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>CVC and Nordic Capital announced an agreed takeover offer for the 70% they don't own in Cary Group. The SEK 65/share offer price represents 14.8x EV/Fwd EBITDA and 25.6x Fwd P/E.</li>
<li>The shares had dropped 60% YTD. Cary's tenure in the stock market will be short-lived (listed 09/2021). It's a difficult target for activists, the top ten shareholders own c.84%.</li>
<li>It's difficult to reject a 60% premium; I believe folks should be happy to cut losses. Gross spread is 1.85% (12.7% estimated annual return assuming settlement on 30 August). <strong>Long</strong>.</li>
</ul>


CVC and Nordic Capital announced an agreed takeover offer for the 70% they don't own in Cary Group. The SEK 65/share offer price represents 14.8x EV/Fwd EBITDA and 25.6x Fwd P/E.
The shares had dropped 60% YTD. Cary's tenure in the stock market will be short-lived (listed 09/2021). It's a difficult target for activists, the top ten shareholders own c.84%.
It's difficult to reject a 60% premium; I believe folks should be happy to cut losses. Gross spread is 1.85% (12.7% estimated annual return assuming settlement on 30 August). Long.


Teniralc/Cary Group: Agreed Opportunistic Cash Offer

Cary Group AB

Teniralc/Cary Group: Agreed Opportunistic Cash Offer