Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

On 13th May, Small-cap Electronic and communications technology firm <a href="https://www.smartkarma.com/entities/meisei-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18137:1" rel="noopener">Meisei Electric (6709 JP)</a> announced they had agreed to merge with their parent <a href="https://www.smartkarma.com/entities/ihi-corp" target="_blank" data-smartkarma-citation="entities:4819:1" rel="noopener">IHI Corp (7013 JP)</a> which will result in Meisei getting delisted from the Second Section of the Tokyo Stock Exchange. Meisei shareholders will receive 0.42 IHI shares per Meisei share. The Meisei Shareholder meeting for approving the Deal is expected to be on 23rd June 2021 and the Merger is expected to become effective on 1st August 2021. Below a discussion of the details and the 'consequences'.

On 13th May, Small-cap Electronic and communications technology firm Meisei Electric (6709 JP) announced they had agreed to merge with their parent IHI Corp (7013 JP) which will result in Meisei getting delisted from the Second Section of the Tokyo Stock Exchange. Meisei shareholders will receive 0.42 IHI shares per Meisei share. The Meisei Shareholder meeting for approving the Deal is expected to be on 23rd June 2021 and the Merger is expected to become effective on 1st August 2021. Below a discussion of the details and the 'consequences'.

Meisei (6709 JP) - IHI (7013 JP): Small Merger with Minor Additional Consequences

Japan

MEISEI ELECTRIC CO., LTD. manufactures telephones and related parts.  The Company also produces electronic switchboards, multimedia equipment, and meteorological observation systems.

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Meisei (6709 JP) - IHI (7013 JP): Small Merger with Minor Additional Consequences

IHI is absorbing Meisei Electric 9 years after taking a majority. This looks reasonable, it is very short-dated. It is a rate-of-return deal with...

Janaghan Jeyakumar, CFA