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/sumitomo-riko-company-ltd" target="_blank" data-smartkarma-citation="entities:14955:1" rel="noopener">Sumitomo Riko Company (5191 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/sumitomo-electric-industries" target="_blank" data-smartkarma-citation="entities:10496:1" rel="noopener">Sumitomo Electric Industries (5802 JP)</a> at JPY2,600, a 20.6% premium to the undisturbed price.</li>
<li>The offer is arguably attractive as it is above the midpoint of the special committee/target IFA DCF valuation range and represents an all-time high. </li>
<li>The offer is light as it implies a discount to peer multiples. However, the significant cross-holders on the register suggest that the minimum tendering condition should be met. </li>
</ul>



Sumitomo Riko Company (5191 JP) has recommended a tender offer from Sumitomo Electric Industries (5802 JP) at JPY2,600, a 20.6% premium to the undisturbed price.
The offer is arguably attractive as it is above the midpoint of the special committee/target IFA DCF valuation range and represents an all-time high. 
The offer is light as it implies a discount to peer multiples. However, the significant cross-holders on the register suggest that the minimum tendering condition should be met. 


Sumitomo Riko (5191 JP): Sumitomo Electric (5802 JP)’s Tender Offer Is Light but Likely Done

Japan

NICHIRIN CO., LTD. manufactures hose parts for automobiles and motorcycles. The Company's products include hydraulic brake hoses, power steering hoses, and clutch hoses.  Nichirin also delivers various kinds of hoses for machine tools, household appliances, and construction machinery.

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Nichirin Co Ltd (5184 JP)

Sumitomo Riko (5191 JP): Sumitomo Electric (5802 JP)’s Tender Offer Is Light but Likely Done

The offer is light as it implies a discount to peer multiples. However, the significant cross-holders on the register suggest that the minimum...

Arun George

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