In this briefing:
- Last Week in GER Research: Softbank, TPG Telecom, Cstone Pharma, Ebang and Facebook
- Healthscope (HSO AU): Don’t Count on a Material Bump to Brookfield’s Binding Offer
1. Last Week in GER Research: Softbank, TPG Telecom, Cstone Pharma, Ebang and Facebook
In this version of the GER weekly research wrap, we dig into the debt tender for Softbank Group (9984 JP) and assess the merger between TPG Telecom Ltd (TPM AU) and VHA. On the IPO front, we initiate on CStone Pharma (CSTONE HK) while we update on Ebang (EBANG HK) . Finally, we dig into the beat at Facebook Inc A (FB US) and assess whether there are further legs for the investment case. We also provide a list of upcoming catalysts for upcoming event-driven ideas.
More details can be found below.
Best of luck for the new week – Rickin, Venkat and Arun
2. Healthscope (HSO AU): Don’t Count on a Material Bump to Brookfield’s Binding Offer
Healthscope Ltd (HSO AU), Australia’s second-largest private hospital operator, finally received a firm but marginally lower offer from Brookfield Asset Management (BAM US) through a recommended implementation deed.
With Brookfield’s binding proposal providing a floor, the shares are viewed as attractive as BGH-AustralianSuper, a rival bidder could start a bidding war. However, we maintain our view that in the event AustralianSuper decides to stick with the consortium, BGH-AustralianSuper’s improved offer is unlikely to provide material upside.
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