In today’s briefing:
- Fresh Intel on Samsung’s Foundry Spin-Off Plan
- D’Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June
- PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer
- Korea FSC Plans KRX to Match NXT Trading Hours and Move to T+1 Settlement
- Naturgy: Auto-OPA Arbitrage Outcomes and Path to Index Reweighting
- MBAV SPAC: Strategic Sponsor Shift Targets Digital Assets
- ProCap Acquisition: Oversubscription, Strategic Advisors, and Potential Crypto Space Opportunities
- SPACs in Crypto: CCCM’s Potential with Bitcoin Acquisition Rumors and Influencer Leadership
Fresh Intel on Samsung’s Foundry Spin-Off Plan
- Insiders say Google’s fast-growing phone biz now overlaps Samsung’s, sparking serious rivalry fears. This “Google shock” has become a major topic among Samsung’s top execs lately.
- Sammy’s crisis plan involves carving out System LSI from foundry, with a likely spin-off of the foundry biz as a separate entity—insiders say that’s the favored move now.
- Samsung’s restructuring sparks a tug-of-war between shareholder value erosion and foundry re-rating. A spin-off looks likely, with recent stock moves showing investor optimism.
D’Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June
- D’Alba Global has been one of the best performing IPOs in Korea this year. Its share price has risen to 172,5000 won, an increase of 160% from it IPO price.
- A total of 19% of outstanding shares of D’Alba Global could start to be sold starting 22 June. That is a lot of shares!
- These are likely to put negative pressure on the shares of D’Alba Global. Therefore, we change our view on this company to Negative over the next 6-12 months.
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.
Korea FSC Plans KRX to Match NXT Trading Hours and Move to T+1 Settlement
- If KRX adopts NXT’s pre- and after-hours fully, liquidity spreads out, weakening gap open plays and shifting focus to large-cap, event-driven LP-driven flows.
- With T+1 settlement coming, traders expect settlement pressure to fuel price dislocations—especially in ETF rebalancing and foreign-heavy stocks, where flow and FX risks may drive fresh discounts and volatility.
- Though launched pre-new admin, FSC’s plans align with the government’s push to boost KOSPI liquidity, making cancellations unlikely. Expect fast rollout—time to prep trading setups now.
Naturgy: Auto-OPA Arbitrage Outcomes and Path to Index Reweighting
- Naturgy’s auto-OPA was oversubscribed, leading to a low 10.27% proration and diminished arbitrage fill for public investors.
- Share price recovery post-offer (€27.30) boosted returns above modeled expectations.
- Planned treasury share placements may significantly increase free float and MSCI/FTSE index weights by 2026.
MBAV SPAC: Strategic Sponsor Shift Targets Digital Assets
- MBAV’s sponsor interest was acquired by Tether co-founder Reeve Collins and private equity veteran Chinh Chu at $0.90/unit.
- MBAV’s trust account is valued at approximately $10.45/share, with current trading price at $12.65/share.
- Cantor Fitzgerald, underwriter of MBAV’s IPO, acquired $37.5m stake and will sell private placement warrants to new sponsor.
ProCap Acquisition: Oversubscription, Strategic Advisors, and Potential Crypto Space Opportunities
- ProCap Acquisition (PCAPU) IPO’d with a $250 million size at $10/share, currently trading at $11.85/unit.
- PCAPU is backed by Anthony Pompliano, with a focus on leveraging media presence for target visibility.
- The SPAC is oversubscribed, with $1.8 billion demand, and trades closer to trust value, offering downside protection.
SPACs in Crypto: CCCM’s Potential with Bitcoin Acquisition Rumors and Influencer Leadership
- Columbus Circle Capital Corp I (CCCM) is a SPAC that IPO’d recently, raising $250m with a $10/share price.
- CCCM is rumored to raise $750m to buy Bitcoin, potentially led by crypto influencer Anthony Pompliano as CEO.
- The SPAC is backed by the Cohen family, with a 25% sponsor stake, focusing on AI and digital infrastructure.
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