In today’s briefing:
- Crown Resorts: Blackstone Group Raises Offer to AU$13.10 a Share Confirming Our May 20th Guidance
- Liquid Universe of European Ordinary and Preferred Shares: January ’22 Report
Crown Resorts: Blackstone Group Raises Offer to AU$13.10 a Share Confirming Our May 20th Guidance
- Crown’s Board which had rejected two prior Blackstone offers is now seen as embracing its latest bid, but negotiations will be non-exclusive.
- Our contention was that due diligence undertaken by Blackstone would result in a higher bid. They already hold 9.9%.
- Stock has long been dead pooled at AU$11 due to regulatory uncertainties prompted by New South Wales investigative report of alleged irregularities in VIP and money laundering.
Liquid Universe of European Ordinary and Preferred Shares: January ’22 Report
- Spreads have generally tightened across our liquid universe, 450 bps in the case of Volkswagen.
- Recommendations Long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, Investor AB.
- Recommendations Long prefs / short ords: BMW, Roche, Schroders, Telecom Italia, Volkswagen.
Before it’s here, it’s on Smartkarma
