In today’s briefing:
- Infroneer (5076 JP) Tender Offer for Toyo Construction (1890 JP) Could Get Funky
- SPH Shareholders Agree to SPH EGM & DIS – Deal Done So Now It’s Arb+Option
- Potential MSCI Upweights in May: Kuaishou, JD Health, Akeso
- MCT and MNACT’s New Cash-Only Scheme Option Gets Quarz Onside
- Monex – Coincheck SPAC Unlocks Value
- True/DTAC Merger: Shareholder Meetings, IFA Opinion, & Expected Timetable
- SpinTalk: Why The Blackstone/Bluerock Merger Deal Remains Compelling…And It’s Not The Merger
Infroneer (5076 JP) Tender Offer for Toyo Construction (1890 JP) Could Get Funky
- INFRONEER Holdings (5076 JP) is the new name of the holding company which was comprised of Maeda Corporation, Maeda Road Construction, and Maeda Seisakusho.
- Infroneer owns a 20% stake in smaller construction company Toyo Construction (1890 JP) through subsidiary Maeda Construction. It has launched a Tender Offer for the rest at a 28.5% premium.
- This could get complicated. If you own, I would not sell at terms.
SPH Shareholders Agree to SPH EGM & DIS – Deal Done So Now It’s Arb+Option
- Topday, Singapore Press Holdings (SPH SP) shareholders met in an EGM and a Scheme Meeting to approve the takeover of SPH and distribution of SPH REIT (SPHREIT SP) units.
- Shareholders passed resolutions at both meetings, meaning the Cuscaden Peak Pte acquisition is approved.
- This means we move to next steps, which is choosing the Consideration, and possible MGO Chain Offer on SPH REIT (SPHREIT SP).
Potential MSCI Upweights in May: Kuaishou, JD Health, Akeso
- We see a potential increase in the FIF for Kuaishou Technology (1024 HK), JD Health (6618 HK) and Akeso Biopharma Inc (9926 HK) at the MSCI May SAIR.
- The increase in FIF will require passive funds to buy 79.45m shares of Kuaishou (1024 HK), 57.35m shares of JD Health (6618 HK) and 15.32m shares of Akeso (9926 HK).
- Short interest has started to inch higher on Kuaishou, while short interest is rising sharply on JD Health and Akeso.
MCT and MNACT’s New Cash-Only Scheme Option Gets Quarz Onside
- Mapletree Commercial Trust (MCT SP) has introduced a new cash-only consideration of S$1.1949 per MNACT unit. The scheme meeting is at the end-May with an effective date of end-August.
- Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT will continue to be able to pay permitted distributions – consensus 2HFY21/22 DPU of 3.57 cents to be paid in June.
- Quarz Capital now supports the merger. Including potential permitted 2H MNACT DPU and at last close, the gross spread to the cash-only consideration is 0.9%.
Monex – Coincheck SPAC Unlocks Value
- Coincheck and Thunder Bridge Capital Partners IV announced today that an SPAC deal would occur to list Coincheck on the NASDAQ.
- With a pre-money valuation of $1.25bn the deal values Coincheck noticeably more modestly than Monex’s prior SOTP presentation.
- Nevertheless, in combination with the announced TradeStation SPAC it starts to make the extent of Monex’s holdco discount apparent.
True/DTAC Merger: Shareholder Meetings, IFA Opinion, & Expected Timetable
- The Information Memorandum is out regarding the True Corp Pcl (TRUE TB) / Total Access Communication (DTAC TB) merger.
- The shareholder meetings for both companies will be held on the 4 April, with a tentative listing date of the NewCo late September.
- The IFAs for both companies are of the opinion that shareholders should approve the Amalgamation.
SpinTalk: Why The Blackstone/Bluerock Merger Deal Remains Compelling…And It’s Not The Merger
- Notwithstanding the 70% plus Bluerock Residential Growth (BRG US) share price rise since deal announcement, there’s more juice to be squeezed out of this trade for arbs and fundamental investors
- The attractive spin-off element of the transaction is all but ignored in the prevailing Bluerock Residential Growth (BRG US) share price
- Potential for at least 140% gain for fundamental investors and additional 40% plus IRR for arbs
Before it’s here, it’s on Smartkarma
