Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The board of <a href="https://www.smartkarma.com/entities/iress-ltd" target="_blank" data-smartkarma-citation="entities:15342:1" rel="noopener">Iress Ltd (IRE AU)</a>, a trading and wealth management software provider, has denied reports in an Australian article concerning a possible takeover from Blackstone. </li>
<li>The article said that Blackstone was reportedly back in talks for a bid "that could be worth between $11 and $12 per share". Iress' share price promptly popped 8% yesterday. </li>
<li>Iress is still very much in play as it "continues to engage with multiple parties". </li>
</ul>


The board of Iress Ltd (IRE AU), a trading and wealth management software provider, has denied reports in an Australian article concerning a possible takeover from Blackstone. 
The article said that Blackstone was reportedly back in talks for a bid "that could be worth between $11 and $12 per share". Iress' share price promptly popped 8% yesterday. 
Iress is still very much in play as it "continues to engage with multiple parties". 


Iress (IRE AU): Suitors Engaged, But (Still) Nothing Firm

<ul>
<li>I tally 38 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Just one new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a><a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener"></a>.</li>
<li>Key updates/news also took place on <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>,<a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/hainan-meilan-international-airport-company-limited" target="_blank" data-smartkarma-citation="entities:12545:1" rel="noopener">Hainan Meilan International Airport (357 HK)</a>, and <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings (2389 JP)</a>.</li>
</ul>


I tally 38 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Just one new deal was discussed on Smartkarma this week: Raksul Inc (4384 JP).
Key updates/news also took place on Toyota Industries (6201 JP),Predictive Discovery (PDI AU), Jinke Smart Services (9666 HK), Hainan Meilan International Airport (357 HK), and Digital Holdings (2389 JP).


Asia-Pac M&A Weekly Wrap: Toyota Inds, Predictive Discovery, Jinke Smart Services, Meilan Airport

<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

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>The <a href="https://www.afr.com/companies/financial-services/blackstone-in-talks-with-iress-for-buyout-at-more-than-1-9b-20250807-p5ml4a" target="_blank" rel="noopener">AFR reports</a> that <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> is considering a privatisation bid which could value <a href="https://www.smartkarma.com/entities/iress-ltd" target="_blank" data-smartkarma-citation="entities:15342:1" rel="noopener">Iress Ltd (IRE AU)</a> at about A$1.9 billion (more than A$10 per share).</li>
<li>Iress is no stranger to privatisation interest. In 2021, <a href="https://www.smartkarma.com/entities/eqt-ab" target="_blank" data-smartkarma-citation="entities:28922:1" rel="noopener">EQT (EQT SS)</a> bid against itself thrice to offer A$15.91, before failing to table a binding proposal.   </li>
<li>The shareholder structure facilitates an offer. The rumoured offer is a good starting point, but it is far from a knockout bid.</li>
</ul>


The AFR reports that Blackstone (BX US) is considering a privatisation bid which could value Iress Ltd (IRE AU) at about A$1.9 billion (more than A$10 per share).
Iress is no stranger to privatisation interest. In 2021, EQT (EQT SS) bid against itself thrice to offer A$15.91, before failing to table a binding proposal.   
The shareholder structure facilitates an offer. The rumoured offer is a good starting point, but it is far from a knockout bid.


Iress (IRE AU): Blackstone Mulling a Privatisation Bid

<ul>
<li>I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/african-gold-ltd" target="_blank" data-smartkarma-citation="entities:29028:1" rel="noopener">African Gold Ltd (A1G AU)</a>, and <a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928:1" rel="noopener">Low Keng Huat Singapore (LKH SP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, and <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a>.</li>
</ul>


I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were discussed on Smartkarma this week: Predictive Discovery (PDI AU), African Gold Ltd (A1G AU), and Low Keng Huat Singapore (LKH SP).
Key updates/news also took place on: ANE Cayman Inc (9956 HK), Steadfast (SDF AU), and Spindex Industries (SPE SP).


Asia-Pac M&A Weekly Wrap: ANE (Cayman), Predictive Discovery, African Gold, Steadfast, Spindex

Australia

Iress Limited provides real-time information services to businesses that specialize in the equity, equity options and future information markets in Australia and New Zealand. The Group supplies a range of pricing data, charting, news and equity and equity derivatives and also offers real-time trading tools, including a domestic order routing product and financial

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Iress Ltd (IRE AU)

Iress (IRE AU): Suitors Engaged, But (Still) Nothing Firm

Iress is still very much a target (Blackstone, Bain, Thomo Bravo are just some possible suitors). I'd be inclined to pick up shares here, and on...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: Toyota Inds, Predictive Discovery, Jinke Smart Services, Meilan Airport

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

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

Iress (IRE AU): Blackstone Mulling a Privatisation Bid

Iress is no stranger to privatisation interest. The rumoured offer is a good starting point, but it is far from a knockout bid.

Arun George

Asia-Pac M&A Weekly Wrap: ANE (Cayman), Predictive Discovery, African Gold, Steadfast, Spindex

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

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