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academy · special situations

Academy

How is the list card read?

Each number marks one line or figure of the card; below, what it shows and how it is read. The card is a schematic: it carries no deal's data.

  1. 1Line 1 · Identity, Market and Age

    On the left, the ticker, the exchange, the country and the family chip (01 M&A). On the right, the days elapsed since the official announcement («Day N»; N/D when the date is missing). A pulsing dot marks deals announced less than 30 days ago.

  2. 2Line 2 · Target Company

    Legal name of the company being acquired and, below it, its business sector. The name opens the situation's case page.

  3. 3Line 3 · Official Acquirer

    The counterparty with its role in the family («Acquirer»): the buyer named in the official document. Rules out unconfirmed rumours.

  4. 4Line 4 · Composite Score and DRI

    Chips with the 0–100 composite score (it combines IRR, probability of closing and the drop if the deal breaks) and the Deal Reliability Index (DRI). The score is not the case page's RAAS: RAAS and DCS are read in the Summary.

  5. 5Headline Metric: Gross Spread and IRR

    Gap between the offer price and the spot price, with the compound IRR to the settlement date below it. Without a formal close date the IRR is not estimated: it shows N/D («Pending regulatory resolution»). For deals announced less than 30 days ago these figures are reserved for subscribers.

  6. 6Market Spot Price

    Exchange trading price that sets the cost of opening a new arbitrage position; below it, the agreed offer price when available. Without a sourced value, N/D.

  7. 7Drop to the Unaffected Price

    The card does not print the drop: the downside to the unaffected price (T-1 before the announcement, with its source) and the asymmetry are read in the case page's Summary. On the card the drop only enters weighted inside the composite score.

  8. 8Card Footer: Stage and Close

    Shows the current stage of the legal critical path (for example, HSR or Schedule TO) and the close date: «Close (formal date)» only when the date is formal, «Estimated close» otherwise. The ticker and the name open the full case page.