IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/maruwn-corp" target="_blank" data-smartkarma-citation="entities:18411:1" rel="noopener">Maruwn Corp (9067 JP)</a> has recommended a preconditional tender offer from <a href="https://www.smartkarma.com/entities/senko-group-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5287:1" rel="noopener">SENKO Group Holdings Co., Ltd. (9069 JP)</a> at JPY949, a 34.6% premium to the last close price.</li>
<li>The offer is attractive as it is above the midpoint of the IFA DCF valuation range, represents an all-time high and implies a P/B of 1.08x.</li>
<li>The key pushback is that Senko has not set the lower limit to achieve two-thirds voting rights. However, tendering by the second-largest shareholder will meet the lower limit. </li>
</ul>



Maruwn Corp (9067 JP) has recommended a preconditional tender offer from SENKO Group Holdings Co., Ltd. (9069 JP) at JPY949, a 34.6% premium to the last close price.
The offer is attractive as it is above the midpoint of the IFA DCF valuation range, represents an all-time high and implies a P/B of 1.08x.
The key pushback is that Senko has not set the lower limit to achieve two-thirds voting rights. However, tendering by the second-largest shareholder will meet the lower limit. 


Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer

Japan

Okayamaken Freight Transportation CO., LTD. is a cargo trucking company in the Chugoku area.  The Company also provides door-to-door parcel delivery services. Okayamaken Freight Transportation leases building and sells oil products and automobile parts.

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Okayamaken Freight Transport (9063 JP)

Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer

The offer is attractive. The key pushback is that Senko has not set the lower limit to achieve two-thirds voting rights. However, tendering by the...

Arun George

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