In today’s briefing:
- MMA Offshore (MRM AU): Disappointing Final Offer Poses a Vote Risk
- Capitol Health (CAJ AU)/Integral Diagnostics (IDX AU): An Improved Image
- Tamboran Resources US Offering – Strong Recent Momentum but CDIs Have Been Volatile Since Listing
MMA Offshore (MRM AU): Disappointing Final Offer Poses a Vote Risk
- Cyan Renewables has bumped its Mma Offshore (MRM AU) offer to A$2.70 per share, a 3.8% premium to the previous A$2.60 offer.
- The bump is derisory in the context of recent earnings upgrades. Since the binding proposal, MMA has upgraded its FY24 EBITDA and EBIT guidance by 9.8% and 15.5%, respectively.
- The AFR reported that around 30% of the register opposed the previous offer. A cursory 3.8% bump is unlikely to sway most of these dissenters to change their views.
Capitol Health (CAJ AU)/Integral Diagnostics (IDX AU): An Improved Image
- Diagnostic imaging provider Capitol Health (CAJ AU) has announced it has entered into a process deed with Integral Diagnostics (IDX AU)
- This non-binding indicative Offer, by way of a Scheme, involves 0.12849 new IDX shares for each share of Capitol. The next step is four weeks of two-way confirmatory due diligence.
- The implied Offer Price under the scrip terms is A$0.3284/share. Should the transaction complete, Integral would hold 63% in the combined group. This is the second Integral/Capitol merger attempt.
Tamboran Resources US Offering – Strong Recent Momentum but CDIs Have Been Volatile Since Listing
- Tamboran Resources (TBN AU) is looking to raise US$175m from listing its shares in the US.
- Tamboran Resources is an early stage, independent natural gas exploration and production company.
- In this note, we talk about the deal dynamics and the listing impact.
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