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.

Intertek: The £60 Final Offer Shifts Pressure to the Board

Intertek: Recommended at £61.077 — Now a Completion Trade

Intertek: Bid Reflects Break-Up Value — Now a Higher Bid Trade

Intertek Update: £58 Bid Lands - Close to the Limit, But Not Irrational

Event-Driven

<ul>
<li>Intertek rejected EQT’s £58 proposal, but simultaneously disclosed inbound interest for the Energy &amp; Infrastructure division, materially strengthening the credibility of the strategic review.</li>
<li>The market-implied probability of a £58 outcome has fallen from ~67% earlier last week to ~55% at Friday’s 4,910p close, reopening the setup from an event-driven perspective.</li>
<li>We still view £58 as close to the economic limit for a sponsor-led take-private. However, the downside has improved as the strategic review increasingly looks actionable rather than defensive.</li>
</ul>


Intertek rejected EQT’s £58 proposal, but simultaneously disclosed inbound interest for the Energy &amp; Infrastructure division, materially strengthening the credibility of the strategic review.
The market-implied probability of a £58 outcome has fallen from ~67% earlier last week to ~55% at Friday’s 4,910p close, reopening the setup from an event-driven perspective.
We still view £58 as close to the economic limit for a sponsor-led take-private. However, the downside has improved as the strategic review increasingly looks actionable rather than defensive.


Intertek: 3rd Offer Rejected, Break-Up Thesis Strengthened