European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>On 14 August, Mellby Gård crossed the 30% threshold and announced a mandatory offer for all shares of <a href="https://www.smartkarma.com/entities/duni-ab" target="_blank" data-smartkarma-citation="entities:22345:1" rel="noopener">Duni AB (DUNI SS)</a> at SEK 98.6/share. The offer period started 12 September.</li>
<li>The offer represents 0.41% premium to prior day to threshold crossing. Mellby Gård doesn't seem interested in completing a takeover, rather being able to increase its stake after offer completion.</li>
<li>The offer represents 0.41% premium, 6.8x EV/Fwd EBITDA, 11.1 Fwd P/E (vs. 5-year averages of 8.8x and 15.4x). Gross spread is 2.1%, I wouldn't get involved above SEK 95.</li>
</ul>


On 14 August, Mellby Gård crossed the 30% threshold and announced a mandatory offer for all shares of Duni AB (DUNI SS) at SEK 98.6/share. The offer period started 12 September.
The offer represents 0.41% premium to prior day to threshold crossing. Mellby Gård doesn't seem interested in completing a takeover, rather being able to increase its stake after offer completion.
The offer represents 0.41% premium, 6.8x EV/Fwd EBITDA, 11.1 Fwd P/E (vs. 5-year averages of 8.8x and 15.4x). Gross spread is 2.1%, I wouldn't get involved above SEK 95.


Mellby Gård/Duni: Start of Mandatory Offer Period

Sweden

Duni AB designs, manufactures, and markets disposable products for the table. The Company produces napkins, candles and table coverings; and plastic glasses, cups, cutlery and plates.  Duni markets its products for home use and to hotels, restaurants, and caterers.

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52-week Range	0.00 - 0.00
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Mellby Gård/Duni: Start of Mandatory Offer Period

The acceptance period for the mandatory offer of Mellby Gard for Duni started on 12 September and will expire on 10 October. Settlement is expected...

Jesus Rodriguez Aguilar