IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/australian-clinical-labs-limited" target="_blank" data-smartkarma-citation="entities:36020:1" rel="noopener">Australian Clinical Labs (ACL AU)</a> has launched an all-scrip off-market takeover offer for <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a> at 0.74 ACL shares for each HLS share.</li>
<li>The offer is saddled with several onerous conditions which disproportionately shift the risk to HLS shareholders. The offer is long-dated as ACCC approval is expected to take six months.</li>
<li>The lack of premium and unattractive deal metrics suggests a high probability of Board rejection. Nevertheless, ACL’s bid underscores HLS’s beaten-down valuation. Expect improved terms.</li>
</ul>



Australian Clinical Labs (ACL AU) has launched an all-scrip off-market takeover offer for Healius (HLS AU) at 0.74 ACL shares for each HLS share.
The offer is saddled with several onerous conditions which disproportionately shift the risk to HLS shareholders. The offer is long-dated as ACCC approval is expected to take six months.
The lack of premium and unattractive deal metrics suggests a high probability of Board rejection. Nevertheless, ACL’s bid underscores HLS’s beaten-down valuation. Expect improved terms.


Healius (HLS AU): Australian Clinical Labs (ACL AU)’s Nil-Premium Merger Needs a Rethink

<p><a href="https://www.smartkarma.com/entities/healius-ltd" target="_blank" data-smartkarma-citation="entities:6296:1" rel="noopener">Healius (HLS AU)</a>, formerly known as Primary Health Care, is a leading Australian owner of GP clinics and pathology centres. On 25 February, Healius received an unsolicited and highly conditional proposal from Partners Group. Partners has lobbed an A$3.40 cash per share offer. Earlier on Tuesday, Partners revealed that it secured the right to acquire a 15.9% stake in Healius, through buying the option over shares held by Jangho Group, the largest shareholder. </p>
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<p>Partners’ 16% stake would effectively block any competing proposal. Notwithstanding the limited chance of a counterbid, we believe that Partners' bid is opportunistic and unattractive. </p>
</div>

Healius (HLS AU), formerly known as Primary Health Care, is a leading Australian owner of GP clinics and pathology centres. On 25 February, Healius received an unsolicited and highly conditional proposal from Partners Group. Partners has lobbed an A$3.40 cash per share offer. Earlier on Tuesday, Partners revealed that it secured the right to acquire a 15.9% stake in Healius, through buying the option over shares held by Jangho Group, the largest shareholder. 

Partners’ 16% stake would effectively block any competing proposal. Notwithstanding the limited chance of a counterbid, we believe that Partners' bid is opportunistic and unattractive. 


Healius' Underwhelming Takeover Bid from Partners Group

Australia

Integral Diagnostics Limited provides medical diagnostics services. The Company offers pathology and molecular diagnostics, genetics testing, and basic radiology services. Integral Diagnostics operates throughout Australia.

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Integral Diagnostics (IDX AU)

Healius (HLS AU): Australian Clinical Labs (ACL AU)’s Nil-Premium Merger Needs a Rethink

ACL’s pitch to HLS shareholders is that we will create better value than current management if you accept our unattractive terms. Fairer terms will...

Arun George

Healius' Underwhelming Takeover Bid from Partners Group

Healius (HLS AU), formerly known as Primary Health Care, is a leading Australian owner of GP clinics and pathology centres. On 25 February, Healius...

Arun George

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