Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There is potentially a premium of about 20-25% being assessed for the possibility of a deal for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, but there is also fundamental risk beyond this.</li>
<li>
<a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> rejects EQT/BPEA/Regal's Offer, a proposal that is contingent on PPT ceasing its Scheme with <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/news-corp" target="_blank" data-smartkarma-citation="entities:26926:1" rel="noopener">News Corp (NWS AU)</a> is trading rich. The net EV/EBITDA for the stub ops trades closely matches to <a href="https://www.smartkarma.com/entities/fox-corporation" target="_blank" data-smartkarma-citation="entities:36135:1" rel="noopener">Fox (FOXA US)</a>. And Fox is preferable over NWS' print media business. </li>
</ul>


There is potentially a premium of about 20-25% being assessed for the possibility of a deal for Toshiba Corp (6502 JP), but there is also fundamental risk beyond this.

Perpetual Ltd (PPT AU) rejects EQT/BPEA/Regal's Offer, a proposal that is contingent on PPT ceasing its Scheme with Pendal Group (PDL AU) 

News Corp (NWS AU) is trading rich. The net EV/EBITDA for the stub ops trades closely matches to Fox (FOXA US). And Fox is preferable over NWS' print media business. 


Last Week in Event SPACE: Toshiba, Perpetual/Pendal, News Corp/Fox Corp

Travis Lundy

<ul>
<li>S&amp;P DJI <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20221027-1457121/1457121_5twtr-4xpo.pdf" target="_blank" rel="noopener">announced</a> late 27 October 2022 that <a href="https://www.smartkarma.com/entities/twitter-inc" target="_blank" data-smartkarma-citation="entities:667:1" rel="noopener">Twitter Inc (TWTR US)</a> would be deleted from the S&amp;P500, replaced by <a href="https://www.smartkarma.com/entities/arch-capital-group-ltd" target="_blank" data-smartkarma-citation="entities:2901:1" rel="noopener">Arch Capital (ACGL US)</a>. </li>
<li>RXO would be added to the MidCap400 while Bread Financial Holdings (BFH) would move from MidCap400 to SmallCap600 and <a href="https://www.smartkarma.com/entities/unifi-inc" target="_blank" data-smartkarma-citation="entities:17531:1" rel="noopener">Unifi Inc (UFI US)</a> would get deleted from the 600.</li>
<li>This insight presents the issues and the flows, which are not to be separated. </li>
</ul>


S&amp;P DJI announced late 27 October 2022 that Twitter Inc (TWTR US) would be deleted from the S&amp;P500, replaced by Arch Capital (ACGL US). 
RXO would be added to the MidCap400 while Bread Financial Holdings (BFH) would move from MidCap400 to SmallCap600 and Unifi Inc (UFI US) would get deleted from the 600.
This insight presents the issues and the flows, which are not to be separated. 


United States

Arch Capital Group Ltd. is a Bermuda-based insurance and financial services company that provides reinsurance and insurance products on a worldwide basis.

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Arch Capital (ACGL US)

Last Week in Event SPACE: Toshiba, Perpetual/Pendal, News Corp/Fox Corp

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

Ad Hoc S&P500 Change on Twitter Deletion

S&P DJI Indices are implementing a couple of changes Monday and Tuesday as Twitter gets the boot on Monday, and there are shifts in the 400/600...

Travis Lundy

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