Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In February this year, <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX (OFX AU)</a> announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound interest”.</li>
<li>This morning the  international money transfer play announced it has entered into a transaction process deed with Equals Group, potentially leading to a A$1.00/share offer by way of a Scheme.</li>
<li>Equals Group has been granted four weeks of due diligence. OFX's board is unanimously supportive of terms, if firmed, which represent a 108% premium to undisturbed. </li>
</ul>


In February this year, OFX (OFX AU) announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound interest”.
This morning the  international money transfer play announced it has entered into a transaction process deed with Equals Group, potentially leading to a A$1.00/share offer by way of a Scheme.
Equals Group has been granted four weeks of due diligence. OFX's board is unanimously supportive of terms, if firmed, which represent a 108% premium to undisturbed. 


OFX Group (OFX AU) Backs Equals Group's A$1/Share Indicative Offer

<ul>
<li>Back in January 2023, point-of-sale payments play <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>  provided Potentia with due diligence to "develop a significantly improved proposal". Potentia subsequently walked away in May 2023.</li>
<li>On the 12th August 2025, Tyro announced it had received unsolicited NBIOs. This development also came to nought. </li>
<li>With shares down 13% YTD, reportedly M&amp;A is back in vogue for Tyro. A scrip Offer from <a href="https://www.smartkarma.com/entities/judo-capital" target="_blank" data-smartkarma-citation="entities:34571:1" rel="noopener">Judo Capital (JDO AU)</a> is one rumour doing the rounds.</li>
</ul>


Back in January 2023, point-of-sale payments play Tyro Payments (TYR AU)  provided Potentia with due diligence to "develop a significantly improved proposal". Potentia subsequently walked away in May 2023.
On the 12th August 2025, Tyro announced it had received unsolicited NBIOs. This development also came to nought. 
With shares down 13% YTD, reportedly M&amp;A is back in vogue for Tyro. A scrip Offer from Judo Capital (JDO AU) is one rumour doing the rounds.


Tyro Payments (TYR AU) Fielding Offers -  Again?

<ul>
<li>Reportedly, international money transfer play <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX Group (OFX AU)</a> is in the crosshairs.</li>
<li>Last week OFX <a href="https://announcements.asx.com.au/asxpdf/20260205/pdf/06vzgksh9c5mbs.pdf" target="_blank" rel="noopener">announced</a> a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound inorganic interest”.</li>
<li>
OFX's share price is beaten up here. In late 2015, <a href="https://www.smartkarma.com/entities/western-union-co" target="_blank" data-smartkarma-citation="entities:16761:1" rel="noopener">Western Union Co (WU US)</a> tabled a A$3.50-A$3.70/share NBIO, but subsequently walked. </li>
</ul>


Reportedly, international money transfer play OFX Group (OFX AU) is in the crosshairs.
Last week OFX announced a strategic review amid its 3Q26 trading update, to “explore a range of organic and inorganic opportunities” following “an increasing level of inbound inorganic interest”.

OFX's share price is beaten up here. In late 2015, Western Union Co (WU US) tabled a A$3.50-A$3.70/share NBIO, but subsequently walked. 


OFX Group (OFX AU): On Western Union (Potentially) Returning To The Trough

<ul>
<li>For Oct 2025, 15 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$33bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in October was ~54%, with a year-to-date average of ~49%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For Oct 2025, 15 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$33bn.
The average premium for the new transactions announced (or first discussed) in October was ~54%, with a year-to-date average of ~49%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Oct 2025 Wrap: Hang Seng, SCSK, AUB, Sumitomo Densetsu, Genting Malaysia, ANE

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Six new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB  (AUB AU)</a>, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/scsk-corp" target="_blank" data-smartkarma-citation="entities:19996:1" rel="noopener">SCSK (9719 JP)</a>, <a href="https://www.smartkarma.com/entities/brainpad-inc" target="_blank" data-smartkarma-citation="entities:11499:1" rel="noopener">Brainpad (3655 JP)</a>, <a href="https://www.smartkarma.com/entities/sumitomo-riko-company-ltd" target="_blank" data-smartkarma-citation="entities:14955:1" rel="noopener">Sumitomo Riko (5191 JP)</a>, and <a href="https://www.smartkarma.com/entities/sumitomo-densetsu-co-ltd" target="_blank" data-smartkarma-citation="entities:1530:1" rel="noopener">Sumitomo Densetsu (1949 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>, <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>, <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>, <a href="https://www.smartkarma.com/entities/restaurant-brands-nz-ltd" target="_blank" data-smartkarma-citation="entities:11891:1" rel="noopener">Restaurant Brands NZ (RBD NZ)</a>. </li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Six new deal was discussed on Smartkarma this week: AUB  (AUB AU), ANE (9956 HK), SCSK (9719 JP), Brainpad (3655 JP), Sumitomo Riko (5191 JP), and Sumitomo Densetsu (1949 JP).
Key updates/news also took place on: Humm Group (HUM AU), Oneconnect Financial Technology (6638 HK), Hang Seng Bank (11 HK), Ashimori Industry (3526 JP), Restaurant Brands NZ (RBD NZ). 


Mostly) Asia-Pac M&A: SCSK Corp, AUB, Brainpad, ANE Cayman, Sumitomo Densetsu, Sumitomo Densetsu

Australia

SmartPay Holdings Limited is a developer and distributor of electronic prepay solutions. The Company's solutions including network distribution for mobile phones, international calling cards, Internet services, gift cards and a range of other products.

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SmartPay Holdings (SMP AU)

Tyro Payments (TYR AU) Fielding Offers - Again?

Tyro's metrics appear undemanding. However, there is currently no deal. And there may not be one anytime soon either; and shares continue to drift...

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OFX Group (OFX AU): On Western Union (Potentially) Returning To The Trough

There's no firm or non-binding Offer. Trading well below five-year historical metrics; unsurprising given trading updates. Western Union may be...

David Blennerhassett

(Mostly) Asia M&A, Oct 2025 Wrap: Hang Seng, SCSK, AUB, Sumitomo Densetsu, Genting Malaysia, ANE

For the month of Oct 2025, 15 new deals were discussed on Smartkarma with an overall deal size of ~US$33bn. The average premium for the new deals...

David Blennerhassett

Mostly) Asia-Pac M&A: SCSK Corp, AUB, Brainpad, ANE Cayman, Sumitomo Densetsu, Sumitomo Densetsu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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OFX Group (OFX AU) Backs Equals Group's A$1/Share Indicative Offer

Terms areindicative; although wording in the announcement is upbeat. Chunky downside. Trading at a 20%/53% gross/annual spread, if late Dec...

David Blennerhassett

Tyro Payments (TYR AU) Fielding Offers - Again?

Tyro's metrics appear undemanding. However, there is currently no deal. And there may not be one anytime soon either; and shares continue to drift...

David Blennerhassett

OFX Group (OFX AU): On Western Union (Potentially) Returning To The Trough

There's no firm or non-binding Offer. Trading well below five-year historical metrics; unsurprising given trading updates. Western Union may be...

David Blennerhassett

(Mostly) Asia M&A, Oct 2025 Wrap: Hang Seng, SCSK, AUB, Sumitomo Densetsu, Genting Malaysia, ANE

For the month of Oct 2025, 15 new deals were discussed on Smartkarma with an overall deal size of ~US$33bn. The average premium for the new deals...

David Blennerhassett

Mostly) Asia-Pac M&A: SCSK Corp, AUB, Brainpad, ANE Cayman, Sumitomo Densetsu, Sumitomo Densetsu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett