Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>Back on 13th July this year, Australia-based ready-made meal delivery company <a href="https://www.smartkarma.com/entities/youfoodz-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33759:1" rel="noopener">Youfoodz Holdings (YFZ AU)</a> entered into a Scheme Implementation Deed with multinational meal-kit delivery company <a href="https://www.smartkarma.com/entities/hellofresh-ag" target="_blank" data-smartkarma-citation="entities:26000:1" rel="noopener">HelloFresh AG (HFG GR)</a>. This was discussed in <a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a>'s insight: <em><a href="https://skr.ma/FgACa" target="_blank" rel="noopener">Youfoodz (YFZ AU): HelloFresh's Lowball Takeover Offer Difficult to Block But Not UnBumbable</a></em>. </p>
<p><em><strong>The Offer Price of A$0.93/share was 38% lower than the IPO Price of A$1.50/share in December 2020</strong></em>. This was a friendly all-cash Deal. Or as Janaghan put it, a Rescue Offer. Shareholders <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02433229-3A577805?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">approved</a> the Offer at the Scheme Meeting on the 8 October. </p>
<p>This brings us to online shopping rewards platform <a href="https://www.smartkarma.com/entities/cashrewards-ltd" target="_blank" data-smartkarma-citation="entities:34205:1" rel="noopener">Cashrewards (CRW AU)</a>, which has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02439381-2A1332732?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it has entered into a Bid Implementation Deed with ANZ Bank’s innovation and investment arm 1835i Group.</p>
<p>The Offer price of A$1.135/share is a 19.5% premium to last close, but a 35% discount to its IPO price last December.</p>
<p>Nevertheless, the Offer has unanimous board support, and Andrew Clarke, Alium Capital &amp; M&amp;S Skyleisure, with 39.4%, will tender into the Offer, in the absence of a superior proposal. 1835i currently holds 19%.</p>
<p>This looks done. It may jog a competing Offer, but ANZ has an effective lock on the company.</p>
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Back on 13th July this year, Australia-based ready-made meal delivery company Youfoodz Holdings (YFZ AU) entered into a Scheme Implementation Deed with multinational meal-kit delivery company HelloFresh AG (HFG GR). This was discussed in Janaghan Jeyakumar, CFA's insight: Youfoodz (YFZ AU): HelloFresh's Lowball Takeover Offer Difficult to Block But Not UnBumbable. 
The Offer Price of A$0.93/share was 38% lower than the IPO Price of A$1.50/share in December 2020. This was a friendly all-cash Deal. Or as Janaghan put it, a Rescue Offer. Shareholders approved the Offer at the Scheme Meeting on the 8 October. 
This brings us to online shopping rewards platform Cashrewards (CRW AU), which has announced it has entered into a Bid Implementation Deed with ANZ Bank’s innovation and investment arm 1835i Group.
The Offer price of A$1.135/share is a 19.5% premium to last close, but a 35% discount to its IPO price last December.
Nevertheless, the Offer has unanimous board support, and Andrew Clarke, Alium Capital &amp; M&amp;S Skyleisure, with 39.4%, will tender into the Offer, in the absence of a superior proposal. 1835i currently holds 19%.
This looks done. It may jog a competing Offer, but ANZ has an effective lock on the company.


Cashrewards (CRW AU)'s Offer Is 34% Below Last December's IPO

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<p>On 13th July 2021, Australia-based ready-made meal delivery company <a href="https://www.smartkarma.com/entities/youfoodz-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33759:1" rel="noopener">Youfoodz Holdings (YFZ AU)</a> announced they had entered into a Scheme Implementation Deed with multinational meal-kit delivery company <a href="https://www.smartkarma.com/entities/hellofresh-ag" target="_blank" data-smartkarma-citation="entities:26000:1" rel="noopener">HelloFresh AG (HFG GR)</a> which will see them get acquired in an all-cash transaction that valued the company at a market cap of A$125mn. </p><p>The Offer Price is A$0.93/share in cash. The transaction will be conditional on the receipt of regulatory approvals and Target shareholder approval.</p><p>The Deal is expected to be completed in October/November 2021. </p><div><p><em>More below the fold. </em></p></div><hr><div><div><div class="content-remarks"><p>For more information about M&amp;A rules, regulations, and practices in Australia, please refer to <a href="https://www.smartkarma.com/insights/quiddity-australia-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30118" rel="noopener">Quiddity Australia M&amp;A Guide 2019</a> and <a href="https://www.smartkarma.com/insights/quiddity-m-a-australia-foreign-investment-reforms" target="_blank" data-smartkarma-citation="insights:40210" rel="noopener">Quiddity M&amp;A: Australia Foreign Investment Reforms</a> </p></div></div></div>

On 13th July 2021, Australia-based ready-made meal delivery company Youfoodz Holdings (YFZ AU) announced they had entered into a Scheme Implementation Deed with multinational meal-kit delivery company HelloFresh AG (HFG GR) which will see them get acquired in an all-cash transaction that valued the company at a market cap of A$125mn. The Offer Price is A$0.93/share in cash. The transaction will be conditional on the receipt of regulatory approvals and Target shareholder approval.The Deal is expected to be completed in October/November 2021. More below the fold. For more information about M&amp;A rules, regulations, and practices in Australia, please refer to Quiddity Australia M&amp;A Guide 2019 and Quiddity M&amp;A: Australia Foreign Investment Reforms 

Youfoodz (YFZ AU): HelloFresh's Lowball Takeover Offer Difficult to Block But Not UnBumbable

Australia

Youfoodz Pty Ltd manufactures packaged food products. The Company offers fresh ready-made meals, snacks, juices, and other food products. Youfoodz serves customers in Australia.

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Youfoodz Holdings (YFZ AU)

Cashrewards (CRW AU)'s Offer Is 34% Below Last December's IPO

You have major shareholders and founder support. 1835i has effective control over the company. Trading at a gross spread to terms of 3.2%....

David Blennerhassett

Youfoodz (YFZ AU): HelloFresh's Lowball Takeover Offer Difficult to Block But Not UnBumbable

Multi-national mealkit provider giant HelloFresh bids for Aussie local YouFoodz. May be Rescue Bid but it's well below what they have recently...

Janaghan Jeyakumar, CFA

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