In today’s briefing:
- Kirin Looks To Take Blackmores Private
- Blackmores (BKL AU): Kirin’s Binding A$95.00 Offer
- Millennium Services Group Ltd – Contract Wins Now Evident in the Numbers
Kirin Looks To Take Blackmores Private
- Japan’s Kirin Holdings (2503 JP) has proposed taking Aussie vitamin play Blackmores Ltd (BKL AU) private by way of a Scheme at A$95/share.
- That’s a 23.7% premium to last close, and represents 23.1x LTM December 2022 EBITDA.
- Irrevocables are 18% of shares out. This Scheme requires clearance from ACCC, FIRB – and China’s SAMR.
Blackmores (BKL AU): Kirin’s Binding A$95.00 Offer
- Blackmores Ltd (BKL AU) has entered a binding proposal with Kirin Holdings (2503 JP) at A$95.00 per share, a 23.7% premium to the undisturbed price (16 April).
- The offer is attractive. Marcus Blackmore, the largest shareholder, will vote in favour of the offer. Regulatory approvals should be forthcoming.
- The scheme meeting is in July. At the last close, the gross and annualised spread for a late August payment is 0.8% and 2.2%, respectively.
Millennium Services Group Ltd – Contract Wins Now Evident in the Numbers
- Millennium Services Group Ltd (ASX:MIL) has announced an update on Q3 FY23 revenue and cash flow from operating activities.
- MIL achieved the first positive quarterly revenue growth since Q1 FY22 at +3.5%, while contract revenue growth was ~+12.6% on the pcp (excludes ad-hoc revenue).
- The COVID-related ad-hoc revenue has now all but cycled out of the quarterly numbers while new contract wins cycle in.
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