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.

Is Wood Group Primed for an Opportunistic Acquisition?

Apollo/John Wood Group: Due Diligence Access

Sidara/John Wood: Awaiting a Sweetened Offer

Event-Driven

<ul>
<li>Sidara has submitted a fourth and final 230p/share cash proposal. Wood's Board has changed tack and will grant due diligence. PUSU has been extended to 3 July.</li>
<li>This proposal represents 39.4% premium, implied equity value of £1,591 million ($2,033 million) and implied EV of £2,983 million ($3,122 million), and (still good value) 6.4x EV/NTM Fwd EBITDA.</li>
<li>The market is cautious (gross spread 12.5%). There's potential for a "best &amp; final" firm offer. However, if Sidara withdraws a significant sell-off in Wood's shares is expected.</li>
</ul>


Sidara has submitted a fourth and final 230p/share cash proposal. Wood's Board has changed tack and will grant due diligence. PUSU has been extended to 3 July.
This proposal represents 39.4% premium, implied equity value of £1,591 million ($2,033 million) and implied EV of £2,983 million ($3,122 million), and (still good value) 6.4x EV/NTM Fwd EBITDA.
The market is cautious (gross spread 12.5%). There's potential for a "best &amp; final" firm offer. However, if Sidara withdraws a significant sell-off in Wood's shares is expected.


John Wood

Sidara/John Wood: 4th Proposal at 230p