Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fraser-neave-holdings-bhd" target="_blank" data-smartkarma-citation="entities:7742:1" rel="noopener">Fraser &amp; Neave Holdings (FNH MK)</a> is proposing to privatise 27.66%-held <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a> at RM1.50/share by way of a Scheme. </li>
<li>The Offer price is a 26.1% premium to last close. Leverage Success, the largest shareholder with 40.65% stake has given an irrevocable undertaking to vote for the Scheme. </li>
<li>The board of Cocoaland has until the 17 June to respond.</li>
</ul>



Fraser &amp; Neave Holdings (FNH MK) is proposing to privatise 27.66%-held Cocoaland Holdings (COLA MK) at RM1.50/share by way of a Scheme. 
The Offer price is a 26.1% premium to last close. Leverage Success, the largest shareholder with 40.65% stake has given an irrevocable undertaking to vote for the Scheme. 
The board of Cocoaland has until the 17 June to respond.


Cocoaland (COLA MK): F&N Scheme At RM1.50/Share

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

On the 20th July 2015, Cocoaland <a href="http://www.bursamalaysia.com/market/listed-companies/company-announcements/4805605" target="_blank">announced</a>&nbsp;that&nbsp;the deal with First Pacific is off."Official Reason" stated is: The strategic fit offered by Cocoaland differs from what First Pacific had envisaged.We investigate what could be the real reason behind this sudden deal&nbsp;break

On the 20th July 2015, Cocoaland announced&nbsp;that&nbsp;the deal with First Pacific is off."Official Reason" stated is: The strategic fit offered by Cocoaland differs from what First Pacific had envisaged.We investigate what could be the real reason behind this sudden deal&nbsp;break

First Pacific's offer of MYR 2.70 is at a 22.7% premium to Navis's offer.The implied PE and PBV is at a premium to comps. It's a full offer, and we expect key shareholders will be very happy with the outcome.A key point to note is that, as part of the deal, First Pacific will undertake the proposal through an SPV and Liew Fook Meng (Executive Direct and substantial shareholder of COLA) and several other key shareholders will acquire an equity stake in the SPV.&nbsp;The deal is essentially a Very Substantial Acquisition of Assets mixed with a tinge of MBO.However, the rationale for this method is not as straightforward as it seems.

First Pacific's offer of MYR 2.70 is at a 22.7% premium to Navis's offer.The implied PE and PBV is at a premium to comps. It's a full offer, and we expect key shareholders will be very happy with the outcome.A key point to note is that, as part of the deal, First Pacific will undertake the proposal through an SPV and Liew Fook Meng (Executive Direct and substantial shareholder of COLA) and several other key shareholders will acquire an equity stake in the SPV.&nbsp;The deal is essentially a Very Substantial Acquisition of Assets mixed with a tinge of MBO.However, the rationale for this method is not as straightforward as it seems.

Cocoaland Takeover - A Much Sweeter Offer

Malaysia

Cocoaland Holdings Bhd, through its subsidiaries, manufactures and provides foods and foodstuffs.  The Company trades processed and preserved foods and fruits, manufactures fruit juice and foodstuffs, and trades and distributes foodstuffs.  Cocoaland Holdings provides these foods on a wholesale and retail basis.

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Cocoaland Holdings (COLA MK)

Cocoaland - Bitter Aftertaste

On the 20th July 2015, Cocoaland announced that the deal with First Pacific is off."Official Reason" stated is: The strategic fit offered by...

Crispin Francis

Cocoaland Takeover - A Much Sweeter Offer

First Pacific's offer of MYR 2.70 is at a 22.7% premium to Navis's offer.The implied PE and PBV is at a premium to comps. It's a full offer, and we...

Crispin Francis

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52-week Range

Market Cap (USDm)

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Cocoaland (COLA MK): F&N Scheme At RM1.50/Share

This appears done - play the spread here. Assuming payment mid October, I would pay up to ~RM1.42/share or a gross/annualised spread at 5.6%/16%....

David Blennerhassett

Cocoaland - Bitter Aftertaste

On the 20th July 2015, Cocoaland announced that the deal with First Pacific is off."Official Reason" stated is: The strategic fit offered by...

Crispin Francis

Cocoaland Takeover - A Much Sweeter Offer

First Pacific's offer of MYR 2.70 is at a 22.7% premium to Navis's offer.The implied PE and PBV is at a premium to comps. It's a full offer, and we...

Crispin Francis