Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shin Kong Financial Holding / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin</a>'s bid clearly has governance/related party issues and a significant portion of the "non-Taishin" reps on the <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong</a> Board had issues. October 9th passage is not a done deal.</li>
<li>KKR's "bid" for <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASMPT (522 HK)</a> has all the hallmarks of the "approach" by PAG last year. Which came to nought. From a regulatory standpoint, it's unlikely to get up.</li>
<li>Never a dull moment for <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>. The Choi family makes Offers for KZ and <a href="https://www.smartkarma.com/entities/young-poong-precision-corp" target="_blank" data-smartkarma-citation="entities:16188:1" rel="noopener">Young Poong Precision (036560 KS)</a> (YPP). Then MBK counters for both.</li>
</ul>



Taishin's bid clearly has governance/related party issues and a significant portion of the "non-Taishin" reps on the Shin Kong Board had issues. October 9th passage is not a done deal.
KKR's "bid" for ASMPT (522 HK) has all the hallmarks of the "approach" by PAG last year. Which came to nought. From a regulatory standpoint, it's unlikely to get up.
Never a dull moment for Korea Zinc (010130 KS). The Choi family makes Offers for KZ and Young Poong Precision (036560 KS) (YPP). Then MBK counters for both.


Last Week in Event SPACE: Shin Kong/Taishin, ASMPT, Korea Zinc/Young Poong Precision, Sigma Health

<ul>
<li>I tally 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/t-gaia-corp" target="_blank" data-smartkarma-citation="entities:8339:1" rel="noopener">T Gaia (3738 JP)</a>'s and <a href="https://www.smartkarma.com/entities/shinsegae-eng-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:11972:1" rel="noopener">Shinsegae E&amp;C (034300 KS)</a> Tender Offers, and <a href="https://www.smartkarma.com/entities/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">MPHB (MPHB MK)</a>'s SCR. Plus <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASMPT (522 HK)</a> in the crosshairs. Again.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1" rel="noopener">Descente Ltd (8114 JP)</a>, <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a>, <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, and <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>.
</li>
</ul>


I tally 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: T Gaia (3738 JP)'s and Shinsegae E&amp;C (034300 KS) Tender Offers, and MPHB (MPHB MK)'s SCR. Plus ASMPT (522 HK) in the crosshairs. Again.
Key updates took place on: Sigma Healthcare (SIG AU), Descente Ltd (8114 JP), Shin Kong Financial Holding (2888 TT), Pacific Smiles (PSQ AU), and Greatview Aseptic Packaging (468 HK).



(Mostly) Asia-Pac M&A: Descente, Shin Kong Financial, T Gaia, Shinsegae E&C, MPHB, Pacific Smiles

Shinsegae Eng & Construction / Event-Driven

<ul>
<li>Construction services play <a href="https://www.smartkarma.com/entities/shinsegae-eng-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:11972:1" rel="noopener">Shinsegae E&amp;C (034300 KS)</a> has announced a Tender Offer from <a href="https://www.smartkarma.com/entities/e-mart-inc" target="_blank" data-smartkarma-citation="entities:6993:1" rel="noopener">E Mart  (139480 KS)</a> for 27.33% of shares out, at ₩18,300/share, a 14% premium to undisturbed.</li>
<li>E Mart holds 70.46% - and the company holds 2.21% in treasuries - therefore, E Mart  requires ~22% of the remaining ~27% held by minorities to tender and force delisting. </li>
<li>Super clean deal.  E Mart will acquire all shares tendered. The Offer  kicks off today, and closes on the 29th October. There is no minimum tendering % condition.</li>
</ul>


Construction services play Shinsegae E&amp;C (034300 KS) has announced a Tender Offer from E Mart  (139480 KS) for 27.33% of shares out, at ₩18,300/share, a 14% premium to undisturbed.
E Mart holds 70.46% - and the company holds 2.21% in treasuries - therefore, E Mart  requires ~22% of the remaining ~27% held by minorities to tender and force delisting. 
Super clean deal.  E Mart will acquire all shares tendered. The Offer  kicks off today, and closes on the 29th October. There is no minimum tendering % condition.


Shinsegae E&C (034300 KS)'s Delisting Offer

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng &amp; Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.</li>
<li>The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).</li>
<li>Tender offer is likely to result in higher price of Shinsegae E&amp;C in the near term but it could be difficult for E Mart to take it private this year. </li>
</ul>


E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng &amp; Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.
The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).
Tender offer is likely to result in higher price of Shinsegae E&amp;C in the near term but it could be difficult for E Mart to take it private this year. 


Tender Offer and Taking Private of Shinsegae E&C by E Mart

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng &amp; Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.</li>
<li>This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.</li>
<li>Emart needs 95% of Shinsegae Construction's shares to delist, requiring 22% of the remaining 27%. If they can't get it, a stock swap with Emart shares is likely.</li>
</ul>


E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng &amp; Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.
This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.
Emart needs 95% of Shinsegae Construction's shares to delist, requiring 22% of the remaining 27%. If they can't get it, a stock swap with Emart shares is likely.


Emart's Tender Offer for Shinsegae Construction: Arb Trading Angles

South Korea

Shinsegae Engineering & Construction Co., Ltd. specializes in designing and building discount stores, distribution centers, and department stores.  The Company also operates leisure businesses, such as golf courses and country clubs.

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Shinsegae Eng & Construction (034300 KS)

Last Week in Event SPACE: Shin Kong/Taishin, ASMPT, Korea Zinc/Young Poong Precision, Sigma Health

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Descente, Shin Kong Financial, T Gaia, Shinsegae E&C, MPHB, Pacific Smiles

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

Shinsegae E&C (034300 KS)'s Delisting Offer

Trading tight at a gross spread of 0.8% - before securities tax. Not much juice for arbers. Unless there was a material pullback. For LOs - if not...

David Blennerhassett

Tender Offer and Taking Private of Shinsegae E&C by E Mart

The tender offer is likely to result in higher share price of Shinsegae E&C in the near term but it could be difficult for E Mart to take the...

Douglas Kim

Emart's Tender Offer for Shinsegae Construction: Arb Trading Angles

Emart is about to drop a regulatory filing for a tender offer targeting Shinsegae Construction shareholders before the market opens today. This...

Sanghyun Park

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