In today’s briefing:
- Zenhoren (5845 JP): MUFG (8306 JP)’s Partial Tender Offer
- Eqd | S&P/ASX 200 (AS51 INDEX) – RBA Decision: Will the Anticipated Rate Cut Drive the Market?
Zenhoren (5845 JP): MUFG (8306 JP)’s Partial Tender Offer
- Zenhoren (5845 JP) announced a partial tender offer and capital and business agreement from Mitsubishi UFJ Financial (MUFG) (8306 JP). MUFG aims to make Zenhoren a consolidated subsidiary.
- The offer is for a minimum of 11.7m shares (44.36% ownership ratio) and a maximum of 13.0m shares (49.55% ownership ratio) at JPY1,000, a 31.9% premium to the last close.
- Due to the irrevocable, the minimum acceptance condition requires a minority acceptance rate of 16.6%. This threshold is achievable, as the offer is reasonable.
Eqd | S&P/ASX 200 (AS51 INDEX) – RBA Decision: Will the Anticipated Rate Cut Drive the Market?
- The Reserve Bank of Australia is set to announce its Monetary Policy on 18 February. The current RBA rate stands at 4.35% with no change since 2024.
- The market is expecting a 0.25% rate cut. Options expiring on 20 February provide an instrument to trade this event.
- Option pricing is in-line with historical S&P/ASX 200 (AS51 INDEX) moves on days after expected rate changes. Contrarians expecting no change might find value in put options.
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