IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement Corp (EAGLE PM)</a>/ECC’s selling shareholders (88.50% of the outstanding shares) have signed a SPA to sell their stake to <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a> at PHP22.02 per share.</li>
<li>Post-Completion of the SPA, San Miguel will be required to launch a mandatory tender offer to acquire the remaining 11.50% minority shares at PHP22.02 per share. </li>
<li>As the regulator previously viewed San Miguel and ECC as part of the same group, regulatory approval should be forthcoming. At the last close, the gross spread is 14.1%.</li>
</ul>



Eagle Cement Corp (EAGLE PM)/ECC’s selling shareholders (88.50% of the outstanding shares) have signed a SPA to sell their stake to San Miguel (SMC PM) at PHP22.02 per share.
Post-Completion of the SPA, San Miguel will be required to launch a mandatory tender offer to acquire the remaining 11.50% minority shares at PHP22.02 per share. 
As the regulator previously viewed San Miguel and ECC as part of the same group, regulatory approval should be forthcoming. At the last close, the gross spread is 14.1%.


Eagle Cement’s Potential MTO of PHP22.02 from San Miguel

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a>  has announced the acquisition of 88.5% of <a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement (EAGLE PM)</a>  at P22.02/share a 43% premium to last close, the completion of which triggers an MTO.</li>
<li>The deal will trigger notification and clearance with the Philippine Competition Commission.</li>
<li>The PCC effectively squashed the sale of <a href="https://www.smartkarma.com/entities/lafargeholcim-ltd" target="_blank" data-smartkarma-citation="entities:27916:1" rel="noopener">LafargeHolcim Ltd (LHN SW)</a>'s 85.73% stake in <a href="https://www.smartkarma.com/entities/holcim-philippines-inc" target="_blank" data-smartkarma-citation="entities:22702:1" rel="noopener">Holcim Philippines (HLCM PM)</a>  to SMC in 1Q20 over anti-trust concerns.</li>
</ul>



San Miguel (SMC PM)  has announced the acquisition of 88.5% of Eagle Cement (EAGLE PM)  at P22.02/share a 43% premium to last close, the completion of which triggers an MTO.
The deal will trigger notification and clearance with the Philippine Competition Commission.
The PCC effectively squashed the sale of LafargeHolcim Ltd (LHN SW)'s 85.73% stake in Holcim Philippines (HLCM PM)  to SMC in 1Q20 over anti-trust concerns.


San Miguel Turns Its Sights To Eagle Cement

Philippines

Eagle Cement Corporation manufactures construction materials. The Company distributes cement and aggregates for industrial, residential, and commercial buildings, as well as roads and bridges. Eagle Cement serves customers in Philippines.

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Eagle Cement Corp (EAGLE PM)

Eagle Cement’s Potential MTO of PHP22.02 from San Miguel

The regulator should approve as it previously considered San Miguel and ECC as part of the same group. Timing is the key risk. At the last close,...

Arun George

San Miguel Turns Its Sights To Eagle Cement

This looks done. It should make no difference from an anti-trust point of view whether SMC buys out Ang's stake in ECC or not. Hedge out your...

David Blennerhassett

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