Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in 2021, Swedish PE outfit EQT and <a href="https://www.smartkarma.com/entities/iress-ltd" target="_blank" data-smartkarma-citation="entities:15342:1" rel="noopener">Iress Ltd (IRE AU)</a> were unable to firm a transaction. This was discussed in <a href="https://skr.ma/Rm5oC" target="_blank" rel="noopener">Iress (IRE AU) Accepts EQT's Latest Proposal</a>. </li>
<li>EQT was granted due diligence after bumping indictive terms to $15.91/share, up from an initial pitch of A$14.80/share. Its been crickets since EQT walked. </li>
<li>Now Blackstone has approached Iress, a trading and wealth management software provider. An indicative A$10.50/share cash Offer was tabled, but since withdrawn. Negotiations with Blackstone and Thoma Bravo are ongoing.</li>
</ul>


Back in 2021, Swedish PE outfit EQT and Iress Ltd (IRE AU) were unable to firm a transaction. This was discussed in Iress (IRE AU) Accepts EQT's Latest Proposal. 
EQT was granted due diligence after bumping indictive terms to $15.91/share, up from an initial pitch of A$14.80/share. Its been crickets since EQT walked. 
Now Blackstone has approached Iress, a trading and wealth management software provider. An indicative A$10.50/share cash Offer was tabled, but since withdrawn. Negotiations with Blackstone and Thoma Bravo are ongoing.


Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, a automotive software firm, has entered into a Scheme Implementation Deed with PE-outfit TPG.</li>
<li>TPG is offering A$1.72/share, a 30% premium to last close. The transaction requires FIRB signing off. The Offer has the unanimous backing of Infomedia's boards.</li>
<li>As discussed in <a href="https://skr.ma/FFn5Z" target="_blank" rel="noopener">Infomedia (IFM AU): Now A Three-Way Hunt</a><a href="https://skr.ma/FFn5Z," target="_blank" rel="noopener">,</a> Infomedia fielded various indicative Offers (including TA Associates/Viburnum, Battery Ventures, and Solera) in 2022, none of which went the distance.</li>
</ul>



Infomedia Ltd (IFM AU), a automotive software firm, has entered into a Scheme Implementation Deed with PE-outfit TPG.
TPG is offering A$1.72/share, a 30% premium to last close. The transaction requires FIRB signing off. The Offer has the unanimous backing of Infomedia's boards.
As discussed in Infomedia (IFM AU): Now A Three-Way Hunt, Infomedia fielded various indicative Offers (including TA Associates/Viburnum, Battery Ventures, and Solera) in 2022, none of which went the distance.


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/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/tpg-inc" target="_blank" data-smartkarma-citation="entities:35361:1" rel="noopener">TPG Inc (TPG US)</a> at A$1.72, a 30.3% premium to the undisturbed price of A$1.32 (5 August).</li>
<li>The scheme is conditional on FIRB and shareholder approval. Shareholders should be supportive, given a reasonable offer and Infomedia's history of non-binding bids. </li>
<li>At the last close and for an end-of-November payment, the gross/annualised spread is 2.4%/7.5%.</li>
</ul>



Infomedia Ltd (IFM AU) entered a scheme implementation deed with TPG Inc (TPG US) at A$1.72, a 30.3% premium to the undisturbed price of A$1.32 (5 August).
The scheme is conditional on FIRB and shareholder approval. Shareholders should be supportive, given a reasonable offer and Infomedia's history of non-binding bids. 
At the last close and for an end-of-November payment, the gross/annualised spread is 2.4%/7.5%.


Infomedia (IFM AU): TPG’s Binding Proposal at A$1.72

<ul>
<li>Potentia has returned with an improved three-part offer for <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>. The base offer of A$2.17 is 0.9% higher than Alludo’s A$2.15 offer. </li>
<li>The offer could rise to A$2.20 or A$2.25 per share based on hitting additional conditions. There is a clear path for the final offer to reach A$2.20 per share. </li>
<li>A A$2.25 per share offer is unlikely due to the onerous 25% scrip acceptance condition. At the last close, the gross spread to the likely final A$2.20 offer is 0.5%.</li>
</ul>


Potentia has returned with an improved three-part offer for Nitro Software Ltd (NTO AU). The base offer of A$2.17 is 0.9% higher than Alludo’s A$2.15 offer. 
The offer could rise to A$2.20 or A$2.25 per share based on hitting additional conditions. There is a clear path for the final offer to reach A$2.20 per share. 
A A$2.25 per share offer is unlikely due to the onerous 25% scrip acceptance condition. At the last close, the gross spread to the likely final A$2.20 offer is 0.5%.


Nitro (NTO AU): Potentia Comes Good with a Three-Part Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a> has finally granted Potentia due diligence access until 22 February. Subject to satisfactory due diligence, Potentia could increase its offer from A$2.00 to A$2.20-2.30 per share.</li>
<li>Alludo’s A$2.15 off-market takeover offer is its best and final offer. Alludo’s offer is subject to a 50.1% minimum acceptance condition (currently at 12.53%) and closes on 3 March.</li>
<li>Potentia’s dogged pursuit despite the Board's stonewalling suggests a desire to get a deal done. At the last close, the gross spread to Potentia’s potential offer is 2.3% to 7.0%.</li>
</ul>



Nitro Software Ltd (NTO AU) has finally granted Potentia due diligence access until 22 February. Subject to satisfactory due diligence, Potentia could increase its offer from A$2.00 to A$2.20-2.30 per share.
Alludo’s A$2.15 off-market takeover offer is its best and final offer. Alludo’s offer is subject to a 50.1% minimum acceptance condition (currently at 12.53%) and closes on 3 March.
Potentia’s dogged pursuit despite the Board's stonewalling suggests a desire to get a deal done. At the last close, the gross spread to Potentia’s potential offer is 2.3% to 7.0%.


Nitro Software (NTO AU): Potentia Finally Secures Due Diligence

Australia

Infomedia Limited develops and supplies electronic parts catalogues for the automotive industry. The Company's catalogues are used by various car dealers worldwide allowing them to find replacement parts required by a customer or service mechanic.  The Company also provides dealer management systems for the automotive industry.

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Infomedia Ltd (IFM AU)

Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle

There is no firm Offer. Shares are up 11.1% to A$9.31 - as I type - but off their intraday high. I'd be inclined to get some exposure on any...

David Blennerhassett

Infomedia (IFM AU): TPG's Clean Deal

Clean deal. Trading tight at 2.4%/7.2% gross/annualis.spread, if early Dec completion. Will Viburnum reload? If small, illiquid arbs are your...

David Blennerhassett

Infomedia (IFM AU): TPG’s Binding Proposal at A$1.72

Shareholders should be supportive, given a reasonable offer and Infomedia's history of non-binding bids. At the last close and for an end-of...

Arun George

Nitro (NTO AU): Potentia Comes Good with a Three-Part Offer

The base offer of A$2.17 could rise to A$2.20 or A$2.25 per share based on hitting additional conditions. There is a clear path for the final offer...

Arun George

Nitro Software (NTO AU): Potentia Finally Secures Due Diligence

Potentia’s dogged pursuit despite the Board's stonewalling suggests a desire to get a deal done. At the last close, the gross spread to Potentia’s...

Arun George

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