Jaya

Jaya: Cathay Asset Mgt, a Deutsche Bank unit, acquires on behalf of a consortium, the 54.7% stake in Jaya held by Nautical Offshore, for $0.48/sh, or $202.6m in total.
Deutsche will take a 20.6% stake, Linden Capital 19%, Orchard Capital 10.1%, Octavian Advisors 5.1%. The funds specialize in distressed assets/ special opportunities...

The acquisition will trigger a mandatory, unconditional offer at $0.48/sh, a 27% discount to Jaya’s last close at $0.66. The Offer Price translates to a valuation of 5x trailing P/E, 0.7x P/B. The Offeror does not intend to revise the Offer Price and has no intention of taking the co private even if it receives >90% acceptances.
Existing sh/h should not accept the Offer, as they can realise a better price in the open mkt...

Meanwhile, the low Offer Price may impact near term sentiment on the stock, but at least a floor price is now established. Expect overhang on the stock to clear with time.
DBSV maintains its Hold rating with $0.66 target.