Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

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Equity Bottom-Up

<h3>Activist Campaign Analysis:</h3>In the latest round of company-related newsflow, on Tuesday 20th April, Toshiba Corp. has through its release to the Stock Exchange declined to evaluate the proposal from private equity firm CVC Capital Partners.  This is not unexpected.  When it comes to Private Equity Involvement in activism, it is different from that of traditional activists and institutional grade investors participation. Hence, the mindset and rules of engagement are always going to be different.We examine the company's recent statements and how this may affect various stakeholders (private equity, company, traditional and non-traditional activists)  involved with the current privatisation discussions.The 20th April release stated that CVC "would step aside and await Toshiba’s guidance as to whether privatisation would suit Management’s and the Board of Directors Strategic objectives". We feel this opens up a variety of scenarios for them and other bidders. An aspect reinforced today (21st of April), when it was reported that Bain may be examining a bid of its own. Finally,  we discuss the next steps expected and why valuation may fall outside of the Sell-side analyst's view.

Activist Campaign Analysis:In the latest round of company-related newsflow, on Tuesday 20th April, Toshiba Corp. has through its release to the Stock Exchange declined to evaluate the proposal from private equity firm CVC Capital Partners.  This is not unexpected.  When it comes to Private Equity Involvement in activism, it is different from that of traditional activists and institutional grade investors participation. Hence, the mindset and rules of engagement are always going to be different.We examine the company's recent statements and how this may affect various stakeholders (private equity, company, traditional and non-traditional activists)  involved with the current privatisation discussions.The 20th April release stated that CVC "would step aside and await Toshiba’s guidance as to whether privatisation would suit Management’s and the Board of Directors Strategic objectives". We feel this opens up a variety of scenarios for them and other bidders. An aspect reinforced today (21st of April), when it was reported that Bain may be examining a bid of its own. Finally,  we discuss the next steps expected and why valuation may fall outside of the Sell-side analyst's view.

Toshiba Corp (6502 JP) Chapter 2: Company Engages Stakeholders

United States

Bain Capital Specialty Finance, Inc. operates as a business development company. The Company focuses on investment in middle-market companies. Bain Capital Specialty Finance serves customers worldwide.

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Bain Capital Specialty Finan (BCSF US)

Toshiba Corp (6502 JP) Chapter 2: Company Engages Stakeholders

Toshiba's & CVC have opened up a variety of scenarios for themselves & other bidders. An aspect reinforced with reports that Bain may be examining...

David Lepper

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