Event-Driven and Index Rebalance

Weekly Top Ten Event-Driven and Index Rebalance – Sep 13, 2026

By September 13, 2026 No Comments
This weekly newsletter pulls together summaries of the top ten most-read Insights across Event-Driven and Index Rebalance on Smartkarma.

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1. [Japan Event] The Crasus Chemical (646A JP) Spinoff from Resonac (4004 JP)

By Travis Lundy, Quiddity Advisors

  • Back in February 2024, Resonac Holdings (4004 JP) announced it would start an assessment of a partial spinoff of its petrochemicals division, Crasus Chemical (646A JP). 
  • Resonac updated in July 2026. In August the Board resolved to deliver 80+% of shares to Resonac investors. Today the TSE approved. Crasus starts trading on Resonac ex-rights day 29-September.
  • The “center” value should be determined in about a week to ten days. The estimate of asset distribution right now is 0.09 per Resonac share. There will be index effects.

2. [Japan M&A] Nippon Sheet Glass (5202) Done, Dusted, Arb for Money

By Travis Lundy, Quiddity Advisors

  • Nippon Sheet Glass (5202 JP) announced 21-Aug that the capital injection expected a fair bit later would be done and paid for on 31-Aug. New term loans were agreed 26-Aug.
  • That made 25 Sep the last trading day. On the 31st, they confirmed the capital injection had been paid for. Cash out for remaining shareholders would be late December 2026.
  • Actual dates and confirmation waits until early November but buy today and that is 4.0% annualised (though the BOJ could act twice in the interim). Worth a look for arbs.

3. Golfzon Holdings (121440 KS): This Is A Buy And Hold

By David Blennerhassett, Quiddity Advisors

  • At the close of its reloaded ₩6,700/Share Tender Offer for Golfzon Holdings (121440 KS), SJ Investment received zero shares. With no margin seller at ₩6,700, it seemed illogical to reload.  
  • And for now, they won’t, opting not to proceed with a follow-on delisting transaction.
  • ₩6,700/Share was low-balled. It’s probably worth (at least) double this. If you have the bandwidth to wait this out, stay in. Or buy and hold. Load up on weakness.

4. BASE (4477 JP): SBI’s Partial Tender Offer Needs a Price Bump

By Arun George, Global Equity Research Ltd

  • On 28 August, BASE Inc (4477 JP) announced an offer by SBI Holdings (8473 JP) to acquire up to 23.8m shares (20.00% stake) at JPY340, a 7.6% premium to the undisturbed price. 
  • There is no minimum acceptance condition. The shares are trading above the offer price, either due to expectations of a bump or to the SBI alliance benefiting the back-end valuation.
  • A price bump is likely as the offer is light on several metrics, the two substantial shareholders are unlikely to tender, and the Board has taken a neutral stance. 

5. Public Financial Holdings (626 HK): Public Bank’s Scheme Offer at HK$2.50

By Arun George, Global Equity Research Ltd

  • Public Financial (626 HK) announced a scheme privatisation offer from Public Bank (PBK MK) at HK$2.50 per share, a 61.3% premium to the undisturbed price. The offer is final.
  • The offer is well below book value (P/B of 0.35x) and light compared to peer multiples. However, it is an attractive exit as it represents a 10-year high. 
  • The vote is low-risk, as the high takeover premium will appeal to minorities given the near-term cash certainty compared to remaining a minority holder in an illiquid, 73%-controlled stock. 

6. Hunter Turns Hunted As Ingenia Communities (INA AU) Rejects Warburg’s NBIO

By David Blennerhassett, Quiddity Advisors

  • On the 26th August, real estate developer Peet Ltd (PPC AU) entered into cash/scrip Offer by way of a Scheme with Ingenia Communities (INA AU).
  • The Scheme appeared clean. Decent premium to NTA. Major shareholder (of Peet) support. However, Ingenia’s share price has fallen 13% since the transaction was announced. 
  • This morning, Ingenia announced it has received, and rejected, a NBIO of A$4.75/share (in cash) from Warburg Pincus. The proposal is contingent on Ingenia not proceeding with the Peet Offer.

7. Skyworth (751 HK) Gives Up Spin-Off Gains. And Then Some

By David Blennerhassett, Quiddity Advisors

  • On the 20th January 2026, Skyworth (751 HK) announced an inter-conditional Scheme and concurrent listing of 70%-held Skyworth Photovoltaic (Skyworth PV) on the HKEx, by way of introduction.
  • The Dongfeng (489 HK)/Voyah (7489 HK)-like structure appeared fair. The challenge was that Skyworth PV’s key comps were/are A-share listed, and Skyworth PV should trade at an H-share discount.
  • Currently trading right at the Scheme cash consideration, assigning zero value for Skyworth PV. Skyworth’s share price is 22% below the pre-spin-off announcement price.  I can see this trending lower.

8. Merger Arb Mondays (07 Sep) – Skyworth, Z Fin, OFX, Cleanaway, EQT, European Lit, BetMakers, Kakaku

By Arun George, Global Equity Research Ltd


9. Hong Ra-Hee Is Selling 1.9 Trillion Won of Samsung Electronics to Her Son Lee Jae-Yong

By Douglas Kim, Douglas Research Advisory

  • After the market close on 9 September, it was reported that Hong Ra-hee is selling a 0.11% stake in Samsung Electronics (worth 1.94 trillion won) to her son Lee Jae-yong. 
  • Her decision to transfer the shares directly to Chairman Lee rather than selling them on the open market is seen as a move to minimize the impact on the market. 
  • After this transaction is completed, Lee Jae-yong’s stake in Samsung Electronics will rise from 1.47% to 1.58%. 

10. [Japan M&A] EQT Bumps Kakaku Bid to ¥3,680 – Through Bain’s Bid – Means Bain Bid Likely Soon

By Travis Lundy, Quiddity Advisors

  • Today, on the last day of the earlier bump to ¥3,571 by EQT/DG, which was bumped from ¥3,570 (when shares were trading ¥3,700) and extended, EQT bumped/extended to ¥3,680/share. 
  • This is, of course, a bit more than 1% higher than the existing Bain best bid and the level Oasis had set as a minimum – ¥3,640. 
  • EQT tried to get Oasis to sign on but they did not agree. They are waiting for Bain’s overbid I expect. This now puts the floor at ¥3,680.