In today’s briefing:
- Oishi Group (OISHI TB): ThaiBev’s Delisting Tender Offer at THB59.00
- Tesla: The Show Goes On
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment
- Change in Attitude of Domestic Institutional Investors Is Key to Approval of Shareholder Proposal
Oishi Group (OISHI TB): ThaiBev’s Delisting Tender Offer at THB59.00
- Oishi Group PCL (OISHI TB) has disclosed a delisting tender offer from Thai Beverage (THBEV SP) at THB59.00 per share, a 26.9% premium to the undisturbed price (10 March).
- The offer is conditional on Oishi shareholder approval which requires 75% approval by total outstanding shares and <10% rejection by total outstanding shares. ThaiBev can vote at the EGM.
- The offer price is reasonable and timing is the key risk. The delisting EGM will be held on 3 May. The offer must be open for 45 business days.
Tesla: The Show Goes On
- Tesla’s sales growth is yet to revert to a linear distribution, given Tesla’s market share and the exponential growth attached to the EV space.
- Rumors of a lithium mine acquisition and an additional Gigafactory indicate that Tesla is working toward a lower cost base.
- It has been a rollercoaster ride for Tesla, Inc. (NASDAQ:TSLA) stock recently, as various market-based and idiosyncratic features coalesced to ramp up the asset’s volatility.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment
- There are 43 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- One new deal was discussed on Smartkarma this past week: TPG’s non-binding Offer for Invocare Ltd (IVC AU).
- Key updates took place for Yashili International Holdings (1230 HK), Pushpay Holdings (PPH NZ), Nippon Steel Trading Corporation (9810 JP), and S.M.Entertainment Co (041510 KS).
Change in Attitude of Domestic Institutional Investors Is Key to Approval of Shareholder Proposal
- Without sufficient sales growth and profitability, including profit margins and ROE, it is understandable that shareholders will demand greater shareholder returns in order to secure a return on their investment.
- Since Zojirushi’s foreign shareholder ratio is 19.9%, it was expected that shareholder proposals including takeover defense measures would likely be rejected at the general shareholders meeting.
- The likelihood of passage by a company that have low foreign ownership ratio is unlikely to increase without significant change in the attitude of domestic institutional investors toward shareholder proposals.
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