In today’s briefing:
- Itochu Buying Descente (8114) – ANTA Selldown Offset Or Creeping Takeover?
- SET50 Index Rebalance Preview: Two Potential Changes in December
- Costa Mulls Paine Schwartz’s Lower Bid
Itochu Buying Descente (8114) – ANTA Selldown Offset Or Creeping Takeover?
- Four years after Itochu got to 40.0% of votes in Descente (8114) in a hostile Tender Offer, Descente partner ANTA, which supported Itochu at the time started selling its stake.
- A few months later, Itochu started buying shares of Descente in the market. As of 7 Sep, Itochu had bought Descente shares 81 days straight (9.7% of ADV).
- This begs the question: Is Itochu ensuring they maintain voting control as ANTA sells? Or are they buying to lift their stake prior to another bid?
SET50 Index Rebalance Preview: Two Potential Changes in December
- There could be two changes for the SET50 INDEX with JMT Network Services (JMT TB) and I-TAIL (ITC TB) replacing Srisawad Power (SAWAD TB) and Ngern Tid Lor (TIDLOR TB).
- With no further inclusions on the Market Surveillance Measure list, Delta Electronics Thai (DELTA TB) should be safe at the December rebalance.
- There are a couple of stocks that are close to passing/failing the liquidity tests and that could result in further changes to the index.
Costa Mulls Paine Schwartz’s Lower Bid
- Back on the 4 July, Paine Schwartz Partners (PSP) made an A$3.50/share NBIO for Costa Group (CGC AU) by way of a Scheme. PSP held 14.84% at the time.
- The due diligence period came and went, or so it appeared, but Costa said it remained ongoing. Rumours circulated that PSP had gone cold. 1H23 results were also delayed.
- Costa has now announced this morning that PSP has returned with a $3.20/share Offer – best and final – reduced for any permitted dividend of up to A$0.04, if declared.
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