Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>VIG Partners, a PE-outfit, is seeking to delist <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>, an aesthetic medical devices manufacturer, whose major shareholder, <a href="https://www.smartkarma.com/entities/dms-co-ltd" target="_blank" data-smartkarma-citation="entities:2132:1" rel="noopener">DMS (068790 KS)</a>, faces allegations of unfair internal transactions.</li>
<li>VIG first acquired 7% of <a href="https://www.smartkarma.com/entities/dms-co-ltd" target="_blank" data-smartkarma-citation="entities:2132:1" rel="noopener">DMS (068790 KS)</a>’s 34.76% controlling stake in VIOL, following which, DMS contributed the remaining 27.76% in-kind to VIG's SPV at a valuation of ₩12,500/share.</li>
<li>VIG’s SPV's tender offer launched on 18th June, also at ₩12,500/share, and runs until the 7th July 7. The Offer is conditional on a minimum acceptance threshold of 20.76%.</li>
</ul>


VIG Partners, a PE-outfit, is seeking to delist VIOL (335890 KS), an aesthetic medical devices manufacturer, whose major shareholder, DMS (068790 KS), faces allegations of unfair internal transactions.
VIG first acquired 7% of DMS (068790 KS)’s 34.76% controlling stake in VIOL, following which, DMS contributed the remaining 27.76% in-kind to VIG's SPV at a valuation of ₩12,500/share.
VIG’s SPV's tender offer launched on 18th June, also at ₩12,500/share, and runs until the 7th July 7. The Offer is conditional on a minimum acceptance threshold of 20.76%.


VIOL (335890 KS): VIG Partners' Tender Offer And DMS' Strategic Exit

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>This insight provides an updated progress on the tender offer and delisting of VIOL (335890 KS). The tender offer period lasts from 18 June to 7 July 2025.</li>
<li>Through this tender offer, VIG Partners plans to acquire full management rights of Viol and also take it private.</li>
<li>If the number of shares offered for the tender offer reaches the maximum target, SPC will secure a 98.84% stake in Viol.</li>
</ul>


This insight provides an updated progress on the tender offer and delisting of VIOL (335890 KS). The tender offer period lasts from 18 June to 7 July 2025.
Through this tender offer, VIG Partners plans to acquire full management rights of Viol and also take it private.
If the number of shares offered for the tender offer reaches the maximum target, SPC will secure a 98.84% stake in Viol.


An Updated Progress on the Tender Offer and Delisting of Viol By VIG Partners

<ul>
<li>In this insight, we review the major tender offers of Korean companies in 2025. Some of the major M&amp;A tender offers in 2025 include HMM, Kolon Mobility Group, and VIOL.</li>
<li>The tender offers have mostly been profitable for the investors in these targeted companies (especially those shareholders who owned these shares prior to the tender offer announcement).</li>
<li>What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week.</li>
</ul>


In this insight, we review the major tender offers of Korean companies in 2025. Some of the major M&amp;A tender offers in 2025 include HMM, Kolon Mobility Group, and VIOL.
The tender offers have mostly been profitable for the investors in these targeted companies (especially those shareholders who owned these shares prior to the tender offer announcement).
What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week.


A Review of Tender Offers in Korea in 2025

<ul>
<li>For July 2025, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$4bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in July was 45%, with a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%</li>
</ul>


For July 2025, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$4bn.
The average premium for the new transactions announced (or first discussed) in July was 45%, with a year-to-date average of 47%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%


(Mostly) Asia M&A, July 2025 Wrap: Pacific Industrial, Johns Lyon, TalkMed, DD Group, Hanil Cement

<ul>
<li>The benefits of <a href="https://www.smartkarma.com/entities/china-medical-system-holdings" target="_blank" data-smartkarma-citation="entities:18736:1" rel="noopener">China Medical System (867 HK)</a> China Medical System (867 HK)'s secondary listing on the SGX are more apparent than real. </li>
<li>Should <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> continue its Brazil market launch, <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> will have little reason to continue to hold on to its Meituan stake.</li>
<li>Look for value to be realised for Japanese banks with low PBRs and PERs, AND high cross-holdings as a percentage of market cap or book value through better capital allocation.</li>
</ul>


The benefits of China Medical System (867 HK) China Medical System (867 HK)'s secondary listing on the SGX are more apparent than real. 
Should Meituan (3690 HK) continue its Brazil market launch, Prosus NV (PRX NA) will have little reason to continue to hold on to its Meituan stake.
Look for value to be realised for Japanese banks with low PBRs and PERs, AND high cross-holdings as a percentage of market cap or book value through better capital allocation.


Last Week In Event SPACE: Meituan/Prosus, China Medical System, Japanese Banks, New World Dev.

South Korea

VIOL Co., Ltd. manufactures and distributes medical equipment. The Company produces sylfirms, scarlets, skinstamps, and other related products. VIOL markets its products worldwide.

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VIOL (335890 KS)

VIOL (335890 KS): VIG Partners' Tender Offer And DMS' Strategic Exit

Trading tight at a 0.6%/19.8% gross/annualised spread. If not already in, I'd be looking elsewhere. Unless you have a strong opinion on the back...

David Blennerhassett

An Updated Progress on the Tender Offer and Delisting of Viol By VIG Partners

This insight provides an updated progress on the tender offer and delisting of VIOL. Through this tender offer, VIG Partners plans to acquire full...

Douglas Kim

A Review of Tender Offers in Korea in 2025

In this insight, we review the major tender offers of Korean companies in 2025. The share prices of these tender offers were up on average 14.9%...

Douglas Kim

(Mostly) Asia M&A, July 2025 Wrap: Pacific Industrial, Johns Lyon, TalkMed, DD Group, Hanil Cement

For the month of July, 6 new deals were discussed on Smartkarma with an overall deal size of just ~US$4bn. The average premium for the new deals...

David Blennerhassett

Last Week In Event SPACE: Meituan/Prosus, China Medical System, Japanese Banks, New World Dev.

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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