Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 39 - 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>Five new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Milk (1432 HK)</a>, <a href="https://www.smartkarma.com/entities/forum-engineering-inc" target="_blank" data-smartkarma-citation="entities:28896:1" rel="noopener">Forum Engineering (7088 JP)</a>, <a href="https://www.smartkarma.com/entities/star-micronics-co-ltd" target="_blank" data-smartkarma-citation="entities:9567:1" rel="noopener">Star Micronics (7718 JP)</a>, <a href="https://www.smartkarma.com/entities/paris-miki-holdings-inc" target="_blank" data-smartkarma-citation="entities:15251:1" rel="noopener">Paris Miki (7455 JP)</a>, and <a href="https://www.smartkarma.com/entities/maruwn-corp" target="_blank" data-smartkarma-citation="entities:18411:1" rel="noopener">Maruwn (9067 JP)</a>. </li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a>, <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/seven-west-media-ltd" target="_blank" data-smartkarma-citation="entities:804:1" rel="noopener">Seven West Media (SWM AU)</a>, and <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>.
</li>
</ul>


I tally 39 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below
Five new deals were discussed on Smartkarma this week: China Shengmu Milk (1432 HK), Forum Engineering (7088 JP), Star Micronics (7718 JP), Paris Miki (7455 JP), and Maruwn (9067 JP). 
Key updates/news also took place on: AUB Group Limited (AUB AU), Mayne Pharma (MYX AU), Seven West Media (SWM AU), and Jinke Smart Services (9666 HK).



Asia-Pac M&A: AUB Group, China Shengmu Milk, Forum Engineering, Star Micronics, Paris Miki, Maruwn

Travis Lundy

<ul>
<li>Today, logistics company <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> announced a bid for logistics company <a href="https://www.smartkarma.com/entities/maruwn-corp" target="_blank" data-smartkarma-citation="entities:18411:1" rel="noopener">Maruwn Corp (9067 JP)</a> with help from 35% holder <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>. </li>
<li>The TOB only needs 11+% to get to 50.1%. There are three holders who Senko clearly regard as not necessarily agreeable to the deal. They hold 28.0% between them. </li>
<li>If someone wanted to thwart this deal, there are a number of ways to do it. This could get interesting. </li>
</ul>


Today, logistics company SENKO Group Holdings Co., Ltd. (9069 JP) announced a bid for logistics company Maruwn Corp (9067 JP) with help from 35% holder JX Advanced Metals (5016 JP). 
The TOB only needs 11+% to get to 50.1%. There are three holders who Senko clearly regard as not necessarily agreeable to the deal. They hold 28.0% between them. 
If someone wanted to thwart this deal, there are a number of ways to do it. This could get interesting. 


[Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks

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/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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tonami-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2615:1" rel="noopener">Tonami Holdings (9070 JP)</a> has recommended a <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>-sponsored MBO at JPY10,200, a 73.8% premium to the last close.</li>
<li>The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high. </li>
<li>The offer is above the midpoint of the special committee IFA’s DCF valuation range but below that of the target IFA. However, the required minority acceptance rate is not onerous. </li>
</ul>



Tonami Holdings (9070 JP) has recommended a Japan Post Holdings (6178 JP)-sponsored MBO at JPY10,200, a 73.8% premium to the last close.
The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high. 
The offer is above the midpoint of the special committee IFA’s DCF valuation range but below that of the target IFA. However, the required minority acceptance rate is not onerous. 


Tonami Holdings (9070 JP): Japan Post Holdings’ (6178 JP) JPY10,200 Tender Offer

Equity Capital Markets

SENKO Group Holdings Co., Ltd. / Equity Capital Markets

<ul>
<li>
<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> today announced large financial institutional cross-holders would sell shares in a Secondary Offering. There's a buyback on the back end.</li>
<li>Cross-Holding unwinding is the subject of the moment. It will continue to be so. It will involve selldowns, and buybacks. Study the model of what companies must do what. </li>
<li>In this case, Senko has a LOT of cross-holders and minimal excess cash. So investors buy more shares. But there is a buyback and index demand to come.</li>
</ul>



SENKO Group Holdings Co., Ltd. (9069 JP) today announced large financial institutional cross-holders would sell shares in a Secondary Offering. There's a buyback on the back end.
Cross-Holding unwinding is the subject of the moment. It will continue to be so. It will involve selldowns, and buybacks. Study the model of what companies must do what. 
In this case, Senko has a LOT of cross-holders and minimal excess cash. So investors buy more shares. But there is a buyback and index demand to come.


Senko Group (9069 JP) Offering - Banks and Insurers Unwinding Cross-Holdings in Offering

Japan

SENKO Group Holdings Co., Ltd. mainly provides van truckload, logistics, warehousing, freight rail and marine transportation, cargo handling, supply chain management, and moving services around the world.  The Company transports construction materials, housing unit, commodity, textile products, and food stuffs.  Senko's customers include Asahi Kasei, Sekisui Chemical, and Sekisui House.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SENKO Group Holdings Co., Ltd. (9069 JP)

Asia-Pac M&A: AUB Group, China Shengmu Milk, Forum Engineering, Star Micronics, Paris Miki, 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] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks

Senko is bidding for Maruwn with the help of JX Advanced Materials. Looks easy. It might be less easy than the bidder thinks. Tough to block, but...

Travis Lundy

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

Tonami Holdings (9070 JP): Japan Post Holdings’ (6178 JP) JPY10,200 Tender Offer

The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high.

Arun George

Senko Group (9069 JP) Offering - Banks and Insurers Unwinding Cross-Holdings in Offering

SENKO Group (9069) is indebted. That means no large cash buybacks. But there are mitigants to the overhang. And the company isn't expensive on an...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)