China Modern Dairy (1117 HK) To Acquire China Shengmu (1432 HK) - The Offer Price Is Not Attractive
The Offer Price of HK$0.35 is low. Reasonable range is HK$0.41-0.51/share after CSM's profitability returns to normal by 2026. Uncertainties arise...
259 Views
China Shengmu (1432 HK): Possible Offer, Potentially Problematic 50% Min Acceptance Condition
Post-Completion, CMD and concert parties will hold a 31.26% stake. The offer is conditional on a 50% minimum acceptance condition, which is...
315 Views
On China Shengmu (1432)'s Conditional MGO
Trading at a 6%/14% gross/annual. spread assuming payment in late April. I don't have a strong conviction on the back-end. There's a good chance...
581 Views
Merger Arb Mondays (22 Dec) - Dongfeng, Jinke, ANE, ENN, Makino, Pacific Ind, Raksul, Toyota Ind
I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan,...
278 Views
Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent
It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...
284 Views