Arun George

IPOs and Catalysts/Events

Global Equity Research Ltd

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> disclosed a revised non-binding indicative proposal from TPG at A$13.00 per share, a mere 2.8% above the previously rejected proposal of A$12.65 per share.</li>
<li>
<a href="https://www.smartkarma.com/entities/tpg-inc" target="_blank" data-smartkarma-citation="entities:35361:1" rel="noopener">TPG Inc (TPG US)</a> has secured a five-week exclusive due diligence. The Board intend to unanimously recommend a binding proposal at no less than A$13.00 per share. </li>
<li>The Board’s capitulation for a marginal bump reflects the lack of a Plan B. While, not a knockout bid, the offer is reasonable. The gross spread stands at 4.6%. </li>
</ul>

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 7 March, PE outfit TPG took a 17.8% stake in <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">InvoCare (IVC AU)</a>, Australia's leading funeral services provider, and also pitched a <a href="https://www.smartkarma.com/compose/insight/102298/The%20Indicative%20proposal%20is%20subject%20to%20the%20completion%20of%20satisfactory%20due%20diligence,%20and%20FIRB.InvoCare,%20which%20has%20struggled%20to%20generate%20consistent%20profits%20in%20recent%20years,%20is%20mulling%20the%20proposal.%20Pricing%20is%20around%20the%20Covid%20cliff." target="_blank" rel="noopener">A$12.65/share non-binding Offer</a> via a Scheme.</li>
<li>The Indicative proposal was subject to the completion of due diligence. InvoCare rejected the proposal on the 27 March. On the 24 April, TPG <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02657206-2A1445038?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">withdrew its NBIO</a>.</li>
<li>TPG has returned with a revised A$13/share, inclusive of a A$0.60/share fully franked dividend. If the proposal becomes a binding transaction, InvoCare's Board intends to unanimously recommend it.</li>
</ul>

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us 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/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, Jiangnan.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/norwest-energy-nl" target="_blank" data-smartkarma-citation="entities:1433:1" rel="noopener">Norwest Energy NL (NWE AU)</a>, <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, <a href="https://www.smartkarma.com/entities/gk-goh-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8482:1" rel="noopener">GK Goh Holdings (GKG SP)</a>, <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>, <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>, <a href="https://www.smartkarma.com/entities/nissin-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18567:1" rel="noopener">Nissin Electric (6641 JP)</a>.</li>
</ul>

Brian Freitas

Pan-Asia Index Rebalances/Events/Delta One

Periscope Analytics

<ul>
<li>
<a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> has received an unsolicited, preliminary, non-binding indicative offer from TPG Global to acquire the company at A$12.65/share in cash.</li>
<li>TPG has also acquired 17.8% of the shares in <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> via a combination of stock and derivatives.</li>
<li>With the company now in play, there could be competing offers. Already owning 17.8% of the company, TPG is now invested in ensuring they gain control.</li>
</ul>

<ul>
<li>PE outfit TPG has taken a 17.8% stake in <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">InvoCare Ltd (IVC AU)</a>, Australia's leading funeral services provider, and also pitched a A$12.65/share non-binding indicative Offer via a Scheme.</li>
<li>The Indicative proposal is subject to the completion of satisfactory due diligence, and FIRB.</li>
<li>InvoCare, which has struggled to generate consistent profits in recent years, is mulling the proposal. Pricing is around the Covid cliff. </li>
</ul>

Australia

InvoCare Limited owns and operates funeral homes, cemeteries and crematoriums in Australia. The Company's activities include the provision of funerals, burials and cremations through it's funeral home brands including Blackwell, Guardian, George Hartnett, Le Pine, Purslowe, Simplicity Funerals and White Lady Funerals.

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Invocare Ltd (IVC AU)

InvoCare (IVC AU): Board Capitulates to TPG’s Small Bump

The Board’s capitulation for a marginal bump reflects the lack of a Plan B. While, not a knockout bid, the offer is reasonable. At the last close,...

Arun George

InvoCare (IVC AU): TPG's Revised $13/Share Non-Binding Offer

Currently trading at a 5.5%/12% gross/annualised spread, assuming late October completion. Not bad. Even better for those who can take advantage of...

David Blennerhassett

Merger Arb Mondays (13 Mar) - InvoCare, Origin, Tyro, Toyo, Oishi, AAG Energy, Yashili, Halcyon

This week, the highest gross spreads are VNET (150.8%), 111 (38.6%), Alliance Aviation (35.7%), Oishi (26.9%), Toyo (11.1%), AAG Energy (8.8%),...

Arun George

InvoCare (IVC AU): TPG's A$12.65/Share NBIO

TPG has made an NBIO to acquire InvoCare at A$12.65/share for an equity value of A$1.8bn. TPG has also bought up 17.8% of the company. We'd buy...

Brian Freitas

InvoCare (IVC AU): TPG's Non-Binding Offer

This remains an indicative Offer. However, TPG is not holding back with an initial 17.8% stake. I'd buy around A$12, or 5.4%/13% annualised,...

David Blennerhassett

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