Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>After the close of trading yesterday, <a href="https://www.smartkarma.com/entities/10365" target="_blank" data-smartkarma-citation="entities:10365:1">Sirtex Medical Ltd (SRX AU)</a>’s board <a href="https://www.asx.com.au/asxpdf/20180130/pdf/43r5095mw67lms.pdf" target="_blank">unanimously recommended</a> a Scheme Implementation Deed from <a href="https://www.smartkarma.com/entities/7308" target="_blank" data-smartkarma-citation="entities:7308:1">Varian Medical Systems Inc (VAR US)</a> at A$28/share, a 49% premium to the undisturbed price and a multiple of 18.6x EV/EBITDA for FY18E.</p><p>This offer looks priced to complete with an expected implementation date late May. A rundown of the Scheme specifics, conditions and valuations analysis, all below the fold.</p>

After the close of trading yesterday, Sirtex Medical Ltd (SRX AU)’s board unanimously recommended a Scheme Implementation Deed from Varian Medical Systems Inc (VAR US) at A$28/share, a 49% premium to the undisturbed price and a multiple of 18.6x EV/EBITDA for FY18E.This offer looks priced to complete with an expected implementation date late May. A rundown of the Scheme specifics, conditions and valuations analysis, all below the fold.

United Kingdom

BTG plc licenses, develops and commercializes pharmaceuticals and has a pipeline of development programs targeting neurological and other disorders, including varicose veins. The Company also has a substantial and growing revenue stream of milestone payments and royalties from out-licensed products.

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BTG PLC (BTG LN)

Sirtex: A Fantastic Voyage

After the close of trading yesterday, Sirtex Medical Ltd (SRX AU)’s board unanimously recommended a Scheme Implementation Deed from Varian Medical...

David Blennerhassett

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