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/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> at JPY5,400 per share, a 15.3% premium to the last close.</li>
<li>Despite the skinny premium, the offer is reasonable compared to historical trading ranges and peer multiples. The offer represents an all-time high. </li>
<li>The offer aligns with the midpoint of the special committee IFA’s DCF valuation range and is marginally below the Board's requested price. The required minority acceptance rate is attainable. </li>
</ul>



Aeon Delight (9787 JP) has recommended a tender offer from Aeon Co Ltd (8267 JP) at JPY5,400 per share, a 15.3% premium to the last close.
Despite the skinny premium, the offer is reasonable compared to historical trading ranges and peer multiples. The offer represents an all-time high. 
The offer aligns with the midpoint of the special committee IFA’s DCF valuation range and is marginally below the Board's requested price. The required minority acceptance rate is attainable. 


Aeon Delight (9787 JP): Aeon’s (8267 JP) JPY5,400 Tender Offer

Japan

Nippon Air Conditioning Services Co Ltd provides installation and maintenance services in air conditioning.

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