Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> announced an MBO for <a href="https://www.smartkarma.com/entities/tonami-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2615:1" rel="noopener">Tonami Holdings (9070 JP)</a> whereby the family/execs will stay on. JPH will own 99.97%, the execs/family 0.03%.</li>
<li>This deal is yet another in a line of logistics deals dating back the last 2+ years where the premium has been quite big. This time is +74%. </li>
<li>But this is not overly expensive. Makes me go hmmmm... </li>
</ul>


Yesterday, Japan Post Holdings (6178 JP) announced an MBO for Tonami Holdings (9070 JP) whereby the family/execs will stay on. JPH will own 99.97%, the execs/family 0.03%.
This deal is yet another in a line of logistics deals dating back the last 2+ years where the premium has been quite big. This time is +74%. 
But this is not overly expensive. Makes me go hmmmm... 


JPH Launches "MBO" (LBO with SARs for Family/Execs) For Trucker Tonami Holdings (9070). Too Cheap.

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/tonami-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2615:1" rel="noopener">Tonami Holdings (9070 JP)</a> has recommended a <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>-sponsored MBO at JPY10,200, a 73.8% premium to the last close.</li>
<li>The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high. </li>
<li>The offer is above the midpoint of the special committee IFA’s DCF valuation range but below that of the target IFA. However, the required minority acceptance rate is not onerous. </li>
</ul>



Tonami Holdings (9070 JP) has recommended a Japan Post Holdings (6178 JP)-sponsored MBO at JPY10,200, a 73.8% premium to the last close.
The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high. 
The offer is above the midpoint of the special committee IFA’s DCF valuation range but below that of the target IFA. However, the required minority acceptance rate is not onerous. 


Tonami Holdings (9070 JP): Japan Post Holdings’ (6178 JP) JPY10,200 Tender Offer

Japan

TONAMI HOLDINGS CO., LTD. mainly provides truckload, logistics, door-to-door parcel delivery, express transportation, moving, warehousing services throughout Japan.  The Company offers international customized courier and delivery services via its ground and air transportation network.  Tonami Holdings also operates insurance agents and tourist business.

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JPH Launches "MBO" (LBO with SARs for Family/Execs) For Trucker Tonami Holdings (9070). Too Cheap.

JPH yesterday launched a takeover for trucker Tonami Holdings. This slots in between upstream at Toll and last mile at JP. It's too cheap despite...

Travis Lundy

Tonami Holdings (9070 JP): Japan Post Holdings’ (6178 JP) JPY10,200 Tender Offer

The offer is attractive compared to historical trading ranges and peer multiples. The offer represents an all-time high.

Arun George