Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As discussed in <a href="https://skr.ma/gQ5tZ" target="_blank" rel="noopener">Get Nice (64 HK): Expect A Founder's Scheme</a>, following <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>'s (GNH) suspension, an Offer from Hung Hon Man, GNH's chairman (&amp; founder), was expected.</li>
<li>And that is what unfolded late Friday night (17th July). Hung is Offering HK$4/share, comprising a HK$2 consideration + HK$2 special dividend. Terms appear not to be final.</li>
<li>Terms are also low-balled. A 17.6% premium to undisturbed. And a 62.8% discount to NAV. Yet minorities are indifferent looking at AGM voting. I'm guessing this gets up, as is.</li>
</ul>


As discussed in Get Nice (64 HK): Expect A Founder's Scheme, following Get Nice (64 HK)'s (GNH) suspension, an Offer from Hung Hon Man, GNH's chairman (&amp; founder), was expected.
And that is what unfolded late Friday night (17th July). Hung is Offering HK$4/share, comprising a HK$2 consideration + HK$2 special dividend. Terms appear not to be final.
Terms are also low-balled. A 17.6% premium to undisturbed. And a 62.8% discount to NAV. Yet minorities are indifferent looking at AGM voting. I'm guessing this gets up, as is.


Get Nice (64 HK): Hung's (Expected) Low-Balled Offer. It Is What It Is

<ul>
<li>
<a href="https://www.smartkarma.com/entities/baycurrent-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">Baycurrent (6532 JP)</a> is very short-term, and it is not highly-convicted, but it is a warning of a short-term dip potential.</li>
<li>A curious development as EQT (barely) bumps indicative terms for <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> in what appears to be a self destructing offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> is dirt cheap. Old Peak thinks so too and has taken a nearly 5% stake.</li>
</ul>



Baycurrent (6532 JP) is very short-term, and it is not highly-convicted, but it is a warning of a short-term dip potential.
A curious development as EQT (barely) bumps indicative terms for Perpetual Ltd (PPT AU) in what appears to be a self destructing offer.

Digital Garage (4819 JP) is dirt cheap. Old Peak thinks so too and has taken a nearly 5% stake.


Last Week In Event SPACE: Baycurrent, Perpetual, Digital Garage, Genesis/Vault, Seven & I, SoftBank

<ul>
<li>I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>No new deals were discussed on Smartkarma this week. <a href="https://www.smartkarma.com/entities/z-fin-limited" target="_blank" data-smartkarma-citation="entities:9999:1" rel="noopener">Z Fin (1168 HK)</a> is suspended pursuant to the Takeovers Code. </li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a>, <a href="https://www.smartkarma.com/entities/accent-group-ltd" target="_blank" data-smartkarma-citation="entities:14283:1" rel="noopener">Accent Group (AX1 AU)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, and <a href="https://www.smartkarma.com/entities/avarga-limited" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>.</li>
</ul>


I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
No new deals were discussed on Smartkarma this week. Z Fin (1168 HK) is suspended pursuant to the Takeovers Code. 
Key updates/news also took place on: Perpetual Ltd (PPT AU), Vault Minerals Ltd (VAU AU), Accent Group (AX1 AU), Steadfast (SDF AU), and Avarga (AVARGA SP).


Asia-Pac Weekly Wrap: Perpetual, Vault Minerals, Accent Group, Steadfast, Avarga, Z Fin,

<ul>
<li>I tally 29 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: that <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" data-smartkarma-citation="entities:12434:1" rel="noopener">Dentsu Inc (4324 JP)</a> had finalised plans to take its system integrator subsidiary <a href="https://www.smartkarma.com/entities/dentsu-soken-inc" target="_blank" data-smartkarma-citation="entities:20535:1" rel="noopener">Dentsu Soken (4812 JP)</a> private.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a>, and <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>.</li>
</ul>


I tally 29 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: that Dentsu Inc (4324 JP) had finalised plans to take its system integrator subsidiary Dentsu Soken (4812 JP) private.
Key updates/news also took place on: Perpetual Ltd (PPT AU), Atlas Arteria (ALX AU), Qube Holdings (QUB AU), and Nippon Dry Chemical (1909 JP).


Asia-Pac Weekly Wrap: Info Services Intl Dentsu, Perpetual, Atlas Arteria, Qube, Nippon Dry Chem

<ul>
<li>For June 2026, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For June 2026, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$6bn.
The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [June 2026 Wrap]: Steadfast, Con Aero Tech, Accent, Cygnus, Ajinomoto Malaysia

Australia

Webjet Group Limited is a global travel organization. The Company offers an online marketplace for the travel trade, that connects hotels and other travel service suppliers to a distribution network of travel buyers to find rooms for their travelling customers. Webjet Group operates worldwide.

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Webjet Group (WJL AU)

Get Nice (64 HK): Hung's (Expected) Low-Balled Offer. It Is What It Is

It would be refreshing to see disruptor(s) build a blocking stake and force a bump. Probably wishful thinking, as Hung takes advantage of GNH's...

David Blennerhassett

Last Week In Event SPACE: Baycurrent, Perpetual, Digital Garage, Genesis/Vault, Seven & I, SoftBank

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

Asia-Pac Weekly Wrap: Perpetual, Vault Minerals, Accent Group, Steadfast, Avarga, Z Fin,

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Asia-Pac Weekly Wrap: Info Services Intl Dentsu, Perpetual, Atlas Arteria, Qube, Nippon Dry Chem

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Asia-Pac M&A [June 2026 Wrap]: Steadfast, Con Aero Tech, Accent, Cygnus, Ajinomoto Malaysia

The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.

David Blennerhassett

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