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: 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

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

Event-Driven

<ul>
<li>EQT’s final proposal of £60/share plus retained 107.7p dividend values Intertek at ~12.68 NTM EBITDA, materially above peers and near the practical limit implied by leveraged-buyout economics.</li>
<li>Activist investors including PrimeStone, Palliser and Lost Coast are now publicly urging engagement, materially weakening the Board’s negotiating position as the Takeover Code deadline approaches this week.</li>
<li>The strategic review, buyer interest for Energy &amp; Infrastructure assets and repeated bid increases likely raised the downside floor materially above unaffected levels, improving asymmetry despite the strong share-price re-rating.</li>
</ul>


EQT’s final proposal of £60/share plus retained 107.7p dividend values Intertek at ~12.68 NTM EBITDA, materially above peers and near the practical limit implied by leveraged-buyout economics.
Activist investors including PrimeStone, Palliser and Lost Coast are now publicly urging engagement, materially weakening the Board’s negotiating position as the Takeover Code deadline approaches this week.
The strategic review, buyer interest for Energy &amp; Infrastructure assets and repeated bid increases likely raised the downside floor materially above unaffected levels, improving asymmetry despite the strong share-price re-rating.


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