Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Event-Driven

We think <a href="https://www.smartkarma.com/entities/7308" target="_blank" data-smartkarma-citation="entities:7308:1">Varian Medical Systems Inc (VAR US)</a>'s takeover proposal of <a href="https://www.smartkarma.com/entities/10365" target="_blank" data-smartkarma-citation="entities:10365:1">Sirtex Medical Ltd (SRX AU)</a> at AUD 28 per share in cash is an attractive offer given the significant premium to both the current market price and our fair value estimate for Sirtex. We are raising our fair value estimate for Sirtex to match the offer price as we anticipate the deal will close as expected. Although tangential to current product offerings in radiation oncology, we think Varian Medical Systems will be able to…

We think Varian Medical Systems Inc (VAR US)'s takeover proposal of Sirtex Medical Ltd (SRX AU) at AUD 28 per share in cash is an attractive offer given the significant premium to both the current market price and our fair value estimate for Sirtex. We are raising our fair value estimate for Sirtex to match the offer price as we anticipate the deal will close as expected. Although tangential to current product offerings in radiation oncology, we think Varian Medical Systems will be able to…

Sirtex Takeover Bid at a Significant Premium to Standalone FVE

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

After the close of trading yesterday, <a href="https://www.smartkarma.com/entities/10365" target="_blank" data-smartkarma-citation="entities:10365:1">Sirtex Medical Ltd (SRX AU)</a>’s board <a href="https://www.asx.com.au/asxpdf/20180130/pdf/43r5095mw67lms.pdf" target="_blank">unanimously recommended</a> a Scheme Implementation Deed from <a href="https://www.smartkarma.com/entities/7308" target="_blank" data-smartkarma-citation="entities:7308:1">Varian Medical Systems Inc (VAR US)</a> at A$28/share, a 49% premium to the undisturbed price and a multiple of 18.6x EV/EBITDA for FY18E.This offer looks priced to complete with an expected implementation date late May. A rundown of the Scheme specifics, conditions and valuations analysis, all below the fold.

After the close of trading yesterday, Sirtex Medical Ltd (SRX AU)’s board unanimously recommended a Scheme Implementation Deed from Varian Medical Systems Inc (VAR US) at A$28/share, a 49% premium to the undisturbed price and a multiple of 18.6x EV/EBITDA for FY18E.This offer looks priced to complete with an expected implementation date late May. A rundown of the Scheme specifics, conditions and valuations analysis, all below the fold.

Australia

Sirtex Medical Limited is a medical company which researches, develops and commercializes medical products for the treatment of liver cancer.  The Company is based in Western Australia and markets its products throughout the world. The Company's products include "SIR-Spheres," which uses micro-particle technology to treat liver cancer.

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Sirtex Medical (SIRTEX AU)

Sirtex Takeover Bid at a Significant Premium to Standalone FVE

We think Varian Medical Systems Inc (VAR US)'s takeover proposal of Sirtex Medical Ltd (SRX AU) at AUD 28 per share in cash is an attractive offer...

Morningstar, Inc.

Sirtex: A Fantastic Voyage

After the close of trading yesterday, Sirtex Medical Ltd (SRX AU)’s board unanimously recommended a Scheme Implementation Deed from Varian Medical...

David Blennerhassett

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