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.

Deutsche Börse - Allfunds: Shareholder Approval Secured as the Arb Enters Its Regulatory Phase

Allfunds: A High-Conviction Arb With Dividend Carry and DB1-Backed Upside

Thoughts About the Failed Offer for Allfunds

Event-Driven

<ul>
<li>Binding agreement signed at €8.80 shifts consideration toward cash, materially reducing equity risk, eliminating interloper optionality, and moving Allfunds from speculative special situation to late-stage, higher-certainty merger arbitrage profile today.</li>
<li>Revised €6.00 cash and €2.60 stock mix lowers hedge ratio to one DB1 share per 80.49 Allfunds shares, improving risk-adjusted returns.</li>
<li>At €7.96, gross spread is 10.7% and 13.1% including dividends, annualising to 9.1% and 11.1% respectively, with completion probability rising toward 75% pending EU regulatory approval.</li>
</ul>


Binding agreement signed at €8.80 shifts consideration toward cash, materially reducing equity risk, eliminating interloper optionality, and moving Allfunds from speculative special situation to late-stage, higher-certainty merger arbitrage profile today.
Revised €6.00 cash and €2.60 stock mix lowers hedge ratio to one DB1 share per 80.49 Allfunds shares, improving risk-adjusted returns.
At €7.96, gross spread is 10.7% and 13.1% including dividends, annualising to 9.1% and 11.1% respectively, with completion probability rising toward 75% pending EU regulatory approval.


Deutsche Börse - Allfunds: Funding the Finish Line