In today’s briefing:
- RPMGlobal (RUL AU) In Caterpillar’s Crosshairs
- Spectris – KKR Clears Shareholder Hurdle; Arb Returns Now Timing-Dependent
- Brian Kim’s 15-Year Hit: Trading Kakao Through the Founder Risk
- Keurig Dr Pepper to Spin-Off Coffee From Beverages Following JDE Peet’s Acquisition
RPMGlobal (RUL AU) In Caterpillar’s Crosshairs
- RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, has entered into a trading halt ahead of a rumoured tilt from Caterpillar Inc (CAT US).
- No price has been made public; although local media are reporting an Offer Price of $5/share, a 32.6% premium to undisturbed.
- Shares will be suspended until the 2nd September. Earlier this year, RPMGlobal transitioned to a pure-play software company after offloading its advisory division.
Spectris – KKR Clears Shareholder Hurdle; Arb Returns Now Timing-Dependent
- KKR’s £41.75/share cash-and-dividend offer for Spectris has secured overwhelming shareholder approval, with scheme completion likely in Q1 2026 pending court sanction and regulatory clearances under the UK Takeover Code.
- The deal implies a 105% premium to the undisturbed price and 15.6x EV/EBITDA multiple, with KKR already beginning to take control of governance and management direction at Spectris.
- At 4,040p close, the spread looks attractive; outcome is binary, but timing is the critical swing factor for returns as settlement drifts between January and March 2026.
Brian Kim’s 15-Year Hit: Trading Kakao Through the Founder Risk
- Brian Kim’s 15-year sentence request looks set to hit Kakao and affiliates — founder risk has always sparked volatility on Kakao, so the sharp market reaction is no surprise.
- But locals see odds of lighter or suspended time — if Kakao dumps on headline risk, it could be more entry window than pure downside.
- Event-Driven setup: short Kakao vs long Naver for relative value, but into sentencing, odds of lighter time suggest fading any overdone Kakao dump could be the cleaner trade.
Keurig Dr Pepper to Spin-Off Coffee From Beverages Following JDE Peet’s Acquisition
- Keurig Dr Pepper, following the close of the JDE Peet’s acquisition, plans to separate Global Coffee Co. via a tax-free spin-off to KDP shareholders
- Post separation, the parent will retain North American refreshment beverages portfolio (Dr Pepper, Canada Dry, 7UP, A&W, energy/functional, RTD alcohol adjacencies).
- We view KDP’s two-step transaction as value accretive for shareholders, creating two investable profiles that should appeal to distinct shareholder bases.
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