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SmartGroup (SIQ) $9.28

SIQ +18.07%: the salary packaging and fleet services business copped a takeover bid from private equity group TPG today. The bid values Smartgroup at $1.38b with the all-cash offer at $10.35/sh, a 32% premium to yesterday’s close. TPG will now get 4 weeks for an exclusive look at the books for the business and if the numbers match, the Smartgroup board is ready to unanimously recommend the takeover offer. Shares struggled to trade anywhere near the bid today, closing ~10% below what TPG are currently prepared to pay. We own SIQ in the income portfolio and are happy to hang on for a tighter discount to the bid for now.

SIQ
MM remains bullish & long SIQ
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Smart Group (SIQ)
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