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.

Acceptance Period for Triton's Offer Commences, Irrevocables for Bain's Cease to Be in Effect

North Holdings 3/Caverion: Agreed Takeout

Ahlstrom-Munksjö - Spa Holdings 3: Friendly Offer

Event-Driven

<ul>
<li>The Bain's consortium announced an agreed sweetened offer (Alternative Consideration, shares exchanged for a zero-coupon debt instrument redeemable at €8.5 by mid-December), 6.25% premium to Triton's offer.</li>
<li>The Alternative Consideration (illiquid) corresponds to 16.3x EV/Fwd EBIT and 19.3x Fwd P/E. There are high chances that the bidding process will stop, but would still be long the shares.</li>
<li>The Bain's consortium has now all regulatory approvals. Gross spread is 0.82%, with an estimated annual return of 0.90% assuming settlement of the Alternative Consideration Instrument by 29 December.</li>
</ul>


The Bain's consortium announced an agreed sweetened offer (Alternative Consideration, shares exchanged for a zero-coupon debt instrument redeemable at €8.5 by mid-December), 6.25% premium to Triton's offer.
The Alternative Consideration (illiquid) corresponds to 16.3x EV/Fwd EBIT and 19.3x Fwd P/E. There are high chances that the bidding process will stop, but would still be long the shares.
The Bain's consortium has now all regulatory approvals. Gross spread is 0.82%, with an estimated annual return of 0.90% assuming settlement of the Alternative Consideration Instrument by 29 December.


North Holdings 3/​Caverion: Fair Enough

Caverion Corp

North Holdings 3/Caverion: Fair Enough

Caverion Corp

North Holdings 3/​Caverion: Fair Enough

North Holdings 3/Caverion: Fair Enough