Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<a href="https://www.smartkarma.com/entities/japan-asia-group-ltd" target="_blank" data-smartkarma-citation="entities:12428:1" rel="noopener">Japan Asia (3751 JP)</a> announced today after market close that the management will be launching a Tender Offer for all the shares of the company with the backing of The Carlyle Group. 
The company engages in green community businesses in Japan. They mainly specialize in providing geospatial information solutions, urban planning technologies, and disaster risk reduction solutions to be used in social infrastructure development by public and private clients. Furthermore, they also operate multiple solar photovoltaic (PV) power stations which has become the main contributor to operating income in recent years. 
The Offer Price will be ¥600/share in cash translating to a market cap of ¥16.5bn (~US$158mn) and an enterprise value of ¥86.2bn (~US$830mn). 
The Tender Offer will commence on 6th November 2020 and is expected to close on 21st December 2020. The Transaction is subject to a minimum acceptance condition which requires the Acquirer to reach two-thirds control. 
This may look expensive but it is not. This is a very good deal for the buyers. 
More below the fold.

Japan Asia (3751 JP) announced today after market close that the management will be launching a Tender Offer for all the shares of the company with the backing of The Carlyle Group. 
The company engages in green community businesses in Japan. They mainly specialize in providing geospatial information solutions, urban planning technologies, and disaster risk reduction solutions to be used in social infrastructure development by public and private clients. Furthermore, they also operate multiple solar photovoltaic (PV) power stations which has become the main contributor to operating income in recent years. 
The Offer Price will be ¥600/share in cash translating to a market cap of ¥16.5bn (~US$158mn) and an enterprise value of ¥86.2bn (~US$830mn). 
The Tender Offer will commence on 6th November 2020 and is expected to close on 21st December 2020. The Transaction is subject to a minimum acceptance condition which requires the Acquirer to reach two-thirds control. 
This may look expensive but it is not. This is a very good deal for the buyers. 
More below the fold. 

Japan Asia (3751 JP) Management Buyout: Should There Be a BUMP?

Japan

Japan Asia Group Limited provides consulting services to both the private and public sectors relating to social infrastructure development. The Company also develops green communities as well as renewable energy plants. Japan Asia Group aditionally provides various financial services such as security brokerage.

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Japan Asia (3751 JP) Management Buyout: Should There Be a BUMP?

This is yet another cheap MBO in Japan. It's too cheap. But it's a small cap with few owners who might agitate. If it gets to terms and retail...

Janaghan Jeyakumar, CFA