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

Deal Announced: May 15, 2017
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