Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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

Travis Lundy

<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

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>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

<ul>
<li>Friday after the close, City Index Eleventh announced that it and joint holders held 7.36% 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> which is currently undergoing a Tender Offer.</li>
<li>I had said at the beginning this might need a bump. Units opened just above terms on Day 1, stayed at or around. Now they are trading 7% through.</li>
<li>Murakami group likely controls the outcome here. That could mean a bump. It could mean buying into the bidco as a silent partner. Think of what you'd rather own.</li>
</ul>


Friday after the close, City Index Eleventh announced that it and joint holders held 7.36% of Sankei Real Estate (2972 JP) which is currently undergoing a Tender Offer.
I had said at the beginning this might need a bump. Units opened just above terms on Day 1, stayed at or around. Now they are trading 7% through.
Murakami group likely controls the outcome here. That could mean a bump. It could mean buying into the bidco as a silent partner. Think of what you'd rather own.


[Japan M&A/Activism] Murakami Group Jump into Sankei REIT (2972) Complicating Things

<ul>
<li>Today, <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 they would launch a TOB for <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>, which is end-sponsored by <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>. </li>
<li>This gets Fuji Media out of a small asset and side business they don't need, and it clears out a small office-heavy diversified REIT which doesn't need to exist.</li>
<li>This is not a bad price. It is not necessarily over the top, but other larger REITs are cheaper. There is some weirdness in holder structure to watch out for.</li>
</ul>


Today, Tosei Corp (8923 JP) and GIC announced they would launch a TOB for Sankei Real Estate (2972 JP), which is end-sponsored by Fuji Media Holdings (4676 JP). 
This gets Fuji Media out of a small asset and side business they don't need, and it clears out a small office-heavy diversified REIT which doesn't need to exist.
This is not a bad price. It is not necessarily over the top, but other larger REITs are cheaper. There is some weirdness in holder structure to watch out for.


[Japan M&A] Tosei & GIC Bid for Office-Heavy Sankei REIT (2972 JP) At 1.15x PNAV

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.

Price Gauge
52-week Range	0.00 - 0.00
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Sankei Real Estate (2972 JP)

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

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

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

The Sankei REIT Tender closes tomorrow. We've had no news. Murakami has 15.9% but this was always going to be close. Extension? Bump? Dividend?...

Travis Lundy