In today’s briefing:
- Impact on SK Inc Post Record Divorce Ruling for SK Group Chairman Chey Tae-Won
- APM Human Services (APM AU): Madison Dearborn Partners’ Binding Proposal at A$1.45
Impact on SK Inc Post Record Divorce Ruling for SK Group Chairman Chey Tae-Won
- We discuss the outlook for the likely impact on SK Inc post record divorce ruling for the SK Group Chairman Chey Tae-Won and his estranged wife Roh So-Young.
- Last week, a South Korean appellate court ordered Chairman Chey to pay 1.38 trillion won to Roh. Chey is appealing this case and the Supreme Court’s ruling is still pending.
- It is in the best interest of SK Inc to raise the overall value of the company since the payment of the divorce is mostly based in cash.
APM Human Services (APM AU): Madison Dearborn Partners’ Binding Proposal at A$1.45
- APM Human Services (APM AU) has entered a SID with Madison Dearborn Partners (MDP) at A$1.45 per share, a 27.5% discount on CVC’s aborted non-binding proposal of A$2.00 per share.
- FIRB approval should be forthcoming as MDP is the largest shareholder, representing 45.56% of outstanding shares.
- The offer is disappointing but a weak trading update, deal fatigue and a concentrated shareholder register facilitate it. At the last close, the gross spread was 5.3%.
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