In today’s briefing:
- OZ Minerals (OZL): BHP Offer Swiftly Rejected
- Mesoblast (MSB AU): Trading Halt; Decreased Net Cash Usage in Q4; Positive Clinical Trial Results
OZ Minerals (OZL): BHP Offer Swiftly Rejected
- BHP Group Ltd (BHP AU) made a non-binding indicative proposal to acquire all shares in OZ Minerals Ltd (OZL AU) at A$25/share and was swiftly rejected.
- We feel an offer around the A$28.5-A$29/share range would get the OZ Minerals Ltd (OZL AU) Board to open up its books for due diligence.
- 3.25% of the outstanding shares have been shorted and the stock could trade higher than the BHP offer price. We’d wait for a price around A$25/share to enter.
Mesoblast (MSB AU): Trading Halt; Decreased Net Cash Usage in Q4; Positive Clinical Trial Results
- Mesoblast Ltd (MSB AU) shares have been put on trading halt on August 4 due to pending announcement on private placement. The company undertook last private placement in March 2021.
- Net operating cash usage has been declining over the last six quarters. In Q4FY22, net cash usage for operating activities decreased 33% y/y to $13.9 million.
- Last month, Mesoblast announced promising results from rexlemestrocel-L trial in chronic heart failure patients. Rexlemestrocel-L delivered an improvement in left ventricular ejection fraction at 12 months.
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