In today’s briefing:
- A2B (A2B AU): A$0.60 Fully Franked Divi + A$1.45/Share Offer From ComfortDelGro
- Probiotec (PBP AU) Agrees To Pyridam’s Bid
- A2B Australia (A2B AU): ComfortDelGro’s Binding Proposal
- Probiotec (PBP AU): Pyridam’s Binding Proposal
A2B (A2B AU): A$0.60 Fully Franked Divi + A$1.45/Share Offer From ComfortDelGro
- Taxi-Related services operator A2B Australia (A2B AU) has completed a large property sale and subsequently entered into a Scheme with Singapore’s ComfortDelGro Corp (CD SP).
- The property sale enabled a $0.60/share fully franked dividend. Separately, and in addition, ComfortDelGro is offering A$1.45/share. Or A$2.05/share all-in. Before franking credits, for those who can take advantage.
- The special divi ex-date is the 12 January. It is not conditional on the Scheme. Implementation for the Scheme, assuming all approvals are met, is expected mid-April.
Probiotec (PBP AU) Agrees To Pyridam’s Bid
- Drugs maker/packager group Probiotec Ltd (PBP AU) has entered into a Scheme with Indonesia’s Pyridam Farma (PYFA IJ).
- Pyridam is offering Probiotec shareholders A$3.00/share (in cash, or a 19% premium to the undisturbed price). Interim and final dividends up to A$0.035/share and A$0.04/share, respectively, may be added.
- It has not been declared final. The Offer has the board’s backing. A Scheme Meeting is expected to be held in May with possible completion in early June 2024.
A2B Australia (A2B AU): ComfortDelGro’s Binding Proposal
- A2B Australia (A2B AU) has entered a scheme implementation deed with Comfortdelgro Corp (CD SP) at A$1.45 per share. Including the special dividend of A$0.60, the total offer is A$2.05.
- ACCC approval should be forthcoming as ComfortDelGro is not a significant player in Australia. A2B has several substantial shareholders and a high retail shareholder base, posing a risk.
- The shares are trading through terms. However, a bump is unlikely as the offer is attractive, and several substantial shareholders have sold down recently.
Probiotec (PBP AU): Pyridam’s Binding Proposal
- Probiotec Ltd (PBP AU) has entered a scheme implementation deed with Pyridam Farma (PYFA IJ) at A$3.00 per share, a 19.0% premium to the undisturbed price (21 December).
- Including potential dividends, the total potential offer price is A$3.075 per share. The scheme requires Probiotec shareholders, Pyridam shareholders, FIRB and Indonesia OJK approvals.
- The offer is attractive and represents an all-time high. At the last close, the gross spread of the base offer and total potential offer is 3.1% and 5.7%, respectively.
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