Event-Driven Investment Opportunities, Special Situation Investments

Dalius Tauraitis

Event-Driven Investment Opportunities

Special Situation Investments

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

<ul><li>ABC Technologies, backed by Apollo, offers £2/share for TI Fluid Systems, with a 13.5% gross spread and PUSU deadline on November 8.</li><li>Bain Capital, holding 28% of TIFS, supports the offer; Apollo's bid is 50% above pre-announcement prices.</li><li>Regulatory risk is minimal; TIFS acquisition aligns with Apollo's strategy, enhancing ABC's international expansion and product diversification.</li></ul>

ABC Technologies, backed by Apollo, offers £2/share for TI Fluid Systems, with a 13.5% gross spread and PUSU deadline on November 8.Bain Capital, holding 28% of TIFS, supports the offer; Apollo's bid is 50% above pre-announcement prices.Regulatory risk is minimal; TIFS acquisition aligns with Apollo's strategy, enhancing ABC's international expansion and product diversification.

TI Fluid Systems Targeted by ABC Technologies: 13.5% Merger Arbitrage Opportunity with Minimal Regulatory Risk

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ti-fluid-systems-plc" target="_blank" data-smartkarma-citation="entities:41309:1" rel="noopener">TI Fluid Systems (TIFS LN)</a> is trading at 10% gross spread to ABC (Apollo)'s Proposal, which the Board of TIFS would be minded to recommend if made firm.</li>
<li>Although TIFS has made notable strategic progress recently, and maintained margins despite tough conditions over the last years, the short-term car picture has gotten progressively worse.</li>
<li>200p implies 4.6x EV/NTM EBITDA versus global auto suppliers trading on a median of 4.4x and represents a good-value exit. I believe the deal will complete. Long.</li>
</ul>



TI Fluid Systems (TIFS LN) is trading at 10% gross spread to ABC (Apollo)'s Proposal, which the Board of TIFS would be minded to recommend if made firm.
Although TIFS has made notable strategic progress recently, and maintained margins despite tough conditions over the last years, the short-term car picture has gotten progressively worse.
200p implies 4.6x EV/NTM EBITDA versus global auto suppliers trading on a median of 4.4x and represents a good-value exit. I believe the deal will complete. Long.


ABC/TI Fluid Systems: 10% Gross Spread on a Highly Likely Deal

<ul><li>Galaxy Gaming is being acquired by Evolution AB for $3.20/share, with a 17% spread and minimal regulatory hurdles.</li><li>OCI N.V. plans a $1bn capital return in H1 2025, equating to 40% of its market cap.</li><li>Benson Hill's buyout spread widened to 60% due to liquidity issues and ongoing buyout negotiations nearing completion.</li></ul>

Galaxy Gaming is being acquired by Evolution AB for $3.20/share, with a 17% spread and minimal regulatory hurdles.OCI N.V. plans a $1bn capital return in H1 2025, equating to 40% of its market cap.Benson Hill's buyout spread widened to 60% due to liquidity issues and ongoing buyout negotiations nearing completion.

SSI Weekly: Galaxy Gaming Acquisition and Other Portfolio Updates

<ul><li>Learning Technologies Group and TI Fluid Systems are engaged in merger arbitrage, with due diligence and PUSU deadlines approaching.</li><li>Embracer Group and Grifols are addressing discounts through spin-offs and potential privatizations, aiming to eliminate share class disparities.</li><li>Litigation cases for Gold Reserve and Finch Therapeutics could result in substantial financial awards, impacting share valuations significantly.</li></ul>

Learning Technologies Group and TI Fluid Systems are engaged in merger arbitrage, with due diligence and PUSU deadlines approaching.Embracer Group and Grifols are addressing discounts through spin-offs and potential privatizations, aiming to eliminate share class disparities.Litigation cases for Gold Reserve and Finch Therapeutics could result in substantial financial awards, impacting share valuations significantly.

Active Merger Arbitrage and Litigation Opportunities: Key Insights on Current Financial Market

<ul><li>Embracer Group faces a 20%-50% conglomerate discount, with potential catalysts including spinoffs and increased LOTR franchise awareness.</li><li>DMC Global's strategic review concluded without a sale; business performance is weaker, impacting Arcadia Products and DynaEnergetics.</li><li>Martin Midstream Partners' acquisition by its GP at $4.02/share faces activist opposition, risking a deal collapse.</li></ul>

Embracer Group faces a 20%-50% conglomerate discount, with potential catalysts including spinoffs and increased LOTR franchise awareness.DMC Global's strategic review concluded without a sale; business performance is weaker, impacting Arcadia Products and DynaEnergetics.Martin Midstream Partners' acquisition by its GP at $4.02/share faces activist opposition, risking a deal collapse.

SSI Newsletter Highlights: Merger Arbitrage, Strategic Reviews, and Activist Investor Developments

China

TI Fluid Systems PLC manufactures automotive parts. The Company offers fluid carrying systems, fuel tanks, filter tubes, modules, pumps, and sealed level sensors. TI Fluid Systems markets its products worldwide.

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TI Fluid Systems (TIFS LN)

TI Fluid Systems Targeted by ABC Technologies: 13.5% Merger Arbitrage Opportunity with Minimal Regulatory Risk

ABC Technologies, backed by Apollo, offers £2/share for TI Fluid Systems, with a 13.5% gross spread and PUSU deadline on November 8.

Special Situation Investments

ABC/TI Fluid Systems: 10% Gross Spread on a Highly Likely Deal

TI Fluid Systems (TIFS LN) trading at 10% gross spread to ABC (Apollo)'s Proposal, with Board likely to recommend if firm. Despite recent...

Jesus Rodriguez Aguilar

SSI Weekly: Galaxy Gaming Acquisition and Other Portfolio Updates

Galaxy Gaming is being acquired by Evolution AB for $3.20/share, with a 17% spread and minimal regulatory hurdles. Other updates follow.

Special Situation Investments

Active Merger Arbitrage and Litigation Opportunities: Key Insights on Current Financial Market

Learning Technologies Group and TI Fluid Systems are engaged in merger arbitrage, with due diligence and PUSU deadlines approaching.

Special Situation Investments

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TI Fluid Systems Targeted by ABC Technologies: 13.5% Merger Arbitrage Opportunity with Minimal Regulatory Risk

ABC Technologies, backed by Apollo, offers £2/share for TI Fluid Systems, with a 13.5% gross spread and PUSU deadline on November 8.

Special Situation Investments

ABC/TI Fluid Systems: 10% Gross Spread on a Highly Likely Deal

​TI Fluid Systems (TIFS LN) trading at 10% gross spread to ABC (Apollo)'s Proposal, with Board likely to recommend if firm. Despite recent...

Jesus Rodriguez Aguilar

SSI Weekly: Galaxy Gaming Acquisition and Other Portfolio Updates

Galaxy Gaming is being acquired by Evolution AB for $3.20/share, with a 17% spread and minimal regulatory hurdles. Other updates follow.

Special Situation Investments

Active Merger Arbitrage and Litigation Opportunities: Key Insights on Current Financial Market

Learning Technologies Group and TI Fluid Systems are engaged in merger arbitrage, with due diligence and PUSU deadlines approaching.

Special Situation Investments

SSI Newsletter Highlights: Merger Arbitrage, Strategic Reviews, and Activist Investor Developments

Embracer Group faces a 20%-50% conglomerate discount, with potential catalysts including spinoffs and increased LOTR franchise awareness.

Special Situation Investments

TI Fluid Systems (TIFS LN) trading at 10% gross spread to ABC (Apollo)'s Proposal, with Board likely to recommend if firm. Despite recent...