In today’s briefing:
- Norwest Energy (NWE)’s Opportunistic Bid from Mineral Resources (MIN AU)
- Elmo Software (ELO AU)’s Scheme Meeting on 30 January
Norwest Energy (NWE)’s Opportunistic Bid from Mineral Resources (MIN AU)
- Mineral Resources (MIN AU) has launched an all-scrip off-market takeover offer at 1 MIN share for every 1,367 Norwest Energy Nl (NWE AU) shares, a 33.3% premium to undisturbed price.
- There is no minimum acceptance condition, and the offer is only subject to prescribed occurrences. The timing is opportunistic and motivated by recent Perth Basin consolidation activity.
- While the offer implies a premium to historical prices, the gross exchange ratio is unattractive. MIN’s key aim is privatisation, and a bump is likely required to achieve that goal.
Elmo Software (ELO AU)’s Scheme Meeting on 30 January
- The IE considers K1’s A$4.85 offer for Elmo Software (ELO AU) to be fair and reasonable as it is towards the high end of its valuation range of A$4.39-4.98.
- K1 has received FIRB and US antitrust approval. The remaining key conditions are shareholders and court approval.
- This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.
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