In today’s briefing:
- Webjet (WJL AU): Undisclosed Buyer Buying
- AVJennings (AVJ AU): Scheme Vote on 11 July
- Domain Holdings (DHG AU): CoStar’s A$4.43 Binding Proposal a Done Deal
Webjet (WJL AU): Undisclosed Buyer Buying
- On the 30th September 2024, B2C-player Webjet Group (WJL AU) demerged from (now) B2B-player WEB Travel Group (WEB AU). This was discussed in Thoughts On Webjet (WEB AU)’s Demerger.
- Webjet is up 34% this week, on decent volume. The word on the street is that an undisclosed buyer with ~5% was seeking to add an additional 5% (19.6mn shares).
- Webjet announced after market yesterday it had became aware of such a buyer. That’s all the information at hand.
AVJennings (AVJ AU): Scheme Vote on 11 July
- The Avjennings Ltd (AVJ AU) IE considers AVID’s A$0.655 offer fair and reasonable as it is above its A$0.54-0.61 valuation range.
- The offer is conditional on shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk, as SC Global (54.02% of outstanding shares) will vote in favour.
- The attractive offer represents a 98.5% premium to the undisturbed price. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.
Domain Holdings (DHG AU): CoStar’s A$4.43 Binding Proposal a Done Deal
- Domain Holdings Australia (DHG AU) entered a scheme implementation deed with Costar Group (CSGP US) at A$4.43 per share, a 42.0% premium to the undisturbed price.
- As CoStar is a US entity, FIRB approval should be forthcoming. The scheme vote is low-risk, as Nine (60.05% of outstanding shares) will vote in favour of it.
- While attractive to precedent transaction multiples, the offer remains light compared to peer multiples. At the last close and for an end-of-August payment, the gross/annualised spread is 1.1%/3.6%.
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