In today’s briefing:
- OreCorp (ORR AU): Musings On The Minimum Bid Price
- Benesse (9783) – Through Terms But Maybe Not Enough To Threaten Bump as TOB Launch Approaches
- EQD | Nikkei 225 WEEKLY Lift Off: Can It Go Higher?
OreCorp (ORR AU): Musings On The Minimum Bid Price
- On the 27 Dec, to circumvent Perseus (PRU AU)‘s 19.9% dissenting vote, Orecorp (ORR AU) and Silvercorp (SVM CN) agreed to an off-market takeover, on the same terms.
- That Offer – A$0.19 in cash and 0.0967 new Silvercorp shares – opened on the 3 January.
- Silvercorp paid ~A$0.51/share, on-market, just prior to the Offer. OreCorp is currently trading ~A$0.51-$0.52/share. Is there any legal obligation to set a minimum floor price of A$0.51/share?
Benesse (9783) – Through Terms But Maybe Not Enough To Threaten Bump as TOB Launch Approaches
- When the announcement for an MBO for Benesse Holdings (9783 JP) was made in November, they suggested it would take 3 months for approvals to launch. SAMR announced approval Wednesday.
- Japan approval should be (or have been) easy. One might expect this deal to launch prior to “early February”. The stock is trading through terms…. but…
- A reminder that this stock is TOO CHEAP. Bad management means low expectations means a decent premium still ends up at too low a price vs management’s own forecasts.
EQD | Nikkei 225 WEEKLY Lift Off: Can It Go Higher?
- The Nikkei 225 INDEX experienced a 1-week explosive rally, last week, reaching nearly +6.6% higher than the previous week’s Close.
- The index is now very overbought, can it continue to rise next week? and and how much higher can it go?
- Go SHORT in the 36000-38350 price area, but the trade is not without risk.
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