In today’s briefing:
- APM Human Services (APM AU): Madison Dearborn Partners’ Binding Proposal at A$1.45
- NVX: Multiple Agreements to Secure Demand
APM Human Services (APM AU): Madison Dearborn Partners’ Binding Proposal at A$1.45
- APM Human Services (APM AU) has entered a SID with Madison Dearborn Partners (MDP) at A$1.45 per share, a 27.5% discount on CVC’s aborted non-binding proposal of A$2.00 per share.
- FIRB approval should be forthcoming as MDP is the largest shareholder, representing 45.56% of outstanding shares.
- The offer is disappointing but a weak trading update, deal fatigue and a concentrated shareholder register facilitate it. At the last close, the gross spread was 5.3%.
NVX: Multiple Agreements to Secure Demand
- A near-term key NVX goal is to secure additional customers and lock in demand.
- NVX recently formed an agreement with PowerCo SE, part of the Volkswagen Group, to develop, test and analyze synthetic graphite anode materials customized for PowerCo’s requirements.
- If successful, this could lead to a new supply agreement.
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