IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/krosaki-harima-corp" target="_blank" data-smartkarma-citation="entities:18889:1" rel="noopener">Krosaki Harima (5352 JP)</a> has recommended a preconditional tender offer from <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a>, the parent, at JPY4,200, a 21.7% premium to the last close price of JPY3,450.</li>
<li>The offer is attractive as it represents an all-time high and is above the mid-point of the special committee IFA DCF valuation range.</li>
<li>The precondition relates to regulatory approvals in Japan and India. The tender offer is expected to start in early February 2026. This is a done deal.</li>
</ul>



Krosaki Harima (5352 JP) has recommended a preconditional tender offer from Nippon Steel Corporation (5401 JP), the parent, at JPY4,200, a 21.7% premium to the last close price of JPY3,450.
The offer is attractive as it represents an all-time high and is above the mid-point of the special committee IFA DCF valuation range.
The precondition relates to regulatory approvals in Japan and India. The tender offer is expected to start in early February 2026. This is a done deal.


Krosaki Harima (5352 JP): Nippon Steel’s Preconditional Tender Offer at JPY4,200

Japan

YOTAI REFRACTORIES CO., LTD. manufactures and sells fire bricks and unshaped refractory products primarily for use in electric furnaces.  The Company is also engaged in the engineering and construction of various furnaces.

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Yotai Refractories (5357 JP)

Krosaki Harima (5352 JP): Nippon Steel’s Preconditional Tender Offer at JPY4,200

The offer is attractive as it represents an all-time high and is above the mid-point of the IFA DCF valuation range. Timing is the key risk with...

Arun George

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