In today’s briefing:
- DCC: The Remaining Gap Has a Name
- Options Weekly: Earnings Fear and Fringe Optimism Split Options Markets This Week
DCC: The Remaining Gap Has a Name
- KKR and Energy Capital Partners introduced a contingent Nexora payment rather than increasing the base offer, concentrating the remaining valuation disagreement on a single asset.
- Completion risk has fallen materially following completion of due diligence and substantial agreement of transaction documentation, supporting a higher probability-weighted valuation despite the contingent consideration.
- The shares still offer a 6.2% gross spread to the unconditional consideration, with additional upside if Nexora is sold at management’s targeted valuation.
Options Weekly: Earnings Fear and Fringe Optimism Split Options Markets This Week
- Sentiment read – Options activity in the week of July 13 was dominated by two opposing forces.
- Heavy put buying clustered around upcoming earnings events, most starkly in FMX and SNA .
- On the other side, ACEL saw near-total call dominance, a rare extreme at the opposite end of the spectrum.
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