Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 2nd  January 2026, marketing outfit <a href="https://www.smartkarma.com/entities/echo-marketing" target="_blank" data-smartkarma-citation="entities:29194:1" rel="noopener">Echo Marketing (230360 KS)</a> announced Bain was seeking to acquire all remaining shares not held through a Tender Offer.</li>
<li>At the close of the Offer, Bain held 80.72%. Bain subsequently reloaded, only to finish with 90.77% on the 25th February, below the 95% compulsory acquisition threshold. </li>
<li>Bain has returned to the well, with the same Tender Offer price of W16,000/share. The Offer period is from 3rd March to 31st March, with payment on the 2nd April. </li>
</ul>


Back on the 2nd  January 2026, marketing outfit Echo Marketing (230360 KS) announced Bain was seeking to acquire all remaining shares not held through a Tender Offer.
At the close of the Offer, Bain held 80.72%. Bain subsequently reloaded, only to finish with 90.77% on the 25th February, below the 95% compulsory acquisition threshold. 
Bain has returned to the well, with the same Tender Offer price of W16,000/share. The Offer period is from 3rd March to 31st March, with payment on the 2nd April. 


Bain Re-Reloads Offer For Echo Marketing (230360 KS)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 1 January 2026, it was reported that Bain Capital has launched a tender offer to acquire a 56.4% stake in Echo Marketing, the parent company of Andar. </li>
<li>Tender offer price is 16,000 won (49.5% higher than closing price on 31 December 2025).</li>
<li>After acquiring Andar in 2021, Echo Marketing transformed the company into Korea's leading athleisure brand. It is considered a rival to global sportswear brand Lululemon.</li>
</ul>


On 1 January 2026, it was reported that Bain Capital has launched a tender offer to acquire a 56.4% stake in Echo Marketing, the parent company of Andar. 
Tender offer price is 16,000 won (49.5% higher than closing price on 31 December 2025).
After acquiring Andar in 2021, Echo Marketing transformed the company into Korea's leading athleisure brand. It is considered a rival to global sportswear brand Lululemon.


Tender Offer of a 56.4% Stake in Echo Marketing by Bain Capital

<ul>
<li>A week has passed since Bain Capital first announced a tender offer of Echo Marketing whose share price has risen 49% since then.</li>
<li>With regards to Echo Marketing CEO Kim acting as a white knight in the management dispute of Hojeon, there is no rush for him to stage a massive M&amp;A fight.</li>
<li>Post tender offer, a more realistic scenario is for Bain Capital to acquire close to 70% to 80% of total outstanding shares in Echo Marketing.</li>
</ul>


A week has passed since Bain Capital first announced a tender offer of Echo Marketing whose share price has risen 49% since then.
With regards to Echo Marketing CEO Kim acting as a white knight in the management dispute of Hojeon, there is no rush for him to stage a massive M&amp;A fight.
Post tender offer, a more realistic scenario is for Bain Capital to acquire close to 70% to 80% of total outstanding shares in Echo Marketing.


Tender Offer of Echo Marketing & Risk of CEO Kim Acting As White Knight in Mgmt Dispute of Hojeon

<ul>
<li>I tally 33 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> and <a href="https://www.smartkarma.com/entities/tkg-aikang-co-ltd" target="_blank" data-smartkarma-citation="entities:9800:1" rel="noopener">TKG Aikang (022220 KS)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a>, <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, <a href="https://www.smartkarma.com/entities/bright-smart-securities-commodities-group" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities (1428 HK)</a>, and <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>.</li>
</ul>


I tally 33 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deal was discussed on Smartkarma this week: Taiyo Holdings (4626 JP) and TKG Aikang (022220 KS).
Key updates/news also took place on: Webjet Group (WJL AU), ENN Energy (2688 HK), Bright Smart Securities (1428 HK), and Toyota Industries (6201 JP).


Asia-Pac M&A Weekly Wrap: Taiyo Holdings, TKG Aikang, ENN Energy, Bright Smart Sec, Toyota Indd

<ul>
<li>For March 2026, 5 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$9bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in March was ~33%, and a year-to-date average of 40%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For March 2026, 5 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$9bn.
The average premium for the new transactions announced (or first discussed) in March was ~33%, and a year-to-date average of 40%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A, March 2026 Wrap: Rohm, Gunma Bank, Toyota Indust., Nippon Sheet Glass, Echo Marketing

South Korea

Echo Marketing Inc. provides advertisement services such as search and display advertisements.  The Company is also engaged in advertisement production.

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Echo Marketing (230360 KS)

Bain Re-Reloads Offer For Echo Marketing (230360 KS)

Trading tight to the cash terms at a 0.9% gross spread, inclusive of the 0.35% tendering fee. If Bain fails, again, to secure the delisting %...

David Blennerhassett

Tender Offer of a 56.4% Stake in Echo Marketing by Bain Capital

On 2 March, Bain Capital announced that it is launching a third round of tender offer for Echo Marketing. Having secured 91% stake, Bain is trying...

Douglas Kim

Tender Offer of Echo Marketing & Risk of CEO Kim Acting As White Knight in Mgmt Dispute of Hojeon

With regards to Echo Marketing CEO Kim acting as a white knight in the management dispute of Hojeon, there is no rush for him to stage a massive...

Douglas Kim

Asia-Pac M&A Weekly Wrap: Taiyo Holdings, TKG Aikang, ENN Energy, Bright Smart Sec, Toyota Indd

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

Asia-Pac M&A, March 2026 Wrap: Rohm, Gunma Bank, Toyota Indust., Nippon Sheet Glass, Echo Marketing

For the month of March, 5 new deals were discussed on Smartkarma with an overall deal size of just ~US$9bn. The average premium for the new deals...

David Blennerhassett

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