Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For the month of September 2023, 8 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$2bn.</li>
<li>The average premium for the new deals announced (or first discussed) in September was 37%. The average YTD is 35%.</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of September 2023, 8 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$2bn.
The average premium for the new deals announced (or first discussed) in September was 37%. The average YTD is 35%.
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Sept 2023: JMDC, Pact, Takisawa, Golden Eagle Energy, Dic Corp

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>'s indicative proposal from <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband Pty Ltd (ABB AU)</a> is A$2.36 + 0.192 ABB shares per SYM share, 10.6% premium to <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop Ltd (SLC AU)</a>’s offer.</li>
<li>The Board has declared ABB’s offer as the superior proposal and granted exclusive due diligence until 20 October. The Board intends to recommend a binding ABB proposal.</li>
<li>Superloop’s offer was the final offer in the absence of a superior proposal. If it chooses to enter a bidding war, Superloop will need a higher cash component. </li>
</ul>



Symbio Holdings (SYM AU)'s indicative proposal from Aussie Broadband Pty Ltd (ABB AU) is A$2.36 + 0.192 ABB shares per SYM share, 10.6% premium to Superloop Ltd (SLC AU)’s offer.
The Board has declared ABB’s offer as the superior proposal and granted exclusive due diligence until 20 October. The Board intends to recommend a binding ABB proposal.
Superloop’s offer was the final offer in the absence of a superior proposal. If it chooses to enter a bidding war, Superloop will need a higher cash component. 


Symbio (SYM AU): Aussie Broadband’s Superior Proposal

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>, <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Group Holdings (273 HK)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH AU)</a>, <a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">ENM Holdings (128 HK)</a>. </li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/yaizu-suisankagaku-industry" target="_blank" data-smartkarma-citation="entities:20044:1" rel="noopener">Yaizu Suisankagaku Industry (2812 JP)</a>, <a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>, <a href="https://www.smartkarma.com/entities/treasury-group-ltd" target="_blank" data-smartkarma-citation="entities:14625:1" rel="noopener">Pacific Current (PAC AU)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - 111 Inc (YI US), Eoflow (294090 KS), Symbio Holdings (SYM AU), Mason Group Holdings (273 HK), JSR Corp (4185 JP), DDH1 (DDH AU), ENM Holdings (128 HK). 
Lowest spreads - Toyo Construction (1890 JP), Healius (HLS AU), Yaizu Suisankagaku Industry (2812 JP), Allkem Ltd (AKE AU), Pact Group Holdings (PGH AU), Pacific Current (PAC AU). 


Merger Arb Mondays (25 Sep) - ENM, Poly Culture, Eoflow, Origin Energy, Symbio, Costa, InvoCare

<ul>
<li>Broadband provider <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop Ltd (SLC AU)</a>  has<a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02693131-2A1464028?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener"> made an indicative Offer</a>, by way of a Scheme, for cloud communication software outfit <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>.</li>
<li>Under the proposal, Symbio shareholders would receive A$1.425 (cash) and 2.14 new Superloop shares for each Symbio share held, for an implied price of A$2.85/share, a 20% premium to undisturbed.</li>
<li>A four-week period of reciprocal exclusivity has been agreed to further progress the proposal.</li>
</ul>


Broadband provider Superloop Ltd (SLC AU)  has made an indicative Offer, by way of a Scheme, for cloud communication software outfit Symbio Holdings (SYM AU).
Under the proposal, Symbio shareholders would receive A$1.425 (cash) and 2.14 new Superloop shares for each Symbio share held, for an implied price of A$2.85/share, a 20% premium to undisturbed.
A four-week period of reciprocal exclusivity has been agreed to further progress the proposal.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a> disclosed a revised indicative “best and final” proposal from <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop Ltd (SLC AU)</a>. The terms (A$1.425 cash and 2.14 SLC shares per SYM share) remain unchanged.</li>
<li>The two key changes are there is no due diligence condition and a mix-and-match option subject to scale back to achieve a maximum of 60% cash or 60% scrip.</li>
<li>The offer is conditional on entering a scheme implementation agreement by 29 September. The offer is palatable and the Board is likely to succumb and sign a binding agreement.</li>
</ul>



Symbio Holdings (SYM AU) disclosed a revised indicative “best and final” proposal from Superloop Ltd (SLC AU). The terms (A$1.425 cash and 2.14 SLC shares per SYM share) remain unchanged.
The two key changes are there is no due diligence condition and a mix-and-match option subject to scale back to achieve a maximum of 60% cash or 60% scrip.
The offer is conditional on entering a scheme implementation agreement by 29 September. The offer is palatable and the Board is likely to succumb and sign a binding agreement.


Symbio (SYM AU): Superloop’s Best and Final Offer

Australia

Superloop Limited operates as a telecommunications infrastructure company. The Company designs, constructs, and operates underground fibre-optic cable network. Superloop conducts business throughout the Asia Pacific region.

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Superloop Ltd (SLC AU)

(Mostly) Asia M&A, Sept 2023: JMDC, Pact, Takisawa, Golden Eagle Energy, Dic Corp

For the month of September, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$2bn. The average premium for the new deals...

David Blennerhassett

Symbio (SYM AU): Aussie Broadband’s Superior Proposal

The Board has declared ABB’s offer as the superior proposal and granted exclusive due diligence until 20 October. If it chooses to enter a bidding...

Arun George

Merger Arb Mondays (25 Sep) - ENM, Poly Culture, Eoflow, Origin Energy, Symbio, Costa, InvoCare

This week, the highest gross spreads are 111 (48.9%), Eoflow (23.7%), Symbio (10.7%), Mason Group (9.0%), JSR (7.8%), DDH1 (6.0%), ENM (5.5%),...

Arun George

Superloop/Symbio's Indicative Merger

Symbio has received a Best and Final NBIO from Superloop. Terms are as per the earlier indicative Offer: A$1.425 in cash and 2.14 Superloop shares...

David Blennerhassett

Symbio (SYM AU): Superloop’s Best and Final Offer

The best and final offer is conditional on entering a scheme implementation agreement by 29 September. The offer is palatable and the Board is...

Arun George

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