Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Millennium & Copthorne Hotels Nz / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne Hotels (MCK NZ)</a> (MCK), a Kiwi hotel chain, has announced that <a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57:1" rel="noopener">City Developments (CIT SP)</a>, its major shareholder, has made an Offer for shares not held. </li>
<li>City Dev is offering NZ$2.25/share, a 25% premium to last close. City holds 75.86% and the offer is conditional on a 90% holding, including shares currently held. </li>
<li>Reg approvals include OIA, which should be rubber-stamped. Very illiquid company.</li>
</ul>



Millennium &amp; Copthorne Hotels (MCK NZ) (MCK), a Kiwi hotel chain, has announced that City Developments (CIT SP), its major shareholder, has made an Offer for shares not held. 
City Dev is offering NZ$2.25/share, a 25% premium to last close. City holds 75.86% and the offer is conditional on a 90% holding, including shares currently held. 
Reg approvals include OIA, which should be rubber-stamped. Very illiquid company.


Millennium & Copthorne Hotels (MCK NZ): City Dev's Privatisation Offer

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.

Canvest Environmental Protection Group / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/smart-share-global-limited" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/latin-resources-ltd" target="_blank" data-smartkarma-citation="entities:8770:1" rel="noopener">Latin Resources (LRS AU)</a>, <a href="https://www.smartkarma.com/entities/pressance-corp" target="_blank" data-smartkarma-citation="entities:17783:1" rel="noopener">Pressance Corp (3254 JP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Shanghai Henlius Biotech (2696 HK), Smart Share Global (EM US), Lifestyle China (2136 HK), Seven &amp; I Holdings (3382 JP), Get Nice Financial Group Ltd (1469 HK). 
Lowest spreads: Makino Milling Machine Co (6135 JP), Fuji Soft Inc (9749 JP), Avjennings Ltd (AVJ AU), Latin Resources (LRS AU), Pressance Corp (3254 JP). 


Merger Arb Mondays (20 Jan) - Canvest, Henlius, Lifestyle China, Vesync, JAMCO, Insignia, AVJennings

<ul>
<li>I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. I've yet to see a solid rationality why they would block.</li>
<li>One new deal was discussed this week: Bain's Tender Offer for <a href="https://www.smartkarma.com/entities/jamco-corp" target="_blank" data-smartkarma-citation="entities:14741:1" rel="noopener">Jamco Corp (7408 JP)</a>. <a href="https://www.smartkarma.com/entities/ho-bee-land-ltd" target="_blank" data-smartkarma-citation="entities:18298:1" rel="noopener">Ho Bee Land Ltd (HOBEE SP)</a> also countered for <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings Ltd (AVJ AU)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, and <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>/<a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>.</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. I've yet to see a solid rationality why they would block.
One new deal was discussed this week: Bain's Tender Offer for Jamco Corp (7408 JP). Ho Bee Land Ltd (HOBEE SP) also countered for AVJennings Ltd (AVJ AU).
Key updates/news took place on: Insignia Financial (IFL AU), Lifestyle China (2136 HK), and Advanced Info Service (ADVANC TB)/Thaicom Pcl (THCOM TB).


(Mostly) Asia-Pac M&A: Jamco, AVJennings, Insignia Financial, Advanced Info Service/Thaicom

<ul>
<li>After CC Capital waded in on the 6th January with a A$4.30/share NBIO for wealth manager <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, trumping Bain's A$4.00/share proposal, Bain subsequently matched CC Capital's terms.  </li>
<li>CC Capital has now lifted is indicative Offer to <a href="https://announcements.asx.com.au/asxpdf/20250117/pdf/06dm4ygnv88lmw.pdf" target="_blank" rel="noopener">A$4.60/share</a>, a ~50% premium to undisturbed. Time for IFL to engage. And for Tanarra to be supportive. </li>
<li>And Bain? I expect them to match CC Capital's terms, again; if not a small premium. </li>
</ul>


After CC Capital waded in on the 6th January with a A$4.30/share NBIO for wealth manager Insignia Financial (IFL AU), trumping Bain's A$4.00/share proposal, Bain subsequently matched CC Capital's terms.  
CC Capital has now lifted is indicative Offer to A$4.60/share, a ~50% premium to undisturbed. Time for IFL to engage. And for Tanarra to be supportive. 
And Bain? I expect them to match CC Capital's terms, again; if not a small premium. 


Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Terms

<ul>
<li>Back on the 6th December 2024, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, a PRC department store operator, announced a Scheme from Thomas Lau, its chairman/CEO and major shareholder (74.91%, including concert parties).</li>
<li>The HK$0.913 Offer price was miserly 21.7% premium to last close. But not declared final. </li>
<li>The Offer deserved a bump, and Lau has obliged. However, the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0116/2025011600886.pdf" target="_blank" rel="noopener">revised HK$0.98/share bid</a>, a 30.6% premium to undisturbed, remains underwhelming. Lau has declared terms final.</li>
</ul>


Back on the 6th December 2024, Lifestyle China (2136 HK), a PRC department store operator, announced a Scheme from Thomas Lau, its chairman/CEO and major shareholder (74.91%, including concert parties).
The HK$0.913 Offer price was miserly 21.7% premium to last close. But not declared final. 
The Offer deserved a bump, and Lau has obliged. However, the revised HK$0.98/share bid, a 30.6% premium to undisturbed, remains underwhelming. Lau has declared terms final.


Lifestyle China (2136 HK): Lau's Scheme - The Premium Is Still Wrong. And Now Final

Hong Kong

Fosun Tourism Group operates as a leisure focused integrated tourism group. The Company provides resorts management, tourism destinations development, and other related services. Fosun Tourism Group offers its services worldwide.

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Fosun Tourism (1992 HK)

Millennium & Copthorne Hotels (MCK NZ): City Dev's Privatisation Offer

This is done. No other Offer will emerge. If small, illiquid arbs are your bent, look to enter here and on any weakness.

David Blennerhassett

Merger Arb Mondays (20 Jan) - Canvest, Henlius, Lifestyle China, Vesync, JAMCO, Insignia, AVJennings

This week, the highest gross spreads are Henlius (29.3%), Smart Share (16.8%), Lifestyle China (16.7%), Seven & I (15.4%), Get Nice (13.3%), ESR...

Arun George

(Mostly) Asia-Pac M&A: Jamco, AVJennings, Insignia Financial, Advanced Info Service/Thaicom

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

Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Terms

Both Offers remain non-binding. IFL should engage. Which means Bain needs to step up to at least match CC Capital. I'd be surprised if Tanarra...

David Blennerhassett

Lifestyle China (2136 HK): Lau's Scheme - The Premium Is Still Wrong. And Now Final

IF illiquid arbs are your thing and you think this get up, pay up to HK$0.95/share for a 3.4%/15% gross/annualised return (where possible), if mid...

David Blennerhassett

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