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.

Georg Fischer/Uponor: Extension of Offer Period

Event-Driven

<ul>
<li>White knight <a href="https://www.smartkarma.com/entities/georg-fischer-ag" target="_blank" data-smartkarma-citation="entities:22359:1" rel="noopener">Georg Fischer AG (FI/N SW)</a> announced a voluntary recommended public €28.85/share cash offer for <a href="https://www.smartkarma.com/entities/uponor-oyj" target="_blank" data-smartkarma-citation="entities:21787:1" rel="noopener">Uponor OYJ (UNR1V FH)</a>, a 12% premium to Aliaxis's offer, with c.37% irrevocable undertakings.</li>
<li>Although Aliaxis could still block a squeeze-out, GF and Uponor could make its life difficult and are granting it an honourable exit with capital gains around €55 million.</li>
<li>Spread is 0.52%/1.05% (gross/annualised, assuming settlement by mid-December). Although I believe the deal will close, it is probably not worth going long Uponor it on this spread level.</li>
</ul>


White knight Georg Fischer AG (FI/N SW) announced a voluntary recommended public €28.85/share cash offer for Uponor OYJ (UNR1V FH), a 12% premium to Aliaxis's offer, with c.37% irrevocable undertakings.
Although Aliaxis could still block a squeeze-out, GF and Uponor could make its life difficult and are granting it an honourable exit with capital gains around €55 million.
Spread is 0.52%/1.05% (gross/annualised, assuming settlement by mid-December). Although I believe the deal will close, it is probably not worth going long Uponor it on this spread level.


Georg Fischer/Uponor: Terms and Aliaxis's Honourable Exit