ACCC Provides Its Consent in favoring the proposed merger between QANTM and Xenith

  • Mar 21, 2019 AEDT
  • Team Kalkine
ACCC Provides Its Consent in favoring the proposed merger between QANTM and Xenith

Xenith IP Group Limited (ASX: XIP) belongs to the Commercial & Professional Services group of industries. It provides a range of IP services including identification, registration, management, commercialization, and enforcement of IP rights for clients. The company has an objective of utilizing the best of the people, systems and thinking in combination, to deliver world-class services.

QANTM Intellectual Property Ltd welcomes the announcement today on March 21, 2019, by the Australian Competition, and Consumer Commission (ACCC) that it will not oppose the proposed merger between QANTM and Xenith IP Group Ltd.

This is a significant milestone as far as the proposed merger between QANTM and Xenith is concerned and satisfies one of its key conditions. The competing proposal by IPH (ASX: IPH) to acquire Xenith, announced by IPH on 12 March 2019, remains conditional on the approval of ACCC. The announcement of the ACCC’s findings on the IPH Proposal is likely to be on 2 May 2019. On this date, the ACCC will either issue a final decision or release a “Statement of Issues” (with the latter usually leading to a period of 6-12 weeks for further consultation and assessment).

In its media release today, the ACCC notes that this decision on QANTM and Xenith should not be interpreted as suggesting a decision on the IPH proposal to acquire 100% of Xenith, and the ACCC is yet to decide in the IPH matter. QANTM repeated its view that the IPH Proposal will lead to a materially different market structure than that resulting from a QANTM-Xenith merger.

The Board of QANTM supported for the merger between QANTM and Xenith, which has convincing financial, strategic and operational benefits, and involves a combination of two businesses with strong cultural alignment, important for a professional services business. QANTM and Xenith are holding companies and into the intellectual property business. A combination of the second and third largest IP services suppliers in Australia will occur if the proposed merger takes place. The Board of Xenith continued to inspire its shareholders to vote for the merger.

As per the Chair of ACCC Rod Sims, most of the market participants have been consulted, and the customers did not express any concern. The investigation of ACCC was more centered towards competition in the supply of Australian IP services including patents, trademarks, etc.

Now let us quickly have a look at the performance of the stock of Xenith IP Group Limited and the returns it has produced over the past few months. The stock closed the day at $1.795 decreasing by ~1.913% during the day's trade, with a market capitalization of $162.35 million. The stock opened at $1.790 which is the day’s low as well; however, it touched a day high of $1.80. It has a 52-week high price of $1.850 and a 52-week low of $1.100, with an average trading volume of 498,359. The company has generated a YTD return of 36.57%, with a yield of 24.07% during the last six months.


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