Goodpack

Goodpack: StanChart cites the disappointing offer price of $2.50/share from KKR, 8% below its fundamental price for the company. House thinks that the deal may not proceed that smoothly given the offer via a scheme of arrangement, and hypothesize that there may be potential counter offers given Goodpack's strong profitability and growth profile. StanChart notes that in particular, the offer specifically addresses what could happen if there are counter offers, and in the event of one, KKR could make a voluntary conditional cash offer to acquire all the shares of Goodpack, on the same or better terms and a consideration greater than the current offer price. StanChart maintains its Outperform rating and TP of $2.71.