US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schibsted-asa" target="_blank" data-smartkarma-citation="entities:22250:1" rel="noopener">Schibsted/Vend Marketplaces (VENDB NO)</a> is the highest ranked non-constituent. However, its addition is uncertain due to share class liquidity.</li>
<li>The main forecasted additions are <a href="https://www.smartkarma.com/entities/zegona-communications-plc" target="_blank" data-smartkarma-citation="entities:25686:1" rel="noopener">Zegona Communications (ZEG LN)</a> and <a href="https://www.smartkarma.com/entities/nordex-se" target="_blank" data-smartkarma-citation="entities:21682:1" rel="noopener">Nordex SE (NDX1 GR)</a> following price rallies.</li>
<li>The main forecasted deletions are <a href="https://www.smartkarma.com/entities/verallia" target="_blank" data-smartkarma-citation="entities:36586:1" rel="noopener">Verallia (VRLA FP)</a> and <a href="https://www.smartkarma.com/entities/banca-popolare-di-sondrio-scar" target="_blank" data-smartkarma-citation="entities:21166:1" rel="noopener">Banca Popolare Di Sondrio Scar (BPSO IM)</a> following tender offers that significantly reduced their free float.</li>
</ul>



Schibsted/Vend Marketplaces (VENDB NO) is the highest ranked non-constituent. However, its addition is uncertain due to share class liquidity.
The main forecasted additions are Zegona Communications (ZEG LN) and Nordex SE (NDX1 GR) following price rallies.
The main forecasted deletions are Verallia (VRLA FP) and Banca Popolare Di Sondrio Scar (BPSO IM) following tender offers that significantly reduced their free float.


STOXX Europe600 Sep25 Forecast: ZEG, NDX1, FRA to Enter; VRLA, BPSO, EMBRACB to Exit

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/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> recommended a KKR/JICC-sponsored preconditional MBO at JPY3,300, representing an 87.9% premium to the undisturbed price and a 5.4% premium to the last close.</li>
<li>The offer is preconditional on regulatory approvals and is scheduled to start at the end of July. The offer is attractive and represents an all-time high. </li>
<li>The offer comes with caveats: the Board recommendation is not unanimous, the lower limit is set below the two-thirds threshold, and KKR offered a higher price during the discussions. </li>
</ul>



Topcon Corp (7732 JP) recommended a KKR/JICC-sponsored preconditional MBO at JPY3,300, representing an 87.9% premium to the undisturbed price and a 5.4% premium to the last close.
The offer is preconditional on regulatory approvals and is scheduled to start at the end of July. The offer is attractive and represents an all-time high. 
The offer comes with caveats: the Board recommendation is not unanimous, the lower limit is set below the two-thirds threshold, and KKR offered a higher price during the discussions. 


Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats

<ul>
<li>
<a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> shares rose 51% over two days, confirming a Bloomberg report that is conducting a privatisation auction. The process is in the second round of bids.</li>
<li>Exploring the privatisation process is unsurprising, as Topcon has materially underperformed the Nikkei 225 since its last medium-term management term plan was announced on 12 May 2023.</li>
<li>Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median peer multiples.</li>
</ul>



Topcon Corp (7732 JP) shares rose 51% over two days, confirming a Bloomberg report that is conducting a privatisation auction. The process is in the second round of bids.
Exploring the privatisation process is unsurprising, as Topcon has materially underperformed the Nikkei 225 since its last medium-term management term plan was announced on 12 May 2023.
Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median peer multiples.


Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>A Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-10/topcon-gets-buyout-offers-from-kkr-eqt-as-japan-m-a-heats-up" target="_blank" rel="noopener">article</a> today said <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> is weighing takeover bids received from KKR and EQT. ValueAct has been pressuring the company for 18mos (5+% in May23)</li>
<li>ValueAct has apparently been pushing the company to divest assets and concentrate on core ops, or go private (and have someone else do it). </li>
<li>This is further evidence of the METI-enabled "Bad Cop-Good Cop Routine" which could expand M&amp;A and governance activity dramatically. </li>
</ul>


A Bloomberg article today said Topcon Corp (7732 JP) is weighing takeover bids received from KKR and EQT. ValueAct has been pressuring the company for 18mos (5+% in May23)
ValueAct has apparently been pushing the company to divest assets and concentrate on core ops, or go private (and have someone else do it). 
This is further evidence of the METI-enabled "Bad Cop-Good Cop Routine" which could expand M&amp;A and governance activity dramatically. 


Thinking About Topcon (7732) And the New METI-Enabled Bad Cop-Good Cop Routine

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

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Trump / Analysis: How Trump’s return could impact China’s economy and techIT / In Depth: How legacy technology broke China’s stock marketRail / Ukraine war sends Chinese goods on circuitous route to Europe

CX Daily: How Trump’s Return Could Impact China’s Economy and Tech 

Germany

Carl Zeiss Meditec AG provides complete system solutions in the field of medical technology for ophthalmology.  The Company's products include screening, diagnostic, and therapeutic systems for the treatment of vision defects, cataracts, glaucoma, and retinal disorders.  Carl Zeiss Meditec operates worldwide with subsidiaries in the USA and Japan.

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Carl Zeiss Meditec (AFX GR)

STOXX Europe600 Sep25 Forecast: ZEG, NDX1, FRA to Enter; VRLA, BPSO, EMBRACB to Exit

Uncertain inclusion: VENDB due to share class liquidity. High probability inclusions: ZEG and NDX1 following price rallies. High probability...

Dimitris Ioannidis

Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats

The offer, which resulted from a competitive bidding process, represents an all-time high. However, it comes with caveats that could complicate...

Arun George

Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median...

Arun George

Thinking About Topcon (7732) And the New METI-Enabled Bad Cop-Good Cop Routine

The METI Guideline on Corporate Takeovers has enabled a BadCop-GoodCop routine to be played out by activists and PE funds. Topcon may be a victim....

Travis Lundy

CX Daily: How Trump’s Return Could Impact China’s Economy and Tech

Trump / Analysis: How Trump’s return could impact China’s economy and tech “The U. S. economic policy toward China may become more hostile with...

Caixin Global

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