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Super Group: Acquisition and Delisting from the Singapore Exchange
Ruth S.K. Tan; Allaudeen Hameed; Weina Zhang; Zsuzsa R. HuszarCase IVEY-9B20N033-EEntrepreneurship, Finance, StrategyOn November 3, 2016, Jacobs Douwe Egberts (JDE) launched a bid for Singapore-based food and beverage company Super Group Ltd. (Super). JDE had already acquired 60 per cent of the shares but needed another 30 per cent in order to delist the company and takStarting at €8.20
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CapitaMalls Asia: A Buyout Offer from CapitaLand
Ruth S.K. Tan; Zsuzsa R. Huszar; Weina Zhang; Shao Yu HongExercise IVEY-9B19N012-EFinance, StrategyOn April 14, 2014, CapitaLand Limited, a Singapore-based real estate company, launched a voluntary conditional cash offer of SG$2.22 for each share (SG$3.06 billion in total) of its subsidiary commercial property development and management company, CapitaMalls Asia Limited (CMA). CMA’s principal business strategy was to invest in, develop, and manage a diversified portfolio of real estate used primarily for retail purposes in Asia. CapitaLand’s o...Starting at €8.20
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Standard Chartered PLC: Riding the Market During Corporate Restructuring
Weina Zhang; Ruth S.K. Tan; Zsuzsa R. HuszarCase IVEY-9B18N004-EFinance, StrategyIn early 2014, Standard Chartered PLC, a British multinational banking and financial services company headquartered in London, England, announced its restructuring plan. The announcement triggered positive reactions in both stock and bond markets. Nevertheless, the eventual profitability was not what was expected. Moving forward into 2015, how would a rational investor have taken advantage of such a corporate restructuring event?Starting at €8.20
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Kimly Limited: Initial Public Offering
Ruth S.K. Tan; Zsuzsa R. Huszar; Weina Zhang; Ling YueExercise IVEY-9B18N026-EFinanceOn March 8, 2017, Singapore-based food outlet operator Kimly Limited (Kimly) announced its intention to go for an initial public offering (IPO). Through this IPO, it aimed to raise SG$43.5 million. Altogether, 173.8 million new shares would be issued at SStarting at €8.20
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Greenpac Singapore: Doing Good in a Sustainable Way
Weina Zhang; Samantha Sue Yen Ho; Lorraine Chian Wey Tan; Mengjing Xu; Chunyu YangCase IVEY-9B21N008-EFinanceGreenpac (Singapore) Private Limited (Greenpac) was a green packaging solution provider led by the founder and chief executive officer. Under her vision, Greenpac aimed to become a world-class knowledge-based company that offered innovative and environmentally friendly packaging solutions. Greenpac was also a champion of corporate social responsibility (CSR), advocating for environmental sustainability and social issues. In 2019, the head of the ...Starting at €8.20
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Standard Chartered Bank: Valuation and Capital Structure
Ruth S.K. Tan; Zsuzsa R. Huszar; Weina ZhangCase IVEY-9B15N030-EFinance, StrategyFollowing a turbulent 2014 for Standard Chartered Bank, the bank’s largest shareholder, Temasek Holdings, began showing indications that it was seriously considering offloading at least a portion of its massive shareholdings in Standard Chartered Bank. This case seeks to provide a fair valuation of Standard Chartered Bank’s intrinsic value, as well as rationalize the most appropriate way for Standard Chartered Bank to raise funds to satisfy the h...Starting at €8.20
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Sembcorp Marine: Recapitalization and Demerger During COVID-19
Ruth S.K. Tan; Allaudeen Hameed; Weina ZhangCase IVEY-W25131-EFinanceOn June 8, 2020, Sembcorp Marine Ltd. (SCM) announced a S$2.1 billion recapitalization plan to be followed by a demerger from Sembcorp Industries Ltd (SCI). SCM’s business had been significantly affected by the COVID-19 pandemic and a collapse in oil pricStarting at €8.20
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Haidilao International Holding Ltd: Initial Public Offering for Expansion
Weina Zhang; Ruth S.K. Tan; Arnold SimCase IVEY-W24090-EFinanceOn September 26, 2018, the Chinese hotpot chain Haidilao International Holding Ltd. launched an initial public offering, during a time of ongoing trade tensions between the United States and China, and started trading of the company’s shares on the Hong Kong Stock Exchange. The Beijing-based company sold 424.5 million shares at HK$17.8 (US$2.27) per share, which was on the high end of the indicative price range. Its price-to-earnings ratio of 30....Starting at €8.20
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HTL International: Buyout Offer with a Profit Guarantee
Ruth S.K. Tan; Zsuzsa R. Huszar; Weina Zhang; Chee Kiong ChngExercise IVEY-9B19N019-EEntrepreneurship, Finance, StrategyOn February 24, 2016, HTL International Holdings Ltd (HTL), a Singapore-based furniture company, announced that it had entered into a purchase agreement with Guangdong Yihua Timber Industry Co. Ltd (Yihua). According to the agreement, which was subject toStarting at €8.20
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Tiger Airways: Buyout Offer from Singapore International Airlines
Ruth S.K. Tan; Zsuzsa R. Huszar; Weina ZhangCase IVEY-9B16N070-EFinance, StrategyIn January of 2016, Singapore International Airlines Group (SIA) announced that it had secured more than 90 per cent stake in Tiger Airways Holdings Limited (Tigerair), and would take Tigerair private. Once the buyout offer closed on February 19, trading in Tigerair’s shares would be suspended because the free float had fallen below the minimum 10 per cent threshold. Tigerair had been suffering losses amounting to more than SG$600 million from 20...Starting at €8.20