In today’s briefing:
- MACA (MLD AU): NRW’s Offer Rejected
- Alliance Aviation – Selloff Provides Optionality on ACCC Approval
- Liquid Universe of European Ordinary and Preferred Shares: August ‘22 Report
- FTSE UK Quiddity Leaderboard Sep 2022: Avast, Meggitt, Brewin, and a Busy Rebalance Month
MACA (MLD AU): NRW’s Offer Rejected
- MACA Ltd (MLD AU) has indicated that NRW Holdings (NWH AU)‘s A$1.085/share Offer is inferior to Thiess’ conditional A$1.025/share takeover offer.
- The reasons for the rejection are expected to be fleshed out at MACA’s full years results briefing.
- NRW’s Offer is higher, has a lower shareholder approval, and provides MACA shareholders the option of cash, scrip or a combination of both. But is subject to scaling.
Alliance Aviation – Selloff Provides Optionality on ACCC Approval
- The ACCC has raised concerns about Qantas Airways (QAN AU) proposed acquisition of Alliance Aviation Services (AQZ AU). The ACCC’s final decision is on 17 November.
- Qantas knew a lengthy ACCC approval process was highly likely and committed to an additional special dividend in the SID to reflect this risk.
- Qantas has its work cut out to address the ACCC concerns. Nevertheless, due to the selloff, the current price offers almost a free option on Qantas securing ACCC approval.
Liquid Universe of European Ordinary and Preferred Shares: August ‘22 Report
- Since mid-July, spreads have generally tightened across our liquid universe, including those flagged in July (Investor AB, Roche and Volkswagen).
- Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB Svenska Stal.
- Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Telecom Italia, Ericsson.
FTSE UK Quiddity Leaderboard Sep 2022: Avast, Meggitt, Brewin, and a Busy Rebalance Month
- With roughly two more weeks for the September 2022 Rebalance event, we take a look at the names leading the race to become ADDs/DELs for FTSE 100 and FTSE 250.
- Avast PLC (AVST LN), Meggitt PLC (MGGT LN), and Brewin Dolphin Holdings (BRW LN) could get deleted before the end of September and cause intra-review index changes too.
- I expect many interesting developments in the next few weeks as we approach a busy rebalance month with multiple intra-review index changes likely to happen.
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