In today’s briefing:
- Austal (ASB AU): Attracting Takeover Interest
- Cirrus Aircraft Pre-IPO Tearsheet
Austal (ASB AU): Attracting Takeover Interest
- Austal Ltd (ASB AU) is drawing takeover interest from Cerberus Capital, according to AFR. Cerebus joins Arlington Capital Partners and Bondi Partners as rumoured suitors, increasing the bid odds.
- Takeover interest in Austal is driven by the desire to capitalise on the opportunities presented by the AUKUS defence pact between Australia, the US and the UK.
- Andrew Forrest’s 19.34% stake can make or break a deal. Peer multiples point to an offer of at least A$2.80, a 22% premium to the last close.
Cirrus Aircraft Pre-IPO Tearsheet
- Cirrus Aircraft (0153126D US) is looking to raise up to US$300m in its upcoming HK IPO. The deal will be run by CICC.
- Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
- According to F&S, the SR2X Series aircraft represented 46.3% of the market share in the fixed tricycle gear certified piston aircraft segment based on delivered units in 2022.
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