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.

Apollo Increases Its Advantage in the Bidding War

I Squared & TDR/Applus: Counteroffer at €11.0

Apollo/Applus: Somewhat Cheap Offer and First Mover Advantage

Event-Driven

<ul>
<li>On 14 September, a "competing" acquisition offer for Applus has been made by Amber Equity, a vehicle of I Squared and TDR Capital, at €9.75/share, in cash, cum dividend.</li>
<li>The offer represents 10.7x EV/Fwd NTM EBIT and a 2.6% increase over Apollo's offer, which seems to signal Amber will not raise its offer by much more.</li>
<li>I believe there will be an increased offer from Apollo, probably at least around €10/share (c. 2.6% increase). I'd be <strong>long</strong> Applus.</li>
</ul>


On 14 September, a "competing" acquisition offer for Applus has been made by Amber Equity, a vehicle of I Squared and TDR Capital, at €9.75/share, in cash, cum dividend.
The offer represents 10.7x EV/Fwd NTM EBIT and a 2.6% increase over Apollo's offer, which seems to signal Amber will not raise its offer by much more.
I believe there will be an increased offer from Apollo, probably at least around €10/share (c. 2.6% increase). I'd be long Applus.


I Squared & TDR/Applus: Competing Offer at €9.75

Applus Services SA

I Squared & TDR/Applus: Competing Offer at €9.75