Back on the 11th July, Infomedia Ltd (IFM AU), a automotive software firm, entered into a Scheme Implementation Deed with PE-outfit TPG.
TPG offered A$1.72/share, a 30% premium to last close. The Offer had the unanimous backing of Infomedia’s boards. All in, terms looked clean.
The Scheme Booklet is now out, with a Scheme Meeting on the 18th November, and expected implementation on the 3rd December. The IE (Grant Thornton) says “fair & reasonable“.
The Trade:
This appears a clean deal. Offer metrics appear fair to full.
Trading tight at 0.9%/7.2% gross/annualised spread.
If smallish, somewhat illiquid arbs are your bent - and you can take advantage of the franking credits - look to enter on any weakness.
This insight is labelled bullish as I expect the Offer to get up as is.