Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a> and <a href="https://www.smartkarma.com/entities/lynch-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:36359:1" rel="noopener">Lynch Group Holdings (LGL AU)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>, <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a>, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, and <a href="https://www.smartkarma.com/entities/smart-share-global-limited" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a>.</li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal was discussed on Smartkarma this week: Apiam Animal Health (AHX AU) and Lynch Group Holdings (LGL AU).
Key updates/news took place on Santos Ltd (STO AU), Abacus Storage King (ASK AU), Gold Road Resources (GOR AU), PointsBet Holdings (PBH AU), and Smart Share Global (EM US).


(Mostly) Asia-Pac M&A: Santos, Abacus Storage, Gold Road, PointsBet, Smart Share, Apiam, Lynch

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> has bid ¥6,200/share for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>. The tender ends 28 August. YAGEO has over bid now to ¥6,635/share.  </li>
<li>YAGEO's regulatory clearance decision may not arrive before 1 September, after the Minebea tender closes. Minebea now says they will neither bump nor extend. </li>
<li>Minebea is hoping people will throw in the towel and tender because if their tender ends and Yageo's fails, it might a long way down. There are possibilities but... scary.</li>
</ul>



Minebea Mitsumi (6479 JP) has bid ¥6,200/share for Shibaura Electronics (6957 JP). The tender ends 28 August. YAGEO has over bid now to ¥6,635/share.  
YAGEO's regulatory clearance decision may not arrive before 1 September, after the Minebea tender closes. Minebea now says they will neither bump nor extend. 
Minebea is hoping people will throw in the towel and tender because if their tender ends and Yageo's fails, it might a long way down. There are possibilities but... scary.


[Japan M&A] Minebea Forces a Game of Regulatory Chicken on Shibaura (6957 JP)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>In response to <a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> matching its <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a> offer on 14 August, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> increased its offer by 7.0% from JPY6,200 to JPY6,635.  </li>
<li>To remain in the game, Yageo had to bump. The latest bump underscores Yageo’s confidence in securing regulatory approvals. </li>
<li>The Minebea CEO suggested that its JPY6,200 offer would be the final one. If Yageo secures regulatory approval (likely), Minebea will walk rather than match Yageo’s latest offer. </li>
</ul>


In response to Minebea Mitsumi (6479 JP) matching its Shibaura Electronics (6957 JP) offer on 14 August, Yageo Corporation (2327 TT) increased its offer by 7.0% from JPY6,200 to JPY6,635.  
To remain in the game, Yageo had to bump. The latest bump underscores Yageo’s confidence in securing regulatory approvals. 
The Minebea CEO suggested that its JPY6,200 offer would be the final one. If Yageo secures regulatory approval (likely), Minebea will walk rather than match Yageo’s latest offer. 


Shibaura Electronics (6957 JP): Yageo Goes All in with a JPY6,635 Offer

<ul>
<li>After three months of NOT matching YAGEO's bid for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a> at ¥6,w00 as YAGEO's proposal continues its long plod through FEFTA review, Minebea-Mitsumi has now matched ¥6,200.</li>
<li>Key is that their bid closes before the indicative deadline for YAGEO to receive word on FEFTA approval. They are hoping this bid mollifies the irrevocables and everyone else. </li>
<li>But if YAGEO cares, it could bump to ¥6,300 tomorrow and extend its tender offer which closes on Monday. But the put option is now struck higher, which de-risks this.</li>
</ul>


After three months of NOT matching YAGEO's bid for Shibaura Electronics (6957 JP) at ¥6,w00 as YAGEO's proposal continues its long plod through FEFTA review, Minebea-Mitsumi has now matched ¥6,200.
Key is that their bid closes before the indicative deadline for YAGEO to receive word on FEFTA approval. They are hoping this bid mollifies the irrevocables and everyone else. 
But if YAGEO cares, it could bump to ¥6,300 tomorrow and extend its tender offer which closes on Monday. But the put option is now struck higher, which de-risks this.


[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout

<ul>
<li>The Ministry of Finance has published an updated "FEFTA List" of classifications of listed companies as of July 15, 2025. </li>
<li>50 names lowered their ranks from the most "core" Type 3 to Type 2(20), or Type 1(30). 104 names raised from Type 1(51) or Type 2(53) to Type 3.</li>
<li>Smartkarma readers may want to peruse the lists and details to see if they think companies are trying to protect themselves (from threats as yet not known by the public).</li>
</ul>


The Ministry of Finance has published an updated "FEFTA List" of classifications of listed companies as of July 15, 2025. 
50 names lowered their ranks from the most "core" Type 3 to Type 2(20), or Type 1(30). 104 names raised from Type 1(51) or Type 2(53) to Type 3.
Smartkarma readers may want to peruse the lists and details to see if they think companies are trying to protect themselves (from threats as yet not known by the public).


Japan

Minebea Mitsumi manufactures and markets miniature and instrument ball bearings.  The Company also makes DC motors, servo motors, stepping motors, spindle motors, pivot assemblies, rod-end and spherical bearings, fasteners, and computer keyboards. Minebea Mitsumi has production facilities in Thailand and Singapore.

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Minebea Mitsumi (6479 JP)

[Japan M&A] Minebea Forces a Game of Regulatory Chicken on Shibaura (6957 JP)

Minebea is forcing investors to play chicken with regulatory approval for Yageo's higher bid. Yageo does not seem to think there is a lot of...

Travis Lundy

Shibaura Electronics (6957 JP): Yageo Goes All in with a JPY6,635 Offer

To remain in the game, Yageo had to bump. The bump signals Yageo's confidence in securing FEFTA approval. Minebea is increasingly likely to walk...

Arun George

[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout

YAGEO has now bumped from ¥6,200 to ¥6,635 and extended a few days. This should get them past the scheduled FEFTA decision. I had thought ¥6,400+ a...

Travis Lundy

FEFTA Classification Changes Summer 2025

The Japanese Ministry of Finance updated its Classification List for FEFTA designation of listed companies in late July. This happens periodically....

Travis Lundy

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(Mostly) Asia-Pac M&A: Santos, Abacus Storage, Gold Road, PointsBet, Smart Share, Apiam, Lynch

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

[Japan M&A] Minebea Forces a Game of Regulatory Chicken on Shibaura (6957 JP)

Minebea is forcing investors to play chicken with regulatory approval for Yageo's higher bid. Yageo does not seem to think there is a lot of...

Travis Lundy

Shibaura Electronics (6957 JP): Yageo Goes All in with a JPY6,635 Offer

To remain in the game, Yageo had to bump. The bump signals Yageo's confidence in securing FEFTA approval. Minebea is increasingly likely to walk...

Arun George

[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout

YAGEO has now bumped from ¥6,200 to ¥6,635 and extended a few days. This should get them past the scheduled FEFTA decision. I had thought ¥6,400+ a...

Travis Lundy

FEFTA Classification Changes Summer 2025

The Japanese Ministry of Finance updated its Classification List for FEFTA designation of listed companies in late July. This happens periodically....

Travis Lundy