October 26, 2017 | Industrials | Europe | Ended

Abertis / Atlantia: Reactions and Thoughts on the Hochtief Counterbid

ACS has been successful in structuring a deal that uses Hochtief as a vehicle to acquire Abertis. Last week Hochtief proposed a competing offer for Abertis (an all-cash offer at €18.76 per share, and a 0.1281 HOT GY share alternative, both subject to minimum acceptances) which has a larger-than-expected premium to Atlantia’s pending offer (+14%). There are some key effects resulting from the structure of this counterbid, and we assess the upcoming strategies and opportunities for the companies involved.

Contents 1. Hochtief Strategy and the Deal Impacts 2. ACS Strategy and the Deal Impacts 3. Hochtief Offer: Threat to the Atlantia 4. Atlantia: Counterbid Feasibility 5. Criteria Support, Timing and Trading Strategies (7 pages)

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