Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Australian Pharmaceutical Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a>'s surprise takeover Offer for <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a> last month is surpassed by its surprise decision to walk away.</li>
<li>This leaves <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a> in the driving seat - provided the ACCC is satisfied competition is not impeded.</li>
<li>The cash consideration of $1.55 under Wesfarmers' Offer will be reduced by any permitted dividend. A final fully franked dividend of A$0.02/share has been paid.</li>
</ul>



Woolworths Ltd (WOW AU)'s surprise takeover Offer for Australian Pharmaceutical Industries (API AU) last month is surpassed by its surprise decision to walk away.
This leaves Wesfarmers Ltd (WES AU) in the driving seat - provided the ACCC is satisfied competition is not impeded.
The cash consideration of $1.55 under Wesfarmers' Offer will be reduced by any permitted dividend. A final fully franked dividend of A$0.02/share has been paid.


Aussie Pharma: Path Cleared For Wesfarmers As Woolies Walks.

Mapletree Pan Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> announced it would start executing on its buyback mandate (10% of H-shares out (2.047bn shares). This is potentially enormous. And absolutely praise-worthy.</li>
<li>The <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> prospective merger means a lot of flow. Lots and lots of flow. </li>
<li>The market was assigning ₩18bn (₩232,000/share) less for <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem (051910 KS)</a> stub ops since December 2020, when the battery business division (<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a>) was carved out.</li>
</ul>



China Mobile (941 HK) announced it would start executing on its buyback mandate (10% of H-shares out (2.047bn shares). This is potentially enormous. And absolutely praise-worthy.
The Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) prospective merger means a lot of flow. Lots and lots of flow. 
The market was assigning ₩18bn (₩232,000/share) less for LG Chem (051910 KS) stub ops since December 2020, when the battery business division (LG Energy Solution (LGENERGY KS)) was carved out.


Last Week in Event SPACE: Mapletree Merger, China Mobile, LG Chem, China Logistics

<ul>
<li>There are currently 45 - mostly firm - transactions currently being discussed and analysed on Smartkarma</li>
<li>For a change of pace, there were no new deals this week discussed on Smartkarma.</li>
<li>There were updates for <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:2007:1" rel="noopener">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>,  <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-REIT (EREIT SP)</a>/<a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937:1" rel="noopener">ARA LOGOS (ALLT SP)</a>, and <a href="https://www.smartkarma.com/entities/yorkey-optical-international-cayman" target="_blank" data-smartkarma-citation="entities:12407:1" rel="noopener">Yorkey Optical International Cayman (2788 HK)</a>.</li>
</ul>


There are currently 45 - mostly firm - transactions currently being discussed and analysed on Smartkarma
For a change of pace, there were no new deals this week discussed on Smartkarma.
There were updates for Katakura Industries (3001 JP), China Logistics Property Holdings (1589 HK),  ESR-REIT (EREIT SP)/ARA LOGOS (ALLT SP), and Yorkey Optical International Cayman (2788 HK).


Asia-Pac Weekly Risk Arb Summary: ARA LOGOS, Katakura Industries, China Logistics, Yorkey Optical

<ul>
<li>For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.</li>
<li>The average premium for the new deals announced (or first discussed) in December was ~41%, with a year-to-date average of ~33% (165 deals &amp; total deal size of US$282bn).</li>
<li>This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.</li>
</ul>


For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.
The average premium for the new deals announced (or first discussed) in December was ~41%, with a year-to-date average of ~33% (165 deals &amp; total deal size of US$282bn).
This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.


<ul>
<li>There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deals this week: <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>'s Scheme Offer; and <a href="https://www.smartkarma.com/entities/shin-keisei-electric-railway" target="_blank" data-smartkarma-citation="entities:6262:1" rel="noopener">Shin Keisei Electric (9014 JP)</a> cleaning up two of its subsidiaries, </li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a>, <a href="https://www.smartkarma.com/entities/hitachi-metals-ltd" target="_blank" data-smartkarma-citation="entities:8561:1" rel="noopener">Hitachi Metals (5486 JP)</a>, and <a href="https://www.smartkarma.com/entities/golden-throat-holdings-group" target="_blank" data-smartkarma-citation="entities:22664:1" rel="noopener">Golden Throat Holdings (6896 HK)</a>.</li>
</ul>


There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.
Three new deals this week: Razer Inc (1337 HK)'s Scheme Offer; and Shin Keisei Electric (9014 JP) cleaning up two of its subsidiaries, 
Keys updates took place for: Australian Pharmaceutical Industries (API AU), Hitachi Metals (5486 JP), and Golden Throat Holdings (6896 HK).


Asia-Pac Weekly Risk Arb Summary: Razer, Daibiru, Utoc, Aussie Pharma, Hitachi Metals, Golden Throat

Australia

Woolworths Limited operates supermarkets, specialty and discount department stores, liquor and electronics stores throughout Australia.  Woolworths also manufactures processed foods, exports and wholesales food and offers petrol retailing.  The Company also operates hotels which includes pubs, food, accommodation, and gaming operations.

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Woolworths Ltd (WOW AU)

Aussie Pharma: Path Cleared For Wesfarmers As Woolies Walks.

Trading at a gross/annualised spread of 1.0%/4.6%. If you are a zero-rate taxpayer, or a low-rate payer, who can reclaim the franking credits,...

David Blennerhassett

Last Week in Event SPACE: Mapletree Merger, China Mobile, LG Chem, China Logistics

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

Asia-Pac Weekly Risk Arb Summary: ARA LOGOS, Katakura Industries, China Logistics, Yorkey Optical

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

(Mostly) Asia M&A: December 2021 Roundup

For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn. The...

David Blennerhassett

Asia-Pac Weekly Risk Arb Summary: Razer, Daibiru, Utoc, Aussie Pharma, Hitachi Metals, Golden Throat

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

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