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.

Event-Driven

<ul>
<li>Rule 2.7 confirms the agreed terms and removes the remaining negotiation uncertainty. The principal risks are now shareholder, Court, regulatory and timing approvals ahead of expected Q1 2027 completion.</li>
<li>The contingent 125p Technology Disposal Additional Consideration resembles a capped call spread, with contractual protections that strengthen its value despite the undisclosed Technology Disposal Hurdle and execution uncertainty.</li>
<li>At 6,360p, DCC trades 2.6% below the fixed cash consideration, rising to 4.6% assuming the maximum contingent payment, equivalent to estimated annualised gross returns of 4.2% and 7.4%, respectively.</li>
</ul>


Rule 2.7 confirms the agreed terms and removes the remaining negotiation uncertainty. The principal risks are now shareholder, Court, regulatory and timing approvals ahead of expected Q1 2027 completion.
The contingent 125p Technology Disposal Additional Consideration resembles a capped call spread, with contractual protections that strengthen its value despite the undisclosed Technology Disposal Hurdle and execution uncertainty.
At 6,360p, DCC trades 2.6% below the fixed cash consideration, rising to 4.6% assuming the maximum contingent payment, equivalent to estimated annualised gross returns of 4.2% and 7.4%, respectively.


DCC: Firm Offer Agreed — Remaining Conditions and Spread