Abertis / Atlantia

Abertis / Atlantia: Reactions and Thoughts on the Hochtief Counterbid

Publication Date: October 26, 2017

Research Report Overview

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 (7 Pages):

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

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Deal Timeline

Abertis / Atlantia

End Date: May 14, 2018

May 2018

April 2018

March 2018

February 2018

January 2018

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

Deal Announced: May 15, 2017
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