Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Yashili International Holdings / Event-Driven

<ul>
<li>For the month of March, five new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.</li>
<li>The average premium for the new deals announced (or first discussed) in March was ~31%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of March, five new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.
The average premium for the new deals announced (or first discussed) in March was ~31%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a>'s comments and answers about the SPH REIT Chain Offer may be misleading. </li>
<li>
<a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu (2319 HK)</a> is in discussions regarding its holdings in <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili (1230 HK)</a> which may result in a number of "Potential Transactions", and may include a pre-conditional privatisation offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> is two businesses - a US pork processor and a Chinese one - and both businesses are suffering lower margins than they'd like.</li>
</ul>



Singapore Press Holdings (SPH SP)'s comments and answers about the SPH REIT Chain Offer may be misleading. 

China Mengniu (2319 HK) is in discussions regarding its holdings in Yashili (1230 HK) which may result in a number of "Potential Transactions", and may include a pre-conditional privatisation offer.

WH Group (288 HK) is two businesses - a US pork processor and a Chinese one - and both businesses are suffering lower margins than they'd like.


Last Week in Event SPACE: Singapore Press, Yashili, WH Group, Uniti Group, Toshiba, China Conch

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>There are currently 44 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. </li>
<li>One new deal this week: Morrison &amp; Co's indicative Offer for <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group (UWL AU)</a>; and <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy (2319 HK)</a>'s pre-conditional privatisation offer for <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a>, <a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a>, <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, and <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>.</li>
</ul>


There are currently 44 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. 
One new deal this week: Morrison &amp; Co's indicative Offer for Uniti Group (UWL AU); and China Mengniu Dairy (2319 HK)'s pre-conditional privatisation offer for Yashili International Holdings (1230 HK).
Key updates took place for: Singapore Press Holdings (SPH SP), Z Energy Ltd (ZEL NZ), Mapletree Commercial Trust (MCT SP), Virtus Health (VRT AU), and Western Areas (WSA AU).


Asia-Pac Weekly Risk Arb Summary: Mapletree, Singapore Press, Uniti Group, Yashili, Z Energy, Virtus

<ul>
<li>
<a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> said it has no obligation, nor any current intention to increase the consideration for <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a> in response to recent short-term events.</li>
<li>The Scheme timetable is, however, expected to face a short delay with implementation in May/June compared to April previously. </li>
<li>Currently trading comfortably through terms, as it has done since shortly after the invasion of Ukraine. </li>
</ul>



IGO Ltd (IGO AU) said it has no obligation, nor any current intention to increase the consideration for Western Areas (WSA AU) in response to recent short-term events.
The Scheme timetable is, however, expected to face a short delay with implementation in May/June compared to April previously. 
Currently trading comfortably through terms, as it has done since shortly after the invasion of Ukraine. 


Western Areas: IGO Firm On Pricing As Nickel Soars

<ul>
<li>For the month of February, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$16bn.</li>
<li>The average premium for the new deals announced (or first discussed) in February was ~36%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of February, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$16bn.
The average premium for the new deals announced (or first discussed) in February was ~36%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


Australia

IGO Limited operates as an exploration company. The Company explores and mines copper, ore, nickel, gold, and other mineral resources. IGO serves customers worldwide.

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IGO Ltd (IGO AU)

(Mostly) Asia M&A: March 2022 Roundup

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(Mostly) Asia M&A: February 2022 Roundup

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

David Blennerhassett

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