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.

Uber Technologies / Delivery Hero: The Last Mile

Uber Technologies / Delivery Hero: Negotiations Move Centre Stage

Event-Driven

<ul>
<li>Delivery Hero closed at €37.05 on 27 August, leaving 12.0% upside to Uber's €41.50 cash offer, versus an 8.6% spread when we last wrote.</li>
<li>The offer document confirms multiple parallel approvals for the acquisition and SSW disposal, with settlement potentially delayed until November 2027.</li>
<li>We retain an 85% completion probability. The spread now offers c.9.7% annualised to mid-November 2027, with the downside/upside ratio improving from c.2.3x to c.1.5x.</li>
</ul>


Delivery Hero closed at €37.05 on 27 August, leaving 12.0% upside to Uber's €41.50 cash offer, versus an 8.6% spread when we last wrote.
The offer document confirms multiple parallel approvals for the acquisition and SSW disposal, with settlement potentially delayed until November 2027.
We retain an 85% completion probability. The spread now offers c.9.7% annualised to mid-November 2027, with the downside/upside ratio improving from c.2.3x to c.1.5x.


Uber Technologies / Delivery Hero: Paid to Wait

Delivery Hero SE

Uber Technologies / Delivery Hero: Paid to Wait