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>CVC has increased its <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> offer by 3.2% to JPY2,600, a 16.1% discount to KKR’s potential JPY3,100 offer and 17.5% discount to the last close.</li>
<li>CVC marginally increased its offer price to extend the offer close from 29 January to 12 February, buying it time to judge if it can counter a potential KKR offer.</li>
<li>Despite the bump, CVC remains unlikely to match KKR’s terms. Today's lowered Mandom full-year guidance will make it incrementally harder for CVC to justify matching KKR’s terms.</li>
</ul>


CVC has increased its Mandom Corp (4917 JP) offer by 3.2% to JPY2,600, a 16.1% discount to KKR’s potential JPY3,100 offer and 17.5% discount to the last close.
CVC marginally increased its offer price to extend the offer close from 29 January to 12 February, buying it time to judge if it can counter a potential KKR offer.
Despite the bump, CVC remains unlikely to match KKR’s terms. Today's lowered Mandom full-year guidance will make it incrementally harder for CVC to justify matching KKR’s terms.


Mandom (4917 JP): CVC’s Minimal Bump to Buy It Time to Figure Out a Strategy to Counter KKR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> has received a competing non-binding proposal from <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> at JPY3,100, a 23.0% premium to CVC’s JPY2,520 offer.</li>
<li>KKR intends to commence the offer by the end of January and is preconditional on the Board’s recommendation. The Board is evaluating the proposal.</li>
<li>The Board is likely to support the KKR offer as it resulted from their decision to launch countermeasures. CVC is likely to walk rather than engage in a bidding war.</li>
</ul>



Mandom Corp (4917 JP) has received a competing non-binding proposal from KKR &amp; Co (KKR US) at JPY3,100, a 23.0% premium to CVC’s JPY2,520 offer.
KKR intends to commence the offer by the end of January and is preconditional on the Board’s recommendation. The Board is evaluating the proposal.
The Board is likely to support the KKR offer as it resulted from their decision to launch countermeasures. CVC is likely to walk rather than engage in a bidding war.


Mandom (4917 JP): KKR’s JPY3,100 Offer Could Force CVC to Walk

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This morning, <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> gave up an update to the document regarding its "Support" for the MBO at a lower price and the situation regarding the KKR overbid.</li>
<li>Yesterday, KKR submitted an official ¥3,100/share Bid Intention. This morning, the Board resolved to send the matter to its Special Committee. Shares are trading up.</li>
<li>The bid is still pre-conditional. KKR being a PE firm, it requires a pre-condition slightly unusual in competitive bidding situations. </li>
</ul>


This morning, Mandom Corp (4917 JP) gave up an update to the document regarding its "Support" for the MBO at a lower price and the situation regarding the KKR overbid.
Yesterday, KKR submitted an official ¥3,100/share Bid Intention. This morning, the Board resolved to send the matter to its Special Committee. Shares are trading up.
The bid is still pre-conditional. KKR being a PE firm, it requires a pre-condition slightly unusual in competitive bidding situations. 


[Japan M&A] KKR Officially Bids ¥3,100 for Mandom (4917), Tender May Start Late January

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>'s H Share listing to raise US$1 billion.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>, <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a>, <a href="https://www.smartkarma.com/entities/matsuya-r-d-co-ltd" target="_blank" data-smartkarma-citation="entities:46158:1" rel="noopener">Matsuya R&amp;D (7317 JP)</a>, <a href="https://www.smartkarma.com/entities/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a>, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: OmniVision Integrated Circuits Group (603501 CH)'s H Share listing to raise US$1 billion.
Event-Driven developments: Hogy Medical (3593 JP), Mandom Corp (4917 JP), Matsuya R&amp;D (7317 JP), Medical Data Vision (3902 JP), ANE Cayman Inc (9956 HK), Hang Seng Bank (11 HK). 



Weekly Deals Digest (21 Dec) - Mandom, Hogy, Matsuya R&D, MDV, ANE, Hang Seng, Jinke, Humm

David Blennerhassett

<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>Four new (ish) deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/360-capital-group-ltd" target="_blank" data-smartkarma-citation="entities:11865:1" rel="noopener">360 Capital (TGP AU)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a> , <a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>, and <a href="https://www.smartkarma.com/entities/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, and <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</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.
Four new (ish) deals were discussed on Smartkarma this week: 360 Capital (TGP AU), Humm Group (HUM AU) , Hogy Medical (3593 JP), and Medical Data Vision (3902 JP).
Key updates/news also took place on: Predictive Discovery (PDI AU), ReNew Energy Global (RNW US), and Mandom Corp (4917 JP) 


Asia-Pac M&A Weekly Wrap: Mandom Humm, Medical Data Vision, Predictive Disc., ReNew Energy Global

Japan

MANDOM CORPORATION manufactures and markets a variety of cosmetic products for men and women.  The Company's products include hair care and skin care cosmetics.

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Mandom Corp (4917 JP)

Mandom (4917 JP): CVC’s Minimal Bump to Buy It Time to Figure Out a Strategy to Counter KKR

Despite the bump, CVC remains unlikely to match KKR’s terms. Today's lowered Mandom full-year guidance will make it incrementally harder for CVC to...

Arun George

Mandom (4917 JP): KKR’s JPY3,100 Offer Could Force CVC to Walk

The Board is likely to support the KKR offer as it resulted from their decision to launch countermeasures. CVC is likely to walk rather than engage...

Arun George

[Japan M&A] KKR Officially Bids ¥3,100 for Mandom (4917), Tender May Start Late January

A month ago, the Nikkei indicated KKR had bid ¥2,800+. It comes out to be a bid at ¥3,100 or 23% higher than CVC's reluctant earlier overbid. I...

Travis Lundy

Weekly Deals Digest (21 Dec) - Mandom, Hogy, Matsuya R&D, MDV, ANE, Hang Seng, Jinke, Humm

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Asia-Pac M&A Weekly Wrap: Mandom Humm, Medical Data Vision, Predictive Disc., ReNew Energy Global

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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