IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

API in Role Reversal as Its Receives a Bid from Sigma

Wesfarmers’ Revised Bid for API Gains Due Diligence Access

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Australian Pharmaceutical Industries / Event-Driven

Australian Pharmaceutical Industries (API AU)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a> announced a non-binding indicative offer from <a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a> for A$1.75 per share, a 12.9% premium to <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a>’ offer of A$1.55. </li>
<li>Woolworths notes that there is the potential to improve the offer price with the benefit of due diligence, which has been granted. </li>
<li>Wesfarmers has matching rights. We think that the presence of two deep-pocketed suitors, suggests at least another round of bidding.  </li>
</ul>



Australian Pharmaceutical Industries (API AU) announced a non-binding indicative offer from Woolworths Ltd (WOW AU) for A$1.75 per share, a 12.9% premium to Wesfarmers Ltd (WES AU)’ offer of A$1.55. 
Woolworths notes that there is the potential to improve the offer price with the benefit of due diligence, which has been granted. 
Wesfarmers has matching rights. We think that the presence of two deep-pocketed suitors, suggests at least another round of bidding.  


Woolworths' API Bid Likely to Kick off a Bidding War with Wesfarmers