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  "documentTitle": "2025 12 Capital Markets Day",
  "authorId": "Deutsche-Boerse",
  "authorName": "Deutsche Börse Group",
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  "notes": "The slide outlines the deal structure (cash/equity mix) and the strategic financial benefits (EPS accretion, deleveraging).",
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      "text": "Terms of non-binding proposal for Allfunds",
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      "text": "Proposal financially attractive, with immediate cash EPS accretion and a return on investment that meets our M&A guidelines",
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      "text": "Note: There can be no certainty that any transaction will proceed, nor as to the terms or timing of any such transaction. Any transaction would be subject to regulatory approvals. A further announcement will be made as and when appropriate.",
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      "text": "Acquisition of the entire issued and to be issued share of capital of Allfunds. €8.80 per Allfunds share (€4.30 cash, €4.30 shares, €0.20 dividend). Expected dividends for 2026/2027. Scheme of arrangement under UK Companies Act 2006.",
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      "text": "Strong cash generation and deleveraging. Financing structure preserves credit rating. Financially attractive with EPS accretion. Subject to due diligence, agreements, board and regulatory approvals.",
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      "text": "Price per share: €8.80",
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      "text": "Strong strategic and financial rationale for combining Allfunds with our Fund Services business",
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