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/maruwn-corp" target="_blank" data-smartkarma-citation="entities:18411:1" rel="noopener">Maruwn Corp (9067 JP)</a> has recommended a preconditional tender offer from <a href="https://www.smartkarma.com/entities/senko-group-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5287:1" rel="noopener">SENKO Group Holdings Co., Ltd. (9069 JP)</a> at JPY949, a 34.6% premium to the last close price.</li>
<li>The offer is attractive as it is above the midpoint of the IFA DCF valuation range, represents an all-time high and implies a P/B of 1.08x.</li>
<li>The key pushback is that Senko has not set the lower limit to achieve two-thirds voting rights. However, tendering by the second-largest shareholder will meet the lower limit. </li>
</ul>



Maruwn Corp (9067 JP) has recommended a preconditional tender offer from SENKO Group Holdings Co., Ltd. (9069 JP) at JPY949, a 34.6% premium to the last close price.
The offer is attractive as it is above the midpoint of the IFA DCF valuation range, represents an all-time high and implies a P/B of 1.08x.
The key pushback is that Senko has not set the lower limit to achieve two-thirds voting rights. However, tendering by the second-largest shareholder will meet the lower limit. 


Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tonami-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2615:1" rel="noopener">Tonami Holdings (9070 JP)</a> has recommended a <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>-sponsored MBO at JPY10,200, a 73.8% premium to the last close.</li>
<li>The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high. </li>
<li>The offer is above the midpoint of the special committee IFA’s DCF valuation range but below that of the target IFA. However, the required minority acceptance rate is not onerous. </li>
</ul>



Tonami Holdings (9070 JP) has recommended a Japan Post Holdings (6178 JP)-sponsored MBO at JPY10,200, a 73.8% premium to the last close.
The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high. 
The offer is above the midpoint of the special committee IFA’s DCF valuation range but below that of the target IFA. However, the required minority acceptance rate is not onerous. 


Tonami Holdings (9070 JP): Japan Post Holdings’ (6178 JP) JPY10,200 Tender Offer

Japan

LOGINET JAPAN Co., LTD. is a holding company established jointly by Sapporo Express and Chuo Express.  The Group operates freight trucking transportation services.  Loginet Japan also sells vehicles and office equipment and provides car repair services.

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Loginet Japan (9027 JP)

Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer

The offer is attractive. The key pushback is that Senko has not set the lower limit to achieve two-thirds voting rights. However, tendering by the...

Arun George

Tonami Holdings (9070 JP): Japan Post Holdings’ (6178 JP) JPY10,200 Tender Offer

The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high.

Arun George

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