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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aoki-super-co-ltd" target="_blank" data-smartkarma-citation="entities:13509:1" rel="noopener">Aoki Super (9977 JP)</a> has recommended an MBO tender offer of JPY3,800 per share, a 43.9% premium to the undisturbed (5 January). </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 13.35% ownership ratio. </li>
<li>Based on the irrevocables, the minimum acceptance condition requires a 28.6% minority acceptance rate. This acceptance rate is achievable as the offer represents an all-time high. </li>
</ul>



Aoki Super (9977 JP) has recommended an MBO tender offer of JPY3,800 per share, a 43.9% premium to the undisturbed (5 January). 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 13.35% ownership ratio. 
Based on the irrevocables, the minimum acceptance condition requires a 28.6% minority acceptance rate. This acceptance rate is achievable as the offer represents an all-time high. 


Aoki Super (9977 JP): MBO Tender Offer at JPY3,800

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The family which owns and controls ubiquitous Nagoya supermarket chain <a href="https://www.smartkarma.com/entities/aoki-super-co-ltd" target="_blank" data-smartkarma-citation="entities:13509:1" rel="noopener">Aoki Super (9977 JP)</a> will acquire the 47% it does not own in an MBO. </li>
<li>This appears to be an estate planning exercise, creating a context to hand off ownership from the 77yr old former CEO to his 44yr old son and current CEO. </li>
<li>This comes in at a 44% premium, an all-time high price, and 15+x forecast FCF (even if the forecast looks a little light). This gets done easily.</li>
</ul>


The family which owns and controls ubiquitous Nagoya supermarket chain Aoki Super (9977 JP) will acquire the 47% it does not own in an MBO. 
This appears to be an estate planning exercise, creating a context to hand off ownership from the 77yr old former CEO to his 44yr old son and current CEO. 
This comes in at a 44% premium, an all-time high price, and 15+x forecast FCF (even if the forecast looks a little light). This gets done easily.


Aoki Super (9977) MBO at ¥3,800/Share (All-Time High, 15x Forecast FCF)

Japan

Aoki Super Co., LTD. operates supermarkets in Aichi Prefecture.  The Company sells fresh food, general foods, pharmaceuticals, and sundry goods.

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Aoki Super (9977 JP): MBO Tender Offer at JPY3,800

Based on the irrevocables, the minimum acceptance condition requires a 28.6% minority acceptance rate. This acceptance rate is achievable as the...

Arun George

Aoki Super (9977) MBO at ¥3,800/Share (All-Time High, 15x Forecast FCF)

Aoki Super (9977)'s family ownership is set to take the company private at ¥3800/share. This is an estate planning exercise. It is easily done. No...

Travis Lundy