In today’s briefing:
- Genetron Holdings (GTH US): Clear Diagnosis
- Medley (4480) To Buy Out Guppy’s (5127) At ¥3,250 (9.4x Aug26 EV/FCF)
Genetron Holdings (GTH US): Clear Diagnosis
- Back on the 11th October 2023, Genetron Holdings Ltd (GTH US), a precision oncology platform, entered into a definitive take-private transaction, at $4.08/ADS, a 15% premium to undisturbed.
- The EGM for shareholders to vote on the transaction will be held on the 21 February. The record date is the 9 Feb.
- This merger requires approval from at least two-thirds of the votes cast, and 59.7% are supportive. Trading at a gross spread of 7.7%. This is a clean deal.
Medley (4480) To Buy Out Guppy’s (5127) At ¥3,250 (9.4x Aug26 EV/FCF)
- Medley (4480 JP) operates recruitment platforms in healthcare, elsewhere. GUPPY’s Inc (5127 JP) does too. They also offer exam prep for two niches where they have super-high market share.
- GUPPY’s was listed 18mos ago, and the founder wants out. The deal is a nice premium (+86%) but it isn’t as generous a deal as it could be.
- That said, the shareholder structure looks like this deal gets done pretty easily.
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