Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Both <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel PCL (GJS TB)</a> and <a href="https://www.smartkarma.com/entities/g-steel-pcl" target="_blank" data-smartkarma-citation="entities:18121:1" rel="noopener">G Steel (GSTEL TB)</a> have announced Form 247-4, the Notification on Receipt of the Tender Offer for Securities, from Nippon Steel.</li>
<li>As expected, the Offer period is for 25 days, between 23 February and 29 March. The payment is the 31 March. </li>
<li>GJS is trading tight to terms. The Offer is unconditional.</li>
</ul>


Both G J Steel PCL (GJS TB) and G Steel (GSTEL TB) have announced Form 247-4, the Notification on Receipt of the Tender Offer for Securities, from Nippon Steel.
As expected, the Offer period is for 25 days, between 23 February and 29 March. The payment is the 31 March. 
GJS is trading tight to terms. The Offer is unconditional.


GJ Steel: Nippon Steel’s Offer Opens On The 23 February

<ul>
<li>Both <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel PCL (GJS TB)</a> and <a href="https://www.smartkarma.com/entities/g-steel-pcl" target="_blank" data-smartkarma-citation="entities:18121:1" rel="noopener">G Steel Pcl (GSTEL TB)</a> have announced <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a>'s statement of intent (Form 247-3).</li>
<li>This suggests Nippon Steel shall begin accepting tenders later this month, with possible settlement in early April. </li>
<li>GJS' transaction is done and trading tight to the Offer terms. </li>
</ul>


Both G J Steel PCL (GJS TB) and G Steel Pcl (GSTEL TB) have announced Nippon Steel Corporation (5401 JP)'s statement of intent (Form 247-3).
This suggests Nippon Steel shall begin accepting tenders later this month, with possible settlement in early April. 
GJS' transaction is done and trading tight to the Offer terms. 


GJ Steel: Nippon Steel’s Mandatory Offer One Step Closer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a> has announced it will acquire stakes in <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel Pcl (GJS TB)</a> and <a href="https://www.smartkarma.com/entities/g-steel-pcl" target="_blank" data-smartkarma-citation="entities:18121:1" rel="noopener">G Steel Pcl (GSTEL TB)</a>.</li>
<li>Nippon Steel has signed share and purchase agreements with the alternative investment unit of <a href="https://www.smartkarma.com/entities/ares-management-corp" target="_blank" data-smartkarma-citation="entities:28771:1" rel="noopener">Ares Management Corp (ARES US)</a>, the major shareholder of both Thai electric-furnace steelmakers. </li>
<li>Completion of the agreements will trigger Mandatory Tender Offers for both companies. These Offers will be unconditional. </li>
</ul>



Nippon Steel Corporation (5401 JP) has announced it will acquire stakes in G J Steel Pcl (GJS TB) and G Steel Pcl (GSTEL TB).
Nippon Steel has signed share and purchase agreements with the alternative investment unit of Ares Management Corp (ARES US), the major shareholder of both Thai electric-furnace steelmakers. 
Completion of the agreements will trigger Mandatory Tender Offers for both companies. These Offers will be unconditional. 


Nippon Steel's Mandatory Offers For Thailand's GJ Steel and G Steel

Thailand

GJ Steel Public Company Limited is a major Thai producer of Hot Rolled Steel Coils (HRC) with a production capacity of 1.5 million tons per year. The company operates a fully integrated steel mill using Electric Arc Furnace (EAF) technology, supplying products to industries such as construction, automotive, pipe manufacturing, and industrial machinery. It was established in 1994 and is headquartered in Samut Prakan, Thailand.

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GJ Steel (GJS TB)

GJ Steel: Nippon Steel’s Offer Opens On The 23 February

At THB 0.58/share, I see the gross/annualised spread at 1.4%/15.3% assuming 31 March completion. This transaction is done.

David Blennerhassett

GJ Steel: Nippon Steel’s Mandatory Offer One Step Closer

This transaction is done. The share price is up 3.6% today. I see the gross/annualised spread at 1.5%/10.9% assuming early April completion. That's...

David Blennerhassett

Nippon Steel's Mandatory Offers For Thailand's GJ Steel and G Steel

This looks done - play the spread here. I see the gross/annualised spread at 3.2%/14.4% assuming late Paril completion. That looks okay for what...

David Blennerhassett

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