Americas Merger Report - Chain Bridge Research

The service provides detailed analysis and insight on every announced merger and acquisition in North, South, and Central America greater than US$500 million in value. Within 24 hours after announcement of a new deal, a comprehensive initiation report will be published, followed by subsequent reports as additional analysis is performed.

Reports will typically be divided into three sections:

  • Part 1: Key Data - A concise overview of transaction details, financing and solicitation terms, relevant valuation multiples, and a timetable of key events. Necessary conditions to the merger, MAC carve-outs, break fees, antitrust related clauses, governing law, and key shareholders are also presented in an easily digestible format.
  • Part 2: Event Analysis - In addition to ROIC and valuation analysis, an overview of business segments, revenue sources, and key fundamental business drivers for both target and acquirer will be presented.  Antitrust issues, valuation analysis, and potential counter bidders are presented along with a synopsis of the merger agreement in which key issues are distilled and communicated clearly to clients.
  • Part 3: Viewpoint & Trade Recommendation - Every report includes a clear opinion on each deal, accompanied by actionable trading recommendations when appropriate. Any unusual clauses or exclusions will be highlighted here with the key takeaway typically appearing in the subject of the email and on the front page of each report.

Coverage of Potential Acquisition Targets:

The service routinely focuses on potential takeout candidates, in which a strong rationale for a deal has been identified. These reports include a brief section discussing the business fundamentals, financial position, and attractiveness of the company, followed by a section containing thorough analysis of the potential transaction. Valuation analysis will typically utilize a range of methods, incorporating potential synergies, multiple IRR scenarios, and LBO sensitivity, if appropriate.

Structure of Service and Analyst Access:

  • Comprehensive Initiation and Update Reports - In depth coverage and updates on announced and potential acquisitions (as described above).
  • Calendar & Estimated Returns - A biweekly publication providing a forward looking timetable of key events, a summary of recent adjustments to deal terms, estimated closing dates and annualized returns, and a one page overview of terms, conditions, break fees, antitrust, key dates, and risk/reward commentary on each deal.
  • Daily Notes - Pre-market coverage of key events, new deals, and updates on announced and potential acquisitions.
  • On-line Research Archive - Secure access to a searchable website of all prior publications.
  • Analyst Access - Analyst contact is unlimited. Regular dialogue is welcomed and encouraged.
  • > May 12, 2016
  • Krispy Kreme Doughnuts (KKD) / JAB
  • Summary
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  • > April 25, 2016
  • Rite Aid (RAD) / Walgreens (WBA)
  • Summary
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  • > April 15, 2016
  • Medivation (MDVN)
  • Summary
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  • > January 19, 2016
  • EMC Corp (EMC) / Dell (DELL)
  • Summary
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