Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.</li>
<li>We see four M&amp;A-related intra-review changes for the F250 index prior to the December 2025 rebal and then four more after the rebal event.</li>
<li>Our latest estimates suggest there could be no regular changes for the F100 and F250 indices during the December 2025 rebalance.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
We see four M&amp;A-related intra-review changes for the F250 index prior to the December 2025 rebal and then four more after the rebal event.
Our latest estimates suggest there could be no regular changes for the F100 and F250 indices during the December 2025 rebalance.


Quiddity Leaderboard F100/F250 Dec25: Solid Lineup of High-Impact Intra-Review Changes

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>EU Commission and Austria/Belgium cleared. Remaining approvals: US HSR and FDI in Australia, Denmark, France, Germany, Netherlands, Spain. After these, UK High Court sanction and order registration are gating steps.</li>
<li>At 4,088p versus 4,175p consideration, gross spread is 2.13%. Expected annualized IRR ~4–6% assuming Jan–Mar 2026 cash. June entry at £32.04 still screens exceptional, ~39–51% annualized, settlement-dependent on current guidance.</li>
<li>Maintain exposure; monitor court timetable and residual filings pace. Dividend ex-date is 2 October 2025. Outcome probability remains high; timing within Q1 drives IRR sensitivity and settlement-month dispersion for investors.</li>
</ul>


EU Commission and Austria/Belgium cleared. Remaining approvals: US HSR and FDI in Australia, Denmark, France, Germany, Netherlands, Spain. After these, UK High Court sanction and order registration are gating steps.
At 4,088p versus 4,175p consideration, gross spread is 2.13%. Expected annualized IRR ~4–6% assuming Jan–Mar 2026 cash. June entry at £32.04 still screens exceptional, ~39–51% annualized, settlement-dependent on current guidance.
Maintain exposure; monitor court timetable and residual filings pace. Dividend ex-date is 2 October 2025. Outcome probability remains high; timing within Q1 drives IRR sensitivity and settlement-month dispersion for investors.


KKR–Spectris: Major Reg Hurdles Cleared; Timing Drives 2.13% Gross Into Q1’26

Schroder Asian Total Return In / Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.</li>
<li>We see five M&amp;A-related intra-review changes for the F250 index prior to the December 2025 rebal and then three more after the rebal event.</li>
<li>Our latest estimates suggest there could be no regular changes for the F100 and F250 indexes during the December 2025 rebalance.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
We see five M&amp;A-related intra-review changes for the F250 index prior to the December 2025 rebal and then three more after the rebal event.
Our latest estimates suggest there could be no regular changes for the F100 and F250 indexes during the December 2025 rebalance.


Quiddity Leaderboard F100/F250 Dec25: Intra-Review Changes Galore; High-Impact Replacement Names

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> to be taken private via cash plus scrip into the backdoor listing of its EV arm.</li>
<li>
<a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea</a> extends its ¥6,200 TOB for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura (6957 JP)</a> to 11 September, a day after YAGEO's ¥7,130 bid expires. Now there's no game of chicken with Minebea. Just with METI.</li>
<li>The <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">HD Hyundai Heavy Industries (329180 KS)</a>/<a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">HD Hyundai Mipo (010620 KS)</a> merger announcement reaffirms Seoul's commitment to the MASGA project. </li>
</ul>



Dongfeng Motor (489 HK) to be taken private via cash plus scrip into the backdoor listing of its EV arm.

Minebea extends its ¥6,200 TOB for Shibaura (6957 JP) to 11 September, a day after YAGEO's ¥7,130 bid expires. Now there's no game of chicken with Minebea. Just with METI.
The HD Hyundai Heavy Industries (329180 KS)/HD Hyundai Mipo (010620 KS) merger announcement reaffirms Seoul's commitment to the MASGA project. 


Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

<ul>
<li>KKR’s £41.75/share cash-and-dividend offer for Spectris has secured overwhelming shareholder approval, with scheme completion likely in Q1 2026 pending court sanction and regulatory clearances under the UK Takeover Code.</li>
<li>The deal implies a 105% premium to the undisturbed price and 15.6x EV/EBITDA multiple, with KKR already beginning to take control of governance and management direction at Spectris.</li>
<li>At 4,040p close, the spread looks attractive; outcome is binary, but timing is the critical swing factor for returns as settlement drifts between January and March 2026.</li>
</ul>


KKR’s £41.75/share cash-and-dividend offer for Spectris has secured overwhelming shareholder approval, with scheme completion likely in Q1 2026 pending court sanction and regulatory clearances under the UK Takeover Code.
The deal implies a 105% premium to the undisturbed price and 15.6x EV/EBITDA multiple, with KKR already beginning to take control of governance and management direction at Spectris.
At 4,040p close, the spread looks attractive; outcome is binary, but timing is the critical swing factor for returns as settlement drifts between January and March 2026.


Spectris – KKR Clears Shareholder Hurdle; Arb Returns Now Timing-Dependent

United Kingdom

Spectris plc is a British multinational engineering company that specializes in providing advanced measurement and testing solutions. The company develops and supplies scientific instruments, high-precision sensing solutions, and software for industrial and scientific applications, serving sectors such as life sciences, pharmaceuticals, technology-led industrials, electronics, semiconductors, and automotive. Spectris is headquartered in London, United Kingdom, and was founded in 1915.

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Spectris (SXS LN)

Quiddity Leaderboard F100/F250 Dec25: Solid Lineup of High-Impact Intra-Review Changes

The Top 10 F250 potential ADDs from our Leaderboard could outperform the F250 index over the next few weeks due to intra-review index addition...

Janaghan Jeyakumar, CFA

KKR–Spectris: Major Reg Hurdles Cleared; Timing Drives 2.13% Gross Into Q1’26

Spectris/KKR is largely de-risked: EC and Austria/Belgium FDI cleared; remaining US HSR and select EU FDI pending. At 4,088p vs 4,175p, spread is...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/F250 Dec25: Intra-Review Changes Galore; High-Impact Replacement Names

We expect at least five intra-review replacements in the F20 index prior to the December 2025 index review. There are three other deals that could...

Janaghan Jeyakumar, CFA

Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

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

Spectris – KKR Clears Shareholder Hurdle; Arb Returns Now Timing-Dependent

Spectris arb enters its final stage: shareholder approval secured, leadership set, and timing now the key driver of returns. Spread remains...

Jesus Rodriguez Aguilar

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