European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Tritax’s 114.2p bid trumps Blackstone’s final 110.6p, offering shareholders equity upside, dividends, and strategic synergies.</li>
<li>Blackstone may re-enter despite finality; deadline for a counter is early September.</li>
<li>Shares trade above implied value, signalling expectations of a re-bid or improved offer, but spreads are tight and arb returns are fully compressed.</li>
</ul>


Tritax’s 114.2p bid trumps Blackstone’s final 110.6p, offering shareholders equity upside, dividends, and strategic synergies.
Blackstone may re-enter despite finality; deadline for a counter is early September.
Shares trade above implied value, signalling expectations of a re-bid or improved offer, but spreads are tight and arb returns are fully compressed.


Tritax Overtakes Blackstone in Warehouse REIT Showdown – Optionality Remains

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

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

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.</li>
<li>Our latest estimates suggest there could be two regular changes for F100 and six regular changes for F250 during the September 2025 rebalance.</li>
<li>After that, we expect multiple M&amp;A-related intra-review changes over the next few weeks.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
Our latest estimates suggest there could be two regular changes for F100 and six regular changes for F250 during the September 2025 rebalance.
After that, we expect multiple M&amp;A-related intra-review changes over the next few weeks.


Quiddity Leaderboard F100/F250 Sep25: ~10 Regular & Intra-Review Changes Likely in September

BioPharma Credit PLC Fund / 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 September 2025 index rebal event.</li>
<li>We see two M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review and then at least four more before the end of the year.</li>
<li>Separately, our latest estimates suggest there could be one regular change for the F100 index and one regular change for F250 during the September 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 September 2025 index rebal event.
We see two M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review and then at least four more before the end of the year.
Separately, our latest estimates suggest there could be one regular change for the F100 index and one regular change for F250 during the September 2025 rebalance.


Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> is a pretty straightforward short term trade. Basically the second largest shareholder, Prakitchaiwattana, got margin called, and shares fell limit down. Twice.</li>
<li>South Korean private equity firm VIG Partners tables an Offer for beauty device company <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>, whose major shareholder, <a href="https://www.smartkarma.com/entities/dms-co-ltd" target="_blank" data-smartkarma-citation="entities:2132:1" rel="noopener">DMS (068790 KS)</a>, faces allegations of unfair internal transactions.</li>
<li>
<a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco (200 HK)</a>'s 11.9% gain on the 26th June - on serious volume - was predicated on a short squeeze, just eight days after the fully-paid rights shares commenced trading.</li>
</ul>



Krungthai Card (KTC TB) is a pretty straightforward short term trade. Basically the second largest shareholder, Prakitchaiwattana, got margin called, and shares fell limit down. Twice.
South Korean private equity firm VIG Partners tables an Offer for beauty device company VIOL (335890 KS), whose major shareholder, DMS (068790 KS), faces allegations of unfair internal transactions.

Melco (200 HK)'s 11.9% gain on the 26th June - on serious volume - was predicated on a short squeeze, just eight days after the fully-paid rights shares commenced trading.


Last Week In Event SPACE: Krungthai Card, VIOL, Melco, Singapore Post

United Kingdom

Warehouse REIT PLC operates as a real estate investment trust. The Company owns and develops warehouses. Warehouse REIT serves customers in the United Kingdom.

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Warehouse REIT (WHR LN)

Tritax Overtakes Blackstone in Warehouse REIT Showdown – Optionality Remains

Tritax has unseated Blackstone in the bid for Warehouse REIT with a higher cash-and-share offer. Optionality remains alive, but pure arbitrage 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

Quiddity Leaderboard F100/F250 Sep25: ~10 Regular & Intra-Review Changes Likely in September

F100/250 Sep25 index changes will be confirmed after market close today. Yesterday was the base date for final ranks. Please see discussion point...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes

BioPharma Credit PLC Fund (BPCR LN) has been our top F250 potential ADD after a recent rule change. This could be a high-impact index addition that...

Janaghan Jeyakumar, CFA

Last Week In Event SPACE: Krungthai Card, VIOL, Melco, Singapore Post

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

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