Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After four weeks of due diligence, <a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a>, a manufacturer of plumbing components, has now entered into a Scheme Implementation Deed (SID) with Brookfield.  </li>
<li>Terms are A$4.75/share (or US$3.638/share), in cash, a 31.5% premium to undisturbed, unchanged from the Process Deed. Terms are not final.</li>
<li>The binding SID provides Reliance with a "go shop" provision for 30 days. After AustralianSuper bumped its holding, twice, post-deal-announcement, that might be worthwhile pursuing. </li>
</ul>


After four weeks of due diligence, Reliance Worldwide Corp (RWC AU), a manufacturer of plumbing components, has now entered into a Scheme Implementation Deed (SID) with Brookfield.  
Terms are A$4.75/share (or US$3.638/share), in cash, a 31.5% premium to undisturbed, unchanged from the Process Deed. Terms are not final.
The binding SID provides Reliance with a "go shop" provision for 30 days. After AustralianSuper bumped its holding, twice, post-deal-announcement, that might be worthwhile pursuing. 


Reliance Worldwide (RWC AU): Brookfield Firms A$4.75/Share Offer. What Say AussieSuper?

<ul>
<li>Back on the 18th August 2026, <a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a> entered into a process deed with Brookfield, potentially leading to a A$4.75/share Offer by way of a Scheme.</li>
<li>Brookfield was granted four weeks of additional exclusive due diligence to "progress the proposal". That exclusivity expires today.</li>
<li>Should Brookfield firm terms, Reliance is permitted to "go shop" for 30 days. After AustralianSuper bumped its holding, twice, post-deal-announcement, a higher price may be warranted.</li>
</ul>


Back on the 18th August 2026, Reliance Worldwide Corp (RWC AU) entered into a process deed with Brookfield, potentially leading to a A$4.75/share Offer by way of a Scheme.
Brookfield was granted four weeks of additional exclusive due diligence to "progress the proposal". That exclusivity expires today.
Should Brookfield firm terms, Reliance is permitted to "go shop" for 30 days. After AustralianSuper bumped its holding, twice, post-deal-announcement, a higher price may be warranted.


Reliance Worldwide Corp (RWC AU):  Brookfield's Exclusive DD Expires Today

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Australia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ANZ, CAR, Fortescue, Pro Medicus, BHP, Vicinity Centres Re, Cochlear.</li>
</ul>


We analysed the earning revision of component stocks of MS-Australia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ANZ, CAR, Fortescue, Pro Medicus, BHP, Vicinity Centres Re, Cochlear.


MS-Australia Index Earning Revision (Aug): ANZ, CAR, Fortescue, Pro Medicus, BHP, Cochlear

<ul>
<li>I tally 34 - 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>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/peet-ltd" target="_blank" data-smartkarma-citation="entities:15586:1" rel="noopener">Peet Ltd (PPC AU)</a>, <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a>, and <a href="https://www.smartkarma.com/entities/oue-healthcare-limited" target="_blank" data-smartkarma-citation="entities:562:1" rel="noopener">OUE Healthcare (OUEHC SP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a>, <a href="https://www.smartkarma.com/entities/ausgold-ltd" target="_blank" data-smartkarma-citation="entities:19133:1" rel="noopener">Ausgold Ltd (AUC AU)</a>, <a href="https://www.smartkarma.com/entities/dentsu-soken-inc" target="_blank" data-smartkarma-citation="entities:20535:1" rel="noopener">Dentsu Soken (4812 JP)</a>, and <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon Holdings (121440 KS)</a>.</li>
</ul>


I tally 34 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were discussed on Smartkarma this week: Peet Ltd (PPC AU), Carnaby Resources (CNB AU), and OUE Healthcare (OUEHC SP).
Key updates/news also took place on: Reliance Worldwide Corp (RWC AU), Ausgold Ltd (AUC AU), Dentsu Soken (4812 JP), and Golfzon Holdings (121440 KS).


Asia-Pac Weekly Wrap: Dentsu Soken, Peet, Carnaby Resources, Reliance Worldwide, Ausgold, Golfzon

<ul>
<li>The market now realise that EQT's playing the long game for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>. Not optimal unless EQT thinks that they have a chance at a runoff. </li>
<li>Reportedly, <a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591" rel="noopener">Tokio Marine Holdings (8766 JP)</a> has identified <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218" rel="noopener">Suncorp (SUN AU)</a> as its preferred takeover target</li>
<li>
<a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a> is a busted deal. Did the Offeror sound out all the necessary officials AND regulatory bodies before even launching the Offer.</li>
</ul>


The market now realise that EQT's playing the long game for Kakaku.com (2371 JP). Not optimal unless EQT thinks that they have a chance at a runoff. 
Reportedly, Tokio Marine Holdings (8766 JP) has identified Suncorp (SUN AU) as its preferred takeover target

Changhong Jiahua (3991 HK) is a busted deal. Did the Offeror sound out all the necessary officials AND regulatory bodies before even launching the Offer.


Last Week In Event SPACE: Kakaku.com, Suncorp, TCL Electronics, Changhong Jiahua, Steadfast

Australia

Origin Energy Limited is an integrated energy company. The Company is an energy retailer in Australia across electricity, gas and LPG. Origin Energy also holds a generation portfolio and fuel position and a renewable energy portfolio, as well as unconventional gas and LNG interests.

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Origin Energy (ORG AU)

Reliance Worldwide Corp (RWC AU): Brookfield's Exclusive DD Expires Today

Terms remain indicative. And AustralianSuper has stonewalled Brookfield in the past. Does Brookfield bump, walk, or firm terms as is? I'd still be...

David Blennerhassett

MS-Australia Index Earning Revision (Aug): ANZ, CAR, Fortescue, Pro Medicus, BHP, Cochlear

We analyzed MS-Australia's consensus for Aug 2026 and highlighted changes of EPS in ANZ, CAR, Fortescue, Pro Medicus, BHP, Vicinity Centres Re,...

Ke Yan, CFA, FRM

Asia-Pac Weekly Wrap: Dentsu Soken, Peet, Carnaby Resources, Reliance Worldwide, Ausgold, Golfzon

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

Last Week In Event SPACE: Kakaku.com, Suncorp, TCL Electronics, Changhong Jiahua, Steadfast

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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Reliance Worldwide (RWC AU): Brookfield Firms A$4.75/Share Offer. What Say AussieSuper?

Trading wide at a 9.7%/28% gross/annualised spread, assuming late January 2027 completion. AustralianSuper is the elephant in the room. And they...

David Blennerhassett

Reliance Worldwide Corp (RWC AU): Brookfield's Exclusive DD Expires Today

Terms remain indicative. And AustralianSuper has stonewalled Brookfield in the past. Does Brookfield bump, walk, or firm terms as is? I'd still be...

David Blennerhassett

MS-Australia Index Earning Revision (Aug): ANZ, CAR, Fortescue, Pro Medicus, BHP, Cochlear

We analyzed MS-Australia's consensus for Aug 2026 and highlighted changes of EPS in ANZ, CAR, Fortescue, Pro Medicus, BHP, Vicinity Centres Re,...

Ke Yan, CFA, FRM

Asia-Pac Weekly Wrap: Dentsu Soken, Peet, Carnaby Resources, Reliance Worldwide, Ausgold, Golfzon

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

Last Week In Event SPACE: Kakaku.com, Suncorp, TCL Electronics, Changhong Jiahua, Steadfast

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett