European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>DoorDash has proposed a cash offer of 180p per share for Deliveroo, representing a 22.7% premium. Deliveroo’s Board is supportive, and the offer values the company at 11.5x EV/NTM EBITDA.</li>
<li>Regulatory risk appears low given limited market overlap between DoorDash and Deliveroo, with a 3–6 month estimated closing timeline; shareholder approval and standard antitrust clearances remain the key conditions.</li>
<li>The deal could trigger a competitive bidding war, particularly from Amazon, a 14% shareholder in Deliveroo, potentially raising valuations towards 13–14x EV/NTM EBITDA and extending the timeline into 2026.</li>
</ul>


DoorDash has proposed a cash offer of 180p per share for Deliveroo, representing a 22.7% premium. Deliveroo’s Board is supportive, and the offer values the company at 11.5x EV/NTM EBITDA.
Regulatory risk appears low given limited market overlap between DoorDash and Deliveroo, with a 3–6 month estimated closing timeline; shareholder approval and standard antitrust clearances remain the key conditions.
The deal could trigger a competitive bidding war, particularly from Amazon, a 14% shareholder in Deliveroo, potentially raising valuations towards 13–14x EV/NTM EBITDA and extending the timeline into 2026.


Deliveroo’s Special of the Day: A DoorDash Takeover

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a> has filed the <a href="https://ir.imdada.cn/static-files/159abee6-f8ee-4ad7-ac9a-e1943183d072" target="_blank" rel="noopener">13E-3</a> relating to the binding proposal from <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> at US$2.00 per ADS, a 41.8% premium to the undisturbed price.</li>
<li>The 13E-3 filing provides more details on the price negotiations, required regulatory approvals and IFA valuation. Crucially, no Chinese regulatory approvals are required.</li>
<li>The completion conditions are low-risk. At last close and for an end-September payment, the gross/annualised spread is 5.4%/12.1% (including the US$0.05 ADS cancellation fee). </li>
</ul>



Dada Nexus (DADA US) has filed the 13E-3 relating to the binding proposal from JD.com Inc (ADR) (JD US) at US$2.00 per ADS, a 41.8% premium to the undisturbed price.
The 13E-3 filing provides more details on the price negotiations, required regulatory approvals and IFA valuation. Crucially, no Chinese regulatory approvals are required.
The completion conditions are low-risk. At last close and for an end-September payment, the gross/annualised spread is 5.4%/12.1% (including the US$0.05 ADS cancellation fee). 


Dada Nexus (DADA US): Takeaways from the 13E-3 Filing

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Coca-Cola Europacific Partners / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coca-cola-europacific-partners-plc" target="_blank" data-smartkarma-citation="entities:44040:1" rel="noopener">Coca-Cola Europacific Partners (CCEP LN)</a> was transferred on 15 November 2024, to the index's eligible FCA listing category under the new regime.</li>
<li>The security needs to pass the liquidity test in both January and February 2025 to be assigned a UK nationality and become eligible for the March 2025 review.</li>
<li>The security has already passed the liquidity threshold by ~20% in November and December thus it has a solid probability of being added to F100 at the March 2025 review.</li>
</ul>



Coca-Cola Europacific Partners (CCEP LN) was transferred on 15 November 2024, to the index's eligible FCA listing category under the new regime.
The security needs to pass the liquidity test in both January and February 2025 to be assigned a UK nationality and become eligible for the March 2025 review.
The security has already passed the liquidity threshold by ~20% in November and December thus it has a solid probability of being added to F100 at the March 2025 review.


Coca-Cola Europacific Partners (CCEP LN): Halfway In F100

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> had predicted a series of changes in UK100 (a.k.a. F100) and UK250 (aka F250) and all predicted changes came to pass. F250 saw one extra change.</li>
<li>There will be one more ad hoc announcement today. We think the replacement for <a href="https://www.smartkarma.com/entities/tritax-eurobox-plc-3e9443bd-b52d-4565-9083-99325aa64446" target="_blank" data-smartkarma-citation="entities:44137:1" rel="noopener">Tritax Eurobox (EBOX LN)</a> will be <a href="https://www.smartkarma.com/entities/mobico-group-plc" target="_blank" data-smartkarma-citation="entities:22059:1" rel="noopener">Mobico Group (MCG LN)</a>. </li>
<li>There were two ADDs in F250 which are VERY much worth looking at. Janaghan had addressed these in prior weeks as well. Those two names really stand out.</li>
</ul>



Janaghan Jeyakumar, CFA had predicted a series of changes in UK100 (a.k.a. F100) and UK250 (aka F250) and all predicted changes came to pass. F250 saw one extra change.
There will be one more ad hoc announcement today. We think the replacement for Tritax Eurobox (EBOX LN) will be Mobico Group (MCG LN). 
There were two ADDs in F250 which are VERY much worth looking at. Janaghan had addressed these in prior weeks as well. Those two names really stand out.


UK100 and UK250 Index Rebals: Some Interesting Trades

<ul>
<li>
<a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a> and <a href="https://www.smartkarma.com/entities/oxford-nanopore-technologies-plc" target="_blank" data-smartkarma-citation="entities:34444:1" rel="noopener">Oxford Nanopore Technologies (ONT LN)</a> are newly eligible securities forecasted to be added to F250 due to the recent change of the FCA listing category framework.</li>
<li>
<a href="https://www.smartkarma.com/entities/ferrexpo-plc" target="_blank" data-smartkarma-citation="entities:24163:1" rel="noopener">Ferrexpo Plc (FXPO LN)</a> is the new forecasted addition-migration to F250 following its ~25% price jump over the last two days which made it surpass the entry threshold.</li>
<li>Applied Nutrition Plc (APN LN) is a newly eligible, forecasted to be added to small-cap following its IPO listing on 24 October 2024.</li>
</ul>



Deliveroo (ROO LN) and Oxford Nanopore Technologies (ONT LN) are newly eligible securities forecasted to be added to F250 due to the recent change of the FCA listing category framework.

Ferrexpo Plc (FXPO LN) is the new forecasted addition-migration to F250 following its ~25% price jump over the last two days which made it surpass the entry threshold.
Applied Nutrition Plc (APN LN) is a newly eligible, forecasted to be added to small-cap following its IPO listing on 24 October 2024.


FOOTSIE UK December 2024 Forecast (Final): ALW and STJ for Top 100; ROO and ONT for Next 250

United Kingdom

Deliveroo is a British online food delivery company that connects consumers with local restaurants, grocery stores, and retailers through its online platform and mobile app. The company offers on-demand delivery services, including restaurant meals, groceries, and retail products, and operates a subscription program called Deliveroo Plus. Deliveroo also utilizes 'dark kitchens' (Deliveroo Editions) for delivery-only meals and provides data insights to partner businesses to optimize their offerings. Headquartered in London, United Kingdom, Deliveroo was founded in 2013.

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Deliveroo (ROO LN)

Deliveroo’s Special of the Day: A DoorDash Takeover

DoorDash’s offer for Deliveroo highlights strategic value and improved fundamentals, with manageable regulatory risks and a potential for competing...

Jesus Rodriguez Aguilar

Dada Nexus (DADA US): Takeaways from the 13E-3 Filing

The 13E-3 filing provides more details on the price negotiations, required regulatory approvals and IFA valuation. The gross/annualised spread is...

Arun George

Coca-Cola Europacific Partners (CCEP LN): Halfway In F100

CCEP LN recently transferred to the index's eligible FCA listing category and will be added to F100 in March 2025 if it passes the liquidity test.

Dimitris Ioannidis

UK100 and UK250 Index Rebals: Some Interesting Trades

The Footsie 100/250 rebalance was announced yesterday. Excellent hit rate by the team. As expected, two names are kind of special and they deserve...

Travis Lundy

FOOTSIE UK December 2024 Forecast (Final): ALW and STJ for Top 100; ROO and ONT for Next 250

Deliveroo and Oxford Nanopore set to join footsie 250 due to a change in the FCA listing category under the new framework. Ferrexpo Plc is a new...

Dimitris Ioannidis

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Deliveroo’s Special of the Day: A DoorDash Takeover

DoorDash’s offer for Deliveroo highlights strategic value and improved fundamentals, with manageable regulatory risks and a potential for competing...

Jesus Rodriguez Aguilar

Dada Nexus (DADA US): Takeaways from the 13E-3 Filing

The 13E-3 filing provides more details on the price negotiations, required regulatory approvals and IFA valuation. The gross/annualised spread is...

Arun George

Coca-Cola Europacific Partners (CCEP LN): Halfway In F100

CCEP LN recently transferred to the index's eligible FCA listing category and will be added to F100 in March 2025 if it passes the liquidity test.

Dimitris Ioannidis

UK100 and UK250 Index Rebals: Some Interesting Trades

The Footsie 100/250 rebalance was announced yesterday. Excellent hit rate by the team. As expected, two names are kind of special and they deserve...

Travis Lundy

FOOTSIE UK December 2024 Forecast (Final): ALW and STJ for Top 100; ROO and ONT for Next 250

​Deliveroo and Oxford Nanopore set to join footsie 250 due to a change in the FCA listing category under the new framework. Ferrexpo Plc is a new...

Dimitris Ioannidis

Deliveroo and Oxford Nanopore set to join footsie 250 due to a change in the FCA listing category under the new framework. Ferrexpo Plc is a new...