Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Caryle plans to sell its 9.5% stake in Qube Holdings for US$265m/AUD350m. Earlier in the year, Qube had raised round A$500m to finance its purchase of  of 50% stake in Patrick Container Terminals Business, <a href="https://www.smartkarma.com/insights/qube-holdings-well-flagged-deal-means-limited-risk-and-possibly-limited-returns" target="_blank" data-smartkarma-citation="insights:3052">QUBE Holdings - Well Flagged Deal Means Limited Risk and Possibly Limited Returns</a>. The deal scores well on our framework given its track record combined with stellar recent performance, post the acquisition closing. Nevertheless, this is a large deal to digest, and comes with no discount to…

Caryle plans to sell its 9.5% stake in Qube Holdings for US$265m/AUD350m. Earlier in the year, Qube had raised round A$500m to finance its purchase of  of 50% stake in Patrick Container Terminals Business, QUBE Holdings - Well Flagged Deal Means Limited Risk and Possibly Limited Returns. The deal scores well on our framework given its track record combined with stellar recent performance, post the acquisition closing. Nevertheless, this is a large deal to digest, and comes with no discount to…

QUBE Holdings - Size Vs Discount Doesn't Provide Much Comfort

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Event-Driven

<ul><li>Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer than from 2011 to 2013.</li><li>In the first half of 2016, there were 14 significant merger investigations, which is on pace to challenge the record set in CY2015.</li><li>The antitrust agencies filed seven complaints over the 12 months ending Q2 2016, compared to four complaints in the prior 12 months.</li><li>The government lost three merger challenges over the past 10 months after not losing a single trial challenging a reportable transaction in the prior eight years.</li><li>Merger litigation filed in 2015 lasted nearly 5 months, about 20 percent longer than earlier litigated challenges.</li></ul>

Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer than from 2011 to 2013.In the first half of 2016, there were 14 significant merger investigations, which is on pace to challenge the record set in CY2015.The antitrust agencies filed seven complaints over the 12 months ending Q2 2016, compared to four complaints in the prior 12 months.The government lost three merger challenges over the past 10 months after not losing a single trial challenging a reportable transaction in the prior eight years.Merger litigation filed in 2015 lasted nearly 5 months, about 20 percent longer than earlier litigated challenges.

Antitrust Investigation Duration Near Record Levels; Merger Litigation Taking Longer, Too

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Asciano has cleared a legal impediment to its takeover by resolving its dispute with its joint venture partners in trucking company ACFS, and in the process, likely alleviated some of the Australian Competition and Consumer Commission's, or ACCC, concerns about the takeover proposal from consortiums led by Qube Holdings and Brookfield Infrastructure Partners.The generous takeover was unsurprisingly approved by Asciano shareholders. It remains contingent on ACCC and Foreign Investment Review Board, or FIRB, approval. The ACCC's final decision is expected on 21 July, though further delays are possible in this complex and sensitive transaction. The FIRB is unlikely to drag its heels once the ACCC's decision is known. We continue to think the takeover is likely to succeed, however, risk-averse investors may want to sell on market to lock in gains given failure of the takeover would see the share price fall hard.Analysts: Adrian Atkins &amp; Carolyn Holmes

Asciano has cleared a legal impediment to its takeover by resolving its dispute with its joint venture partners in trucking company ACFS, and in the process, likely alleviated some of the Australian Competition and Consumer Commission's, or ACCC, concerns about the takeover proposal from consortiums led by Qube Holdings and Brookfield Infrastructure Partners.The generous takeover was unsurprisingly approved by Asciano shareholders. It remains contingent on ACCC and Foreign Investment Review Board, or FIRB, approval. The ACCC's final decision is expected on 21 July, though further delays are possible in this complex and sensitive transaction. The FIRB is unlikely to drag its heels once the ACCC's decision is known. We continue to think the takeover is likely to succeed, however, risk-averse investors may want to sell on market to lock in gains given failure of the takeover would see the share price fall hard.Analysts: Adrian Atkins &amp; Carolyn Holmes

Asciano Offloads ACFS Interest to Settle Dispute with JV Partners and Help Alleviate ACCC Concerns

Qube Holdings and a consortium of global investors including Brookfield Infrastructure have entered into a binding agreement to take over Asciano for AUD 9.15 per share in cash.The Asciano board has unanimously recommended voting in favour in the absence of a superior offer and subject to approval from an independent expert.In our view, the takeover offer more than fully values Asciano, valuing the company on a forecast 2017 EV/EBITDA of 10.3 times, a 2017 P/E of 20.7 times and a 40% premium to our fair value of AUD 6.50 prior to the bidding war machinations.Analysts: Adrian Atkins &amp; Carolyn Holmes

Qube Holdings and a consortium of global investors including Brookfield Infrastructure have entered into a binding agreement to take over Asciano for AUD 9.15 per share in cash.The Asciano board has unanimously recommended voting in favour in the absence of a superior offer and subject to approval from an independent expert.In our view, the takeover offer more than fully values Asciano, valuing the company on a forecast 2017 EV/EBITDA of 10.3 times, a 2017 P/E of 20.7 times and a 40% premium to our fair value of AUD 6.50 prior to the bidding war machinations.Analysts: Adrian Atkins &amp; Carolyn Holmes

Qube/Brookfield Looks Set to Secure Asciano; We Recommend Accepting the AUD 9.15 Offer

QUBE holdings plans to raise A$490m through a fully underwritten 1 for 4.4 accelerated non-renounceable entitlement offer at A$2.04/share. In addition, Qube will raise an additional A$306m through placement to CPPIB at a A$2.14/share. The proceeds from the deal will be used to partly fund the acquisition of 50% stake in Patrick Container Terminals Business. The deal scores a marginal positive score on our framework, scoring well on most metrics apart from earnings momentum. However, the deal…

QUBE holdings plans to raise A$490m through a fully underwritten 1 for 4.4 accelerated non-renounceable entitlement offer at A$2.04/share. In addition, Qube will raise an additional A$306m through placement to CPPIB at a A$2.14/share. The proceeds from the deal will be used to partly fund the acquisition of 50% stake in Patrick Container Terminals Business. The deal scores a marginal positive score on our framework, scoring well on most metrics apart from earnings momentum. However, the deal…

QUBE Holdings - Well Flagged Deal Means Limited Risk and Possibly Limited Returns

Australia

Qube Holdings Ltd. is a logistics company. The Group operates in divisions covering Automotive, Bulk and General Stevedoring, Landside Logistics and Strategic Development Assets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Qube Holdings (QUB AU)

QUBE Holdings - Size Vs Discount Doesn't Provide Much Comfort

Caryle plans to sell its 9.5% stake in Qube Holdings for US$265m/AUD350m. Earlier in the year, Qube had raised round A$500m to finance its purchase...

Sumeet Singh

Antitrust Investigation Duration Near Record Levels; Merger Litigation Taking Longer, Too

Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer...

Dechert LLP

Asciano Offloads ACFS Interest to Settle Dispute with JV Partners and Help Alleviate ACCC Concerns

Asciano has cleared a legal impediment to its takeover by resolving its dispute with its joint venture partners in trucking company ACFS, and in...

Morningstar, Inc.

QUBE Holdings - Well Flagged Deal Means Limited Risk and Possibly Limited Returns

QUBE holdings plans to raise A$490m through a fully underwritten 1 for 4.4 accelerated non-renounceable entitlement offer at A$2.04/share. In...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

QUBE Holdings - Size Vs Discount Doesn't Provide Much Comfort

Caryle plans to sell its 9.5% stake in Qube Holdings for US$265m/AUD350m. Earlier in the year, Qube had raised round A$500m to finance its purchase...

Sumeet Singh

Antitrust Investigation Duration Near Record Levels; Merger Litigation Taking Longer, Too

Significant merger investigations during the first half of 2016 lasted 9.5 months on average—on par with CY2015, but more than 30 percent longer...

Dechert LLP

Asciano Offloads ACFS Interest to Settle Dispute with JV Partners and Help Alleviate ACCC Concerns

Asciano has cleared a legal impediment to its takeover by resolving its dispute with its joint venture partners in trucking company ACFS, and in...

Morningstar, Inc.

Qube/Brookfield Looks Set to Secure Asciano; We Recommend Accepting the AUD 9.15 Offer

Qube Holdings and a consortium of global investors including Brookfield Infrastructure have entered into a binding agreement to take over Asciano...

Morningstar, Inc.

QUBE Holdings - Well Flagged Deal Means Limited Risk and Possibly Limited Returns

QUBE holdings plans to raise A$490m through a fully underwritten 1 for 4.4 accelerated non-renounceable entitlement offer at A$2.04/share. In...

Sumeet Singh