Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 47 - 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>Two new deals discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a>'s TOB, and the <a href="https://www.smartkarma.com/entities/arvida-group-ltd" target="_blank" data-smartkarma-citation="entities:14485:1" rel="noopener">Arvida (ARV NZ)</a>. <a href="https://www.smartkarma.com/entities/warehouse-group-limited-the" target="_blank" data-smartkarma-citation="entities:1721:1" rel="noopener">Warehouse Group Limited (WHS NZ)</a>'s co-founder is kicking tyres. </li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</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/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>, and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>.</li>
</ul>


I tally 47 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. 
Two new deals discussed this week on Smartkarma: Furukawa Battery (6937 JP)'s TOB, and the Arvida (ARV NZ). Warehouse Group Limited (WHS NZ)'s co-founder is kicking tyres. 
Key updates took place on Pacific Smiles (PSQ AU), Canvest Environmental Protection Group (1381 HK), CPMC Holdings (906 HK), Jeisys Medical (287410 KS), and Hollysys Automation Technologies (HOLI US).


(Mostly) Asia-Pac M&A: Furukawa Battery, Arvida, Warehouse Group, Pacific Smiles, Canvest, Jeisys

Travis Lundy

<ul>
<li>Today after the close, Advantage Partners announced the intention to launch a TOB to take over <a href="https://www.smartkarma.com/entities/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a> at ¥1,400 - a 26% premium to last.  </li>
<li>This will require substantial time to obtain regulatory and foreign investment clearances so it is anticipated the Tender Offer will be launched at end-March 2025. I expect that is conservative.</li>
<li>The price paid to minorities is a premium. But the price paid by the buyer is actually a takeunder. And it gets worse from there. </li>
</ul>


Today after the close, Advantage Partners announced the intention to launch a TOB to take over Furukawa Battery (6937 JP) at ¥1,400 - a 26% premium to last.  
This will require substantial time to obtain regulatory and foreign investment clearances so it is anticipated the Tender Offer will be launched at end-March 2025. I expect that is conservative.
The price paid to minorities is a premium. But the price paid by the buyer is actually a takeunder. And it gets worse from there. 


Furukawa Battery (6937) - Ugly Process in Virtual Take-Under Take-Private

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>
<a href="https://www.smartkarma.com/entities/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a> recommended a pre-conditional tender offer from Advantage Partners, <a href="https://www.smartkarma.com/entities/tokyo-century-corp" target="_blank" data-smartkarma-citation="entities:8053:1" rel="noopener">Tokyo Century Corp (8439 JP)</a> and <a href="https://www.smartkarma.com/entities/furukawa-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:5193:1" rel="noopener">Furukawa Electric (5801 JP)</a> consortium at JPY1,400, 22.6% premium to the undisturbed price.</li>
<li>The precondition is approval under the competition laws of Japan and Thailand. The offer is long-dated and anticipated to commence in March 2025.</li>
<li>While not a knockout bid, the required minority acceptance rate is not onerous. A long-dated offer presents a free option on a bump due to earnings upside or a counteroffer.</li>
</ul>



Furukawa Battery (6937 JP) recommended a pre-conditional tender offer from Advantage Partners, Tokyo Century Corp (8439 JP) and Furukawa Electric (5801 JP) consortium at JPY1,400, 22.6% premium to the undisturbed price.
The precondition is approval under the competition laws of Japan and Thailand. The offer is long-dated and anticipated to commence in March 2025.
While not a knockout bid, the required minority acceptance rate is not onerous. A long-dated offer presents a free option on a bump due to earnings upside or a counteroffer.


Furukawa Battery (6937 JP): Long-Dated Pre-Conditional Offer at JPY1,400

Japan

The Furukawa Battery Co., Ltd. manufactures batteries.  The Company's products are used for automobiles, home appliances, office equipment, lighting, and aerospace development.  Furukawa Battery has a sales office in Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Furukawa Battery (6937 JP)

(Mostly) Asia-Pac M&A: Furukawa Battery, Arvida, Warehouse Group, Pacific Smiles, Canvest, Jeisys

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

Furukawa Battery (6937) - Ugly Process in Virtual Take-Under Take-Private

Furukawa Electric is selling Furukawa Battery at weighted average purchase price which is a takeunder. It is a really UGLY calculation/process...

Travis Lundy

Furukawa Battery (6937 JP): Long-Dated Pre-Conditional Offer at JPY1,400

While not a knockout bid, the required minority acceptance rate is not onerous. A long-dated offer presents a free option on a bump due to earnings...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)