Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<div>Back on the 25 March, consumer products outfit <a href="https://www.smartkarma.com/entities/mcpherson-s-ltd" target="_blank" data-smartkarma-citation="entities:6729:1" rel="noopener">Mcpherson's Ltd (MCP AU)</a> <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02357218-2A1289056?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> an unconditional, on-market cash Offer of $1.34/share from the Kin Group, via Gallin P/L. The Offer price was a 9.8% premium to last close. Unlisted Kin Group also <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02357231-2A1289074?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it held 6.35mn shares or 4.95% of shares out.</div>
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<div>MCP issued a Target Statement on the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02361440-2A1291552?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">8 April</a> recommending shareholders <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02361440-2A1291552?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">reject</a> the Offer, which is expected to close on the 10 May, unless extended.</div>
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<h3>The New News</h3>
<div>In its FY21 reading and operational review update, MCP <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02368663-2A1295047?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> the receipt of a non-binding, indicative proposal from pharmaceutical giant Arrotex Australia, by way of a Scheme, for A$1.60/share. </div>
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<div>Arrotex's Offer is subject to a four-week due diligence period. MCP's board intends to work with Arrotex to develop a transaction that can be put to shareholders.</div>
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<div>The board continues to reject Gallin's Offer.</div>
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<p>More below the fold.</p>
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Back on the 25 March, consumer products outfit Mcpherson's Ltd (MCP AU) announced an unconditional, on-market cash Offer of $1.34/share from the Kin Group, via Gallin P/L. The Offer price was a 9.8% premium to last close. Unlisted Kin Group also announced it held 6.35mn shares or 4.95% of shares out.


MCP issued a Target Statement on the 8 April recommending shareholders reject the Offer, which is expected to close on the 10 May, unless extended.

The New News
In its FY21 reading and operational review update, MCP announced the receipt of a non-binding, indicative proposal from pharmaceutical giant Arrotex Australia, by way of a Scheme, for A$1.60/share. 

Arrotex's Offer is subject to a four-week due diligence period. MCP's board intends to work with Arrotex to develop a transaction that can be put to shareholders.

The board continues to reject Gallin's Offer.


More below the fold.


McPherson (MCP AU): Arrotex Derails Kin's Offer

<div>Consumer products outfit <a href="https://www.smartkarma.com/entities/mcpherson-s-ltd" target="_blank" data-smartkarma-citation="entities:6729:1" rel="noopener">Mcpherson's Ltd (MCP AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02357218-2A1289056?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> an unconditional, <em>on-market</em> cash Offer of $1.34/share from the Kin Group. The Offer price was a 9.8% premium to last close.</div>
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<div>The Offer period closes on the 9 April - unless extended.</div>
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<div>Unlisted Kin Group also <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02357231-2A1289074?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it held 6.35mn shares or 4.95% of shares out.</div>
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<div>The Kin Group has an MO for these types of Offers. And not always with runaway success. That may be the case again here - MCP has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02357371-2A1289165?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">recommended</a> shareholders take no action, and that the Offer is "<em>utterly opportunistic and profoundly undervalues</em>" the company.</div>
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<div>More below the fold.</div>

Consumer products outfit Mcpherson's Ltd (MCP AU) has announced an unconditional, on-market cash Offer of $1.34/share from the Kin Group. The Offer price was a 9.8% premium to last close.

The Offer period closes on the 9 April - unless extended.

Unlisted Kin Group also announced it held 6.35mn shares or 4.95% of shares out.


The Kin Group has an MO for these types of Offers. And not always with runaway success. That may be the case again here - MCP has recommended shareholders take no action, and that the Offer is "utterly opportunistic and profoundly undervalues" the company.


More below the fold.

McPherson (MCP AU): Unconditional On-Market Offer

Australia

McPherson's Limited manufactures, imports and markets kitchen knives, scissors, flatware, glassware, kitchen utensils and other house ware products. The Company also prints and publishes a range of books, paperbacks, catalogues, magazines, greeting cards, postage stamps, wrapping paper and telephone directories.  The Company also manufactures and distributes beauty care and hair care products.

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McPherson's Ltd (MCP AU)

McPherson (MCP AU): Arrotex Derails Kin's Offer

This remains an indicative Offer - there is the risk no formal offer emerges. I would not chase shares here. DD may uncover further deterioration...

David Blennerhassett

McPherson (MCP AU): Unconditional On-Market Offer

Currently trading 4% through terms. You have a hard floor for the next fortnight - and potentially thru to early July is using its Offer for Reject...

David Blennerhassett

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