Last Week in Event SPACE: Z Holdings/Line, Mitsubishi Tanabe, AOF, Intouch, PCCW, BBL, Just Eat

Last Week in Event SPACE ...

• There is a bit of embedded optionality in the Z Holdings (4689 JP) / LINE Corp (3938 JP) transaction, but that optionality is predicated on anti-trust authorities agreeing to this deal. It also requires Z Holdings' shareholder approval.
• Mitsubishi Chemical (4188 JP)'s Tender Offer to buy in the minorities of Mitsubishi Tanabe Pharma (4508 JP) is big news and a big deal.
• ASIC chucks a spanner in the Australian Unity Office Fund (AOF AU) works - but downs tools after the Scheme fails, with market players none the wiser for their action.
• PCCW Ltd (8 HK) outperforms HKT Ltd (6823 HK) as short interest falls, however, the performance of the stub ops do not lend support for further spread narrowing.
• Intouch Holdings (INTUCH TB)'s discount to NAV is back down to mid-August levels when Temasek's latest divestment took place.
• There will be implications if the current NVDR limit increase to 35% for Bangkok Bank Public (BBL TB) and Kasikornbank PCL (KBANK TB), valid till 23 December 2019, is not extended by the BoT.
• It looks like the Prosus (PRX NA) / Takeaway.com NV (TKWY NA) tussle for Just Eat PLC (JE/ LN) is setting up to be a situation where the Takeover Panel conducts an auction. Given the timing, that looks like fun between Christmas and New Years. It also looks like a buy.
• Plus, other events, CCASS movements and Mood Spins.

(This insight covers specific insights & comments involving Stubs, Pairs, Arbitrage, share Classifications, and Events - or SPACE - in the past week)