Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven


For the month of May, 11 new deals were discussed on Smartkarma with an overall announced deal size of ~US$7.3bn.



Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow-up discussions, or simply click on the insight link(s) below the name.







New Deals


Industry


Size (US$bn)


Type


Premium




Australia




APN Property Group (APD AU) 
Property
0.2
Scheme
50%


APN Prop (APD AU): Dexus' Done Deal



Boral Ltd (BLD AU) 
Construction
4.8
Off-market
Nil


Boral Ltd (BLD AU): Seven's Nil Premium



Japara Healthcare (JHC AU) 
Healthcare
0.2
Scheme
30%


Japara Healthcare (JHC AU): Here Comes The Calvary


 



Hong Kong




Chong Hing Bank (1111 HK) 
Banking
0.2
Scheme
51.2%



Chong Hing Bank (1111 HK): Takeover Talk As Shares Pop
Chong Hing Bank (1111 HK): Yue Xiu's Offer Is Light



 



Japan




Aomori Bank (8342 JP) / Michinoku Bank (8350 JP) 
Bank
0.6
Merger



Aomori Bank &amp; Michinoku Bank Merger - Nothing To Write Home About Yet



EPS Holdings (4282 JP) 
Data/software
0.1
Tender Offer
35.5%


Another Too-Cheap MBO as Founder Takes Out EPS


 Locoguide (4497 JP) / Kufu (4399 JP)

Real estate
0.4
Merger



Locoguide (4497 JP) - Kufu (4399 JP): Merger Is a Done Deal



Maruka Machinery (7594 JP) / Furusato Industries (8087 JP) 
Trading
0.4
Merger



A Complex SmallCap Merger in Japan: Maruka (7594) And Furusato (8087)



Secom Joshinetsu (4342 JP) 
Security
0.3
Tender Offer
66.2%


Secom To Finally Buy Out Affiliate Secom Joshinetsu (4342)








Malaysia




Can-One Bhd (CAN MK) 
Manufacturing
0.1
MTO
15.8%


Can-One (CAN MK)? Yeoh Can Lah!



IHH Healthcare (IHH MK) 
Healthcare
N/A
N/A
N/A


IHH Healthcare (IHH MK): More Medicine For Mitsui?


Source: Smartkarma Insights






The above does not include BetMakers Technology Group (BET AU) lobbing a non-binding offer of A$4bn (A$1bn cash, $3bn scrip into BET) for Tabcorp Ltd (TAH AU)'s wagering and media division, and Apollo's prior tilt - Tabcorp (TAH AU): Apollo Shows Its Hand.

Nor does the table include the rumoured merger between  Angang Steel Co Ltd (H) (347 HK) and Bengang Steel (000761 CH) - Amalgamated Steel: Merging Angang &amp; Bengang As, Bs, and Hs.



The average premium for the new deals announced (or first discussed) in May was ~41%, with a year-to-date average of ~31% (78 deals). This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively. 




Summary of News in May of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation)






Australia


Comments (with links to announcements &amp; insights)




3P Learning (3PL AU) 

No May update




Bingo Industries (BIN AU) 

1-May: Capital Group announced it has sold its entire 9.7% stake in Bingo Industries (BIN AU).




Crown Resorts (CWN AU) 

10-May: Crown Resorts: Blackstone &amp; Star Place Their Bets
17-May: Crown Says Blackstone's Bid Is Light. Undecided On Star
20-May: Crown Resorts Ltd: Blackstone Offer Rejected, Star Offer May Still Not Reflect True Forward Value




Galaxy Resources (GXY AU) 

No May update




Link Administration Holdings (LNK AU) 

27-May: Link Group (LNK AU): KKR Opens The Bidding For PEXA
31-May: Link Admin (LNK AU) Goes IPO Route For PEXA Afterall




Mainstream Group Holdings Ltd (MAI AU) 

2-May: Mainstream (MAI AU): More-Than-Double in Less than 2 Months After Apex Bump
6-May: Mainstream (MAI AU): Bidding War Continues as SS&amp;C Overbids for the 4th Time
14-May: Mainstream (MAI AU): +120% in ~2 Months but Bidding War Continues....




McPherson's Ltd (MCP AU) 

No May update




Mortgage Choice (MOC AU) 

26-Mau FIRB gives its approval



Primewest Group Ltd (PWG AU)

14-May: Target's Statement and Bidder's Statements were published. Primewest Group Ltd (PWG AU)'s Board has unanimously recommended shareholders to accept the Offer. 




Think Childcare (TNK AU) 

12-May: Think Childcare (TNK AU) has agreed to extend the Exclusivity Period with Busy Bees to 31st May 2021 (vs. original deadline of 14th May). This is still a non-binding deal with an expected completion date to be in 1Q CY22. 




Vitalharvest Freehold Trust (VTH AU) 

1-May: And so it goes - MAFM bumps its Offer for Vitalharvest Freehold Trust (VTH AU) to $1.26.
7-May: MAFM exercises a call option and acquires 16.2% of Vitalharvest Freehold Trust (VTH AU).
28-May Roc bumps its Offer for Vitalharvest Freehold Trust (VTH AU) to $1.29/share.  And says it will overbid any MAFM counter! 




Vocus Communications (VOC AU) 

10-May: Vocus Comms (VOC AU): MIRA/Aware's Done Deal
19-May: Vocus Comms (VOC AU): MIRA/​Aware’s Scheme Doc Despatched. EGM On 22 June










Hong Kong


Comments (with links to announcements &amp; insights)




Beijing Digital Telecom (6188 HK) 

1-May: Beijing Digital (6188 HK): Offer Now Open. IFA Says Fair
20-May: Beijing Digital Telecom (6188 HK)'s MGO is now unconditional in all respects. 




China Machinery Engineering (1829 HK) 

28-May: China Machinery Engineering (1829 HK): Movement In The Works?




China Traditional Chinese Medicine (570 HK) 

7-May: In its monthly update regarding a potential Offer, China Traditional Chinese Medicine (570 HK) says there is no update.




China Youzan Limited (8083 HK) 

10-May: China Youzan (8083 HK): Reality Check As Shares Rollover




Kerry Logistics Network (636 HK) 

4-May: Kerry Logistics Network (636 HK) will hold an EGM on the 26 May for shareholders to vote on the sale of the Hong Kong and Taiwan warehouse businesses to Kerry Holdings. 
26-May: At its SGM, Kerry Logistics Network (636 HK) shareholders overwhelmingly approved the sale of its Hong Kong, Taiwan warehouse business to Kerry Holdings.




New Century REIT (1275 HK) 

No May update




Rivera Holdings (281 HK) 

No April update




Sichuan Languang Justbon Service Group (2606 HK) 

3-May: Languang Justbon (2606 HK): Offer Now Open - For Up To Four Months










India


Comments (with links to insights)




Mphasis Ltd (MPHL IN) 

4-May: The Detailed Public Statement on Mphasis Ltd (MPHL IN) has been released. The Open Offer is scheduled tentatively to run from 18 June to 1 July, which means it is running Very Tight and the option is worth a bit less than I expected. But that just means there is more gamma. One could get big at the high Rs 1600s area. 




Vedanta Ltd (VEDL IN) 

4-May: Vedanta Now Caught Up With Peers - A Different Skew Ahead










Japan


Comments (with links to announcements &amp; insights)




BeNEXT Group (2154 JP) 
No May update



Cocokara Fine (3098 JP) 
No May update



Fuji Kosan Company (5009 JP) 
17-May:  Fuji Kosan Company (5009 JP) has responded to Aslead Strategic Value Fund's Tender Offer with its initial Target Opinion Statement which is "Opinion Withheld." This is because Fuji Kosan hasn't actually done anything yet - two weeks in. They have sent questions to Aslead, and Aslead has five business days to respond. This is slow-walking it. This tender offer is likely to be extended because of that.



Hitachi Metals (5486 JP) 

5-May: Hitachi Metals - Should I Stay or Should I Go Now?




Honshu Chemical Industry (4115 JP) 

13-May: Honshu Chemical (4115) Shareholders Perhaps One Day From a Wrong Price Takeover
16-May:: Honshu Chemical Shareholders Get the Short End of the Stick As The Board Is Ex-Gourd




Invesco Office J Reit (3298 JP) 

6-May:  Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight
11-May:  Starwood Bumps Terms, Lowers Threshold on Invesco Office
13-May:  Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things
20-May:  Invesco Office's Beige Knight (Deemed Dirty Gray By Markets) Suddenly Looks Brighter and Whiter
23-May:  Starwood Responds to Invesco Office's White Knight Proposal
24-May: Starwood has extended their Tender Offer on Invesco Office J Reit (3298 JP) from the 24th of May to 15th of June after the close of the 24th. They did not raise the price. This is basically the equivalent of Starwood calling Invesco's bluff. They can extend again if they want but they are going to make Invesco come out. They can change price later if they think it necessary.



Japan Asia (3751 JP)
No May update



Sawada Holdings (8699 JP) 

9-May:  Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now
23-May: Sawada Is A Different Stock Now
31-May:  Be Careful of Expectations on Sawada (8699)




Toshiba Corp (6502 JP) 

14-May: Toshiba – Shareholder Returns Trump Weak Guidance
17-May: Toshiba Results &amp; Shareholder Return - Possibly Big Impact Buyback Coming











New Zealand


Comments 




Tilt Renewables Ltd (TLT NZ) 

No May update











Singapore


Comments (with links to announcements)




Procurri Corporation (PROC SP) 

3-May: The Partial Offer has not become unconditional in all respects on the Closing Date and has therefore lapsed










Thailand


Comments




Intouch Holdings (INTUCH TB) 

No May update




Vinythai Public Co (VNT TB) 

No May update






Travis Lundy

<a href="https://www.smartkarma.com/entities/eps-holdings-inc" target="_blank" data-smartkarma-citation="entities:13246:1" rel="noopener">Eps Holdings (4282 JP)</a> was founded in 1991 by Hao Yan with 100,000 yen when he was 28 years old. It was a company which was built around software to manage clinical trials. Basically, the entire company was built off that idea of providing an infrastructure to allow a small company to act like a big one, or to allow a big one to interface with 5,000 smaller ones. A couple of years later the company became a CRO (Contract Research Organization) by amalgamating case registration and drug allocation services for those same clinical trials. Less than a decade later and they were managing the interfaces with clinical trial sites (i.e. they were a Site Management Organization (SMO)) for pharmaceutical companies, then they tacked on a CSO (Contract Sales Organization) status so they could take existing product from that same group of pharmaceutical companies for whom they were managing drug trials and could sell those drugs to the same doctors who were in situ at the thousands of sites across Japan conducting trials. Later, the company launched some of those same services in China and in SE Asia. It's a good business. About 15yrs ago the company listed on the TSE1. About five years ago they formed a tie-up with <a href="https://www.smartkarma.com/entities/suzuken-co-ltd" target="_blank" data-smartkarma-citation="entities:14996:1" rel="noopener">Suzuken Co Ltd (9987 JP)</a>. Now they are participating in the joint development of a DNA vaccine for covid-19. <h2>The NEW News</h2>Earlier this week, EPS launched a Takeunder of a Hong Kong company called Speed Apparel Holdings (3860 HK - held as to 75% by a single holder). It's not clear why they are doing this takeunder but it has been arranged as of earlier this spring.And on Thursday 27 May, the company announced that Mr. Hao Yan's company and an executive team of EPS would launch a Management Buyout (MBO) of EPS Holdings with contributions from partner Suzuken and MBK Partners as sponsor.It's a decent deal at a decent premium so... we dig in.

Eps Holdings (4282 JP) was founded in 1991 by Hao Yan with 100,000 yen when he was 28 years old. It was a company which was built around software to manage clinical trials. Basically, the entire company was built off that idea of providing an infrastructure to allow a small company to act like a big one, or to allow a big one to interface with 5,000 smaller ones. A couple of years later the company became a CRO (Contract Research Organization) by amalgamating case registration and drug allocation services for those same clinical trials. Less than a decade later and they were managing the interfaces with clinical trial sites (i.e. they were a Site Management Organization (SMO)) for pharmaceutical companies, then they tacked on a CSO (Contract Sales Organization) status so they could take existing product from that same group of pharmaceutical companies for whom they were managing drug trials and could sell those drugs to the same doctors who were in situ at the thousands of sites across Japan conducting trials. Later, the company launched some of those same services in China and in SE Asia. It's a good business. About 15yrs ago the company listed on the TSE1. About five years ago they formed a tie-up with Suzuken Co Ltd (9987 JP). Now they are participating in the joint development of a DNA vaccine for covid-19. The NEW NewsEarlier this week, EPS launched a Takeunder of a Hong Kong company called Speed Apparel Holdings (3860 HK - held as to 75% by a single holder). It's not clear why they are doing this takeunder but it has been arranged as of earlier this spring.And on Thursday 27 May, the company announced that Mr. Hao Yan's company and an executive team of EPS would launch a Management Buyout (MBO) of EPS Holdings with contributions from partner Suzuken and MBK Partners as sponsor.It's a decent deal at a decent premium so... we dig in.

Another Too-Cheap MBO as Founder Takes Out EPS

Last November,  <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> and <a href="https://www.smartkarma.com/entities/mitsui-chemicals-inc" target="_blank" data-smartkarma-citation="entities:1703:1" rel="noopener">Mitsui Chemicals (4183 JP)</a> jointly announced they would launch a Tender Offer for the 46% of shares of <a href="https://www.smartkarma.com/entities/honshu-chemical-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:9094:1" rel="noopener">Honshu Chemical Industry (4115 JP)</a> that they did not own.I wrote about it in <a href="https://www.smartkarma.com/insights/honshu-chemical-4115-an-embarrassment-of-riches" target="_blank" data-smartkarma-citation="insights:45197" rel="noopener">Honshu Chemical (4115) - An Embarrassment of Riches</a>. The deal was that after receiving all the approvals, perhaps in May 2021, they would launch a Tender Offer at ¥1830, which implied an EV//EBITDA of 2.7x.When Q3 earnings were announced in February, <a href="https://www.smartkarma.com/entities/honshu-chemical-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:9094:1" rel="noopener">Honshu Chemical Industry (4115 JP)</a> lifted its OP forecast by 24% and its Net Income forecast by 33% to ¥1.8bn. But as there was no event yet for the Tender Offer, there was no "need" to review the Board's support for the Tender Offer. I wrote about how this was WRONGER in <a href="https://www.smartkarma.com/insights/honshu-chemical-what-was-the-wrong-price-gets-wronger" target="_blank" data-smartkarma-citation="insights:48124" rel="noopener">Honshu Chemical - What WAS the Wrong Price Gets Wronger</a>.Last week I wrote about how this looked like it might get wronger still. On Friday, Honshu Chemical reported Revenues 2.4% higher than forecast for the full year (note the entire difference arrived in Q4. The OP result was more than 10% higher than the February upward revision to Guidance. The Net Profit number came in at ¥2.06bn, which was 14.4% higher than February guidance and 53% higher than guidance as of the Announcement. The extra cash added to the firm since then amounts to 3.3% of the Tender Offer Price. Conveniently, if any of this beat of forecasts on what the buyers called "high growth potential" would result in forward-looking forecasts different than the original management forecasts (note that the FY2021 OP result was the same as the FY2023 management forecast presented in November), the company is not showing FY2022 forecasts because of the takeover.

Last November,  Mitsui &amp; Co Ltd (8031 JP) and Mitsui Chemicals (4183 JP) jointly announced they would launch a Tender Offer for the 46% of shares of Honshu Chemical Industry (4115 JP) that they did not own.I wrote about it in Honshu Chemical (4115) - An Embarrassment of Riches. The deal was that after receiving all the approvals, perhaps in May 2021, they would launch a Tender Offer at ¥1830, which implied an EV//EBITDA of 2.7x.When Q3 earnings were announced in February, Honshu Chemical Industry (4115 JP) lifted its OP forecast by 24% and its Net Income forecast by 33% to ¥1.8bn. But as there was no event yet for the Tender Offer, there was no "need" to review the Board's support for the Tender Offer. I wrote about how this was WRONGER in Honshu Chemical - What WAS the Wrong Price Gets Wronger.Last week I wrote about how this looked like it might get wronger still. On Friday, Honshu Chemical reported Revenues 2.4% higher than forecast for the full year (note the entire difference arrived in Q4. The OP result was more than 10% higher than the February upward revision to Guidance. The Net Profit number came in at ¥2.06bn, which was 14.4% higher than February guidance and 53% higher than guidance as of the Announcement. The extra cash added to the firm since then amounts to 3.3% of the Tender Offer Price. Conveniently, if any of this beat of forecasts on what the buyers called "high growth potential" would result in forward-looking forecasts different than the original management forecasts (note that the FY2021 OP result was the same as the FY2023 management forecast presented in November), the company is not showing FY2022 forecasts because of the takeover. 

Honshu Chemical Shareholders Get the Short End of the Stick As The Board Is Ex-Gourd

In mid-November 2020, <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> and <a href="https://www.smartkarma.com/entities/mitsui-chemicals-inc" target="_blank" data-smartkarma-citation="entities:1703:1" rel="noopener">Mitsui Chemicals (4183 JP)</a> announced a transaction to take out minorities in jointly-held subsidiary <a href="https://www.smartkarma.com/entities/honshu-chemical-industry-co" target="_blank" data-smartkarma-citation="entities:9094:1" rel="noopener">Honshu Chemical Industry Co (4115 JP)</a>. The price was at a 43% premium to then-traded price and a 20-year high. It was also<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/205/873/original/Screenshot+2021-05-13+at+10.55.05+AM.png?1620874520" class="editor-image img-responsive" data-smartkarma-image-id="205873"></figure></section>At the time, in <a href="https://www.smartkarma.com/insights/honshu-chemical-4115-an-embarrassment-of-riches" target="_blank" data-smartkarma-citation="insights:45197" rel="noopener">Honshu Chemical (4115) - An Embarrassment of Riches</a> I said...<blockquote>The result is a governance embarrassment for the two major acquirers, and the target company itself. </blockquote>The two companies, which combined owned 54% of Honshu Chemical, had said <blockquote>the Target has a high potential for growth with its various high-technologies in domains of high-performance monomer[s] related to ICT, Mobility and Healthcare.</blockquote>Then they decided that the "fair" value of the company (the Tender Offer Price) was decided at a 1-year forward EV/EBITDA of 2.7x (where net receivables and inventory was another 1.5x EBITDA), and a 1-year ex-cash PER of 3.7x. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/205/993/original/trump+low+price.gif?1620903117" class="editor-image img-responsive" data-smartkarma-image-id="205993"></figure></section>Three months later the company revised up its forecasts for EBIT and Net Profit for the full year this year by 25% and 33% respectively in February. This company has minimal debt, huge net cash. If you were to pay out the net cash, this 'fuddy-duddy' cyclical trades at 7x earnings, less than book, with a 16% ROE, and near 50% EBITDAROE.And it "has a high potential for growth."The procedures were expected to be completed in May, and then the tender offer would start. The company reports tomorrow 14 May after the close. Since the announcement, the two parent companies' total share return has averaged +30%. Since the original announcement, Honshu Chemical earnings forecasts are up 33% a share. A basket of mostly Chinese peer pure plays has outperformed Shanghai Composite by 13% since the announcement. This was always bumpable. This remains highly bumpable. With apologies to some of my (non-fella) readers...<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/205/925/original/more+cowbell.gif?1620889670" class="editor-image img-responsive" data-smartkarma-image-id="205925"></figure></section>

In mid-November 2020, Mitsui &amp; Co Ltd (8031 JP) and Mitsui Chemicals (4183 JP) announced a transaction to take out minorities in jointly-held subsidiary Honshu Chemical Industry Co (4115 JP). The price was at a 43% premium to then-traded price and a 20-year high. It was alsoAt the time, in Honshu Chemical (4115) - An Embarrassment of Riches I said...The result is a governance embarrassment for the two major acquirers, and the target company itself. The two companies, which combined owned 54% of Honshu Chemical, had said the Target has a high potential for growth with its various high-technologies in domains of high-performance monomer[s] related to ICT, Mobility and Healthcare.Then they decided that the "fair" value of the company (the Tender Offer Price) was decided at a 1-year forward EV/EBITDA of 2.7x (where net receivables and inventory was another 1.5x EBITDA), and a 1-year ex-cash PER of 3.7x. Three months later the company revised up its forecasts for EBIT and Net Profit for the full year this year by 25% and 33% respectively in February. This company has minimal debt, huge net cash. If you were to pay out the net cash, this 'fuddy-duddy' cyclical trades at 7x earnings, less than book, with a 16% ROE, and near 50% EBITDAROE.And it "has a high potential for growth."The procedures were expected to be completed in May, and then the tender offer would start. The company reports tomorrow 14 May after the close. Since the announcement, the two parent companies' total share return has averaged +30%. Since the original announcement, Honshu Chemical earnings forecasts are up 33% a share. A basket of mostly Chinese peer pure plays has outperformed Shanghai Composite by 13% since the announcement. This was always bumpable. This remains highly bumpable. With apologies to some of my (non-fella) readers...

Honshu Chemical (4115) Shareholders Perhaps One Day From a Wrong Price Takeover

On 11 November 2020, when <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> and <a href="https://www.smartkarma.com/entities/mitsui-chemicals-inc" target="_blank" data-smartkarma-citation="entities:1703:1" rel="noopener">Mitsui Chemicals (4183 JP)</a> jointly announced they would launch a Tender Offer for the shares of <a href="https://www.smartkarma.com/entities/honshu-chemical-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:9094:1" rel="noopener">Honshu Chemical Industry (4115 JP)</a> that they did not own, I wrote about it in <a href="https://www.smartkarma.com/insights/honshu-chemical-4115-an-embarrassment-of-riches" target="_blank" data-smartkarma-citation="insights:45197" rel="noopener">Honshu Chemical (4115) - An Embarrassment of Riches</a>.
The deal was announced then, because the decision to launch the Tender Offer in future had been made and the negotiations with the Target Company had been completed, and the Special Committee of Honshu Chemical had decided that it was OK to support the Tender Offer and recommend it to its shareholders to tender. 
However, it was long-dated. The Tender Offer was not expected to start for another 6 months, and the valuation was truly embarrassing. It was a 43% premium, and a 20+ year high price. 
But it was still completely the wrong price. 
It is still worth a look.

On 11 November 2020, when Mitsui &amp; Co Ltd (8031 JP) and Mitsui Chemicals (4183 JP) jointly announced they would launch a Tender Offer for the shares of Honshu Chemical Industry (4115 JP) that they did not own, I wrote about it in Honshu Chemical (4115) - An Embarrassment of Riches.
The deal was announced then, because the decision to launch the Tender Offer in future had been made and the negotiations with the Target Company had been completed, and the Special Committee of Honshu Chemical had decided that it was OK to support the Tender Offer and recommend it to its shareholders to tender. 
However, it was long-dated. The Tender Offer was not expected to start for another 6 months, and the valuation was truly embarrassing. It was a 43% premium, and a 20+ year high price. 
But it was still completely the wrong price. 
It is still worth a look. 

Honshu Chemical - What WAS the Wrong Price Gets Wronger

Japan

Honshu Chemical Industry Co., Ltd. manufactures and markets a variety of fine chemicals.  The Company's products include materials for synthetic resins and semiconductor photoresists.  Honshu Chemical exports its products to Europe, North America, and Asia.

Honshu Chemical Industry (4115 JP)

(Mostly) Asia M&A: May 2021 Roundup

The average premium for the new deals announced (or first discussed) in May was ~41%, with a year-to-date average of ~31% (78 deals).

David Blennerhassett

Another Too-Cheap MBO as Founder Takes Out EPS

EPS Holdings is being taken private by its founder in an MBO with help from existing directors and insiders, Suzuken, and MBK. Not unusually, it is...

Travis Lundy

Honshu Chemical Shareholders Get the Short End of the Stick As The Board Is Ex-Gourd

Honshu Chem OP and NP were up 38% and 53% for the year vs mgmt forecast just 6mos ago. What was super cheap is even cheaper. The Board didn't see...

Travis Lundy

Honshu Chemical (4115) Shareholders Perhaps One Day From a Wrong Price Takeover

Smallcap monomer maker Honshu Chemical is a TOB target. The parents decided in November to take out minorities. At the WRONG price. Directors...

Travis Lundy

Honshu Chemical - What WAS the Wrong Price Gets Wronger

The takeout of Honshu Chem minorities by majority co-owners was announced at the wrong price, did not tick the METI Fair M&A Guidelines, and the...

Travis Lundy