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.

Bondalti-Ercros: Acceptance Risk Removed, Deal Enters Final Execution Phase

Bondalti / Ercros – Offer Live; Tender Recommended

Bondalti/Ercros: Control Secured; Residual 3% Spread into Delisting

Event-Driven

<ul>
<li>Delisting approved at the AGM clears the final corporate hurdle. Bondalti will launch the exclusion offer at the unchanged price of €3.505 per share.</li>
<li>Bondalti controls 77.23% of Ercros. Remaining shareholders must decide whether to tender into the exclusion offer or remain invested in an unlisted company.</li>
<li>Ercros closed at €3.47, implying a ~1.0% gross spread to the exclusion offer. The remaining opportunity is timing-driven rather than dependent on deal completion.</li>
</ul>


Delisting approved at the AGM clears the final corporate hurdle. Bondalti will launch the exclusion offer at the unchanged price of €3.505 per share.
Bondalti controls 77.23% of Ercros. Remaining shareholders must decide whether to tender into the exclusion offer or remain invested in an unlisted company.
Ercros closed at €3.47, implying a ~1.0% gross spread to the exclusion offer. The remaining opportunity is timing-driven rather than dependent on deal completion.


Bondalti/Ercros: Delisting Approved; Final Exit at €3.505