In today’s briefing:
- Roland DG (6789) – Brother Still Not Making Friends
- Ansarada (AND AU): Scheme Vote on 14 June
- Nanya. Tailwinds Mount Albeit Profits Still Elude
Roland DG (6789) – Brother Still Not Making Friends
- Taiyo Pacific’s Tender Offer for Roland DG Corp (6789 JP) was to end Friday, but it was extended 10 days.
- Roland DG provided an update regarding the status of the Brother overbid. It did not show as much strategic-mindedness as it might have.
- Shares are now trading at a post-overbid high. Strategic missteps up the risk but Brother can pay more.
Ansarada (AND AU): Scheme Vote on 14 June
- The Ansarada Group Ltd (AND AU) IE considers Datasite’s A$2.50 scheme offer fair and reasonable. However, the inter-conditional carve-out transaction is NOT fair but reasonable.
- ACCC clearance (findings on 6 June) is a prerequisite for FIRB approval (scheme condition). As Datasite has a limited Australian presence, ACCC approval should be forthcoming.
- The offer is attractive, with no vocal shareholder opposition. At the last close and for the 1 July payment, the gross/annualised spread was 2.5%/12.2%.
Nanya. Tailwinds Mount Albeit Profits Still Elude
- Nanya’s quarterly revenue was NT$ 9.5 billion, up 9.2% QoQ & up 47.9% YoY
- Nanya still had a net loss of NT$1.2 billion, its sixth loss making quarter in a row
- Larger peers doubling down on HBM, structural reduction in memory wafer capacity & shortages likely triggered by Taiwan earthquake are all mounting tailwinds for Nanya
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