Event Driven Research

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.

Our event driven research reports can be bought individually, or as part of an annual subscription.

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Date Report Country Sector Status
13-Sep-2017 Sky / Twenty-First Century Fox
"Non-Fanciful Concerns" and New Deal Risks
UK Media Ended
24-May-2018 Twenty-First Century Fox / Disney
Impact of AT&T, over Disney, and across Sky
US Media Ended
02-May-2017 WS Atkins / SNC-Lavalin Group
Potential M&A Activism and Bumpitrage
UK Industrials Ended
26-Jun-2017 Sky / Twenty-First Century Fox
UK Political Impacts on the Sky-Fox Deal
UK Media Ended
26-Sep-2016 Technip / FMC Technologies
Mergers-of-Equals and Negative Arb Spreads
France Energy Ended
26-Oct-2017 Abertis / Atlantia
Reactions and Thoughts on the Hochtief Counterbid
Spain Industrials Ended
27-Oct-2017 Huntsman / Clariant
Post-Mortem: Companies Terminate Merger, Break Prices
US Materials Ended
21-Jun-2017 Sky / Twenty-First Century Fox
Heading into 29 June Announcement
UK Media Ended
20-Jul-2017 Worldpay / Vantiv
M&A Acquirer Activism and Standalone Values
UK Technology Ended
01-Nov-2016 Delta Lloyd / NN Group
Pre-Event Risks, the Stichting and Shareholder Reactions
Netherlands Financials Ended
24-Jan-2017 Sky / Twenty-First Century Fox
Opportunities and Risks For M&A Activism
UK Media Ended
01-Sep-2016 Syngenta / ChemChina
Sources of Funds
Switzerland Materials Ended
10-Mar-2017 Actelion / Johnson & Johnson
Uptravi Assessment and the R&D NewCo Spin-off
Switzerland Health Care Ended
02-May-2017 Amec Foster Wheeler / John Wood Group
Antitrust, Interloper and Break Price Risks
UK Energy Ended
03-Apr-2017 Zodiac / Safran
Assessing the Consequences of Zodiac’s Profit Warnings
France Industrials Ended
01-Sep-2016 SABMiller / AB InBev
Proxy Adviser Risks
UK Consumer Staples Ended
26-Jul-2016 ARM Holdings / SoftBank Group
Committed Buyer, Swift Timeline to Completion
UK Technology Ended
02-Jun-2016 Kuka / Midea
German Protectionism and CFIUS Scrutiny
Germany Industrials Ended
18-Feb-2016 Syngenta / ChemChina
CFIUS Analysis, Monsanto
Switzerland Materials Ended
23-Jan-2018 Sky / Twenty-First Century Fox
The CMA’s Findings and the ‘Event-Based’ Sunset Clause
UK Media Ended
19-Jun-2017 NXP Semiconductors / Qualcomm
Conflicting Break Price Analyses
US Technology Ended
30-Aug-2017 Abertis / Atlantia
M&A Re-Rating and Counterbid/Bump Scenarios
Spain Industrials Ended
26-Sep-2017 Worldpay / Vantiv
Target and Acquirer Susceptibility to a Counterbid
UK Technology Ended
26-Oct-2016 Kuka / Midea
Implications of the BMWi Certificate Withdrawal of Aixtron / Grand Chip
Germany Industrials Ended
17-Nov-2017 Uniper / Fortum
Bumping Offers Versus Building Stakes in German M&A
Germany Utilities Ended
29-Sep-2016 Kuka / Midea
Update on CFIUS and ITAR Reviews
Germany Industrials Ended
04-Aug-2016 SABMiller / AB InBev
Scheme Vote Considerations
UK Consumer Staples Ended
25-Apr-2018 Time Warner / AT&T
Expected Verdict, Unwavering Confidence and Crowdedness
US Telecom Ended
24-Nov-2017 Time Warner / AT&T
Precedent Parallels: EC-Blocked Vertical / Conglomerate Mergers
US Telecom Ended
23-Jan-2018 Linde / Praxair
Antitrust Implications and Break Prices
Germany Industrials Ended
28-Apr-2016 Meda / Mylan
VEB, the Dutch Enterprise Chamber, and Deal Collars
Sweden Health Care Ended
01-May-2018 Time Warner / AT&T
From the Court House – Closing Arguments
US Telecom Ended
19-Dec-2017 Sky / Twenty-First Century Fox
The Disney Effect and UK Chain Principle Considerations
UK Media Ended
01-Jun-2017 Sky / Twenty-First Century Fox
Public Interest and Fit and Proper Analysis
UK Media Ended
13-Oct-2016 Syngenta / ChemChina
Loan Refinancing Considerations
Switzerland Materials Ended
16-Feb-2018 Com Hem / Tele2
Manageable Antitrust and Break Scenarios, Plus Optionality
Sweden Telecom Ended
26-Feb-2018 Sky / Twenty-First Century Fox
Comcast’s Intentions and Whether Fox or Disney Comes Back
UK Media Ended
15-Mar-2018 GKN / Melrose Industries
Bumping, Waiving and Extending in UK Hostile Deals
UK Industrials Ended
18-Sep-2018 NEX Group / CME Group
Exploring the Overlooked Antitrust Risks
UK Financials Ended
20-Sep-2018 Jardine Lloyd Thompson / Marsh & McLennan
Regulatory Risks and Entry Points
UK Financials Ended
21-Dec-2016 Monsanto / Bayer
International Antitrust Scrutiny
US Materials Ended
30-Mar-2016 London Stock Exchange / Deutsche Boerse
Other Suitors, the UK Referendum and Antitrust Risks
UK Financials Ended
15-May-2018 Shire / Takeda
Weighing Upside Versus the Acquirer Vote and Pipeline Risks
UK Health Care Ended
20-Jun-2018 NXP Semiconductors / Qualcomm
Not Over Yet. Revisiting Break Prices and Trade Tariffs
US Technology Ended
11-Jul-2018 Twenty-First Century Fox / Disney
Counterbids and Leverage, Governance and Antitrust Issues
US Media Ended
25-Jun-2018 Shire / Takeda
Heading into the Takeda AGM on 28 June 2018
UK Health Care Ended
25-Oct-2018 APA Group / CK Infrastructure Holdings
Australian Politics, National Security and Chinese Influence
Australia Utilities Ended
31-May-2019 Spark Therapeutics / Roche Holding
Implications of Pull-and-Refiles and a Second Request
US Health Care Ended
13-Jul-2018 Sky / Twenty-First Century Fox
Effects of the DoJ’s Appeal Against AT&T and Comcast’s Intentions
UK Media Ended
31-Jul-2018 Luxottica Group / Essilor International
MOFCOM Secured, Squeeze-Out and Sell-Out Optionality
Italy Consumer Discretionary Ended
07-Aug-2018 Linde / Praxair
US and China Antitrust Analysis; Breaching the Divestiture Cap
Germany Industrials Ended
23-Aug-2018 Gemalto / Thales
EC Phase II Antitrust, CFIUS and Downside Risks
Netherlands Technology Ended
25-Sep-2018 Randgold Resources / Barrick Gold
Regulatory and Political Considerations; Nil-Premium Opportunities
UK Materials Ended
26-Mar-2019 Inmarsat / Apax, Warburg Pincus, CPPIB, OTPP
Private Equity vs Public Market – Regulatory and Counterbid Thoughts
UK Telecom Ended
07-Nov-2018 APA Group / CK Infrastructure Holdings
Call with Our Australian Legal Advisers
Australia Utilities Ended
28-Nov-2018 Twenty-First Century Fox / Disney
Brazil Antitrust, Collar and Election Strategies, New Fox Value
US Media Ended
19-Dec-2018 Amer Sports Group / Anta Sports-led Consortium
CFIUS’ National Security Considerations and Financing Stability
Finland Consumer Discretionary Ended
29-Apr-2019 Inmarsat / Apax, Warburg Pincus, CPPIB, OTPP
Ligado Uncertainty and Optionality – Pre- or Post-Vote
UK Telecom Ended
11-Sep-2020 Tiffany / LVMH
Specific Performance, French Government Intervention, Outcomes
US Consumer Discretionary Active
17-Jan-2019 Tribune Media / Nexstar Media Group
A Different Approach to Sinclair
US Media Ended
28-Jan-2019 Celgene / Bristol-Myers Squibb
Buyers for BMS, Merger Agreement Strength, Antitrust and Activism
US Health Care Ended
25-Feb-2019 Red Hat / IBM
Vertical Limit: The Cloud, Linux and European Antitrust Scrutiny
US Technology Ended
28-Mar-2019 Scout24 / Hellman & Friedman and Blackstone
The 50%+1, Bestellerprinzip Risk and Optionality
Germany Media Ended
14-Jan-2020 TLG / Aroundtown
Back-Ends in All-Stock, No Minimum Acceptance, Real Estate Deals
Germany Real Estate Ended
24-Jun-2019 WellCare Health Plans / Centene Corporation
Antitrust Assessment and Other Deal Considerations
US Health Care Ended
26-Jul-2019 Inmarsat / Apax, Warburg Pincus, CPPIB, OTPP
UK National Security, Ligado and Antitrust Updates
UK Telecom Ended
22-Aug-2019 Allergan / AbbVie
Antitrust Complications and Considerations
Ireland Health Care Ended
17-Feb-2020 LINE / Softbank & NAVER
Antitrust and Data, Squeeze-Outs and Appraisal Rights
Japan Telecom Ended
14-Aug-2020 GrandVision / EssilorLuxottica
Cut and Termination Scenarios
Netherlands Consumer Discretionary Active
31-Oct-2019 The Stars Group / Flutter Entertainment
Global Antitrust and Notable Deal-Related Risks
Canada Media & Entertainment Ended
21-Nov-2019 Fiat Chrysler Automobiles / Peugeot
Pre-Deal Hurdles, Rationale and Deal Structure
Italy Industrials Active
27-Sep-2019 European LBOs / Axel Springer, Cobham, Inmarsat, Merlin and Osram
Trends, Structures, Candidates
Europe All Ended
24-Apr-2020 COVID-19 / Impact on Pending European Public M&A
Conditionality, Covenants, Precedents and ‘Outs’
Europe All Active
30-Mar-2020 COVID-19 / Impact on Pending US Public M&A
Carve-Outs, Financing, Solvency, Fees, Specific Performance
US All Active
26-May-2020 COVID-19 / Impact on Pending Leveraged Buyouts
Broken Deals, Sponsor Optionality and Target Remedies
All All Active
09-Jun-2020 Tiffany / LVMH
Reprice and ‘Out’ Viability, Pandemic Impact
US Consumer Discretionary Active
15-Jul-2020 Fitbit / Alphabet
Fitbit’s Data and its Conglomerate and Vertical Effects
US Telecom Active
21-Oct-2020 Cayman-Incorporated / US-Listed Chinese Takeovers
Back-End Risks and Opportunities for Dissenters
All All Active
10-Feb-2021 What to Expect from China’s SAMR in Semiconductor Merger Control /
Dialog, Inphi, Maxim, Siltronic, and Xilinx
Global Technology Active