European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The offer price is attractive for shareholders, even more so following an enthusiastic recommendation from the Board and a profit warning during the acceptance period. </li>
<li>The main hurdle was always the acceptance rate, but at 62.46% on the last count, it is just shy of the minimum threshold condition of 62.5%.</li>
<li>Some shareholders may feel tempted to explore the benefits of a domination agreement (as in participating in future synergies, with liquidity risk). Spread (gross/annualised) is 1.73%/6.11%. Long and tender. </li>
</ul>


The offer price is attractive for shareholders, even more so following an enthusiastic recommendation from the Board and a profit warning during the acceptance period. 
The main hurdle was always the acceptance rate, but at 62.46% on the last count, it is just shy of the minimum threshold condition of 62.5%.
Some shareholders may feel tempted to explore the benefits of a domination agreement (as in participating in future synergies, with liquidity risk). Spread (gross/annualised) is 1.73%/6.11%. Long and tender. 


<ul>
<li>The acceptance period for EQT's €26/share offer (46% premium, 16.1x EV/23eEBITDA) runs until 16 February. Minimum acceptance is 62.5% (49.4% of the float). EQT intends to implement a domination agreement.</li>
<li>The deal makes sense from a strategic standpoint, although there are potential antitrust issues. The price offered seems generous considering my fair-value estimate of €18.67 (DCF-based).</li>
<li>Gross spread is 3.7% (8.6% estimated annual return assuming settlement by 30 June), which is okayish for a not so liquid stock in the European space. <strong>Long.</strong>
</li>
</ul>


The acceptance period for EQT's €26/share offer (46% premium, 16.1x EV/23eEBITDA) runs until 16 February. Minimum acceptance is 62.5% (49.4% of the float). EQT intends to implement a domination agreement.
The deal makes sense from a strategic standpoint, although there are potential antitrust issues. The price offered seems generous considering my fair-value estimate of €18.67 (DCF-based).
Gross spread is 3.7% (8.6% estimated annual return assuming settlement by 30 June), which is okayish for a not so liquid stock in the European space. Long.



Germany

va-Q-tec AG designs and manufactures insulation products. The Company's products include customized vacuum insulation panels and heat and cool storage elements containing phase change materials. va-Q-tec markets its products internationally to the refrigeration, packaging, cold-chain logistics, construction, and automotive industries.

Va-Q-Tec AG (VQT GR)

EQT/Va-Q-Tec: Deal Will Complete

Until 15 February, 13:00 (Frankfurt am Main local time), the offer had been accepted for a total of 4,914,964 shares. This corresponds to...

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EQT/Va-Q-Tec: Generous Agreed Offer

The acceptance period of EQT's €26/share offer (16.1x EV/2023e EBITDA) will run until 16 February. The minimum threshold seems achievable and EQT...

Jesus Rodriguez Aguilar