Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a> proposes to acquire all shares in <a href="https://www.smartkarma.com/entities/mydeal-com-au-ltd" target="_blank" data-smartkarma-citation="entities:30939:1" rel="noopener">MyDeal.com.au Ltd (MYD AU)</a> other than those held by Sean Senvirtne and other key management personnel.</li>
<li>MyDeal shareholders will receive $1.05/share in cash, a punchy 62.8% premium to last close, but just 5% above its 2020 IPO price.</li>
<li>This proposal is being done by way of a Scheme with expected completion in Q3/Q4 2022.</li>
</ul>



Woolworths Ltd (WOW AU) proposes to acquire all shares in MyDeal.com.au Ltd (MYD AU) other than those held by Sean Senvirtne and other key management personnel.
MyDeal shareholders will receive $1.05/share in cash, a punchy 62.8% premium to last close, but just 5% above its 2020 IPO price.
This proposal is being done by way of a Scheme with expected completion in Q3/Q4 2022.


<ul>
<li>Ong Choo Eng and his son Ong Eng Yaw, together with Roswell Assets, Dymon Asia Private Equity, and Crytalic Star have launched a voluntary Offer for <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong (HWAH SP)</a>.</li>
<li>The S$0.37/share Offer is a nine-year high and a 27.6% premium to last close. It has not been declared final. </li>
<li>However, it appears not all of the founding members of the company are on the same page. The family fissure became public after the last independent director resigned this month. </li>
</ul>


Ong Choo Eng and his son Ong Eng Yaw, together with Roswell Assets, Dymon Asia Private Equity, and Crytalic Star have launched a voluntary Offer for Hwa Hong (HWAH SP).
The S$0.37/share Offer is a nine-year high and a 27.6% premium to last close. It has not been declared final. 
However, it appears not all of the founding members of the company are on the same page. The family fissure became public after the last independent director resigned this month. 


Hwa Hong's Conditional Offer Amid Family Tussle

<ul>
<li>Hospital operator <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02511581-2A1369312?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> an unsolicited, non-binding Offer from KKR, by way of a Scheme, at A$88.00/share, in cash, a 36.7% premium to last close.</li>
<li>Presumably, Paul Ramsay's Ramsay Foundation, Ramsay's largest shareholder, is supportive, otherwise there is no deal.</li>
<li>Due diligence has been granted. If successful, this would be one of the largest LBOs by a private equity outfit in Australia. </li>
</ul>


Hospital operator Ramsay Health Care (RHC AU) has announced an unsolicited, non-binding Offer from KKR, by way of a Scheme, at A$88.00/share, in cash, a 36.7% premium to last close.
Presumably, Paul Ramsay's Ramsay Foundation, Ramsay's largest shareholder, is supportive, otherwise there is no deal.
Due diligence has been granted. If successful, this would be one of the largest LBOs by a private equity outfit in Australia. 


<ul>
<li>Fertility specialist <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a> has received a revised non-binding <a href="https://www.smartkarma.com/compose/insight/66126/Vinva%20became%20a%20substantial%20shareholder%20on%20the%2022%20November." target="_blank" rel="noopener">takeover bid</a> from BGH Capital of $7.65/share, less any dividends declared by Virtus. It had previously offered $7.10/share.</li>
<li>BGH also said it would vote its 19.99% stake against CapVest Partners' cash offer of $7.60/share. </li>
<li>Back in CapVest's court. A $0.05/share higher bid is unlikely to see the UK-based player fold its tent.</li>
</ul>


Fertility specialist Virtus Health (VRT AU) has received a revised non-binding takeover bid from BGH Capital of $7.65/share, less any dividends declared by Virtus. It had previously offered $7.10/share.
BGH also said it would vote its 19.99% stake against CapVest Partners' cash offer of $7.60/share. 
Back in CapVest's court. A $0.05/share higher bid is unlikely to see the UK-based player fold its tent.


<ul>
<li>BGH has filed an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02482688_PS-2A1354502?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">application</a> with the Takeover Panel over, inter alia, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a> granting exclusivity to CapVest.</li>
<li>This application is similar in nature to the one filed by <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> last year after <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">AusNet Services (AST AU)</a> granted Brookfield exclusivity in a competitive bidding stoush.</li>
<li>Virtus is currently trading at a gross spread of ~5.0% to the Scheme price, 3.6% to the Alternative Offer, and 1.8% above BGH's terms. </li>
</ul>


BGH has filed an application with the Takeover Panel over, inter alia, Virtus Health (VRT AU) granting exclusivity to CapVest.
This application is similar in nature to the one filed by APA Group (APA AU) last year after AusNet Services (AST AU) granted Brookfield exclusivity in a competitive bidding stoush.
Virtus is currently trading at a gross spread of ~5.0% to the Scheme price, 3.6% to the Alternative Offer, and 1.8% above BGH's terms. 


BGH Lodges Application With The Takeovers Panel Over CapVest's Bid for Virtus

Australia

Japara Healthcare Limited, is a provider of aged care and retirement living services in Australia.

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Japara Healthcare (JHC AU)

Woolies Moves On MyDeal (MYD AU)

Trading around 4.8%/13.7% gross/annualised, assuming late September completion. That's pretty decent. However, this is not a liquid arb situation.

David Blennerhassett

Hwa Hong's Conditional Offer Amid Family Tussle

I'd pay up to S$0.35-S$0.36/share, or ~15% annualised, assuming around three months to complete from here. It's a hostile Offer. It has not been...

David Blennerhassett

BGH Ups The Ante For Control Of Virtus

Trading at a reasonably attractive gross spread of ~2.4% to the latest proposal. BGH's Offer adds just A$4mn to the consideration payout versus...

David Blennerhassett

BGH Lodges Application With The Takeovers Panel Over CapVest's Bid for Virtus

Both proposals (BGH and CapVest's) are indicative - for now. Trading at a gross spread of ~5.0% to the Scheme price, 3.6% to the Alternative Offer,...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

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Woolies Moves On MyDeal (MYD AU)

Trading around 4.8%/13.7% gross/annualised, assuming late September completion. That's pretty decent. However, this is not a liquid arb situation.

David Blennerhassett

Hwa Hong's Conditional Offer Amid Family Tussle

I'd pay up to S$0.35-S$0.36/share, or ~15% annualised, assuming around three months to complete from here. It's a hostile Offer. It has not been...

David Blennerhassett

KKR Bids $88/Share For Ramsay Health

The Offer is indicative - for now. Trading at gross/annualised spread of 6.7%/12.6%, assuming early November completion. Not bad. Even better if...

David Blennerhassett

BGH Ups The Ante For Control Of Virtus

Trading at a reasonably attractive gross spread of ~2.4% to the latest proposal. BGH's Offer adds just A$4mn to the consideration payout versus...

David Blennerhassett

BGH Lodges Application With The Takeovers Panel Over CapVest's Bid for Virtus

Both proposals (BGH and CapVest's) are indicative - for now. Trading at a gross spread of ~5.0% to the Scheme price, 3.6% to the Alternative Offer,...

David Blennerhassett