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.

Gamma Communications: 1,156p Vs 1,120p — How Much Is a Counterbid Worth?

Gamma Communications: What Does Waterland’s LBO Support?

Gamma Communications: Waterland Without Giacom

Event-Driven

<ul>
<li>Waterland's Rule 2.8 withdrawal removes the only identified competing bidder, leaving Epiris's recommended 1,120p cash offer as the only live transaction.</li>
<li>At 1,092p, the 2.56% gross spread annualises to approximately 5.4% using our estimated 31 March 2027 settlement date.</li>
<li>We would not initiate at current levels: a 5.4% annualised return looks insufficient with seven regulatory approvals still outstanding and meaningful timetable risk.</li>
</ul>


Waterland's Rule 2.8 withdrawal removes the only identified competing bidder, leaving Epiris's recommended 1,120p cash offer as the only live transaction.
At 1,092p, the 2.56% gross spread annualises to approximately 5.4% using our estimated 31 March 2027 settlement date.
We would not initiate at current levels: a 5.4% annualised return looks insufficient with seven regulatory approvals still outstanding and meaningful timetable risk.


Epiris / Gamma Communications: Waterland Drops the Call