Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>Today after the close, <a href="https://www.smartkarma.com/entities/arisawa-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:18028:1" rel="noopener">Arisawa Mfg (5208 JP)</a> announced (<a href="http://www.arisawa.co.jp/jp/ir/news/data/202012021.pdf" target="_blank" rel="noopener">J-only</a>) a Partial-to-Full Tender Offer for shares of their currently 52.3%-owned (and consolidated) Taiwan-based subsidiary "We Thin Your Flex" <a href="https://www.smartkarma.com/entities/thinflex-corp" target="_blank" data-smartkarma-citation="entities:5386:1" rel="noopener">Thinflex Corp (3144 TT)</a> (website: <a href="https://www.thinflex.com.tw/" target="_blank" rel="noopener">https://www.thinflex.com.tw/</a>).</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/176/077/original/Screenshot%202020-12-02%20at%206.04.57%20PM.png?1606903603" class="editor-image img-responsive" data-smartkarma-image-id="176077"></figure></section><p>So far there is no announcement on emops but it should be forthcoming and when it arrives it will be <a href="https://mops.twse.com.tw/mops/web/t05st01?step=1&amp;firstin=true&amp;year=107&amp;co_id=3144" target="_blank" rel="noopener">here</a>.</p><p>The deal is conditional on them getting to 70% (i.e. buying a minimum of 17.7%) but they will buy all shares tendered. The deal is also conditional on receiving regulatory approval. The Tender Offer Price announced is TWD 36.00/share, which is a relatively tiny premium of 7.1%. </p><p>It is not clear this should fly at that level. </p>

Today after the close, Arisawa Mfg (5208 JP) announced (J-only) a Partial-to-Full Tender Offer for shares of their currently 52.3%-owned (and consolidated) Taiwan-based subsidiary "We Thin Your Flex" Thinflex Corp (3144 TT) (website: https://www.thinflex.com.tw/).So far there is no announcement on emops but it should be forthcoming and when it arrives it will be here.The deal is conditional on them getting to 70% (i.e. buying a minimum of 17.7%) but they will buy all shares tendered. The deal is also conditional on receiving regulatory approval. The Tender Offer Price announced is TWD 36.00/share, which is a relatively tiny premium of 7.1%. It is not clear this should fly at that level. 

Arisawa (5208 JP) Partial Tender for ThinFlex (3144 TT)

Taiwan

ThinFlex is a Taiwan-based company specializing in the manufacture and distribution of flexible copper clad laminates (FCCLs) and related materials, including coverlays, bondply, composite films, and thermal plastics. These products are crucial for flexible printed circuit board (PCB) fabrication and are utilized in various electronic devices such as mobile phones, medical equipment, and LCD panels. The company was founded in 2000 and is headquartered in Kaohsiung City, Taiwan.

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Arisawa (5208 JP) Partial Tender for ThinFlex (3144 TT)

Arisawa Mfg (5208 JP) launches a tender on small-cap Taiwanese thin copper film subsidiary ThinFlex (3144 TT). The premium is a paltry 7.1%. I...

Travis Lundy