Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last Wednesday, the consortium bidding to buy out <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> provided an update regarding the Fukuoka Green Building. A sob story of rising costs and no revenue. </li>
<li>All known. But the basic idea is to find a reason to lower guidance for the next period started March 1 and provide fodder for a tender update. Announced 2-Feb.</li>
<li>The extension to 16 April covers the results announcement the day before. On 3 April, Murakami-san announced a 1.29% increase in holding to 17.19%. This doesn't change much except sentiment.</li>
</ul>


Last Wednesday, the consortium bidding to buy out Sankei Real Estate (2972 JP) provided an update regarding the Fukuoka Green Building. A sob story of rising costs and no revenue. 
All known. But the basic idea is to find a reason to lower guidance for the next period started March 1 and provide fodder for a tender update. Announced 2-Feb.
The extension to 16 April covers the results announcement the day before. On 3 April, Murakami-san announced a 1.29% increase in holding to 17.19%. This doesn't change much except sentiment.


[Japan M&A/Activism] Sankei REIT (2972)  Extended, and Murakami-San Buys More But...

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>Due to the close extension, <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> holders will receive the FY2026 distribution of JPY2,773. The total offer is JPY127,773, a 2.2% premium to the previous JPY125,000 offer.</li>
<li>The inclusion of the distribution is unlikely to sway Murakami (15.90% ownership stake). Today’s announcement makes no mention of Murakami, suggesting that the parties are far from reaching an agreement.</li>
<li>The most likely endgame is that Tosei/GIC gain Murakami’s support by raising the offer (likely around 5% to 10%) and allowing it to partially reinvest in BidCo.</li>
</ul>


Due to the close extension, Sankei Real Estate (2972 JP) holders will receive the FY2026 distribution of JPY2,773. The total offer is JPY127,773, a 2.2% premium to the previous JPY125,000 offer.
The inclusion of the distribution is unlikely to sway Murakami (15.90% ownership stake). Today’s announcement makes no mention of Murakami, suggesting that the parties are far from reaching an agreement.
The most likely endgame is that Tosei/GIC gain Murakami’s support by raising the offer (likely around 5% to 10%) and allowing it to partially reinvest in BidCo.


Sankei Real Estate (2972 JP): A Dividend-Led Bump Just Buys Time, but Works No Miracles

David Blennerhassett

<ul>
<li>I tally 33 - 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>Four new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources Nl (MAU AU)</a>, <a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a>, <a href="https://www.smartkarma.com/entities/ajis-co-ltd" target="_blank" data-smartkarma-citation="entities:3539:1" rel="noopener">AJIS Co Ltd (4659 JP)</a>, and <a href="https://www.smartkarma.com/entities/inforich-inc" target="_blank" data-smartkarma-citation="entities:46391:1" rel="noopener">Inforich (9338 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>, <a href="https://www.smartkarma.com/entities/maruwn-corp" target="_blank" data-smartkarma-citation="entities:18411:1" rel="noopener">Maruwn Corp (9067 JP)</a>, and <a href="https://www.smartkarma.com/entities/mitsubishi-logisnext-co-ltd" target="_blank" data-smartkarma-citation="entities:11662:1" rel="noopener">Mitsubishi Logisnext Co., Ltd. (7105 JP)</a>.</li>
</ul>


I tally 33 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Four new deals were discussed on Smartkarma this week: Magnetic Resources Nl (MAU AU), Takara Bio Inc (4974 JP), AJIS Co Ltd (4659 JP), and Inforich (9338 JP).
Key updates/news also took place on: Sankei Real Estate (2972 JP), Maruwn Corp (9067 JP), and Mitsubishi Logisnext Co., Ltd. (7105 JP).


Asia-Pac M&A Weekly Wrap: Inforich, Magnetic Res, Takara Bio, AJIS, Sankei Real Estate, Maruwn

<ul>
<li>On 6-Jan-2026, <a href="https://www.smartkarma.com/entities/tosei-corp" target="_blank" data-smartkarma-citation="entities:11224:1" rel="noopener">Tosei Corp (8923 JP)</a> and GIC announced a Tender Offer of <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>, as <a href="https://www.smartkarma.com/entities/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a> was disposing of non-operating assets.</li>
<li>I recommended buying for the possible squeeze as the minimum might be difficult. Murakami started buying and now has 15.9% at last look. I recommended selling. Now it's VERY difficult.</li>
<li>The Bidders and Murakami have been strangely quiet. The unit price has fallen back close to terms. The tender ends tomorrow. What To Do?</li>
</ul>


On 6-Jan-2026, Tosei Corp (8923 JP) and GIC announced a Tender Offer of Sankei Real Estate (2972 JP), as Fuji Media Holdings (4676 JP) was disposing of non-operating assets.
I recommended buying for the possible squeeze as the minimum might be difficult. Murakami started buying and now has 15.9% at last look. I recommended selling. Now it's VERY difficult.
The Bidders and Murakami have been strangely quiet. The unit price has fallen back close to terms. The tender ends tomorrow. What To Do?


[Japan M&A/Activism] Murakami Bought, Squeezed, Now Tender Closing

<ul>
<li>Murakami entities <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XH9L.pdf?sv=2020-08-04&amp;st=2026-01-26T09%3A52%3A14Z&amp;se=2031-01-27T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=oidpBj9wAhH%2Bb2ias1TVYblZBMacV1Ye4J4vAPfa1xA%3D" target="_blank" rel="noopener">reported</a> an 8.79% ownership ratio in <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>. The average buy-in price of JPY125,022.88 per share, in line with Tosei/GIC’s JPY125,000 tender offer.</li>
<li>Murakami’s appearance is surprising, as the offer seems reasonable. Murakami is likely taking issue with Tosei/GIC relying on passives to pass the EGM vote and IFA’s assumptions.  </li>
<li>The high volume traded at or above the offer suggests a bump is inevitable. A 10% bump to Murakami's average cost per share suggests a revised offer of JPY137,500.</li>
</ul>


Murakami entities reported an 8.79% ownership ratio in Sankei Real Estate (2972 JP). The average buy-in price of JPY125,022.88 per share, in line with Tosei/GIC’s JPY125,000 tender offer.
Murakami’s appearance is surprising, as the offer seems reasonable. Murakami is likely taking issue with Tosei/GIC relying on passives to pass the EGM vote and IFA’s assumptions.  
The high volume traded at or above the offer suggests a bump is inevitable. A 10% bump to Murakami's average cost per share suggests a revised offer of JPY137,500.


Sankei Real Estate (2972 JP): Murakami Entities Throw a Spanner in the Works

Japan

SANKEI REAL ESTATE Inc. operates as an investment company. The Company mainly invests in real estate development industries. SANKEI REAL ESTATE offers services in Japan.

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Sankei Real Estate (2972 JP)

[Japan M&A/Activism] Sankei REIT (2972) Extended, and Murakami-San Buys More But...

Sankei REIT last week threatened their big asset won't return any money for a year. The bidders extended. Earnings and guidance come out just...

Travis Lundy