In today’s briefing:
- OZ Minerals (OZL AU): BHP Ups Offer by 13%; This Should Get Done
- Pendal/Perpetual: Revised Terms As Supreme Court Orders Scheme To Proceed
- OZ Minerals (OZL AU) And BHP Have a Deal – Investors Have an OTM Option on Copper
- Pendal (PDL AU)/Perpetual (PPT AU) Deal Gets a Lifeline from the Court
- PTB Group: Scheme Approved. Now For The Dividend
OZ Minerals (OZL AU): BHP Ups Offer by 13%; This Should Get Done
- BHP Group has made a revised conditional, non-binding and indicative proposal to acquire all shares in OZ Minerals Ltd (OZL AU) at A$28.25/share, 13% higher than its earlier offer.
- The OZ Minerals Board has agreed to give BHP Group Ltd (BHP AU) exclusive due diligence access for 4 weeks and intends to unanimously recommend the revised proposal.
- Barring a competing proposal, this is BHP Group‘s best and final price – expect the stock to trade close to A$28/share today.
Pendal/Perpetual: Revised Terms As Supreme Court Orders Scheme To Proceed
- Under the revised terms, Pendal (PDL AU) shareholders will receive 1 Perpetual (PPT AU) share for every 7 Pendal shares plus $1.65/share cash versus 7.50 Pendal shares and $1.976 cash.
- Separately, the Supreme Court of NSW ruled that Perpetual cannot delay the Scheme on the expectation of a more favourable Offer for the company.
- The first court hearing for the Scheme has been deferred until next week to seek orders convening the Scheme Meeting and for the despatch of the Scheme Booklet to shareholders.
OZ Minerals (OZL AU) And BHP Have a Deal – Investors Have an OTM Option on Copper
- After nearly 3 months of no talks and movement, then a flurry of both, BHP Group Ltd (BHP AU) and OZ Minerals Ltd (OZL AU) have an agreed Revised Proposal.
- OZ Minerals Board has agreed to support the Revised Proposal at A$28.25/share, a 13% bump, subject to due diligence provided on an exclusive basis for four weeks.
- A fully-franked dividend or capital return will be allowed (Scheme price to be adjusted). This will probably trade tight. One owns a call option on copper for probably 3-4 months.
Pendal (PDL AU)/Perpetual (PPT AU) Deal Gets a Lifeline from the Court
- Pendal Group (PDL AU) entered a revised SID with Perpetual Ltd (PPT AU). The revised offer consists of scrip (1 Perpetual share for every 7 Pendal share) and cash (A$1.650).
- Separately, the court found that Pendal could seek a range of remedies in addition to the A$23 million break fee should Perpetual terminate the scheme.
- While Regal Partners (RPL AU)/BPEA EQT could yet derail the scheme by lobbing another bid for Perpetual, the unprecedented court ruling makes it more challenging and costly.
PTB Group: Scheme Approved. Now For The Dividend
- PTB Group Ltd (PTB AU) shareholders comprehensively approved the PAG Scheme on the 16 November. Shares will be suspended from trading at the close on the 30 November.
- However, before the trading halt, PTB’s board is expected to declare a final (and fully franked) dividend to Scheme shareholders up to the amount of A$0.03/share.
- Expect that declaration to occur on or around Monday, 28 November.
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