Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 3 July, <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> and Malteries Soufflet entered into a binding agreement of A$5.00/share, by way of a Scheme. </li>
<li>The Scheme Booklet has now been lodged with ASIC. UMG shareholders vote on the transaction on the 12 October, with implementation on the 15 November.</li>
<li>The Offer remains subject to FIRB and other regulatory approvals. Malteries Soufflet and UMG are the second and fourth-largest maltsters in the world.</li>
</ul>


Back on the 3 July, United Malt Group Ltd (UMG AU) and Malteries Soufflet entered into a binding agreement of A$5.00/share, by way of a Scheme. 
The Scheme Booklet has now been lodged with ASIC. UMG shareholders vote on the transaction on the 12 October, with implementation on the 15 November.
The Offer remains subject to FIRB and other regulatory approvals. Malteries Soufflet and UMG are the second and fourth-largest maltsters in the world.


United Malt: Shareholder Vote On 12th Oct

<ul>
<li>Back on the 28 March, <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> entered into a NBIO with Malteries Soufflet at an Offer Price of $5.00/share, a 45.3% premium to undisturbed.</li>
<li>After a lengthy due diligence process, the two companies have now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02681869-2A1458199?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered</a> into a binding agreement of A$5.00/share, by way of a Scheme. UMG's board has unanimously recommended the bid.</li>
<li>The Offer is subject to FIRB and other regulatory approvals. Malteries Soufflet and UMG are the second and fourth-largest maltsters in the world.</li>
</ul>


Back on the 28 March, United Malt Group Ltd (UMG AU) entered into a NBIO with Malteries Soufflet at an Offer Price of $5.00/share, a 45.3% premium to undisturbed.
After a lengthy due diligence process, the two companies have now entered into a binding agreement of A$5.00/share, by way of a Scheme. UMG's board has unanimously recommended the bid.
The Offer is subject to FIRB and other regulatory approvals. Malteries Soufflet and UMG are the second and fourth-largest maltsters in the world.


United Malt/Malteries Soufflet: I'll Drink To That!

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.

<ul>
<li>The <a href="https://www.afr.com/street-talk/malteries-soufflet-signs-binding-deal-to-buy-united-malt-at-5-a-share-20230702-p5dl6n" target="_blank" rel="noopener">AFR reports</a> that <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> has received a binding offer from Malteries Soufflet at A$5.00 per share, a 13.6% premium to the last close price.</li>
<li>The high spread reflected the risk of a no-deal or price cut due to the weak 1HFY23 results and lack of updates since the end of the 10-week due diligence.</li>
<li>The offer is conditional on shareholders and FIRB approval. Shareholders will be supportive and breathe a sigh of relief at receiving a binding offer with unchanged terms. </li>
</ul>


The AFR reports that United Malt Group Ltd (UMG AU) has received a binding offer from Malteries Soufflet at A$5.00 per share, a 13.6% premium to the last close price.
The high spread reflected the risk of a no-deal or price cut due to the weak 1HFY23 results and lack of updates since the end of the 10-week due diligence.
The offer is conditional on shareholders and FIRB approval. Shareholders will be supportive and breathe a sigh of relief at receiving a binding offer with unchanged terms. 


United Malt (UMG AU): Malteries Soufflet’s Binding Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> has granted privately-held Fench rival Malteries Soufflet due diligence on an exclusive basis after receiving an indicative Offer by way of a Scheme.</li>
<li>Malteries Soufflet's non-binding proposal for the <a href="https://www.smartkarma.com/entities/graincorp-ltd" target="_blank" data-smartkarma-citation="entities:18531:1" rel="noopener">Graincorp Ltd A (GNC AU)</a>-spin-off of $5.00/share is a 45.3% premium to undisturbed.</li>
<li>The Offer will be subject to FIRB approval. Malteries Soufflet and United Malt are the second and fourth-largest maltsters in the world.</li>
</ul>



United Malt Group Ltd (UMG AU) has granted privately-held Fench rival Malteries Soufflet due diligence on an exclusive basis after receiving an indicative Offer by way of a Scheme.
Malteries Soufflet's non-binding proposal for the Graincorp Ltd A (GNC AU)-spin-off of $5.00/share is a 45.3% premium to undisturbed.
The Offer will be subject to FIRB approval. Malteries Soufflet and United Malt are the second and fourth-largest maltsters in the world.


United Malt: Malteries Soufflet's Non-Binding Proposal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> has offered exclusive due diligence to Malteries Soufflet for its non-binding indicative proposal of A$5.00 per share, a 45.3% premium to the undisturbed price.</li>
<li>The offer follows on from three previous undisclosed proposals. The offer is subject to several conditions such as due diligence, Board recommendation and FIRB approval.</li>
<li>The presence of several substantial shareholders necessitates an attractive premium. The offer is attractive in comparison to historical share prices and peer multiples. </li>
</ul>



United Malt Group Ltd (UMG AU) has offered exclusive due diligence to Malteries Soufflet for its non-binding indicative proposal of A$5.00 per share, a 45.3% premium to the undisturbed price.
The offer follows on from three previous undisclosed proposals. The offer is subject to several conditions such as due diligence, Board recommendation and FIRB approval.
The presence of several substantial shareholders necessitates an attractive premium. The offer is attractive in comparison to historical share prices and peer multiples. 


United Malt (UMG AU): Malteries Soufflet’s Indicative A$5.00 Offer

Australia

United Malt Group Limited operates in Australia.

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United Malt Group Ltd (UMG AU)

United Malt: Shareholder Vote On 12th Oct

This is a full price - valuation-wise and optically. Key substantial shareholders have been selling. FIRB may take a closer look. But it's not...

David Blennerhassett

United Malt/Malteries Soufflet: I'll Drink To That!

FIRB may take a closer look. So might some anti-trust regulators. But it's not apparent there is enough here to raise serious red flags. This looks...

David Blennerhassett

United Malt (UMG AU): Malteries Soufflet’s Binding Offer

AFR reports that Malteries Soufflet has lobbed a binding offer at A$5.00. Shareholders will be supportive and sigh relief at receiving a binding...

Arun George

United Malt: Malteries Soufflet's Non-Binding Proposal

This remains a non-binding situation with a long tail due diligence process; and United Malts has struggled from poor financial performance. Enter...

David Blennerhassett

United Malt (UMG AU): Malteries Soufflet’s Indicative A$5.00 Offer

The offer is attractive in comparison to historical share prices and peer multiples. Due diligence lasts for 10 weeks. At the last close, the gross...

Arun George

52-week Range

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