Daily Brief Australia: PointsBet Holdings , CSL Ltd, Region RE and more

In today’s briefing:

PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer
CSL Ltd (CSL AU): First In-House Antibody Drug Gets US Approval; Has Blockbuster Potential
Relative Value Opportunity: Region Group (RGN AU) Vs. Waypoint REIT (WPR AU)

PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer

BETR Entertainment (BBT AU) has switched its PointsBet Holdings (PBH AU) offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22.
Betr’s claim that its offer is superior is debatable. Mixi Inc (2121 JP)’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.
Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition.

CSL Ltd (CSL AU) received FDA approval of Andemry, for prophylactic use to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients aged 12 years and older.
CSL will launch Andemry in the U.S. immediately, with availability before the end of June. Thus far, Andemry has been approved in Australia, the UK, EU, Japan, Switzerland, and UAE.
With FDA approval, Andembry is now set to compete with Takeda’s blockbuster drug Takhzyro and BioCryst Pharmaceuticals’ oral HAE drug Orladeyo. Andembry has a convenience and efficacy edge over Takhzyro.

The Region Group (RGN AU) vs. Waypoint REIT (WPR AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
The relative value opportunity can be implemented as a long-short pair trade or as relative over-/underweights in a long only context.
This Insight provides a target return, discusses trade setup, liquidity and risk management strategies.

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