Merger Arb Mondays (03 Nov) - ANE, Dongfeng, Mayne, AUB, Digital Holdings, Makino, Soft99, SCSK
I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan,...
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ANE (9956 HK): Centurium/Temasek's Clean Offer
Clean deal. Assuming mid-April 2026 completion, I'd pay up to ~HK$11.60/share for a ~15% annualised return. (Factoring in the special dividend).
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ANE (9956 HK): Consortium’s Attractive Preconditional Offer
The scheme vote is low risk, as the offer is attractive relative to historical ranges and peer multiples. Timing is the key risk.
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ANE Cayman (9956 HK): Trade Buyer or Centurium Capital to Launch a Privatisation Offer?
On 17 September, the Board received a conditional privatisation proposal from Centurium Capital and Temasek. No price was disclosed. Nearly a month...
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ANE Cayman (9956 HK): Centurium / Management Buyout?
I speculate the suspension is a precursor to PE-led MBO. Pricing around the November 2021 IPO price is possible, but perhaps unnecessarily punchy.
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