Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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>One new deals were was discussed on Smartkarma this week: the indicative Offer for <a href="https://www.smartkarma.com/entities/yinson-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3252:1" rel="noopener">Yinson Holdings (YNS MK)</a>.</li>
<li>Key updates/news also took place on: <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>, <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>, <a href="https://www.smartkarma.com/entities/energy-one-ltd" target="_blank" data-smartkarma-citation="entities:19865:1" rel="noopener">Energy One Ltd (EOL AU)</a>, and <a href="https://www.smartkarma.com/entities/avarga-limited" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</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.
One new deals were was discussed on Smartkarma this week: the indicative Offer for Yinson Holdings (YNS MK).
Key updates/news also took place on: Dentsu Soken (4812 JP), Golfzon Holdings (121440 KS), Energy One Ltd (EOL AU), and Avarga (AVARGA SP).


Asia-Pac Weekly Wrap: Dentsu Soken, Energy One, Yinson Holdings, Golfzon, Avarga

Guotai Junan International / Event-Driven

<ul>
<li>For August 2026, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.</li>
<li>
The average premium for the new transactions announced (or first discussed) in August was ~33%; and a year-to-date average of ~45%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For August 2026, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.

The average premium for the new transactions announced (or first discussed) in August was ~33%; and a year-to-date average of ~45%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [August 2026 Wrap]: Baudroie, EQT, Guotai Junan, Peet, Reliance Worldwide, Yinson

<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>I tally 39 - 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>Five new deals were was discussed on Smartkarma this week: <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/eqt-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7541:1" rel="noopener">EQT Holdings (EQT AU)</a>, <a href="https://www.smartkarma.com/entities/refine-co-ltd" target="_blank" data-smartkarma-citation="entities:34857:1" rel="noopener">Refine (377450 KS)</a>, and <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a>, <a href="https://www.smartkarma.com/entities/public-financial-holdings-limited" target="_blank" data-smartkarma-citation="entities:9760:1" rel="noopener">Public Financial (626 HK)</a>, and <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>.</li>
</ul>


I tally 39 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Five new deals were was discussed on Smartkarma this week: Reliance Worldwide Corp (RWC AU), Ausgold Ltd (AUC AU), EQT Holdings (EQT AU), Refine (377450 KS), and Baudroie (4413 JP).
Key updates/news also took place on: Kakaku.com Inc (2371 JP), Steadfast (SDF AU), FleetPartners Group (FPR AU), Public Financial (626 HK), and European Lithium (EUR AU).


Asia-Pac Weekly Wrap: Kakaku.com, Reliance Worldwide, Ausgold, EQT, Baudroie, Refine, Steadfast

<ul>
<li>On the 18th August, <a href="https://www.smartkarma.com/entities/eqt-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7541:1" rel="noopener">EQT Holdings (EQT AU)</a>, a corporate trustee and fiduciary-services outfit, announced a NBIO from TPG of A$24.55/share, by way of a Scheme.</li>
<li>TPG requested four weeks of exclusive due diligence. Terms appeared opportunistic. But conscious of the ongoing ASIC litigation and super-exit restructuring costs, I wasn't overly bullish. I was wrong.</li>
<li>BGH Capital has now made a A$24.75/share NBIO, by way of a Scheme. EQT is evaluating both proposals. The share price is up ~9% as I type to A$22/share. </li>
</ul>


On the 18th August, EQT Holdings (EQT AU), a corporate trustee and fiduciary-services outfit, announced a NBIO from TPG of A$24.55/share, by way of a Scheme.
TPG requested four weeks of exclusive due diligence. Terms appeared opportunistic. But conscious of the ongoing ASIC litigation and super-exit restructuring costs, I wasn't overly bullish. I was wrong.
BGH Capital has now made a A$24.75/share NBIO, by way of a Scheme. EQT is evaluating both proposals. The share price is up ~9% as I type to A$22/share. 


Australia

Perpetual Limited is a financial services company that has two primary activities, wealth management services and corporate trust services. The Company provides funds management, responsible entity services, trustee services, executor services, financial planning, investment administration, superannuation, custody and registry services.

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Perpetual Ltd (PPT AU)

Asia-Pac Weekly Wrap: Dentsu Soken, Energy One, Yinson Holdings, Golfzon, Avarga

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

Asia-Pac M&A [August 2026 Wrap]: Baudroie, EQT, Guotai Junan, Peet, Reliance Worldwide, Yinson

For the month of August, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$7bn. The average premium for the new deals...

David Blennerhassett

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

Asia-Pac Weekly Wrap: Kakaku.com, Reliance Worldwide, Ausgold, EQT, Baudroie, Refine, Steadfast

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

EQT (EQT AU): BGH Pips TPG's Terms

The ASIC investigation is an overhang. The timing of TPG's and BGH's Offers appears opportunistic. However, ~A$25/share is ~9x/~8x trailing/forward...

David Blennerhassett

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