IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Merger Arb Mondays (26 Aug) - China TCM, Henlius, Canvest, GA Pack, Huafa, Tohokushinsha

APM Human Services (APM AU): Madison Dearborn Partners’ Binding Proposal at A$1.45

APM (APM AU): CVC’s Revised Non-Binding Proposal at A$2.00

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Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services (APM AU)</a> IE considers Madison Dearborn Partners (MDP)’s A$1.45 offer fair and reasonable as it is within the A$1.40 to A$1.74 valuation range. </li>
<li>The offer is conditional on FIRB, US HSR and shareholder approval. FIRB approval should be forthcoming as MDP is the second-largest shareholder.</li>
<li>While the offer remains underwhelming, rollover shareholders and quiet retail boards should ensure the vote passes. At last close and for the 10 October payment, the gross/annualised spread is 1.4%/10.1%.</li>
</ul>


The APM Human Services (APM AU) IE considers Madison Dearborn Partners (MDP)’s A$1.45 offer fair and reasonable as it is within the A$1.40 to A$1.74 valuation range. 
The offer is conditional on FIRB, US HSR and shareholder approval. FIRB approval should be forthcoming as MDP is the second-largest shareholder.
While the offer remains underwhelming, rollover shareholders and quiet retail boards should ensure the vote passes. At last close and for the 10 October payment, the gross/annualised spread is 1.4%/10.1%.


APM Human Services (APM AU): Scheme Vote on 18 September