In today’s briefing:
- Nearmap’s A$2.10 Per Share Indicative Offer from Thoma Bravo
- S&P/ASX Index Rebalance Preview: Adds Outperform Deletes As Review Period End Nears
- ANZ Renounceable Entitlement Offer – Could Be a Relatively Large (A$550-750m) Retail Shortfall
- Telix Pharmaceuticals (TLX AU): Illuccix Launched in US; Large Market Opportunity; Potential to Grow
- Nearmap: Thoma Bravo’s Bird’s Eye View
Nearmap’s A$2.10 Per Share Indicative Offer from Thoma Bravo
- Nearmap Ltd (NEA AU) disclosed a non-binding indicative offer of A$2.10 per share from Thoma Bravo. The offer price represents a 39.1% premium to the last trading day price.
- Thoma Bravo has secured a 7-day exclusivity to firm up an offer. Thoma Bravo is a credible bidder and agreed to acquire Ping Identity Holding Corp (PING US) last week.
- Nearmap also revealed other non-binding expressions of interest. The exclusivity could flush out other bids. We think that offer is reasonable. At the last close, the gross spread is 11.4%.
S&P/ASX Index Rebalance Preview: Adds Outperform Deletes As Review Period End Nears
- There are 4 trading days to go in the review period for the September rebalance of the S&P/ASX indices. Announcement is on 2 September with implementation on 16 September.
- There could be 6 changes to the S&P/ASX 200 (AS51 INDEX), increasing to 8 if AVZ Minerals (AVZ AU) continues to be halted and if Link Administration (LNK) is privatised.
- The potential adds have outperformed the potential deletes over the last month. Short interest has increased on a few potential deletes. There will be pre-positions built up.
ANZ Renounceable Entitlement Offer – Could Be a Relatively Large (A$550-750m) Retail Shortfall
- ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.
- The institutional part of the entitlement offer saw a strong take up and the shares have held up well since the deal was announced.
- In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.
Telix Pharmaceuticals (TLX AU): Illuccix Launched in US; Large Market Opportunity; Potential to Grow
- Telix Pharmaceuticals (TLX AU) has launched its prostate cancer imaging product, Illuccix in the U.S. in April 2022. The U.S. total addressable market value is estimated at $750 million.
- The U.S. commercial launch of Illuccix is off to a strong start. Illuccix generated revenue of $13.6 million in the U.S. in the ten weeks following first commercial sales.
- Telix is progressing marketing authorization applications for Illuccix in Europe and Canada. The company’s partners are advancing toward Illuccix launch in China and South Korea.
Nearmap: Thoma Bravo’s Bird’s Eye View
- Mapping technology outfit Nearmap Ltd (NEA AU) has fielded a non-binding indicative offer from San Francisco-based PE firm Thoma Bravo.
- Thoma Bravo is offering A$2.10/share, a 39% premium to last close, and an 83% premium to when Nearmap was first approached in early July.
- Due diligence is at an advanced stage. Curiously, Nearmap has agreed to pay Thoma Bravo up to US$3mn if a transaction agreement does not result.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
