IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/ns-united-kaiun-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:17238:1" rel="noopener">Ns United Kaiun Kaisha (9110 JP)</a> announced a preconditional tender offer from <a href="https://www.smartkarma.com/entities/nippon-yusen-kk" target="_blank" data-smartkarma-citation="entities:12285:1" rel="noopener">Nippon Yusen Kk (9101 JP)</a> (NYK Line) at JPY10,600, a 31.8% premium to the last close price.  </li>
<li>While representing an all-time high, the offer is materially below the midpoint of the special committee IFA’s DCF valuation range and is light compared to peer multiples.</li>
<li>However, this is likely a done deal, as Nippon Steel has provided an irrevocable commitment and Zennor will be supportive given the significant return on its average cost per share. </li>
</ul>



Ns United Kaiun Kaisha (9110 JP) announced a preconditional tender offer from Nippon Yusen Kk (9101 JP) (NYK Line) at JPY10,600, a 31.8% premium to the last close price.  
While representing an all-time high, the offer is materially below the midpoint of the special committee IFA’s DCF valuation range and is light compared to peer multiples.
However, this is likely a done deal, as Nippon Steel has provided an irrevocable commitment and Zennor will be supportive given the significant return on its average cost per share. 


NS United (9110 JP): NYK Line’s Preconditional Offer Is Arguably Light but Should Get Done

Japan

IINO KAIUN KAISHA, LTD. owns and operates specialized tankers such as oil, chemical, and LPG carriers.  The Company transports crude oil, petroleum gasoline, and various dry consumer and agricultural goods.  Iino Kaiun Kaisha also leases and sells real estate.

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Iino Kaiun Kaisha (9119 JP)

NS United (9110 JP): NYK Line’s Preconditional Offer Is Arguably Light but Should Get Done

While representing an all-time high, the offer is materially below the midpoint of the special committee IFA’s DCF valuation range and is light...

Arun George

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