European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Aedifica/Cofinimmo: Revised Terms Cement Merger in European Healthcare REITs

Aedifica / Cofinimmo — Remedy Package Clears Path, BCA Decision by January; Spread Tightens to 1.2 %

Event-Driven

<ul>
<li>Cofinimmo’s Board considers the 1.16x exchange offer significantly undervalued, citing EPS dilution, low control premium, and disproportionate benefit to Aedifica shareholders despite strategic rationale and merger synergies.</li>
<li>The combined entity would form Europe’s largest healthcare REIT, benefiting from €12.1bn in assets, ~€710m contractual rents, improved diversification, and potential credit rating uplift from BBB to BBB+.</li>
<li>A revised 1.21 ratio (probability-weighted value of €76.29) remains plausible, supporting a long Cofinimmo/short Aedifica arbitrage trade, though limited current spread suggests cautious sizing given deal uncertainty and downside risk.</li>
</ul>


Cofinimmo’s Board considers the 1.16x exchange offer significantly undervalued, citing EPS dilution, low control premium, and disproportionate benefit to Aedifica shareholders despite strategic rationale and merger synergies.
The combined entity would form Europe’s largest healthcare REIT, benefiting from €12.1bn in assets, ~€710m contractual rents, improved diversification, and potential credit rating uplift from BBB to BBB+.
A revised 1.21 ratio (probability-weighted value of €76.29) remains plausible, supporting a long Cofinimmo/short Aedifica arbitrage trade, though limited current spread suggests cautious sizing given deal uncertainty and downside risk.


Aedifica/Cofinimmo: Belgian REITs in Stalemate Over Merger

Cofinimmo SA

Aedifica/Cofinimmo: Belgian REITs in Stalemate Over Merger