Merger Arb Mondays (19 May) - Seven & I, Nissin, Welcia/Tsuruha, Mayne, ESR, OneConnect, Frasers
We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan,...
836 Views
Nippon Road (1884 JP): Shimizu Corp (1803 JP) Tender Offer Is Light but Likely Done
The offer is below the midpoint of the target IFA DCF valuation range and peer multiples. However, the required minority acceptance rate is not...
470 Views
Nissin Corp (9066 JP): Bain-Sponsored MBO at JPY8,100 Is Arguably Light
While the offer represents an all-time high, it is below the midpoint of the target IFA DCF valuation range and precedent transaction multiples. A...
632 Views
Merger Arb Mondays (12 May) - ESR, NTT Data, Shibaura, Torii, Imagica, Zeekr, Sinarmas, Gold Road
We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan,...
864 Views
[Japan M&A] Son of Chairman/55%Owner Taking Imagica (6879) Private at 10x FCF, 4+x EBITDA. CHEAP.
MBOs are of the zeitgeist. Unfortunately, under-priced MBOs where the Board give away the company to the founder family are also of the zeitgeist....
1k Views