Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

RPMGlobal Holdings Limited / Event-Driven

<ul>
<li>Back on the 13th October, <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a>, a mining software technology provider, entered into a Scheme with <a href="https://www.smartkarma.com/entities/caterpillar-inc" target="_blank" data-smartkarma-citation="entities:697:1" rel="noopener">Caterpillar Inc (CAT US)</a>.</li>
<li>Caterpillar offered A$5/share (the same as in the previously announced NBIO), a 32.8% premium to undisturbed. FIRB and ACCC approvals are conditions. FIRB won't be an issue. </li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20251117/pdf/06s31d5bvrfzdy.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 19th December, and expected implementation on the 18th Feb 2026. The IE (Grant Thornton) says "fair &amp; reasonable". </li>
</ul>


Back on the 13th October, RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, entered into a Scheme with Caterpillar Inc (CAT US).
Caterpillar offered A$5/share (the same as in the previously announced NBIO), a 32.8% premium to undisturbed. FIRB and ACCC approvals are conditions. FIRB won't be an issue. 

The Scheme Booklet is now out, with a Scheme Meeting on the 19th December, and expected implementation on the 18th Feb 2026. The IE (Grant Thornton) says "fair &amp; reasonable". 


RPMGlobal (RUL AU): 19th Dec Vote On Caterpillar's Offer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a> IE considers <a href="https://www.smartkarma.com/entities/caterpillar-inc" target="_blank" data-smartkarma-citation="entities:697:1" rel="noopener">Caterpillar Inc (CAT US)</a>’s scheme offer at A$5.00 to be fair and reasonable, as it falls within its valuation range (A$4.43-A$5.12).</li>
<li>The key scheme conditions are shareholder approval, FIRB approval, and ACCC approval. Regulatory approvals are expected to be forthcoming, and the scheme vote carries a low risk.</li>
<li>The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.5%/10.2%.  </li>
</ul>


The RPMGlobal Holdings Limited (RUL AU) IE considers Caterpillar Inc (CAT US)’s scheme offer at A$5.00 to be fair and reasonable, as it falls within its valuation range (A$4.43-A$5.12).
The key scheme conditions are shareholder approval, FIRB approval, and ACCC approval. Regulatory approvals are expected to be forthcoming, and the scheme vote carries a low risk.
The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.5%/10.2%.  


RPMGlobal (RUL AU): Scheme Vote on 19 December

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/caterpillar-inc" target="_blank" data-smartkarma-citation="entities:697:1" rel="noopener">Caterpillar Inc (CAT US)</a> at A$5.00 per share, a 32.6% premium to the undisturbed price.</li>
<li>The key scheme conditions are RPM shareholder, FIRB and ACCC approval. RPM’s benign shareholder structure facilitates completion.</li>
<li>The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.7%/7.8%.  </li>
</ul>



RPMGlobal Holdings Limited (RUL AU) entered a scheme implementation deed with Caterpillar Inc (CAT US) at A$5.00 per share, a 32.6% premium to the undisturbed price.
The key scheme conditions are RPM shareholder, FIRB and ACCC approval. RPM’s benign shareholder structure facilitates completion.
The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.7%/7.8%.  


RPMGlobal (RUL AU): Caterpillar’s Binding Proposal at A$5.00

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a>, a mining software technology provider, has <a href="https://announcements.asx.com.au/asxpdf/20251013/pdf/06qfhd392dbj5b.pdf" target="_blank" rel="noopener">entered into a Scheme</a> with <a href="https://www.smartkarma.com/entities/caterpillar-inc" target="_blank" data-smartkarma-citation="entities:697:1" rel="noopener">Caterpillar Inc (CAT US)</a>.</li>
<li>Caterpillar, which currently holds no shares in RPMGlobal, is offering A$5/share (the same as in the <a href="https://announcements.asx.com.au/asxpdf/20250901/pdf/06nnkpxcbp50jt.pdf" target="_blank" rel="noopener">NBIO</a>), a 32.8% premium to undisturbed. Terms have not been declared final.</li>
<li>FIRB and ACCC approvals are conditions. FIRB won't be an issue. The key ACCC question is whether the combo has significant direct market overlap that triggers substantial competition concerns.</li>
</ul>



RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, has entered into a Scheme with Caterpillar Inc (CAT US).
Caterpillar, which currently holds no shares in RPMGlobal, is offering A$5/share (the same as in the NBIO), a 32.8% premium to undisturbed. Terms have not been declared final.
FIRB and ACCC approvals are conditions. FIRB won't be an issue. The key ACCC question is whether the combo has significant direct market overlap that triggers substantial competition concerns.


RPMGlobal (RUL AU): Caterpillar Firms A$5/Share Offer

<ul>
<li>The <a href="https://www.afr.com/street-talk/us-heavy-equipment-giant-caterpillar-lobs-bid-for-rpmglobal-20250829-p5mqv2" target="_blank" rel="noopener">AFR reports</a> that <a href="https://www.smartkarma.com/entities/caterpillar-inc" target="_blank" data-smartkarma-citation="entities:697:1" rel="noopener">Caterpillar Inc (CAT US)</a> and four other bidders are considering a privatisation bid for <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a> at around A$5.00 per share.</li>
<li>In response to the article, RPM entered a trading halt the same day regarding “an indicative proposal from a third party regarding a potential acquisition.”  </li>
<li>RPM’s shareholder structure facilitates an offer. The rumoured offer is reasonable but is far from a knockout bid, suggesting the potential of a bidding war.  </li>
</ul>


The AFR reports that Caterpillar Inc (CAT US) and four other bidders are considering a privatisation bid for RPMGlobal Holdings Limited (RUL AU) at around A$5.00 per share.
In response to the article, RPM entered a trading halt the same day regarding “an indicative proposal from a third party regarding a potential acquisition.”  
RPM’s shareholder structure facilitates an offer. The rumoured offer is reasonable but is far from a knockout bid, suggesting the potential of a bidding war.  


RPMGlobal (RUL AU): Caterpillar Mulling a Privatisation Bid

Australia

RPMGlobal Holdings Limited is a technology company that provides integrated technology services (software), mining consulting and training the area of mining planning.

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RPMGlobal Holdings Limited (RUL AU)

RPMGlobal (RUL AU): 19th Dec Vote On Caterpillar's Offer

This looks clean. Trading tight at 2.2%/9.2% gross/annualised. Unless in and/or expecting a bump in terms - or a competing offer - I might be...

David Blennerhassett

RPMGlobal (RUL AU): Scheme Vote on 19 December

The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.5%/10.2%. This is a done deal.

Arun George

RPMGlobal (RUL AU): Caterpillar’s Binding Proposal at A$5.00

The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.7%/7.8%.

Arun George

RPMGlobal (RUL AU): Caterpillar Mulling a Privatisation Bid

Caterpillar and four other bidders are considering a privatisation bid. The rumoured offer is reasonable but is far from a knockout bid, suggesting...

Arun George

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RPMGlobal (RUL AU): 19th Dec Vote On Caterpillar's Offer

This looks clean. Trading tight at 2.2%/9.2% gross/annualised. Unless in and/or expecting a bump in terms - or a competing offer - I might be...

David Blennerhassett

RPMGlobal (RUL AU): Scheme Vote on 19 December

The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.5%/10.2%. This is a done deal.

Arun George

RPMGlobal (RUL AU): Caterpillar’s Binding Proposal at A$5.00

The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.7%/7.8%.

Arun George

RPMGlobal (RUL AU): Caterpillar Firms A$5/Share Offer

This looks pretty clean. Trading tight at 2.8%/8.3% gross/annualised. Unless in and/or expecting a bump in terms - or a competing offer - I'd look...

David Blennerhassett

RPMGlobal (RUL AU): Caterpillar Mulling a Privatisation Bid

Caterpillar and four other bidders are considering a privatisation bid. The rumoured offer is reasonable but is far from a knockout bid, suggesting...

Arun George