In today’s briefing:
- Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint
- Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets
- Shah Capital’s $2.00/Share Buyout of Emeren Group Faces Market Skepticism Amid Operational Challenges and Competing Bid
- Inocsa Secures 98% of Catalana Occidente; Squeeze-Out Now in Play
Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint
- First, EQT, then CVC joined, in a A$45/share NBIO for AUB (AUB AU), an insurance “matchmaker”: CVC Joins EQT In Pursuit Of AUB Group (AUB AU). Talks ceased this week.
- Reportedly, AUB’s larger insurance rival, Steadfast (SDF AU), is now attracting PE interest, such as Blackstone.
- Steadfast is down ~25% from its recent high following a workplace complaint towards CEO/MD/founder Robert Kelly – now concluded on “a confidential basis”, with Kelly resuming his roles.
Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets
- Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.
- The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.
- Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.
Shah Capital’s $2.00/Share Buyout of Emeren Group Faces Market Skepticism Amid Operational Challenges and Competing Bid
- Emeren Group’s largest shareholder, Shah Capital, plans to take the company private at $2.00/share, with a 13% spread.
- Shah Capital owns 36% of SOL, requiring $65m for the buyout, with no financing concerns reported.
- A competing bid from EEW Renewables was declined due to concerns about financing and track record credibility.
Inocsa Secures 98% of Catalana Occidente; Squeeze-Out Now in Play
- Inocsa secures ~98% of Grupo Catalana Occidente Sa (GCO SM) after 94.27% acceptance, completing the take-private process and removing any remaining deal risk.
- With Spain’s 90/90 thresholds exceeded, a squeeze-out at €49.75 is now available, leaving minimal optionality for remaining minorities.
- GCO trades just below terms as liquidity evaporates; the spread has closed and the trade moves to passive cash settlement mid-December.
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