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.

Teniralc/Cary Group: Agreed Opportunistic Cash Offer

Event-Driven

<ul>
<li>In light of low acceptances and a cold statement from the independent bid committee, Teniralc increased the offer by 7.7% to SEK 70/share (same as IPO, 17.2x EV/EBITDA).</li>
<li>The increased offer is final, represents a 72% premium and has been unanimously recommended. The acceptance period now runs until 22 September.</li>
<li>As of 12 September closing share price, gross spread is 4.2%, an interesting level, in my view, considering settlement will take place "on or about 30 September". <strong>Reiterate Long CARY SS</strong>.</li>
</ul>


In light of low acceptances and a cold statement from the independent bid committee, Teniralc increased the offer by 7.7% to SEK 70/share (same as IPO, 17.2x EV/EBITDA).
The increased offer is final, represents a 72% premium and has been unanimously recommended. The acceptance period now runs until 22 September.
As of 12 September closing share price, gross spread is 4.2%, an interesting level, in my view, considering settlement will take place "on or about 30 September". Reiterate Long CARY SS.


Cary Group AB

Teniralc/Cary Group: Final Offer