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.

Bodycote: CVC Walks, Veritas Pays You to Wait

Event-Driven

<ul>
<li>Veritas's recommended 940p offer provides the floor, while CVC remains a potential competing bidder after previously reaching 915p and completing confirmatory due diligence.</li>
<li>Our LBO supports CVC's 915p proposal under base-case assumptions; 975–1,000p requires a lower sponsor return, higher leverage or stronger exit valuation.</li>
<li>At 963.5p, Bodycote trades above our 958p probability-weighted value, with the market already pricing a meaningful probability of a higher offer.</li>
</ul>


Veritas's recommended 940p offer provides the floor, while CVC remains a potential competing bidder after previously reaching 915p and completing confirmatory due diligence.
Our LBO supports CVC's 915p proposal under base-case assumptions; 975–1,000p requires a lower sponsor return, higher leverage or stronger exit valuation.
At 963.5p, Bodycote trades above our 958p probability-weighted value, with the market already pricing a meaningful probability of a higher offer.


Bodycote

Bodycote: Turning Up the Heat on CVC