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/global-ltd-the" target="_blank" data-smartkarma-citation="entities:9672:1" rel="noopener">Global Ltd/The (3271 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" data-smartkarma-citation="entities:10503:1" rel="noopener">Daito Trust Construct (1878 JP)</a> at JPY1,280, a 27.4% premium to the last close. </li>
<li>While it represents an all-time high, the offer is light, as it is below the midpoint of the target IFA’s DCF valuation range. Also, there was no auction.</li>
<li>Due to the significant irrevocables, the required tendering rate is low, suggesting a done deal. The first closing date is 22 May, with payment commencing 28 May.</li>
</ul>



Global Ltd/The (3271 JP) has recommended a tender offer from Daito Trust Construct (1878 JP) at JPY1,280, a 27.4% premium to the last close. 
While it represents an all-time high, the offer is light, as it is below the midpoint of the target IFA’s DCF valuation range. Also, there was no auction.
Due to the significant irrevocables, the required tendering rate is low, suggesting a done deal. The first closing date is 22 May, with payment commencing 28 May.


The Global (3271 JP): Daito Trust (1878 JP)’s Tender Offer Is Light but Done

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Last December, when <a href="https://www.smartkarma.com/entities/solasto-corp" target="_blank" data-smartkarma-citation="entities:24149:1" rel="noopener">SOLASTO CORP. (6197 JP)</a> was trading in the high ¥500s, a specialised media source said there were TOB talks. There were, and we got a deal 24-March-2026.</li>
<li>The deal is at ¥1,119 for minorities (¥776 for Daito Trust). This is a decent price resulting from a competitive bid. It's just under majority of minority but it's OK.</li>
<li>I expect this is done. Daito, employees, insiders, and crossholders hold over 50%. It's a good price. Clean deal. </li>
</ul>


Last December, when SOLASTO CORP. (6197 JP) was trading in the high ¥500s, a specialised media source said there were TOB talks. There were, and we got a deal 24-March-2026.
The deal is at ¥1,119 for minorities (¥776 for Daito Trust). This is a decent price resulting from a competitive bid. It's just under majority of minority but it's OK.
I expect this is done. Daito, employees, insiders, and crossholders hold over 50%. It's a good price. Clean deal. 


[Japan M&A] SOLASTO (6107 JP) Gets MBK MBO Bid (In Auction) - Decent Price (¥1119) So Likely Done

<ul>
<li>
<a href="https://www.smartkarma.com/entities/solasto-corp" target="_blank" data-smartkarma-citation="entities:24149:1" rel="noopener">SOLASTO CORP. (6197 JP)</a> has recommended an MBK-sponsored MBO at JPY1,119, a 100.9% premium to the undisturbed price of JPY557 (9 December 2025) and a 17.3% premium to the last close. </li>
<li>The offer, which resulted from an auction, represents a three-year high and is above the midpoint of the IFA DCF valuation range.</li>
<li>The required tendering rate is achievable as the offer is attractive. The first closing date is 11 May, with payment commencing 18 May.  </li>
</ul>



SOLASTO CORP. (6197 JP) has recommended an MBK-sponsored MBO at JPY1,119, a 100.9% premium to the undisturbed price of JPY557 (9 December 2025) and a 17.3% premium to the last close. 
The offer, which resulted from an auction, represents a three-year high and is above the midpoint of the IFA DCF valuation range.
The required tendering rate is achievable as the offer is attractive. The first closing date is 11 May, with payment commencing 18 May.  


Solasto (6197 JP): MBK-Sponsored MBO at JPY1,119

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Activist investors 3D Investment Partners and Dalton Investments have both taken meaningful stakes in Square Enix - highlights capital inefficiency and poor margin profile</li>
<li>Daito Trust sits on over ¥100bn in net cash, an arguably excessive cushion for a mature operator with steady cash flows. Silchester have taken note</li>
<li>Iriso Electronic and INES both trade below book value. Attractive value plays for small cap funds.</li>
</ul>


Activist investors 3D Investment Partners and Dalton Investments have both taken meaningful stakes in Square Enix - highlights capital inefficiency and poor margin profile
Daito Trust sits on over ¥100bn in net cash, an arguably excessive cushion for a mature operator with steady cash flows. Silchester have taken note
Iriso Electronic and INES both trade below book value. Attractive value plays for small cap funds.


Japan Activist Watch | Square Enix, DaitoTrust, Iriso & INES

David Blennerhassett

<ul>
<li>For the month of March 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in March was ~53%, with a year-to-date average also of 55%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .</li>
</ul>


For the month of March 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14bn.
The average premium for the new transactions announced (or first discussed) in March was ~53%, with a year-to-date average also of 55%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .


(Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon

Japan

DAITO TRUST CONSTRUCTION CO., LTD. operates building construction and real estate businesses.  The Company plans and constructs apartment and commercial buildings mainly for land owners.  Daito Trust Construction provides brokerage and maintenance services as well.

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Daito Trust Construct (1878 JP)

The Global (3271 JP): Daito Trust (1878 JP)’s Tender Offer Is Light but Done

While it represents an all-time high, the offer is light, as it is below the midpoint of the target IFA’s DCF valuation range. However, the...

Arun George

[Japan M&A] SOLASTO (6107 JP) Gets MBK MBO Bid (In Auction) - Decent Price (¥1119) So Likely Done

The SOLASTO MBO is a pretty clean deal where Daito Trust got tired of waiting for a better alliance so put their 35% stake and the co up for...

Travis Lundy

Solasto (6197 JP): MBK-Sponsored MBO at JPY1,119

The offer, which resulted from an auction, represents a three-year high and is above the midpoint of the IFA DCF valuation range. The offer is 2...

Arun George

Japan Activist Watch | Square Enix, DaitoTrust, Iriso & INES

Activist investors target Square Enix for capital inefficiency, Daito Trust criticized for excessive cash reserves, Iriso Electronic and INES...

Mark Chadwick

(Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon

For the month of March, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$14bn. The average premium for the new deals...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Global (3271 JP): Daito Trust (1878 JP)’s Tender Offer Is Light but Done

While it represents an all-time high, the offer is light, as it is below the midpoint of the target IFA’s DCF valuation range. However, the...

Arun George

[Japan M&A] SOLASTO (6107 JP) Gets MBK MBO Bid (In Auction) - Decent Price (¥1119) So Likely Done

The SOLASTO MBO is a pretty clean deal where Daito Trust got tired of waiting for a better alliance so put their 35% stake and the co up for...

Travis Lundy

Solasto (6197 JP): MBK-Sponsored MBO at JPY1,119

The offer, which resulted from an auction, represents a three-year high and is above the midpoint of the IFA DCF valuation range. The offer is 2...

Arun George

Japan Activist Watch | Square Enix, DaitoTrust, Iriso & INES

​Activist investors target Square Enix for capital inefficiency, Daito Trust criticized for excessive cash reserves, Iriso Electronic and INES...

Mark Chadwick

(Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon

For the month of March, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$14bn. The average premium for the new deals...

David Blennerhassett

Activist investors target Square Enix for capital inefficiency, Daito Trust criticized for excessive cash reserves, Iriso Electronic and INES...