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.

Event-Driven

<ul>
<li>On 14 August, Mellby Gård crossed the 30% threshold and announced a mandatory offer for all shares of <a href="https://www.smartkarma.com/entities/duni-ab" target="_blank" data-smartkarma-citation="entities:22345:1" rel="noopener">Duni AB (DUNI SS)</a> at SEK 98.6/share. The offer period started 12 September.</li>
<li>The offer represents 0.41% premium to prior day to threshold crossing. Mellby Gård doesn't seem interested in completing a takeover, rather being able to increase its stake after offer completion.</li>
<li>The offer represents 0.41% premium, 6.8x EV/Fwd EBITDA, 11.1 Fwd P/E (vs. 5-year averages of 8.8x and 15.4x). Gross spread is 2.1%, I wouldn't get involved above SEK 95.</li>
</ul>


On 14 August, Mellby Gård crossed the 30% threshold and announced a mandatory offer for all shares of Duni AB (DUNI SS) at SEK 98.6/share. The offer period started 12 September.
The offer represents 0.41% premium to prior day to threshold crossing. Mellby Gård doesn't seem interested in completing a takeover, rather being able to increase its stake after offer completion.
The offer represents 0.41% premium, 6.8x EV/Fwd EBITDA, 11.1 Fwd P/E (vs. 5-year averages of 8.8x and 15.4x). Gross spread is 2.1%, I wouldn't get involved above SEK 95.


Mellby Gård/Duni: Start of Mandatory Offer Period