Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>AI data service provider <strong><a href="https://www.smartkarma.com/entities/appen-ltd" target="_blank" data-smartkarma-citation="entities:15825:1" rel="noopener">Appen (APX AU)</a></strong> has announced an unsolicited, conditional, and non-binding indicative proposal from Canada's Telus International, by way of a Scheme of Arrangement, at A$9.50/share.  </li>
<li>That's around a 48% premium. Appen's board is seeking an improvement in terms through offering a limited course of due diligence.</li>
<li>The Offer backs out an equity value of A$1.2bn, significantly down from Appen's 2020 pandemic peak of A$5.4bn.</li>
</ul>


AI data service provider Appen (APX AU) has announced an unsolicited, conditional, and non-binding indicative proposal from Canada's Telus International, by way of a Scheme of Arrangement, at A$9.50/share.  
That's around a 48% premium. Appen's board is seeking an improvement in terms through offering a limited course of due diligence.
The Offer backs out an equity value of A$1.2bn, significantly down from Appen's 2020 pandemic peak of A$5.4bn.


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>TA Associates and Viburnum Funds’ non-binding indicative privatisation proposal is A$1.70 per <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a> share in cash, a 32.8% premium to the last close.</li>
<li>The timing of the bid looks opportunistic in the context of the shares hitting a 3-year low on 9 May. Viburnum with a 14.5% stake is the largest shareholder.</li>
<li>The Board notes expressions of interest from other parties. TA and Viburnum’s bid is the catalyst for other bidders to show their hands.  </li>
</ul>


TA Associates and Viburnum Funds’ non-binding indicative privatisation proposal is A$1.70 per Infomedia Ltd (IFM AU) share in cash, a 32.8% premium to the last close.
The timing of the bid looks opportunistic in the context of the shares hitting a 3-year low on 9 May. Viburnum with a 14.5% stake is the largest shareholder.
The Board notes expressions of interest from other parties. TA and Viburnum’s bid is the catalyst for other bidders to show their hands.  


Infomedia Receives a A$1.70 Per Share Offer from TA Associates and Viburnum

<ul>
<li>Online auto parts and service provider <strong><a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a></strong> has received a non-binding proposal  - by way of a Scheme - from TA Associates and Viburnum Funds. </li>
<li>The Offer price is A$1.70/share, a 32.8% premium to last close. </li>
<li>Via a tie-in with Viburnum, TA disclosed a 14.46% interest.  IFM said it is also in preliminary discussions with other interested parties. </li>
</ul>


Online auto parts and service provider Infomedia Ltd (IFM AU) has received a non-binding proposal  - by way of a Scheme - from TA Associates and Viburnum Funds. 
The Offer price is A$1.70/share, a 32.8% premium to last close. 
Via a tie-in with Viburnum, TA disclosed a 14.46% interest.  IFM said it is also in preliminary discussions with other interested parties. 


Infomedia (IFM AU): TA Associates/Viburnum Funds Proposal

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)

Appen (APX AU): Telus' Indicative Offer

This is not a firm Offer. Yet, Appen has been on an 18-month downward trajectory, despite FY21 revenue and earnings gains. I'd be picking shares up...

David Blennerhassett

Infomedia (IFM AU): TA Associates/Viburnum Funds Proposal

Assuming five months to complete, paying up to $1.60/share is around 15% annualised. But I think this may trade tighter to the indicative terms.

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Appen (APX AU): Telus' Indicative Offer

This is not a firm Offer. Yet, Appen has been on an 18-month downward trajectory, despite FY21 revenue and earnings gains. I'd be picking shares up...

David Blennerhassett

Infomedia Receives a A$1.70 Per Share Offer from TA Associates and Viburnum

TA and Viburnum's indicative offer of A$1.70 is a 32.8% premium to the last close. Expressions of interest from other bidders suggest the potential...

Arun George

Infomedia (IFM AU): TA Associates/Viburnum Funds Proposal

Assuming five months to complete, paying up to $1.60/share is around 15% annualised. But I think this may trade tighter to the indicative terms.

David Blennerhassett