THE EUROPEAN MERGER REPORT

An Unbiased Detailed Analysis of European M&A Transactions

European Research, an independent institutional research service based in London, brings together invaluable insight and in-depth analysis on mergers and acquisitions.

The team of analysts leverages its experience in European M&A to deliver a powerful service.

The service covers M&A deals with targets in Europe for announced transactions and for selected potential bids.

• All announced deals for which the market capitalization of the target is greater than €500 million are covered in detail (except in exceptional cases where liquidity is too small to justify coverage)
• The markets covered are the European Union, Switzerland and Norway
• Both announced transactions and for selected potential bids.
• Selected, tradeable, deals below this threshold may also be covered
• Pre-announced deals are regularly covered on a selective basis

The analysis of deals includes

• Terms of the offer
• Conditions attached to the offer
• Offer timetable
• Risk analysis
• Competition regulation
• Takeover regulation (for the target)
• Potential competition and regulatory issues, and other potential issues
• Political risk
• Rationale for the deal
• Valuation of the target
• Value of the target to the bidder

European Research analysts are fluent in a range of European language, and have developed expertise in regulation, competition and takeover regulation across the European markets.

• Internal expertise is supplemented by contact with lawyers and regulators in the individual markets.

On individual deals European Merger will provide:

• Initial Reports:  Generally produced on the day of announcement
• The initial report gives an in depth description of the deal (as described above)
• Follow up Reports : Ongoing M&A transactions are actively monitored.
• European Merger publishes follow-up reports covering developments in individual deals.

In addition European Merger produces regular updates on the progress of deals

• Daily Note: Published each morning, the Daily Note provides headlines of developments in existing deals and new situations.
• Calendar:  A weekly publication that provides a timetable of historic and forward looking dates for each of the deals in Global Merger’s coverage.
• Deal Status Report: A weekly report that outlines the current status of all of the deals being covered.
• Discounts and Estimated Returns : A weekly publication providing current discounts, estimated settlement dates and estimated annualized returns for each of the deals in European Merger’s current coverage.

Subscribers to European Merger have access to:

• The European Research website: The website contains a library of European Research reports.
• European Merger clients can search the website and download European Merger publications.

• Contact with Authors:  Subscribers to European Merger have personal telephone contact with its authors. This is an enormous value-added aspect of the service.  Authors will spend a significant portion of their day discussing pertinent aspects of deals that European Merger is currently covering.
• European Merger will also analyse transactions that are below its minimum market capitalization criterion on a case by case basis for clients.

Investments in foreign securities have additional risks than securities of U.S. companies, including but not limited to currency fluctuations, price fluctuations, changes in foreign tax law and investment regulations, and political instability.

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