Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Event-Driven

SAI Global and Casmar Holdings Pte, a wholly owned subsidiary of Baring Asia Private Equity Fund VI (Baring Asia), have entered into an agreement where Baring Asia will buy 100% of SAI shares it does not own for cash AUD 4.75 per share via a scheme of arrangement. Baring Asia currently has a 4.3% stake in SAI. SAI’s Board recommends shareholders vote in favour of the scheme in the absence of a superior offer and subject to the opinion of the independent expert. The scheme also requires Foreign Investment Review Board approval to proceed. Indicative timing is for an SAI shareholder vote to be held in early December with implementation by mid to late December 2016.We raise our fair value estimate from AUD 4.00 to AUD 4.75 per share, in line with the offer price. At this stage, we recommend shareholders take no action until we've had an opportunity to review the scheme booklet which is expected to be released in early to mid-November 2016. However, shareholders who do not expect a higher bid emerging and want a quick exit should consider selling on-market now. The emergence of other bidders is possible given SAI has been in play before, though the market is not pricing this in as current share price is trading near the offer price. We understand Barings Asia commenced discussions with SAI after it started the recent review process on a possible sale of the Assurance business. While a number of indicative proposals were received for the Assurance business, these hadn’t proceeded to the due diligence stage and the Board considered the certainty of the Barings Asia cash bid to be the best outcome for shareholders. Analyst: Gareth James

SAI Global and Casmar Holdings Pte, a wholly owned subsidiary of Baring Asia Private Equity Fund VI (Baring Asia), have entered into an agreement where Baring Asia will buy 100% of SAI shares it does not own for cash AUD 4.75 per share via a scheme of arrangement. Baring Asia currently has a 4.3% stake in SAI. SAI’s Board recommends shareholders vote in favour of the scheme in the absence of a superior offer and subject to the opinion of the independent expert. The scheme also requires Foreign Investment Review Board approval to proceed. Indicative timing is for an SAI shareholder vote to be held in early December with implementation by mid to late December 2016.We raise our fair value estimate from AUD 4.00 to AUD 4.75 per share, in line with the offer price. At this stage, we recommend shareholders take no action until we've had an opportunity to review the scheme booklet which is expected to be released in early to mid-November 2016. However, shareholders who do not expect a higher bid emerging and want a quick exit should consider selling on-market now. The emergence of other bidders is possible given SAI has been in play before, though the market is not pricing this in as current share price is trading near the offer price. We understand Barings Asia commenced discussions with SAI after it started the recent review process on a possible sale of the Assurance business. While a number of indicative proposals were received for the Assurance business, these hadn’t proceeded to the due diligence stage and the Board considered the certainty of the Barings Asia cash bid to be the best outcome for shareholders. Analyst: Gareth James

International Private Equity Fund Launches Cash Bid for SA

SAI Global Ltd

International Private Equity Fund Launches Cash Bid for SA