Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on index flow events in the Asia-Pacific region. This includes predicting regular and intra-review index changes and estimating upcoming passive flows. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Pan-Asia Index Flows & Special Situations

Think Childcare (TNK AU): Bigger Bid by Busy Bees

Think Childcare (TNK AU): Busy Bees Delivers a Knock-Out Bid

Think Childcare (TNK AU) : Takeover Proposal From Alceon Group Seems Light

Quiddity M&A: Australia Foreign Investment Reforms

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>Previously, on 16 November, Australia-based Childcare company <a href="https://www.smartkarma.com/entities/think-childcare-ltd" target="_blank" data-smartkarma-citation="entities:18899:1" rel="noopener">Think Childcare (TNK AU)</a> ("<strong>TNK</strong>") announced they had received a <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02308970-3A555430?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Non-binding Indicative Proposal</a> from the PE arm of Australian investments firm <a href="https://www.alceon.com.au/" target="_blank" rel="noopener">Alceon Group</a>. The Offer Price was A$1.35/share and the form of consideration was expected to be either cash or a combination of cash and shares in an unlisted newly-formed entity. </p><p>In my insight <a href="https://www.smartkarma.com/insights/think-childcare-tnk-au-takeover-proposal-from-alceon-group-seems-light" target="_blank" data-smartkarma-citation="insights:45429" rel="noopener">Think Childcare (TNK AU) : Takeover Proposal From Alceon Group Seems Light</a>, I concluded the Offer Price of A$1.35 seemed light on a growth-adjusted basis and when compared against the valuations of other local and global peers.  </p><p>Today, before the market opened, <a href="https://www.smartkarma.com/entities/think-childcare-ltd" target="_blank" data-smartkarma-citation="entities:18899:1" rel="noopener">Think Childcare (TNK AU)</a> announced that they had received an "unsolicited, conditional, non-binding all cash proposal" from unlisted peer Busy Bees Early Learning Australia Pty Ltd at an Offer Price of A$1.75/share, which is ~30% higher than Alceon's proposal.</p><div><p><em>More below the fold. </em></p></div><hr><div><div class="content-remarks"><p><em>For more information about M&amp;A rules, regulations, and practices in Australia, please refer to <a href="https://www.smartkarma.com/insights/quiddity-australia-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30118" rel="noopener">Quiddity Australia M&amp;A Guide 2019</a> and </em><a href="https://www.smartkarma.com/insights/quiddity-m-a-australia-foreign-investment-reforms" target="_blank" data-smartkarma-citation="insights:40210" rel="noopener"><em>Quiddity M&amp;A: Australia Foreign Investment Reform</em>s</a> </p></div></div>

Previously, on 16 November, Australia-based Childcare company Think Childcare (TNK AU) ("TNK") announced they had received a Non-binding Indicative Proposal from the PE arm of Australian investments firm Alceon Group. The Offer Price was A$1.35/share and the form of consideration was expected to be either cash or a combination of cash and shares in an unlisted newly-formed entity. In my insight Think Childcare (TNK AU) : Takeover Proposal From Alceon Group Seems Light, I concluded the Offer Price of A$1.35 seemed light on a growth-adjusted basis and when compared against the valuations of other local and global peers.  Today, before the market opened, Think Childcare (TNK AU) announced that they had received an "unsolicited, conditional, non-binding all cash proposal" from unlisted peer Busy Bees Early Learning Australia Pty Ltd at an Offer Price of A$1.75/share, which is ~30% higher than Alceon's proposal.More below the fold. For more information about M&amp;A rules, regulations, and practices in Australia, please refer to Quiddity Australia M&amp;A Guide 2019 and Quiddity M&amp;A: Australia Foreign Investment Reforms 

Think Childcare (TNK AU): Competitive Bid by Busy Bees