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.

Vista/Blue Prism: “Increased and Final” Offer Amidst Potential Bid Contest

Vista/Blue Prism Group: Agreed Lowball Offer

Event-Driven

<ul>
<li>Blue Prism received a 1,200p/share approach from SS&amp;C Technologies, 5.2x EV/22e Revenue, c. 7% higher than potentially conflicting Vista's lowball agreed offer, but still below comps-based 1,521p (7.1x EV/Fwd Revenue).</li>
<li>
SS&amp;C is a disciplined buyer with a track record of successful acquisitions. It is reducing leverage (BB stable rated) and could use funds earmarked for buybacks and increase borrowing.</li>
<li>Subject to confirmatory due diligence/offer by SS&amp;C, Vista could reply raising its offer by c.10%, to 1238p/share, any higher would imply that it was trying to rip off Blue Prism's shareholders.</li>
</ul>


Blue Prism received a 1,200p/share approach from SS&amp;C Technologies, 5.2x EV/22e Revenue, c. 7% higher than potentially conflicting Vista's lowball agreed offer, but still below comps-based 1,521p (7.1x EV/Fwd Revenue).

SS&amp;C is a disciplined buyer with a track record of successful acquisitions. It is reducing leverage (BB stable rated) and could use funds earmarked for buybacks and increase borrowing.
Subject to confirmatory due diligence/offer by SS&amp;C, Vista could reply raising its offer by c.10%, to 1238p/share, any higher would imply that it was trying to rip off Blue Prism's shareholders.


Blue Prism

SS&C Gatecrashes Vista/Blue Prism Deal