Merger Arbitrage, Relative Value, Event-Driven

Per Gullberg, CFA, FRM, CAIA

Event-Driven

On 14 Jan, Chandler Macleod Group (CMG AU; CMG) announced that it has entered into a Scheme Implementation Deed with Recruit Holdings (6098 JP; RH).&nbsp;CMG’s board unanimously recommends that shareholders vote in favour (in the absence of a superior offer), and the parties have entered into exclusivity arrangements.The announcement comes only weeks after Skilled Group (SKE AU) rejected a &nbsp;merger of equals proposal from Programmed Maintenance Services (PRG), showing that the Australian HR sector is very much in play.

On 14 Jan, Chandler Macleod Group (CMG AU; CMG) announced that it has entered into a Scheme Implementation Deed with Recruit Holdings (6098 JP; RH).&nbsp;CMG’s board unanimously recommends that shareholders vote in favour (in the absence of a superior offer), and the parties have entered into exclusivity arrangements.The announcement comes only weeks after Skilled Group (SKE AU) rejected a &nbsp;merger of equals proposal from Programmed Maintenance Services (PRG), showing that the Australian HR sector is very much in play.

M&A action in the Australian HR Sector continues - Chandler Macleod to be taken out