Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>We had the heads up days (or a week plus) ago, and now it is official. Bain <a href="https://www.hitachi-metals.co.jp/e/ir/ir-news/20220926en.pdf" target="_blank" rel="noopener">launches</a> its Tender Offer for <a href="https://www.smartkarma.com/entities/hitachi-metals-ltd" target="_blank" data-smartkarma-citation="entities:8561:1" rel="noopener">Hitachi Metals (5486 JP)</a> tomorrow at ¥2,181/share.</li>
<li>The company's trade name will be changed to PROTERIALS (i.e. losing "Hitachi") which should be fine. It was non-core anyway. </li>
<li>This is still a large-ish deal - up to ¥434bn. MktCap is ¥930bn. But minimum is only 56.8mm shares because they get the parent vote anyway. Done deal. </li>
</ul>


We had the heads up days (or a week plus) ago, and now it is official. Bain launches its Tender Offer for Hitachi Metals (5486 JP) tomorrow at ¥2,181/share.
The company's trade name will be changed to PROTERIALS (i.e. losing "Hitachi") which should be fine. It was non-core anyway. 
This is still a large-ish deal - up to ¥434bn. MktCap is ¥930bn. But minimum is only 56.8mm shares because they get the parent vote anyway. Done deal. 


Bain Launches Hitachi Metals (5486) Tender Offer

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> results were better than Softbank Corp's and KDDI's. The good "drift trade" may still be to be long NTT vs a basket of KDDI and Softbank Corp. </li>
<li>The <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality (FHT SP)</a> Scheme failed.  The non-vocal minority simply didn't show up. Maybe apathy. Maybe a holiday season. Maybe lack of premium paid encouraged people to not vote.</li>
<li>In a surprise move, <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>- or <a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a> - has joined the six incumbents in bidding for new casino licences in Macau.</li>
</ul>



NTT (9432 JP) results were better than Softbank Corp's and KDDI's. The good "drift trade" may still be to be long NTT vs a basket of KDDI and Softbank Corp. 
The Frasers Hospitality (FHT SP) Scheme failed.  The non-vocal minority simply didn't show up. Maybe apathy. Maybe a holiday season. Maybe lack of premium paid encouraged people to not vote.
In a surprise move, Genting Bhd (GENT MK)- or Genting Malaysia (GENM MK) - has joined the six incumbents in bidding for new casino licences in Macau.


Last Week in Event SPACE: NTT, Frasers Hospitality, Genting/Macau, United Tractor, Arb Shockers

<ul>
<li>There are 49 - 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>Three new deals were discussed this week: Anthoni Salim's Exit Offer for <a href="https://www.smartkarma.com/entities/moya-holdings-asia-ltd" target="_blank" data-smartkarma-citation="entities:2293:1" rel="noopener">Moya Holdings Asia (MHAL SP)</a>; <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>'s MBO, and <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>'s MBO.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>,<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, <a href="https://www.smartkarma.com/entities/shidax-corp" target="_blank" data-smartkarma-citation="entities:7754:1" rel="noopener">Shidax Corp (4837 JP)</a>, and <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">VNET (VNET US)</a>.
</li>
</ul>


There are 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals were discussed this week: Anthoni Salim's Exit Offer for Moya Holdings Asia (MHAL SP); 111 Inc (YI US)'s MBO, and Singapore Medical (SMG SP)'s MBO.
Key updates took place for Frasers Hospitality Trust (FHT SP),Link Administration (LNK AU), Giordano International (709 HK), Shidax Corp (4837 JP), and VNET (VNET US).



(Mostly) Asia-Pac Weekly Risk Arb Wrap: Moya, Singapore Medical, Link Admin, Giordano,111 Inc, VNET

<ul>
<li>Today before the open, China's State Administration for Market Regulation (SAMR) finally announced the approval of the takeover of <a href="https://www.smartkarma.com/entities/hitachi-metals-ltd" target="_blank" data-smartkarma-citation="entities:8561:1" rel="noopener">Hitachi Metals (5486 JP)</a>. This was what delayed things. </li>
<li>The approval had actually been issued on 7 September, and the collected approvals in the week to the 12th were announced today. Some media outlets had the info yesterday.</li>
<li>I expect it is likely that the Bain Tender Offer to buy Hitachi Metals will be announced today after the close, or at latest, early next week.</li>
</ul>


Today before the open, China's State Administration for Market Regulation (SAMR) finally announced the approval of the takeover of Hitachi Metals (5486 JP). This was what delayed things. 
The approval had actually been issued on 7 September, and the collected approvals in the week to the 12th were announced today. Some media outlets had the info yesterday.
I expect it is likely that the Bain Tender Offer to buy Hitachi Metals will be announced today after the close, or at latest, early next week.


Hitachi Metals (5486) Gets SAMR Clearance, Finally. So Now We Can Sell.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hitachi-transport-system-ltd" target="_blank" data-smartkarma-citation="entities:2395:1" rel="noopener">Hitachi Transport System (9086 JP)</a> has had a "long" wait to get its approvals, but EC and China are in, any remaining should be in shortly. </li>
<li>Yesterday, as a footnote on the SG Holdings offering document, there was a comment about SG Holdings selling shares. This was likely more good corporate governance hygiene than warning.</li>
<li>Shares are down this morning. I'd expect final approvals and launch quite soon. I would therefore look to buy the dip on flow - block or not.</li>
</ul>



Hitachi Transport System (9086 JP) has had a "long" wait to get its approvals, but EC and China are in, any remaining should be in shortly. 
Yesterday, as a footnote on the SG Holdings offering document, there was a comment about SG Holdings selling shares. This was likely more good corporate governance hygiene than warning.
Shares are down this morning. I'd expect final approvals and launch quite soon. I would therefore look to buy the dip on flow - block or not.


Hitachi Transport (9086 JP) - Tender Launch Likely Soon But Watch for Flow

Japan

Hitachi Metals Ltd. manufactures a wide range of specialty steel and metal products, including industrial machinery, magnetic and electronic materials and parts, and aluminium castings and wheels.  The Company's products are marketed to a variety of users including the automobile, aerospace, nuclear, and computer industries worldwide.  The Company is a subsidiary of Hitachi, Ltd.

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Hitachi Metals (5486 JP)

Bain Launches Hitachi Metals (5486) Tender Offer

Bain has now announced the long-awaited launch of the Hitachi Metals (5486 JP) tender offer. This is the last major Hitachi asset to be sold. The...

Travis Lundy

Last Week in Event SPACE: NTT, Frasers Hospitality, Genting/Macau, United Tractor, Arb Shockers

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Moya, Singapore Medical, Link Admin, Giordano,111 Inc, VNET

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

Hitachi Metals (5486) Gets SAMR Clearance, Finally. So Now We Can Sell.

The Bain deal for Hitachi Metals (5486) now has approval. I expect a mid-Nov cash-out with Tender launching in the next couple of business days....

Travis Lundy

Hitachi Transport (9086 JP) - Tender Launch Likely Soon But Watch for Flow

Hitachi Transport should be in final stages. The two tough approvals were done a month ago. The Russia sub should not be a factor (it could be sold...

Travis Lundy

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