In today’s briefing:
- StubWorld: LVS To Up Stake In Sands. Melco Back To Square One
- Investigating Float Rate Issues of Ecopro Materials & Doosan Robotics for Global Index Feb Review
- Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50
- MBK Partners Raises Tender Offer Price of Hankook and Co to 24,000 Won
StubWorld: LVS To Up Stake In Sands. Melco Back To Square One
- Las Vegas Sands (LVS US) announced it will buy ~1% of Sands China (1928 HK). Melco International Development (200 HK) mean reverts after a roller coaster out/under-performance.
- Preceding my comments on Las Vegas Sands and Melco are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Investigating Float Rate Issues of Ecopro Materials & Doosan Robotics for Global Index Feb Review
- With recent surges in EcoPro Materials and Doosan Robotics, it’s crucial for their potential inclusion in the February Global Index review. No other names approach the threshold.
- Depending on classification, Ecopro Materials may get a free-float rate from 15% to 20%, while Doosan Robotics may receive a rate from 20% to 30%.
- With max free-float rates (20% and 30%), both meet Cutoffs. At minimum rates, Doosan Robotics needs over a 20% increase, while Ecopro Materials slightly exceeds Cutoffs.
Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50
- Vinda International (3331 HK) has announced a pre-conditional voluntary offer from Sukanto Tanoto at HK$23.50 per scheme share, a 7.8% premium to the undisturbed price (26 April).
- The pre-condition relates to China SAMR and Japan Fair Trade Commission approval. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.
- Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval is the key risk.
MBK Partners Raises Tender Offer Price of Hankook and Co to 24,000 Won
- After market close on 15 December, MBK Partners raised the tender offer price of Hankook & Company by 20% to 24,000 won, which is now 51.4% higher than current price.
- With Cho Yang-Rae’s recent acquisition of shares, Cho Hyun-beom, Cho Yang-rae, and related parties now own about 45.6% of Hankook & Co, up from 42.9% previously.
- MBK Partners has requested an official investigation by the FSS, claiming that Cho Yang-rae and HY have violated the Capital Markets Act by recently purchasing shares of Hankook & Co.
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