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>Takateru Murakami, Yoshiaki Murakami’s son, reported a 10.88% ownership ratio in <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>. The purchases were from 14 to 18 August, i.e., after the tender offer announcement.</li>
<li>Takateru Murakami’s average buy-in price of JPY4,134.79 per share is broadly in line with the <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a>'s JPY4,140 tender offer. </li>
<li>Murakami's disclosure suggests three possibilities: 1) force Toyoda Gosei to bump, 2) reach an agreement to rollover its shares into the BidCo or 3) a combination of 1 and 2.</li>
</ul>


Takateru Murakami, Yoshiaki Murakami’s son, reported a 10.88% ownership ratio in Ashimori Industry (3526 JP). The purchases were from 14 to 18 August, i.e., after the tender offer announcement.
Takateru Murakami’s average buy-in price of JPY4,134.79 per share is broadly in line with the Toyoda Gosei (7282 JP)'s JPY4,140 tender offer. 
Murakami's disclosure suggests three possibilities: 1) force Toyoda Gosei to bump, 2) reach an agreement to rollover its shares into the BidCo or 3) a combination of 1 and 2.


Ashimori Industry (3526 JP): Potential Endgames as Murakami Builds a Stake

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On Friday 17 January, the closing date of the CVC Tender Offer for <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a> at ¥1,150/share, the bidder announced an extension of the Tender Offer.</li>
<li>They also announced a bump to ¥1,250/share, and that included a comment saying they resolved not to raise the price further. </li>
<li>This happened during market hours, and the price jumped to just below ¥1,250/share. But one should not consider this a done deal. For reasons...</li>
</ul>


On Friday 17 January, the closing date of the CVC Tender Offer for Macromill, Inc (3978 JP) at ¥1,150/share, the bidder announced an extension of the Tender Offer.
They also announced a bump to ¥1,250/share, and that included a comment saying they resolved not to raise the price further. 
This happened during market hours, and the price jumped to just below ¥1,250/share. But one should not consider this a done deal. For reasons...


CVC Bumps the Macromill (3978) Price, Declares Final, and That's That... Or Is It?

David Blennerhassett

<ul>
<li>For the month of March 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in March was ~55%. The average premium YTD is ~39%.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of March 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.
The average premium for the new transactions announced (or first discussed) in March was ~55%. The average premium YTD is ~39%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Mar 2024: Chilled & Frozen, TDCX, MMA Offshore, JSR, Roland DG, SciClone

Chilled & Frozen Logistics Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a> last week announced its "Action to Implement Management That is Conscious of Cost of Capital and Stock Price".
</li>
<li>Today it announced <a href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" target="_blank" data-smartkarma-citation="entities:17280:1" rel="noopener">AZ-Com Maruwa Holdings (9090 JP)</a> had announced its intention to launch a Tender Offer on C&amp;F Logistics without having contacted C&amp;F first. A HOSTILE deal. Yum.</li>
<li>The deal is proposed at a 50% premium, with the goal of getting to a minimum of 50.00%. This will be interesting.</li>
</ul>



Chilled &amp; Frozen Logistics Holdings (9099 JP) last week announced its "Action to Implement Management That is Conscious of Cost of Capital and Stock Price".

Today it announced AZ-Com Maruwa Holdings (9090 JP) had announced its intention to launch a Tender Offer on C&amp;F Logistics without having contacted C&amp;F first. A HOSTILE deal. Yum.
The deal is proposed at a 50% premium, with the goal of getting to a minimum of 50.00%. This will be interesting.


Chilled & Frozen Logistics (9099) - Hostile Takeover Launched by AZ-Com Maruwa (9090)

<ul>
<li>I tally 51 - 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>Just one new deal was discussed this week on Smartkarma (possible four): <a href="https://www.smartkarma.com/entities/electric-power-development-c" target="_blank" data-smartkarma-citation="entities:292:1" rel="noopener">Electric Power Development C (9513 JP)</a>'s tilt for <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, and <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a> 
</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Just one new deal was discussed this week on Smartkarma (possible four): Electric Power Development C (9513 JP)'s tilt for Genex Power Ltd (GNX AU).
Key updates took place on: Alumina Ltd (AWC AU), Azure Minerals (AZS AU), Vinda International (3331 HK), JSR Corp (4185 JP), and Shinko Electric Industries (6967 JP) 



(Mostly) Asia-Pac M&A: Genex, Alumina, Azure Minerals, Vinda, JSR Corp, Shinko Electric Industries

Japan

T&K TOKA CO., LTD. manufactures and sells specialized inks for printing applications.  The Company exports its products throughout Southeast Asia.

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T&K Toka Co Ltd (4636 JP)

Ashimori Industry (3526 JP): Potential Endgames as Murakami Builds a Stake

Takateru Murakami has reported a 10.88% ownership ratio that will be a problem for Toyoda Gosei's tender offer. There are three possible ways this...

Arun George

CVC Bumps the Macromill (3978) Price, Declares Final, and That's That... Or Is It?

CVC has upped its bid for Macromill, now 50+% owned by 5-7 investors. It is not a big bump. I tend to think it is not enough. The deal may break...

Travis Lundy

(Mostly) Asia M&A, Mar 2024: Chilled & Frozen, TDCX, MMA Offshore, JSR, Roland DG, SciClone

For the month of March, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$4bn. The average premium for the new deals...

David Blennerhassett

Chilled & Frozen Logistics (9099) - Hostile Takeover Launched by AZ-Com Maruwa (9090)

Logistics biz serial acquiror AZ-Com Maruyu wanted C&F Logistics. They approached, were rebuffed, and months later, they are going hostile. Nidec...

Travis Lundy

(Mostly) Asia-Pac M&A: Genex, Alumina, Azure Minerals, Vinda, JSR Corp, Shinko Electric Industries

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

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