Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:2007:1" rel="noopener">Katakura Industries (3001 JP)</a> MBO has been in danger since Day 1 as the shares have yet to trade below terms. It was cheap, but it was an exit.</li>
<li>The activist-ish investor who agreed to tender their shares into the MBO left themselves an out if another investor came over the top. One did. </li>
<li>The investor who came over the top has a brief history as "activist" on cash- and asset-rich smallcaps. We don't know yet where this will go.</li>
</ul>


The Katakura Industries (3001 JP) MBO has been in danger since Day 1 as the shares have yet to trade below terms. It was cheap, but it was an exit.
The activist-ish investor who agreed to tender their shares into the MBO left themselves an out if another investor came over the top. One did. 
The investor who came over the top has a brief history as "activist" on cash- and asset-rich smallcaps. We don't know yet where this will go.


Katakura (3001) Tender In Danger As New Player Displaces Activist Who Agreed To Tender

David Blennerhassett

<ul>
<li>There are currently 46  - mostly firm - transactions currently being discussed and analysed on Smartkarma. </li>
<li>Two new deals this week: the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> / <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger; and the pre-conditional Offer for <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Shanghai Jin Jiang Capital Company (2006 HK)</a>.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>, <a href="https://www.smartkarma.com/entities/chinese-estates-holdings-limited" target="_blank" data-smartkarma-citation="entities:20954:1" rel="noopener">Chinese Estates Holdings (127 HK)</a>, and <a href="https://www.smartkarma.com/entities/cp-pokphand-co-ltd" target="_blank" data-smartkarma-citation="entities:10135:1" rel="noopener">Cp Pokphand (43 HK)</a>.</li>
</ul>


There are currently 46  - mostly firm - transactions currently being discussed and analysed on Smartkarma. 
Two new deals this week: the Total Access Communication (DTAC TB) / True Corp Pcl (TRUE TB) merger; and the pre-conditional Offer for Shanghai Jin Jiang Capital Company (2006 HK).
Keys updates took place for: Shinsei Bank (8303 JP), Chinese Estates Holdings (127 HK), and Cp Pokphand (43 HK).


Asia-Pac Weekly Risk Arb Summary: Shanghai Jin Jiang, Shinsei Bank, Chinese Estates, CP Pokphand

<ul>
<li>There are currently 46  - mostly firm - transactions currently being discussed and analysed on Smartkarma. </li>
<li>One new deal this week: Blackstone and affiliates are offering shareholders of <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> A$12.50/share in cash, a 26.2% premium to last close.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> and <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>.</li>
</ul>


There are currently 46  - mostly firm - transactions currently being discussed and analysed on Smartkarma. 
One new deal this week: Blackstone and affiliates are offering shareholders of Crown Resorts (CWN AU) A$12.50/share in cash, a 26.2% premium to last close.
Keys updates took place for: Singapore Press Holdings (SPH SP) and Shinsei Bank (8303 JP).


Asia-Pac Weekly Risk Arb Summary:  Crown Resorts, Singapore Press, Shinsei Bank

<ul>
<li>There are currently 49  - mostly firm - transactions currently being discussed and analysed on Smartkarma. </li>
<li>New deals this week include: <a href="https://www.smartkarma.com/entities/quantum-health-group-limited" target="_blank" data-smartkarma-citation="entities:9494:1" rel="noopener">Quantum Health Group (QTM AU)</a>, <a href="https://www.smartkarma.com/entities/toppan-forms-co-ltd" target="_blank" data-smartkarma-citation="entities:5061:1" rel="noopener">Toppan Forms (7862 JP)</a>, <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:2007:1" rel="noopener">Katakura Industries (3001 JP)</a>, and <a href="https://www.smartkarma.com/entities/nissei-corp" target="_blank" data-smartkarma-citation="entities:10064:1" rel="noopener">Nissei Corp (6271 JP)</a>.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a>,<a href="https://www.smartkarma.com/entities/oil-search-ltd" target="_blank" data-smartkarma-citation="entities:773:1" rel="noopener">Oil Search Ltd (OSH AU)</a>, <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super (9919 JP)</a>, <a href="https://www.smartkarma.com/entities/nippo-corp" target="_blank" data-smartkarma-citation="entities:2583:1" rel="noopener">Nippo Corp (1881 JP)</a>, and <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP). </a>
</li>
</ul>


There are currently 49  - mostly firm - transactions currently being discussed and analysed on Smartkarma. 
New deals this week include: Quantum Health Group (QTM AU), Toppan Forms (7862 JP), Katakura Industries (3001 JP), and Nissei Corp (6271 JP).
Keys updates took place for: Sydney Airport (SYD AU),Oil Search Ltd (OSH AU), Kansai Super (9919 JP), Nippo Corp (1881 JP), and Singapore Press Holdings (SPH SP). 



Asia-Pac Weekly Risk Arb Summary: Sydney Airport, Oil Search, Nippo, Singapore Press, Toppan Forms

<ul>
<li>Slightly belated, but worth looking at: <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:2007:1" rel="noopener">Katakura Industries (3001 JP)</a> announced on 8 November that KK Katakura - a private company 50/50 owned by the CEO and the Chairman - had announced it would launch a Tender Offer to take the company private in an MBO/MEBO with loans from a Japanese megabank equivalent to more than the purchase price.</li>
<li>
<a href="https://www.smartkarma.com/profiles/mio-kato" target="_blank" data-smartkarma-citation="accounts:713" rel="noopener">Mio Kato</a> covered the opportunity in <a href="https://www.smartkarma.com/insights/katakura-industries-rewarding-shareholders-should-be-rewarded-itself-with-a-higher-share-price" target="_blank" data-smartkarma-citation="insights:37258" rel="noopener">Katakura Industries – Rewarding Shareholders Should Be Rewarded Itself with a Higher Share Price</a> in early March 2020 and I covered its large buyback announcement and the future in late March 2020 in <a href="https://www.smartkarma.com/insights/activist-target-katakura-3001-jp-announces-big-buyback" target="_blank" data-smartkarma-citation="insights:37876" rel="noopener">Activist Target Katakura (3001 JP) Announces BIG Buyback</a>. </li>
<li> The deal comes at a relatively small premium, and the first two days' trading have seen the stock THROUGH terms. </li>
<li>The third day post announcement sees the stock even higher. What's going on?</li>
</ul>


Slightly belated, but worth looking at: Katakura Industries (3001 JP) announced on 8 November that KK Katakura - a private company 50/50 owned by the CEO and the Chairman - had announced it would launch a Tender Offer to take the company private in an MBO/MEBO with loans from a Japanese megabank equivalent to more than the purchase price.

Mio Kato covered the opportunity in Katakura Industries – Rewarding Shareholders Should Be Rewarded Itself with a Higher Share Price in early March 2020 and I covered its large buyback announcement and the future in late March 2020 in Activist Target Katakura (3001 JP) Announces BIG Buyback. 
 The deal comes at a relatively small premium, and the first two days' trading have seen the stock THROUGH terms. 
The third day post announcement sees the stock even higher. What's going on?


Activist Target Katakura Industries (3001) Subject to an MBO Takeout

Japan

Katakura Industries Co., Ltd. operates in a range of business segments. The Company manfucatures and sells clothing and textile products, pharmaceutical products, automobile parts, fire pump cars and agricultural machinery. Katakura also operates shopping and home centers, the leasing of real estate and the provision of building management services.

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Katakura Industries (3001 JP)

Katakura (3001) Tender In Danger As New Player Displaces Activist Who Agreed To Tender

The Katakura Industries (3001) Tender Offer was not looking good until it finally dropped back 10 days ago. Late last week it started lifting off....

Travis Lundy

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This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Asia-Pac Weekly Risk Arb Summary: Crown Resorts, Singapore Press, Shinsei Bank

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Asia-Pac Weekly Risk Arb Summary: Sydney Airport, Oil Search, Nippo, Singapore Press, Toppan Forms

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Activist Target Katakura Industries (3001) Subject to an MBO Takeout

Katakura is target of an equity-light MBO/MEBO organised by the chairman+CEO. The LBO financing is strong. The top shareholder - an activist - has...

Travis Lundy

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