IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a> IE considers <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.</li>
<li>The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.</li>
<li>The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.</li>
</ul>


The Probiotec Ltd (PBP AU) IE considers Pyridam Farma (PYFA IJ)’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.
The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.
The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.


Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 22 December 2023, drugs maker/packager group <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a> entered into a Scheme with Indonesia's <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>.</li>
<li>Pyridam is offering Probiotec shareholders A$3.00/share (in cash, or a 19% premium to the undisturbed price). An interim dividend of A$0.035/share was also added (now gone ex).</li>
<li>The Scheme Booklet is now out. The Scheme Meeting will be held on the 29th May. The IE says terms are fair. I agree. Trading wide. Gross spread is 4.9%.</li>
</ul>


On the 22 December 2023, drugs maker/packager group Probiotec Ltd (PBP AU) entered into a Scheme with Indonesia's Pyridam Farma (PYFA IJ).
Pyridam is offering Probiotec shareholders A$3.00/share (in cash, or a 19% premium to the undisturbed price). An interim dividend of A$0.035/share was also added (now gone ex).
The Scheme Booklet is now out. The Scheme Meeting will be held on the 29th May. The IE says terms are fair. I agree. Trading wide. Gross spread is 4.9%.


Probiotec (PBP AU): Trading Wide Ahead Of 29th May Shareholder Vote

<ul>
<li>
<a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a> at A$3.00 per share, a 19.0% premium to the undisturbed price (21 December).</li>
<li>Including potential dividends, the total potential offer price is A$3.075 per share. The scheme requires Probiotec shareholders, Pyridam shareholders, FIRB and Indonesia OJK approvals.</li>
<li>The offer is attractive and represents an all-time high. At the last close, the gross spread of the base offer and total potential offer is 3.1% and 5.7%, respectively.  </li>
</ul>



Probiotec Ltd (PBP AU) has entered a scheme implementation deed with Pyridam Farma (PYFA IJ) at A$3.00 per share, a 19.0% premium to the undisturbed price (21 December).
Including potential dividends, the total potential offer price is A$3.075 per share. The scheme requires Probiotec shareholders, Pyridam shareholders, FIRB and Indonesia OJK approvals.
The offer is attractive and represents an all-time high. At the last close, the gross spread of the base offer and total potential offer is 3.1% and 5.7%, respectively.  


Probiotec (PBP AU): Pyridam’s Binding Proposal

<ul>
<li>Drugs maker/packager group <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02757332-3A633846" target="_blank" rel="noopener">entered into a Scheme</a> with Indonesia's <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>.</li>
<li>Pyridam is offering Probiotec shareholders A$3.00/share (in cash, or a 19% premium to the undisturbed price). Interim and final  dividends up to A$0.035/share and A$0.04/share, respectively, may be added.</li>
<li>It has not been declared final. The Offer has the board's backing. A Scheme Meeting is expected to be held in May with possible completion in early June 2024.</li>
</ul>


Drugs maker/packager group Probiotec Ltd (PBP AU) has entered into a Scheme with Indonesia's Pyridam Farma (PYFA IJ).
Pyridam is offering Probiotec shareholders A$3.00/share (in cash, or a 19% premium to the undisturbed price). Interim and final  dividends up to A$0.035/share and A$0.04/share, respectively, may be added.
It has not been declared final. The Offer has the board's backing. A Scheme Meeting is expected to be held in May with possible completion in early June 2024.


Probiotec (PBP AU) Agrees To Pyridam's Bid

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a> is acquiring <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a>, a leading contract manufacturer and packer of prescription and OTC pharmaceuticals, complementary medicines, consumer health products, and FMCG.  </li>
<li>Under the terms of the scheme, Probiotec shareholders will receive cash consideration of A$3.00 per share. This implies an equity value of ~A$251M for Probiotec and enterprise value of ~A$326M.</li>
<li>The acquisition will add an attractive high-margin revenue stream to Pyridam. Through the acquisition of Probiotec, Pyridam will be capable to reach a wider market, thereby increasing its market share.</li>
</ul>



Pyridam Farma (PYFA IJ) is acquiring Probiotec Ltd (PBP AU), a leading contract manufacturer and packer of prescription and OTC pharmaceuticals, complementary medicines, consumer health products, and FMCG.  
Under the terms of the scheme, Probiotec shareholders will receive cash consideration of A$3.00 per share. This implies an equity value of ~A$251M for Probiotec and enterprise value of ~A$326M.
The acquisition will add an attractive high-margin revenue stream to Pyridam. Through the acquisition of Probiotec, Pyridam will be capable to reach a wider market, thereby increasing its market share.


Pyridam Farma (PYFA IJ): Acquisition of Australian Contract Manufacturer to Add Long-Term Value

Australia

Probiotec Ltd. manufactures over-the-counter pharmaceuticals and complementary products.  The Company also contract manufactures prescription, over-the-counter, and neutraceutical products for third parties.

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Probiotec Ltd (PBP AU)

Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

The spread reflects concerns about the credibility of Pyridam’s funding (which requires OJK approval) due to the stark disparities in market cap....

Arun George

Probiotec (PBP AU): Trading Wide Ahead Of 29th May Shareholder Vote

This looks done. Trading wide at a 4.9%/23.4% gross/annualised. Buy here or tick or two below. I see no binding agreement from Wayne (11.98%)....

David Blennerhassett

Probiotec (PBP AU): Pyridam’s Binding Proposal

The offer is attractive and represents an all-time high. At the last close, the gross spread of the base offer and total potential offer (including...

Arun George

Probiotec (PBP AU) Agrees To Pyridam's Bid

A life-time high offer price, board approval, and funding secured. This looks done. Trading at a 6.0%/12.7% gross/annualised spread, including...

David Blennerhassett

Pyridam Farma (PYFA IJ): Acquisition of Australian Contract Manufacturer to Add Long-Term Value

Pyridam Farma is acquiring Probiotec, a pharmaceutical and FMCG contract manufacturer and packer, for A$251M. This acquisition will expand...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

The spread reflects concerns about the credibility of Pyridam’s funding (which requires OJK approval) due to the stark disparities in market cap....

Arun George

Probiotec (PBP AU): Trading Wide Ahead Of 29th May Shareholder Vote

This looks done. Trading wide at a 4.9%/23.4% gross/annualised. Buy here or tick or two below. I see no binding agreement from Wayne (11.98%)....

David Blennerhassett

Probiotec (PBP AU): Pyridam’s Binding Proposal

The offer is attractive and represents an all-time high. At the last close, the gross spread of the base offer and total potential offer (including...

Arun George

Probiotec (PBP AU) Agrees To Pyridam's Bid

A life-time high offer price, board approval, and funding secured. This looks done. Trading at a 6.0%/12.7% gross/annualised spread, including...

David Blennerhassett

Pyridam Farma (PYFA IJ): Acquisition of Australian Contract Manufacturer to Add Long-Term Value

​Pyridam Farma is acquiring Probiotec, a pharmaceutical and FMCG contract manufacturer and packer, for A$251M. This acquisition will expand...

Tina Banerjee

Pyridam Farma is acquiring Probiotec, a pharmaceutical and FMCG contract manufacturer and packer, for A$251M. This acquisition will expand...