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.

SEGRO: Prologis Moves Closer to a Recommended Offer

Prologis/SEGRO: Agreement Reached at Fair Value

Event-Driven

<ul>
<li>Prologis' third proposal narrows the valuation gap to 62p/share and increases deal credibility, but negotiations remain focused on price ahead of the Rule 2.6 deadline.</li>
<li>SEGRO's willingness to engage on improved terms raises the probability of a recommended transaction, although today's proposal still appears insufficient to secure Board support.</li>
<li>After a strong share price reaction, the opportunity has shifted from deep value to merger arbitrage, favouring outright SEGRO exposure over a fully hedged position.</li>
</ul>


Prologis' third proposal narrows the valuation gap to 62p/share and increases deal credibility, but negotiations remain focused on price ahead of the Rule 2.6 deadline.
SEGRO's willingness to engage on improved terms raises the probability of a recommended transaction, although today's proposal still appears insufficient to secure Board support.
After a strong share price reaction, the opportunity has shifted from deep value to merger arbitrage, favouring outright SEGRO exposure over a fully hedged position.


Prologis/SEGRO: The Gap Narrows, but the Negotiation Continues