Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Capitaland Commercial Trust / Event-Driven


For the month of January, 12 new deals were discussed on Smartkarma with an overall announced deal size of ~US$16bn.


Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow up discussions, or simply click on the insight link(s) below the name.







New Deals


Industry


Size (US$bn)


Type


Premium



Australia



Australian Unity Office Fund (AOF AU) 
Property
0.3
Off-market T/O
2.4%


Starwood's Tilt for AOF: Fifth Time Lucky?


Hong Kong



BBI Life Sciences (1035 HK) 
DNA synth
0.03
Scheme
16%


BBI Life: Privatisation Offer For DNA Synthesizer


Japan



Excel Co Ltd (7591 JP) 
Electronics
0.08
Tender Offer
1%


Excel Corp (7591) - A VERY Odd Takeover



Maeda Corp (1824 JP) 
Construction
0.8
Tender Offer
50%



Not All "Parent-Sub" Situations Are Friendly: Maeda Corp Goes Hostile On Affiliate Maeda Road.
Maeda Corp Tender for Maeda Road - Arb Grids &amp; Front End Pricing. 
Maeda Road – Agitation for Enhancement of Corporate Value. 




Showa Aircraft Industry (7404 JP) 
Transport equip
0.6
Tender Offer
8.8%



Showa Aircraft TOB by Bain - 1.35mm Square Meters of Land At Stake 




Toshiba Machine (6104 JP) 
Machinery
0.2
Tender Offer
11%



Murakami Vs Toshiba Machine: A Question of Shareholder Rights or Rights for Shareholders 
Toshiba Machine – How Much Is It Worth?
Murakami Hands Toshiba Machine A Gimme - A TOB Designed To Fail and for Machine To Show Its Value
Toshiba Machine Responses to Murakami Tender and EGM



Malaysia


Amverton (AM MK)
Property
0.05
VTO
0%


Amverton: Game Over For Minorities


New Zealand



Augusta Capital (AUG NZ) 
Real Estate FM
0.07
Takeover Offer
19.7%


Centuria Capital's Takeover Offer for Augusta Capital







Metlifecare Ltd (MET NZ) 
Retirement ops
1.0
Scheme
38%


Metlifecare: EQT Plans Retirement


Singapore



Capitaland Commercial Trust (CCT SP) 
REIT
6.0
Merger
0%



Capitaland Mall and Commercial REIT Merger - It's BIG
CCT+CMT: Is It Really a Merger of Equals? Solving CMT's Problem



North America




Cincinnati Bell (CBB US) 
Telco
0.5
Statutory Merger
55.4%


Cincinnati Bell: A Potential Bidding War?



Hexcel Corp (HXL US) 
Aircraft Supplier
6.4
Statutory Merger
4.5%



Hexcel-Woodward: Another Aircraft Supplier Merger
Hexcel-Woodward: Is the Offer Fair?






Source: Smartkarma Insights
Technically, Brookfield Infrastructure Partners signed a definitive agreement to acquire Cincinnati Bell (CBB US) last month, but it was only first discussed this month on Smartkarma.


The average premium for the new deals announced in January was ~19% - skewed by the premiums (or lack thereof) in the Australian Unity Office Fund (AOF AU), Amverton (AM MK) and Excel Co Ltd (7591 JP) deals. AOF had also been propped up by a recently lapsed offer from Charter Hall (CHC AU) / Abacus Property (ABP AU). 
The average for all deals discussed on Smartkarma in 2019 (145 all-in) was 31.5%.


Brief Summary of News in January of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation. Where a new insight was written on these names in June, I've included a link to that insight in italics.)






Australia


Comments (with links)




Caltex Australia (CTX AU) 

16-Jan: Caltex has entered into a confidentiality agreement with Alimentation Couche-Tard (ATD/A CN) to facilitate the provision of selected non-public disclosures.




CSG Ltd (CSV AU) 

No Jan update. Scheme doc dispatched on the 23 Dec. The Scheme Meeting is the 3 Feb.




National Veterinary Care (NVL AU) 

10-Jan: Perennial ceased to be a major shareholder




Qms Media (QMS AU) 

30-Jan: NZ OIO Approval The Scheme Meeting will be held on the 6 Feb with an expected implementation date on the 21 Feb.




Village Roadshow (VRL AU) 

23 -Jan: VRL received a non-binding, indicative offer from BGH Capital of $4.00/share, a 25% premium to last close, and a small premium to PEP's $3.90/share offer last month.




Webster Ltd (WBA AU) 

No Jan update. The Scheme Meeting is the 3 Feb with an expected implementation date on the 17 Feb.










Hong Kong


Comments (with links &amp; insights)




Avic International Holding-H (161 HK) 
20-Jan:AVIC has announced it will hold two introduction meetings for shareholders for the "purpose of introducing and explaining the administrative and procedural matters in relation to the H Share Offer, the Delisting and the Merger".  
 
The first meeting will be held (in HK) on the 7 Feb, ahead of the H Share Class meeting/EGM on the 14 Feb. The second meeting will be held on the 21 Feb.




China Agri Industries Hldgs (606 HK) 
No Jan update



Haier Electronics Group Co (1169 HK) 
16-Jan: The Potential Offeror is still exploring a possible privatisation



Huaneng Renewables Corp H (958 HK) 
20-Jan: Huaneng received valid acceptances representing 90.80% of HRG's total H Shares. This satisfies the 90% "acceptance condition" attached to the Offer. The Offer is still subject to reg approvals. The Offer is open "until further notice:".  Huaneng Renewables: Tendering Condition Satisfied. Offer Remains Conditional




Leyou Technologies (1089 HK) 

22-Jan: Leyou further extends the exclusivity period for a potential transaction with iDreamsky Technology Limited (1119 HK) to 30 January.  30-Jan: Exclusivity extended to the 14 Feb.




Springland International (1700 HK) 

14-Jan: Scheme doc dispatched. The Court Meeting and EGM will be held on the 6 Feb.




Yixin Group Ltd (2858 HK) 

No Jan update










India


Comments




Adani Gas Ltd (ADGAS IN) 
24-Jan: Adani Gas shed 14% on reports that Petroleum and Natural Gas Regulatory Board of India has sent a notice to the company for failing to disclose crucial information regarding a scheme of arrangement with Adani Enterprises.







Indonesia


Comments (with links &amp; insights)




Bank Permata (BNLI IJ) 
No Jan update Thinking About Bangkok Bank's Buy of Permata 




Link Net Tbk Pt (LINK IJ) 
No Jan update









Japan


Comments (with links &amp; insights)




Cocokara Fine (3098 JP) 
28-Jan: Cocokara Fine and H2 O Retailing (8242 JP) have inked a deal to allow Cocokara to take over health and beauty sections at Izumiya stores and later other product categories too. Gotta Go With Cocokara




Hitachi Chemical (4217 JP) 
No Jan update



Keihin Corp (7251 JP) 
No Jan update



LINE Corp (3938 JP) 
No Jan update



Mitsubishi Tanabe Pharma (4508 JP) 
17-Jan: When Mits Chem got 91.57% of Mitsubishi Tanabe Pharma (4508 JP), the Demand For Cash Out process was launched, and today Mitsubishi Tanabe announced the process outline/dates.   The takeout will be March 2nd. Nota Bene: There is no indication in the document of when you get your cash.



Mystar Engineering (4695 JP) 
No Jan update.



Nishishiba Electric (6591 JP) 
8-Jan: It was announced that the squeezeout/windup by Toshiba Corp (6502 JP) had been launched for Nishishiba. The last day of trading will be 26 February.





Nissin Kogyo (7230 JP) 
No Dec update



Nuflare Technology (6256 JP) 

17-Jan: Toshiba Corpannounced the results of the Tender Offer of Nuflare. The total gained was 84.66% of the votes out, which means they got just over half of the non-Toshiba Machine holding. It suggests there will be a few people who may try their luck with an appraisal rights case, as normal JASDAQ tenders at the ‘right’ price usually end up well above 90%.




Parco Co Ltd (8251 JP) 
J Front Accelerates Diversification Plan with Parco Share Purchase. 



Sanyo Chemical Ind (4471 JP) /  Nippon Shokubai (4114 JP) 
No Jan update



Showa Corp (7274 JP) 
No Jan update



Sotsu Co Ltd (3711 JP) 
"Squeezeout EGM" announced for Jan 27th. Record date was 12/3.



Toshiba Plant Systems &amp; Services (1983 JP) 
8-Jan:ToshibaPlant announced it would commence the squeezeout procedure. It is a "demand for shares". The last day of trading is January 24th. The buyout is the 29th of January.





Unizo Holdings (3258 JP) 

29-Jan: The Fortress entity called Sapporo GK has lifted its bid, officially, from JPY 4100/share to JPY 5200/share. This will require a response from Unizo Holdings (3258 JP)  as well.   Blackstone for UNIZO - A Very Shareholder Friendly New Proposal To Muddy The Waters











Philippines


Comments




Holcim Philippines (HLCM PM) 

No Jan update.











Singapore


Comments (with links &amp; insights)




Citic Envirotech (CEL SP) 
31-Dec:  Shareholders overwhelmingly approved the delisting resolution.



Frasers Commercial Trust (FCOT SP) 
No Jan update



Keppel Corp Ltd (KEP SP) 
No Jan update



United Engineers (UEM SP) 
2-Jan: Yanlord Land (YLLG SP) announced compulsory acquisition of the remaining shares in UEM.









South Korea


Comments (with links &amp; insights)




Doosan Engineering &amp; Construction (011160 KS) 
The delisting date is Feb 24th; stock stops trading on Feb 20th.



Orange Life Insurance, Ltd. (079440 KS) 
21-Jan: The final cost of paying the dissenting rights for the Orange Life merger swap was ₩236.0bil, way below the ₩500bil ceiling set by Shinhan. A total of 8,357,978 shares chose cash, representing about 10% of the shares out.
 
The Delisting of Orange Life Insurance &amp; Who Will Acquire Prudential Life Insurance Korea?










Thailand


Comments (with links)



Thanachart Capital (TCAP TB)
No Jan update



Robinson Public Company (ROBINS TB) 

28-Jan: As per then preliminary results of the Tender Offer, Central Retail (CRC TB) has acquired an additional 14.75% in Robinson, taking its stake to 68.58%. The close of the Offer is the 3 Feb.










UK


Comments (with links &amp; insights)




Amerisur Resources (AMER LN) 
10-Jan: Amerisur said the court in Colombia has rejected a global freeze of its assets, though it has targeted some in the UK. The court has, however, adjourned the hearing of the case until after Amerisur's takeover by GeoPark Ltd is completed.


EI Group (EIG LN)
9-Jan: The competition watchdog Competition and Markets Authority has suggested Ei Group and Stonegate put 42 pubs on the market ahead of their proposed merger.



Entertainment One (ETO LN) 
21-Jan: Competition and Markets Authority has cleared the deal. 



Just Eat PLC (JE/ LN) 

10 Jan: Takeaway shareholders approved the proposed acquisition of Just Eat. The CMA is now investigating the deal.




Sophos (SOPH LN) 
No Jan update



Veloxis Pharmaceuticals (VELO DC) 
29-Jan: Shares to be delisted on the 24 Feb.









Europe


Comments (with links)




Altran Technologies Sa (ALT FP) 

14-Jan: CAP bumps Offer to €14.50/share  27-Jan: Offer successful with 53.57% tendering. Offer re-opened until the 10 Feb.
Capgemini Seizes Control Of Altran Despite Elliott's Overtures







For the month of November, 21 new deals were discussed on Smartkarma with an overall announced deal size of ~US$75bn, helped in large part by LVMH's bid for Tiffany &amp; Co (TIF US).


Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow up discussions, or simply click on the insight link(s) below the name.






New Deals


Industry


Size (US$bn)


Type


Premium



Australia



Panoramic Resources (PAN AU) 
Mining
0.2
Off-market 
42%


Independence's Hostile Offer For Panoramic



Caltex Australia (CTX AU) 
Fuel retail
5.8
Scheme 
24%


Caltex's Proposed Retail IPO Triggers Revised Bid From Couche-Tard


Hong Kong



Springland International (1700 HK) 
Supermarkets
0.2
Scheme
63%


Springland And The Latest Retail Takeover



China Agri Industries Hldgs (606 HK) 
Grain processing
2.9
Scheme
34%


Going With The Grain As COFCO Bids For China Agri


Japan



Toshiba Plant Systems &amp; Services (1983 JP) 
Engineering
1.2
Tender Offer
27%


Toshiba Tender for Toshiba Plant (1983) - Lighter Than It Should Be.



Nuflare Technology (6256 JP) 
Semiconductors
0.6
Tender Offer
45%


Toshiba Tender for Nuflare Technology (6256) - Lightish to Too Light. 



Nishishiba Electric (6591 JP) 
Marine/offshore
0.1
Tender Offer
43%


Toshiba Tender for Nishishiba Electric (6591) - Also Cheap. 



Mitsubishi Tanabe Pharma (4508 JP) 
Pharmaceuticals
4.5
Tender Offer
50%


MitChem Deal for MitTanabePharma - Opportunistic But Likely Not To Cause Too Much Upset. 



Mystar Engineering (4695 JP) 
Engineering
0.1
Tender Offer
17%



SmallCap Mystar Engineering (4695) Tender Offer  - WRONG PRICE 



 LINE Corp (3938 JP) / Z Holdings (4689 JP)

Mobile messaging
3.2
Tender Offer
13%



Z and LINE, Sitting in a Tree... M.E.R.G.I.N... G...?. 
LINE and Z, Sitting in a Tree... M.E.R.G.I.N.G! And a Tender Offer!
The Z Holdings-LINE Merger Is Likely to Put Mobile Payments Businesses in Antitrust Territory. 



Singapore



Citic Envirotech (CEL SP) 
Water treatment
0.2
Exit Offer
62%


CITIC Envirotech's Privatisation Offer.



Isec Healthcare (ISEC SP) 
Heatlcare
0.2
MGO
11%


Circular Dispatched For Isec Healthcare's MGO. 


South Korea



Orange Life Insurance, Ltd. (079440 KS) 
Insurance
0.1
Merger
N/A


Shinhan &amp; Orange Life Merger Swap Summary. 



Haimarrow Food Service Co Ltd (220630 KS) 
F&amp;B
0.2
Buyout
26%


Korea M&amp;A Spotlight: A Buyout of Haimarrow Food Service



Hanwha Galleria Timeworld (027390 KS) 
Department stores
0.1
Tender Offer
17%



Tender Offer To Take Hanwha Galleria Timeworld Private.  
Hanwha Galleria TW Tender Offer: Schedule, Price &amp; Current Status. 



UK &amp; Europe







OSRAM Licht AG (OSR GR) 
Lighting solutions
4.3
Takeover Offer
42%


Second ams Deal for Osram - Concessions And "Elbow Calculus". 



Amerisur Resources (AMER LN) 
O&amp;G
0.3
Cash acquisition
59%


In A Light, Sweet Spot As Geopark Bids For Amerisur. 



Veloxis Pharmaceuticals (VELO DC) 
Pharmaceuticals
1.5
Tender Offer
-26%


Asahi Kasei’s Voluntary Conditional Tender Offer for Veloxis Pharmaceuticals: Unfairly Priced. 


North America




Aircastle Ltd (AYR US) 
Aircraft leasing
2.4
Agreement/merger
34%


Aircastle Takeover - Still Trading at a Premium But Good To Go At Terms. 



Tiffany &amp; Co (TIF US) 
Jewellery
14.5
Offer
37%



Louis Vuitton Offers to Acquire Tiffany: Luxury Valuation to Semi Luxury Brand. 
Tiffany (TIF US): Out of the Blue.




Hewlett Packard Co (HPQ US) 
Printers
33
Offer
13.5%


Xerox to Acquire HP Inc: Two Fading Stars to Unite





Source: Smartkarma Insights

The Offer for Osram is a reload from ams AG (AMS SW) and I've used the unaffected price from the previous offer to back out the premium.  

The Veloxis Pharmaceuticals (VELO DC) discount is somewhat misleading - Veloxis raised its annual guidance on 31st October 2019, and its share price rallied to DKK7.49/share from ~DKK4.00,  the highest price in the last ten years.   

The deal for Isec Healthcare (ISEC SP) was announced in August but only discussed on Smartkarma this month. 


The average premium for the new deals announced in November was 32%, while the average for the first eleven months of 2019 is ~32%.



Brief Summary of News in November of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation. Where a new insight was written on these names in June, I've included a link to that insight in italics.)






Australia


Comments (with links &amp; insights)




Australian Unity Office Fund (AOF AU) 

Where to start ... 1-Nov: Hume Partners bumped its stake to 9.55% on the 5 November, and as then to t11.4%  AOF Buckles As Hume Keeps Mum.  14-Nov: ASIC issues interim order.
Wanted: New Legal Team for AOF.  18-Nov. one of the two interdependent resolutions was voted down at a low-turnout vote. 19-Nov: ASIC has opted to withdraw its application.
ASIC's Panel Application Withdrawal Leaves Market Players Guessing. 




Aveo Group (AOG AU) 

31-Oct: FIRB approval received.  
7-Nov: AOG's securityholders have voted in favour of the Scheme. 
The implementation date is the 29 November.




Bellamy's Australia (BAL AU) 

14-Nov: Bellamy's Scheme gets FIRB approval.
27-Nov: Bellamy settles two shareholder class action proceedings for A$49.7mn.




CSG Ltd (CSV AU) 

22-Nov: AGM held. All resolutions carried except addtitional 10% placement.




Echo Resources (EAR AU) 

1-Nov: Northern Star Resources (NST AU)issues compulsory acquisition notice.
8-Nov: Shares suspended at the close of trading




Erm Power Ltd (EPW AU) 

8-Nov: ERM's shareholders overwhelmingly voted in favour of the Scheme. The Scheme is expected to be implemented on the 29 November.




Pacific Energy (PEA AU) 

18-Nov: Shares suspended at the close of trading




Qms Media (QMS AU) 

No Nov update




Webster Ltd (WBA AU) 

No Nov update












China


Comments




Shenzhen Kondarl Group (000048 CH) 
No Nov update.











Hong Kong


Comments (with links &amp; insights)




Avic International Holding-H (161 HK) 

23-Nov: AVIC are still finalising the data to go in the Composite Document. This Document is due out on or before the 15 January 2020.
27-Nov:  Two wholly-owned subsidiaries of CK Hutchison Holdings (1 HK) holding 9.04% of H shares out, intend to vote their shares in favour of relevant resolutions towards delisting AVIC.




Dah Chong Hong (1828 HK) 

8 Nov: Scheme Document delayed until the 3 Dec from the 10 Nov.




Huaneng Renewables Corp H (958 HK) 

21-Nov: Composite doc dispatched. Fair &amp; reasonable says IFA. Huaneng Renew's Composite Doc Despatched. 




Leyou Technologies (1089 HK) 

22-Nov: Leyou updates the market to say they have received a number of non-binding indicative bids. Additionally, Mr. Yuk will update the market in around 3  weeks whether to proceed or terminate with the share disposal. 




Maanshan Iron &amp; Steel H (323 HK) 

11-Nov: MGO closed with 596.39mn shares tendering, representing 11.64% of shares out or 41.727% of H shares.




Yixin Group Ltd (2858 HK) 

7-Nov: Monthly update. nothing substantial to add.









India


Comments




Adani Gas Ltd (ADGAS IN) 
28-Nov: The CCI has approved Total Group's 37.4% stake-buy, joint control of Adani Gas








Japan


Comments (with links &amp; insights)




Asunaro Aoki Construction (1865 JP) 

No Nov update




Cocokara Fine (3098 JP) 

No Nov update




Keihin Corp (7251 JP) 

3-Nov: The English language doc from Honda Motor (7267 JP) for Keihin is out. 




Nissin Kogyo (7230 JP) 

3-Nov: The English language doc from Honda Motor (7267 JP) for Keihin is out. 




Polatechno (4239 JP) 

No Nov update




Sanyo Chemical Ind (4471 JP) /  Nippon Shokubai (4114 JP) 

Sanyo Chem &amp; Nippon Shokubai - Fundamentals Still Favor SanyoChem. 




Showa Corp (7274 JP) 

3-Nov: The English language doc from Honda Motor (7267 JP) for Keihin is out. 




Sotsu Co Ltd (3711 JP) 

26-Nov: Results for the Bandai Namco Holdings (7832 JP) Tender Offer for Sotsu: 82.05%. That is enough to clean out minorities but not enough to do so without an EGM. I expect 17.95% (or say at least 10+%) will vote against setting up an appraisal rights process. Gundam Has Fallen! Long Live Gundam!




Unizo Holdings (3258 JP) 

6-Nov: The Nov 6 Blackstone deadline for Unizo to respond/negotiate has come and gone with no notice by Blackstone of the event or news on UNIZO’s IR website. UNIZO: Belaboring a Deceased Equine. 11-Nov: Fortress have extended the deadline for their deal from 11 Nov to 15 November. 15-Nov: Fortress has increased its Tender Offer Price for Unizo by ¥100 to ¥4100. This is a technical raise because it extends the deadline by 10 business days beyond the current deadline which was today. The new deadline is the 29th of November.  22-Nov: Blackstone has offered a press release well after the close today regarding the status of its intended Tender Offer for Unizo if UNIZO "consents" or possibly if it does not. UNIZO has apparently put forth a proposal and Blackstone has responded. UNIZO: It's Not You, It's Me... Really.
28-Nov: Blackstone says Unizo has not agreed to its $1.6 billion takeover offer (Reuters)











Philippines


Comments




Holcim Philippines (HLCM PM) 

No Nov update.











Singapore


Comments (with links &amp; insights)




Ascendas Hospitality (ASCHT SP) 
21-Oct: The Scheme Meeting, approving the deal. The timeline is now ticking to completion. 



Keppel Corp Ltd (KEP SP) 
No updates. Insight: Gauging Foreign Investment Review Risk for Temasek Takeover of Keppel.  The Dummies' Guide to Partial Offers/Tenders. 




United Engineers (UEM SP) 
12-Nov: Yanlord bumps: Yanlord Bumps Offer For United Engineers.  Read more:  15-Nov: Offer was declared unconditional in all respects on the 15 November  27-Nov: Circular dispatched: Yanlords' Unconditional Offer For United Engineer Gets IFA Backing. 











Thailand


Comments (with links)



Glow Energy Pcl (GLOW TB)
22-Nov: A short clarification notice from Glow Energy Pcl (GLOW TB)'s Tender Offer, which runs from the 25 September to the 28 November - as trading on the SET is T+2, the last day to purchase GLOW shares in order to accept the Offer from Global Power Synergy Company Ltd (GPSC TB) is the 26 November: 


Golden Land Prop Dvlp (GOLD TB)

20-Nov: Delisting proposals approved




SVI Pcl (SVI TB) 

4-Nov The tendering into the Offer was just 26.83%. Then shares popped, and remain elevated. 



Thanachart Capital (TCAP TB)

No Nov update.











UK


Comments (with links &amp; insights)



EI Group (EIG LN)
19-Nov: Reports a full-year loss after tax.



Entertainment One (ETO LN) 
21-Nov: The UK's Competition and Markets Authority has decided this morning that it will take on the case of Hasbro Inc (HAS US)'s bid for Entertainment. Invitation to comment lasts until December 5th. The inquiry Phase 1 should be completed by 21 January 2020.



Just Eat PLC (JE/ LN) 

25-Nov has offered its Response Circular to the Takeaway.com NV (TKWY NA) Offer.  They want a higher premium to where it was trading prior to the TKWY bid.
Just Eat (JE/ LN): From a Strategic Perspective Prosus Is the Best Buyer, It Should Pay More.
Just Eat Plc Situation Looks Headed To Auction. 




Scottish Salmon Co Plc (SSC NO) 
No Nov update



Sophos (SOPH LN) 
No Nov update










Europe


Comments (with links &amp; insights)




Altran Technologies Sa (ALT FP) 

15-Oct: Tender Offer docs issued. 16-Oct: Tender Offer is open.




OSRAM Licht AG (OSR GR) 

1-Oct: ams gets to 19.99%. Min acceptance not achieved. Ams Offer Does Not Win Osram. Back To Square 2 18-Oct: New ams deal for Osram.
New ams Deal for Osram In Store - It's Doable







Travis Lundy

On October 24th, US-based aircraft leasing company <a href="https://www.smartkarma.com/entities/aircastle-ltd" target="_blank" data-smartkarma-citation="entities:1642:1" rel="noopener">Aircastle Ltd (AYR US)</a><a href="https://investors.aircastle.com/news-releases/news-release-details/aircastle-announces-review-strategic-alternatives" target="_blank" rel="noopener">announced</a> a review of strategic alternatives stating that they had received "non-binding expressions of interest from multiple third parties" and that they were in preliminary discussion regarding a sale of the company. Aircastle <a href="https://sec.report/Document/0001104659-19-061158/" target="_blank" rel="noopener">announced on 6th November</a> that they had reached an agreement with 28.8%-shareholder <a href="https://www.smartkarma.com/entities/marubeni-corp" target="_blank" data-smartkarma-citation="entities:7463:1" rel="noopener">Marubeni Corp (8002 JP)</a> to acquire the remaining 71.2% of Aircastle shares in an all-cash deal valuing the company at a market cap of US$2.4bn.The Deal, which is expected close in the first half of 2020, is conditional on receiving approval from Aircastle's Shareholders and approval from the regulatory authorities. Marubeni will vote its 28.8% in favor of the Deal. The Offer Price of US$32.00 per share comes at a healthy premium of 34.1% to the undisturbed closing price on October 23rd, the day before Aircastle's announcement of the strategic review. Although Aircastle's shares are currently trading above the Offer Price, Aircastle is expected to continue paying its quarterly dividends until the deal closes.

On October 24th, US-based aircraft leasing company Aircastle Ltd (AYR US)announced a review of strategic alternatives stating that they had received "non-binding expressions of interest from multiple third parties" and that they were in preliminary discussion regarding a sale of the company. Aircastle announced on 6th November that they had reached an agreement with 28.8%-shareholder Marubeni Corp (8002 JP) to acquire the remaining 71.2% of Aircastle shares in an all-cash deal valuing the company at a market cap of US$2.4bn.The Deal, which is expected close in the first half of 2020, is conditional on receiving approval from Aircastle's Shareholders and approval from the regulatory authorities. Marubeni will vote its 28.8% in favor of the Deal. The Offer Price of US$32.00 per share comes at a healthy premium of 34.1% to the undisturbed closing price on October 23rd, the day before Aircastle's announcement of the strategic review. Although Aircastle's shares are currently trading above the Offer Price, Aircastle is expected to continue paying its quarterly dividends until the deal closes.

Aircastle Takeover - Still Trading at a Premium But Good To Go At Terms

United States

Aircastle Ltd. is a global company that acquires, leases, and sells high-utility commercial jet aircraft to airlines throughout the world.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Aircastle Ltd (AYR US)

(Mostly) Asia M&A: January 2020 Roundup

For the month of January, 12 new deals were discussed on Smartkarma with an overall announced deal size of ~US$16bn. Clicking on the company...

David Blennerhassett

(Mostly) Asia M&A: November 2019 Roundup

For the month of November, 21 new deals were discussed on Smartkarma with an overall announced deal size of ~US$75bn, helped in large part by...

David Blennerhassett

Aircastle Takeover - Still Trading at a Premium But Good To Go At Terms

On October 24th, US-based aircraft leasing company Aircastle Ltd (AYR US)announced a review of strategic alternatives stating that they had...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)