Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The revised/final True Wind Tender Offer for up to 19% of <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> ends this week. With the "excitement" the last two weeks, the SunCorp/CLBT ratio is higher.</li>
<li>The minimum threshold is relatively low. The Tender will most likely succeed with very high pro-ration. </li>
<li>For those on the edge, I discuss possibilities on the back end. It will be less liquid, but that may not be bad.</li>
</ul>


The revised/final True Wind Tender Offer for up to 19% of Sun Corp (6736 JP) ends this week. With the "excitement" the last two weeks, the SunCorp/CLBT ratio is higher.
The minimum threshold is relatively low. The Tender will most likely succeed with very high pro-ration. 
For those on the edge, I discuss possibilities on the back end. It will be less liquid, but that may not be bad.


To Tender Or Not - Gauging The Future of Sun Corp (6736)

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>True Wind has increased its partial offer for <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> to JPY5,500 and materially lowered the minimum number of shares to be purchased from 3.3m to 1.1m.  </li>
<li>True Wind’s previous two offers were a non-starter due to an unattractive price and an onerous minimum acceptance threshold. The final offer addresses both these issues. </li>
<li>The offer will succeed due to the low minimum acceptance threshold and the 25% price uplift vs. the 19% value increase in the Cellebrite stake (since the offer announcement).</li>
</ul>


True Wind has increased its partial offer for Sun Corp (6736 JP) to JPY5,500 and materially lowered the minimum number of shares to be purchased from 3.3m to 1.1m.  
True Wind’s previous two offers were a non-starter due to an unattractive price and an onerous minimum acceptance threshold. The final offer addresses both these issues. 
The offer will succeed due to the low minimum acceptance threshold and the 25% price uplift vs. the 19% value increase in the Cellebrite stake (since the offer announcement).


Sun Corporation (6736 JP): Third’s Time a Charm for True Wind’s Final Offer

<ul>
<li>On 10 June, Sun Corp subsidiary <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a>'s SPAC sponsor True Wind Capital launched a Tender Offer for 19% of SunCorp at a premium but discount to NAV.</li>
<li>The price was too low. CLBT shares rose. They lifted the TOB price by 8% to ¥4750. Still too low. It was trading there. Now they have lifted to ¥5500.</li>
<li>Now a 49% premium to undisturbed, 29.4% premium to all-time high prior to the first tender. Changes in terms means this could get done. More bullish than it looks.</li>
</ul>


On 10 June, Sun Corp subsidiary Cellebrite DI (CLBT US)'s SPAC sponsor True Wind Capital launched a Tender Offer for 19% of SunCorp at a premium but discount to NAV.
The price was too low. CLBT shares rose. They lifted the TOB price by 8% to ¥4750. Still too low. It was trading there. Now they have lifted to ¥5500.
Now a 49% premium to undisturbed, 29.4% premium to all-time high prior to the first tender. Changes in terms means this could get done. More bullish than it looks.


True Wind Raises Partial Offer for Sun Corp Further, Leaving an Interesting Back End

<ul>
<li>True Wind has increased its partial offer for <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> by 8.0% to JPY4,750 and lowered the minimum number of shares to be purchased from 3.8 to 3.3m.</li>
<li>True Wind’s offer has inadvertently spotlighted the valuation disparity vs the <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a> stake, resulting in the shares trading through terms.</li>
<li>True Wind’s revised offer will struggle to succeed as the 8% price uplift is materially lower than the 19% value increase in the Cellebrite stake (since the offer announcement).</li>
</ul>


True Wind has increased its partial offer for Sun Corp (6736 JP) by 8.0% to JPY4,750 and lowered the minimum number of shares to be purchased from 3.8 to 3.3m.
True Wind’s offer has inadvertently spotlighted the valuation disparity vs the Cellebrite DI (CLBT US) stake, resulting in the shares trading through terms.
True Wind’s revised offer will struggle to succeed as the 8% price uplift is materially lower than the 19% value increase in the Cellebrite stake (since the offer announcement).


Sun Corporation (6736 JP): The Uphill Struggle for True Wind’s Revised Partial Offer

<ul>
<li>Today, the final day of the Tender Offer that True Wind Capital launched on 10 June 2024 to buy 19% of <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a>, TWC raised its price to ¥4,750/share./</li>
<li>They also lowered their minimum from 3.7934mm shares (17.0%) to 3.3472mm shares (15.0%).</li>
<li>As <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a> had traded higher, SunCorp had too, and even though shares fell today, they are at ¥4,785/share.</li>
</ul>


Today, the final day of the Tender Offer that True Wind Capital launched on 10 June 2024 to buy 19% of Sun Corp (6736 JP), TWC raised its price to ¥4,750/share./
They also lowered their minimum from 3.7934mm shares (17.0%) to 3.3472mm shares (15.0%).
As Cellebrite DI (CLBT US) had traded higher, SunCorp had too, and even though shares fell today, they are at ¥4,785/share.


True Wind Raises Partial TOB Price for Sun Corp (6736 JP) By 8%. Not Enough.

Japan

SUN CORPORATION operates mainly Pachinko related business, information and communication business.  Pachinko related business includes developing, manufacturing and selling a system to control and monitor pachinko machine, and manage business operation.  Sun Corp. also manufactures Pachinko and household appliances and develops game software for family use.

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Sun Corp (6736 JP)

To Tender Or Not - Gauging The Future of Sun Corp (6736)

The Sun Corp Tender close nears (15 Aug). TWC is aiming to buy at least 5% but up to 19%. After recent volatility, 5% is an easier ask. But if you...

Travis Lundy

Sun Corporation (6736 JP): Third’s Time a Charm for True Wind’s Final Offer

The third and final offer will succeed due to the low minimum acceptance threshold and the 25% price uplift vs the 19% value increase in the...

Arun George

True Wind Raises Partial Offer for Sun Corp Further, Leaving an Interesting Back End

True Wind has raised its price again. Now ¥5500, above market. Rise in Price (29%) mimics rise in yen value of CLBT (27.2%). Minimum substantially...

Travis Lundy

Sun Corporation (6736 JP): The Uphill Struggle for True Wind’s Revised Partial Offer

True Wind’s offer has inadvertently spotlighted the valuation disparity vs. the Cellebrite stake, resulting in the shares trading through terms....

Arun George

True Wind Raises Partial TOB Price for Sun Corp (6736 JP) By 8%. Not Enough.

True Wind - the original SPAC sponsor for Cellebrite - has raised its Tender Offer Price for a stake in Sun Corp - owner of 50% of CLBT. They still...

Travis Lundy

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