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.

Equity Capital Markets

<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/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a>, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a> and <a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry (0172540D IN)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/payroll-inc" target="_blank" data-smartkarma-citation="entities:33434:1" rel="noopener">Payroll (4489 JP)</a>, <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle Group Co Ltd (1839 HK)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 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 - Amer Sports (AS US), Ola Electric (1700674D IN) and FirstCry (0172540D IN) IPOs.
Event-Driven developments - Payroll (4489 JP), T&amp;K Toka Co Ltd (4636 JP), Hollysys Automation Technologies (HOLI US), CIMC Vehicle Group Co Ltd (1839 HK), CPMC Holdings (906 HK). 


Weekly Deals Digest (28 Jan) - Amer Sports, CIMC Vehicles, CPMC, Hollysys, Payroll, T&K Toka, Shinko

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a> has recommended Bain’s revised tender offer of JPY1,410 per share, a highly disappointing 0.7% premium to the previous JPY1,400 offer. </li>
<li>Bain's marginal bump was due to securing Dalton’s support through the <a href="https://www.smartkarma.com/entities/nichii-gakkan-co" target="_blank" data-smartkarma-citation="entities:6790:1" rel="noopener">Nichii Gakkan Co (9792 JP)</a> playbook. Dalton will tender its shares and make a 15% re-investment in the offeror. </li>
<li>Shareholders representing a 60.82% ownership ratio, including share options, will accept, paving the way to success. With shares trading 4.7% above terms, it is time to move on. </li>
</ul>



T&amp;K Toka Co Ltd (4636 JP) has recommended Bain’s revised tender offer of JPY1,410 per share, a highly disappointing 0.7% premium to the previous JPY1,400 offer. 
Bain's marginal bump was due to securing Dalton’s support through the Nichii Gakkan Co (9792 JP) playbook. Dalton will tender its shares and make a 15% re-investment in the offeror. 
Shareholders representing a 60.82% ownership ratio, including share options, will accept, paving the way to success. With shares trading 4.7% above terms, it is time to move on. 


T&K Toka (4636 JP): Bain Bumps to JPY1,410 as Dalton Agrees to Tender

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a> notes that Bain expects to satisfy the pre-condition and launch the JPY1,400 tender offer by mid-January. </li>
<li>The shares have, on average, traded 1.9% above the offer due to Dalton’s stakebuilding. Bain has three options – unchanged terms, allowing Dalton to roll over its shares, or bumping. </li>
<li>Bain is likely to bump as satisfying the minimum acceptance condition is challenging. A revised offer price of around JPY1,500 is possible.  </li>
</ul>



T&amp;K Toka Co Ltd (4636 JP) notes that Bain expects to satisfy the pre-condition and launch the JPY1,400 tender offer by mid-January. 
The shares have, on average, traded 1.9% above the offer due to Dalton’s stakebuilding. Bain has three options – unchanged terms, allowing Dalton to roll over its shares, or bumping. 
Bain is likely to bump as satisfying the minimum acceptance condition is challenging. A revised offer price of around JPY1,500 is possible.  


T&K Toka (4636 JP): Decisions, Decisions as Tender Start Targeted for Mid-January

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In August when Bain announced that it would launch a Tender Offer for <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a> I suggested in <a href="https://www.smartkarma.com/insights/second-go-round-tender-for-t-k-toka-4636-as-bain-wants-it-all-at-1-400-share" target="_blank" rel="noopener">my first piece</a> it was the wrong price. </li>
<li>I suggested it needed another ¥1,000 added onto the price. If the ¥1,300 price Dalton initially indicated seemed low to T&amp;K TOKA, another ¥100 doesn't seem right.</li>
<li>It took time. Now it looks like a tender offer launch is imminent. The stock has traded through terms for almost 5 months, but not by a lot.</li>
</ul>


In August when Bain announced that it would launch a Tender Offer for T&amp;K Toka Co Ltd (4636 JP) I suggested in my first piece it was the wrong price. 
I suggested it needed another ¥1,000 added onto the price. If the ¥1,300 price Dalton initially indicated seemed low to T&amp;K TOKA, another ¥100 doesn't seem right.
It took time. Now it looks like a tender offer launch is imminent. The stock has traded through terms for almost 5 months, but not by a lot.


T&K TOKA (4636 JP): Expect ANOTHER Blandiloquent But Bletcherous Bump From Bain

<ul>
<li>In my first piece, <a href="https://www.smartkarma.com/insights/ihara-science-5999-jp-sees-the-chairman-launch-an-mbo-i-might-expect-excitement" target="_blank" data-smartkarma-citation="insights:95308" rel="noopener">Ihara Science (5999 JP) Sees the Chairman Launch an MBO. I Might Expect Excitement</a> I noted that the price was too low. I expected activist efforts.</li>
<li>The price did not trade below the Tender Offer Price after it opened for trading. That was a sign this wasn't going to go easy.</li>
<li>This morning I am made aware of a letter from one of the "active if not activist" shareholders saying the price is too low. Hint: It is.</li>
</ul>


In my first piece, Ihara Science (5999 JP) Sees the Chairman Launch an MBO. I Might Expect Excitement I noted that the price was too low. I expected activist efforts.
The price did not trade below the Tender Offer Price after it opened for trading. That was a sign this wasn't going to go easy.
This morning I am made aware of a letter from one of the "active if not activist" shareholders saying the price is too low. Hint: It is.


Ihara Science (5999 JP) - Here Comes The Bumpitrage

Japan

NICHII GAKKAN COMPANY provides hospital administration services for medical facilities.  The Company also offers home nursing services and home helper training courses.

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Nichii Gakkan Co (9792 JP)

Weekly Deals Digest (28 Jan) - Amer Sports, CIMC Vehicles, CPMC, Hollysys, Payroll, T&K Toka, Shinko

Last week, notable developments occurred in Event-Driven (CIMC Vehicles, CPMC, Weiqiao Textile, Hollysys, Payroll, TK Toka, Shinko, Newmark,...

Arun George

T&K Toka (4636 JP): Bain Bumps to JPY1,410 as Dalton Agrees to Tender

Dalton has folded in exchange for a marginal bump and 15% re-investment in the offeror. With shares trading 4.7% above terms, it is time to move on.

Arun George

T&K Toka (4636 JP): Decisions, Decisions as Tender Start Targeted for Mid-January

The pre-condition has been satisfied. However, Bain has delayed the tender launch to the end of January as it has not yet completed the procedures...

Arun George

T&K TOKA (4636 JP): Expect ANOTHER Blandiloquent But Bletcherous Bump From Bain

3.5yrs ago Bain bumped a tender offer trading through terms where an activist held a large stake. But when it revised terms, it allowed the...

Travis Lundy

Ihara Science (5999 JP) - Here Comes The Bumpitrage

The chairman of Ihara Science (5999 JP) a leading specialty piping company, made an offer to buy the company out. It was too low. Now one...

Travis Lundy

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