WSG - Wanda Sports Group Cash Offer Shows Potential 18% Return With Upside Kickers

• Wanda Sports Group is evaluating an offer from its controlling shareholder that may result in an +18% return to shareholders from the current price.
• However, unlike many M&A scenarios, there may be substantial medium-term upside, should the deal not occur.
• Hence, this may be a company with fundamental upside as we emerge from COVID-19 in 2021-22, but the offer may present an attractive and relatively quick near-term catalyst.
• It appears there are multiple ways to win with this investment. Either the offer goes through for an 18% gain, or it is increased or withdrawn, which may lead to further upside for the business.

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