Consumer: Cocoaland Holdings, Tsingtao Brewery Co Ltd H, Broadridge Financial Solutions, Inc and more

In today’s briefing:

Cocoaland (COLA MK): F&N Scheme At RM1.50/Share

Fraser & Neave Holdings (FNH MK) is proposing to privatise 27.66%-held Cocoaland Holdings (COLA MK) at RM1.50/share by way of a Scheme.
The Offer price is a 26.1% premium to last close. Leverage Success, the largest shareholder with 40.65% stake has given an irrevocable undertaking to vote for the Scheme.
The board of Cocoaland has until the 17 June to respond.

Cocoaland Holdings (COLA MK) announced a privatisation offer from Fraser & Neave Holdings (FNH MK) at RM1.50 per share, a 26.1% premium to the undisturbed price.
The key conditions are the headcount test and <10% rejection from all disinterested shareholders. The shareholder (Leverage Success) with a blocking stake has provided an irrevocable.
The offer is attractive in comparison to long-term historical share prices and multiples. The Board must respond by no later than 5 pm on 17 June.

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.
Placements stole the limelight this week with Tsingtao, Woodside and Digital Tel Infra all managing to do well.

Diamond Hill invests on behalf of clients through a shared commitment to its valuation-driven investment principles, long-term perspective, capacity discipline and client alignment.
Amid a rocky market environment, our portfolio’s negative returns still outpaced the Russell 2000 Index by a healthy margin in Q1.
After a strong rebound in 2021, global GDP growth is expected to moderate in 2022.
From current levels, equity market returns over thenext five years are likely to be below historical averages.

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