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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> has recommended a preconditional tender offer from <a href="https://www.smartkarma.com/entities/eqt-ab" target="_blank" data-smartkarma-citation="entities:28922:1" rel="noopener">EQT (EQT SS)</a> at JPY5,700, an 8.1% discount to the last close price of JPY6,205.</li>
<li>The precondition relates to regulatory approvals in several countries. The tender offer is expected to commence in late January 2026.</li>
<li>Although the offer is light, it is likely to succeed, as it resulted from an auction process and was supported by irrevocables from the two prominent activists on the register.</li>
</ul>



Fujitec Co Ltd (6406 JP) has recommended a preconditional tender offer from EQT (EQT SS) at JPY5,700, an 8.1% discount to the last close price of JPY6,205.
The precondition relates to regulatory approvals in several countries. The tender offer is expected to commence in late January 2026.
Although the offer is light, it is likely to succeed, as it resulted from an auction process and was supported by irrevocables from the two prominent activists on the register.


Fujitec (6406 JP): EQT’s Takeunder Likely a Done Deal

<ul>
<li>On 31 October, in response to an FT article, <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> confirmed that it has received a preliminary non-binding proposal, which the special committee is reviewing.</li>
<li>Fujitec’s shareholder register and relative underperformance compared to its Japanese peers make it ripe for a bid. Potential bidders could include PE and trade buyers.</li>
<li>The TK Elevator takeout multiple would imply a Fujitec offer price of JPY6,100-7,500, a 10.2%-35.6% premium to the last close of JPY5,533.</li>
</ul>


On 31 October, in response to an FT article, Fujitec Co Ltd (6406 JP) confirmed that it has received a preliminary non-binding proposal, which the special committee is reviewing.
Fujitec’s shareholder register and relative underperformance compared to its Japanese peers make it ripe for a bid. Potential bidders could include PE and trade buyers.
The TK Elevator takeout multiple would imply a Fujitec offer price of JPY6,100-7,500, a 10.2%-35.6% premium to the last close of JPY5,533.


Fujitec (6406 JP): Evaluating a Potential Privatisation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On 30 October, an FT <a href="https://www.ft.com/content/d237189f-d372-474d-981e-c1d3b32c3c8c" target="_blank" rel="noopener">article</a> appeared which pushed <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> shares sharply higher. The headline? <em>"Japanese lift maker Fujitec explores sale to private equity"</em>
</li>
<li>The next day, mid-day, Fujitec "<a href="https://www.fujitec.com/uploads/2024/10/241031_hodo_en.pdf" target="_blank" rel="noopener">corrected</a>" the record, saying the articles (FT and others, presumably) contained "inaccuracies", including that "Fujitec is working to find a buyer."</li>
<li>They mention they have received a preliminary and non-binding initial proposal. The stock continued higher after that. Now investors have to decide how attractive an elevator/escalator business really is.</li>
</ul>


On 30 October, an FT article appeared which pushed Fujitec Co Ltd (6406 JP) shares sharply higher. The headline? "Japanese lift maker Fujitec explores sale to private equity"

The next day, mid-day, Fujitec "corrected" the record, saying the articles (FT and others, presumably) contained "inaccuracies", including that "Fujitec is working to find a buyer."
They mention they have received a preliminary and non-binding initial proposal. The stock continued higher after that. Now investors have to decide how attractive an elevator/escalator business really is.


<ul>
<li>At the <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> EGM, Oasis successfully secured approval for four out of six candidates for outside directors. The tight vote shows that shareholders desire change.</li>
<li>Oasis fell short of its nominations constituting up to two-thirds of the Board. However, Oasis-aligned directors will represent 67% of outside directors which still can drive meaningful change.</li>
<li>The EGM results will spur optimism that Fujitec can close the performance gap with peers, resulting in a rerating. Fujitec remains attractive on a cash-adjusted P/E basis.    </li>
</ul>


At the Fujitec Co Ltd (6406 JP) EGM, Oasis successfully secured approval for four out of six candidates for outside directors. The tight vote shows that shareholders desire change.
Oasis fell short of its nominations constituting up to two-thirds of the Board. However, Oasis-aligned directors will represent 67% of outside directors which still can drive meaningful change.
The EGM results will spur optimism that Fujitec can close the performance gap with peers, resulting in a rerating. Fujitec remains attractive on a cash-adjusted P/E basis.    


Fujitec (6406 JP): Oasis Scores a Victory in a Tight EGM Vote

<ul>
<li>Oasis proposals to restructure the <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a> Board which will be voted on at the 24 February EGM have got independent proxy advisor, ISS, support.</li>
<li>An Oasis win would renew enthusiasm that Fujitec can close the performance gap with peers, resulting in a catalyst for the rerating of the shares.</li>
<li>An Oasis loss is not disastrous as Oasis could come back or Fujitec would likely offer a premium to buyout Oasis. Fujitec is also cheap on a cash-adjusted P/E basis.</li>
</ul>


Oasis proposals to restructure the Fujitec Co Ltd (6406 JP) Board which will be voted on at the 24 February EGM have got independent proxy advisor, ISS, support.
An Oasis win would renew enthusiasm that Fujitec can close the performance gap with peers, resulting in a catalyst for the rerating of the shares.
An Oasis loss is not disastrous as Oasis could come back or Fujitec would likely offer a premium to buyout Oasis. Fujitec is also cheap on a cash-adjusted P/E basis.


Fujitec (6406 JP): Oasis’ Activism Comes to a Head of the 24 February EGM

Finland

Kone Oyj provides solutions for the installation, maintenance, and modernization of elevators and escalators and the maintenance of automatic building doors.

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Kone OYJ (KNEBV FH)

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Fujitec (6406 JP): Oasis’ Activism Comes to a Head of the 24 February EGM

Fujitec is trading at an undemanding cash-adjusted P/E multiple. This provides downside protection should Oasis prove unsuccessful at the upcoming...

Arun George

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