Many corporate events have embedded optionality which can provide additional value to shareholders. The takeover of BG Group by Royal Dutch Shell allowed the choice between the principle terms of cash and shares or more cash / more shares under a ‘mix and match’ election. The election choice values were further complicated by the number of shares to be received in the ‘more share’ election being derived from a blended price average from the A and B share class. SCORPEO Analytics™ advised BG shareholders on both the highest value election choice and probable outcome. The additional value of the consideration realised was nearly 14p per share, c. 1.3% more than the principle terms.

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