In my view, being LONG ECX is a good trade to have on because I would expect SGF to come back with a higher offer. It’s very rare to see the first offer be the last. SGF even made comments post the initial rejection which indicated that it wasn’t walking away - “SG Fleet believes industry consolidation is in the best interest of all shareholders and SG Fleet will continue to consider its options in that regard.”
After running a simple merger model, assuming zero synergies (which is very conservative), I get >40% EPS accretion for SGF. This is mainly because the deal is mostly cash and it was acquiring ECX on a cheap 9.4x FY20 PE.
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Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
---|---|---|
2 | 3623 | $3.17 |
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Price($) | Vol. | No. |
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$3.18 | 125 | 1 |
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No. | Vol. | Price($) |
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2 | 3623 | 3.170 |
2 | 3701 | 3.160 |
3 | 3624 | 3.150 |
1 | 352 | 3.140 |
1 | 355 | 3.130 |
Price($) | Vol. | No. |
---|---|---|
3.180 | 125 | 1 |
3.190 | 2850 | 2 |
3.200 | 1865 | 2 |
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