Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Recent underperformance of <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> vs Peers appears to be part of a "perfect storm". </li>
<li>
<a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a> has an attractive yield on its side; and Richard Li has been buying. But a 6% premium to NAV is unsustainable for this holding company structure.</li>
<li>Palliser Capital's straightforward request is for a 35% reduction in <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> holding reflects a strategic urgency. </li>
</ul>


Recent underperformance of Newmont Mining (NEM US) vs Peers appears to be part of a "perfect storm". 

PCCW Ltd (8 HK) has an attractive yield on its side; and Richard Li has been buying. But a 6% premium to NAV is unsustainable for this holding company structure.
Palliser Capital's straightforward request is for a 35% reduction in Keisei Electric Railway Co (9009 JP)'s Oriental Land (4661 JP) holding reflects a strategic urgency. 


Last Week In Event SPACE: Newcrest/Newmont, Keisei Electric, PCCW, Cosmo Energy, Leapmotor

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-c" target="_blank" data-smartkarma-citation="entities:24555:1" rel="noopener">Sociedad Quimica y Minera (SQM/B CI)</a> tilt for <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>; and another MBO for <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/energy-one-ltd" target="_blank" data-smartkarma-citation="entities:19865:1" rel="noopener">Energy One Ltd (EOL AU)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">EOFflow (294090 KS)</a> , and <a href="https://www.smartkarma.com/entities/celltrion-healthcare-co-ltd" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a> 
</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deal was discussed on Smartkarma this week: Sociedad Quimica y Minera (SQM/B CI) tilt for Azure Minerals (AZS AU); and another MBO for Hollysys Automation Technologies (HOLI US).
Key updates took place for: Energy One Ltd (EOL AU), EOFflow (294090 KS) , and Celltrion Healthcare (091990 KS) 



(Mostly) Asia-Pac Weekly Risk Arb Wrap: Azure, EOFlow, Hollysys, Essential Metals, Celltrion Health

<ul>
<li>When <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">EOFlow (294090 KS)</a> was suspended on the 11th October, and ceased global sales, either the <a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic (MDT US)</a> deal was (largely) toast; or it was a tactical move. </li>
<li>I'm firmly in the latter camp. <a href="https://www.smartkarma.com/entities/insulet-corp" target="_blank" data-smartkarma-citation="entities:5252:1" rel="noopener">Insulet</a>'s lawsuit was expected. And completing the transaction enables the more financially and legally resource-rich MDT to become the party to the litigation.</li>
<li>The SPA between Jesse Kim and MDT was expected to complete on 25 October. That was not a hard date. It has now been pushed out to 3 January 2024. </li>
</ul>


When EOFlow (294090 KS) was suspended on the 11th October, and ceased global sales, either the Medtronic (MDT US) deal was (largely) toast; or it was a tactical move. 
I'm firmly in the latter camp. Insulet's lawsuit was expected. And completing the transaction enables the more financially and legally resource-rich MDT to become the party to the litigation.
The SPA between Jesse Kim and MDT was expected to complete on 25 October. That was not a hard date. It has now been pushed out to 3 January 2024. 


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 25 October, Eoflow announced that the M&amp;A of Eoflow by Medtronic has been postponed. </li>
<li>The closing date for Eoflow's stock transfer agreement with Medtronic has now been changed to 3 January 2024. </li>
<li>Although we believe Medtronic will continue to pursue Eoflow, the M&amp;A tender offer price could be lowered to about 26,000 won, which would be nearly 20% higher than current price.</li>
</ul>


On 25 October, Eoflow announced that the M&amp;A of Eoflow by Medtronic has been postponed. 
The closing date for Eoflow's stock transfer agreement with Medtronic has now been changed to 3 January 2024. 
Although we believe Medtronic will continue to pursue Eoflow, the M&amp;A tender offer price could be lowered to about 26,000 won, which would be nearly 20% higher than current price.


Medtronic's M&A of Eoflow Timeline Postponed

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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.

<ul>
<li>The closing date of the <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>/<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> transaction has been extended from 25 October 2023 to 3 January 2024. All other terms are unchanged.</li>
<li>The bull view is that despite the preliminary injunction and share suspension, Medtronic’s move underscores its commitment to the transaction on current terms.</li>
<li>The bear view is that the extension was Medtronic’s best move as it retains option value should Insulet’s lawsuit start floundering in court and KRX reinstate trading in Eoflow shares. </li>
</ul>


The closing date of the Eoflow (294090 KS)/Medtronic Plc (MDT US) transaction has been extended from 25 October 2023 to 3 January 2024. All other terms are unchanged.
The bull view is that despite the preliminary injunction and share suspension, Medtronic’s move underscores its commitment to the transaction on current terms.
The bear view is that the extension was Medtronic’s best move as it retains option value should Insulet’s lawsuit start floundering in court and KRX reinstate trading in Eoflow shares. 


EOFLOW/Medtronic Tender: Closing Date Extended to 3 January 2024

United States

Insulet Corporation is a medical device company that develops, manufactures and markets an insulin infusion system for people with insulin-dependent diabetes.

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Insulet Corp (PODD US)

Last Week In Event SPACE: Newcrest/Newmont, Keisei Electric, PCCW, Cosmo Energy, Leapmotor

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

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Azure, EOFlow, Hollysys, Essential Metals, Celltrion Health

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

EOFlow/Medtronic: Signs of Life

The SPA between Jesse Kim and Medtronic was expected to complete on 25 October. That was not a hard date. It has now been pushed out to 3 Janaury...

David Blennerhassett

Medtronic's M&A of Eoflow Timeline Postponed

The M&A between Eoflow and Medtronic has been postponed, with a new closing date set for January 3, 2024. The tender offer price may be lowered to...

Douglas Kim

EOFLOW/Medtronic Tender: Closing Date Extended to 3 January 2024

The bulls would say that the closing extension date suggests a done deal. The bears would say the move was Medtronic’s only move to retain option...

Arun George

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Last Week In Event SPACE: Newcrest/Newmont, Keisei Electric, PCCW, Cosmo Energy, Leapmotor

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

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Azure, EOFlow, Hollysys, Essential Metals, Celltrion Health

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

EOFlow/Medtronic: Signs of Life

The SPA between Jesse Kim and Medtronic was expected to complete on 25 October. That was not a hard date. It has now been pushed out to 3 Janaury...

David Blennerhassett

Medtronic's M&A of Eoflow Timeline Postponed

​The M&A between Eoflow and Medtronic has been postponed, with a new closing date set for January 3, 2024. The tender offer price may be lowered to...

Douglas Kim

EOFLOW/Medtronic Tender: Closing Date Extended to 3 January 2024

The bulls would say that the closing extension date suggests a done deal. The bears would say the move was Medtronic’s only move to retain option...

Arun George

The M&A between Eoflow and Medtronic has been postponed, with a new closing date set for January 3, 2024. The tender offer price may be lowered to...