In today’s briefing:
- Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal
- TalkMed (TKMED SP)’s Super Clean Scheme
- Fortive or Its Spin-Off Ralliant – Which One Is a Better Buy?
- Buy International Gaming Technologies
- High-Conviction Arbitrage: 36% IRR Possible with 30 July Settlement, Court Approval Secured
- (Mostly) Asia M&A, June 2025 Wrap: Santos, Fuji Corp, Brickworks, Great Eastern, VIOL, Adriatic
- Weekly Update (AMRZ, UNTC, MEDXF, IGT)
- SPACs, Strategic Reviews, and Acquisitions: Key Developments in Special Situation Investments
- Yorkville Acquisition SPAC: Trump-Linked Ventures and Telecom-Digital Asset Focus
Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal
- Nippon Concept (9386 JP) has recommended a J-STAR-sponsored MBO at JPY3,060, a 37.2% premium to the last close price.
- The offer is attractive as it represents an all-time high and is above the midpoint of the IFA DCF valuation range.
- An attractive offer and irrevocables pave the way for deal completion. The tender runs from July 1 to August 13, with payment due on August 20.
TalkMed (TKMED SP)’s Super Clean Scheme
- On the 23 Dec 2024, tertiary health care provider TalkMed (TKMED SP) announced an Offer, by way of a Scheme, from Tamarind Health at S$0.456/share, a 20% premium to undisturbed.
- Tamarind is a Singaporean-based, pan-Asian oncology-focused group. As part of the deal, Temasek-backed 65 Equity Partners will subscribe for new shares in Tamarind.
- The Composite Document is now out, with a Court Meeting on the 15th July, and expected payment around the 29th August. The IFA (KPMG) says “fair & reasonable“.
Fortive or Its Spin-Off Ralliant – Which One Is a Better Buy?
- Fortive and Ralliant began when-issued trading on June 25, 2025 under the ticker ‘FTV WI’ and ‘RAL WI’.
- The regular-way trading will begin on June 30, 2025. Ralliant will trade under the ticker ‘RAL’ and Fortive (ex Ralliant) will continue to trade under the ticker ‘FTV’.
- As part of the transaction, FTV (ex RAL) will receive $1.15 billion in dividend from Ralliant Corp. RAL will assume debt to pay the cash dividend to FTV.
Buy International Gaming Technologies
- International Gaming Technologies (IGT) is in the process of selling its Global Gaming and PlayDigital segments.
- The merger arbitrage market implies a high likelihood that this deal closes soon ($14.23 share price for EVRI vs. acquisition price of $14.25).
- Guidance is the deal could close as soon as July 1, 2025.
High-Conviction Arbitrage: 36% IRR Possible with 30 July Settlement, Court Approval Secured
- Deliveroo shareholders approved DoorDash’s 180p cash offer; only court sanction and procedural steps remain. Settlement could occur as early as 30 July 2025.
- At 175.9p, the 2.33% gross spread implies a ~36.3% annualised return assuming 30-day closing.
- Amazon counterbid now highly improbable under Rule 2.8; DoorDash bid remains dominant with 97% scenario weighting.
(Mostly) Asia M&A, June 2025 Wrap: Santos, Fuji Corp, Brickworks, Great Eastern, VIOL, Adriatic
- For June 2025, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$29bn.
- The average premium for the new transactions announced (or first discussed) in June was ~39%, with a year-to-date average of 47%.
- The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.
Weekly Update (AMRZ, UNTC, MEDXF, IGT)
This week, I recommended a new idea: Buy International Gaming Technologies.
If you are interested in buying IGT, I would recommend doing so on Monday.
IGT is in the process of selling its Gaming division for $4BN, and the transaction could close as soon as Tuesday, July 1.
SPACs, Strategic Reviews, and Acquisitions: Key Developments in Special Situation Investments
- Cantor Equity Partners III (CAEP) added to tracking portfolio, trading at $10.50/share, 5% premium to trust value.
- Nektar Therapeutics (NKTR) stock rose 150% on positive phase 2b trial data for atopic dermatitis treatment Rezpeg.
- SmartPay Holdings (SMP:AX) definitive agreement to be acquired by Shift4 Payments at NZ$1.20/share, 7% spread remains.
Yorkville Acquisition SPAC: Trump-Linked Ventures and Telecom-Digital Asset Focus
- YORKU units trade at $11, with each unit including common stock backed by a $10/share trust value and one-third of a warrant.
- Yorkville Advisors, tied to Trump-related ventures, sponsors YORKU, with a 25% stake and a $150m IPO size.
- YORKU targets telecom, media, and digital assets sectors, with management linked to Trump Media and potential speculative opportunities.
💡 Before it’s here, it’s on Smartkarma
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