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

Merger Arb Mondays (24 Aug) - Con Aero, Z Fin, European Lithium, Cygnus, OFX, Kakaku, Baudroie

Steadfast (SDF AU): Amwins and Dragoneer’s NBIO at A$6.00

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a> has entered a SID with Amwins, Dragoneer and KKR at A$6.00 per share, a 51.9% premium to the undisturbed price of A$3.95.</li>
<li>Since the disclosure of the non-binding proposal, the peers have materially re-rated, and the offer remains light compared to precedent transactions. </li>
<li>However, the scheme vote should pass, as the offer is reasonable relative to peer multiples and AusSuper, the largest shareholder, has not publicly opposed it.  </li>
</ul>



Steadfast (SDF AU) has entered a SID with Amwins, Dragoneer and KKR at A$6.00 per share, a 51.9% premium to the undisturbed price of A$3.95.
Since the disclosure of the non-binding proposal, the peers have materially re-rated, and the offer remains light compared to precedent transactions. 
However, the scheme vote should pass, as the offer is reasonable relative to peer multiples and AusSuper, the largest shareholder, has not publicly opposed it.  


Steadfast (SDF AU): Consortium’s Binding Proposal at A$6.00 as Peers Have Materially Re-Rated