European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>CSC and Intertrust have already obtained clearances from all different 13 required regulators. After several extensions, the Offer Period will now end on 31 October.</li>
<li>Intertrust has had a far from stellar performance on the stock market. Hence, I believe acceptances will be over 80%. The offer will be declared unconditional and the shares delisted.</li>
<li>Gross spread is 0.3% and the estimated annual return is 6.99% (settlement will be on or before 7 November. Long and tender/accept the offer.</li>
</ul>


CSC and Intertrust have already obtained clearances from all different 13 required regulators. After several extensions, the Offer Period will now end on 31 October.
Intertrust has had a far from stellar performance on the stock market. Hence, I believe acceptances will be over 80%. The offer will be declared unconditional and the shares delisted.
Gross spread is 0.3% and the estimated annual return is 6.99% (settlement will be on or before 7 November. Long and tender/accept the offer.


Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EuroSTOXX Indices for the December 2022 Rebalance.</li>
<li>There could be five M&amp;A-related intra-review deletions between now and the end of the year.</li>
<li>There could be more index changes in the December 2022 Rebalance too. </li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EuroSTOXX Indices for the December 2022 Rebalance.
There could be five M&amp;A-related intra-review deletions between now and the end of the year.
There could be more index changes in the December 2022 Rebalance too. 


STOXX Europe Quiddity Leaderboard Dec 22: Five Intra-Review Changes, Porsche Leading The Race

<ul>
<li>The offer period starts on 1 April and runs until 10 June (if necessary, it can be extended 2-10 weeks). The <a href="https://www.intertrustgroup.com/wp-content/uploads/2022/03/Offer-Memorandum-CSC-Intertrust.pdf" target="_blank" rel="noopener">offer memorandum</a> has been published.</li>
<li>If, after the post-acceptance period, the offeror holds at least 80%, but less than 95% of the shares, the offeror may elect to implement the Asset Sale and Liquidation.</li>
<li>The share price increased by 2.2% after announcement of the start of the offer period. Gross spread to the offer price is 1.8%. Long INTER NA.</li>
</ul>


The offer period starts on 1 April and runs until 10 June (if necessary, it can be extended 2-10 weeks). The offer memorandum has been published.
If, after the post-acceptance period, the offeror holds at least 80%, but less than 95% of the shares, the offeror may elect to implement the Asset Sale and Liquidation.
The share price increased by 2.2% after announcement of the start of the offer period. Gross spread to the offer price is 1.8%. Long INTER NA.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<ul>
<li>Cashed-Up <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718" rel="noopener">Jardine Matheson Holdings (JM SP)</a> doubles its buyback program. Separately, the appraisal rights proceedings for dissenting shareholders of <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081" rel="noopener">Jardine Strategic (JS SP)</a> are now underway in Bermuda's Supreme Court. </li>
<li>The PBOC, CBIRC, and CSRC appear to have thrown <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande (3333 HK)</a> management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."</li>
<li>The ACCC approval, a key condition to the <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063" rel="noopener">Sydney Airport (SYD AU)</a> proposal completing, has been obtained.</li>
</ul>


Cashed-Up Jardine Matheson Holdings (JM SP) doubles its buyback program. Separately, the appraisal rights proceedings for dissenting shareholders of Jardine Strategic (JS SP) are now underway in Bermuda's Supreme Court. 
The PBOC, CBIRC, and CSRC appear to have thrown Evergrande (3333 HK) management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."
The ACCC approval, a key condition to the Sydney Airport (SYD AU) proposal completing, has been obtained.


Last Week in Event SPACE: Jardine Matheson, Evergrande, Sydney Airports, Shinsei Bank, Kansai Super

<ul>
<li>The agreed €20/share (cum dividend) represents c.59% premium, 12.1x EV/Fwd EBITDA and 12.9x Fwd P/E.</li>
<li>Intertrust has suffered from increasing competition and margin pressure due to digitalisation. The company is progressing in its operational turnaround. Industry is under consolidation.</li>
<li>The bid is just above my fair value estimate and the gross spread is 0.5%, probably too tight to be worth considering. Upside could come from a competing bid.</li>
</ul>


The agreed €20/share (cum dividend) represents c.59% premium, 12.1x EV/Fwd EBITDA and 12.9x Fwd P/E.
Intertrust has suffered from increasing competition and margin pressure due to digitalisation. The company is progressing in its operational turnaround. Industry is under consolidation.
The bid is just above my fair value estimate and the gross spread is 0.5%, probably too tight to be worth considering. Upside could come from a competing bid.


CSC/Intertrust NV: Conditional Offer Agreement

Netherlands

Intertrust N.V. is a provider of trust and corporate services. The Company provides a broad range of high-end legal and financial administrative services to corporations, funds, financial institutions, and private individuals around the world. Intertrust operates across the Americas, Europe, Aisa, and the Middle-East.

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Intertrust NV (INTER NA)

CSC/Intertrust: End of Offer Period

The Offer Condition with respect to the Regulatory Clearances has been satisfied. In accordance with the waiver granted by the AFM on 21 July, the...

Jesus Rodriguez Aguilar

STOXX Europe Quiddity Leaderboard Dec 22: Five Intra-Review Changes, Porsche Leading The Race

I expect ~12 ADDs/DELs in total for the STOXX Europe 600 index before the end of the year including intra-review changes and regular review...

Janaghan Jeyakumar, CFA

CSC/Intertrust: Start of Offer Period

The offer memorandum was published on 31 March. The offer period runs from 1 April to 10 June. Gross spread is 1.8% with closing expected in H2...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Jardine Matheson, Evergrande, Sydney Airports, Shinsei Bank, Kansai Super

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

CSC/Intertrust NV: Conditional Offer Agreement

The offer price is just above my fair value estimate and the gross spread is 0.7%, probably too little to be worth considering. Upside could come...

Jesus Rodriguez Aguilar

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