In today’s briefing:
- Vinda (3331 HK): Tanoto Sees The Wood
- Advent & CenterBridge/Aareal Bank AG: Delisting Offer
Vinda (3331 HK): Tanoto Sees The Wood
- On the 27 April, Vinda (3331 HK) announced its controlling shareholder Essity (ESSITYB SS) would commence a strategic review of its 51.59% ownership. See Essity Mulls Holding In Vinda (3331 HK).
- That shook a variety of suitors out of the woodwork (so to speak) including (reportedly) Brazil’s Suzano, the world’s largest hardwood pulp producer, Bain Capital, CVC Capital, and DCP Capital.
- The latest (alleged) interested party is the Tanoto family, currently holding a 7.03% stake, having first cleared 5% on the 26 September.
Advent & CenterBridge/Aareal Bank AG: Delisting Offer
- The Delisting Agreement should end the Atlantic bidding for Aareal Bank AG (ARL GR) saga. Atlantic has been hoovering shares in the market since last 7 June.
- Atlantic probably owns c.90.8%. Based on daily trading volumes, it would take many days to acquire shares and reach the 95% barrier required to implement a squeeze-out.
- Spread is 0.3%/2.3% (gross/annualised, assuming settlement on 8 December), not too bad for a quick buck, but liquidity is razor thin.
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