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.

Media for Europe: Catalyst for Tightening of the Discount of A Shares

Liquid Universe of European Ordinary and Preferred Shares: May '22 Report

MFE/​Mediaset España: Start of Offer Period with Lower Success Expectations

Event-Driven

Mediaset España Comunicación, S.A. / Event-Driven

Mediaset España Comunicación, S.A. (TL5 SM)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mediaset-spa" target="_blank" data-smartkarma-citation="entities:21207:1" rel="noopener">Mediaset SpA (MS IM)</a> intends to launch a takeover bid for <a href="https://www.smartkarma.com/entities/mediaset-espana-comunicacion-s" target="_blank" data-smartkarma-citation="entities:21300:1" rel="noopener">Mediaset Espana Comunicacion S (TL5 SM)</a>. Consideration is €1.86 + 4.5 MFEA IM (€5.613 based on €0.834/ordinary share A).</li>
<li>12% premium. Conditional on reaching 90% of voting rights (excluding those already controlled by MFE, implies 39.88%). Cash component to be fully funded by target's net cash position.</li>
<li>The offer price seems reasonable. <strong>Gross spread is 7.3%</strong>, an interesting level considering that the offer will likely be successful and Mediaset España delisted in less than 6 months.</li>
</ul>



Mediaset SpA (MS IM) intends to launch a takeover bid for Mediaset Espana Comunicacion S (TL5 SM). Consideration is €1.86 + 4.5 MFEA IM (€5.613 based on €0.834/ordinary share A).
12% premium. Conditional on reaching 90% of voting rights (excluding those already controlled by MFE, implies 39.88%). Cash component to be fully funded by target's net cash position.
The offer price seems reasonable. Gross spread is 7.3%, an interesting level considering that the offer will likely be successful and Mediaset España delisted in less than 6 months.


Mediaset España Comunicación, S.A.

MFE/Mediaset España: Second Time Around