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/guppy-s-inc" target="_blank" data-smartkarma-citation="entities:40692:1" rel="noopener">GUPPY's Inc (5127 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/medley-inc" target="_blank" data-smartkarma-citation="entities:31041:1" rel="noopener">Medley (4480 JP)</a>’s tender offer of JPY3,250 per share, an 81.0% premium to the undisturbed price (19 January). </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 10.19% ownership ratio. </li>
<li>Despite the premium, the offer is light vs the IFA DCF valuation. Based on the irrevocables, the minimum acceptance condition requires a 23.4% minority acceptance rate, which is achievable. </li>
</ul>



GUPPY's Inc (5127 JP) has recommended Medley (4480 JP)’s tender offer of JPY3,250 per share, an 81.0% premium to the undisturbed price (19 January). 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 10.19% ownership ratio. 
Despite the premium, the offer is light vs the IFA DCF valuation. Based on the irrevocables, the minimum acceptance condition requires a 23.4% minority acceptance rate, which is achievable. 


GUPPY's (5127 JP): Medley (4480 JP) Tender Offer at JPY3,250

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

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<li>
<a href="https://www.smartkarma.com/entities/medley-inc" target="_blank" data-smartkarma-citation="entities:31041:1" rel="noopener">Medley (4480 JP)</a> operates recruitment platforms in healthcare, elsewhere. <a href="https://www.smartkarma.com/entities/guppy-s-inc" target="_blank" data-smartkarma-citation="entities:40692:1" rel="noopener">GUPPY's Inc (5127 JP)</a> does too. They also offer exam prep for two niches where they have super-high market share.</li>
<li>GUPPY's was listed 18mos ago, and the founder wants out. The deal is a nice premium (+86%) but it isn't as generous a deal as it could be. </li>
<li>That said, the shareholder structure looks like this deal gets done pretty easily. </li>
</ul>



Medley (4480 JP) operates recruitment platforms in healthcare, elsewhere. GUPPY's Inc (5127 JP) does too. They also offer exam prep for two niches where they have super-high market share.
GUPPY's was listed 18mos ago, and the founder wants out. The deal is a nice premium (+86%) but it isn't as generous a deal as it could be. 
That said, the shareholder structure looks like this deal gets done pretty easily. 


Medley (4480) To Buy Out Guppy's (5127) At ¥3,250 (9.4x Aug26 EV/FCF)

Japan

GUPPY's Inc. provides recruitment services. The Company develops recruitment site for medical, dental, nursing care, and other jobs. GUPPY's also provides healthcare services with managing weight, body fat, and offering exercise videos.

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GUPPY's Inc (5127 JP)

GUPPY's (5127 JP): Medley (4480 JP) Tender Offer at JPY3,250

This is a small-cap merger arb. Based on the irrevocables, the minimum acceptance condition requires a 23.4% minority acceptance rate, which is...

Arun George

Medley (4480) To Buy Out Guppy's (5127) At ¥3,250 (9.4x Aug26 EV/FCF)

Medley (4480) is buying out Guppy's (5127) to expand in the healthcare HR services business. Looks like a great deal, and entirely funded by debt....

Travis Lundy

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