In today’s briefing:
- Merger Arb Mondays (07 Apr) – Seven & I, Makino, HKBN, OneConnect, Dada, Insignia, Domain, Dropsuite
- Abacus Storage King (ASK AU) Gets an NBIO from Ki Corp & PSA
- [Alert] Sell Howard Hughes (HHH)
- Weekly Update (HAVAS, ANGI)
Merger Arb Mondays (07 Apr) – Seven & I, Makino, HKBN, OneConnect, Dada, Insignia, Domain, Dropsuite
- We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: Seven & I Holdings (3382 JP), Insignia Financial (IFL AU), ENN Energy (2688 HK), OneConnect Financial Technology (OCFT US), Smart Share Global (EM US), Soundwill Holdings (878 HK).
- Lowest spreads: Sinarmas Land (SML SP), Makino Milling Machine Co (6135 JP), Millennium & Copthorne Hotels Nz (MCK NZ), Shibaura Electronics (6957 JP), Tonami Holdings (9070 JP).
Abacus Storage King (ASK AU) Gets an NBIO from Ki Corp & PSA
- Abacus Storage King (ASK AU) was demerged from Abacus Property Group in 2023 and the stock has traded in a range since listing.
- Now, Ki Corp and Public Storage (PSA US) have made a conditional and non-binding proposal to take Abacus Storage King (ASK AU) private at A$1.47/share.
- The offer is a 27% premium to the last close of the stock and is higher than the price that the stock has traded at since listing.
[Alert] Sell Howard Hughes (HHH)
Just a quick update: I’ll be selling my position in Howard Hughes (HHH) to fund a purchase of Havas (HAVAS).
Howard Hughes remains an attractive company that isn’t directly impacted by potential tariffs—aside from broader recession-related risks.
However, with Pershing Square attempting to take the company private, I don’t feel I have a clear edge in the current situation.
Weekly Update (HAVAS, ANGI)
This week, IAC Inc (IAC) spun off Angi Inc (ANGI). The first day of trading was April 1st.
Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network)
ANGI has fallen sharply despite no tariff exposure.
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
Unlock all research summaries