European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Prosus’s €4.1bn all-cash acquisition of Just Eat Takeaway.com is now unconditional, with 98.19% ownership secured. Shares will delist from Euronext Amsterdam on 17 November ahead of statutory squeeze-out.</li>
<li>Early arbitrage entrants earned roughly 9.3% annualized return, late entrants about 3.6%. With settlement complete, the residual spread has closed, leaving no remaining event-driven opportunity.</li>
<li>The transaction cements Prosus as Europe’s largest food delivery platform and the world’s fourth largest globally, following Meituan, DoorDash, and Uber, under CEO Fabricio Bloisi’s expansion strategy.</li>
</ul>


Prosus’s €4.1bn all-cash acquisition of Just Eat Takeaway.com is now unconditional, with 98.19% ownership secured. Shares will delist from Euronext Amsterdam on 17 November ahead of statutory squeeze-out.
Early arbitrage entrants earned roughly 9.3% annualized return, late entrants about 3.6%. With settlement complete, the residual spread has closed, leaving no remaining event-driven opportunity.
The transaction cements Prosus as Europe’s largest food delivery platform and the world’s fourth largest globally, following Meituan, DoorDash, and Uber, under CEO Fabricio Bloisi’s expansion strategy.


Prosus–JET Arbitrage: Offer Unconditional, Squeeze-Out and Delisting Confirmed

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Thematic (Sector/Industry)

<ul>
<li>Heineken | no real triggers for the near term; October may bring more clarity</li>
<li>The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.</li>
<li>In case of the latter, management would have an additional buffer to avoid new disappointments.</li>
</ul>


Heineken | no real triggers for the near term; October may bring more clarity
The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.
In case of the latter, management would have an additional buffer to avoid new disappointments.


What's New(S) In Amsterdam - 29 July (Heineken | Philips | JET | E-Com | Housing Market)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>We continue to be encouraged by market dynamics that are supportive of an ongoing equity bull market. Additionally, there continues to be an absence of breakdowns on the major global indexes (MSCI ACWI, ACWI ex-US, EM, &amp; EAFE). As a result, our outlook remains bullish.  In this report we show some love to various Sectors that have not been big attention-grabbers for us in recent months, but still have plenty of attractive stocks. The stocks highlighted hail from a variety of countries. Sectors covered include <strong>Services, Communications, Staples, Financials, and Utilities</strong>.</p>

We continue to be encouraged by market dynamics that are supportive of an ongoing equity bull market. Additionally, there continues to be an absence of breakdowns on the major global indexes (MSCI ACWI, ACWI ex-US, EM, &amp; EAFE). As a result, our outlook remains bullish.  In this report we show some love to various Sectors that have not been big attention-grabbers for us in recent months, but still have plenty of attractive stocks. The stocks highlighted hail from a variety of countries. Sectors covered include Services, Communications, Staples, Financials, and Utilities.

Global Equity Strategy: Market Dynamics Remain Positive, And So Are We

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

<ul>
<li>The EC’s conditional clearance removes the final regulatory risk for Prosus’s €20.30/share JET acquisition, leaving only procedural steps. Current 0.69% spread reflects a near-99% implied probability of deal completion.</li>
<li>Structural remedies (Delivery Hero stake cut, governance exit, voting restrictions) ensure JET and Delivery Hero remain independent competitors. An independent trustee will oversee compliance under the European Commission’s binding commitments.</li>
<li>Early entrants capture ~9.6% annualized return; late entrants ~4.0%. Post-clearance, the market shows minimal mispricing, making the trade appealing only for short-term, low-volatility capital deployment strategies.</li>
</ul>


The EC’s conditional clearance removes the final regulatory risk for Prosus’s €20.30/share JET acquisition, leaving only procedural steps. Current 0.69% spread reflects a near-99% implied probability of deal completion.
Structural remedies (Delivery Hero stake cut, governance exit, voting restrictions) ensure JET and Delivery Hero remain independent competitors. An independent trustee will oversee compliance under the European Commission’s binding commitments.
Early entrants capture ~9.6% annualized return; late entrants ~4.0%. Post-clearance, the market shows minimal mispricing, making the trade appealing only for short-term, low-volatility capital deployment strategies.


Prosus–JET Arbitrage: EC Clearance Granted, Minimal Spread Remains

Netherlands

Just Eat Takeaway.com N.V. is a Dutch multinational online food ordering and delivery company that operates as a global marketplace. It connects consumers with restaurant, grocery, and retail partners through its platforms, offering a wide variety of food choices and convenience products. The company is headquartered in Amsterdam, Netherlands, and was founded in 2000.

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Just Eat Takeaway (TKWY NA)

Prosus–JET Arbitrage: Offer Unconditional, Squeeze-Out and Delisting Confirmed

Prosus completes €4.1bn JET buyout with 98.19% ownership; delisting set for 17 Nov. Offer unconditional, spread realized—no remaining arbitrage,...

Jesus Rodriguez Aguilar

What's New(S) In Amsterdam - 29 July (Heineken | Philips | JET | E-Com | Housing Market)

The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt...

The IDEA!

Global Equity Strategy: Market Dynamics Remain Positive, And So Are We

We show some love to various Sectors that have not been big attention-grabbers for us in recent months, including Services, Communications,...

Vermilion Research

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.

Sumeet Singh

Prosus–JET Arbitrage: EC Clearance Granted, Minimal Spread Remains

EC clears Prosus’s €4.1bn takeover of Just Eat Takeaway with conditions, removing final regulatory hurdle and paving the way for completion by...

Jesus Rodriguez Aguilar

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