Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I (3382 JP)</a>'s roadmap is a solid response to where retailing is headed, both in Japan and elsewhere; while ACT's bid is just about carrying on as now.</li>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR (1821 HK)</a> is a non-binding proposal, no official terms, with a fragmented shareholder register. And this is before any opaque PRC regulatory conditions tacked on in a firm Offer.</li>
<li>Murakami-San is up to 23.5% of voting rights in <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. He would probably need 30% to be able to threaten a board spill.</li>
</ul>



Seven &amp; I (3382 JP)'s roadmap is a solid response to where retailing is headed, both in Japan and elsewhere; while ACT's bid is just about carrying on as now.

ESR (1821 HK) is a non-binding proposal, no official terms, with a fragmented shareholder register. And this is before any opaque PRC regulatory conditions tacked on in a firm Offer.
Murakami-San is up to 23.5% of voting rights in Exedy Corp (7278 JP). He would probably need 30% to be able to threaten a board spill.


Last Week in Event SPACE: Seven & I, ESR, Exedy, CMCDI, Shin Kong

<ul>
<li>I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deals discussed this week: <a href="https://www.smartkarma.com/entities/cemex-holdings-philippines" target="_blank" data-smartkarma-citation="entities:22700:1" rel="noopener">Cemex Holdings Philippines (CHP PM)</a> low-balled MTO.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">MPHB Capital (MPHB MK)</a>, and <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</a>.</li>
</ul>


I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deals discussed this week: Cemex Holdings Philippines (CHP PM) low-balled MTO.
Key updates took place on: Fuji Soft Inc (9749 JP), Shinko Electric Industries (6967 JP), CPMC Holdings (906 HK), MPHB Capital (MPHB MK), and Dyna Mac Holdings (DMHL SP).


(Mostly) Asia-Pac M&A: CEMEX, Fuji Soft, Shinko Electric, CPMC, MPHB Capital, Dyna Mac

Concreat Holdings Philippines / Event-Driven

<ul>
<li>Back on the 25th April 2024, a Dacon/<a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" data-smartkarma-citation="entities:8026:1" rel="noopener">DMCI Holdings (DMC PM)</a>-led consortium entered into a SPA to acquire 89.86% in <a href="https://www.smartkarma.com/entities/cemex-holdings-philippines" target="_blank" data-smartkarma-citation="entities:22700:1" rel="noopener">CEXMEX (CHP PM)</a> from <a href="https://www.smartkarma.com/entities/cemex-sab-de-cv" target="_blank" data-smartkarma-citation="entities:24735:1" rel="noopener">Cemex SAB de CV (CEMEXCPO MM)</a>.</li>
<li>The completion of the sale triggered a mandatory tender offer for the remaining 10.14% of shares out. The Offer Price is ₱1.42/share (before considerable fees), a 8% discount to undisturbed.</li>
<li>The Offer Period spans October 23 to November 21. There's the possibility of a technical bump. Don't expect a follow-on delisting Offer. The Bidders' intention is to maintain CEMEX's listing.</li>
</ul>


Back on the 25th April 2024, a Dacon/DMCI Holdings (DMC PM)-led consortium entered into a SPA to acquire 89.86% in CEXMEX (CHP PM) from Cemex SAB de CV (CEMEXCPO MM).
The completion of the sale triggered a mandatory tender offer for the remaining 10.14% of shares out. The Offer Price is ₱1.42/share (before considerable fees), a 8% discount to undisturbed.
The Offer Period spans October 23 to November 21. There's the possibility of a technical bump. Don't expect a follow-on delisting Offer. The Bidders' intention is to maintain CEMEX's listing.


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.

<ul>
<li>The MTO in relation to <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a>’s acquisition of 88.50% of <a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement Corp (EAGLE PM)</a>’s shares is open. The MTO will end on 5 December. </li>
<li>The MTO price is PHP22.02. The net MTO price after deducting the selling charges (0.621% of value) is estimated to be PHP21.8833. </li>
<li>At the current price and for the 14 December payment, the gross and annualised spread to the net MTO price is 1.8% and 19.2%, respectively.</li>
</ul>


The MTO in relation to San Miguel (SMC PM)’s acquisition of 88.50% of Eagle Cement Corp (EAGLE PM)’s shares is open. The MTO will end on 5 December. 
The MTO price is PHP22.02. The net MTO price after deducting the selling charges (0.621% of value) is estimated to be PHP21.8833. 
At the current price and for the 14 December payment, the gross and annualised spread to the net MTO price is 1.8% and 19.2%, respectively.


Eagle Cement (EAGLE PM) MTO Open, Closing on 5 December

<ul>
<li>The regulator will not review <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a>’s SPA with <a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement Corp (EAGLE PM)</a>’s selling shareholders to acquire their combined 88.50% stake at PHP22.02 per share.</li>
<li>We expected approval as the PCC, the regulator, previously viewed San Miguel and ECC as part of the same group. The next step is the execution of a definitive agreement.</li>
<li>The approval paves the way for an MTO of the remaining 11.50% minority shares at PHP22.02, likely next month. At the last close, the spread to the offer is 6.1%.</li>
</ul>


The regulator will not review San Miguel (SMC PM)’s SPA with Eagle Cement Corp (EAGLE PM)’s selling shareholders to acquire their combined 88.50% stake at PHP22.02 per share.
We expected approval as the PCC, the regulator, previously viewed San Miguel and ECC as part of the same group. The next step is the execution of a definitive agreement.
The approval paves the way for an MTO of the remaining 11.50% minority shares at PHP22.02, likely next month. At the last close, the spread to the offer is 6.1%.


Eagle Cement: Regulatory Approval Paves the Way for San Miguel’s MTO at PHP22.02

Philippines

Concreat Holdings Philippines, Inc. is a major Filipino cement manufacturer. The company produces, markets, distributes, and sells cement and other building materials under brands like APO, Island, and Rizal, for both local and export markets. It was founded in 1930 and is headquartered in Makati City, Philippines.

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Concreat Holdings Philippines (CHP PM)

Last Week in Event SPACE: Seven & I, ESR, Exedy, CMCDI, Shin Kong

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

(Mostly) Asia-Pac M&A: CEMEX, Fuji Soft, Shinko Electric, CPMC, MPHB Capital, Dyna Mac

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

CEMEX's Low-Balled MTO. For Good Reason

For arb players, there's nothing to see here. Unless CEMEX were to materially fall. For long-onlies, I have no strong opinion on the back-end.

David Blennerhassett

Eagle Cement (EAGLE PM) MTO Open, Closing on 5 December

The net MTO price after deducting charges is PHP21.8833. At the current price and for the 14 December payment, the gross and annualised spread to...

Arun George

Eagle Cement: Regulatory Approval Paves the Way for San Miguel’s MTO at PHP22.02

The approval paves the way for an MTO of the remaining 11.50% minority shares at PHP22.02, likely next month. At the last close, the spread to the...

Arun George

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