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.

Gubel/​Prosegur: Acceptance Period, Spread

Gubel/Prosegur: Partial Takeover Offer at Interesting Spread

Event-Driven

<ul>
<li>The voluntary partial (15% of share capital) takeover bid launched by Gubel for <a href="https://www.smartkarma.com/entities/prosegur-cia-de-seguridad-sa" target="_blank" data-smartkarma-citation="entities:21290:1" rel="noopener">Prosegur (PSG SM)</a> has been accepted by 13.23%, thus 88.23% acceptance, and no proration. Gubel increases its grip to 73.14%.</li>
<li>The free float has been reduced to 17.5% on a market cap of just €994 million. A delisting offer could well happen in the future and would make sense financially.</li>
<li>Prosegur has 81.45% of Prosegur Cash, which could also become target of a delisting offer. Its shares have low liquidity, hence are overlooked and cheap (6.9x Fwd P/E vs. 9.7x Securitas).</li>
</ul>


The voluntary partial (15% of share capital) takeover bid launched by Gubel for Prosegur (PSG SM) has been accepted by 13.23%, thus 88.23% acceptance, and no proration. Gubel increases its grip to 73.14%.
The free float has been reduced to 17.5% on a market cap of just €994 million. A delisting offer could well happen in the future and would make sense financially.
Prosegur has 81.45% of Prosegur Cash, which could also become target of a delisting offer. Its shares have low liquidity, hence are overlooked and cheap (6.9x Fwd P/E vs. 9.7x Securitas).


Gubel/Prosegur: Offer Results & Potential Delisting Bids