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.

Gubel/Prosegur: Offer Results & Potential Delisting Bids

Gubel/Prosegur: Partial Takeover Offer at Interesting Spread

Event-Driven

<ul>
<li>The CNMV authorizes the partial takeover bid of Gubel S.L., for 15% of the shares of <a href="https://www.smartkarma.com/entities/prosegur-cia-de-seguridad-sa" target="_blank" data-smartkarma-citation="entities:21290:1" rel="noopener">Prosegur (PSG SM)</a> at €1.83/share. Acceptance period until 19 March, although extension possible to 13 May.</li>
<li>I recommend <strong>long and tender</strong>, both because of the current spread and the fact that its already low liquidity and low free float will be even lower after closing.</li>
<li>I believe the proration risk is minimal. Spread is 2.95%/12.43% (gross/annualised, assuming settlement on 23 May).</li>
</ul>


The CNMV authorizes the partial takeover bid of Gubel S.L., for 15% of the shares of Prosegur (PSG SM) at €1.83/share. Acceptance period until 19 March, although extension possible to 13 May.
I recommend long and tender, both because of the current spread and the fact that its already low liquidity and low free float will be even lower after closing.
I believe the proration risk is minimal. Spread is 2.95%/12.43% (gross/annualised, assuming settlement on 23 May).


Gubel/​Prosegur: Acceptance Period, Spread

Prosegur

Gubel/​Prosegur: Acceptance Period, Spread

Gubel/Prosegur: Acceptance Period, Spread