In today’s briefing:
- Dickson Concepts (113 HK): A Necessary HK Arbageddon
- Weekly Deals Digest (20 Jul) – Seven & I, Shibaura, DD Group, Dickson, Abacus Storage, PointsBet
- Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson
- (Mostly) Asia-Pac M&A: ZEEKR, DD Group, Hanil Cement, Adriatic Metals, Abacus Storage, PointsBet
Dickson Concepts (113 HK): A Necessary HK Arbageddon
- Dickson Concepts Intl (113 HK) shareholders have voted against Sir Poon’s HK$7.20 per share offer. The vote marginally failed the <10% of all disinterested shareholders’ rejection threshold.
- While painful, this deal break was arguably the correct outcome as the offer was below the net cash and Dickson is cash generative on an underlying basis.
- Unlike the last HK deal break (Soundwill), the price action over the last two days indicated a done deal. My estimated break price is HK$5.00 (30% downside to last close).
Weekly Deals Digest (20 Jul) – Seven & I, Shibaura, DD Group, Dickson, Abacus Storage, PointsBet
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: NSDL (NSDL IN) is seeking to raise US$400 million
- Event-Driven developments: Seven & I Holdings (3382 JP), Shibaura Electronics (6957 JP), DD Group (3073 JP), Dickson Concepts Intl (113 HK), Abacus Storage King (ASK AU), PointsBet Holdings (PBH AU).
Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson
- Alimentation Couche-Tard (ATD CN) walks away from Seven & I Holdings (3382 JP), and accuses 7&i’s Board, management, and the Special Committee of bad faith and bad governance.
- Buy Krungthai Card (KTC TB) with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.
- If you have borrow on GMO Internet (4784 JP), use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation.
(Mostly) Asia-Pac M&A: ZEEKR, DD Group, Hanil Cement, Adriatic Metals, Abacus Storage, PointsBet
- I tally 40 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- Two new deals were discussed on Smartkarma this week: DD Group (3073 JP)‘s MBO and the Hanil Cement Co Ltd/New (300720 KS)/Hanil Hyundai Cement (006390 KS) merger.
- Key updates/news took place on PointsBet Holdings (PBH AU), Adriatic Metals PLC (ADT AU), Abacus Storage King (ASK AU), New World Resources (NWC AU), and ZEEKR (ZK US).
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