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.

Spectris Update: KKR’s Recommended Counter-Offer Displaces Advent

Spectris – Board Flips to Advent’s Raised Offer, KKR Cornered

Spectris – KKR Clears Shareholder Hurdle; Arb Returns Now Timing-Dependent

Calibrating Value: Spectris in Advent’s Crosshair

Event-Driven

<ul>
<li>Spectris shares have rallied to £37.98 following a firm offer from Advent and renewed interest from KKR, validating my original high-conviction arbitrage call.</li>
<li>The binding £37.63/share offer implies 14.4x EV/EBITDA on CY2025 forecasts, well above peer median, reflecting control premium, synergy potential, and prior undervaluation (~6.1x).</li>
<li>Interloper risk has become material; with the July 11 PUSU deadline for KKR, investors now face modest downside and renewed upside optionality.</li>
</ul>


Spectris shares have rallied to £37.98 following a firm offer from Advent and renewed interest from KKR, validating my original high-conviction arbitrage call.
The binding £37.63/share offer implies 14.4x EV/EBITDA on CY2025 forecasts, well above peer median, reflecting control premium, synergy potential, and prior undervaluation (~6.1x).
Interloper risk has become material; with the July 11 PUSU deadline for KKR, investors now face modest downside and renewed upside optionality.


Spectris in Play: Advent Locks In, KKR Circles

Spectris PLC

Spectris in Play: Advent Locks In, KKR Circles