Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Malaysia Airports Holdings / Event-Driven

<ul>
<li>Talk about cutting it fine. On the pre-conditional long stop date, the Gateway Development Alliance has now made a<a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=152738&amp;name=EA_GA_ATTACHMENTS" target="_blank" rel="noopener"> firm Offer</a> for <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a> at RM11/share. </li>
<li>The consortium, led by Khazanah Nasional’s subsidiary UEM Group Bhd and EPF, together with the Abu Dhabi Investment Authority and Global Infrastructure Partners, collectively hold 41.22%. </li>
<li>This is a Tender Offer with a 90% acceptance threshold. "The Joint Offerors reserve the right to revise the level of the Acceptance Condition to a lower level".</li>
</ul>


Talk about cutting it fine. On the pre-conditional long stop date, the Gateway Development Alliance has now made a firm Offer for Malaysia Airports Holdings (MAHB MK) at RM11/share. 
The consortium, led by Khazanah Nasional’s subsidiary UEM Group Bhd and EPF, together with the Abu Dhabi Investment Authority and Global Infrastructure Partners, collectively hold 41.22%. 
This is a Tender Offer with a 90% acceptance threshold. "The Joint Offerors reserve the right to revise the level of the Acceptance Condition to a lower level".


Malaysia Airports (MAHB MK): A Firm Offer (Finally)

<ul>
<li>On the 30th October, Malaysian Aviation Commission (Mavcom) said Gateway Development Alliance (GDA)'s proposed privatisation of <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports  (MAHB MK)</a> did not infringe on the Malaysian Aviation Commission Act 2015.</li>
<li>Mavcom followed that statement with it “welcomes any party to submit written feedback on the proposed decision by email .. by ..  Nov 6”. So, it's been approved or not?</li>
<li>In addition, there was conjecture earlier this year whether Mavcom, which will shortly be subsumed by the Civil Aviation Authority of Malaysia, had the clout to prevent the MAHB deal.  </li>
</ul>


On the 30th October, Malaysian Aviation Commission (Mavcom) said Gateway Development Alliance (GDA)'s proposed privatisation of Malaysia Airports  (MAHB MK) did not infringe on the Malaysian Aviation Commission Act 2015.
Mavcom followed that statement with it “welcomes any party to submit written feedback on the proposed decision by email .. by ..  Nov 6”. So, it's been approved or not?
In addition, there was conjecture earlier this year whether Mavcom, which will shortly be subsumed by the Civil Aviation Authority of Malaysia, had the clout to prevent the MAHB deal.  


Malaysia Airports (MAHB MK): Mavcom Approval. Sort Of

<ul>
<li>Back on the 15th May, Khazanah Nasional, the EPF, the Abu Dhabi Investment Authority, and GIP, offered to buy shares not already owned in <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK)</a> at RM11.00/share.</li>
<li>The premium to undisturbed appears reasonable. The price is a life-time high. The 90% acceptance hurdle was not insurmountable, and the consortium had the flexibility to lower the %. </li>
<li>But the Offer is now facing unexpected political pushback, amid protests against the Israel-linked bid.</li>
</ul>


Back on the 15th May, Khazanah Nasional, the EPF, the Abu Dhabi Investment Authority, and GIP, offered to buy shares not already owned in Malaysia Airports (MAHB MK) at RM11.00/share.
The premium to undisturbed appears reasonable. The price is a life-time high. The 90% acceptance hurdle was not insurmountable, and the consortium had the flexibility to lower the %. 
But the Offer is now facing unexpected political pushback, amid protests against the Israel-linked bid.


Malaysia Airports (MAHB MK)'s Offer: Buckle Up!

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>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <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>, <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>, <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>, <a href="https://www.smartkarma.com/entities/nagatanien-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:8059:1" rel="noopener">Nagatanien Holdings (2899 JP)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>.
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), Hollysys Automation Technologies (HOLI US), Asia Cement China (743 HK), A8 New Media (800 HK), Malaysia Airports Holdings (MAHB MK). 
Lowest spreads: Fancl Corp (4921 JP), Tatsuta Electric Wire &amp; Cable (5809 JP), Great Eastern Holdings (GE SP), Nagatanien Holdings (2899 JP), Chilled &amp; Frozen Logistics Holdings (9099 JP).



Merger Arb Mondays (24 Jun) - Malaysia Airports, GA Pack, Infocom, Mimasu, Tatsuta, Capitol, MMA

<ul>
<li>Khazanah Nasional, the EPF,  the Abu Dhabi Investment Authority, and Global Infrastructure Partners, are offering to buy all shares not already owned in <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a> at RM11.00/share.</li>
<li>The pre-conditional voluntary Offer price is a 5.77% premium to last close; but a life-time high. The Offeror consortium collectively holds 41.22% of shares out.</li>
<li>The pre-cons include regulatory approvals (in Malaysia, Turkey, Saudi Arabia, and Egypt). The Offer is subject to a 90% acceptance condition; which may be reduced. </li>
</ul>


Khazanah Nasional, the EPF,  the Abu Dhabi Investment Authority, and Global Infrastructure Partners, are offering to buy all shares not already owned in Malaysia Airports Holdings (MAHB MK) at RM11.00/share.
The pre-conditional voluntary Offer price is a 5.77% premium to last close; but a life-time high. The Offeror consortium collectively holds 41.22% of shares out.
The pre-cons include regulatory approvals (in Malaysia, Turkey, Saudi Arabia, and Egypt). The Offer is subject to a 90% acceptance condition; which may be reduced. 


Business On The Fly: Malaysia Airports (MAHB MK)'s RM11.00/Share Offer

Malaysia

Malaysia Airports Holdings Berhad is an investment holding company.  The Company, through its subsidiaries, provides management, maintenance, and operation of designated airports.  Malaysia Airports also operates duty-free and non-duty free stores as well as provides food and beverage outlets at the airports.

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Malaysia Airports Holdings (MAHB MK)

Malaysia Airports (MAHB MK): A Firm Offer (Finally)

This is a tender Offer with a 90% acceptance threshold, but can be reduced. This is now done. Assuming a late Jan payment, this is trading at an...

David Blennerhassett

Malaysia Airports (MAHB MK): Mavcom Approval. Sort Of

The gross spread, is the tightest since the deal was first announced. Malaysian politics aare tricky. Tough situation to recommend. Even tougher...

David Blennerhassett

Malaysia Airports (MAHB MK)'s Offer: Buckle Up!

Trading at a 13% gross spread. A 90% acceptance condition is often a challenge. In this current atmosphere, that challenge has been amplified. And...

David Blennerhassett

Merger Arb Mondays (24 Jun) - Malaysia Airports, GA Pack, Infocom, Mimasu, Tatsuta, Capitol, MMA

This week, the highest gross spreads are HEC Pharma (130.3%), Hollysys (22.8%), Asia Cement China (14.2%), A8 New Media (12.5%), Malaysia Airports...

Arun George

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52-week Range

Market Cap (USDm)

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Malaysia Airports (MAHB MK): A Firm Offer (Finally)

This is a tender Offer with a 90% acceptance threshold, but can be reduced. This is now done. Assuming a late Jan payment, this is trading at an...

David Blennerhassett

Malaysia Airports (MAHB MK): Mavcom Approval. Sort Of

The gross spread, is the tightest since the deal was first announced. Malaysian politics aare tricky. Tough situation to recommend. Even tougher...

David Blennerhassett

Malaysia Airports (MAHB MK)'s Offer: Buckle Up!

Trading at a 13% gross spread. A 90% acceptance condition is often a challenge. In this current atmosphere, that challenge has been amplified. And...

David Blennerhassett

Merger Arb Mondays (24 Jun) - Malaysia Airports, GA Pack, Infocom, Mimasu, Tatsuta, Capitol, MMA

This week, the highest gross spreads are HEC Pharma (130.3%), Hollysys (22.8%), Asia Cement China (14.2%), A8 New Media (12.5%), Malaysia Airports...

Arun George

Business On The Fly: Malaysia Airports (MAHB MK)'s RM11.00/Share Offer

Trading at a 8% gross spread to terms. With the Offeror consortium having the flexibility to reduce the acceptance condition; or bump terms, I'd be...

David Blennerhassett