In today’s briefing:
- Renesas’ Transformative Offer For Altium
- Altium (ALU AU): Renesas (6723 JP) Binding A$68.50 Offer
- Ansarada (AND AU): Datasite’s Binding A$2.50 Offer
- Amaero International Ltd – Fairmont Consulting Report Underlines Project Viability
- Fairmont Consulting report underlines project viability
Renesas’ Transformative Offer For Altium
- Renesas Electronics (6723 JP), a supplier of advanced semiconductors, is offering Altium Ltd (ALU AU) shareholders A$68.50/share, in cash, a lifetime high, by way of a Scheme.
- Back in June 2021, Altium rejected a A$38.50/share NBIO, then a A$40/share verbal Offer, from US engineering software giant Autodesk. This was discussed in Altium Ltd (ALU) Rebuffs Autodesk Offer
- This is compelling Offer for Altium. For Renesas, this transaction is a paradigm shift away from its core semiconductors manufacturing ops.
Altium (ALU AU): Renesas (6723 JP) Binding A$68.50 Offer
- Altium Ltd (ALU AU) has entered a scheme implementation deed with Renesas Electronics (6723 JP) at A$68.50 per share, a 33.6% premium to the undisturbed price (14 February).
- The offer will close in 2H, requiring several approvals – FIRB, CFIUS, HSR Act clearance, German Ministry FDI, German Federal Cartel Office clearance, and Turkish Competition Authority.
- The offer price is attractive and 31% above the all-time high, lowering the chance of a competing proposal. At the last close, the gross spread is 3.8%.
Ansarada (AND AU): Datasite’s Binding A$2.50 Offer
- On 13 February, Ansarada Group Ltd (AND AU) entered a scheme implementation deed with Datasite. The offer price is A$2.50 per share, a 19.0% premium to the undisturbed price (12 February).
- The offer requires FIRB approval along with shareholder approval of the inter-conditional scheme and carve-out transaction.
- The offer price is reasonable and marginally short of the all-time high. At the last close and for an early June close, the gross/annualised spread is 2.5%/8.3%.
Amaero International Ltd – Fairmont Consulting Report Underlines Project Viability
- Amaero International Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace, and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
- The company has released an executive summary outlining the key findings from the market study prepared by Fairmont Consulting Group LLC into the niobium C103 alloy and other high-value specialty alloys used in mission-critical defence and space applications.
- The executive summary together with key assumptions and financial drivers released by Amaero have formed the basis of our revised earnings estimates for Amaero’s operation.
Fairmont Consulting report underlines project viability
- Amaero International Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace, and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA. The company has released an executive summary outlining the key findings from the market study prepared by Fairmont Consulting Group LLC into the niobium C103 alloy and other high-value specialty alloys used in mission-critical defence and space applications.
- The executive summary together with key assumptions and financial drivers released by Amaero have formed the basis of our revised earnings estimates for Amaero’s operation.
- Key assumption changes include the addition of a fourth gas atomiser, positioning for an estimated 40% of the C103 niobium powder market longer term, higher C103 prices than previously modelled, but a 50% yield on powder bed fusion powder production.
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