Privately-Held CTL (Aust) P/L has entered into a SID with timber supplier/manufacturer play Big River Industries Pty Ltd (BRI AU), at A$1.62/share, a 45.9% premium to undisturbed.
Big River’s largest shareholders (Anacacia [28.8%] and NAOS [30.7%]), collectively holding 59.5%, are supportive. CTL, part of the Kanji Group, holds 19.9%. The transaction requires ACCC signing off.
Timing from here? Implementation is targeted for 1Q27. Any permitted franked dividends paid will be netted. Termination rights are seven months out.
Big River Industries Pty Ltd (BRI AU) is super illiquid. Look away if this is not your thing.
Trade:
Trading at a gross/annualised spread of 4.8%/13.4%, not including franking credits (for those who can take advantage), assuming a five-month off-ramp.
If illiquid arbs are you bag, get involved.