Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>On 19th April 2021, ASX-listed real estate funds managers <a href="https://www.smartkarma.com/entities/primewest-group-ltd" target="_blank" data-smartkarma-citation="entities:29103:1" rel="noopener">Primewest Group Ltd (PWG AU)</a> and <a href="https://www.smartkarma.com/entities/centuria-capital-group" target="_blank" data-smartkarma-citation="entities:15546:1" rel="noopener">Centuria Capital (CNI AU)</a> announced plans to merge in a A$600mn cash-and-scrip deal. This transaction was structured as an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02364563-6A1028800?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Off-market Takeover bid</a> by CNI for 100% of PWG Securities where PWG securityholders will get A$0.20 in cash and 0.473 CNI Securities per PWG security. I covered this situation in <a href="https://www.smartkarma.com/insights/primewest-pwg-au-centuria-s-off-market-takeover-bid-could-trigger-asx-s-p-200-index-inclusion" target="_blank" data-smartkarma-citation="insights:50533" rel="noopener">Primewest (PWG AU): Centuria's Off-Market Takeover Bid Could Trigger ASX/S&amp;P 200 Index Inclusion</a> </p><p>Today, CNI <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02381509-6A1035575?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> they have extended the Offer Period by changing the Closing Date from 17th June 2021 to 24th June 2021. Below is a discussion on the latest updates to this situation. </p><hr><div><div><div class="content-remarks"><p>For more information about M&amp;A rules, regulations, and practices in Australia, please refer to <a href="https://www.smartkarma.com/insights/quiddity-australia-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30118" rel="noopener">Quiddity Australia M&amp;A Guide 2019</a> and <a href="https://www.smartkarma.com/insights/quiddity-m-a-australia-foreign-investment-reforms" target="_blank" data-smartkarma-citation="insights:40210" rel="noopener">Quiddity M&amp;A: Australia Foreign Investment Reforms</a> </p></div></div></div>

On 19th April 2021, ASX-listed real estate funds managers Primewest Group Ltd (PWG AU) and Centuria Capital (CNI AU) announced plans to merge in a A$600mn cash-and-scrip deal. This transaction was structured as an Off-market Takeover bid by CNI for 100% of PWG Securities where PWG securityholders will get A$0.20 in cash and 0.473 CNI Securities per PWG security. I covered this situation in Primewest (PWG AU): Centuria's Off-Market Takeover Bid Could Trigger ASX/S&amp;P 200 Index Inclusion Today, CNI announced they have extended the Offer Period by changing the Closing Date from 17th June 2021 to 24th June 2021. Below is a discussion on the latest updates to this situation. For more information about M&amp;A rules, regulations, and practices in Australia, please refer to Quiddity Australia M&amp;A Guide 2019 and Quiddity M&amp;A: Australia Foreign Investment Reforms 

Primewest (PWG AU): Centuria Offer Period Extended; Trading Wide

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett


For the month of May, 11 new deals were discussed on Smartkarma with an overall announced deal size of ~US$7.3bn.



Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow-up discussions, or simply click on the insight link(s) below the name.







New Deals


Industry


Size (US$bn)


Type


Premium




Australia




APN Property Group (APD AU) 
Property
0.2
Scheme
50%


APN Prop (APD AU): Dexus' Done Deal



Boral Ltd (BLD AU) 
Construction
4.8
Off-market
Nil


Boral Ltd (BLD AU): Seven's Nil Premium



Japara Healthcare (JHC AU) 
Healthcare
0.2
Scheme
30%


Japara Healthcare (JHC AU): Here Comes The Calvary


 



Hong Kong




Chong Hing Bank (1111 HK) 
Banking
0.2
Scheme
51.2%



Chong Hing Bank (1111 HK): Takeover Talk As Shares Pop
Chong Hing Bank (1111 HK): Yue Xiu's Offer Is Light



 



Japan




Aomori Bank (8342 JP) / Michinoku Bank (8350 JP) 
Bank
0.6
Merger



Aomori Bank &amp; Michinoku Bank Merger - Nothing To Write Home About Yet



EPS Holdings (4282 JP) 
Data/software
0.1
Tender Offer
35.5%


Another Too-Cheap MBO as Founder Takes Out EPS


 Locoguide (4497 JP) / Kufu (4399 JP)

Real estate
0.4
Merger



Locoguide (4497 JP) - Kufu (4399 JP): Merger Is a Done Deal



Maruka Machinery (7594 JP) / Furusato Industries (8087 JP) 
Trading
0.4
Merger



A Complex SmallCap Merger in Japan: Maruka (7594) And Furusato (8087)



Secom Joshinetsu (4342 JP) 
Security
0.3
Tender Offer
66.2%


Secom To Finally Buy Out Affiliate Secom Joshinetsu (4342)








Malaysia




Can-One Bhd (CAN MK) 
Manufacturing
0.1
MTO
15.8%


Can-One (CAN MK)? Yeoh Can Lah!



IHH Healthcare (IHH MK) 
Healthcare
N/A
N/A
N/A


IHH Healthcare (IHH MK): More Medicine For Mitsui?


Source: Smartkarma Insights






The above does not include BetMakers Technology Group (BET AU) lobbing a non-binding offer of A$4bn (A$1bn cash, $3bn scrip into BET) for Tabcorp Ltd (TAH AU)'s wagering and media division, and Apollo's prior tilt - Tabcorp (TAH AU): Apollo Shows Its Hand.

Nor does the table include the rumoured merger between  Angang Steel Co Ltd (H) (347 HK) and Bengang Steel (000761 CH) - Amalgamated Steel: Merging Angang &amp; Bengang As, Bs, and Hs.



The average premium for the new deals announced (or first discussed) in May was ~41%, with a year-to-date average of ~31% (78 deals). This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively. 




Summary of News in May of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation)






Australia


Comments (with links to announcements &amp; insights)




3P Learning (3PL AU) 

No May update




Bingo Industries (BIN AU) 

1-May: Capital Group announced it has sold its entire 9.7% stake in Bingo Industries (BIN AU).




Crown Resorts (CWN AU) 

10-May: Crown Resorts: Blackstone &amp; Star Place Their Bets
17-May: Crown Says Blackstone's Bid Is Light. Undecided On Star
20-May: Crown Resorts Ltd: Blackstone Offer Rejected, Star Offer May Still Not Reflect True Forward Value




Galaxy Resources (GXY AU) 

No May update




Link Administration Holdings (LNK AU) 

27-May: Link Group (LNK AU): KKR Opens The Bidding For PEXA
31-May: Link Admin (LNK AU) Goes IPO Route For PEXA Afterall




Mainstream Group Holdings Ltd (MAI AU) 

2-May: Mainstream (MAI AU): More-Than-Double in Less than 2 Months After Apex Bump
6-May: Mainstream (MAI AU): Bidding War Continues as SS&amp;C Overbids for the 4th Time
14-May: Mainstream (MAI AU): +120% in ~2 Months but Bidding War Continues....




McPherson's Ltd (MCP AU) 

No May update




Mortgage Choice (MOC AU) 

26-Mau FIRB gives its approval



Primewest Group Ltd (PWG AU)

14-May: Target's Statement and Bidder's Statements were published. Primewest Group Ltd (PWG AU)'s Board has unanimously recommended shareholders to accept the Offer. 




Think Childcare (TNK AU) 

12-May: Think Childcare (TNK AU) has agreed to extend the Exclusivity Period with Busy Bees to 31st May 2021 (vs. original deadline of 14th May). This is still a non-binding deal with an expected completion date to be in 1Q CY22. 




Vitalharvest Freehold Trust (VTH AU) 

1-May: And so it goes - MAFM bumps its Offer for Vitalharvest Freehold Trust (VTH AU) to $1.26.
7-May: MAFM exercises a call option and acquires 16.2% of Vitalharvest Freehold Trust (VTH AU).
28-May Roc bumps its Offer for Vitalharvest Freehold Trust (VTH AU) to $1.29/share.  And says it will overbid any MAFM counter! 




Vocus Communications (VOC AU) 

10-May: Vocus Comms (VOC AU): MIRA/Aware's Done Deal
19-May: Vocus Comms (VOC AU): MIRA/​Aware’s Scheme Doc Despatched. EGM On 22 June










Hong Kong


Comments (with links to announcements &amp; insights)




Beijing Digital Telecom (6188 HK) 

1-May: Beijing Digital (6188 HK): Offer Now Open. IFA Says Fair
20-May: Beijing Digital Telecom (6188 HK)'s MGO is now unconditional in all respects. 




China Machinery Engineering (1829 HK) 

28-May: China Machinery Engineering (1829 HK): Movement In The Works?




China Traditional Chinese Medicine (570 HK) 

7-May: In its monthly update regarding a potential Offer, China Traditional Chinese Medicine (570 HK) says there is no update.




China Youzan Limited (8083 HK) 

10-May: China Youzan (8083 HK): Reality Check As Shares Rollover




Kerry Logistics Network (636 HK) 

4-May: Kerry Logistics Network (636 HK) will hold an EGM on the 26 May for shareholders to vote on the sale of the Hong Kong and Taiwan warehouse businesses to Kerry Holdings. 
26-May: At its SGM, Kerry Logistics Network (636 HK) shareholders overwhelmingly approved the sale of its Hong Kong, Taiwan warehouse business to Kerry Holdings.




New Century REIT (1275 HK) 

No May update




Rivera Holdings (281 HK) 

No April update




Sichuan Languang Justbon Service Group (2606 HK) 

3-May: Languang Justbon (2606 HK): Offer Now Open - For Up To Four Months










India


Comments (with links to insights)




Mphasis Ltd (MPHL IN) 

4-May: The Detailed Public Statement on Mphasis Ltd (MPHL IN) has been released. The Open Offer is scheduled tentatively to run from 18 June to 1 July, which means it is running Very Tight and the option is worth a bit less than I expected. But that just means there is more gamma. One could get big at the high Rs 1600s area. 




Vedanta Ltd (VEDL IN) 

4-May: Vedanta Now Caught Up With Peers - A Different Skew Ahead










Japan


Comments (with links to announcements &amp; insights)




BeNEXT Group (2154 JP) 
No May update



Cocokara Fine (3098 JP) 
No May update



Fuji Kosan Company (5009 JP) 
17-May:  Fuji Kosan Company (5009 JP) has responded to Aslead Strategic Value Fund's Tender Offer with its initial Target Opinion Statement which is "Opinion Withheld." This is because Fuji Kosan hasn't actually done anything yet - two weeks in. They have sent questions to Aslead, and Aslead has five business days to respond. This is slow-walking it. This tender offer is likely to be extended because of that.



Hitachi Metals (5486 JP) 

5-May: Hitachi Metals - Should I Stay or Should I Go Now?




Honshu Chemical Industry (4115 JP) 

13-May: Honshu Chemical (4115) Shareholders Perhaps One Day From a Wrong Price Takeover
16-May:: Honshu Chemical Shareholders Get the Short End of the Stick As The Board Is Ex-Gourd




Invesco Office J Reit (3298 JP) 

6-May:  Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight
11-May:  Starwood Bumps Terms, Lowers Threshold on Invesco Office
13-May:  Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things
20-May:  Invesco Office's Beige Knight (Deemed Dirty Gray By Markets) Suddenly Looks Brighter and Whiter
23-May:  Starwood Responds to Invesco Office's White Knight Proposal
24-May: Starwood has extended their Tender Offer on Invesco Office J Reit (3298 JP) from the 24th of May to 15th of June after the close of the 24th. They did not raise the price. This is basically the equivalent of Starwood calling Invesco's bluff. They can extend again if they want but they are going to make Invesco come out. They can change price later if they think it necessary.



Japan Asia (3751 JP)
No May update



Sawada Holdings (8699 JP) 

9-May:  Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now
23-May: Sawada Is A Different Stock Now
31-May:  Be Careful of Expectations on Sawada (8699)




Toshiba Corp (6502 JP) 

14-May: Toshiba – Shareholder Returns Trump Weak Guidance
17-May: Toshiba Results &amp; Shareholder Return - Possibly Big Impact Buyback Coming











New Zealand


Comments 




Tilt Renewables Ltd (TLT NZ) 

No May update











Singapore


Comments (with links to announcements)




Procurri Corporation (PROC SP) 

3-May: The Partial Offer has not become unconditional in all respects on the Closing Date and has therefore lapsed










Thailand


Comments




Intouch Holdings (INTUCH TB) 

No May update




Vinythai Public Co (VNT TB) 

No May update






<p>On 19th April 2021, ASX-listed real estate funds managers <a href="https://www.smartkarma.com/entities/primewest-group-ltd" target="_blank" data-smartkarma-citation="entities:29103:1" rel="noopener">Primewest Group Ltd (PWG AU)</a> and <a href="https://www.smartkarma.com/entities/centuria-capital-group" target="_blank" data-smartkarma-citation="entities:15546:1" rel="noopener">Centuria Capital (CNI AU)</a> announced plans to merge in a A$600mn cash-and-scrip Deal. This transaction will be structured as an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02364563-6A1028800?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Off-market Takeover bid</a> by CNI for 100% of PWG Securities where PWG securityholders will get A$0.20 in cash and 0.473 CNI Securities per PWG security. </p><p>The transaction is conditional on a minimum acceptance condition. The Offer Period is expected to open in mid-May and close in mid-June 2021. </p><p>CNI last closed at A$2.77 translating to a Offer consideration of A$1.51 which is the same as PWG's price.</p><p><em>More below the fold. </em></p><hr><div><div><div class="content-remarks"><p>For more information about M&amp;A rules, regulations, and practices in Australia, please refer to <a href="https://www.smartkarma.com/insights/quiddity-australia-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30118" rel="noopener">Quiddity Australia M&amp;A Guide 2019</a> and <a href="https://www.smartkarma.com/insights/quiddity-m-a-australia-foreign-investment-reforms" target="_blank" data-smartkarma-citation="insights:40210" rel="noopener">Quiddity M&amp;A: Australia Foreign Investment Reforms</a> </p></div></div></div>

On 19th April 2021, ASX-listed real estate funds managers Primewest Group Ltd (PWG AU) and Centuria Capital (CNI AU) announced plans to merge in a A$600mn cash-and-scrip Deal. This transaction will be structured as an Off-market Takeover bid by CNI for 100% of PWG Securities where PWG securityholders will get A$0.20 in cash and 0.473 CNI Securities per PWG security. The transaction is conditional on a minimum acceptance condition. The Offer Period is expected to open in mid-May and close in mid-June 2021. CNI last closed at A$2.77 translating to a Offer consideration of A$1.51 which is the same as PWG's price.More below the fold. For more information about M&amp;A rules, regulations, and practices in Australia, please refer to Quiddity Australia M&amp;A Guide 2019 and Quiddity M&amp;A: Australia Foreign Investment Reforms 

Primewest (PWG AU): Centuria's Off-Market Takeover Bid Could Trigger ASX/S&P 200 Index Inclusion

Vitalharvest Freehold Trust / Event-Driven

<div>
<p>On the 9 November, <a href="https://www.smartkarma.com/entities/vitalharvest-freehold-trust" target="_blank" data-smartkarma-citation="entities:29120:1" rel="noopener">Vitalharvest Freehold Trust (VTH AU)</a>, owner of one of Australia's largest aggregations of citrus and berry farms, <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02306235-3A554957?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">received</a> an all-cash cash Offer of $1.00/unit from Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme. Should the Scheme <em>not</em> be approved by unitholders, MIRA is offering to buy all of VTH's assets for A$300mn in cash, which requires a reduced shareholder approval threshold.</p>
</div>
<div>
<p>The outcome of MIRA's Offer hinged on support from <a href="https://www.smartkarma.com/entities/primewest-group-ltd" target="_blank" data-smartkarma-citation="entities:29103:1" rel="noopener">Primewest Group Ltd (PWG AU)</a>, then holding 19.9% of units out. </p>
</div>
<div>
<p>On the 17 November, Macquarie Agricultural Funds Management (MAFM) and VTH entered into a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02309943_PS-3A555619?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">SID</a>,  for A$1.00/unit. The SID covered both the Scheme and asset sale, wherein the distribution was expected to be equivalent under either outcome. Subject to a superior proposal, Primewest said it would support MAFM's Offer.</p>
<p>On the 1 February, an agreement was reached whereby MAFM would pay an additional A$0.025/share from rent received in the first half the year up to 31 December. The combined value of the distribution - be it under the Scheme or the asset sale - would be A$1.025/share. </p>
<p>25 days later, VTH announced a non-binding <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02347268-3A562484?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Offer</a> from Roc Private Equity of A$1.08/share by way of a Scheme, which also incorporates an asset sale component in a similar vein to that of MAFM's. VTH said it had <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02350149-3A563012?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">assessed</a> the proposal and determined that it would be reasonably likely to result in a superior proposal. The unitholder meeting to vote on MAFM's offer, initially to be held on the 4 March, was subsequently postponed.</p>
<p>Although VTH had not been able to determine whether the Roc proposal was in fact a superior proposal, MAFM's "matching rights" under the SID were triggered.</p>
<p>MAFM has now <a href="https://www.asx.com.au/asxpdf/20210311/pdf/44tkfcwkr3hm7c.pdf" target="_blank" rel="noopener">matched</a> Roc's Offer of A$1.08/share, plus extended the payment of the A$0.025/share dividend. </p>
<p>VTH's responsible entity (Perpetual) recommends unitholders to vote in favour of MAFM's Scheme, in the absence of a superior Offer.</p>
</div>
<p>More below the fold.</p>


On the 9 November, Vitalharvest Freehold Trust (VTH AU), owner of one of Australia's largest aggregations of citrus and berry farms, received an all-cash cash Offer of $1.00/unit from Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme. Should the Scheme not be approved by unitholders, MIRA is offering to buy all of VTH's assets for A$300mn in cash, which requires a reduced shareholder approval threshold.


The outcome of MIRA's Offer hinged on support from Primewest Group Ltd (PWG AU), then holding 19.9% of units out. 


On the 17 November, Macquarie Agricultural Funds Management (MAFM) and VTH entered into a SID,  for A$1.00/unit. The SID covered both the Scheme and asset sale, wherein the distribution was expected to be equivalent under either outcome. Subject to a superior proposal, Primewest said it would support MAFM's Offer.
On the 1 February, an agreement was reached whereby MAFM would pay an additional A$0.025/share from rent received in the first half the year up to 31 December. The combined value of the distribution - be it under the Scheme or the asset sale - would be A$1.025/share. 
25 days later, VTH announced a non-binding Offer from Roc Private Equity of A$1.08/share by way of a Scheme, which also incorporates an asset sale component in a similar vein to that of MAFM's. VTH said it had assessed the proposal and determined that it would be reasonably likely to result in a superior proposal. The unitholder meeting to vote on MAFM's offer, initially to be held on the 4 March, was subsequently postponed.
Although VTH had not been able to determine whether the Roc proposal was in fact a superior proposal, MAFM's "matching rights" under the SID were triggered.
MAFM has now matched Roc's Offer of A$1.08/share, plus extended the payment of the A$0.025/share dividend. 
VTH's responsible entity (Perpetual) recommends unitholders to vote in favour of MAFM's Scheme, in the absence of a superior Offer.

More below the fold.

Vitalharvest (VTH AU): Macquarie Ups Its Offer

<p><a href="https://www.smartkarma.com/entities/vitalharvest-freehold-trust" target="_blank" data-smartkarma-citation="entities:29120:1" rel="noopener">Vitalharvest Freehold Trust (VTH AU)</a>, owner of one of Australia's largest aggregations of citrus and berry farms, has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02306235-3A554957?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">received</a> an all-cash cash Offer of $1.00/unit (27.4% premium to last close) from Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme.</p>
<p>Should the Scheme not be approved by unitholders, MIRA is offering to buy all of VTH's assets for A$300mn in cash, which requires a reduced shareholder approval threshold.</p>
<p>Both Offers are already fully funded, and do not require due diligence. FIRB approval has been received for both.</p>
<p>The headline Offer Price is in line with VTH's IPO price, which was listed on the <a href="https://www.spglobal.com/marketintelligence/en/news-insights/trending/uybfyhpjpjl_f8rbzs3ota2" target="_blank" rel="noopener">1 August 2018</a>. VTH has closed above $1.00 once since listing  - $1.01/share to be exact.</p>
<p>The outcome of MIRA's Offer hinges on <a href="https://www.smartkarma.com/entities/primewest-group-ltd" target="_blank" data-smartkarma-citation="entities:29103:1" rel="noopener">Primewest Group Ltd (PWG AU)</a>, currently holding 19.9% of units out. </p>
<p>More below the fold.</p>

Vitalharvest Freehold Trust (VTH AU), owner of one of Australia's largest aggregations of citrus and berry farms, has received an all-cash cash Offer of $1.00/unit (27.4% premium to last close) from Macquarie Infrastructure and Real Assets (MIRA), by way of a Scheme.
Should the Scheme not be approved by unitholders, MIRA is offering to buy all of VTH's assets for A$300mn in cash, which requires a reduced shareholder approval threshold.
Both Offers are already fully funded, and do not require due diligence. FIRB approval has been received for both.
The headline Offer Price is in line with VTH's IPO price, which was listed on the 1 August 2018. VTH has closed above $1.00 once since listing  - $1.01/share to be exact.
The outcome of MIRA's Offer hinges on Primewest Group Ltd (PWG AU), currently holding 19.9% of units out. 
More below the fold.

Vitalharvest (VTH AU): Macquarie Doesn't See A Lemon

Australia

Primewest Group Ltd serves customers in Australia.

Primewest Group Ltd (PWG AU)

Primewest (PWG AU): Centuria Offer Period Extended; Trading Wide

ASX-listed real estate funds managers PWG and CNI are merging in a A$600m cash-and-scrip Deal structured as an Off-market bid. Offer Closing Date...

Janaghan Jeyakumar, CFA

(Mostly) Asia M&A: May 2021 Roundup

The average premium for the new deals announced (or first discussed) in May was ~41%, with a year-to-date average of ~31% (78 deals).

David Blennerhassett

Primewest (PWG AU): Centuria's Off-Market Takeover Bid Could Trigger ASX/S&P 200 Index Inclusion

Primewest and Centuria have agreed a merger with a small premium but which will lead to substantial EPS synergies for PWG unitholders. The spread...

Janaghan Jeyakumar, CFA

Vitalharvest (VTH AU): Macquarie Ups Its Offer

Trading at a gross/annualised spread of 1%/11%. Roc may return to fold. Buy here or a spread or two below on the possibility this competitive...

David Blennerhassett

Vitalharvest (VTH AU): Macquarie Doesn't See A Lemon

This appears a fair Offer. But is contingent on Primewest's support. The alternative is that Primewest comes over the top with its own superior Offer.

David Blennerhassett