Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
A$0.77/Share. That's Louis Dreyfus Company (LDC)'s revised unconditional bid. Plus it now holds 47.66% after Samuel Terry Asset Management, Namoi's largest shareholder, tendered into the revised term.</li>
<li>Expect <a href="https://www.smartkarma.com/entities/namoi-cotton-co-operative" target="_blank" data-smartkarma-citation="entities:10711:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/namoi-cotton-co-operative" target="_blank" data-smartkarma-citation="entities:10711:1" rel="noopener">Namoi Cotton Co Operative (NAM AU)</a>'s board to shortly back LDC's Offer. LDC's Offer is $0.02/share above Olam Agri's conditional bid.</li>
<li>After LDC first approached Namoi in November last year, this is now done. Expect Olam to tender its stake, and fold its tent. </li>
</ul>



A$0.77/Share. That's Louis Dreyfus Company (LDC)'s revised unconditional bid. Plus it now holds 47.66% after Samuel Terry Asset Management, Namoi's largest shareholder, tendered into the revised term.
Expect Namoi Cotton Co Operative (NAM AU)'s board to shortly back LDC's Offer. LDC's Offer is $0.02/share above Olam Agri's conditional bid.
After LDC first approached Namoi in November last year, this is now done. Expect Olam to tender its stake, and fold its tent. 


<ul>
<li>Louis Dreyfus Company (LDC) and <a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam (OLG SP)</a>'s Olam Agri have been going toe-to-toe over <a href="https://www.smartkarma.com/entities/namoi-cotton-co-operative" target="_blank" data-smartkarma-citation="entities:10711:1" rel="noopener">Namoi Cotton (NAM AU)</a> since the 1st February. LDC has now declared its Offer unconditional. </li>
<li>It's an interesting move. Namoi is trading through LDC's A$0.67/share Offer terms. But unlike Olam's Offer, LDC now has FIRB and ACCC under its belt.</li>
<li>Currently trading at Olam's A$0.70/share terms. All eyes are on ACCC giving Olam the green light. Or not.</li>
</ul>


Louis Dreyfus Company (LDC) and Olam (OLG SP)'s Olam Agri have been going toe-to-toe over Namoi Cotton (NAM AU) since the 1st February. LDC has now declared its Offer unconditional. 
It's an interesting move. Namoi is trading through LDC's A$0.67/share Offer terms. But unlike Olam's Offer, LDC now has FIRB and ACCC under its belt.
Currently trading at Olam's A$0.70/share terms. All eyes are on ACCC giving Olam the green light. Or not.


Namoi Cotton (NAM AU): Louis Dreyfus Declares Offer Unconditional

<ul>
<li>Buy dips on the possibility that 3DIP would not agree to Bain. Otherwise, at ¥9,000 <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft (9749 JP)</a> is a buy, and at ¥9,500, it's probably a sell near-term.</li>
<li>Drilling down into its balance sheet uncovers additional value for <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>; but not enough to move the needle</li>
<li>
<a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a> completed its buyback. Murakami Group bought more. The stock (pro-forma) is at 0.62x book, 0.54x book for the non-cash portion. There's LOTS of cash left.</li>
</ul>


Buy dips on the possibility that 3DIP would not agree to Bain. Otherwise, at ¥9,000 Fuji Soft (9749 JP) is a buy, and at ¥9,500, it's probably a sell near-term.
Drilling down into its balance sheet uncovers additional value for Jardine Matheson Holdings (JM SP); but not enough to move the needle

Exedy Corp (7278 JP) completed its buyback. Murakami Group bought more. The stock (pro-forma) is at 0.62x book, 0.54x book for the non-cash portion. There's LOTS of cash left.


Last Week in Event SPACE: Fuji Soft, Jardine Matheson, Exedy, Henderson

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals were discussed this week: Offers for <a href="https://www.smartkarma.com/entities/virgin-money-uk-plc" target="_blank" data-smartkarma-citation="entities:22918:1" rel="noopener">Virgin Money UK Plc (VUK AU)</a> and <a href="https://www.smartkarma.com/entities/psc-insurance-group-ltd" target="_blank" data-smartkarma-citation="entities:24266:1" rel="noopener">PSC Insurance (PSI AU)</a>.</li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/rex-minerals-ltd" target="_blank" data-smartkarma-citation="entities:13845:1" rel="noopener">Rex Minerals (RXM AU)</a>, <a href="https://www.smartkarma.com/entities/namoi-cotton-co-operative" target="_blank" data-smartkarma-citation="entities:10711:1" rel="noopener">Namoi Cotton (NAM AU)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC (906 HK)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China TCM (570 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I (3382 JP)</a>, and <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft (9749 JP)</a> . </li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were discussed this week: Offers for Virgin Money UK Plc (VUK AU) and PSC Insurance (PSI AU).
Key updates took place on Rex Minerals (RXM AU), Namoi Cotton (NAM AU), CPMC (906 HK), China TCM (570 HK), Seven &amp; I (3382 JP), and Fuji Soft (9749 JP) . 


(Mostly) Asia-Pac M&A: Seven & I, Virgin Money, PSC Insurance, Rex Minerals, Namoi, CPMC, China TCM

<ul>
<li>Since Louis Dreyfus Company (LDC) first announced a A$0.51/share Offer, by way of a Scheme, on the 28 November 2023, and Olam Agri countered, there have been significant developments. </li>
<li>Both suitors have now tabled off-market Offers (A$0.67/share from LDC, and A$0.70/share from Olam Agri). Both Offers are open for tendering. Both have extended their closing dates numerous times.</li>
<li>And both suitors have also faced ACCC scrutiny. As of today, only LDC, currently holding a 20.2% stake in Namoi, is in the clear.</li>
</ul>


Since Louis Dreyfus Company (LDC) first announced a A$0.51/share Offer, by way of a Scheme, on the 28 November 2023, and Olam Agri countered, there have been significant developments. 
Both suitors have now tabled off-market Offers (A$0.67/share from LDC, and A$0.70/share from Olam Agri). Both Offers are open for tendering. Both have extended their closing dates numerous times.
And both suitors have also faced ACCC scrutiny. As of today, only LDC, currently holding a 20.2% stake in Namoi, is in the clear.


Namoi Cotton (NAM AU): Louis Dreyfus Has This Stitched Up

Singapore

Olam Group Limited is a global food and agri-business that sources, processes, packages, and merchandises agricultural products. It offers a wide range of food ingredients, feed, and fiber, including cocoa, coffee, nuts, spices, grains, and edible oils, as well as packaged foods. The company was founded in 1989 and is headquartered in Singapore.

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Olam (OLG SP)

Namoi Cotton (NAM AU): Well Played LDC

After LDC first approached Namoi in November last year, this is now done. Expect Olam to tender its stake, and fold its tent.

David Blennerhassett

Namoi Cotton (NAM AU): Louis Dreyfus Declares Offer Unconditional

After Namoi Cotton backed LDC's Offer, and concurrently rejected Olam Agri's, Olam Agri has now bumped terms to A$0.75/share. Samuel Terry (25%...

David Blennerhassett

Last Week in Event SPACE: Fuji Soft, Jardine Matheson, Exedy, Henderson

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

(Mostly) Asia-Pac M&A: Seven & I, Virgin Money, PSC Insurance, Rex Minerals, Namoi, CPMC, China TCM

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

Namoi Cotton (NAM AU): Louis Dreyfus Has This Stitched Up

Currently trading 2% through Olam's terms. If already in, stay in. Do not tender. I can see bid going (significantly) higher, as these two large,...

David Blennerhassett

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