In today’s briefing:
- Insignia Financial (IFL AU): Bain Contemplating a Privatisation Bid
- Insignia Financial (IFL AU): Bain’s Indicative Proposal a Tad Light
- Insignia Financial (IFL AU): Bain’s A$4.00/Share NBIO. Needs More Gruel
- NVX: Positive Takeaways From Analyst Day Include Company’s Successful Attainment of 2024 Key Objectives
Insignia Financial (IFL AU): Bain Contemplating a Privatisation Bid
- IOOF Holdings (IFL AU) shares rose 11% in the final minutes of trade, fueled by media reports suggesting that Bain was in the advanced stages of making a buyout offer.
- The presence of several substantial shareholders necessitates an attractive takeover premium. Takeover interest is unsurprising as Insignia trades at a material discount to peers.
- We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67, a 37.4% premium to the last close.
Insignia Financial (IFL AU): Bain’s Indicative Proposal a Tad Light
- IOOF Holdings (IFL AU) has received an indicative proposal from Bain Capital to acquire all of its shares at A$4/share in cash.
- The offer takes advantage of IOOF Holdings (IFL AU)‘s underperformance over the last couple of years and there could be competing offers from other investment managers.
- Short interest in IOOF Holdings (IFL AU) is around 2% of shares out and 2.5% of float. There could be short covering in the next few days.
Insignia Financial (IFL AU): Bain’s A$4.00/Share NBIO. Needs More Gruel
- Insignia Financial (IFL AU), a wealth manager and previously known as IOOF, has announced a A$4.00/share non-binding and indicative proposal from PE outfit Bain Capital.
- The Offer, should it proceed, will be by way of a Scheme. Apart from IFL’s shareholder approval, a firm bid requires FIRB signing off.
- IFL’s board is weighing up the Offer’s pros and cons. This probably requires a small bump.
NVX: Positive Takeaways From Analyst Day Include Company’s Successful Attainment of 2024 Key Objectives
- Each of NVX’s 3 operating units is expected to play an important role in its development & growth, as NVX leverages proprietary R&D & patented technology to develop critical materials for the battery sector.
- The Anode unit is moving towards commercial production at the Riverside facility.
- NVX’s goal as it advances its cathode unit – the cathode active material (CAM) market is expected to reach >$100B globally by 2030 – is to maximize sustainability & cost efficiency around its processes.
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