In today’s briefing:
- Warrego (WGO AU)’s Rinehart V Stokes Takeover Tussle in Full Swing
- S&P/ASX Index Rebalance (Dec 2022): Couple of Changes to Close Out the Year
- Bigtincan (BTH AU)’s Lightweight A$0.80 Offer from SQN
Warrego (WGO AU)’s Rinehart V Stokes Takeover Tussle in Full Swing
- Beach Energy (BPT AU)’s revised offer of A$0.25 per share was quickly gazumped by Hancock’s revised off-market proposal of A$0.28 for Warrego Energy (WGO AU). All other terms remain unchanged.
- Speculation that Strike Energy (STX AU) would also be a takeover target has resulted in its all-scrip offer rising to A$0.248 per share (at last close).
- Expect another round of the takeover battle as the bidders are well capitalised and the strategic importance of Perth Basin as Australia’s premier onshore basin.
S&P/ASX Index Rebalance (Dec 2022): Couple of Changes to Close Out the Year
- Pilbara Minerals (PLS AU) will replace Lendlease Group (LLC AU) in the S&P/ASX 50 Index, while Monadelphous (MND AU) will replace St Barbara Ltd (SBM AU) in the S&P/ASX 200.
- The largest impact from passive trading will be on Monadelphous (MND AU) while the largest flow will be on Pilbara Minerals (PLS AU).
- There appears to be significant short positioning on Lendlease Group (LLC AU) as cumulative excess volume and short interest continue to rise.
Bigtincan (BTH AU)’s Lightweight A$0.80 Offer from SQN
- Bigtincan Holdings Ltd (BTH AU) disclosed a non-binding indicative offer of A$0.80 per share offer from SQN, a skinny 17.6% premium to the undisturbed price.
- The offer is unattractive on several fronts and is the latest beaten-down ASX tech stock to be subject to a PE bid. Expect the Board to reject the offer.
- Bigtincan also revealed other non-binding expressions of interest. This offer could flush out other potential bidders. At the last close, the gross spread is 6.0%.
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