European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Gross spread is 2.62%, implying a solid annualized return of ~22.0% assuming a June closing—an attractive profile given the minimal regulatory and financing risks.</li>
<li>The market is pricing in a ~93.2% probability of deal success, reflecting strong confidence driven by Board support, substantial shareholder backing (36% aligned), and the absence of antitrust red flags.</li>
<li>Challenging but feasible threshold: requires 84.3% of free flaot to tender to reach the 90% acceptance condition and enable squeeze out.</li>
</ul>


Gross spread is 2.62%, implying a solid annualized return of ~22.0% assuming a June closing—an attractive profile given the minimal regulatory and financing risks.
The market is pricing in a ~93.2% probability of deal success, reflecting strong confidence driven by Board support, substantial shareholder backing (36% aligned), and the absence of antitrust red flags.
Challenging but feasible threshold: requires 84.3% of free flaot to tender to reach the 90% acceptance condition and enable squeeze out.


Lab Tested, Market Approved: KKR’s Biotage Bid Under the Microscope

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Negligible float, highly manipulatable, 150x+ forward earnings - yes, investors can afford NOT to have <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> in their portfolio.</li>
<li>
<a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> stamps its "recycling capital" motto and sells nine floors of One Exchange Square to <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> for HK$6.3bn (US$810mn).</li>
<li>
<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>asks <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> whether they intend to change the consideration terms. Minebea says it is "proceeding with its consideration". </li>
</ul>


Negligible float, highly manipulatable, 150x+ forward earnings - yes, investors can afford NOT to have GMO Internet (4784 JP) in their portfolio.

Hongkong Land (HKL SP) stamps its "recycling capital" motto and sells nine floors of One Exchange Square to HKEX (388 HK) for HK$6.3bn (US$810mn).

Shibaura Electronics (6957 JP)asks Minebea Mitsumi (6479 JP) whether they intend to change the consideration terms. Minebea says it is "proceeding with its consideration". 


Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

Sweden

Biotage AB focuses on life sciences research. The Company provides technologies and solutions in the areas of genetic analysis and medicinal chemistry. Biotage's customers include pharmaceutical companies, biotech companies, and academic institutes. The Company has offices in several European countries, the United States, and Japan.

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Biotage (BIOT SS)

Lab Tested, Market Approved: KKR’s Biotage Bid Under the Microscope

KKR’s SEK 145 cash bid for Biotage offers a 60% premium, high deal certainty, and 22% annualized return potential. Squeeze-out hinges on 84% of...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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