread is 0.2%. Recently, the offer price has acted as a support for the share price, which may drop if BBVA doesn't reach the squeeze-out threshold. Tender.

The squeeze-out threshold is 98% (95% for delisting). My understanding is that the squeeze-out price is arithmetic average of the daily VWAP in the 30 days before threshold disclosure. 


Turkiye Garanti Bankasi As

BBVA/Garanti: End of Offer Period