Arclands (9842): Fraud at PFH, Potential Pressure on the Merger Terms
The Arclands/Joyful merger stalled after a JPY1.3bn profit restatement. The likely outcome is Joyful securing a small (~5%) increase in its ratio,...
99 Views
Japanese Big Retailers: Winners and Losers
An in-depth review of Japan retailers with sales of ¥250+ in 2025: FMCG retailers dominate with market concentration increasing, discounters...
424 Views
[Japan M&A] Who Owns Who: The Growing Concentration of Power in Japanese Consumer Markets
Consumer distribution has shifted post-2020, with market concentration driven by M&A and MBOs. We identify the leaders of this consolidation,...
621 Views
Arclands (9842) And Joyful Honda (3191 JP) To Merge, Resulting in Japan’s Leading Home Centre Co
The terms of the transaction are broadly fair to both sets of shareholders, suggesting that the respective EGM votes should pass. NewCo shares will...
521 Views
Merger Arb Mondays (12 Oct) - Skyworth, Z Fin, OFX, Ingenia/Peet, Cleanaway, Reliance, Kakaku
I summarise the latest spreads and newsflow for the merger arb situations covered across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...
201 Views