Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daido-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:10140:1" rel="noopener">Daido Steel (5471 JP)</a> on 30 November announced a Tender Offer to buy shares in subsidiary <a href="https://www.smartkarma.com/entities/nippon-seisen-co-ltd" target="_blank" data-smartkarma-citation="entities:8034:1" rel="noopener">Nippon Seisen (5659 JP)</a> to take them to 50.1-51.0%. They have 43% now.</li>
<li>This is a small tender offer, but the subsidiary jumped through the corporate governance independent committee hoops and comes up "neutral" on a price well below mid-point DCF.</li>
<li>It's an interesting small-cap partial offer to start 2022. Will likely trade tight.</li>
</ul>



Daido Steel (5471 JP) on 30 November announced a Tender Offer to buy shares in subsidiary Nippon Seisen (5659 JP) to take them to 50.1-51.0%. They have 43% now.
This is a small tender offer, but the subsidiary jumped through the corporate governance independent committee hoops and comes up "neutral" on a price well below mid-point DCF.
It's an interesting small-cap partial offer to start 2022. Will likely trade tight.


Daido Steel Partial Tender Offer to Go to 50+% on Nippon Seisen (5659) Subsidiary

Japan

Nippon Seisen Co., Ltd. manufactures and sells secondary products of stainless steel wires.  The Company's products include screws, springs, and metal nets for consumer electronics and automobiles.  Nippon Seisen also produces metal fibers, welding rods, and diamond tools.

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Daido Steel Partial Tender Offer to Go to 50+% on Nippon Seisen (5659) Subsidiary

Daido Steel announced a small tender to buy 7-8% of Nippon Seisen to take them from 43% to 50-51% of the shares. That is about 22% of Real World...

Travis Lundy