In today’s briefing:
- 3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)
- JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep
- Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible
- Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?
- NZME Limited (NZM NZ/AU): In Need Of A Good Story
- Biogen’s Acquisition Bid for Sage Therapeutics: Strategic Review, Shareholder Dynamics, and Zurzuvae’s Blockbuster Potential
3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)
- For the second time in 3 weeks, 3D Investment Partners has launched, unannounced, a Partial Tender Offer for pure investment purposes, for a 10-15% stake in a REIT.
- Last time it was NTT UD REIT Investment Corporation (8956 JP). This time it is Hankyu Hanshin REIT, Inc. (8977 JP).
- The trade last time was to sell NTT UD on the pop and replace with peers. That has worked. The trade is probably the same here.
JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep
- JX Advanced Metals (5016 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 19 March.
- At the indicative IPO price of JPY 862/share, JX Advanced Metals (5016 JP) will be valued at JPY 800bn (US$5.25bn).
- The stock should be added to the TOPIX INDEX at the close on 28 April while timing of inclusion in global indices will depend on domestic/overseas allocations and price moves.
Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible
- In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.
- We see up to three M&A-related intra-review changes in the next few months.
- Our latest estimates suggest there could be one regular change for the F100 index and at least two changes for the F250 index during the March 2025 rebalance.
Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?
- Reportedly, Australian Clinical Labs (ACL AU) and Healius (HLS AU) may reload a merger.
- The 2023 merger of the second and third-largest pathology plays was blocked by the ACCC. Any follow-up merger will similarly be blocked unless the combined entity jettisons certain ops.
- Since the collapse of the merger, Healius has sold its diagnostic business; Crescent Capital has exited ACL; and Capitol Health (CAJ AU) and Integral Diagnostics (IDX AU) merged.
NZME Limited (NZM NZ/AU): In Need Of A Good Story
- After NZME Limited (NZM NZ/AU), publisher of the NZ Herald, recently announced sweeping job cuts, the country’s largest private sector union called for the government to step in.
- The union said the cutbacks not only affected staff, but also readers seeking information on important issues. NZME’s revamped strategy focuses on stories that engage audience. Or clickbait by detractors.
- Reports are now emerging of a possible takeover from local entrepreneurs. Those reports appear tenuous, at best.
Biogen’s Acquisition Bid for Sage Therapeutics: Strategic Review, Shareholder Dynamics, and Zurzuvae’s Blockbuster Potential
- Biogen owns ~10% of Sage Therapeutics and offered $7.22/share to acquire the rest, which Sage rejected.
- Sage has ~$500m in net cash and a 50/50 partnership with Biogen on Zurzuvae, valued at $10/share.
- Biogen’s interest in Sage is driven by Zurzuvae’s potential as a blockbuster drug and associated synergies.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
