Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has apparently lobbed a higher offer for <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> and AGL has apparently rejected it.</li>
<li>Confirmation from AGL is due tomorrow but given the previous bid was "ridiculously low", "extremely undervalued" the company, and had "unserious" elements, expect the language to be similar.</li>
<li>Next steps probably mean waiting for the De-Merger Circular due April but possibly May. In the meantime, this probably trades in a range.</li>
</ul>


The duo of Brookfield and Atlassian/Australian billionaire Mike Cannon-Brookes has apparently lobbed a higher offer for AGL Energy Ltd (AGL AU) and AGL has apparently rejected it.
Confirmation from AGL is due tomorrow but given the previous bid was "ridiculously low", "extremely undervalued" the company, and had "unserious" elements, expect the language to be similar.
Next steps probably mean waiting for the De-Merger Circular due April but possibly May. In the meantime, this probably trades in a range.


Second Brookfield-MCB Bid for AGL Energy Rejected

David Blennerhassett

<ul>
<li>There are currently 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/far-eastone-telecomm-co-ltd" target="_blank" data-smartkarma-citation="entities:19488:1" rel="noopener">Far Eastone Telecomm (4904 TT)</a> merging with <a href="https://www.smartkarma.com/entities/asia-pacific-telecom-co-ltd" target="_blank" data-smartkarma-citation="entities:19657:1" rel="noopener">Asia Pacific Telecom (3682 TT)</a>; <a href="https://www.smartkarma.com/entities/zip-co-ltd-3708706d-4978-4e29-acbc-d9702b971da9" target="_blank" data-smartkarma-citation="entities:29126:1" rel="noopener">Zip Co Ltd (Z1P AU)</a> merging with <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>, <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> / <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp (TRUE TB)</a> 
</li>
</ul>


There are currently 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma.
Two new deals this week: Far Eastone Telecomm (4904 TT) merging with Asia Pacific Telecom (3682 TT); Zip Co Ltd (Z1P AU) merging with Sezzle Inc (SZL AU).
Key updates took place for: Singapore Press Holdings (SPH SP), Virtus Health (VRT AU), Crown Resorts (CWN AU), Total Access Communication (DTAC TB) / True Corp (TRUE TB) 



Asia-Pac Weekly Risk Arb Summary: Asia Pacific Telecom, Sezzle, Singapore Press, DTAC/True

<ul>
<li>For the month of February, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$16bn.</li>
<li>The average premium for the new deals announced (or first discussed) in February was ~36%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of February, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$16bn.
The average premium for the new deals announced (or first discussed) in February was ~36%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/hochtief-ag" target="_blank" data-smartkarma-citation="entities:21652:1" rel="noopener">Hochtief AG (HOT GR)</a> has finally launched an unconditional offer for the rest of <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a> (where it already owns 78.58%).</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-square-co-ltd" target="_blank" data-smartkarma-citation="entities:35264:1" rel="noopener">SK Square (402340 KS)</a> was inexpensive after its November listing. Now it's even cheaper. </li>
<li>Canada-Based asset manager <a href="https://www.smartkarma.com/entities/brookfield-asset-manage-cl-a-0483cfb5-71a5-4931-af80-901e5f30aace" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management (BAM US)</a> and Australian billionaire Mike Cannon-Brookes have combined to purchase all of <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> at A$7.50/share</li>
</ul>



Hochtief AG (HOT GR) has finally launched an unconditional offer for the rest of CIMIC Group Ltd (CIM AU) (where it already owns 78.58%).

SK Square (402340 KS) was inexpensive after its November listing. Now it's even cheaper. 
Canada-Based asset manager Brookfield Asset Management (BAM US) and Australian billionaire Mike Cannon-Brookes have combined to purchase all of AGL Energy Ltd (AGL AU) at A$7.50/share


Last Week in Event SPACE: CIMIC, SK Square, AGL Energy, Mapletree, Z Energy, VW/Porsche

<ul>
<li>There are currently 42 - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/hochtief-ag" target="_blank" data-smartkarma-citation="entities:21652:1" rel="noopener">Hochtief AG (HOT GR)</a> for <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a>; <a href="https://www.smartkarma.com/entities/brookfield-asset-manage-cl-a-0483cfb5-71a5-4931-af80-901e5f30aace" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management (BAM US)</a> for <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/apollo-tourism-leisure-ltd" target="_blank" data-smartkarma-citation="entities:24305:1" rel="noopener">Apollo Tourism (ATL AU)</a>, <a href="https://www.smartkarma.com/entities/aventus-group" target="_blank" data-smartkarma-citation="entities:25897:1" rel="noopener">Aventus (AVN AU)</a>, <a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy (ZEL NZ)</a>, <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel (GJS TB)</a>, and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial (MAGIC SP)</a>.</li>
</ul>


There are currently 42 - mostly firm - transactions currently being discussed and analysed on Smartkarma.
Two new deals this week: Hochtief AG (HOT GR) for CIMIC Group Ltd (CIM AU); Brookfield Asset Management (BAM US) for AGL Energy Ltd (AGL AU).
Key updates took place for: Razer (1337 HK), Apollo Tourism (ATL AU), Aventus (AVN AU), Z Energy (ZEL NZ), G J Steel (GJS TB), and Mapletree North Asia Commercial (MAGIC SP).


Asia-Pac Weekly Risk Arb Summary: CIMIC, AGL, Razer, Z Energy, G J Steel, Mapletree North Asia

Australia

AGL Energy Limited sells and distributes gas and electricity. The Company retails and wholesales energy and fuel products to customers throughout Australia.

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AGL Energy Ltd (AGL AU)

Second Brookfield-MCB Bid for AGL Energy Rejected

The Brookfield-Grok Ventures bid for AGL was upped this weekend by 10%, and the AFR reports it was rejected. This either needs a big foreigner to...

Travis Lundy

Asia-Pac Weekly Risk Arb Summary: Asia Pacific Telecom, Sezzle, Singapore Press, DTAC/True

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

(Mostly) Asia M&A: February 2022 Roundup

For the month of February, 12 new deals were discussed on Smartkarma with an overall announced deal size of ~US$16bn. The average premium for the...

David Blennerhassett

Last Week in Event SPACE: CIMIC, SK Square, AGL Energy, Mapletree, Z Energy, VW/Porsche

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Asia-Pac Weekly Risk Arb Summary: CIMIC, AGL, Razer, Z Energy, G J Steel, Mapletree North Asia

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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