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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saint-care-holding-corp" target="_blank" data-smartkarma-citation="entities:13470:1" rel="noopener">Saint-Care Holding (2374 JP)</a> has recommended an MBO from the founding family at JPY1,220, a 48.8% premium to the last close price.</li>
<li>The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. </li>
<li>Due to the irrevocables, it is not onerous to meet the minimum acceptance condition. This is a done deal.  </li>
</ul>



Saint-Care Holding (2374 JP) has recommended an MBO from the founding family at JPY1,220, a 48.8% premium to the last close price.
The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. 
Due to the irrevocables, it is not onerous to meet the minimum acceptance condition. This is a done deal.  


<ul>
<li>
<a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a> notes that the pre-condition for EQT-backed MBO has been satisfied. The offer price remains unchanged at JPY2,600 per share, a 45.1% premium to the undisturbed price.</li>
<li>EQT has noted a possibility of extending the tender offer close from 4 to 13 March, which suggests a limited appetite to bump the offer.</li>
<li>The shares are trading 1.3% above terms. A 51% minority acceptance rate and no competing bidder indicate an unfavourable risk/reward profile - a 27% downside on deal break. </li>
</ul>



Benesse Holdings (9783 JP) notes that the pre-condition for EQT-backed MBO has been satisfied. The offer price remains unchanged at JPY2,600 per share, a 45.1% premium to the undisturbed price.
EQT has noted a possibility of extending the tender offer close from 4 to 13 March, which suggests a limited appetite to bump the offer.
The shares are trading 1.3% above terms. A 51% minority acceptance rate and no competing bidder indicate an unfavourable risk/reward profile - a 27% downside on deal break. 


Benesse Holdings (9783 JP): EQT-Backed MBO Offer Unchanged at JPY2,600

<ul>
<li>
<a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a> has recommended an EQT-backed pre-conditional MBO offer of JPY2,600 per share, a 45.1% and 36.3% premium to the undisturbed price and last close, respectively.</li>
<li>The pre-conditions primarily relate to Japanese and Chinese approvals, which can be waived. Chinese SAMR approval should be forthcoming as education is not a geopolitical fraught sector.</li>
<li>The offer is long-dated and opens in early February 2024. While not a knockout bid, the offer is fair in the context of Benesse’s muted outlook. </li>
</ul>



Benesse Holdings (9783 JP) has recommended an EQT-backed pre-conditional MBO offer of JPY2,600 per share, a 45.1% and 36.3% premium to the undisturbed price and last close, respectively.
The pre-conditions primarily relate to Japanese and Chinese approvals, which can be waived. Chinese SAMR approval should be forthcoming as education is not a geopolitical fraught sector.
The offer is long-dated and opens in early February 2024. While not a knockout bid, the offer is fair in the context of Benesse’s muted outlook. 


Benesse Holdings (9783 JP): EQT Backed Pre-Conditional MBO Tender Offer at JPY2,600

Japan

SOLASTO CORP. provides medical related contract services. The company also provides elderly nursing care services and operates day-care centers.

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SOLASTO CORP. (6197 JP)

Saint-Care (2374 JP): An Attractive MBO

The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. Irrevocables help in...

Arun George

Benesse Holdings (9783 JP): EQT-Backed MBO Offer Unchanged at JPY2,600

The shares are trading 1.3% above terms. A 51% minority acceptance rate and no competing bidder indicate an unfavourable risk/reward profile - a...

Arun George

Benesse Holdings (9783 JP): EQT Backed Pre-Conditional MBO Tender Offer at JPY2,600

The pre-conditions primarily relate to Japanese and Chinese approvals, which can be waived. While not a knockout bid, the offer is fair in the...

Arun George

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