In today’s briefing:
- JS Global (1691 HK)’s SharkNinja Spin-Off
- Georg Fischer/Uponor: Terms and Aliaxis’s Honourable Exit
- Liquid Universe of European Ordinary and Preferred Shares: June‘23 Report
JS Global (1691 HK)’s SharkNinja Spin-Off
- Back on the 23 February, household appliance maker JS Global Lifestyle (1691 HK) proposed spinning off SharkNinja’s ex-Asia Pac ops in the U.S.
- This spin-off would be undertaken as a distribution in-specie, creating a parallel listing structure for SharkNinja and the remaining operations.
- Shareholders of JSG will vote on the separate listing at the EGM on the 26 June, with the last day cum-entitlement on the 27 June.
Georg Fischer/Uponor: Terms and Aliaxis’s Honourable Exit
- White knight Georg Fischer AG (FI/N SW) announced a voluntary recommended public €28.85/share cash offer for Uponor OYJ (UNR1V FH), a 12% premium to Aliaxis’s offer, with c.37% irrevocable undertakings.
- Although Aliaxis could still block a squeeze-out, GF and Uponor could make its life difficult and are granting it an honourable exit with capital gains around €55 million.
- Spread is 0.52%/1.05% (gross/annualised, assuming settlement by mid-December). Although I believe the deal will close, it is probably not worth going long Uponor it on this spread level.
Liquid Universe of European Ordinary and Preferred Shares: June‘23 Report
- Since mid-May, spreads have generally tightened across our liquid universe (13 have tightened, 6 widened).
- Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.
- Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.
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