European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Greenvolt-Energias Renovaveis / Event-Driven

<ul>
<li>Core shareholders holding 60.86% accepted KKR's €8.30/share offer, triggering a mandatory tender for minorities. Greenvolt's revised offer price (€8.3107/share) represented a 95.5% IPO premium, but faced critiques for modest value. </li>
<li>By October 25, KKR held 97.64% of Greenvolt’s share capital, surpassing the 90% threshold for a squeeze-out and delisting.</li>
<li>The delisting is expected by late 2024 or early 2025, following squeeze-out completion. Minority shareholders will be compelled to sell, receiving €8.3107/share. Gross spread is 0.8%. Long.
</li>
</ul>


Core shareholders holding 60.86% accepted KKR's €8.30/share offer, triggering a mandatory tender for minorities. Greenvolt's revised offer price (€8.3107/share) represented a 95.5% IPO premium, but faced critiques for modest value. 
By October 25, KKR held 97.64% of Greenvolt’s share capital, surpassing the 90% threshold for a squeeze-out and delisting.
The delisting is expected by late 2024 or early 2025, following squeeze-out completion. Minority shareholders will be compelled to sell, receiving €8.3107/share. Gross spread is 0.8%. Long.



Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The trade of being short <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> vs Nikkei 225 or Sector Basket is fundamentally slightly short Nikkei 225 froth.</li>
<li>
<a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano (709 HK)</a>'s SGM will likely pivot off how the shareholders under Halcyon Securities vote. Digging a little deeper as to who these shareholders are, provides some (not-altogether) surprising results.</li>
<li>
<a href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" target="_blank" data-smartkarma-citation="entities:17280:1" rel="noopener">AZ-Com Maruwa Holdings (9090 JP)</a> intends to launch a Tender Offer on <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a> without having contacted C&amp;F first. A HOSTILE deal. Yum!</li>
</ul>


The trade of being short Fast Retailing (9983 JP) vs Nikkei 225 or Sector Basket is fundamentally slightly short Nikkei 225 froth.

Giordano (709 HK)'s SGM will likely pivot off how the shareholders under Halcyon Securities vote. Digging a little deeper as to who these shareholders are, provides some (not-altogether) surprising results.

AZ-Com Maruwa Holdings (9090 JP) intends to launch a Tender Offer on Chilled &amp; Frozen Logistics Holdings (9099 JP) without having contacted C&amp;F first. A HOSTILE deal. Yum!


Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend

<ul>
<li>With acceptances from 99.6%, settlement of the offer for <a href="https://www.smartkarma.com/entities/opdenergy-holdings-sa" target="_blank" data-smartkarma-citation="entities:39849:1" rel="noopener">Opdenergy Holdings (OPDE SM)</a>  will happen on 26 March and squeeze-out on 15 April.</li>
<li>A done deal since outset, at a fair price. The agreement of Anti with the top shareholders left minorities with virtually no capacity to ask for a sweetening. </li>
<li>Readacross: Ecoener, Grenergy, Audax, Solaria could all be the object of takeover bids (either from private equity or minority buyouts), with Grenergy preferred. See comparables table in the insight.</li>
</ul>


With acceptances from 99.6%, settlement of the offer for Opdenergy Holdings (OPDE SM)  will happen on 26 March and squeeze-out on 15 April.
A done deal since outset, at a fair price. The agreement of Anti with the top shareholders left minorities with virtually no capacity to ask for a sweetening. 
Readacross: Ecoener, Grenergy, Audax, Solaria could all be the object of takeover bids (either from private equity or minority buyouts), with Grenergy preferred. See comparables table in the insight.


Antin/Opdenergy: Squeeze-Out. Who'll Be Next?

<ul>
<li>There is no suggestion of precondition breach attached to <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>'s impairment losses. </li>
<li>Seven Group, now holding 71.6%, has returned to the well, and made a cash/scrip Offer for shares not owned in <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral (BLD AU)</a>, with certain tendering thresholds triggering more cash.</li>
<li>
<a href="https://www.smartkarma.com/entities/itoki-corp" target="_blank" data-smartkarma-citation="entities:18032:1" rel="noopener">Itoki Corp (7972 JP)</a>'s mega ToSTNeT-3 buyback is now done.</li>
</ul>


There is no suggestion of precondition breach attached to Outsourcing Inc (2427 JP)'s impairment losses. 
Seven Group, now holding 71.6%, has returned to the well, and made a cash/scrip Offer for shares not owned in Boral (BLD AU), with certain tendering thresholds triggering more cash.

Itoki Corp (7972 JP)'s mega ToSTNeT-3 buyback is now done.


Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights

<ul>
<li>Spanish renewables group <a href="https://www.smartkarma.com/entities/opdenergy-holdings-sa" target="_blank" data-smartkarma-citation="entities:39849:1" rel="noopener">Opdenergy Holdings (OPDE SM)</a> will exit the stock market upon closing of <a href="https://www.smartkarma.com/entities/antin-infrastructure-partners" target="_blank" data-smartkarma-citation="entities:34340:1" rel="noopener">Antin Infrastructure Partners (ANTIN FP)</a>'s takeover bid. The company is scheduled to delist on 23 April.</li>
<li>Minimum acceptance condition is 75%. Antin had 71.2% irrevocables, which together with a letter of intention for 6.09%, should mean the threshold is crossed.</li>
<li>Spread is 0.68%/7.54% (gross/annualised, assuming settlement on 26 March). Long and tender.</li>
</ul>


Spanish renewables group Opdenergy Holdings (OPDE SM) will exit the stock market upon closing of Antin Infrastructure Partners (ANTIN FP)'s takeover bid. The company is scheduled to delist on 23 April.
Minimum acceptance condition is 75%. Antin had 71.2% irrevocables, which together with a letter of intention for 6.09%, should mean the threshold is crossed.
Spread is 0.68%/7.54% (gross/annualised, assuming settlement on 26 March). Long and tender.


Start of Acceptance Period with Guaranteed Success

Spain

Opdenergy Holding SA operates as a holding company. The Company, through its subsidiaries, provides renewable energy project development, financing, construction, operation, and maintenance services. Opdenergy Holding serves customers worldwide.

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Opdenergy Holdings (OPDE SM)

KKR/Greenvolt: Squeeze-Out Coming Next

KKR acquires majority stake in Greenvolt, triggering mandatory tender for minorities at €8.3107/share, leading to delisting by late 2024/early 2025.

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend

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

Antin/Opdenergy: Squeeze-Out. Who'll Be Next?

Settlement for Opdenergy Holdings offer set for 26 March, squeeze-out on 15 April. Ecoener, Grenergy, Audax, Solaria could all be the object of...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights

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

Start of Acceptance Period with Guaranteed Success

Spanish renewables group Opdenergy Holdings will exit the stock market upon closing of Antin's takeover bid. The company is scheduled to delist on...

Jesus Rodriguez Aguilar

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KKR/Greenvolt: Squeeze-Out Coming Next

​KKR acquires majority stake in Greenvolt, triggering mandatory tender for minorities at €8.3107/share, leading to delisting by late 2024/early 2025.

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend

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

Antin/Opdenergy: Squeeze-Out. Who'll Be Next?

​Settlement for Opdenergy Holdings offer set for 26 March, squeeze-out on 15 April. Ecoener, Grenergy, Audax, Solaria could all be the object of...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights

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

Start of Acceptance Period with Guaranteed Success

Spanish renewables group Opdenergy Holdings will exit the stock market upon closing of Antin's takeover bid. The company is scheduled to delist on...

Jesus Rodriguez Aguilar

KKR acquires majority stake in Greenvolt, triggering mandatory tender for minorities at €8.3107/share, leading to delisting by late 2024/early 2025.

Settlement for Opdenergy Holdings offer set for 26 March, squeeze-out on 15 April. Ecoener, Grenergy, Audax, Solaria could all be the object of...