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/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a> announced a partial tender offer from <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> at JPY1,600 per share, a 40.0% premium to the undisturbed price. </li>
<li>The transaction facilitates <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a>'s exit. The offer is for a minimum of 81.2 million shares (51.16% ownership ratio) and a maximum of 87.3 million shares (55.00%). </li>
<li>Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The offer is light vs. historical multiples and share prices. </li>
</ul>



Benefit One Inc (2412 JP) announced a partial tender offer from M3 Inc (2413 JP) at JPY1,600 per share, a 40.0% premium to the undisturbed price. 
The transaction facilitates Pasona Group (2168 JP)'s exit. The offer is for a minimum of 81.2 million shares (51.16% ownership ratio) and a maximum of 87.3 million shares (55.00%). 
Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The offer is light vs. historical multiples and share prices. 


Benefit One (2412 JP): M3’s Partial Tender Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>A week after JIP gets preferred status and we had rumoured bid prices, we now have an article saying JIC/Bain is still in it, and a new article today.</li>
<li>Today's "new" article says JIP's bid price is what the first leak suggested, which is below ¥6,000/share. Other articles suggest bidders are finding that securing financing is tough. </li>
<li>Investors should look at process and understand the difference between this one and most others. It matters. Some news is not news, other than telling you the dance has started.</li>
</ul>


A week after JIP gets preferred status and we had rumoured bid prices, we now have an article saying JIC/Bain is still in it, and a new article today.
Today's "new" article says JIP's bid price is what the first leak suggested, which is below ¥6,000/share. Other articles suggest bidders are finding that securing financing is tough. 
Investors should look at process and understand the difference between this one and most others. It matters. Some news is not news, other than telling you the dance has started.


Toshiba (6502) - There Is Actual News, and There Are Datapoints Which Masquerade as News

<ul>
<li>Bain Capital Private Equity launched a deal for <a href="https://www.smartkarma.com/entities/net-marketing-co-ltd" target="_blank" data-smartkarma-citation="entities:26092:1" rel="noopener">Net Marketing (6175 JP)</a> at a 63% premium. </li>
<li>That should be enough to get it done on its own, despite coming below the IPO price of 5yrs ago. </li>
<li>In any case, Shareholder Structure makes this a completely done deal.</li>
</ul>


Bain Capital Private Equity launched a deal for Net Marketing (6175 JP) at a 63% premium. 
That should be enough to get it done on its own, despite coming below the IPO price of 5yrs ago. 
In any case, Shareholder Structure makes this a completely done deal.


Net Marketing Japan (6175) "MBO" Tender Offer - Done Deal

Japan

Net Marketing. Co. Ltd. operates as an online matchmaking and dating website. The Company provides consulting services for online marketing and advertisement business.

Net Marketing (6175 JP)

Benefit One (2412 JP): M3’s Partial Tender Offer

Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The JPY1,600 partial offer is light vs....

Arun George

Toshiba (6502) - There Is Actual News, and There Are Datapoints Which Masquerade as News

Toshiba has come off its recent highs vs Peers as less bullish "news" appears. Some of that news is not news as much as it is datapoint in a...

Travis Lundy

Net Marketing Japan (6175) "MBO" Tender Offer - Done Deal

Net Marketing runs a consultancy on advertising, both on affiliate marketing and social media. It also runs a matchmaking service. The MBO is...

Travis Lundy