Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 28th October 2025, <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a>, an insurance "matchmaker", announced a NBIO, via a Scheme, from EQT at A$45/share, a ~40% premium to undisturbed.</li>
<li>The share price has consistently traded wide to terms, not just because of the transactions' indicative nature; but EQT's track record on progressing from indicative to firm is not optimum.</li>
<li>This morning AUB announced CVC was teaming up with EQT, at $45/share; and concurrently requested additional due diligence. This has been granted by AUB. </li>
</ul>


On the 28th October 2025, AUB Group Limited (AUB AU), an insurance "matchmaker", announced a NBIO, via a Scheme, from EQT at A$45/share, a ~40% premium to undisturbed.
The share price has consistently traded wide to terms, not just because of the transactions' indicative nature; but EQT's track record on progressing from indicative to firm is not optimum.
This morning AUB announced CVC was teaming up with EQT, at $45/share; and concurrently requested additional due diligence. This has been granted by AUB. 


CVC Joins EQT In Pursuit Of AUB Group (AUB AU)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a>, which operates a network of insurance "matchmakers", has announced a NBIO, via a Scheme, from EQT @ A$45/share, a ~40% premium to undisturbed.</li>
<li>That indicative price is up from $43/share proposed on the 13th September (but not made public). </li>
<li>AUB's board has opted to open its books to EQT, on an exclusive basis, for six weeks. Tentatively, that expires on or around the 9th December. </li>
</ul>



AUB Group Limited (AUB AU), which operates a network of insurance "matchmakers", has announced a NBIO, via a Scheme, from EQT @ A$45/share, a ~40% premium to undisturbed.
That indicative price is up from $43/share proposed on the 13th September (but not made public). 
AUB's board has opted to open its books to EQT, on an exclusive basis, for six weeks. Tentatively, that expires on or around the 9th December. 


AUB Group (AUB AU) Opens Books To EQT's NBIO

<ul>
<li>The hunter becomes the hunted. After <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop (SLC AU)</a> failed to clinch <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a> last year, <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband (ABB AU)</a> has now made an Offer for Superloop.</li>
<li>ABB's indicative Offer provides Superloop shareholders with 0.21 new ABB shares for each Superloop share held, or an indicative Offer price of A$0.95/share, a 33.2% premium to the three-month VWAP.</li>
<li>ABB has picked up 19.9% in Superloop, also at A$0.95/share. Superloop has yet to respond.  </li>
</ul>


The hunter becomes the hunted. After Superloop (SLC AU) failed to clinch Symbio Holdings (SYM AU) last year, Aussie Broadband (ABB AU) has now made an Offer for Superloop.
ABB's indicative Offer provides Superloop shareholders with 0.21 new ABB shares for each Superloop share held, or an indicative Offer price of A$0.95/share, a 33.2% premium to the three-month VWAP.
ABB has picked up 19.9% in Superloop, also at A$0.95/share. Superloop has yet to respond.  


ABB Targets Superloop After Taking Out Symbio

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> has now entered into a Scheme Implementation Deed (SID) with the Morrison/Brookfield Consortium.</li>
<li>The Offer price remains at A$5.00/share, in line with the revised proposal on the 29 March. </li>
<li>Uniti's Board of Directors unanimously recommends that Uniti shareholders vote in favour of the Scheme in the absence of a Superior Proposal. </li>
</ul>



Uniti Group Ltd (UWL AU) has now entered into a Scheme Implementation Deed (SID) with the Morrison/Brookfield Consortium.
The Offer price remains at A$5.00/share, in line with the revised proposal on the 29 March. 
Uniti's Board of Directors unanimously recommends that Uniti shareholders vote in favour of the Scheme in the absence of a Superior Proposal. 


Uniti Enters SID With Morrison/Brookfield

<ul>
<li>Morrison, now with Brookfield on a 50/50 basis, have matched Macquarie Asset Management's Real Assets division / Public Sector Pension Investment Board's $5.00/share Offer for <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>.</li>
<li>The revised proposal was predicated on Uniti severing talks with Macquarie as it may get access to competitively sensitive information. Uniti's board has acquiesced - "at this time". </li>
<li>Share pulled back on the news and closed at a 7.8% gross spread to the indicative terms. </li>
</ul>


Morrison, now with Brookfield on a 50/50 basis, have matched Macquarie Asset Management's Real Assets division / Public Sector Pension Investment Board's $5.00/share Offer for Uniti Group Ltd (UWL AU).
The revised proposal was predicated on Uniti severing talks with Macquarie as it may get access to competitively sensitive information. Uniti's board has acquiesced - "at this time". 
Share pulled back on the news and closed at a 7.8% gross spread to the indicative terms. 


Uniti (UWL AU): Macquarie Hung Out To Dry As Morrison/Brookfield Up Bid

Australia

Vocus Communications Ltd. owns and operates independent voice and data networks stretching across the globe. The Company offers a complete range of products encompassing both voice and data.

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Vocus Communications (VOC AU)

CVC Joins EQT In Pursuit Of AUB Group (AUB AU)

Terms are attractive. Yes - indicative. However, the advent of CVC adds a veneer of confidence terms can be firmed. I'd look to enter around here...

David Blennerhassett

AUB Group (AUB AU) Opens Books To EQT's NBIO

Pricing is attractive.Trading wide to terms. EQT has walked away from at least two other deals in recent years - Iress Ltd and Vocus...

David Blennerhassett

ABB Targets Superloop After Taking Out Symbio

Trading tight at a gross spread of ~0.5%. Unless you believe this warrants a bump - I'm not convinced it does - there's probably not much to do...

David Blennerhassett

Uniti Enters SID With Morrison/Brookfield

Trading tight at a gross/annualised spread of ~0.8/2.6%. I'm increasingly less confident Macquarie will return with a superior Offer. If you're...

David Blennerhassett

Uniti (UWL AU): Macquarie Hung Out To Dry As Morrison/Brookfield Up Bid

$5/share gets this transaction done. That bid is indicative. However, Morrison/Brookfield appears to be moving toward a firm Offer. I don't see MAM...

David Blennerhassett

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