Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Results for the <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron Corp (6645 JP)</a> Partial Tender Offer for <a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a> are out. </li>
<li>The Pro-Ration was 51.63%, at the lower end of my initial estimate of 50-58% range, and at the higher end of my revised range (42-56%).</li>
<li>The pro-ration, the nature of the shapes (technical term) tendered, and what that suggests for Noritsu Koki's position suggests the back end could be more squeezy than not.</li>
</ul>


Results for the Omron Corp (6645 JP) Partial Tender Offer for JMDC (4483 JP) are out. 
The Pro-Ration was 51.63%, at the lower end of my initial estimate of 50-58% range, and at the higher end of my revised range (42-56%).
The pro-ration, the nature of the shapes (technical term) tendered, and what that suggests for Noritsu Koki's position suggests the back end could be more squeezy than not.


JMDC (4483) Partial Offer Results - Tough Tender, I'd Watch For "THE Block" (Maybe)

<ul>
<li>When this was launched, it traded more a fair bit on the first day, but then more volume traded than I expected. This could mean a couple of things.</li>
<li>Re-Reading the original doc leaves nuances. The change in management responsibilities this past summer make some holders less certain. It's complicated. </li>
<li>There have been several blocks traded, and a large short instantiated. And if one has a more conservative estimate at a higher top-end participation, the back end gets uglier.</li>
</ul>


When this was launched, it traded more a fair bit on the first day, but then more volume traded than I expected. This could mean a couple of things.
Re-Reading the original doc leaves nuances. The change in management responsibilities this past summer make some holders less certain. It's complicated. 
There have been several blocks traded, and a large short instantiated. And if one has a more conservative estimate at a higher top-end participation, the back end gets uglier.


JMDC (4483) Partial Offer Update (Updated Pro-Ration Range)

David Blennerhassett

<ul>
<li>For the month of September 2023, 8 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$2bn.</li>
<li>The average premium for the new deals announced (or first discussed) in September was 37%. The average YTD is 35%.</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of September 2023, 8 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$2bn.
The average premium for the new deals announced (or first discussed) in September was 37%. The average YTD is 35%.
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Sept 2023: JMDC, Pact, Takisawa, Golden Eagle Energy, Dic Corp

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Global markets retained their positive momentum as weak U.S. economic data renewed concerns about the growth outlook.</li>
<li>Next week is set to be eventful, with the FOMC and Bank of Japan meetings on the agenda. The FOMC, expected to maintain policy rates, might offer few surprises.</li>
<li>Oil prices, after a five-day decline, rebounded as OPEC+ extended production cuts through 2025.</li>
</ul>


Global markets retained their positive momentum as weak U.S. economic data renewed concerns about the growth outlook.
Next week is set to be eventful, with the FOMC and Bank of Japan meetings on the agenda. The FOMC, expected to maintain policy rates, might offer few surprises.
Oil prices, after a five-day decline, rebounded as OPEC+ extended production cuts through 2025.


Japan Weekly | JMDC, Sanrio, Lasertec, Hakuhodo

Haitong International Securities Group / Event-Driven

<ul>
<li>For the month of October 2023, 7 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.</li>
<li>The average premium for the new deals announced (or first discussed) in October was 65%. The average YTD is 37% (85 deals).</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of October 2023, 7 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.
The average premium for the new deals announced (or first discussed) in October was 65%. The average YTD is 37% (85 deals).
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Oct 2023: Haitong, Azure, Hollysys, Aeon, Teraoka, Tietto, Lithium Power

Japan

JMDC Inc. offers information services. The Company provides medical data statistics, life insurance data statistics, health data platform management, and other services. JMDC provides its services throughout Japan.

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JMDC (4483 JP)

JMDC (4483) Partial Offer Results - Tough Tender, I'd Watch For "THE Block" (Maybe)

JMDC Partial Tender Offer Results are out at 51.63% fill ratio. That is "in-line" but suggests that certain people did not tender or lend. THAT...

Travis Lundy

JMDC (4483) Partial Offer Update (Updated Pro-Ration Range)

JMDC has traded a bit rich to the probabilities. I have assumed that meant someone has borrow, or someone really likes the back end. I think the...

Travis Lundy

(Mostly) Asia M&A, Sept 2023: JMDC, Pact, Takisawa, Golden Eagle Energy, Dic Corp

For the month of September, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$2bn. The average premium for the new deals...

David Blennerhassett

Japan Weekly | JMDC, Sanrio, Lasertec, Hakuhodo

Global markets remain positive despite weak U.S. economic data, upcoming FOMC and Bank of Japan meetings, and rebounding oil prices due to...

Mark Chadwick

(Mostly) Asia M&A, Oct 2023: Haitong, Azure, Hollysys, Aeon, Teraoka, Tietto, Lithium Power

For the month of October, 7 new deals were discussed on Smartkarma with an overall deal size of ~US$4bn. The average premium for the new deals...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JMDC (4483) Partial Offer Results - Tough Tender, I'd Watch For "THE Block" (Maybe)

JMDC Partial Tender Offer Results are out at 51.63% fill ratio. That is "in-line" but suggests that certain people did not tender or lend. THAT...

Travis Lundy

JMDC (4483) Partial Offer Update (Updated Pro-Ration Range)

JMDC has traded a bit rich to the probabilities. I have assumed that meant someone has borrow, or someone really likes the back end. I think the...

Travis Lundy

(Mostly) Asia M&A, Sept 2023: JMDC, Pact, Takisawa, Golden Eagle Energy, Dic Corp

For the month of September, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$2bn. The average premium for the new deals...

David Blennerhassett

Japan Weekly | JMDC, Sanrio, Lasertec, Hakuhodo

​Global markets remain positive despite weak U.S. economic data, upcoming FOMC and Bank of Japan meetings, and rebounding oil prices due to...

Mark Chadwick

(Mostly) Asia M&A, Oct 2023: Haitong, Azure, Hollysys, Aeon, Teraoka, Tietto, Lithium Power

For the month of October, 7 new deals were discussed on Smartkarma with an overall deal size of ~US$4bn. The average premium for the new deals...

David Blennerhassett

Global markets remain positive despite weak U.S. economic data, upcoming FOMC and Bank of Japan meetings, and rebounding oil prices due to...