IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (22 Mar) - VOYAH, Dongfeng, MCJ, Itochu Shokuhin, Insignia, Pepper Money, IJM

Merger Arb Mondays (23 Mar) - Qube, Pepper, Bluescope, Skyworth, ENN, Makino, Sankei Real, MCJ, IJM

Pepper Money (PPM AU): Challenger and KKR’s Attractive NBIO

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/challenger-ltd" target="_blank" data-smartkarma-citation="entities:16870:1" rel="noopener">Challenger Ltd (CGF AU)</a> has reduced its non-binding offer for <a href="https://www.smartkarma.com/entities/pepper-money-ltd-australia" target="_blank" data-smartkarma-citation="entities:24157:1" rel="noopener">Pepper Money (PPM AU)</a> by 13.5%, from A$2.60 to A$2.25 per share, citing deteriorating market conditions and the operating environment. </li>
<li>The offer has been declared best and final. The price cut is opportunistic and larger than the decline in peers’ shares since the offer was disclosed on 9 February. </li>
<li>AustralianSuper, which holds a blocking stake and has a longer-term view, is unlikely to accept. Therefore, the likely outcome is for the Board to reject the offer. </li>
</ul>



Challenger Ltd (CGF AU) has reduced its non-binding offer for Pepper Money (PPM AU) by 13.5%, from A$2.60 to A$2.25 per share, citing deteriorating market conditions and the operating environment. 
The offer has been declared best and final. The price cut is opportunistic and larger than the decline in peers’ shares since the offer was disclosed on 9 February. 
AustralianSuper, which holds a blocking stake and has a longer-term view, is unlikely to accept. Therefore, the likely outcome is for the Board to reject the offer. 


Pepper Money (PPM AU): Challenger Reduced Offer Should Be Rejected