Corporate Action: Sensible Bid for Spotless, but Don't Take up the Rights (Corrected)
We agree with no-moat Downer’s AUD 1.15 per share off-market cash takeover offer for Spotless Group, valuing the target at AUD 1.3 billion. The bid is in line with Morningstar’s AUD 1.15 standalone fair value estimate for narrow moat-rated Spotless, and is in accord with Downer’s sensible diversification drive away from mining services. Further, the associated AUD 1.0 billion renounceable rights issue is underwritten at a substantial price premium to our Downer fair value estimate, alone increas...Downer EDI is engaged in providing services to customers which includes Transport Services; Technology and Communications Services; Utilities Services; Rail; Engineering, Construction and Maintenance; and Mining, in Australia and New Zealand and also in the Asia-Pacific region, South America and Southern Africa.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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