We offer event driven research services that cover select M&A deals from every angle, with a particular focus on identifying and analysing the key upside and downside risks to a particular transaction. We specialise in European risk arbitrage but also assess deals globally to understand key trends, shareholder tendencies and regulatory and political matters.
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| Report | Country | Sector |
|---|---|---|
| Sky / Twenty-First Century Fox "Non-Fanciful Concerns" and New Deal Risks |
UK | Media |
| Twenty-First Century Fox / Disney Impact of AT&T, over Disney, and across Sky |
US | Media |
| WS Atkins / SNC-Lavalin Group Potential M&A Activism and Bumpitrage |
UK | Industrials |
| Sky / Twenty-First Century Fox UK Political Impacts on the Sky-Fox Deal |
UK | Media |
| Technip / FMC Technologies Mergers-of-Equals and Negative Arb Spreads |
France | Energy |
| Abertis / Atlantia Reactions and Thoughts on the Hochtief Counterbid |
Spain | Industrials |
| Huntsman / Clariant Post-Mortem: Companies Terminate Merger, Break Prices |
US | Materials |
| Sky / Twenty-First Century Fox Heading into 29 June Announcement |
UK | Media |
| Huntsman / Clariant M&A Acquirer Activism and Standalone Values |
US | Materials |
| Delta Lloyd / NN Group Pre-Event Risks, the Stichting and Shareholder Reactions |
Netherlands | Financials |
| Sky / Twenty-First Century Fox Opportunities and Risks For M&A Activism |
UK | Media |
| Syngenta / ChemChina Sources of Funds |
Switzerland | Materials |
| Actelion / Johnson & Johnson Uptravi Assessment and the R&D NewCo Spin-off |
Switzerland | Health Care |
| Amec Foster Wheeler / John Wood Group Antitrust, Interloper and Break Price Risks |
UK | Energy |
| Zodiac / Safran Assessing the Consequences of Zodiac’s Profit Warnings |
France | Industrials |
| SABMiller / AB InBev Proxy Adviser Risks |
UK | Consumer Staples |
| ARM Holdings / SoftBank Group Committed Buyer, Swift Timeline to Completion |
UK | Technology |
| Kuka / Midea German Protectionism and CFIUS Scrutiny |
Germany | Industrials |
| Syngenta / ChemChina CFIUS Analysis, Monsanto |
Switzerland | Materials |
| Sky / Twenty-First Century Fox The CMA’s Findings and the ‘Event-Based’ Sunset Clause |
UK | Media |
| NXP Semiconductors / Qualcomm Conflicting Break Price Analyses |
US | Technology |
| Abertis / Atlantia M&A Re-Rating and Counterbid/Bump Scenarios |
Spain | Industrials |
| Worldpay / Vantiv Target and Acquirer Susceptibility to a Counterbid |
UK | Technology |
| Kuka / Midea Implications of the BMWi Certificate Withdrawal of Aixtron / Grand Chip |
Germany | Industrials |
| Uniper / Fortum Bumping Offers Versus Building Stakes in German M&A |
Germany | Utilities |
| Kuka / Midea Update on CFIUS and ITAR Reviews |
Germany | Industrials |
| SABMiller / AB InBev Scheme Vote Considerations |
UK | Consumer Staples |
| Time Warner / AT&T Expected Verdict, Unwavering Confidence and Crowdedness |
US | Telecom |
| Time Warner / AT&T Precedent Parallels: EC-Blocked Vertical / Conglomerate Mergers |
US | Telecom |
| Linde / Praxair Antitrust Implications and Break Prices |
Germany | Industrials |
| Meda / Mylan VEB, the Dutch Enterprise Chamber, and Deal Collars |
Sweden | Health Care |
| Time Warner / AT&T From the Court House – Closing Arguments |
US | Telecom |
| Sky / Twenty-First Century Fox The Disney Effect and UK Chain Principle Considerations |
UK | Media |
| Sky / Twenty-First Century Fox Public Interest and Fit and Proper Analysis |
UK | Media |
| Syngenta / ChemChina Loan Refinancing Considerations |
Switzerland | Materials |
| Com Hem / Tele2 Manageable Antitrust and Break Scenarios, Plus Optionality |
Sweden | Telecom |
| Sky / Twenty-First Century Fox Comcast’s Intentions and Whether Fox or Disney Comes Back |
UK | Media |
| GKN / Melrose Industries Bumping, Waiving and Extending in UK Hostile Deals |
UK | Industrials |
| NEX Group / CME Group Exploring the Overlooked Antitrust Risks |
UK | Financials |
| Jardine Lloyd Thompson / Marsh & McLennan Regulatory Risks and Entry Points |
UK | Financials |
| Monsanto / Bayer International Antitrust Scrutiny |
US | Materials |
| London Stock Exchange / Deutsche Boerse Other Suitors, the UK Referendum and Antitrust Risks |
UK | Financials |
| Shire / Takeda Weighing Upside Versus the Acquirer Vote and Pipeline Risks |
UK | Health Care |
| NXP Semiconductors / Qualcomm Not Over Yet. Revisiting Break Prices and Trade Tariffs |
US | Technology |
| Twenty-First Century Fox / Disney Counterbids and Leverage, Governance and Antitrust Issues |
US | Media |
| Shire / Takeda Heading into the Takeda AGM on 28 June 2018 |
UK | Health Care |
| APA Group / CK Infrastructure Holdings Australian Politics, National Security and Chinese Influence |
Australia | Utilities |
| Spark Therapeutics / Roche Holding Implications of Pull-and-Refiles and a Second Request |
US | Health Care |
| Sky / Twenty-First Century Fox Effects of the DoJ’s Appeal Against AT&T and Comcast’s Intentions |
UK | Media |
| Luxottica Group / Essilor International MOFCOM Secured, Squeeze-Out and Sell-Out Optionality |
Italy | Consumer Discretionary |
| Linde / Praxair US and China Antitrust Analysis; Breaching the Divestiture Cap |
Germany | Industrials |
| Gemalto / Thales EC Phase II Antitrust, CFIUS and Downside Risks |
Netherlands | Technology |
| Randgold Resources / Barrick Gold Regulatory and Political Considerations; Nil-Premium Opportunities |
UK | Materials |
| Inmarsat / Apax, Warburg Pincus, CPPIB, OTPP Private Equity vs Public Market – Regulatory and Counterbid Thoughts |
UK | Telecom |
| APA Group / CK Infrastructure Holdings Call with Our Australian Legal Advisers |
Australia | Utilities |
| Twenty-First Century Fox / Disney Brazil Antitrust, Collar and Election Strategies, New Fox Value |
US | Media |
| Amer Sports Group / Anta Sports-led Consortium CFIUS’ National Security Considerations and Financing Stability |
Finland | Consumer Discretionary |
| Inmarsat / Apax, Warburg Pincus, CPPIB, OTPP Ligado Uncertainty and Optionality – Pre- or Post-Vote |
UK | Telecom |
| Tribune Media / Nexstar Media Group A Different Approach to Sinclair |
US | Media |
| Celgene / Bristol-Myers Squibb Buyers for BMS, Merger Agreement Strength, Antitrust and Activism |
US | Health Care |
| Red Hat / IBM Vertical Limit: The Cloud, Linux and European Antitrust Scrutiny |
US | Technology |
| Scout24 / Hellman & Friedman and Blackstone The 50%+1, Bestellerprinzip Risk and Optionality |
Germany | Media |
| TLG / Aroundtown Back-Ends in All-Stock, No Minimum Acceptance, Real Estate Deals |
Germany | Real Estate |
| WellCare Health Plans / Centene Corporation Antitrust Assessment and Other Deal Considerations |
US | Health Care |
| Inmarsat / Apax, Warburg Pincus, CPPIB, OTPP UK National Security, Ligado and Antitrust Updates |
UK | Telecom |
| Allergan / AbbVie Antitrust Complications and Considerations |
Ireland | Health Care |
| LINE / Softbank & NAVER Antitrust and Data, Squeeze-Outs and Appraisal Rights |
Japan | Telecom |
| The Stars Group / Flutter Entertainment Global Antitrust and Notable Deal-Related Risks |
Canada | Media & Entertainment |
| Fiat Chrysler Automobiles / Peugeot Pre-Deal Hurdles, Rationale and Deal Structure |
Italy | Industrials |
| European LBOs / Axel Springer, Cobham, Inmarsat, Merlin and Osram Trends, Structures, Candidates |
Europe | All |
| COVID-19 / Impact on Pending European Public M&A Conditionality, Covenants, Precedents and ‘Outs’ |
Europe | All |
| COVID-19 / Impact on Pending US Public M&A Carve-Outs, Financing, Solvency, Fees, Specific Performance |
US | All |
| COVID-19 / Impact on Pending Leveraged Buyouts Broken Deals, Sponsor Optionality and Target Remedies |
All | All |
| Tiffany / LVMH Reprice and ‘Out’ Viability, Pandemic Impact |
US | Consumer Discretionary |