Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>One of the minority investors in Refine Co (377450 KS) called Cha Partners is heavily opposed this deal and has demanded higher shareholder returns. </li>
<li>The tender offer price is approximately 35% lower than the 27,159 won per share paid by Realty Fine when acquiring the stake from the existing largest shareholder.</li>
<li>At this point, it appears that the tender offer completion rate could be about 50-70% of total shares up for tender offer (5.2 million).</li>
</ul>


One of the minority investors in Refine Co (377450 KS) called Cha Partners is heavily opposed this deal and has demanded higher shareholder returns. 
The tender offer price is approximately 35% lower than the 27,159 won per share paid by Realty Fine when acquiring the stake from the existing largest shareholder.
At this point, it appears that the tender offer completion rate could be about 50-70% of total shares up for tender offer (5.2 million).


Cha Partners Demands Higher Shareholder Returns from Refine Co

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>SPV Realty Fine (formed by Stonebridge Capital and <a href="https://www.smartkarma.com/entities/ls-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:18895:1" rel="noopener">LS Securities (078020 KS)</a>) have launched a Tender Offer to acquire 30% of <a href="https://www.smartkarma.com/entities/refine-co-ltd" target="_blank" data-smartkarma-citation="entities:34857:1" rel="noopener">Refine (377450 KS)</a>, a B2B real estate risk/document-checking outfit. </li>
<li>Realty Fine is offering ₩17,600/share, a 30% premium to undisturbed, but below Realty Fine's 1Q25 ₩27,159/share acquisition to secure control. This process is not lost on activist Must Asset Management.</li>
<li>A successful Tender offer will increased Realty Fine's stake in Refine to 77.96%. All shares tendered will be acquired. Realty Fine (unusually?) intends to maintain Refine's listing. </li>
</ul>


SPV Realty Fine (formed by Stonebridge Capital and LS Securities (078020 KS)) have launched a Tender Offer to acquire 30% of Refine (377450 KS), a B2B real estate risk/document-checking outfit. 
Realty Fine is offering ₩17,600/share, a 30% premium to undisturbed, but below Realty Fine's 1Q25 ₩27,159/share acquisition to secure control. This process is not lost on activist Must Asset Management.
A successful Tender offer will increased Realty Fine's stake in Refine to 77.96%. All shares tendered will be acquired. Realty Fine (unusually?) intends to maintain Refine's listing. 


Refine (377450 KS): Stonebridge/LS Securities' Egregious Offer

<ul>
<li>Private equity firm Stonebridge Capital and LS SECURITIES Co Ltd (078020 KS) are launching a tender offer for a 30% stake in Refine Co Ltd (377450 KS).</li>
<li>Tender offer price of 17,600 won is 29.6% higher than the closing price on 14 August and reflects a 50.1% premium over the weighted average stock price of past month.</li>
<li>I have a positive view on this tender offer. Clearly, the company is not doing enough to improve shareholder returns (net cash is 67% of market cap)</li>
</ul>


Private equity firm Stonebridge Capital and LS SECURITIES Co Ltd (078020 KS) are launching a tender offer for a 30% stake in Refine Co Ltd (377450 KS).
Tender offer price of 17,600 won is 29.6% higher than the closing price on 14 August and reflects a 50.1% premium over the weighted average stock price of past month.
I have a positive view on this tender offer. Clearly, the company is not doing enough to improve shareholder returns (net cash is 67% of market cap)


Tender Offer of a 30% Stake in Refine Co by Stonebridge Capital and LS Securities

<ul>
<li>For September 2026, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$26bn.</li>
<li>
The average premium for the new transactions announced (or first discussed) in September was ~46%; and a year-to-date average of ~45%.</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 September 2026, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$26bn.

The average premium for the new transactions announced (or first discussed) in September was ~46%; and a year-to-date average of ~45%.
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 [Sept 2026 Wrap]: Northern Star, Kadoya Sesame, Ingenia, Leopalace21, IDP, Sharingtech

<ul>
<li>I tally 37- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deal was discussed on Smartkarma this week: Tender Offers for <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" data-smartkarma-citation="entities:8244:1" rel="noopener">Leopalace21 Corp (8848 JP)</a> and <a href="https://www.smartkarma.com/entities/kadoya-sesame-mills-inc" target="_blank" data-smartkarma-citation="entities:10367:1" rel="noopener">Kadoya Sesame Mills (2612 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>, <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>, <a href="https://www.smartkarma.com/entities/gabia-inc" target="_blank" data-smartkarma-citation="entities:13535:1" rel="noopener">Gabia Inc (079940 KS)</a>, <a href="https://www.smartkarma.com/entities/refine-co-ltd" target="_blank" data-smartkarma-citation="entities:34857:1" rel="noopener">Refine Co Ltd (377450 KS)</a>, and <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a>.</li>
</ul>


I tally 37- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deal was discussed on Smartkarma this week: Tender Offers for Leopalace21 Corp (8848 JP) and Kadoya Sesame Mills (2612 JP).
Key updates/news also took place on: Cleanaway Waste Management (CWY AU), European Lithium (EUR AU), Gabia Inc (079940 KS), Refine Co Ltd (377450 KS), and FleetPartners Group (FPR AU).


Asia-Pac Weekly Wrap: Leopalace21, Cleanaway, Kadoya Sesame Mills, Gabia, Refine, FleetPartners

South Korea

Refine Co., Ltd. provides real estate title investigation services. The Company offers rights investigation services, mortgage loan rights investigation, jeonse loan rights investigation, and other services. Refine also operates insurance agency business.

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Refine Co Ltd (377450 KS)

Cha Partners Demands Higher Shareholder Returns from Refine Co

One of the minority investors in Refine Co (377450 KS) called Cha Partners is heavily opposed this deal and has demanded higher shareholder returns.

Douglas Kim

Refine (377450 KS): Stonebridge/LS Securities' Egregious Offer

Trading wide at a 9.8%/212% gross/annualised spread, ex. the 0.35% tendering fee. Despite the egregious nature of the offer; if illiquid arbs are...

David Blennerhassett

Tender Offer of a 30% Stake in Refine Co by Stonebridge Capital and LS Securities

Private equity firm Stonebridge Capital and LS SECURITIES Co Ltd (078020 KS) are launching a tender offer for a 30% stake in Refine Co Ltd (377450...

Douglas Kim

Asia-Pac M&A [Sept 2026 Wrap]: Northern Star, Kadoya Sesame, Ingenia, Leopalace21, IDP, Sharingtech

For the month of Sept, 11 new deals were discussed on Smartkarma, with an overall deal size of ~US$26bn. The average premium for the new deals...

David Blennerhassett

Asia-Pac Weekly Wrap: Leopalace21, Cleanaway, Kadoya Sesame Mills, Gabia, Refine, FleetPartners

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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