IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Event-Driven

<ul>
<li>A day before the close of <a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a>’s offer, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> has strategically stated that it expects to receive FEFTA approval by 10 September. </li>
<li>Minebea had tried to convince shareholders that its lower offer provides an opportunity to monetise their shares quickly and with certainty. This line of reasoning is no longer credible. </li>
<li>As Minebea will not increase its offer or extend the closing date, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>'s Board will have to recommend Yageo’s offer.  </li>
</ul>


A day before the close of Minebea Mitsumi (6479 JP)’s offer, Yageo Corporation (2327 TT) has strategically stated that it expects to receive FEFTA approval by 10 September. 
Minebea had tried to convince shareholders that its lower offer provides an opportunity to monetise their shares quickly and with certainty. This line of reasoning is no longer credible. 
As Minebea will not increase its offer or extend the closing date, Shibaura Electronics (6957 JP)'s Board will have to recommend Yageo’s offer.  


Shibaura Electronics (6957 JP): Yageo Poised to Secure FEFTA Approval

<ul>
<li>On 21 August, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> increased its <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a> offer by 7.0% to JPY6,635. On 23 August, Yageo further increased its offer by 7.5% to JPY7,130.  </li>
<li>The offer is partially in reaction to <a href="https://minebeamitsumi.com/english/news/press/2025/1210418_20344.html" target="_blank" rel="noopener">Minebea’s recent comments</a> around Yageo securing FEFTA approval. Crucially, Yageo finally provided an update suggesting that only a few issues remained.</li>
<li>Yageo’s JPY7,130 offer is not over-the-top, as Minebea’s 10x EV/EBIT pricing guideline outlined on 18 August potentially justified a JPY7,300 offer. The likelihood of Minebea walking has increased.</li>
</ul>


On 21 August, Yageo Corporation (2327 TT) increased its Shibaura Electronics (6957 JP) offer by 7.0% to JPY6,635. On 23 August, Yageo further increased its offer by 7.5% to JPY7,130.  
The offer is partially in reaction to Minebea’s recent comments around Yageo securing FEFTA approval. Crucially, Yageo finally provided an update suggesting that only a few issues remained.
Yageo’s JPY7,130 offer is not over-the-top, as Minebea’s 10x EV/EBIT pricing guideline outlined on 18 August potentially justified a JPY7,300 offer. The likelihood of Minebea walking has increased.


Shibaura Electronics (6957 JP): Method in the Madness as Yageo Bumps Twice in Two Days

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On 14-Aug, <a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> upped their TOB on <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a> from ¥5,500 to ¥6,200, but set the close before rival bidder YAGEO's likely FEFTA approval date.</li>
<li>On 21-Aug, YAGEO responded by upping the bid 7% to ¥6,635. Minebea responded by saying no raise, no extension. Minebea was playing chicken. Shares fell Friday.</li>
<li>Very early Saturday, the Nikkei <a href="https://asia.nikkei.com/business/business-deals/taiwan-s-yageo-to-raise-bid-for-shibaura-to-15-above-rival-offer" target="_blank" rel="noopener">reported</a> YAGEO would raise to the "¥7,100 range." Reuters later <a href="https://www.reuters.com/world/asia-pacific/taiwans-yageo-raises-offer-price-japans-shibaura-7130-yenshare-further-outbid-2025-08-23/" target="_blank" rel="noopener">reported</a> YAGEO had raised to ¥7,130. Exactly 15% above Minebea. <strong><a href="https://www.yageo.com/en/PressRoom/Content/press_room?category=ir_pr&amp;news_id=20250823&amp;page=1" target="_blank" rel="noopener">On YAGEO's website</a></strong>.</li>
</ul>


On 14-Aug, Minebea Mitsumi (6479 JP) upped their TOB on Shibaura Electronics (6957 JP) from ¥5,500 to ¥6,200, but set the close before rival bidder YAGEO's likely FEFTA approval date.
On 21-Aug, YAGEO responded by upping the bid 7% to ¥6,635. Minebea responded by saying no raise, no extension. Minebea was playing chicken. Shares fell Friday.
Very early Saturday, the Nikkei reported YAGEO would raise to the "¥7,100 range." Reuters later reported YAGEO had raised to ¥7,130. Exactly 15% above Minebea. On YAGEO's website.


[Japan M&A] YAGEO Upping the Stakes in the Game of 🐓 over Shibaura (6957 JP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> has bid ¥6,200/share for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>. The tender ends 28 August. YAGEO has over bid now to ¥6,635/share.  </li>
<li>YAGEO's regulatory clearance decision may not arrive before 1 September, after the Minebea tender closes. Minebea now says they will neither bump nor extend. </li>
<li>Minebea is hoping people will throw in the towel and tender because if their tender ends and Yageo's fails, it might a long way down. There are possibilities but... scary.</li>
</ul>



Minebea Mitsumi (6479 JP) has bid ¥6,200/share for Shibaura Electronics (6957 JP). The tender ends 28 August. YAGEO has over bid now to ¥6,635/share.  
YAGEO's regulatory clearance decision may not arrive before 1 September, after the Minebea tender closes. Minebea now says they will neither bump nor extend. 
Minebea is hoping people will throw in the towel and tender because if their tender ends and Yageo's fails, it might a long way down. There are possibilities but... scary.


[Japan M&A] Minebea Forces a Game of Regulatory Chicken on Shibaura (6957 JP)

<ul>
<li>In response to <a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> matching its <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a> offer on 14 August, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> increased its offer by 7.0% from JPY6,200 to JPY6,635.  </li>
<li>To remain in the game, Yageo had to bump. The latest bump underscores Yageo’s confidence in securing regulatory approvals. </li>
<li>The Minebea CEO suggested that its JPY6,200 offer would be the final one. If Yageo secures regulatory approval (likely), Minebea will walk rather than match Yageo’s latest offer. </li>
</ul>


In response to Minebea Mitsumi (6479 JP) matching its Shibaura Electronics (6957 JP) offer on 14 August, Yageo Corporation (2327 TT) increased its offer by 7.0% from JPY6,200 to JPY6,635.  
To remain in the game, Yageo had to bump. The latest bump underscores Yageo’s confidence in securing regulatory approvals. 
The Minebea CEO suggested that its JPY6,200 offer would be the final one. If Yageo secures regulatory approval (likely), Minebea will walk rather than match Yageo’s latest offer. 


Shibaura Electronics (6957 JP): Yageo Goes All in with a JPY6,635 Offer

Japan

SHIBAURA ELECTRONICS CO., LTD. manufactures and sells thermistor elements, sensors, measuring devices, and control equipment.  The Company's products include temperature sensors, air flow sensors, liquid level sensors, gas sensors, digital thermometers, temperature controllers, anemometers, digital hygrometers, and humidity controllers.

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Shibaura Electronics (6957 JP)