Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A Nikkei article this morning says the mystery bidder behind WK1/2/3 Limited is Nintendo founding family's Yamauchi No.10 Family Office. This changes things more than just knowing their identity does.</li>
<li>To start, their website is the most fun investment management company website I have come across. It's great.  <a href="https://y-n10.com/" target="_blank" rel="noopener">https://y-n10.com/</a>. It's also well worth reading. It's also worth noting their history.</li>
<li>Understanding the parameters here is key to understanding possible next steps.</li>
</ul>


A Nikkei article this morning says the mystery bidder behind WK1/2/3 Limited is Nintendo founding family's Yamauchi No.10 Family Office. This changes things more than just knowing their identity does.
To start, their website is the most fun investment management company website I have come across. It's great.  https://y-n10.com/. It's also well worth reading. It's also worth noting their history.
Understanding the parameters here is key to understanding possible next steps.


ToyoKen (1890) Mystery Bidder Is Yamauchi No. 10 Family Office - And That Changes Things

David Blennerhassett

<ul>
<li>Tally 50 - 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>One new deals was discussed on Smartkarma this week, being <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>'s Tender Offer. There's also <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a>'s unsolicited Offer for <a href="https://www.smartkarma.com/entities/anglo-american-plc-04f6cda9-c726-4c33-8544-c5046bc74b29" target="_blank" data-smartkarma-citation="entities:28603:1" rel="noopener">Anglo American (NGLOY US)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</a>, and <a href="https://www.smartkarma.com/entities/iclick-interactive-asia-group-limited" target="_blank" data-smartkarma-citation="entities:27314:1" rel="noopener">iClick Interactive Asia Group (ICLK US)</a>.</li>
</ul>


Tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deals was discussed on Smartkarma this week, being Mimasu Semiconductor Industry (8155 JP)'s Tender Offer. There's also BHP Group (BHP AU)'s unsolicited Offer for Anglo American (NGLOY US).
Key updates took place on: Tietto Minerals Ltd (TIE AU), CSR Ltd (CSR AU), CPMC Holdings (906 HK), Roland DG Corp (6789 JP), and iClick Interactive Asia Group (ICLK US).


(Mostly) Asia-Pac M&A: Mimasu Semi, Tietto Minerals, CSR, CPMC, Roland DG, IClick Interactive

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>The <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> Board has opposed YFO’s potential tender offer price of JPY1,255 per share but has kept the door open for an improved offer. </li>
<li>YFO is running out of options as a YFO candidate-heavy special committee opposed its proposal, and the share price is trading through terms. </li>
<li>YFO has three options: a hostile offer at an unchanged price, an improved price, or exit its position. Each option has issues suggesting a lack of short-term share price support.  </li>
</ul>


The Toyo Construction (1890 JP) Board has opposed YFO’s potential tender offer price of JPY1,255 per share but has kept the door open for an improved offer. 
YFO is running out of options as a YFO candidate-heavy special committee opposed its proposal, and the share price is trading through terms. 
YFO has three options: a hostile offer at an unchanged price, an improved price, or exit its position. Each option has issues suggesting a lack of short-term share price support.  


Toyo Construction (1890 JP): Déjà Vu as YFO’s Proposal Rejected

<ul>
<li>In September, YFO (Yamauchi Family Office) upped its Tender Offer proposal to ¥1,255/share. YFO presented. The Toyo Special Committee met, interviewed, examined, deliberated, then last week rejected YFO's proposal. </li>
<li>The <a href="https://www.toyo-const.co.jp/en/wp/wp-content/uploads/2023/12/20231215E.pdf" target="_blank" rel="noopener">rejection</a> was a three-parter. First, they rejected YFO for not bringing management/ownership experience. Second, they said the proposal didn't add enough value. Third, the price was too low.</li>
<li>There were no metrics against which to measure anything. And now Toyo has apparently decided to withdraw its Tender Offer Proposal.</li>
</ul>


In September, YFO (Yamauchi Family Office) upped its Tender Offer proposal to ¥1,255/share. YFO presented. The Toyo Special Committee met, interviewed, examined, deliberated, then last week rejected YFO's proposal. 
The rejection was a three-parter. First, they rejected YFO for not bringing management/ownership experience. Second, they said the proposal didn't add enough value. Third, the price was too low.
There were no metrics against which to measure anything. And now Toyo has apparently decided to withdraw its Tender Offer Proposal.


Toyo Construction (1890) - Everyone Hits Pause

<ul>
<li>I tally 46 - 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>Two new deals this week: Bain's Offer for <a href="https://www.smartkarma.com/entities/system-information-co-ltd" target="_blank" data-smartkarma-citation="entities:19470:1" rel="noopener">System Information (3677 JP)</a> and DCM's for <a href="https://www.smartkarma.com/entities/keiyo-co-ltd" target="_blank" data-smartkarma-citation="entities:14415:1" rel="noopener">Keiyo Co Ltd (8168 JP)</a>. An Offer for <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities  (665 HK)</a> appears imminent.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">ENM Holdings (128 HK)</a> and <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>,</li>
</ul>


I tally 46 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Bain's Offer for System Information (3677 JP) and DCM's for Keiyo Co Ltd (8168 JP). An Offer for Haitong International Securities  (665 HK) appears imminent.
Key updates took place for: Invocare Ltd (IVC AU), Liontown Resources (LTR AU), ENM Holdings (128 HK) and Toyo Construction (1890 JP),


(Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.

Japan

TOYO CONSTRUCTION CO., LTD. performs marine civil engineering works. The Company provides reclamation and ground improvement works. Toyo Construction also constructs infrastructure such as water purification systems.  The Company builds commercial and institutional buildings, operating real estate businesses.

Toyo Construction (1890 JP)

ToyoKen (1890) Mystery Bidder Is Yamauchi No. 10 Family Office - And That Changes Things

The Mystery Bidders WK 1-3 are, according to a Nikkei article in mid-day, Yamauchi Number 10 Family Office. This changes things. It is worth...

Travis Lundy

(Mostly) Asia-Pac M&A: Mimasu Semi, Tietto Minerals, CSR, CPMC, Roland DG, IClick Interactive

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