Ingenico (ING FP) /​ Worldline (WLN FP): Will Worldline Renegotiate the Terms?

Ingenico (ING FP) /​ Worldline (WLN FP): Thoughts on Price Dynamics After the Short Ban.

Ingenico (ING FP) /​​ Worldline (WLN FP): In Q1, ING Is Preemptively Quashing Deal's Opposition.

Prosus (PRX NA): Covid-19 Impact on the Unlisted Chunk of NAV. Initial Datapoints.

European Event-Driven Analyst

Patryk Basiewicz

PGB Research

Event-Driven

After an extension, the ban on short-selling in France is expected to be lifted just before midnight on 18 May, making the 19 May the first day of trading. Many will want to set up the <a href="https://www.smartkarma.com/entities/worldline-sa" target="_blank" data-smartkarma-citation="entities:21571:1" rel="noopener">Worldline SA (WLN FP)</a> / <a href="https://www.smartkarma.com/entities/ingenico-group-sa" target="_blank" data-smartkarma-citation="entities:21487:1" rel="noopener">Ingenico Group Sa (ING FP)</a>  spread. Prior to the current market turmoil, the gross spread traded between 0.5% and 2.5%, clearly indicating that many gained comfort with all the closing conditions.
In <a href="https://www.smartkarma.com/insights/ingenico-ing-fp-worldline-wln-fp-will-worldline-renegotiate-the-terms" target="_blank" data-smartkarma-citation="insights:38071" rel="noopener">Ingenico (ING FP) /​ Worldline (WLN FP): Will Worldline Renegotiate the Terms?</a> I outlined why the deal still makes sense at current terms, implying that the spread will again tighten significantly.  In <a href="https://www.smartkarma.com/insights/ingenico-ing-fp-worldline-wln-fp-in-q1-ing-is-preemptively-quashing-deal-s-opposition" target="_blank" data-smartkarma-citation="insights:38660" rel="noopener">Ingenico (ING FP) /​​ Worldline (WLN FP): In Q1, ING Is Preemptively Quashing Deal's Opposition, </a>I argue that the rhetoric during Ingenico’s Q1 call indicates that it is very much in favour of the deal. Below, I update this analysis and provide additional analysis surrounding the value creation implicit in the transaction. The analysis below is also a useful guide for trading unhedged Worldline going forward.
Note it is possible that there will be another extension.

After an extension, the ban on short-selling in France is expected to be lifted just before midnight on 18 May, making the 19 May the first day of trading. Many will want to set up the Worldline SA (WLN FP) / Ingenico Group Sa (ING FP)  spread. Prior to the current market turmoil, the gross spread traded between 0.5% and 2.5%, clearly indicating that many gained comfort with all the closing conditions.
In Ingenico (ING FP) /​ Worldline (WLN FP): Will Worldline Renegotiate the Terms? I outlined why the deal still makes sense at current terms, implying that the spread will again tighten significantly.  In Ingenico (ING FP) /​​ Worldline (WLN FP): In Q1, ING Is Preemptively Quashing Deal's Opposition, I argue that the rhetoric during Ingenico’s Q1 call indicates that it is very much in favour of the deal. Below, I update this analysis and provide additional analysis surrounding the value creation implicit in the transaction. The analysis below is also a useful guide for trading unhedged Worldline going forward.
Note it is possible that there will be another extension. 

Ingenico(ING FP) /​​ Worldline(WLN FP): 단기 매매 금지 이후 가격 변동에 대한 고찰. 다시 한번!

Worldline SA

Ingenico(ING FP) /​​ Worldline(WLN FP): 단기 매매 금지 이후 가격 변동에 대한 고찰. 다시 한번!

Ingenico(ING FP) / Worldline(WLN FP): 단기 매매 금지 이후 가격 변동에 대한 고찰. 다시 한번!