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/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec Corp (2715 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/toyota-tsusho-corp" target="_blank" data-smartkarma-citation="entities:13826:1" rel="noopener">Toyota Tsusho (8015 JP)</a> at JPY2,400, 41.4% premium to the undisturbed price of JPY1,697 (28 October).</li>
<li>The tender offer runs from 30 October to 11 December (30 business days), with payment commencing from 18 December. The offer represents an all-time high.</li>
<li>While the offer is below the midpoint IFA DCF range and implies a discount to peer multiples, it is attractive vs historical trading ranges. This is a done deal.</li>
</ul>



Elematec Corp (2715 JP) has recommended a tender offer from Toyota Tsusho (8015 JP) at JPY2,400, 41.4% premium to the undisturbed price of JPY1,697 (28 October).
The tender offer runs from 30 October to 11 December (30 business days), with payment commencing from 18 December. The offer represents an all-time high.
While the offer is below the midpoint IFA DCF range and implies a discount to peer multiples, it is attractive vs historical trading ranges. This is a done deal.


Elematec (2715 JP): Toyota Tsusho (8015 JP)’s JPY2,400 Tender Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/toyota-tsusho-corp" target="_blank" data-smartkarma-citation="entities:13826:1" rel="noopener">Toyota Tsusho (8015 JP)</a> announced it would take out minorities in electronics parts/items producer subsidiary (since 2012) <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec Corp (2715 JP)</a> at 40% up.</li>
<li>It has been a bad year, so this is opportunistic. The price is too cheap, there are no synergies involved, there was no Special Committee Financial Advisor. Weak process. </li>
<li>But this gets done because the parent plus friendlies start with 62% or so. </li>
</ul>


Today after the close, Toyota Tsusho (8015 JP) announced it would take out minorities in electronics parts/items producer subsidiary (since 2012) Elematec Corp (2715 JP) at 40% up.
It has been a bad year, so this is opportunistic. The price is too cheap, there are no synergies involved, there was no Special Committee Financial Advisor. Weak process. 
But this gets done because the parent plus friendlies start with 62% or so. 


Elematec (2715 JP) Tender Offer by Parent Co at ¥2,400. Cheap, Weak Process, But WhatchaGonnaDo?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/techno-associe-co-ltd" target="_blank" data-smartkarma-citation="entities:3893:1" rel="noopener">Techno Associe (8249 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/sumitomo-electric-industries" target="_blank" data-smartkarma-citation="entities:10496:1" rel="noopener">Sumitomo Electric Industries (5802 JP)</a>’s tender offer of JPY1,695 per share, an 36.9% premium to the undisturbed price (2 February).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.</li>
<li>The tender offer is attractive and represents an all-time share price high. This suggests a done deal. The tender offer period is from 3 February to 22 March.</li>
</ul>



Techno Associe (8249 JP) has recommended Sumitomo Electric Industries (5802 JP)’s tender offer of JPY1,695 per share, an 36.9% premium to the undisturbed price (2 February).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.
The tender offer is attractive and represents an all-time share price high. This suggests a done deal. The tender offer period is from 3 February to 22 March.


Techno Associe (8249 JP): JPY1,695 Tender Offer from Sumitomo Electric

Japan

Elematec Corporation imports and exports various electronic parts and optical materials and equipment.  The Company's products include high-speed data cables, thermostats, optical film, micro lens, and heat sink fans.

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Elematec Corp (2715 JP)

Elematec (2715 JP): Toyota Tsusho (8015 JP)’s JPY2,400 Tender Offer

While the offer is below the midpoint IFA DCF range and implies a discount to peer multiples, it is attractive vs historical trading ranges (it...

Arun George

Elematec (2715 JP) Tender Offer by Parent Co at ¥2,400. Cheap, Weak Process, But WhatchaGonnaDo?

Toyota Tsusho announces it will buy out minorities in Elematec 12 years after making it a subsidiary. This is a small bolt-on. Cleans up things....

Travis Lundy

Techno Associe (8249 JP): JPY1,695 Tender Offer from Sumitomo Electric

The tender offer is attractive and represents an all-time share price high. This suggests a done deal. The tender offer period is from 3 February...

Arun George

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