In today’s briefing:
- Xingda Int’l (1899 HK): Partial MBO Open For Tendering
- Acotec (6669 HK): Current Proration of 82.7%
- Tyro Offers Due Diligence To Potentia
- Siemens/Siemens Gamesa: Running for the Exit
Xingda Int’l (1899 HK): Partial MBO Open For Tendering
- Back on the 7th December, Xingda International (1899 HK) announced a partial Offer from a consortium comprising management (known as the Five parties) at HK$1.88/share, a 24.5% premium to undisturbed.
- Pre-Conditions were satisfied on the 15 December and the Composite Document was dispatched last night.
- The first close is the 24 February. Payment under the Offer is expected to be the 21 March.
Acotec (6669 HK): Current Proration of 82.7%
- With a minimum acceptance hurdle of 50% and irrevocables of 60.14%, Acotec Scientific Holdings (6669 HK)‘s partial offer was always going to turn unconditional.
- As per last night’s announcement, valid acceptances were 78.59%. The Offer has automatically been extended to the 9 February – this is the final close. Pro-ration is currently 82.7%.
- The minor quirk for partial Offers is that payment occurs within seven business days of the final close, not seven days from the Offer turning unconditional.
Tyro Offers Due Diligence To Potentia
- After Potentia bumped indicative terms to A$1.60/share last month, Tyro Payments (TYR AU)‘s board considered the revised terms remained below what is considered fair, and has ceased all discussions.
- Following discussions between Tyro and Potentia, the Tyro Board is now providing Potentia with a 4-week period of due diligence to “enable Potentia to develop a significantly improved proposal“.
- No indicative price was mentioned. Mike Cannon-Brookes’ Grok Ventures was open to a competing proposal of A$1.85/share.
Siemens/Siemens Gamesa: Running for the Exit
- On 25 January, the EGM of Siemens Gamesa approved the delisting of the shares, which the company requested to the CNMV.
- The standing purchase order for the shares, at €18.05/share (same as the offer price, sellers will bear the brokerage, trading and settlement fees) will last until 7 February.
- Gross spread is nil. Shortly after 7 February, Siemens Gamesa will be an unlisted illiquid share. Recommendation is sell into the sustained purchase order.
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