IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tenma-corp" target="_blank" data-smartkarma-citation="entities:11900:1" rel="noopener">Tenma Corp (7958 JP)</a> has recommended an MBO tender offer at JPY3,580 per share, a 37.1% premium to the last close of JPY2,611.</li>
<li>Despite implying a P/B multiple of 0.89x, the offer is attractive compared to historical trading ranges and peer multiples and represents an all-time high. </li>
<li>An irrevocable from Dalton, the largest shareholder, lowers the risk of activist agitation. Given that the offer is reasonable, the required minority acceptance rate of 28.5% is attainable. </li>
</ul>



Tenma Corp (7958 JP) has recommended an MBO tender offer at JPY3,580 per share, a 37.1% premium to the last close of JPY2,611.
Despite implying a P/B multiple of 0.89x, the offer is attractive compared to historical trading ranges and peer multiples and represents an all-time high. 
An irrevocable from Dalton, the largest shareholder, lowers the risk of activist agitation. Given that the offer is reasonable, the required minority acceptance rate of 28.5% is attainable. 


Tenma Corp (7958 JP): MBO Tender Offer at JPY3,580

Japan

YAMATO INDUSTRY CO., LTD. designs, manufactures, and sells synthetic resin molded parts and products.  The Company's products include plastic parts for consumer electronics and construction equipment, and automobile parts.  Yamato Industry also manufactures distribution equipment.

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Yamato Industry (7886 JP)

Tenma Corp (7958 JP): MBO Tender Offer at JPY3,580

Despite implying a P/B multiple of 0.89x, the offer is attractive compared to historical trading ranges and peer multiples and represents an all...

Arun George

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