David Blennerhassett

Pan-Asia Catalysts/Events

Event-Driven

<p>Back on the 10 February 2021, private hospitals and medical centers operator <a href="https://www.smartkarma.com/entities/new-frontier-health-corp" target="_blank" data-smartkarma-citation="entities:28429:1" rel="noopener">New Frontier Corporation (NFH US)</a> made an <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001737422/16f0d15b-2a3a-4ad0-9ad3-85d84f2c7485.pdf" target="_blank" rel="noopener">announcement</a> it had received a preliminary non-proposal binding letter from a buyer-group, including President Carl Wu, Carnival Investments, Vivo Capital Fund IX, Max Rising International Ltd (a company affiliated with Carl Wu) - among others.</p>
<p>The group offered to acquire shares of New Frontier for $12 in cash, a 27.9% premium to last close.</p>
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<p>New Frontier has now entered into a <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001737422/4394dbb2-ca20-48cd-9bf2-2c1f323694a6.pdf" target="_blank" rel="noopener">definitive merger agreement</a>, also at US$12/share.</p>
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<p>The merger is conditional on an affirmative vote from shareholders representing at least two-thirds of the shares out, and that the aggregate quantity of dissenting shares shall be less than 10% of shares out.</p>
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<p>The announcement is silent on the buyer consortium's % holding, but I estimate it to be at least 37%.</p>
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<p>This looks pretty clean. Possible completion late 4Q21.</p>
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<p>More below the fold.</p>
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New Frontier Health Corp

New Frontier (NYSE: NFH): Healthcare Homecoming