Last Week in Event SPACE: Wheelock, Sawada, Breadtalk, Healius, Bumrungrad, Keppel, Genting

Last Week in Event SPACE ...

• Receiving the full value of Wheelock (20 HK)'s listed holdings (plus a shade extra above the true ratio) plus cash, is as altruistic as it gets from a HK tycoon.
• Sawada Holdings (8699 JP) is a play on ownership of the Khan Bank. That is it. But the deal is kind of a mess, and that does not bode well.
• BTG Partners need to get ~20% out of the remaining 30% free float in Breadtalk (BREAD SP) to tender - to force suspension - which is no small ask. Expect a small kiss to the Offer if the 90% acceptance level is in reach.
• Presumably, bankers and their lawyers know the lay of the land. But Partners Group's Offer for Healius (HLS AU) looks like A$3.603/share, not $3.40.
• Bangkok Dusit Med Service (BDMS TB)'s Offer for Bumrungrad Hospital Pub Co (BH TB) appears a highly opportunistic bid to build market share when prices are depressed.
• If you believe that Temasek has greater strategic imperatives than catching playing footsie with a Partial Offer Price for Keppel Corp Ltd (KEP SP), or pulling it because markets hiccup, then this is probably still a buy.
• Plus, other events, CCASS movements and Mood Spins.
• Virus and political uncertainty send Genting Bhd (GENT MK) to a multi-year low.