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.

Dufry/Autogrill: Another Attempt to Create a Travel-Concession Giant

Event-Driven

<ul>
<li>Following conversion, the Benettons became the top Dufry's shareholders (27.5%). There'll be a mandatory offer for the minorities. The conversion ratio is 0.1583 DUFN/AGL with a cash alternative of €6.33.</li>
<li>A +1.1% share swap spread vs. +3.3% cash alternative spread means an all-share deal is most likely (with a 67% dilution to Dufry's shareholders). Still, minorities could refuse to tender.</li>
<li>The deal is not expensive. It resembles a debt for equity swap, with Autogrill's balance sheet rescuing Dufry's (rated B+) and the Benettons happily paying a nil control premium.</li>
</ul>


Following conversion, the Benettons became the top Dufry's shareholders (27.5%). There'll be a mandatory offer for the minorities. The conversion ratio is 0.1583 DUFN/AGL with a cash alternative of €6.33.
A +1.1% share swap spread vs. +3.3% cash alternative spread means an all-share deal is most likely (with a 67% dilution to Dufry's shareholders). Still, minorities could refuse to tender.
The deal is not expensive. It resembles a debt for equity swap, with Autogrill's balance sheet rescuing Dufry's (rated B+) and the Benettons happily paying a nil control premium.


Dufry/Autogrill: Potential Massive Dilution

Autogrill SpA

Dufry/Autogrill: Potential Massive Dilution