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.

Liberty/​Telenet: Opening of Acceptance Period

Liberty/​​Telenet: Re-Opening of Tender Offer

Orange Belgium - Orange: Final Offer and Holdouts

Contested Orange Plans to Takeout Orange Belgium

TalkTalk - Toscafund: Preliminary & Non-Binding Proposal

Event-Driven

<ul>
<li>Liberty intends to launch an offer to acquire the minorities in its subsidiary Telenet, taking advantage of the drop in the share price over the last two years.</li>
<li>Liberty offers €22/share in cash, cum dividend, 5.9x EV/Fwd EBITDA, a minimum 95% threshold and no MAC with respect to BEL-20 index and shares of Telenet peers prior results announcement.</li>
<li>My fair value estimate (DCF based) is €16.2, i.e. 26% downside to the intended offer price. Spread is 5.2%/15.6% (gross/annualised). Cautious long.</li>
</ul>


Liberty intends to launch an offer to acquire the minorities in its subsidiary Telenet, taking advantage of the drop in the share price over the last two years.
Liberty offers €22/share in cash, cum dividend, 5.9x EV/Fwd EBITDA, a minimum 95% threshold and no MAC with respect to BEL-20 index and shares of Telenet peers prior results announcement.
My fair value estimate (DCF based) is €16.2, i.e. 26% downside to the intended offer price. Spread is 5.2%/15.6% (gross/annualised). Cautious long.


Liberty/Telenet: Intended Offer for Minorities

Telenet Group Holding NV

Liberty/Telenet: Intended Offer for Minorities