Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> announced that all applications for regulatory approvals have been submitted. The Scheme explanatory booklet will be submitted to ASIC this week.</li>
<li>Separately, discussions with LCFH have not resulted in an agreement for the sale of Link's BCM business. Additionally, a proposal from FNZ Group for the RSS business was rejected.</li>
<li>The ACCC and FCA approvals are the key risks to the deal completing.</li>
</ul>



Link Administration Holdings (LNK AU) announced that all applications for regulatory approvals have been submitted. The Scheme explanatory booklet will be submitted to ASIC this week.
Separately, discussions with LCFH have not resulted in an agreement for the sale of Link's BCM business. Additionally, a proposal from FNZ Group for the RSS business was rejected.
The ACCC and FCA approvals are the key risks to the deal completing.


Link Admin (LNK AU): Scheme On Track as Proposal Emerges For RSS Business

<ul>
<li>
<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02470354-2A1347932?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered</a> into a Scheme Implementation Deed with Canada's Dye &amp; Durham, at an Offer price of A$5.50/share plus a A$0.03/share fully franked interim dividend.</li>
<li>The Offer Price values Link's equity at $2.9bn and enterprise value at $3.7bn. The Offer Price is a 27.7% premium to the undisturbed price on 4 November 2021.</li>
<li>A Scheme Meeting is expected to be held in May next year with a possible implementation in late June or early July.</li>
</ul>



Link Administration Holdings (LNK AU) has entered into a Scheme Implementation Deed with Canada's Dye &amp; Durham, at an Offer price of A$5.50/share plus a A$0.03/share fully franked interim dividend.
The Offer Price values Link's equity at $2.9bn and enterprise value at $3.7bn. The Offer Price is a 27.7% premium to the undisturbed price on 4 November 2021.
A Scheme Meeting is expected to be held in May next year with a possible implementation in late June or early July.


Link Admin (LNK AU) Inks Deal With Dye & Durham As Carlyle Dithers

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>On 1 December, Blue Prism recommended SS&amp;C's 1,275p offer, 2% above Vista's "increased and final". Minimal acceptance condition is 75%. SS&amp;C's leverage will reach 4.05x net debt/adjusted EBITDA.</li>
<li>Consideration represents an implied equity value of £1,24 billion, a lofty 6.2x EV/Fwd Revenue, which reflects the growth prospects for the industry.</li>
<li>A new bid from Vista is highly likely. It could lead to a Takeover Panel-led auction. Reiterate long PRSM LN.</li>
</ul>


On 1 December, Blue Prism recommended SS&amp;C's 1,275p offer, 2% above Vista's "increased and final". Minimal acceptance condition is 75%. SS&amp;C's leverage will reach 4.05x net debt/adjusted EBITDA.
Consideration represents an implied equity value of £1,24 billion, a lofty 6.2x EV/Fwd Revenue, which reflects the growth prospects for the industry.
A new bid from Vista is highly likely. It could lead to a Takeover Panel-led auction. Reiterate long PRSM LN.


<ul>
<li>The sweetened offer finally came, preemptively and close to the level mentioned, anticipating a potential offer by SS&amp;C. Tactics resemble those used in the battle for Morrisons.</li>
<li>Vista increases the offer price to 1,250p, 11% higher than the first offer, for an implied equity value of £1,219 million, and 6.1x EV/Fwd Revenue (vs. 5.2x first offer).</li>
<li>My updated fair value estimate is 1,380p, on 6.6x EV/Fwd Revenue. Gross spread is c. -3.1%, the market believes there’s more to come. Reiterate long PRSM LN.</li>
</ul>


The sweetened offer finally came, preemptively and close to the level mentioned, anticipating a potential offer by SS&amp;C. Tactics resemble those used in the battle for Morrisons.
Vista increases the offer price to 1,250p, 11% higher than the first offer, for an implied equity value of £1,219 million, and 6.1x EV/Fwd Revenue (vs. 5.2x first offer).
My updated fair value estimate is 1,380p, on 6.6x EV/Fwd Revenue. Gross spread is c. -3.1%, the market believes there’s more to come. Reiterate long PRSM LN.


Vista/Blue Prism: “Increased and Final” Offer Amidst Potential Bid Contest

<ul>
<li>Blue Prism received a 1,200p/share approach from SS&amp;C Technologies, 5.2x EV/22e Revenue, c. 7% higher than potentially conflicting Vista's lowball agreed offer, but still below comps-based 1,521p (7.1x EV/Fwd Revenue).</li>
<li>
SS&amp;C is a disciplined buyer with a track record of successful acquisitions. It is reducing leverage (BB stable rated) and could use funds earmarked for buybacks and increase borrowing.</li>
<li>Subject to confirmatory due diligence/offer by SS&amp;C, Vista could reply raising its offer by c.10%, to 1238p/share, any higher would imply that it was trying to rip off Blue Prism's shareholders.</li>
</ul>


Blue Prism received a 1,200p/share approach from SS&amp;C Technologies, 5.2x EV/22e Revenue, c. 7% higher than potentially conflicting Vista's lowball agreed offer, but still below comps-based 1,521p (7.1x EV/Fwd Revenue).

SS&amp;C is a disciplined buyer with a track record of successful acquisitions. It is reducing leverage (BB stable rated) and could use funds earmarked for buybacks and increase borrowing.
Subject to confirmatory due diligence/offer by SS&amp;C, Vista could reply raising its offer by c.10%, to 1238p/share, any higher would imply that it was trying to rip off Blue Prism's shareholders.


United States

SS&C Technologies Holdings, Inc. develops and markets computer software for financial services providers.  The software enables trading and modeling, portfolio management and reporting, accounting, performance measurement, reconciliation, reporting, processing, and clearing.

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SS&C Technologies (SSNC US)

Link Admin (LNK AU): Scheme On Track as Proposal Emerges For RSS Business

Trading at a 6.8%/26.8% gross/annualised spread. That appears highly attractive. The ACCC and FCA approvals are the key risks. The fact the...

David Blennerhassett

Link Admin (LNK AU) Inks Deal With Dye & Durham As Carlyle Dithers

I believe Carlyle is not out of the picture. Plus you have the possible bump in terms from Link selling BCM. I'd look to enter around here or below.

David Blennerhassett

SS&C/Blue Prism: Ongoing Bidding War

Blue Prism recommends SS&C's 1,275p offer, 2% above Vista's. A raised offer by the latter is highly likely. It could lead to a Takeover Panel-led...

Jesus Rodriguez Aguilar

Vista/Blue Prism: “Increased and Final” Offer Amidst Potential Bid Contest

The sweetened offer finally came, preemptively and close to the level mentioned, anticipating a potential offer by SS&C. Tactics resemble to those...

Jesus Rodriguez Aguilar

SS&C Gatecrashes Vista/Blue Prism Deal

Subject to confirmatory due diligence/formal offer by SS&C, Vista could raise its offer by c.10%, to 1238p/share, any higher would imply that it...

Jesus Rodriguez Aguilar

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