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

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

On October 14th, US PE firm Thoma Bravo made an Offer to acquire UK-based cybersecurity company <a href="https://www.smartkarma.com/entities/sophos-group-plc" target="_blank" data-smartkarma-citation="entities:22157:1" rel="noopener">Sophos (SOPH LN)</a>  via a scheme of arrangement in an all-cash deal that valued the company at a market cap of US$3.8Bn. The offer price is fixed at US$7.40 (GBP5.83 per share based on the exchange rate on the announcement date) and this translates to premia of 37%, 40%, and 55% to the undisturbed price, 3-month VWAP, and 1-year VWAP respectively. Sophos directors intend to unanimously recommend the offer and Thoma Bravo has procured irrevocable commitments from the directors and shareholders who collectively hold 27.2% of Sophos' total shares. Although Sophos' shares rose to GBP5.83 immediately following the announcement, the share price has gradually declined to GBP5.66 because of recent Brexit deal-related move in the pound sterling which translates to a gross spread of 1.47% as at the time of writing. The deal is conditional on the receipt of antitrust approvals and Sophos shareholder approval and is expected to close in 1Q 2020.

On October 14th, US PE firm Thoma Bravo made an Offer to acquire UK-based cybersecurity company Sophos (SOPH LN)  via a scheme of arrangement in an all-cash deal that valued the company at a market cap of US$3.8Bn. The offer price is fixed at US$7.40 (GBP5.83 per share based on the exchange rate on the announcement date) and this translates to premia of 37%, 40%, and 55% to the undisturbed price, 3-month VWAP, and 1-year VWAP respectively. Sophos directors intend to unanimously recommend the offer and Thoma Bravo has procured irrevocable commitments from the directors and shareholders who collectively hold 27.2% of Sophos' total shares. Although Sophos' shares rose to GBP5.83 immediately following the announcement, the share price has gradually declined to GBP5.66 because of recent Brexit deal-related move in the pound sterling which translates to a gross spread of 1.47% as at the time of writing. The deal is conditional on the receipt of antitrust approvals and Sophos shareholder approval and is expected to close in 1Q 2020.      

Sophos

Thoma Bravo Scoops Up Sophos