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.

Verallia S.A.: Initiation of Coverage- Its Expanded Production Capabilities In Europe & Latin America Can Make It A Powerhouse For Future Growth?

Event-Driven

<ul>
<li>BWGI’s tender offer for Verallia has secured regulatory approvals and board support. With strong financial backing and irrevocable commitments, the threshold for success is achievable but not guaranteed.</li>
<li>While early entrants at €27 enjoy strong arbitrage returns, recent prices near €28.14 offer minimal spread. The current trade hinges on bump potential or long-term rerating prospects.</li>
<li>Erallia trades at 6.3x EV/EBITDA vs. Vidrala’s 7.9x. The DCF fair value implies ~30% upside, making holding shares a credible strategy even if the offer fails or underwhelms.</li>
</ul>


BWGI’s tender offer for Verallia has secured regulatory approvals and board support. With strong financial backing and irrevocable commitments, the threshold for success is achievable but not guaranteed.
While early entrants at €27 enjoy strong arbitrage returns, recent prices near €28.14 offer minimal spread. The current trade hinges on bump potential or long-term rerating prospects.
Erallia trades at 6.3x EV/EBITDA vs. Vidrala’s 7.9x. The DCF fair value implies ~30% upside, making holding shares a credible strategy even if the offer fails or underwhelms.


Glass Half Full: Arbitrage Opportunities in Verallia’s Tender Path