In today’s briefing:
- Grindr (GRND US)’s Wide Spread As Majority Owners Court Delisting
- Samsung Bioepis Holdings and Samsung Biologics to Start Trading on 24 November
- Smart Share (EM US): On Stonewalling Hillhouse’s Offer
- Thai Pledged Shares In October 2025
Grindr (GRND US)’s Wide Spread As Majority Owners Court Delisting
- Back on the 24th October, Ray Zage (director) and James Lu (chairman), collectively holding ~60% in Grindr (GRND US), proposed to take the company private in a US$3.5bn deal.
- The non-binding cash Offer of $18/share, is a 51% premium to undisturbed. A condition to a firm Offer may incorporate a majority of minority vote.
- While the Special Committee considers the proposal, James Lu has unusually opted to step down. Currently trading at a ~30% gross spread to indicative terms.
Samsung Bioepis Holdings and Samsung Biologics to Start Trading on 24 November
- Samsung Bioepis Holdings and Samsung Biologics will start to trade on 24 November. We remain positive on Samsung Biologics/Samsung Bioepis Holdings.
- Operating profit more than doubled, up 115.3% YoY in 3Q25, indicating significant operating leverage. The company’s excellent results in 3Q25 is likely to positive impact the newly listed shares.
- Biologics division achieved 1.26 trillion won in sales with a 50% operating margin, while the Bioepis unit generated sales of 441 billion won with a 29% operating margin in 3Q25.
Smart Share (EM US): On Stonewalling Hillhouse’s Offer
- After seven months had elapsed since receiving a preliminary non-binding proposal, Smart Share Global (EM US) announced on the 1st August a firm Offer (an MBO) had been entered into.
- The Offeror consortium, led by Mars Guangyuan Cai, Chairman and CEO, is offering US$1.25/ADS, a 74.8% premium to last close; but ~20% below net cash + short-term investments.
- Hillhouse upped the ante with a US$1.77/ADS NBIO. The share price hasn’t closed below US$1.25/share since; but the reason may not just hinge on Hillhouse firming its Offer.
Thai Pledged Shares In October 2025
- As first discussed back in May (see here), shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
- Pledging in those shares – in what I call the Prakitchaiwattana Complex – have been static, to down, in the month of October.
- Recent big-ish moves were seen in Siam City Cement (SCCC TB) (up), Bangkok Expressway and Metro (BEM TB) (up); Next Capital (NCAP TB) (down) and Banpu Public (BANPU TB) (down).
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