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.

UnitedHealth/​EMIS: Estimated Calendar, Spread

UnitedHealth/​​EMIS: Provisional Clearance, Estimated Timeline

Event-Driven

<ul>
<li>Giant UnitedHealth offers 1,925p, in cash (implied equity value of £1,243 million, implied EV of £1,185 million). This represents: 6.5x EV/Fwd Revenue, 20.4x EV/Fwd EBITDA and 31.7x Fwd PE (source: I/B/E/S).</li>
<li>The offer is pitched above peer's multiples, which coupled with a 49% premium, should be enough to convince any reluctant shareholder to tender.</li>
<li>Gross spread is 2.9%, quite good for a highly likely deal in the European space (c. 16% estimated annual return assuming settlement takes place on 8 September).</li>
</ul>


Giant UnitedHealth offers 1,925p, in cash (implied equity value of £1,243 million, implied EV of £1,185 million). This represents: 6.5x EV/Fwd Revenue, 20.4x EV/Fwd EBITDA and 31.7x Fwd PE (source: I/B/E/S).
The offer is pitched above peer's multiples, which coupled with a 49% premium, should be enough to convince any reluctant shareholder to tender.
Gross spread is 2.9%, quite good for a highly likely deal in the European space (c. 16% estimated annual return assuming settlement takes place on 8 September).


UnitedHealth/EMIS: Agreed Offer, Estimated Calendar, Spread

EMIS Group PLC

UnitedHealth/EMIS: Agreed Offer, Estimated Calendar, Spread