Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 48 - 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 this week: the <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>/<a href="https://www.smartkarma.com/entities/celltrion-healthcare-co-ltd" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a> merger; and the Tender Offers for <a href="https://www.smartkarma.com/entities/sanei-architecture-planning" target="_blank" data-smartkarma-citation="entities:2065:1" rel="noopener">Sanei Architecture Planning (3228 JP)</a> and <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka (4636 JP)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a>, <a href="https://www.smartkarma.com/entities/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH AU)</a>, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>, and <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>.</li>
</ul>


I tally 48 - 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 this week: the Celltrion Inc (068270 KS)/Celltrion Healthcare (091990 KS) merger; and the Tender Offers for Sanei Architecture Planning (3228 JP) and T&amp;K Toka (4636 JP).
Key updates took place for Tesserent Ltd (TNT AU), DDH1 (DDH AU), L'Occitane (973 HK), Metro Pacific Investments Co (MPI PM), and Chindata Group (CD US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Celltrion, Sanei Architecture, T&K Toka, MPI, Chindata

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>
<a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a> has recommended Bain’s pre-conditional tender offer of JPY1,400 per share, a 32.0% premium to the undisturbed price.</li>
<li>The pre-conditions relate to China TOB treatment measures (T&amp;K Toka sell downs its Hangzhou Toka Ink stake to hold less than 30%) and various country approvals (Japan and Serbia).</li>
<li>The offer will open in early January 2024. The minimum acceptance condition requires a 39.2% minority acceptance rate (50.3% excluding Nippon Active), which is doable due to a reasonable offer.</li>
</ul>



T&amp;K Toka Co Ltd (4636 JP) has recommended Bain’s pre-conditional tender offer of JPY1,400 per share, a 32.0% premium to the undisturbed price.
The pre-conditions relate to China TOB treatment measures (T&amp;K Toka sell downs its Hangzhou Toka Ink stake to hold less than 30%) and various country approvals (Japan and Serbia).
The offer will open in early January 2024. The minimum acceptance condition requires a 39.2% minority acceptance rate (50.3% excluding Nippon Active), which is doable due to a reasonable offer.


T&K Toka (4636 JP): Bain's JPY1,400 Pre-Conditional Tender Offer

Travis Lundy

<ul>
<li>In January 2023, NAVF and Michael 1925 LLC - affiliates of Dalton Investments LLC - announced a hostile partial Tender Offer for <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>. </li>
<li>It failed. They wanted to buy 21.72% at ¥1300 to get to 44% post-Tender. The Company objected. Dalton/etc didn't get the shares. Shares fell afterward. </li>
<li>Today, Bain announced a deal to take over the company at ¥1,400/share. T&amp;K TOKA has agreed. It may not be as easy as that. And there is a fulcrum investor.</li>
</ul>


In January 2023, NAVF and Michael 1925 LLC - affiliates of Dalton Investments LLC - announced a hostile partial Tender Offer for T&amp;K Toka Co Ltd (4636 JP). 
It failed. They wanted to buy 21.72% at ¥1300 to get to 44% post-Tender. The Company objected. Dalton/etc didn't get the shares. Shares fell afterward. 
Today, Bain announced a deal to take over the company at ¥1,400/share. T&amp;K TOKA has agreed. It may not be as easy as that. And there is a fulcrum investor.


Second Go-Round Tender for T&K TOKA (4636) As Bain Wants It All At ¥1,400/Share

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)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Celltrion, Sanei Architecture, T&K Toka, MPI, Chindata

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

T&K Toka (4636 JP): Bain's JPY1,400 Pre-Conditional Tender Offer

The offer is long-dated. Achieving the minimum acceptance requires a 39.2% minority acceptance rate (50.3% excluding Nippon Active). The offer is...

Arun George

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(Mostly) Asia-Pac Weekly Risk Arb Wrap: Celltrion, Sanei Architecture, T&K Toka, MPI, Chindata

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

T&K Toka (4636 JP): Bain's JPY1,400 Pre-Conditional Tender Offer

The offer is long-dated. Achieving the minimum acceptance requires a 39.2% minority acceptance rate (50.3% excluding Nippon Active). The offer is...

Arun George

Second Go-Round Tender for T&K TOKA (4636) As Bain Wants It All At ¥1,400/Share

T&K TOKA saw 20+% owner Dalton try to go to 44% in a Partial Tender in Jan 23. They didn't get the shares. The stock fell. The company did a...

Travis Lundy