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: Offer Launch & Precedent of Orange/Orange Belgium

HAL Holding/​​Royal Boskalis Westminster: Sweetened Offer

HAL Holding/Royal Boskalis Westminster: Opportunistic Voluntary Offer

Event-Driven

<ul>
<li>After some purchases in the market (at offer price), HAL Holding and concert parties have a 50.5% stake. HAL will not use the additional 4.3% voting rights before offer clearance.</li>
<li>If acceptances are below the squeeze-out threshold (95%), the target will usually co-operate so that the offeror will take full control and delist. Possible measures involve diluting the holdouts.</li>
<li>There are grounds for a sweetening of the offer. The market thinks so and the shares are trading 0.3% above the offer price, but HAL has a strong hand.</li>
</ul>


After some purchases in the market (at offer price), HAL Holding and concert parties have a 50.5% stake. HAL will not use the additional 4.3% voting rights before offer clearance.
If acceptances are below the squeeze-out threshold (95%), the target will usually co-operate so that the offeror will take full control and delist. Possible measures involve diluting the holdouts.
There are grounds for a sweetening of the offer. The market thinks so and the shares are trading 0.3% above the offer price, but HAL has a strong hand.


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

Boskalis Westminster

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

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