Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Online auto parts and service provider <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a> has received a second non-binding proposal  - by way of a Scheme - this one from PE outfit Battery Ventures. </li>
<li>The Offer price is A$1.75/share, a 36.7% premium to last close, and a A$0.05/share premium to TA/Viburnum's proposal earlier this month. </li>
<li>As with TA, Battery has been granted limited due diligence. With a 19.4% stake, TA remains very much in the driver's seat.</li>
</ul>


Online auto parts and service provider Infomedia Ltd (IFM AU) has received a second non-binding proposal  - by way of a Scheme - this one from PE outfit Battery Ventures. 
The Offer price is A$1.75/share, a 36.7% premium to last close, and a A$0.05/share premium to TA/Viburnum's proposal earlier this month. 
As with TA, Battery has been granted limited due diligence. With a 19.4% stake, TA remains very much in the driver's seat.


Infomedia (IFM AU): Battery Ventures Sneaks In Above TA's Proposal

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 <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> Board changed their recommendation that the BGH takeover offer rather than the CapVest offer is in the best interest of shareholders.</li>
<li>BGH and CapVest represent 22.38% and 1.13% of outstanding shares, respectively. Press reports suggest that it is unlikely that CapVest will increase its offer (scheme: A$8.15, takeover: A$8.10).</li>
<li>The BGH takeover offer of A$8.15 per share remains open until 31 May. At the last close price, the gross spread to the BGH takeover offer is 0.9%.</li>
</ul>


The Virtus Health (VRT AU) Board changed their recommendation that the BGH takeover offer rather than the CapVest offer is in the best interest of shareholders.
BGH and CapVest represent 22.38% and 1.13% of outstanding shares, respectively. Press reports suggest that it is unlikely that CapVest will increase its offer (scheme: A$8.15, takeover: A$8.10).
The BGH takeover offer of A$8.15 per share remains open until 31 May. At the last close price, the gross spread to the BGH takeover offer is 0.9%.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a> disclosed an indicative non-binding proposal from Battery Ventures at A$1.75 a share, a 2.9% premium to TA/Viburnum’s offer of A$1.70 per share.</li>
<li>Infomedia is in preliminary discussions with several other interested parties. The other interested party is rumoured to be the auto software business <a href="https://oeconnection.com/" target="_blank" rel="noopener">OEConnection</a>.</li>
<li>The situation is reminiscent of the ongoing bidding war for <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> between CapVest and BGH Capital. Expect at least another round of bids. </li>
</ul>



Infomedia Ltd (IFM AU) disclosed an indicative non-binding proposal from Battery Ventures at A$1.75 a share, a 2.9% premium to TA/Viburnum’s offer of A$1.70 per share.
Infomedia is in preliminary discussions with several other interested parties. The other interested party is rumoured to be the auto software business OEConnection.
The situation is reminiscent of the ongoing bidding war for Virtus Health (VRT AU) between CapVest and BGH Capital. Expect at least another round of bids. 


Infomedia Receives a Competing A$1.75 Offer from Battery Ventures

<ul>
<li>With a little under two weeks until <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> shareholders vote on CapVest's Offer, BGH bumps its off-market bid to $8.15/share, matching CapVest's Scheme terms.</li>
<li>BGH added it now holds 22.38% and will vote against CapVest's Offer. Virtus has encouraged CapVest to respond today about whether they will increase terms. </li>
<li>With CapVest's Scheme all-but blocked, BGH's revised $8.15/share Offer is now the highest offer for Virtus.</li>
</ul>


With a little under two weeks until Virtus Health (VRT AU) shareholders vote on CapVest's Offer, BGH bumps its off-market bid to $8.15/share, matching CapVest's Scheme terms.
BGH added it now holds 22.38% and will vote against CapVest's Offer. Virtus has encouraged CapVest to respond today about whether they will increase terms. 
With CapVest's Scheme all-but blocked, BGH's revised $8.15/share Offer is now the highest offer for Virtus.


Virtus: BGH Bumps; CapVest's Scheme Untenable

<ul>
<li>With under three weeks until <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> shareholders vote on CapVest's Offer, BGH continues to gradually push out the tendering period for its own Offer.</li>
<li>The outcome of the Scheme Meeting is all but a foregone conclusion assuming BGH sticks to its guns and is not supportive; which then potentially rekindles this competitive bidding situation.</li>
<li>This insight discusses the constraints BGH needs to adhere to in "truth in takeover" statements. There are still a handful of moving parts to unfold in this transaction.</li>
</ul>


With under three weeks until Virtus Health (VRT AU) shareholders vote on CapVest's Offer, BGH continues to gradually push out the tendering period for its own Offer.
The outcome of the Scheme Meeting is all but a foregone conclusion assuming BGH sticks to its guns and is not supportive; which then potentially rekindles this competitive bidding situation.
This insight discusses the constraints BGH needs to adhere to in "truth in takeover" statements. There are still a handful of moving parts to unfold in this transaction.


Australia

Virtus Health Limited provides health care services. The Company offers clinical, scientific, diagnostic services, and day surgery for reproductive and fertility health care. Virtus Health serves patients and operates reproductive health and fertility clinics throughout eastern Australia.

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Virtus Health (VRT AU)

Infomedia (IFM AU): Battery Ventures Sneaks In Above TA's Proposal

Neither Offers from TA and Battery are firm. However, with a 19.4% stake, TA is very much in the prime position. I'd be a buyer here at A$1.72/share.

David Blennerhassett

BGH Capital in Pole Position at Virtus

The Board has recommended the BGH takeover offer of A$8.15, which closes on 31 May. At the last close price, the gross spread to the BGH takeover...

Arun George

Infomedia Receives a Competing A$1.75 Offer from Battery Ventures

Battery Ventures has offered A$1.75 a share, a 2.9% premium to TA/Viburnum’s offer of A$1.70. OEConnection is rumoured to be also a potential...

Arun George

Virtus: BGH Bumps; CapVest's Scheme Untenable

There is probably more upside from these two competitive PE players. But terms are full. I'd be surprised to see CapVest fold its tent - but it...

David Blennerhassett

Virtus Health & BGH: Truth in Takeovers

Recommendation unchanged: if you're in, hold on for any possible upward revision. If not already in, get involved around here, or on any pullback.

David Blennerhassett

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