In today’s briefing:
- YG Entertainment: BabyMonster to Become the Next Black Pink?
- Medtronic’s Delisting Offer For EOFlow
YG Entertainment: BabyMonster to Become the Next Black Pink?
- Despite the enormous demand for Black Pink concerts and the expected launch of the new girl-group band BabyMonster, we believe shares of Yg Entertainment (122870 KS) have overextended this year.
- Black Pink remains a fan-favorite group and their contribution to sales and profits are likely to peak this year. Valuations for YG Entertainment is also unattractive.
- Although BabyMonster is likely to become popular, the higher probability scenario is for them to fall below expectations. We do not believe BabyMonster could become the next Black Pink.
Medtronic’s Delisting Offer For EOFlow
- Back on the 25 May, healthcare company Medtronic Plc (MDT US) announced it had entered into a set of definitive agreements to acquire EOFlow (294090 KS).
- Via a three-step process – SPAs, issuance of new shares, and a Tender Offer – Medtronic will seek majority control, together with a view to delisting EOFlow.
- Completion is expected in 4Q23. Regulatory approvals – domestic and foreign – form part of the conditions. Trading wide to terms.
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