In today’s briefing:
- Symbio: Aussie Broadband Lobs Competing NBIO
- EQD | S&P/ASX200 Index Stuck, But Could Bounce Soon
Symbio: Aussie Broadband Lobs Competing NBIO
- On the 22 September, Symbio Holdings (SYM AU) received a best and final NBIO from Superloop Ltd (SLC AU) : A$1.425 cash and 2.14 Superloop shares for each Symbio share.
- Those indicative terms backed out an implied price of A$2.85/share, or a 20% premium to undisturbed. Now Aussie Broadband (ABB AU) has snuck in with a superior cash/scrip Offer.
- The competing Offer’s implied consideration of A$3.151/share boasts a larger cash component vs. Superloop. Symbio’s board is supportive if terms are firmed. Superloop’s Offer has now lapsed.
EQD | S&P/ASX200 Index Stuck, But Could Bounce Soon
- The S&P/ASX 200 INDEX is trading below the Q3 WEEKLY support at 7072 (OVERSOLD). It closed down 2 weeks in a row (CC=-2) and this week is also down (CC=-3).
- As previously discussed the index is stuck in a range since August 2021, but from a short-term tactical viewpoint it could bounce soon, still remaining in range.
- Current support range is 7072-6900, there is a good chance to see a bounce from this area within 2 weeks.
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