Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/26912" target="_blank" data-smartkarma-citation="entities:26912:1">Wonik IPS (240810 KS)</a> announced on Oct 29 that it would merge with Wonik Tera Semicon (123100 KS) at a swap ratio of 0.7394724. Ceiling for stock purchase is set at ₩50bil for IPS and ₩30bil for Tera Semicon.</li>
<li>Currently, arb spread isn't really at a glamorous level. At the Nov 5 closing prices, arb spread is at 3.24%. As for stock purchase spread, IPS is currently giving a decent 6.88% while Tera Semicon is at 3.49%.</li>
<li>Wonik already attempted this merger in 2016, but they couldn't get an approval from Tera Semicon shareholders. This dynamic may lead to an interesting situation where we may have spread openings to attract arb traders who can help reduce the number of stock purchase rights exercised.</li>
</ul>



Wonik IPS (240810 KS) announced on Oct 29 that it would merge with Wonik Tera Semicon (123100 KS) at a swap ratio of 0.7394724. Ceiling for stock purchase is set at ₩50bil for IPS and ₩30bil for Tera Semicon.
Currently, arb spread isn't really at a glamorous level. At the Nov 5 closing prices, arb spread is at 3.24%. As for stock purchase spread, IPS is currently giving a decent 6.88% while Tera Semicon is at 3.49%.
Wonik already attempted this merger in 2016, but they couldn't get an approval from Tera Semicon shareholders. This dynamic may lead to an interesting situation where we may have spread openings to attract arb traders who can help reduce the number of stock purchase rights exercised.


Wonik Merger Stock Swap: Summary & Trading Opportunities

<p>Samsung restructuring now has another twist to come. <a href="https://www.smartkarma.com/entities/11109" target="_blank" data-smartkarma-citation="entities:11109:1">KCC Corp (002380 KS)</a> has a 8.97% stake in <a href="https://www.smartkarma.com/entities/481" target="_blank" data-smartkarma-citation="entities:481:1">Samsung C&amp;T (028260 KS)</a>, and it is being locally reported that KCC may sell out all (or at least a significant portion) of this C&amp;T stake in the near future. What is the story here? KCC mulls taking over US-based Momentive Performance Materials. Price tag is nearly US$3bil. As shown in the below regulatory filing put out on July 31, KCC acknowledged that it has been reviewing a number of strategies…</p>

Samsung restructuring now has another twist to come. KCC Corp (002380 KS) has a 8.97% stake in Samsung C&amp;T (028260 KS), and it is being locally reported that KCC may sell out all (or at least a significant portion) of this C&amp;T stake in the near future. What is the story here? KCC mulls taking over US-based Momentive Performance Materials. Price tag is nearly US$3bil. As shown in the below regulatory filing put out on July 31, KCC acknowledged that it has been reviewing a number of strategies…

KCC's Samsung C&T Equity Block Deals May Happen Soon: It Worsens C&T Overhang Concern

South Korea

Wonik Materials Company Ltd. supplies high purity specialty gases. The Company offers mixture and pure gas, as well as stock sale gases and cylinders products. Wonik Materials serves the semiconductor, flat panel display, and light emitting diode sectors worldwide.

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Wonik Materials (104830 KS)

Wonik Merger Stock Swap: Summary & Trading Opportunities

Wonik IPS (240810 KS) announced on Oct 29 that it would merge with Wonik Tera Semicon (123100 KS) at a swap ratio of 0.7394724. Ceiling for stock...

Sanghyun Park

KCC's Samsung C&T Equity Block Deals May Happen Soon: It Worsens C&T Overhang Concern

Samsung restructuring now has another twist to come. KCC Corp (002380 KS) has a 8.97% stake in Samsung C&T (028260 KS), and it is being locally...

Sanghyun Park

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