European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

ACS, Actividades de Construcción y Servicios / Event-Driven

ACS, Actividades de Construcción y Servicios

<ul>
<li>ACS is simplifying  its corporate structure: it has acquired the minorities in CIMIC, increased its stake in Hochtief and is buyer for any shares in Hochtief owned by Atlantia.</li>
<li>Thiess is now acquiring MACA and could also be a candidate for acquisition by the parent.</li>
<li>I see value in ACS. Further rationalisation in the holding structure would be a catalyst for the reduction of the discount.</li>
</ul>


ACS is simplifying  its corporate structure: it has acquired the minorities in CIMIC, increased its stake in Hochtief and is buyer for any shares in Hochtief owned by Atlantia.
Thiess is now acquiring MACA and could also be a candidate for acquisition by the parent.
I see value in ACS. Further rationalisation in the holding structure would be a catalyst for the reduction of the discount.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Given recent corporate events in S-REIT land, there could be some considerable money to be allocated to the sector near-term</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> / <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> issued an announcement it would pursue a primary listing on the HKEX. This will make BABA Southbound-eligible</li>
<li>At 0.81x newly-lowered book value, <a href="https://www.smartkarma.com/entities/australian-unity-office-fund" target="_blank" data-smartkarma-citation="entities:24077:1" rel="noopener">Australian Unity Office Fund (AOF AU)</a> is trading at a relatively low multiple. </li>
</ul>


Given recent corporate events in S-REIT land, there could be some considerable money to be allocated to the sector near-term

Alibaba (ADR) (BABA US) / Alibaba Group (9988 HK) issued an announcement it would pursue a primary listing on the HKEX. This will make BABA Southbound-eligible
At 0.81x newly-lowered book value, Australian Unity Office Fund (AOF AU) is trading at a relatively low multiple. 


Last Week in Event SPACE: Mapletree, Alibaba, Australian Unity Office

<ul>
<li>Thiess is launching an agreed offer to acquire 100% of <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> at AUD 1.025/share, in cash, cum dividend, a 28% premium, 2.8x EV/Fwd EBITDA. Minimum acceptance condition is 90%.</li>
<li>Thiess is gaining scale with the acquisition of MACA. I believe that in the future ACS/Hochtief/CIMIC will seek to acquire the whole of Thiess.</li>
<li>Gross spread (as of 29 July) is 2.43%, for a deal with high chances to complete. I would be long at this price.</li>
</ul>


Thiess is launching an agreed offer to acquire 100% of MACA Ltd (MLD AU) at AUD 1.025/share, in cash, cum dividend, a 28% premium, 2.8x EV/Fwd EBITDA. Minimum acceptance condition is 90%.
Thiess is gaining scale with the acquisition of MACA. I believe that in the future ACS/Hochtief/CIMIC will seek to acquire the whole of Thiess.
Gross spread (as of 29 July) is 2.43%, for a deal with high chances to complete. I would be long at this price.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> recently announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to previous close.</li>
<li>The Offer is subject to limited conditions, including FIRB , ACCC sign-off, no prescribed occurrences, no issue of convertible securities, derivatives, or other rights, and 90% minimum acceptances.</li>
<li>The Offer has unanimous support from MACA's board. Applications to FIRB and the ACCC have already been submitted. The announcement suggests MACA remains open to alternative approaches.</li>
</ul>



MACA Ltd (MLD AU) recently announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to previous close.
The Offer is subject to limited conditions, including FIRB , ACCC sign-off, no prescribed occurrences, no issue of convertible securities, derivatives, or other rights, and 90% minimum acceptances.
The Offer has unanimous support from MACA's board. Applications to FIRB and the ACCC have already been submitted. The announcement suggests MACA remains open to alternative approaches.


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>
<a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> has recommended a A$1.025 per share offer from Thiess. The offer price represents a 28.1% premium to the unaffected price of A$0.80 (on 25 July).</li>
<li>The offer is conditional on a 90% minimum acceptance condition and regulatory approvals (FIRB and ACCC). The target statement will be released in late August.</li>
<li>We think that the offer is reasonable in the context of historical share prices and multiples. At the last close, the gross spread is 3.5%.</li>
</ul>



MACA Ltd (MLD AU) has recommended a A$1.025 per share offer from Thiess. The offer price represents a 28.1% premium to the unaffected price of A$0.80 (on 25 July).
The offer is conditional on a 90% minimum acceptance condition and regulatory approvals (FIRB and ACCC). The target statement will be released in late August.
We think that the offer is reasonable in the context of historical share prices and multiples. At the last close, the gross spread is 3.5%.


MACA’s Recommended $1.025 Per Share Takeover Offer from Thiess

Australia

MACA Limited offers contract mining, civil earthworks, and material haulage solutions. The Company specializes in providing mining services to predominantly mid-size mining projects for open pit mining including loading and hauling, drilling and blasting, crushing and screening, and civil works.

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MACA Ltd (MLD AU)

Untangling ACS Holding Chain

Catalysts for the reduction of the discount would be increases in the Hochtief stake, direct ownership by ACS of the 50% of Abertis into the...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Mapletree, Alibaba, Australian Unity Office

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

ACS/Thiess/MACA: Generous Premium

Thiess is offering AUD 1.025/share, in cash, cum dividend. The Board of MACA unanimously recommends accepting the offer in the absence of a...

Jesus Rodriguez Aguilar

MACA: Thiess's Friendly Cash Offer

You have a firm, unanimously backed Offer. Trading around a 3.3% gross spread to term. I'd get involved here. A competing Offer cannot be ruled out.

David Blennerhassett

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52-week Range

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Untangling ACS Holding Chain

Catalysts for the reduction of the discount would be increases in the Hochtief stake, direct ownership by ACS of the 50% of Abertis into the...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Mapletree, Alibaba, Australian Unity Office

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

ACS/Thiess/MACA: Generous Premium

Thiess is offering AUD 1.025/share, in cash, cum dividend. The Board of MACA unanimously recommends accepting the offer in the absence of a...

Jesus Rodriguez Aguilar

MACA: Thiess's Friendly Cash Offer

You have a firm, unanimously backed Offer. Trading around a 3.3% gross spread to term. I'd get involved here. A competing Offer cannot be ruled out.

David Blennerhassett

MACA’s Recommended $1.025 Per Share Takeover Offer from Thiess

We think the offer will meet the 90% minimum acceptance condition as the A$1.025 offer is recommended by the Board and is reasonable. At the last...

Arun George