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 (13 Mar) - InvoCare, Origin, Tyro, Toyo, Oishi, AAG Energy, Yashili, Halcyon

InvoCare (IVC AU): Board Capitulates to TPG’s Small Bump

Merger Arb Mondays (22 May) - HKBN, Newcrest, InvoCare, United Malt, Golden Energy, Penguin, Shinsei

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>
<a href="https://www.afr.com/street-talk/pe-buyer-chases-invocare-stake-ubs-runs-raid-20230306-p5cpvl" target="_blank" rel="noopener">AFR reports</a> that TPG Capital, through UBS, is seeking to acquire 14.4m or 10.00% of <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>'s outstanding shares at A$12.65, a 41.3% premium to the undisturbed price.</li>
<li>If the aftermarket raid is successful, TPG will follow the tried-and-test private equity playbook of securing a pre-bid stake before lobbing a non-binding offer at A$12.65 per share</li>
<li>TPG has timed its move to take advantage of the post-results price slump. While not a knockout offer, it is a starting point for the Board to secure better terms.</li>
</ul>



AFR reports that TPG Capital, through UBS, is seeking to acquire 14.4m or 10.00% of Invocare Ltd (IVC AU)'s outstanding shares at A$12.65, a 41.3% premium to the undisturbed price.
If the aftermarket raid is successful, TPG will follow the tried-and-test private equity playbook of securing a pre-bid stake before lobbing a non-binding offer at A$12.65 per share
TPG has timed its move to take advantage of the post-results price slump. While not a knockout offer, it is a starting point for the Board to secure better terms.


InvoCare (IVC AU): TPG Capital Makes a Move