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05-Nov-15: Panta Event Note standard

– Telecity plc (TCY LN)/ Equinix Inc (EQIX US):  Regulatory news service was quoted that Equinix’ plan to sell some data centres in Amsterdam, London and Frankfurt to win EU approval could see third parties still complaining as the assets might be insufficient to allow a buyer to compete effectively, given a shortage of interconnection options. We still believe that EC approval will be forthcoming shortly given a) large (not necessarily needed) upfront willingness  by Equinix to sell large number of individual data centres in Phase 1; b) still significant number of retail and wholesale competition out in all the individual markets, and c) limited number of vocal customer and competitor’s complaints. Continue to set up spread above Gbp 45 (1 TCY LN ...

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04-Nov-15: Panta Event Note standard

– Melrose Industries plc (MRO LN):  Melrose represents an interesting low volatility/low downside investment case – On 28 July Melrose announced it had entered into an agreement to sell more than 80% of its business, namely its Elster business (as well as the majority of Melrose’s pension schemes) to Honeywell for cash consideration of £3.3bn (since the acquisition of Elster in August 2012 for £1.8 bn, Melrose has achieved a 2.3x return on its original equity investment and an IRR of 33%). Very recently, Melrose announced its intention to undertake a corporate reorganisation in order to return capital to shareholders of between £2.0bn and £2.5bn. After closing of Elster sale, Melrose will represent about GBP 2.26 capital return per share (between GBP 2.01 ...

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03-Nov-15: Panta Event Note standard

– No new situations – Deutsche Wohnen AG (DWNI GY) / Vonovia SE (VNA GY): Vonovia using public press game and playing down expectations of Deutsche Wohnen bump: Vonovia said last month that it would make a €14bn bid for Deutsche Wohnen, Germany’s second largest listed landlord, if Deutsche Wohnen’s own €7.6bn bid for LEG, the third largest property group, was rejected by shareholders. The LEG deal duly collapsed, but Deutsche Wohnen’s management rejected Vonovia’s bid as “unattractive and inadequate”, and some Deutsche Wohnen shareholders have said they would like to receive a higher offer. Most probably that Vonovia wants to be successful in acquiring DWNI’s attractive profile as DWNI has grown to become the second-biggest player in the German residential industry, operating 142k ...

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30-Oct-15: Panta Event Note standard

– No new situations – Rexam plc (REX LN) / Ball Corp (BLL US): EC extended its deadline for Phase II decision by 10 working days till 23 December – this is second occasion on which EC extended the deadline under Article 10(3)2, which allows parties and officials to prolong the review duration at any time, with the agreement of the notifying parties. Although these extensions are normal modus operandi when parties believe they will need more time to assess and solve any case, an extension so late in Phase 2 (just after companies received their SO and at a time when we expect large scale remedies), might be marginally perceived as negative as it looks case has become increasingly ...

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29-Oct-15: Panta Event Note standard

NEW SITUATION: Allergan Inc (AGN US) / Pfizer (PFE US): Wall Street Journal reported that Allergan has been approached by Pfizer for a merger. The two companies are mulling a combination, where the merger discussions are at a preliminary stage, and there is no certainty that an agreement will arise. With Pfizer having been on the look out to make a ‘move the needle’ transaction for a very long time (while all its competitors have already been doing large scale tax inversion and leverage up transactions in last 12-24 months, and Pfizer unsuccesfully having tried last year to acquire AstraZeneca and become a non-US company, thereby enhancing access to its balance sheet and maximizing its tax structure while already have decided to sell ...

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Telecity/Equinix: set up the spread – EC clearance coming in November standard

Regulatory news service reported that Equinix has proposed to sell data-center facilities in London, Frankfurt and Amsterdam in a bid to obtain European Commission clearance. Although no proposed company remedies might already have lead to EC clearance, the fact that Equinix is already willing to divest these assets, should indicate EC clearance by mid-November. Attractive spread – set it up at current levels.

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28-Oct-15: Panta Event Note standard

– No new European situations – SABMiller plc (SAB LN): Companies extend PUSU deadline by 1 week till 5pm on o4 November – small procedural extension to allow both companies to firm up 2.7 announcement. Recommended buy in low GBP 39s – expect to trade GBP 40.25-40.75 on firm deal announcement. – Rexam plc (REX LN): PARR (regulatory news service) article highlighting that in response to last week’s EC Statement of Objections, third parties are highlighting that network effects will even more disproportionately benefit the Rexam/Ball tie up. Should the EC follow the view of these third parties, a remedy package will need to be much more comprehensive. We are coming in crucial phase where a deal looks only still possible ...

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