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.

HAL Holding/​​Royal Boskalis Westminster: Sweetened Offer

HAL Holding/​Royal Boskalis Westminster: Over the 50% Threshold

HAL Holding/Royal Boskalis Westminster: Opportunistic Voluntary Offer

Event-Driven

<ul>
<li>The acceptance period runs until 2 September. HAL now controls 52.9% of Boskalis (Stichting Hyacinth will presumably keep buying at €32 or less). HAL will consolidate Boskalis from H2 2022.</li>
<li>The Boards of Boskalis have concluded that the offer price is not sufficiently convincing to recommend it to Boskalis' shareholders. Good try, but twisting HAL's arm seems difficult. Premium is 0.06%.</li>
<li>Considering the precedent of Orange/Orange Belgium, I would only open a position below the offer price. HAL will now consolidate Boskalis and does not need to sweeten the offer.</li>
</ul>


The acceptance period runs until 2 September. HAL now controls 52.9% of Boskalis (Stichting Hyacinth will presumably keep buying at €32 or less). HAL will consolidate Boskalis from H2 2022.
The Boards of Boskalis have concluded that the offer price is not sufficiently convincing to recommend it to Boskalis' shareholders. Good try, but twisting HAL's arm seems difficult. Premium is 0.06%.
Considering the precedent of Orange/Orange Belgium, I would only open a position below the offer price. HAL will now consolidate Boskalis and does not need to sweeten the offer.


HAL Holding/​Royal Boskalis Westminster: Offer Launch & Precedent of Orange/Orange Belgium

Boskalis Westminster

HAL Holding/​Royal Boskalis Westminster: Offer Launch & Precedent of Orange/Orange Belgium

HAL Holding/Royal Boskalis Westminster: Offer Launch & Precedent of Orange/Orange Belgium