In today’s briefing:
- Mayne Pharma (MYX AU): Cosette Pharma’s Binding Offer at A$7.40
- Domain Holdings (DHG AU): CoStar Raids the Register and Launches a NBIO at A$4.20
- SG Fleet (SGF AU): Scheme Vote on 8 April
Mayne Pharma (MYX AU): Cosette Pharma’s Binding Offer at A$7.40
- Mayne Pharma (MYX AU) entered a scheme implementation deed with Cosette Pharma at A$7.40 per share, a 36.8% premium to the undisturbed price.
- The offer is conditional on shareholder and FIRB approval. The vote is low-risk as the two largest shareholders are supportive.
- The offer is reasonable but not a knockout bid. At the last close and for an end-of-May payment, the gross/annualised spread was 2.8%/11.0%.
Domain Holdings (DHG AU): CoStar Raids the Register and Launches a NBIO at A$4.20
- Domain Holdings Australia (DHG AU) announced a non-binding proposal from Costar Group (CSGP US) at A$4.20, a 34.6% premium to the undisturbed price of A$3.12 (20 February).
- The bid follows CoStar’s acquisition of a 16.9% stake in Domain on 20 February. Nine Entertainment Co Holdings (NEC AU)‘s support is crucial for its success.
- While attractive to precedent transaction multiples, the offer is light compared to peer multiples. Nine is evaluating the offer and will likely push for improved terms.
SG Fleet (SGF AU): Scheme Vote on 8 April
- The Sg Fleet (SGF AU) IE considers Pacific Equity Partners’ A$3.50 offer fair and reasonable.
- The key conditions are shareholder (Super Group (SPG SJ) and SG Fleet) and regulatory (FIRB, OIO and FCA) approval.
- The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a 30 April payment, the gross/annualised spread is 1.5%/8.5%.
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