Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. </li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. 
The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

<ul>
<li>I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal were discussed on Smartkarma this week: Offers for <a href="https://www.smartkarma.com/entities/mac-copper-limited-6dcb19d0-2c56-496c-817a-5d64e48b3c5d" target="_blank" data-smartkarma-citation="entities:45237:1" rel="noopener">MAC Copper (MAC AU)</a>and  <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank-ltd" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a>. <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> possibly in the crosshairs. </li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>, <a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a>/<a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>, and <a href="https://www.smartkarma.com/entities/amara-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2692:1" rel="noopener">Amara Holdings (AMA SP)</a>. </li>
</ul>


I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: Offers for MAC Copper (MAC AU)and  SBI Sumishin Net Bank (7163 JP). Taiyo Holdings (4626 JP) possibly in the crosshairs. 
Key updates/news took place on: HKBN Ltd (1310 HK), Makino Milling Machine Co (6135 JP), Welcia Holdings (3141 JP)/Tsuruha Holdings (3391 JP), and Amara Holdings (AMA SP). 


(Mostly) Asia-Pac M&A: MAC Copper, SBI Sumishin Net Bank, Taiyo, HKBN, Welcia/Tsuruha, Amara

<ul>
<li>I tally  46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Just one new deal was discussed on Smartkarma this week: Bastion's off-market Offer for <a href="https://www.smartkarma.com/entities/xanadu-mines-ltd" target="_blank" data-smartkarma-citation="entities:1270:1" rel="noopener">Xanadu Mines (XAM AU)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/reject-shop-ltd-the" target="_blank" data-smartkarma-citation="entities:272:1" rel="noopener">Reject Shop (TRS AU)</a>,<a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>,<a href="https://www.smartkarma.com/entities/jamco-corp" target="_blank" data-smartkarma-citation="entities:14741:1" rel="noopener">Jamco Corp (7408 JP)</a>, and <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>/<a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a>.</li>
</ul>


I tally  46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Just one new deal was discussed on Smartkarma this week: Bastion's off-market Offer for Xanadu Mines (XAM AU).
Key updates/news took place on: Reject Shop (TRS AU),ESR Group (1821 HK), Shibaura Electronics (6957 JP),Jamco Corp (7408 JP), and Tsuruha Holdings (3391 JP)/Welcia Holdings (3141 JP).


(Mostly) Asia-Pac M&A: Xanadu Mines, Reject Shop, ESR Group, Shibaura Elect., Jamco, Tsuruha/Welcia

<ul>
<li>I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Five new deals discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL</a><a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener"> AU)</a>, <a href="https://www.smartkarma.com/entities/nippon-road-co-ltd" target="_blank" data-smartkarma-citation="entities:12581:1" rel="noopener">Nippon Road (1884 JP)</a>, <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin Corp (9066 JP)</a>, <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-construction" target="_blank" data-smartkarma-citation="entities:17731:1" rel="noopener">Sumitomo Mitsui Construction (1821 JP)</a>, and <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, and <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>.</li>
</ul>


I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Five new deals discussed on Smartkarma this week: Webjet Group (WJL AU), Nippon Road (1884 JP), Nissin Corp (9066 JP), Sumitomo Mitsui Construction (1821 JP), and Frasers Hospitality Trust (FHT SP).
Key updates/news took place on: Avjennings Ltd (AVJ AU), PointsBet Holdings (PBH AU), ESR Group (1821 HK), and Oneconnect Financial Technology (6638 HK).


(Mostly) Asia-Pac M&A: Webjet, Nippon Road, Nissin Corp, Sumi Mitsui Construction, ESR, Oneconnect

<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Five new deals discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/smartpay-holdings-limited" target="_blank" data-smartkarma-citation="entities:45153:1" rel="noopener">SmartPay Holdings (SMP AU)</a>, <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a>, <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">Zeekr (ZK US)</a>, <a href="https://www.smartkarma.com/entities/torii-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:3253:1" rel="noopener">Torii Pharmaceutical (4551 JP)</a>, and <a href="https://www.smartkarma.com/entities/mitsubishi-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:19778:1" rel="noopener">Mitsubishi Shokuhin (7451 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a>, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>.</li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Five new deals discussed on Smartkarma this week: SmartPay Holdings (SMP AU), NTT Data Corp (9613 JP), Zeekr (ZK US), Torii Pharmaceutical (4551 JP), and Mitsubishi Shokuhin (7451 JP).
Key updates/news took place on: Domain Holdings Australia (DHG AU), Gold Road Resources (GOR AU), Canvest Environmental Protection Group (1381 HK), Shibaura Electronics (6957 JP), Tsuruha Holdings (3391 JP).


(Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha

Australia

Piedmont Lithium Limited operates as a mineral exploration company. The Company explores and develops lithium project. Piedmont Lithium also manages drill, land expansion, and sampling programs. Piedmont Lithium operates projects in the United States.

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Piedmont Lithium (PLL AU)

(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

For the month of May, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$27bn. The average premium for the new deals...

David Blennerhassett

(Mostly) Asia-Pac M&A: MAC Copper, SBI Sumishin Net Bank, Taiyo, HKBN, Welcia/Tsuruha, Amara

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

(Mostly) Asia-Pac M&A: Xanadu Mines, Reject Shop, ESR Group, Shibaura Elect., Jamco, Tsuruha/Welcia

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

(Mostly) Asia-Pac M&A: Webjet, Nippon Road, Nissin Corp, Sumi Mitsui Construction, ESR, Oneconnect

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

(Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha

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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