Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There is no suggestion of precondition breach attached to <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>'s impairment losses. </li>
<li>Seven Group, now holding 71.6%, has returned to the well, and made a cash/scrip Offer for shares not owned in <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral (BLD AU)</a>, with certain tendering thresholds triggering more cash.</li>
<li>
<a href="https://www.smartkarma.com/entities/itoki-corp" target="_blank" data-smartkarma-citation="entities:18032:1" rel="noopener">Itoki Corp (7972 JP)</a>'s mega ToSTNeT-3 buyback is now done.</li>
</ul>


There is no suggestion of precondition breach attached to Outsourcing Inc (2427 JP)'s impairment losses. 
Seven Group, now holding 71.6%, has returned to the well, and made a cash/scrip Offer for shares not owned in Boral (BLD AU), with certain tendering thresholds triggering more cash.

Itoki Corp (7972 JP)'s mega ToSTNeT-3 buyback is now done.


Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Spanish renewables group <a href="https://www.smartkarma.com/entities/opdenergy-holdings-sa" target="_blank" data-smartkarma-citation="entities:39849:1" rel="noopener">Opdenergy Holdings (OPDE SM)</a> will exit the stock market upon closing of <a href="https://www.smartkarma.com/entities/antin-infrastructure-partners" target="_blank" data-smartkarma-citation="entities:34340:1" rel="noopener">Antin Infrastructure Partners (ANTIN FP)</a>'s takeover bid. The company is scheduled to delist on 23 April.</li>
<li>Minimum acceptance condition is 75%. Antin had 71.2% irrevocables, which together with a letter of intention for 6.09%, should mean the threshold is crossed.</li>
<li>Spread is 0.68%/7.54% (gross/annualised, assuming settlement on 26 March). Long and tender.</li>
</ul>


Spanish renewables group Opdenergy Holdings (OPDE SM) will exit the stock market upon closing of Antin Infrastructure Partners (ANTIN FP)'s takeover bid. The company is scheduled to delist on 23 April.
Minimum acceptance condition is 75%. Antin had 71.2% irrevocables, which together with a letter of intention for 6.09%, should mean the threshold is crossed.
Spread is 0.68%/7.54% (gross/annualised, assuming settlement on 26 March). Long and tender.


Start of Acceptance Period with Guaranteed Success

<ul>
<li>
<a href="https://www.smartkarma.com/entities/antin-infrastructure-partners" target="_blank" data-smartkarma-citation="entities:34340:1" rel="noopener">Antin Infrastructure Partners (ANTIN FP)</a> offers €5.85/share in cash for renewable producer <a href="https://www.smartkarma.com/entities/opdenergy-holdings-sa" target="_blank" data-smartkarma-citation="entities:39849:1" rel="noopener">Opdenergy Holdings (OPDE SM)</a> (46% premium). Minimum acceptance is 75%, with irrevocables &gt;71%, just 13.2% of the float is needed.</li>
<li>Virtually a done deal, at fair price. Nevertheless, an agreement similar to those in MásMóvil and Solarpack takeouts leaves minorities with virtually no capacity to ask for a sweetening.</li>
<li>Spread is Spread is 3.25%/6.56% (gross/annualised, assuming 20 December). Readacross: Ecoener, Grenergy, Audax, Solaria could all be the object of takeover bids (either from private equity or minority buyouts).</li>
</ul>



Antin Infrastructure Partners (ANTIN FP) offers €5.85/share in cash for renewable producer Opdenergy Holdings (OPDE SM) (46% premium). Minimum acceptance is 75%, with irrevocables &gt;71%, just 13.2% of the float is needed.
Virtually a done deal, at fair price. Nevertheless, an agreement similar to those in MásMóvil and Solarpack takeouts leaves minorities with virtually no capacity to ask for a sweetening.
Spread is Spread is 3.25%/6.56% (gross/annualised, assuming 20 December). Readacross: Ecoener, Grenergy, Audax, Solaria could all be the object of takeover bids (either from private equity or minority buyouts).


Antin/Opdenergy: Spanish Renewables in Focus

France

Antin Infrastructure Partners operates as an independent private equity firm. The Company invests in infrastructural sectors such as transportation, energy, environment, and telecommunication. Antin Infrastructure Partners serves customers worldwide.

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Antin Infrastructure Partners (ANTIN FP)

Last Week in Event SPACE: Outsourcing, Boral, Itoki, CIMC Vehicle, Dissentient Shareholder Rights

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Start of Acceptance Period with Guaranteed Success

Spanish renewables group Opdenergy Holdings will exit the stock market upon closing of Antin's takeover bid. The company is scheduled to delist on...

Jesus Rodriguez Aguilar

Antin/Opdenergy: Spanish Renewables in Focus

Antin Infrastructure Partners announced a €5.85/share agreed cash takeover bid for Opdenergy Holdings. The premium is 46%, and irrevocables >71%,...

Jesus Rodriguez Aguilar

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