In today’s briefing:
- Targeting Spreads by Leveraging the High Predictability of the Celltrion Merger
- Block Deal Sale of About 98 Billion Won Worth of Acushnet Holdings by Fila Holdings
Targeting Spreads by Leveraging the High Predictability of the Celltrion Merger
- Local market views Celltrion’s shareholder survey as the start of the merger process, with a decision expected from the boards within two to three months if there’s no major opposition.
- Under Korean law, if Celltrion Pharm’s market cap is under one-tenth of Celltrion’s, the merger can proceed as a small-scale merger, allowing Celltrion to avoid shareholder approval and appraisal rights.
- We should leverage the merger’s high predictability to proactively target merger swap and appraisal rights spreads and build a strategy in advance.
Block Deal Sale of About 98 Billion Won Worth of Acushnet Holdings by Fila Holdings
- Fila Holdings announced that its subsidiary Magnus Holdings plans to sell a 1.8% stake in Acushnet Holdings in a block deal sale worth about 98 billion won.
- Our NAV valuation of Fila Holdings suggests an implied value per share of 49,192 won, representing 18.2% upside from current levels. Fila Holdings’ 51.9% stake in Acushnet Holdings.
- The block deal sale of Acushnet Holdings by Magnus Holdings is likely to have a positive impact on Fila Holdings as it could result in higher capital returns to shareholders.
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