Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a> is an obvious bolt-on for ALSOK. There's probably no better buyer. They are also cash-rich, and they're buying this at 10+x EBITDA. That's probably OK.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a> is reportedly exploring a dual-listing of AS Watson (Hong Kong &amp; London), amid ongoing asset (ports/telcos/supermarket (?)) sales. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> goes all in - and in a new direction - with a A$2.45bn bid for I-MED Radiology Network.</li>
</ul>



Nippon Dry Chemical (1909 JP) is an obvious bolt-on for ALSOK. There's probably no better buyer. They are also cash-rich, and they're buying this at 10+x EBITDA. That's probably OK.

CK Hutchison (1 HK) is reportedly exploring a dual-listing of AS Watson (Hong Kong &amp; London), amid ongoing asset (ports/telcos/supermarket (?)) sales. 

Jardine Matheson (JM SP) goes all in - and in a new direction - with a A$2.45bn bid for I-MED Radiology Network.


Last Week In Event SPACE: Nippon Dry Chemical, CK Hutch, Jardine Matheson, Qoria, EOFlow

Travis Lundy

<ul>
<li>ALSOK and Carlyle produced competing bids, overbid each other, then joined, then overbid themselves, to launch a TOB to buy fire safety company <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>. </li>
<li>It's a ten bagger since pre-covid and 10x forward EBITDA. It's a decent outcome. But it's trading through terms a week+ after announcement despite ALSOK+corps owning 50+%.</li>
<li>While it is not impossible an activist digs their teeth in, this is long enough in the tooth that a strategic jumping in seems unlikely. </li>
</ul>


ALSOK and Carlyle produced competing bids, overbid each other, then joined, then overbid themselves, to launch a TOB to buy fire safety company Nippon Dry Chemical (1909 JP). 
It's a ten bagger since pre-covid and 10x forward EBITDA. It's a decent outcome. But it's trading through terms a week+ after announcement despite ALSOK+corps owning 50+%.
While it is not impossible an activist digs their teeth in, this is long enough in the tooth that a strategic jumping in seems unlikely. 


[Japan Event] Carlyle and ALSOK Compete Then Join To Take Over NDC (1909) - ¥3,730

Smartkarma's AI Co-Pilot, Smartkarma

αSK

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Equity Bottom-Up

<ul>
 <li>A pending tender offer from security firm ALSOK and private equity firm Carlyle at JPY 3,730 per share is set to take the company private, representing a significant premium and a key catalyst for shareholder value.</li>
 <li>The company has demonstrated a robust financial performance, with significant year-over-year growth in revenue and net income, alongside expanding margins, underscoring operational efficiency.</li>
 <li>
<a href="https://smartkarma.com/entities/nippon-dry-chemical-co-ltd">Nippon Dry Chemical</a> operates in a market with strong tailwinds, driven by stringent fire safety regulations in Japan, increasing urbanization, and a heightened focus on disaster preparedness.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  A pending tender offer from security firm ALSOK and private equity firm Carlyle at JPY 3,730 per share is set to take the company private, representing a significant premium and a key catalyst for shareholder value.
  The company has demonstrated a robust financial performance, with significant year-over-year growth in revenue and net income, alongside expanding margins, underscoring operational efficiency.
  
Nippon Dry Chemical operates in a market with strong tailwinds, driven by stringent fire safety regulations in Japan, increasing urbanization, and a heightened focus on disaster preparedness.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Nippon Dry Chemical (1909 JP) - May 2026

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a> announced a tender offer from Alsok (2331 JP) and <a href="https://www.smartkarma.com/entities/carlyle-group-inc-the" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group / (CG US)</a> at JPY3,730, a 23.3% premium to the last close. </li>
<li>Alsok and Carlyle initially engaged in a bidding war but eventually settled on a joint bid. Post-squeezeout, Alsok and Carlyle will hold 51% and 49% of BidCo's voting rights, respectively.</li>
<li>The offer is attractive, as it represents an all-time high and sits at the high end of the target IFA’s DCF valuation range. This is a done deal. </li>
</ul>



Nippon Dry Chemical (1909 JP) announced a tender offer from Alsok (2331 JP) and Carlyle Group / (CG US) at JPY3,730, a 23.3% premium to the last close. 
Alsok and Carlyle initially engaged in a bidding war but eventually settled on a joint bid. Post-squeezeout, Alsok and Carlyle will hold 51% and 49% of BidCo's voting rights, respectively.
The offer is attractive, as it represents an all-time high and sits at the high end of the target IFA’s DCF valuation range. This is a done deal. 


Nippon Dry Chemical (1909 JP): Alsok/Carlyle Tender Offer at JPY3,730

<ul>
<li>For May 2026, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$15bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~57%, and a year-to-date average of 48%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For May 2026, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$15bn.
The average premium for the new transactions announced (or first discussed) in May was ~57%, and a year-to-date average of 48%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [May 2026 Wrap]: Vault Minerals, Kakaku.com, Nippon Dry Chemical, Paltac Corporation

Japan

Nippon Dry-Chemical CO., LTD. designs and installs disaster prevention systems in general buildings, plants, and marine vessels.  The Company provides maintenance services as well as repair services.  Nippon Dry-Chemical also manufactures and sells fire extinguishers, fire alarm apparatus, and fire engines.

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Nippon Dry Chemical (1909 JP)

Last Week In Event SPACE: Nippon Dry Chemical, CK Hutch, Jardine Matheson, Qoria, EOFlow

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[Japan Event] Carlyle and ALSOK Compete Then Join To Take Over NDC (1909) - ¥3,730

ALSOK and Carlyle competed to take over Nippon Dry Chemical, then they joined up to bid. A huge premium vs when ALSOK made its first non-binding...

Travis Lundy

Primer: Nippon Dry Chemical (1909 JP) - May 2026

A pending tender offer from security firm ALSOK and private equity firm Carlyle at JPY 3,730 per share is set to take the company private,...

αSK