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

Crown Resorts (CWN AU): Oaktree's Intriguing Proposal

Crown Resorts: Blackstone Really, Really Wants This

Crown Resorts (CWN AU): Blackstone Rolls the Dice

Crown Resorts: Blackstone & Star Place Their Bets

Quiddity Advisors

Event-Driven

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<p>On the 10 May, Blackstone increased its non-binding proposal for <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> by 4% to <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02372885-3A566842?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">$12.35</a>. Shortly after, Crown's domestic rival <a href="https://www.smartkarma.com/entities/star-entertainment-grp-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Grp (SGR AU)</a> lobbed an unsolicited, non-binding, and indicative <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02372888_PS-3A566843?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">proposal</a>, by way of a Scheme, either via the issuance of 2.68 new Star shares for every Crown share, or a possible cash alternative of A$12.50/share, subject to clawback.</p>
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<p>In <em><a href="https://skr.ma/7hWBx" target="_blank" rel="noopener">Crown Resorts: Blackstone &amp; Star Place Their Bets</a></em>, I concluded both Offers were light.</p>
<p>This morning Crown agreed that Blackstone's Offer <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02375134-3A567212?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">undervalued</a> the company. But that it required <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02375140-3A567213?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">more information</a> from Star before finalising its view on the cash/scrip Offer. Based on the pushback to Blackstone's Offer, it is difficult to see the board recommending Star's A$0.15/share premium.</p>
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<p>More below the fold. </p>
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On the 10 May, Blackstone increased its non-binding proposal for Crown Resorts (CWN AU) by 4% to $12.35. Shortly after, Crown's domestic rival Star Entertainment Grp (SGR AU) lobbed an unsolicited, non-binding, and indicative proposal, by way of a Scheme, either via the issuance of 2.68 new Star shares for every Crown share, or a possible cash alternative of A$12.50/share, subject to clawback.


In Crown Resorts: Blackstone &amp; Star Place Their Bets, I concluded both Offers were light.
This morning Crown agreed that Blackstone's Offer undervalued the company. But that it required more information from Star before finalising its view on the cash/scrip Offer. Based on the pushback to Blackstone's Offer, it is difficult to see the board recommending Star's A$0.15/share premium.


More below the fold. 


Crown Says Blackstone's Bid Is Light. Undecided On Star