IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 21 November, <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding takeover offer from BGH Capital at A$0.91 per share, a 1.1% premium to the <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a> offer.</li>
<li>BGH’s takeover offer is conditional on a 75% minimum acceptance condition, which is too high a threshold to meet. The acceptance condition is likely to be revised to 50.1%.     </li>
<li>Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least another round of bids. </li>
</ul>


On 21 November, Webjet Group (WJL AU) disclosed a non-binding takeover offer from BGH Capital at A$0.91 per share, a 1.1% premium to the Helloworld Ltd (HLO AU) offer.
BGH’s takeover offer is conditional on a 75% minimum acceptance condition, which is too high a threshold to meet. The acceptance condition is likely to be revised to 50.1%.     
Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least another round of bids. 


Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding scheme offer from <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a> at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.</li>
<li>The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    </li>
<li>The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.</li>
</ul>



Webjet Group (WJL AU) disclosed a non-binding scheme offer from Helloworld Ltd (HLO AU) at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.
The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    
The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.


Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding offer from BGH to acquire a controlling interest at A$0.80 per share, a 10.1% discount to the last close.</li>
<li>BGH was also disclosed as the mystery buyer of the 5% stake on 8 May. BGH currently represents 10.76% of outstanding shares. </li>
<li>The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should negotiate better terms. </li>
</ul>



Webjet Group (WJL AU) disclosed a non-binding offer from BGH to acquire a controlling interest at A$0.80 per share, a 10.1% discount to the last close.
BGH was also disclosed as the mystery buyer of the 5% stake on 8 May. BGH currently represents 10.76% of outstanding shares. 
The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should negotiate better terms. 


Webjet Group (WJL AU): BGH Is the Mystery Buyer and Seeks a Controlling Stake at A$0.80

Germany

Trivago N.V. provides online hotel search platform. The Company, through its platform, offers price information, reviews, photos, booking, and other travel services. Trivago serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Trivago NV (TRVG US)

Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal

Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least...

Arun George

Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids...

Arun George

Webjet Group (WJL AU): BGH Is the Mystery Buyer and Seeks a Controlling Stake at A$0.80

The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)