Latest Reports



April 28, 2016 | Health Care | Europe | Ended

Meda / Mylan : VEB, the Dutch Enterprise Chamber, and Deal Collars

With its focus on over-the-counter (OTC) products and a strong presence in emerging markets and Europe, Meda is an ideal strategic partner for Mylan. Although the deal was initially met with scepticism from Mylan shareholders, most have recognised that the 92% premium is less relevant than the actual multiples that Mylan is paying, which are in-line with or lower than precedent specialty pharmaceutical deals. The price is simply what was needed to get Meda’s largest shareholder, the Olssen family (20.7%), to agree to a deal and, even at this level, cash flows are so robust that leverage at the combined company will not be constrained and Mylan can fulfil its aim of returning capital to its shareholders. In this research report, we analyse the key risks to the deal and potential outcomes.

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March 30, 2016 | Financials | Europe | Ended

London Stock Exchange / Deutsche Boerse : Other Suitors, the UK Referendum and Antitrust Risks

Investors seem fixated on understanding when, and to what extent, Intercontinental Exchange (ICE US) will disrupt the agreed LSE/Deutsche Borse ‘merger of equals’ by counterbidding for LSE. While hoping for upside through a competitive situation, event driven funds and LSE investors should not forget the multiple significant risks that any acquirer will face in a sector that is notorious for failed transactions.

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February 18, 2016 | Industrials | Europe | Ended

Syngenta / ChemChina : CFIUS Analysis, Monsanto

This event driven research report explores Monsanto’s issues and need to acquire Syngenta, and whether Monsanto can structure and implement a feasible counterbid. We introduce the Manalo Merger Database, our proprietary resource of European M&A deals, looking at relevant precedent deals for Syngenta/ChemChina in the context of risk arbitrage trading.

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