European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<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>
</ul>


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

United Kingdom

Allfunds Group plc operates as a wealthtech company. The Company offers data and analytics, portfolio and reporting tools, research, and regulatory services. Allfunds serves customers worldwide.

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Allfunds Group (ALLFG NA)

Thoughts About the Failed Offer for Allfunds

The prospective offer for Euronext failed because it was already pitched near the higher end of what Euronext could afford, let alone getting...

Jesus Rodriguez Aguilar

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