European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Snp Schneider-Neureither & Partner Ag / Event-Driven

<ul>
<li>Carlyle has secured 76.3% of SNP's voting rights and intends to delist the company, leaving minority shareholders with an illiquid stock if they do not tender their shares.</li>
<li>The €61.00 offer price represents a 5.2% premium to the DCF-based fair value of €57.96, and shares currently trade at €66.20, likely due to speculative expectations of a higher bid.</li>
<li>Investors should tender shares before the March 7, 2025 deadline, as post-delisting liquidity risks outweigh the uncertain potential for an improved offer. Short if there is enough available to borrow.</li>
</ul>


Carlyle has secured 76.3% of SNP's voting rights and intends to delist the company, leaving minority shareholders with an illiquid stock if they do not tender their shares.
The €61.00 offer price represents a 5.2% premium to the DCF-based fair value of €57.96, and shares currently trade at €66.20, likely due to speculative expectations of a higher bid.
Investors should tender shares before the March 7, 2025 deadline, as post-delisting liquidity risks outweigh the uncertain potential for an improved offer. Short if there is enough available to borrow.


Carlyle/SNP Schneider-Neureither & Partner Ag: Trading Above Offer Price

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Reportedly buyout firms are "vying for" <a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a>. The stock went limit up today. Again. The stock is now getting to the expensive side.</li>
<li>
<a href="https://www.smartkarma.com/entities/furukawa-co-ltd" target="_blank" data-smartkarma-citation="entities:19521:1" rel="noopener">Furukawa (5715 JP)</a> has changed their capital allocation policy for the third time. The company is a cyclical, and will likely always suffer the indignity of a cyclical multiple.</li>
<li>While it often pays to follows where the family invests when assessing holdco structures, <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International (200 HK)</a>'s NAV discount is simply too narrow for a simple holding company structure.</li>
</ul>


Reportedly buyout firms are "vying for" Trend Micro Inc (4704 JP). The stock went limit up today. Again. The stock is now getting to the expensive side.

Furukawa (5715 JP) has changed their capital allocation policy for the third time. The company is a cyclical, and will likely always suffer the indignity of a cyclical multiple.
While it often pays to follows where the family invests when assessing holdco structures, Melco International (200 HK)'s NAV discount is simply too narrow for a simple holding company structure.


Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

Germany

SNP Schneider-Neureither & Partner AG provides software and software related services for the business landscape transformation. The Company's software is used by businesses to implement changes to their IT landscape, business processes and structures. SNP also offer consulting services.

Snp Schneider-Neureither & Partner Ag (SHF GY)

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Snp Schneider-Neureither & Partner Ag (SHF GY)

Carlyle/SNP Schneider-Neureither & Partner Ag: Trading Above Offer Price

Carlyle aims to delist SNP, offering a premium price but leaving minority shareholders with illiquid stock if they don't tender shares by March 7,...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Carlyle/SNP Schneider-Neureither & Partner Ag: Trading Above Offer Price

​Carlyle aims to delist SNP, offering a premium price but leaving minority shareholders with illiquid stock if they don't tender shares by March 7,...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Carlyle aims to delist SNP, offering a premium price but leaving minority shareholders with illiquid stock if they don't tender shares by March 7,...