The Week That Was in NorthAsia@Smartkarma: Rights Offering, Kosmetics, Gaming & Samsung
As usual, we weren't short of interesting Japan/Korea stories last week. Hyundai Heavy Group issued a massive right offering, and also Toshiba-WD...
411 Views
Makino Milling Machine (6135 JP): A Rollercoaster Ride as NSSK Rumoured to Launch a Competing Bid
While the NSSK offer will be preconditional on regulatory approvals, it will not require FEFTA approval. I estimate the NSSK potential offer to be...
566 Views
Makino Milling Machine (6135 JP): Precedent Set as FEFTA Approval Is Rumoured to Be Not Forthcoming
FEFTA-related deal break is rare. Due to a significant re-rating of peers/index and upgraded forecasts since the offer announcement, the share...
591 Views
Makino Milling Machine (6135 JP): Tender Delayed as the Case for a Bump Is Becoming Persuasive
FEFTA approval should be forthcoming. Despite mitigating factors, the case for a bump is increasingly persuasive given peers' material reratings,...
478 Views
Makino Milling Machine (6135 JP): Twin Headwinds as Chinese and US Approvals Secured
The precondition should be satisfied soon. While the re-rating of peers and upgraded guidance have improved MBK’s deal economics, several...
534 Views