Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for <a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a>, Australia's largest rural and regional veterinary group.</li>
<li>The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options are afforded, including 100% scrip.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20251212/pdf/06t8y2p0w1dc35.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for Apiam Animal Health (AHX AU), Australia's largest rural and regional veterinary group.
The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options are afforded, including 100% scrip.

The Scheme Booklet is now out, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says "fair &amp; reasonable".


Apiam Animal Health (AHX AU): 3rd Feb Vote On Adamantem's A$0.87/Share Offer

<ul>
<li>Back on the 18th August, <a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a>, Australia's largest rural and regional veterinary group, announced a A$0.88/share non-binding indicative Offer from PE outfit Adamantem Capital.</li>
<li>That was a 64.5% premium to last close. If terms were firmed, shareholders would also be afforded a partial scrip option.</li>
<li>Apiam and Adamantem have now firmed terms at A$0.87/share, including a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options available, including 100% scrip.</li>
</ul>


Back on the 18th August, Apiam Animal Health (AHX AU), Australia's largest rural and regional veterinary group, announced a A$0.88/share non-binding indicative Offer from PE outfit Adamantem Capital.
That was a 64.5% premium to last close. If terms were firmed, shareholders would also be afforded a partial scrip option.
Apiam and Adamantem have now firmed terms at A$0.87/share, including a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options available, including 100% scrip.


Apiam Animal Health (AHX AU): Adamantem's A$0.87/Share Offer

<ul>
<li>For February 2026, 12 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in February was ~42%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For February 2026, 12 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.
The average premium for the new transactions announced (or first discussed) in February was ~42%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A, Feb 2026 Wrap: MCJ, Magnetic Res, Inforich, Pepper Money, Takara Bio, Qoria

<ul>
<li>Logistics and infrastructure play <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube (QUB AU)</a> has announced the Macquarie Asset Management-led consortium has now firmed an Offer at A$5.20/share, the same price as the NBIO.</li>
<li>Terms equate to a 27.8% premium to undisturbed. And ~14.5x FY25 EV/EBITDA. Fully franked dividends up to A$0.40/share are permitted but will be netted. UniSuper to roll up its 15.07%</li>
<li>Qube directors are supportive. The proposal is conditional on due diligence, board approvals, no MACs at Qube, plus regulatory clearance, including FIRB, ACCC, OIO, and PNG regs.</li>
</ul>


Logistics and infrastructure play Qube (QUB AU) has announced the Macquarie Asset Management-led consortium has now firmed an Offer at A$5.20/share, the same price as the NBIO.
Terms equate to a 27.8% premium to undisturbed. And ~14.5x FY25 EV/EBITDA. Fully franked dividends up to A$0.40/share are permitted but will be netted. UniSuper to roll up its 15.07%
Qube directors are supportive. The proposal is conditional on due diligence, board approvals, no MACs at Qube, plus regulatory clearance, including FIRB, ACCC, OIO, and PNG regs.


Qube (QUB AU): Trading Tight To Macquarie's Firm Offer

<ul>
<li>I tally 34 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals were discussed on Smartkarma this week: Aura's scrip Offer for <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a> and backdoor listing; and <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467:1" rel="noopener">GuocoLand (GUOL SP)</a>'s selective capital reduction for <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube (QUB AU)</a>,<a href="https://www.smartkarma.com/entities/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a>, <a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul (4384 JP)</a>, and <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp (IJM MK)</a>.</li>
</ul>


I tally 34 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were discussed on Smartkarma this week: Aura's scrip Offer for Qoria (QOR AU) and backdoor listing; and GuocoLand (GUOL SP)'s selective capital reduction for Guocoland Malaysia (GUOL MK).
Key updates/news also took place on: Apiam Animal Health (AHX AU), Humm (HUM AU), Qube (QUB AU),Medical Data Vision (3902 JP), Raksul (4384 JP), and Ijm Corp (IJM MK).


Asia-Pac M&A Weekly Wrap: Qoria, Guocoland Malaysia, Humm, Qube, Medical Data Vision, Raksul, IJM

Australia

Apiam Animal Health Limited operates as a veterinary practice and products supplier. The Company practices across the pig, dairy, feedlot, sheep, equine, and companion animal sectors. Apiam Animal Health has headquarters in Australia.

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Apiam Animal Health (AHX AU)

Asia-Pac M&A, Feb 2026 Wrap: MCJ, Magnetic Res, Inforich, Pepper Money, Takara Bio, Qoria

For the month of Feb 2026, 12 new deals were discussed on Smartkarma with an overall deal size of just ~US$7bn. The average premium for the new...

David Blennerhassett

Qube (QUB AU): Trading Tight To Macquarie's Firm Offer

That strikes me as being way too tight, even if factoring in franking credits for those who can take advantage; and especially noting ACCC may well...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: Qoria, Guocoland Malaysia, Humm, Qube, Medical Data Vision, Raksul, IJM

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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