In today’s briefing:
- Insignia Financial (IFL AU): CC Capital Bumps, Next Move Bain
- (Mostly) Asia-Pac M&A: Jamco, AVJennings, Insignia Financial, Advanced Info Service/Thaicom
Insignia Financial (IFL AU): CC Capital Bumps, Next Move Bain
- Insignia Financial (IFL AU) disclosed a revised non-binding privatisation offer from CC Capital at A$4.60, a 7.0% premium compared to its previous A$4.30 offer and Bain’s A$4.30 offer.
- While the revised CC Capital offer is attractive compared to historical trading ranges, there remains valuation headroom for Bain to engage in a bidding war.
- The presence of several substantial shareholders facilitates a bidding war. The board should provide both bidders with due diligence access to promote the auction.
(Mostly) Asia-Pac M&A: Jamco, AVJennings, Insignia Financial, Advanced Info Service/Thaicom
- I tally 51 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. I’ve yet to see a solid rationality why they would block.
- One new deal was discussed this week: Bain’s Tender Offer for Jamco Corp (7408 JP). Ho Bee Land Ltd (HOBEE SP) also countered for AVJennings Ltd (AVJ AU).
- Key updates/news took place on: Insignia Financial (IFL AU), Lifestyle China (2136 HK), and Advanced Info Service (ADVANC TB)/Thaicom Pcl (THCOM TB).
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