Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Buying 13.5% below Morrison &amp; Co's Offer terms last week for Aussie broadband player <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> was the right call as a new (indicative, non-binding) proposal emerges.</li>
<li>
Macquarie Asset Management's Real Assets division and Public Sector Pension Investment Board are offering to acquire Uniti for $5.00/share, via a Scheme of Arrangement, an 11% premium to Morrison's tilt. </li>
<li>The Board of Uniti is currently considering the new proposal.  Morrison's four-week exclusivity period kicked off last Friday. </li>
</ul>


Buying 13.5% below Morrison &amp; Co's Offer terms last week for Aussie broadband player Uniti Group Ltd (UWL AU) was the right call as a new (indicative, non-binding) proposal emerges.

Macquarie Asset Management's Real Assets division and Public Sector Pension Investment Board are offering to acquire Uniti for $5.00/share, via a Scheme of Arrangement, an 11% premium to Morrison's tilt. 
The Board of Uniti is currently considering the new proposal.  Morrison's four-week exclusivity period kicked off last Friday. 


Uniti (UWL): Competitive Bidding Situation As Macquarie/PSP Proposal Emerges

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.

Yashili International Holdings / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). </li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>
</li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, <a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a>, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). 
This week, the highest gross spreads are Yashili International Holdings (1230 HK), Razer Inc (1337 HK), 51 Job Inc Adr (JOBS US), Uniti Group Ltd (UWL AU)

The lowest gross spreads are CIMIC Group Ltd (CIM AU), Virtus Health (VRT AU), China Logistics Property Holdings (1589 HK), Z Energy Ltd (ZEL NZ), Singapore Press Holdings (SPH SP) 


Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

<ul>
<li>CapVest’s binding offer is A$8.25 via a scheme or A$8.10 via an off-market takeover. The scheme offer is a 5.8% premium to its previous scheme offer of A$7.80 per share. </li>
<li>Rival bidder BGH lobbed a revised non-binding offer of A$8.10 per share after market close on 10 March. The Board will consider any further improved competing offer.  </li>
<li>BGH (19.99% stake) previously stated that it will vote against a CapVest scheme and will not accept any takeover offer. Another round of bidding is a possibility. </li>
</ul>


CapVest’s binding offer is A$8.25 via a scheme or A$8.10 via an off-market takeover. The scheme offer is a 5.8% premium to its previous scheme offer of A$7.80 per share. 
Rival bidder BGH lobbed a revised non-binding offer of A$8.10 per share after market close on 10 March. The Board will consider any further improved competing offer.  
BGH (19.99% stake) previously stated that it will vote against a CapVest scheme and will not accept any takeover offer. Another round of bidding is a possibility. 


CapVest Inches past BGH in a Heated Takeover Battle for Virtus

<ul>
<li>
<a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a> gives the nod to CapVest as the latter bumps to $8.25/share - less dividends - by way of a Scheme</li>
<li>CapVest will also make a concurrent off-market takeover Offer at $8.10, less dividends. This Offer can be triggered if the first Offer fails, and would only require 50.1% shareholder approval.</li>
<li>Trading one spread below CapVest's firm Scheme terms. Back in BGH's court. Again.</li>
</ul>



Virtus Health (VRT AU) gives the nod to CapVest as the latter bumps to $8.25/share - less dividends - by way of a Scheme
CapVest will also make a concurrent off-market takeover Offer at $8.10, less dividends. This Offer can be triggered if the first Offer fails, and would only require 50.1% shareholder approval.
Trading one spread below CapVest's firm Scheme terms. Back in BGH's court. Again.


Virtus Enters Into Firm Deal With CapVest

<ul>
<li>CapVest was clearly prepared. One day after <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a> received a revised non-binding bid from BGH Capital of $7.65/share, CapVest bumped to $7.80 by way of a Scheme.</li>
<li>An off-market takeover bid with a minimum 50.1% minimum acceptance condition, offering $7.70/shares was also tabled by CapVest. </li>
<li>Virtus has pivoted to CapVest and will not engage with BGH as to its A$7.65/share Offer.</li>
</ul>


CapVest was clearly prepared. One day after Virtus Health (VRT AU) received a revised non-binding bid from BGH Capital of $7.65/share, CapVest bumped to $7.80 by way of a Scheme.
An off-market takeover bid with a minimum 50.1% minimum acceptance condition, offering $7.70/shares was also tabled by CapVest. 
Virtus has pivoted to CapVest and will not engage with BGH as to its A$7.65/share Offer.


Virtus Health Backs CapVest's Revised Bid

Australia

Virtus Health Limited provides health care services. The Company offers clinical, scientific, diagnostic services, and day surgery for reproductive and fertility health care. Virtus Health serves patients and operates reproductive health and fertility clinics throughout eastern Australia.

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Virtus Health (VRT AU)

Uniti (UWL): Competitive Bidding Situation As Macquarie/PSP Proposal Emerges

Trading ~7% below MAM/PSP's indicative terms - and 4% above Morrison's proposal. I'd still be a buyer of Uniti around here.

David Blennerhassett

Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

This week, the highest gross spreads are Yashili (41.2%), Razer (19.2%), 51 Job (16.0%), Uniti Group (9.8%), Link (8.6%), Sezzle (7.0%), Guodian...

Arun George

CapVest Inches past BGH in a Heated Takeover Battle for Virtus

CapVest’s binding offer is A$8.25 via a scheme or A$8.10 via an off-market takeover. Rival bidder BGH lobbed an offer of A$8.10 on 10 March....

Arun George

Virtus Enters Into Firm Deal With CapVest

Trading one spread below CapVest's firm Scheme terms. It's possible BGH reloads. Or folds. Entering around here appears attractive. Plus there is a...

David Blennerhassett

Virtus Health Backs CapVest's Revised Bid

Trading at a gross spread of ~1.2% to CapVest's Scheme proposal, and 0.13% above the off-market terms. This remains a buy here. Get long or stay...

David Blennerhassett

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