Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today after the close, Japan's biggest electrical equipment construction co <a href="https://www.smartkarma.com/entities/kinden-corp" target="_blank" data-smartkarma-citation="entities:20620:1" rel="noopener">Kinden Corp (1944 JP)</a> announced a deal to take over a smaller electrical equipment construction co <a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a> owns 51%. Other corporates own 7%. A few banks own a bit under 2%, then retail owns everything else. As of Mar2025, foreign investors held &lt;1%.</li>
<li>Shares rose sharply last year, and apparently a Nikkei article in January suggested they'd sell the asset. Shares popped on that. Well-flagged. (Inexplicably?) HUGE price. Big win for retail.</li>
</ul>


Today after the close, Japan's biggest electrical equipment construction co Kinden Corp (1944 JP) announced a deal to take over a smaller electrical equipment construction co Kodensha Co (1948 JP). 

Mitsubishi Electric (6503 JP) owns 51%. Other corporates own 7%. A few banks own a bit under 2%, then retail owns everything else. As of Mar2025, foreign investors held &lt;1%.
Shares rose sharply last year, and apparently a Nikkei article in January suggested they'd sell the asset. Shares popped on that. Well-flagged. (Inexplicably?) HUGE price. Big win for retail.


[Japan M&A] Kinden (1944) To Take Over Kodensha (1948) At HUGE UNBELIEVABLE AMAZING Price (¥11,501)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/kinden-corp" target="_blank" data-smartkarma-citation="entities:20620:1" rel="noopener">Kinden Corp (1944 JP)</a> at JPY11,501, a 50.3% premium to the last close and a 198% premium to the undisturbed price.  </li>
<li>The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA DCF valuation range.</li>
<li>While <a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a>'s irrevocable has a competing-offer clause, a higher offer is unlikely, as Kinden’s offer was the highest at the auction. This is a done deal.</li>
</ul>



Kodensha Co (1948 JP) announced a tender offer from Kinden Corp (1944 JP) at JPY11,501, a 50.3% premium to the last close and a 198% premium to the undisturbed price.  
The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA DCF valuation range.
While Mitsubishi Electric (6503 JP)'s irrevocable has a competing-offer clause, a higher offer is unlikely, as Kinden’s offer was the highest at the auction. This is a done deal.


Kodensha (1948 JP): Kinden (1944 JP)’s Knockout Tender Offer

David Blennerhassett

<ul>
<li>For July 2026, ten new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in July was ~51%, and a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For July 2026, ten new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.
The average premium for the new transactions announced (or first discussed) in July was ~51%, and a year-to-date average of ~48%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [July 2026 Wrap]: Dentsu Soken, Perpetual, OFX, Ns United Kaiun, Gabia, SK Signet, Dida

<ul>
<li>I tally 26 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>
One new deal was discussed on Smartkarma this week: Hung Hon Man, <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415" rel="noopener">Get Nice (64 HK)</a>'s chairman (&amp; founder), is making an Offer by way of a Scheme.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>, <a href="https://www.smartkarma.com/entities/avarga-limited" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>, and <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a>.</li>
</ul>


I tally 26 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.

One new deal was discussed on Smartkarma this week: Hung Hon Man, Get Nice (64 HK)'s chairman (&amp; founder), is making an Offer by way of a Scheme.
Key updates/news also took place on: Kakaku.com Inc (2371 JP), Steadfast (SDF AU), oOh!Media Ltd (OML AU), China Shengmu Organic Milk (1432 HK), Avarga (AVARGA SP), and Guocoland Malaysia (GUOL MK).


Asia-Pac Weekly Wrap: Kakaku, Steadfast, OOh!Media, China Shengmu, Avarga, Guocoland Malay, Get Nice

<ul>
<li>I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>No new deals were discussed on Smartkarma this week. <a href="https://www.smartkarma.com/entities/z-fin-limited" target="_blank" data-smartkarma-citation="entities:9999:1" rel="noopener">Z Fin (1168 HK)</a> is suspended pursuant to the Takeovers Code. </li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a>, <a href="https://www.smartkarma.com/entities/accent-group-ltd" target="_blank" data-smartkarma-citation="entities:14283:1" rel="noopener">Accent Group (AX1 AU)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, and <a href="https://www.smartkarma.com/entities/avarga-limited" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>.</li>
</ul>


I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
No new deals were discussed on Smartkarma this week. Z Fin (1168 HK) is suspended pursuant to the Takeovers Code. 
Key updates/news also took place on: Perpetual Ltd (PPT AU), Vault Minerals Ltd (VAU AU), Accent Group (AX1 AU), Steadfast (SDF AU), and Avarga (AVARGA SP).


Asia-Pac Weekly Wrap: Perpetual, Vault Minerals, Accent Group, Steadfast, Avarga, Z Fin,

Japan

The Kodensha Co., Ltd. provides indoor wiring, power transmission installations, power generation/transformation works, and communications related construction. The Company distributes a variety of products such as heavy electric machines and heating and cooling systems.

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Kodensha Co (1948 JP)

[Japan M&A] Kinden (1944) To Take Over Kodensha (1948) At HUGE UNBELIEVABLE AMAZING Price (¥11,501)

Large electrical equipment construction co Kinden is buying smaller 'rival' owned by an industrial electric co. This was flagged to the market and...

Travis Lundy

Kodensha (1948 JP): Kinden (1944 JP)’s Knockout Tender Offer

The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA...

Arun George

Asia-Pac M&A [July 2026 Wrap]: Dentsu Soken, Perpetual, OFX, Ns United Kaiun, Gabia, SK Signet, Dida

For the month of July, 8 new deals were discussed on Smartkarma with an overall deal size of just ~US$5bn. The average premium for the new deals...

David Blennerhassett

Asia-Pac Weekly Wrap: Kakaku, Steadfast, OOh!Media, China Shengmu, Avarga, Guocoland Malay, Get Nice

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 Wrap: Perpetual, Vault Minerals, Accent Group, Steadfast, Avarga, Z Fin,

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

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