Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Event-Driven

IKang Healthcare Group (ADR) / Event-Driven

<a href="https://www.smartkarma.com/entities/741" target="_blank" data-smartkarma-citation="entities:741:1">iKang Healthcare Group (ADR) (KANG US)</a> simultaneously reported its March quarter results and filed the updated proxy for its privatization at US$20.60/ADS led by Yunfeng/Alibaba with management's support. The March quarter's results were very strong and support our contention that a fair offer should at least US$24/ADS given the earnings recovery and the potential for "exchange arbitrage" in some form. That said, we do not expect an increase in the offer price.
The current spread is quite narrow: 0.9% over the current price of US$20.40, so the speed of closing is the critical element here.  
This Insight includes some details from the proxy that discuss the lengthy sale process and JP Morgan's fairness opinion to the Special Committee.
We have tagged this Insight as positive because we think the deal is likely to go through.

iKang Healthcare Group (ADR) (KANG US) simultaneously reported its March quarter results and filed the updated proxy for its privatization at US$20.60/ADS led by Yunfeng/Alibaba with management's support. The March quarter's results were very strong and support our contention that a fair offer should at least US$24/ADS given the earnings recovery and the potential for "exchange arbitrage" in some form. That said, we do not expect an increase in the offer price.
The current spread is quite narrow: 0.9% over the current price of US$20.40, so the speed of closing is the critical element here.  
This Insight includes some details from the proxy that discuss the lengthy sale process and JP Morgan's fairness opinion to the Special Committee.
We have tagged this Insight as positive because we think the deal is likely to go through.

Meinian Onehealth Healthcare H (002044 CH)

Updated Proxy Filed and Q4 Results Released