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

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<li>As per the failed offer terms, consideration would amount to €5,507 million, of which €3,581 million in cash, which would stretch the balance sheet of Euronext. </li>
<li>Euronext should issue equity to fund part of the cash component, but the EPS accretion in a base case scenario would be just 4.5% (see sensitivity analysis premia/ENX share price).</li>
<li>If any exchange operators were truly interested in acquiring Allfunds, I find it surprising that they would not had acquired shares during some share placements in October 2022.</li>
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As per the failed offer terms, consideration would amount to €5,507 million, of which €3,581 million in cash, which would stretch the balance sheet of Euronext. 
Euronext should issue equity to fund part of the cash component, but the EPS accretion in a base case scenario would be just 4.5% (see sensitivity analysis premia/ENX share price).
If any exchange operators were truly interested in acquiring Allfunds, I find it surprising that they would not had acquired shares during some share placements in October 2022.


Thoughts About the Failed Offer for Allfunds

Allfunds Group

Thoughts About the Failed Offer for Allfunds