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.

Tod's: Failed Privatization Provides Red Carpet for LVMH Bid

Tod's: Another Cheap Shot at Privatization After Failed Attempt in 2022

Della Valle/Tod's: Lowball Minorities Buyout

Tod's: LVMH Goes from 3.3%-> to 10%; 100% Next Year?

Event-Driven

<ul>
<li>Borsa Italiana reported a take-up in bid for Tod's of c. 48.91%. DeVa Finance and (concerted) LVMH would have controlled 86.95%, below the 90% minimum acceptance condition and pulled out.</li>
<li>The offer price seemed cheap on any measure (the shares traded above it since the offer period kicked off). A 20% share price drop means it looks good value now.</li>
<li>If the Della Valles merged Tod's with Deva Finance, they would offer c. €37/share. Either way, it should pay off to set up a long position in the stock now.</li>
</ul>


Borsa Italiana reported a take-up in bid for Tod's of c. 48.91%. DeVa Finance and (concerted) LVMH would have controlled 86.95%, below the 90% minimum acceptance condition and pulled out.
The offer price seemed cheap on any measure (the shares traded above it since the offer period kicked off). A 20% share price drop means it looks good value now.
If the Della Valles merged Tod's with Deva Finance, they would offer c. €37/share. Either way, it should pay off to set up a long position in the stock now.


Tod's SpA

Lowball Offer Fell Through