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.

Concordia/Rothschild: Start of Offer Period

Concordia/Rothschild & Co: Back to the Origins

Event-Driven

<ul>
<li>Concordia has filed the draft offer memorandum and started acquiring <a href="https://www.smartkarma.com/entities/rothschild-co" target="_blank" data-smartkarma-citation="entities:21537:1" rel="noopener">Rothschild &amp; Co (ROTH FP)</a> shares in the market (limit c.8.2 million) to ensure success. All regulatory approvals have been obtained.</li>
<li>The adjusted offer price is €46.6/share, or €38.6/share (ex-extraordinary distribution, 7.6x NTM Fwd P/E, rather cheap, in my view), which will enable the concert to partly finance the offer. </li>
<li>For comparison, Greenhill is being taken at 18.5x Fwd P/E. Nevertheless, I believe the offer will be accepted. Spread is 0.75%/2.78% (gross/annualised).</li>
</ul>


Concordia has filed the draft offer memorandum and started acquiring Rothschild &amp; Co (ROTH FP) shares in the market (limit c.8.2 million) to ensure success. All regulatory approvals have been obtained.
The adjusted offer price is €46.6/share, or €38.6/share (ex-extraordinary distribution, 7.6x NTM Fwd P/E, rather cheap, in my view), which will enable the concert to partly finance the offer. 
For comparison, Greenhill is being taken at 18.5x Fwd P/E. Nevertheless, I believe the offer will be accepted. Spread is 0.75%/2.78% (gross/annualised).


Concordia/Rothschild: Simplified Offer Filing