European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Spreads have generally tightened across our liquid universe, 450 bps in the case of Volkswagen.</li>
<li>Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, Investor AB.</li>
<li>Recommendations Long prefs / short ords: BMW, Roche, Schroders, Telecom Italia, Volkswagen.</li>
</ul>


Spreads have generally tightened across our liquid universe, 450 bps in the case of Volkswagen.
Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, Investor AB.
Recommendations Long prefs / short ords: BMW, Roche, Schroders, Telecom Italia, Volkswagen.


Liquid Universe of European Ordinary and Preferred Shares: January '22 Report

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>
<a href="https://finance.yahoo.com/news/kkr-said-weigh-takeover-bid-065550154.html" target="_blank" rel="noopener">Bloomberg reported</a> that KKR has made a non-binding, preliminary approach to taking <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> private. ASMPT has been the subject of takeover rumours in the past.</li>
<li>The trading patterns of the substantial shareholders suggest a willingness to exit. However, past privatisation rumours suggest issues with the offeror matching key shareholders' price expectations. </li>
<li>A binding proposal is unlikely as the timing would be viewed as opportunistic, with the recent market rally eroding a potential takeover premium and ASMPT’s premium multiple compared to peers.</li>
</ul>



Bloomberg reported that KKR has made a non-binding, preliminary approach to taking ASM Pacific Technology (522 HK) private. ASMPT has been the subject of takeover rumours in the past.
The trading patterns of the substantial shareholders suggest a willingness to exit. However, past privatisation rumours suggest issues with the offeror matching key shareholders' price expectations. 
A binding proposal is unlikely as the timing would be viewed as opportunistic, with the recent market rally eroding a potential takeover premium and ASMPT’s premium multiple compared to peers.


ASMPT (522 HK): Don’t Bet on a KKR Privatisation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/imax-china-holding-inc" target="_blank" data-smartkarma-citation="entities:888:1" rel="noopener">IMAX China Holding (1970 HK)</a>'s scheme document is out, with the court meeting scheduled for 10 October. The IFA considers <a href="https://www.smartkarma.com/entities/imax-corp" target="_blank" data-smartkarma-citation="entities:5321:1" rel="noopener">IMAX Corp (IMAX US)</a>'s HK$10.00 offer fair and reasonable.</li>
<li>The key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. </li>
<li>A recovering box office, early indications of an effort to rally retail NO votes and a high minority participation rate in AGMs pose a risk. The risk/reward profile is unfavourable. </li>
</ul>



IMAX China Holding (1970 HK)'s scheme document is out, with the court meeting scheduled for 10 October. The IFA considers IMAX Corp (IMAX US)'s HK$10.00 offer fair and reasonable.
The key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. 
A recovering box office, early indications of an effort to rally retail NO votes and a high minority participation rate in AGMs pose a risk. The risk/reward profile is unfavourable. 


IMAX China (1970 HK): Risk as Scheme Vote on 10 October

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Autos /<a href="https://www.caixinglobal.com/2023-08-23/in-depth-chinas-auto-exports-belie-roadblocks-to-conquering-europe-us-102095963.html" target="_blank" rel="noopener">In Depth: China’s auto exports belie roadblocks to conquering Europe, U.S.</a></li><li>China-South Africa /: Xi calls for more cooperation between China and South Africa</li><li>Schroders /: Schroders China unit seeks approval for first mutual fund</li></ul>

Autos /In Depth: China’s auto exports belie roadblocks to conquering Europe, U.S.China-South Africa /: Xi calls for more cooperation between China and South AfricaSchroders /: Schroders China unit seeks approval for first mutual fund

CX Daily: China’s Auto Exports Belie Roadblocks to Conquering Europe, U.S.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/imax-china-holding-inc" target="_blank" data-smartkarma-citation="entities:888:1" rel="noopener">IMAX China Holding (1970 HK)</a> disclosed a scheme privatisation offer from <a href="https://www.smartkarma.com/entities/imax-corp" target="_blank" data-smartkarma-citation="entities:5321:1" rel="noopener">IMAX Corp (IMAX US)</a> at HK$10.00 per share, a 39.5% premium to the undisturbed price (HK$7.17 on 10 July).</li>
<li>The key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. </li>
<li>The offer price is final. While the offer price is light compared to peer multiples and historical share prices, the deal will likely succeed. </li>
</ul>



IMAX China Holding (1970 HK) disclosed a scheme privatisation offer from IMAX Corp (IMAX US) at HK$10.00 per share, a 39.5% premium to the undisturbed price (HK$7.17 on 10 July).
The key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. 
The offer price is final. While the offer price is light compared to peer multiples and historical share prices, the deal will likely succeed. 


IMAX China (1970 HK): IMAX Corp’s Privatisation Offer

United Kingdom

Schroders PLC is an international asset management group.  The Group manages funds across all asset categories, including equities, bonds, cash, and alternative investments and Venture Capital.  Schroders clients comprise charities, insurance companies, public authorities, pension funds and unit trust holders.

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Schroders PLC (SDR LN)

Liquid Universe of European Ordinary and Preferred Shares: January '22 Report

This report contains a table with a selection of European companies with non-voting shares and ordinary shares. Spreads have generally...

Jesus Rodriguez Aguilar

ASMPT (522 HK): Don’t Bet on a KKR Privatisation

KKR is the latest rumoured suitor. While substantial shareholders would be receptive to an offer, the chances of a KKR binding proposal are low due...

Arun George

IMAX China (1970 HK): Risk as Scheme Vote on 10 October

The IMAX China scheme has failed. The minority participation rate was 60.93%. 70.0% of disinterested shareholders voted YES, and 18.28% of all...

Arun George

CX Daily: China’s Auto Exports Belie Roadblocks to Conquering Europe, U.S.

Autos /In Depth: China’s auto exports belie roadblocks to conquering Europe, U.S. China-South Africa /: Xi calls for more cooperation between...

Caixin Global

IMAX China (1970 HK): IMAX Corp’s Privatisation Offer

The offer price is final. No independent shareholder holds a blocking stake. While the offer price is light compared to peer multiples and...

Arun George

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