Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Healthscope: BGH-AustralianSuper Dusts Off A Similar Offer

Not To Be Outdone, Brookfield Revisits Healthscope

Healthscope: Brookfield's Counter and Level Playing Field Condition

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/726" target="_blank" data-smartkarma-citation="entities:726:1">Healthscope Ltd (HSO AU)</a> has announced it has entered into an <a href="https://www.asx.com.au/asxpdf/20190201/pdf/4429g0m18gnd32.pdf" target="_blank">Implementation Deed</a> with Brookfield, under which Brookfield seeks to acquire 100% of Healthscope by way of a scheme at A$2.50/share, and a simultaneous Off-market takeover Offer at $2.40/share.
The considerations under these proposals compares to the earlier indicative considerations of $2.585/share and $2.455/share respectively under the <a href="https://www.asx.com.au/asxpdf/20181112/pdf/44065bzslr3j5b.pdf" target="_blank">unsolicited conditional proposals</a> announced back in November.
The $2.50/share under the scheme - which is priced at a 40% premium to the undisturbed price - includes an interim dividend of $.035/share. The scheme consideration represents an EV/EBITDA (Dec-18 end) of ~14.7x.
Both proposals are subject to limited conditions and neither are subject to due diligence and financing. The Off-market is subject to a 50.1% acceptance condition and the Scheme not being successful.
Brookfield's proposals have unanimous HSO Board backing. 
The Off-market takeover will remain open for at least four weeks after the date of the Scheme meeting, providing shareholders with opportunity to consider the Offer, depending on the outcome of the Scheme vote.
HSO also <a href="https://www.asx.com.au/asxpdf/20190201/pdf/4429gpv20rr66v.pdf" target="_blank">announced</a> that the BGH-led consortium, which holds a ~20% stake, said it could improve the terms of its previous offer of $2.36/share, provided it was given access to Healthscope’s data room.
An explanatory booklet for Brookfield's proposals is expected to be dispatched in April/May and the Scheme meeting to take place in May/June.
Currently trading tight to the Scheme consideration at $2.45/share.

Healthscope Ltd (HSO AU) has announced it has entered into an Implementation Deed with Brookfield, under which Brookfield seeks to acquire 100% of Healthscope by way of a scheme at A$2.50/share, and a simultaneous Off-market takeover Offer at $2.40/share.
The considerations under these proposals compares to the earlier indicative considerations of $2.585/share and $2.455/share respectively under the unsolicited conditional proposals announced back in November.
The $2.50/share under the scheme - which is priced at a 40% premium to the undisturbed price - includes an interim dividend of $.035/share. The scheme consideration represents an EV/EBITDA (Dec-18 end) of ~14.7x.
Both proposals are subject to limited conditions and neither are subject to due diligence and financing. The Off-market is subject to a 50.1% acceptance condition and the Scheme not being successful.
Brookfield's proposals have unanimous HSO Board backing. 
The Off-market takeover will remain open for at least four weeks after the date of the Scheme meeting, providing shareholders with opportunity to consider the Offer, depending on the outcome of the Scheme vote.
HSO also announced that the BGH-led consortium, which holds a ~20% stake, said it could improve the terms of its previous offer of $2.36/share, provided it was given access to Healthscope’s data room.
An explanatory booklet for Brookfield's proposals is expected to be dispatched in April/May and the Scheme meeting to take place in May/June.
Currently trading tight to the Scheme consideration at $2.45/share.

BGH Lurks As Brookfield Firms Offer For Healthscope