Delta Lloyd / NN Group

Delta Lloyd / NN Group: Pre-Event Risks, the Stichting and Shareholder Reactions

Publication Date: November 1, 2016

Research Report Overview

Soft catalyst special situations, which include pre-event M&A, is a popular strategy among event driven funds and can be lucrative. While it is not a deal that we would usually cover, the Delta Lloyd / NN Group pre-event situation is of particular interest as it illustrates the difficulty in: 1) assessing the outcome of a proposed offer; and, 2) concluding whether or not companies will eventually agree to an M&A transaction. Through statistical analysis and a thorough investigation of precedent takeover proposals, we highlight the risks involved in buying potential targets at elevated prices in hopes of an agreed deal, an increased proposal or a counterbid. Funds only need to have experienced or read our case studies on failed European pre-event M&A, such as K+S (SDF GY) / Potash (POT CN), Syngenta (SYNN VX) / Monsanto (MON US) and AstraZeneca (AZN LN) / Pfizer (PFE US), among others, to understand how swift and significant losses can be in undertaking this strategy.

Contents (27 Pages):

1. Rationale for a Takeover and Reasons Why Delta Lloyd is Opposed to It 2. Delta Lloyd - Financial Valuation Analysis 3. Shareholder Reactions and Strategies: Fubon and Highfields 4. Dutch Stichting ‘Poison Pill’ Considerations 5. NN Group Strategies and Potential Outcomes 6. Pre-Event M&A: Enthusiasm Versus Reality 7. Failed Precedent Deals in the Context of Pre-Event M&A 8. Market Share Data and Antitrust Considerations

How to Access this Research Report

Please contact us to request access to this report or to enquire about our research services.

Back to top of page