In today’s briefing:
- Genting Malaysia (GENM MK). The Offer Is Now Unconditional. The IFA Rejects Terms
- Why Is Jinke Smart (9666 HK) Still Suspended?
- Golden Entertainment’s Controversial Buyout: Activists Challenge Chairman’s Lowball Offer Amid Strategic Transactions
- Direction of Samsung Elec 1P Discount Next Week, Watch the Reversion Trade
Genting Malaysia (GENM MK). The Offer Is Now Unconditional. The IFA Rejects Terms
- Back on the 13th October 2025, Genting Malaysia (GENM MK), the owner of Resort World Genting, announced a conditional Offer from controlling parent Genting Bhd (GENT MK)
- GENT offered RM2.35/share, a 9.81% premium to last close, for the 50.64% of shares out not held. The Offer had a 50% acceptance threshold. The Offer is now unconditional.
- The Independent Advice Circular is now out. The IFA says NOT fair, and NOT reasonable. And to reject the Offer. The revised closing date is the 1st December.
Why Is Jinke Smart (9666 HK) Still Suspended?
- Back on the 28th April 2025, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a possible unconditional MGO take-under at HK$6.67/share.
- The Boyu-backed Offeror and Concert Parties, (then) holding 37.86%, bought a 18.05% stake in Jinke at auction, subject to CSDC oversight. CSGC approval was received on the 19th September.
- The Offer period has been twice extended. Prior to the second extension, shares were suspended. To date, no plausible reason has been given. So I tapped the FA for answers.
Golden Entertainment’s Controversial Buyout: Activists Challenge Chairman’s Lowball Offer Amid Strategic Transactions
- Golden Entertainment’s sale-leaseback with VICI involves 7 casinos, distributing 24.3m VICI shares to shareholders at 0.902/share.
- Chairman Blake Sartini’s privatization offer values RemainCo at $2.75/share, approximately 1x EBITDA, sparking activist opposition.
- Activists demand separate votes for transactions, citing inadequate RemainCo valuation and potential 33% upside to $39.5/share.
Direction of Samsung Elec 1P Discount Next Week, Watch the Reversion Trade
- Samsung Elec 1P discount hinges on tech selloff cooling retail’s semi chase; setup ripe, odds high for reversion early next week.
- Dividend tax hearings may cut threshold to 35%; ~20 large‑caps (₩10T+ mkt cap) screen in FY25, Samsung included, fresh catalyst not yet priced into 1P discount.
- If tech selloff extends next week and dividend tax headlines hit, retail cools, driving Samsung Elec 1P discount to snap tighter quickly.
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