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/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> backs Blackstone's revised Offer of A$13.10/share in cash, from A$12.50 previously, and up from A$11.85/share initially.  </li>
<li>The endgame approaches for the <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP (BHP AU)</a> Unification trade. S&amp;P announced the S&amp;P/ASX upweight would be one-shot, as expected. Regulatory approvals are in. SARB has set BHP SJ as "domestic."</li>
<li>The Offeror slashes the Offer price for <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job (JOBS US)</a> by 27.6%, however, it's not clear how the new deal terms sidestep the regulator nor justify a reduction. </li>
</ul>



Crown Resorts (CWN AU) backs Blackstone's revised Offer of A$13.10/share in cash, from A$12.50 previously, and up from A$11.85/share initially.  
The endgame approaches for the BHP (BHP AU) Unification trade. S&amp;P announced the S&amp;P/ASX upweight would be one-shot, as expected. Regulatory approvals are in. SARB has set BHP SJ as "domestic."
The Offeror slashes the Offer price for 51 Job (JOBS US) by 27.6%, however, it's not clear how the new deal terms sidestep the regulator nor justify a reduction. 


Last Week in Event SPACE: BHP Group, Crown Resorts, 51job, Hitachi, Razer Inc

<ul>
<li>There are currently 45 - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal discussed this week - SASAC-backed Hubei Ports' tilt for <a href="https://www.smartkarma.com/entities/china-infrastructure-logis" target="_blank" data-smartkarma-citation="entities:16710:1" rel="noopener">China Infrastructure &amp; Logistics Group (1719 HK)</a>.</li>
<li>There were updates for <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>, <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a>, <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:2007:1" rel="noopener">Katakura Industries (3001 JP)</a>, and <a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a>.
</li>
</ul>


There are currently 45 - mostly firm - transactions currently being discussed and analysed on Smartkarma.
One new deal discussed this week - SASAC-backed Hubei Ports' tilt for China Infrastructure &amp; Logistics Group (1719 HK).
There were updates for Crown Resorts (CWN AU), Razer Inc (1337 HK), Australian Pharmaceutical Industries (API AU), Katakura Industries (3001 JP), and Irongate Group (IAP AU).



Asia-Pac Weekly Risk Arb Summary: Razer, Crown Resorts, Katakura, Ausnutria, API, Irongate

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a> has returned for a fourth time with a revised indicative offer of A$13.10 cash per share, a 4.8% bump to its previous offer of A$12.50.</li>
<li>The Board intends to recommend a binding offer of no less than A$13.10 per share. CPH, the largest shareholder, is “encouraged by today’s announcement.”</li>
<li>The Board’s willingness to recommend a binding offer may draw out rival suitors. At the last close of A$12.65, the shares trade at a 3.6% gross spread to the offer.</li>
</ul>



Blackstone Group (BX US) has returned for a fourth time with a revised indicative offer of A$13.10 cash per share, a 4.8% bump to its previous offer of A$12.50.
The Board intends to recommend a binding offer of no less than A$13.10 per share. CPH, the largest shareholder, is “encouraged by today’s announcement.”
The Board’s willingness to recommend a binding offer may draw out rival suitors. At the last close of A$12.65, the shares trade at a 3.6% gross spread to the offer.


Blackstone’s Fourth Bid for Crown Resorts

<ul>
<li>Blackstone and affiliates have increased its Offer for <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> to A$13.10/share in cash, from A$12.50 previously, and up from A$11.85/share initially.  </li>
<li>The proposal is subject to the same conditions as the Blackstone proposal announced on 19 November, including completing further due diligence, regulatory approvals, and unanimous support from Crown's Board.</li>
<li>Crown will engage further with Blackstone on a non-exclusive basis and its current intention is to recommend that shareholders vote in favour should both parties enter into a binding agreement.</li>
</ul>


Blackstone and affiliates have increased its Offer for Crown Resorts (CWN AU) to A$13.10/share in cash, from A$12.50 previously, and up from A$11.85/share initially.  
The proposal is subject to the same conditions as the Blackstone proposal announced on 19 November, including completing further due diligence, regulatory approvals, and unanimous support from Crown's Board.
Crown will engage further with Blackstone on a non-exclusive basis and its current intention is to recommend that shareholders vote in favour should both parties enter into a binding agreement.


<ul>
<li>There are currently 45 - mostly firm - transactions currently being discussed and analysed on Smartkarma</li>
<li>For a change of pace, there were no new deals this week discussed on Smartkarma.</li>
<li>There were updates for <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:2007:1" rel="noopener">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>,  <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-REIT (EREIT SP)</a>/<a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937:1" rel="noopener">ARA LOGOS (ALLT SP)</a>, and <a href="https://www.smartkarma.com/entities/yorkey-optical-international-cayman" target="_blank" data-smartkarma-citation="entities:12407:1" rel="noopener">Yorkey Optical International Cayman (2788 HK)</a>.</li>
</ul>


There are currently 45 - mostly firm - transactions currently being discussed and analysed on Smartkarma
For a change of pace, there were no new deals this week discussed on Smartkarma.
There were updates for Katakura Industries (3001 JP), China Logistics Property Holdings (1589 HK),  ESR-REIT (EREIT SP)/ARA LOGOS (ALLT SP), and Yorkey Optical International Cayman (2788 HK).


Asia-Pac Weekly Risk Arb Summary: ARA LOGOS, Katakura Industries, China Logistics, Yorkey Optical

Australia

Crown Resorts Ltd. operates and manages gaming and entertainment facilities, bars, restaurants, nightclubs, cinemas and retail outlets. The Company also develops hotels and conference centre facilities.

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Crown Resorts (CWN AU)

Last Week in Event SPACE: BHP Group, Crown Resorts, 51job, Hitachi, Razer Inc

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

Asia-Pac Weekly Risk Arb Summary: Razer, Crown Resorts, Katakura, Ausnutria, API, Irongate

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

Blackstone’s Fourth Bid for Crown Resorts

Blackstone has returned for a fourth time with a revised indicative offer of A$13.10 cash per share. The Board’s willingness to recommend a binding...

Arun George

Crown Resorts: Blackstone's Winning Bet

Final regulatory approvals to one side, this appears all stitched up. Trading at a gross spread of 4.3%, with around 4-6 months to run on the deal....

David Blennerhassett

Asia-Pac Weekly Risk Arb Summary: ARA LOGOS, Katakura Industries, China Logistics, Yorkey Optical

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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