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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