Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After three months of NOT matching YAGEO's bid 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> at ¥6,w00 as YAGEO's proposal continues its long plod through FEFTA review, Minebea-Mitsumi has now matched ¥6,200.</li>
<li>Key is that their bid closes before the indicative deadline for YAGEO to receive word on FEFTA approval. They are hoping this bid mollifies the irrevocables and everyone else. </li>
<li>But if YAGEO cares, it could bump to ¥6,300 tomorrow and extend its tender offer which closes on Monday. But the put option is now struck higher, which de-risks this.</li>
</ul>


After three months of NOT matching YAGEO's bid for Shibaura Electronics (6957 JP) at ¥6,w00 as YAGEO's proposal continues its long plod through FEFTA review, Minebea-Mitsumi has now matched ¥6,200.
Key is that their bid closes before the indicative deadline for YAGEO to receive word on FEFTA approval. They are hoping this bid mollifies the irrevocables and everyone else. 
But if YAGEO cares, it could bump to ¥6,300 tomorrow and extend its tender offer which closes on Monday. But the put option is now struck higher, which de-risks this.


[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout

<ul>
<li>The Ministry of Finance has published an updated "FEFTA List" of classifications of listed companies as of July 15, 2025. </li>
<li>50 names lowered their ranks from the most "core" Type 3 to Type 2(20), or Type 1(30). 104 names raised from Type 1(51) or Type 2(53) to Type 3.</li>
<li>Smartkarma readers may want to peruse the lists and details to see if they think companies are trying to protect themselves (from threats as yet not known by the public).</li>
</ul>


The Ministry of Finance has published an updated "FEFTA List" of classifications of listed companies as of July 15, 2025. 
50 names lowered their ranks from the most "core" Type 3 to Type 2(20), or Type 1(30). 104 names raised from Type 1(51) or Type 2(53) to Type 3.
Smartkarma readers may want to peruse the lists and details to see if they think companies are trying to protect themselves (from threats as yet not known by the public).


David Blennerhassett

<ul>
<li>I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Four new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>, <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>, <a href="https://www.smartkarma.com/entities/rezil-inc" target="_blank" data-smartkarma-citation="entities:45661:1" rel="noopener">Rezil (176A JP)</a>, and <a href="https://www.smartkarma.com/entities/carenet-inc" target="_blank" data-smartkarma-citation="entities:4001:1" rel="noopener">Carenet Inc (2150 JP)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <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>, and <a href="https://www.smartkarma.com/entities/kolon-mobility-group" target="_blank" data-smartkarma-citation="entities:45648:1" rel="noopener">Kolon Mobility Group (450140 KS)</a>.</li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Four new deal was discussed on Smartkarma this week: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), Ashimori Industry (3526 JP), Rezil (176A JP), and Carenet Inc (2150 JP).
Key updates/news took place on HKBN Ltd (1310 HK), Toyo Construction (1890 JP), Shibaura Electronics (6957 JP), and Kolon Mobility Group (450140 KS).


(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.

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>Despite its previous protestations, <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 unexpectedly matched <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>’s JPY6,200 offer 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>.</li>
<li>Minebea’s actions suggest that Yageo has a good chance of securing regulatory approval. Otherwise, Minebea could have kept its offer unchanged and patiently waited for the Yageo offer to fail.</li>
<li>Given the significant sunk costs, Yageo is likely to bump. Without increasing its offer, shareholders will have a greater inclination to tender and help Minebea meet its minimum tendering condition. </li>
</ul>


Despite its previous protestations, Minebea Mitsumi (6479 JP) has unexpectedly matched Yageo Corporation (2327 TT)’s JPY6,200 offer for Shibaura Electronics (6957 JP).
Minebea’s actions suggest that Yageo has a good chance of securing regulatory approval. Otherwise, Minebea could have kept its offer unchanged and patiently waited for the Yageo offer to fail.
Given the significant sunk costs, Yageo is likely to bump. Without increasing its offer, shareholders will have a greater inclination to tender and help Minebea meet its minimum tendering condition. 


Shibaura Electronics (6957 JP): Minebea Changes Tack and Matches Yageo’s JPY6,200 Offer

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: I have not covered anything notable this week.  </li>
<li>Event-Driven developments:<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>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/technopro-holdings-inc" target="_blank" data-smartkarma-citation="entities:6955:1" rel="noopener">Technopro Holdings (6028 JP)</a>, <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/iress-ltd" target="_blank" data-smartkarma-citation="entities:15342:1" rel="noopener">Iress Ltd (IRE AU)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: I have not covered anything notable this week.  
Event-Driven developments:Shibaura Electronics (6957 JP), Toyo Construction (1890 JP), Technopro Holdings (6028 JP), Ashimori Industry (3526 JP), HKBN Ltd (1310 HK), Iress Ltd (IRE AU), Infomedia Ltd (IFM AU).



Weekly Deals Digest (10 Aug) - Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress

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)

[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout

YAGEO has now bumped from ¥6,200 to ¥6,635 and extended a few days. This should get them past the scheduled FEFTA decision. I had thought ¥6,400+ a...

Travis Lundy

FEFTA Classification Changes Summer 2025

The Japanese Ministry of Finance updated its Classification List for FEFTA designation of listed companies in late July. This happens periodically....

Travis Lundy

(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.

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