Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Sydney Airport (SYD AU): ACCC Will Not Oppose Offer

Sydney Airport (SYD AU): FIRB Done. Now For The Vote

Business On The Fly: Malaysia Airports (MAHB MK)'s RM11.00/Share Offer

Sydney Airport (SYD AU): Consortium Ups Bid And Granted Due Diligence

Sydney Airports (SYD AU) Reject's Consortium's Revised Offer

Sydney Airports (SYD AU): Opportunistic Tilt Amid Cloudy Future

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a> granted the Sydney Aviation Alliance (SAA) non-exclusive due diligence on the 13 September after receiving an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02420402-2A1322873?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">A$8.75/share conditional proposal</a> - a 51% premium to the undisturbed price on the 4 July 2021. This followed rejections from SYD of an $8.25/share proposal on the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02395613-2A1310027?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">15 July</a>, and an $8.45 bid on the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02407025-2A1315596?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">16 August.</a>
That due diligence was expected to take 4 weeks from entry into the Non-Disclosure Agreement. On the 18 October, SYD <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02437044-2A1331673?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">said</a> the DD period had concluded and that it continues "to negotiate the relevant transaction documents with a view to the parties seeking their respective internal approvals over the coming weeks". 
The New News
This morning SYD <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02448561-2A1337052?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered into</a> a Scheme Implementation Agreement (SID) with SAA. The offer consideration is unchanged at A$8.75/share. As previously indicated, UniSuper (SYD's largest shareholder with 15.01%) will roll over its equity stake into the Consortium, rather than receive the cash consideration.
The bid values SYD’s equity at $23.6bn. It is the largest ever cash-bid for an Aussie-listed company.
In addition to the Scheme vote, the key condition to the deal is ACCC approval, in which an informal review kicked off last month. 
More below the fold.

Sydney Airport (SYD AU) granted the Sydney Aviation Alliance (SAA) non-exclusive due diligence on the 13 September after receiving an A$8.75/share conditional proposal - a 51% premium to the undisturbed price on the 4 July 2021. This followed rejections from SYD of an $8.25/share proposal on the 15 July, and an $8.45 bid on the 16 August.
That due diligence was expected to take 4 weeks from entry into the Non-Disclosure Agreement. On the 18 October, SYD said the DD period had concluded and that it continues "to negotiate the relevant transaction documents with a view to the parties seeking their respective internal approvals over the coming weeks". 
The New News
This morning SYD entered into a Scheme Implementation Agreement (SID) with SAA. The offer consideration is unchanged at A$8.75/share. As previously indicated, UniSuper (SYD's largest shareholder with 15.01%) will roll over its equity stake into the Consortium, rather than receive the cash consideration.
The bid values SYD’s equity at $23.6bn. It is the largest ever cash-bid for an Aussie-listed company.
In addition to the Scheme vote, the key condition to the deal is ACCC approval, in which an informal review kicked off last month. 
More below the fold. 

Sydney Airport

Sydney Airport's (SYD AU) SID With SAA