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

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<li>
<a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a> at JPY4,140, a 43.8% premium to the last close.</li>
<li>The offer is attractive as it represents a ten-year high, implies a P/B of 1.00x and above the mid-point of the target IFA DCF valuation range. </li>
<li>Despite the lack of irrevocables, the shareholder register facilitates deal completion. The tender runs from 12 August to 24 September, with payment from 30 September.</li>
</ul>



Ashimori Industry (3526 JP) has recommended a tender offer from Toyoda Gosei (7282 JP) at JPY4,140, a 43.8% premium to the last close.
The offer is attractive as it represents a ten-year high, implies a P/B of 1.00x and above the mid-point of the target IFA DCF valuation range. 
Despite the lack of irrevocables, the shareholder register facilitates deal completion. The tender runs from 12 August to 24 September, with payment from 30 September.


Ashimori Industry (3526 JP): Toyoda Gosei (7282 JP)’s Tender Offer at JPY4,140

Japan

MIYAJI ENGINEERING GROUP, INC. is a holding company established through the merger of Miyaji Iron Works and Miyaji Construction & Engineering. The Company, through its subsidiaries, designs, builds, inspects, and repairs various bridges, buildings, and sluice gates.  Miyaji also manufactures and sells steel frames.

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