Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>To my knowledge, this may be the first Tender Offer takeout proposal on a "new ticker." <a href="https://www.smartkarma.com/entities/rezil-inc" target="_blank" data-smartkarma-citation="entities:45661:1" rel="noopener">Rezil (176A JP)</a> was listed just 16mos ago. </li>
<li>This takeout is done on a highish-growth stock at 11.7x 1yr forward EV/EBITDA. It's not expensive, but they have ~60%. BUT... there's another Potential Player who may have Big Thoughts.</li>
<li>Slightly long-dated, small-cap, likely to be illiquid. Watch how it trades early for hints.</li>
</ul>


To my knowledge, this may be the first Tender Offer takeout proposal on a "new ticker." Rezil (176A JP) was listed just 16mos ago. 
This takeout is done on a highish-growth stock at 11.7x 1yr forward EV/EBITDA. It's not expensive, but they have ~60%. BUT... there's another Potential Player who may have Big Thoughts.
Slightly long-dated, small-cap, likely to be illiquid. Watch how it trades early for hints.


[Japan M&A] Founder, KEPCO, Try ¥2,750 Bain-Led MBO on Rezil (176A). Light Given Growth - Bumpity?

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/rezil-inc" target="_blank" data-smartkarma-citation="entities:45661:1" rel="noopener">Rezil (176A JP)</a> has recommended a tender offer from Bain Capital at JPY2,750, a 57.1% premium to the undisturbed price of JPY1,750.</li>
<li>The offer is attractive as it aligns with the midpoint of the target IFA DCF valuation range, represents an all-time high and is 129.2% above the IPO price of JPY1,200. </li>
<li>This is a done deal as Hikari Tsushin, a cross-holder, tendering is sufficient to meet the minimum tendering condition. At the last close, the gross spread was 6.8%.</li>
</ul>



Rezil (176A JP) has recommended a tender offer from Bain Capital at JPY2,750, a 57.1% premium to the undisturbed price of JPY1,750.
The offer is attractive as it aligns with the midpoint of the target IFA DCF valuation range, represents an all-time high and is 129.2% above the IPO price of JPY1,200. 
This is a done deal as Hikari Tsushin, a cross-holder, tendering is sufficient to meet the minimum tendering condition. At the last close, the gross spread was 6.8%.


Rezil (176A JP): Bain’s Tender Offer Is a Done Deal

Japan

REZIL Inc. operates electric power supply businesses. The Company provides power transformation, electricity sales, and other services. REZIL conducts businesses in Japan.

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Rezil (176A JP)

[Japan M&A] Founder, KEPCO, Try ¥2,750 Bain-Led MBO on Rezil (176A). Light Given Growth - Bumpity?

An interesting growthy company. A supplier-shareholder and the founder together with 60% are using Bain to do an MBO. They both reinvest in the...

Travis Lundy

Rezil (176A JP): Bain’s Tender Offer Is a Done Deal

The offer is attractive as it aligns with the midpoint of the target IFA DCF valuation range, represents an all-time high and is 129.2% above the...

Arun George

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