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.

Frasers/Hugo Boss: Lowball Opening Bid or First Step Towards Control?

Della Valle/Tod's: Lowball Minorities Buyout

Event-Driven

<ul>
<li>Frasers has published its BaFin-approved offer document, declared its €38/share cash offer final and removed expectations of sweetened offer. Hugo Boss now trades at a 1.31% gross spread.</li>
<li>The offer remains subject only to European Commission merger clearance and no minimum acceptance threshold. Frasers can still materially increase its ownership even if minority shareholders largely decline to tender.</li>
<li>Our original structural view remains intact, but the investment case has changed. The trade has shifted from bump optionality to an 8.5% annualised timing spread, assuming August settlement.</li>
</ul>


Frasers has published its BaFin-approved offer document, declared its €38/share cash offer final and removed expectations of sweetened offer. Hugo Boss now trades at a 1.31% gross spread.
The offer remains subject only to European Commission merger clearance and no minimum acceptance threshold. Frasers can still materially increase its ownership even if minority shareholders largely decline to tender.
Our original structural view remains intact, but the investment case has changed. The trade has shifted from bump optionality to an 8.5% annualised timing spread, assuming August settlement.


Frasers/Hugo Boss: Final Offer, Timing Spread, Longer Game

HUGO BOSS AG

Frasers/Hugo Boss: Final Offer, Timing Spread, Longer Game