Selected European Holdcos and DLCs: May Report
Discounts to NAV for our selected European holdcos and DLCs have generally tightened (and premiums to NAV increased) in May. Swedish holdings are...
367 Views
Loyalty Shares in Spain: Double-Voting Rights Could Hinder Takeovers
In Spain, the companies that establish the double voting system will be less prone to takeover, such as Repsol SA (REP SM) and Telefonica SA (TEF...
403 Views
Euskaltel - MasMóvil: Another Step in Spanish Telco Consolidation
The operation makes strategic sense. The offer price seems full and on EV/Fwd EBITDA basis compares favorable to recent European deals. Gross...
455 Views
MásMóvil - Lorca Capital: Summer Lull
Activist Polygon (1.025% stake in MásMóvil, worth c. EUR 31 mn) has sent a letter to the CNMV (Securities Market National Commission, the Spanish...
488 Views
Masmovil: Target Shareholders Looking for a Bump
A trio of PE funds - KKR, Cinven, and Providence - have launched a takeover bid to acquire a majority stake in Spanish telecom operator MásMóvil...
668 Views