European Event-Driven Analyst

Jesus Rodriguez Aguilar

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.


<ul>
<li>CVC and Nordic Capital announced an agreed takeover offer for the 70% they don't own in Cary Group. The SEK 65/share offer price represents 14.8x EV/Fwd EBITDA and 25.6x Fwd P/E.</li>
<li>The shares had dropped 60% YTD. Cary's tenure in the stock market will be short-lived (listed 09/2021). It's a difficult target for activists, the top ten shareholders own c.84%.</li>
<li>It's difficult to reject a 60% premium; I believe folks should be happy to cut losses. Gross spread is 1.85% (12.7% estimated annual return assuming settlement on 30 August). <strong>Long</strong>.</li>
</ul>


CVC and Nordic Capital announced an agreed takeover offer for the 70% they don't own in Cary Group. The SEK 65/share offer price represents 14.8x EV/Fwd EBITDA and 25.6x Fwd P/E.
The shares had dropped 60% YTD. Cary's tenure in the stock market will be short-lived (listed 09/2021). It's a difficult target for activists, the top ten shareholders own c.84%.
It's difficult to reject a 60% premium; I believe folks should be happy to cut losses. Gross spread is 1.85% (12.7% estimated annual return assuming settlement on 30 August). Long.


Teniralc/Cary Group: Agreed Opportunistic Cash Offer

Sweden

Cary Group AB operates as a vehicle glass repair and replacement company. The Company offers vehicle glass repair, replacement, and calibration services. Cary Group serves customers in Sweden, Denmark, Norway, and the United Kingdom.

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Cary Group AB (CARY SS)

Teniralc/Cary Group: Final Offer

The increased offer price is now equal to the IPO price, which should placate some of the institutional shareholders that acquired shares back...

Jesus Rodriguez Aguilar

Teniralc/Cary Group: Agreed Opportunistic Cash Offer

Nordic and CVC will put an end to shareholder's misery. Cary Group may have the dubious honour of being listed for less than a year, thanks an...

Jesus Rodriguez Aguilar

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