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/monash-ivf-group-ltd" target="_blank" data-smartkarma-citation="entities:18130:1" rel="noopener">Monash IVF (MVF AU)</a>, a fertility provider, has announced, and summarily rejected, a A$0.80/share non-binding indicative Offer from <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson and Co. Ltd (SOL AU)</a> &amp; Genesis Capital.</li>
<li>The indicative terms are a ~31% premium to last close. And ~7.7x FY25 EV/EBITDA. Chairman Richard Davis <a href="https://announcements.asx.com.au/asxpdf/20251124/pdf/06sd9nmj7g6yqg.pdf" target="_blank" rel="noopener">declared</a> terms "opportunistic in timing and materially undervalues the company". </li>
<li>Genesis/Soul Patts collectively hold 19.6% in MVF.  MVF's share price has cratered this year after a woman was mistakenly implanted with the wrong embryo. The CEO subsequently stepped down. </li>
</ul>



Monash IVF (MVF AU), a fertility provider, has announced, and summarily rejected, a A$0.80/share non-binding indicative Offer from Washington H. Soul Pattinson and Co. Ltd (SOL AU) &amp; Genesis Capital.
The indicative terms are a ~31% premium to last close. And ~7.7x FY25 EV/EBITDA. Chairman Richard Davis declared terms "opportunistic in timing and materially undervalues the company". 
Genesis/Soul Patts collectively hold 19.6% in MVF.  MVF's share price has cratered this year after a woman was mistakenly implanted with the wrong embryo. The CEO subsequently stepped down. 


Monash IVF (MVF AU) Rejects Soul Patts/Genesis' Offer

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/street-talk/pe-bidder-comes-calling-for-monash-ivf-amid-embryo-mix-up-debacle-20251123-p5nhpd" target="_blank" rel="noopener">AFR reports</a> that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal for <a href="https://www.smartkarma.com/entities/monash-ivf-group-ltd" target="_blank" data-smartkarma-citation="entities:18130:1" rel="noopener">Monash IVF (MVF AU)</a> at A$0.80, a 31.1% premium to the last close.</li>
<li>On Friday, the mystery buyer acquired a pre-bid stake of 6.01% of outstanding shares at A$0.80. The timing is opportunistic as the shares are down 51% YTD.</li>
<li>It is unclear whether Genesis is aiming to launch a scheme or an off-market takeover offer. Nevertheless, the rumoured offer is light. </li>
</ul>


The AFR reports that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal for Monash IVF (MVF AU) at A$0.80, a 31.1% premium to the last close.
On Friday, the mystery buyer acquired a pre-bid stake of 6.01% of outstanding shares at A$0.80. The timing is opportunistic as the shares are down 51% YTD.
It is unclear whether Genesis is aiming to launch a scheme or an off-market takeover offer. Nevertheless, the rumoured offer is light. 


Monash IVF (MVF AU): Genesis Capital to Launch a Takeover Proposal?

<ul>
<li>Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for <a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a>, Australia's largest rural and regional veterinary group.</li>
<li>The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options are afforded, including 100% scrip.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20251212/pdf/06t8y2p0w1dc35.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for Apiam Animal Health (AHX AU), Australia's largest rural and regional veterinary group.
The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options are afforded, including 100% scrip.

The Scheme Booklet is now out, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says "fair &amp; reasonable".


Apiam Animal Health (AHX AU): 3rd Feb Vote On Adamantem's A$0.87/Share Offer

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monash-ivf-group-ltd" target="_blank" data-smartkarma-citation="entities:18130:1" rel="noopener">Monash IVF (MVF AU)</a> announced that an incident occurred at its Brisbane clinic, where embryo of one patient was incorrectly transferred to another patient resulting in birth of a child.</li>
<li>The company revised the guidance of FY25 underlying NPAT to be A$27.5M from previous A$30M–31M, announced post H1FY25 results.</li>
<li>Consensus estimates predict the company’s FY26 revenue to grow marginally by 1% to A$272M and net profit to decline nearly 5%.</li>
</ul>



Monash IVF (MVF AU) announced that an incident occurred at its Brisbane clinic, where embryo of one patient was incorrectly transferred to another patient resulting in birth of a child.
The company revised the guidance of FY25 underlying NPAT to be A$27.5M from previous A$30M–31M, announced post H1FY25 results.
Consensus estimates predict the company’s FY26 revenue to grow marginally by 1% to A$272M and net profit to decline nearly 5%.


Monash IVF (MVF AU): Embroiled in Embryo Bungle; Will the Growth Baby Be Delivered?

<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

Australia

Monash IVF Group Ltd. is a fertility research and treatment center. The Company researches and develops reproduction supportive medications.

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Monash IVF (MVF AU)

Monash IVF (MVF AU) Rejects Soul Patts/Genesis' Offer

Trading 10% through the indicative terms. Perhaps 8-9 turns of EBITDA may get board support. I think this needs a A$1+ handle, at a minimum, to...

David Blennerhassett

Monash IVF (MVF AU): Genesis Capital to Launch a Takeover Proposal?

The AFR reports that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal. The timing is opportunistic, and the...

Arun George

Monash IVF (MVF AU): Embroiled in Embryo Bungle; Will the Growth Baby Be Delivered?

Amid controversy after embryo mix-up at Brisbane clinic, Monash IVF has reduced FY25 profit guidance, implying 22% YoY decline in H2FY25 profit....

Tina Banerjee

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

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Monash IVF (MVF AU) Rejects Soul Patts/Genesis' Offer

Trading 10% through the indicative terms. Perhaps 8-9 turns of EBITDA may get board support. I think this needs a A$1+ handle, at a minimum, to...

David Blennerhassett

Monash IVF (MVF AU): Genesis Capital to Launch a Takeover Proposal?

The AFR reports that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal. The timing is opportunistic, and the...

Arun George

Apiam Animal Health (AHX AU): 3rd Feb Vote On Adamantem's A$0.87/Share Offer

Clean deal. Trading at terms. Unless in - and/or can take advantage of the franking credits - I would be looking elsewhere.

David Blennerhassett

Monash IVF (MVF AU): Embroiled in Embryo Bungle; Will the Growth Baby Be Delivered?

​Amid controversy after embryo mix-up at Brisbane clinic, Monash IVF has reduced FY25 profit guidance, implying 22% YoY decline in H2FY25 profit....

Tina Banerjee

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

Amid controversy after embryo mix-up at Brisbane clinic, Monash IVF has reduced FY25 profit guidance, implying 22% YoY decline in H2FY25 profit....