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.

Unipol Gruppo/UnipolSai: Take the Stock Instead

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unipol-gruppo-s-p-a" target="_blank" data-smartkarma-citation="entities:21235:1" rel="noopener">Unipol Gruppo S.p.A (UNI IM)</a> has reached 95% of the share capital of <a href="https://www.smartkarma.com/entities/unipolsai-spa" target="_blank" data-smartkarma-citation="entities:21236:1" rel="noopener">UnipolSai SpA (US IM)</a>, therefore the conditions for the squeeze-out are met.</li>
<li>The dividend-adjusted offer price is €2.535. Unipol has three months from 26 April to implement the squeeze-out. The holding discount, as expected, has closed.</li>
<li>Spread to cash offer is 0.51%/3.85% (gross, annualized assuming settlement of squeeze-out by 26 July). The share alternative is now trading at a premium.</li>
</ul>



Unipol Gruppo S.p.A (UNI IM) has reached 95% of the share capital of UnipolSai SpA (US IM), therefore the conditions for the squeeze-out are met.
The dividend-adjusted offer price is €2.535. Unipol has three months from 26 April to implement the squeeze-out. The holding discount, as expected, has closed.
Spread to cash offer is 0.51%/3.85% (gross, annualized assuming settlement of squeeze-out by 26 July). The share alternative is now trading at a premium.


Unipol Gruppo/UnipolSai: Squeeze-Out and Spread