Event-Driven

• On 12 September, Kyodo News reported that Effissimo Capital Management will launch a competing tender offer for Soft99 Corp (4464 JP) at JPY4,100, 66.3% higher than the JPY2,465 MBO offer.
• The Effissimo offer structure has been designed to shine an unflattering spotlight on the MBO low-ball offer and to prevent management from privatising Soft99.  
• The management has several options to respond. The initial play will likely be to lean on the special committee to question the feasibility of the Effissimo bid. 

• Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. BIG Net buying. Big BABA trading. 
• SOUTHBOUND investors traded US$9bn of Alibaba (9988 HK) in the week. Not shy. It was a big net buy as well (4 of 5 days was +US$500mm or more).
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there for all SK readers.

• In early August, the founder-family announced they would MBO the car care company Soft99 Corp (4464 JP). It was a very cheap MBO. Even 20% higher it would be cheap. 
• On Saturday, Kyodo, followed by various other media outlets, announced activist Effissimo Capital Management had announced a TOB to buy the company saying the MBO was “an extremely low level.”
• The Nikkei-reported goal would be “to protect the interests of minority shareholders while ensuring medium- to long-term increases in corporate value.” This is REALLY BIG NEWS.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Soft99 Corp (4464 JP), Mayne Pharma (MYX AU), Smart Share Global (EM US), Shengjing Bank Co Ltd H (2066 HK), Dongfeng Motor (489 HK), ENN Energy (2688 HK).
• Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Humm Group (HUM AU), Mandom Corp (4917 JP), Ainsworth Game Technology (AGI AU), PointsBet Holdings (PBH AU).

• Back on the 26th August, troubled rural commercial bank Shengjing Bank Co Ltd (2066 HK) announced a HK$1.32/Share Offer, a 15.79% premium to undisturbed, and a 86.49% discount to NAV. 
• Clearly not all is well with Shengjing Bank. And alternatives to the low-balled Offer are slim on the ground. 
• The Offeror has now bumped terms to HK$1.60 (best & final). That’s a 40.5% premium to undisturbed, but still a 83.96% discount to NAV. 

• Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma
• In this cut, we review the global focus on critical minerals, how ASEAN’s digital economy can grow amidst political uncertainty, and how IT services have fared with AI
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

• “Beautiful Skew” slightly visible but not huge, not consistent.On average, liquid Hs outperformed their As by 1.99% so +2.79% over 2 weeks.
• Last week’s long reco on China Communications Construction (1800 HK) gained just over 1% on the week in Hs and the H outperformed the A by 0.6% Friday to Friday.
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there for all SK readers.

• Continental (XTRA: CON) is set to spin off its automotive business, Aumovio, on September 18, 2025.
• The business, which has historically operated with low margins and modest growth, is currently undergoing a turnaround.
• I estimate Aumovio’s fair value at approximately €56 per share and believe the stock could present an attractive opportunity if it trades down meaningfully following the spin-off.

• Next week, Continental (CON) will spin off its auto parts business, Aumovio, as a public company.
• The first day of regular trading will be September 18, 2025. Shareholders will receive one share of Aumovio for every two shares of Continental.

• Aumovio is in the midst of a turnaround, and I was initially skeptical of managements rosy guidance.

• Lee slammed NPS’s logic, questioning its local equity cuts; Friday, the fund responded with ₩186.3bn net KOSPI buys — biggest since his inauguration.
• NPS sat out September’s rally, so Friday’s ₩186bn KOSPI buy looks like a reactive pivot to Lee’s comments, sparking local desks’ chatter and weekend buzz.
• KOSPI mid-caps with big NPS stakes (~5%+) could see short-term buying, as reactive flows follow Presidential Office chatter, with mid-caps below KRW 5tn offering the biggest price impact.

• I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• Two new deals were discussed on Smartkarma this week: Mandom Corp (4917 JP) and Digital Holdings (2389 JP). Also, Evergrande Property Services (6666 HK) suspended pursuant to the Takeovers Code. 
• Key updates/news took place on PointsBet Holdings (PBH AU), Jilin Jiutai Rural Comm Bank (6122 HK), Topcon Corp (7732 JP), and Furukawa Battery (6937 JP).

• Following shareholder approval, there’ll be an index DELetion for Brickworks (BKW AU), and an index UPweight for Soul Patts (SOL AU). BKW’s last day of trading is the 15th September. 
• Minebea Mitsumi (6479 JP)‘s Offer for Shibaura Electronics (6957 JP). That leaves this to be done by Yageo Corporation (2327 TT), unopposed.
• After a protracted succession stoush, Rupert Murdoch’s son Lachlan asserts control of News Corp Class B (NWS US) and Fox (FOXA US).

• Shenyang SASAC increased its Shengjing Bank Co Ltd H (2066 HK) offer by 21.2% from HK$1.32 to HK$1.60 per H Share, a 40.4% premium to the undisturbed price.
• The revised offer has been declared final. The revised terms signal that at least one of the substantial H shareholders would not accept the previous offer.
• While the revised terms should ensure the support of key shareholders, the terms remain light. Therefore, there remains a risk around the 90% minimum acceptance condition. 

• Kiri Industries has signed a deal to sell its 37.6% stake in DyStar Global to Zhejiang Longsheng for US$697 million (~INR 5,800 crore), concluding a decade-long Singapore court battle.
• The payout is multiple times Kiri’s current market cap and marks one of the strongest minority shareholder wins globally.
• The DyStar exit removes litigation overhang and hands Kiri a war chest. Now, execution of the copper and fertilizer project will define the future of the company.

• Changhong Jiahua Holdings (3991 HK) (CJ), which is principally engaged in the distribution of consumer electronic products, is suspended pursuant to the Takeovers Code.
• Sichuan Changhong Electric Co, Ltd. (600839 CH) holds ~60.13% of the shares outstanding. And 100% of the preference shares (76.7% of shares out). 
• This week, a final judgement, concerning monies owed, was ruled in CJ’s favour. The sum involved is ~30% of CJ’s market cap. 

• Ecopro’s PRS: KRW 700bn, 2-year, BM shares underlying, 5.85% coupon; SK’s July PRS was bigger (KRW 1.4tn, 3-year, 4.3%), same payoff mechanics.
• Watch for hedge-flow side trades: Ecopro’s KRW 700bn PRS on BM shares should mirror SKI’s setup, likely triggering a noticeable pop when the primary buyer hedges.
• PRS likely hits Sept 24–25; Mirae Asset leads. Be ready to catch flow-driven whipsaws from local institutions around execution.

• Context: The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. Unlike most central banks, the BoJ announces its decisions flexibly, usually around noon.
• Highlight: Analysis of the past 13 meetings hints at patterns linking longer meetings and delayed announcements with policy changes, including a surprise hike in July 2024.
• Why it Matters: This analysis helps investors interpret timing signals ahead of the 19 September decision, assessing whether delay itself could hint at an outcome shift.

• Forian (FORA) received a $2.10/share go-private proposal from a founder-led consortium controlling 63% of the company.
• Lifeway Foods (LWAY) trades 20% above Danone’s previous offer, with NDA agreement expiry on September 15.
• Currency Exchange International (CURN) Q3 results show 4% EBITDA growth, with management considering distributing $12.8m cash to shareholders.

• On 10 September, the founding Nishimura family, the PE Firm CVC, and Mandom Corp (4917 JP) agreed that the first two could take over the latter at 4.9x Mar28 EBITDA.
• A cocktail napkin calculation of expected leverage suggests the equity check is buying this at 5x average Mar27-28 free cash flow. That’s cheap for a growing company.
• The register is open enough to cause problems but not open enough to allow a clean hostile bid by a strategic. But still open enough for someone to have fun.

• Property management play Evergrande Property Services (6666 HK) (EPS) is currently suspended pursuant to the Takeovers Code. 
• Evergrande (3333 HK) controls 51.71%. This suspension is either a precursor to a Scheme; or (more likely) cash-strapped Evergrande is exiting, potentially triggering an unconditional MGO. 
• Evergrande, currently in liquidation, was delisted from the HKEx on the 25th August 2025 after failing to fulfil HKEx resumption guidance. The delisting was arguably symbolic, but remains a milestone.

• Back on the 3rd July 2025, Jilin Province Trust must a voluntary Offer at HK$0.70/share (~0.23x P/B!!) for troubled rural commercial bank Jilin Jiutai Rural Comm Bank (6122 HK). 
• Shares have been suspended since 12th March. Jilin Jiutai have yet to publish their 2024 annual results. It’s doubtful shares will resume trading. Ever. 
• The Composite Doc Booklet is now out, with a H-share class meeting on the 24th October, the same day as the first close. The IFA (Gram) says “fair & reasonable“.

• Fuji Oil Co Ltd (5017 JP) has recommended a tender offer from Idemitsu Kosan (5019 JP) at JPY480, a 44.1% premium to the last close.
• While the offer implies a P/B of 0.54x, it is reasonable as it is above the midpoint of the IFA DCF valuation range and at a premium to historical ranges. 
• Nevertheless, the offer is susceptible to a bump as it is far from a knockout bid, and Fuji Oil previously had activists on the register.  

• Evergrande Property Services (6666 HK) is in a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
• The trading halt likely relates to Evergrande (3333 HK) liquidators’ efforts to sell Evergrande Group’s majority interest in Evergrande Services.
• The sale is likely to trigger an unconditional mandatory general offer. I estimate the potential offer price to be around HK$1.08 per share, a 17.8% premium to the last close.

• On 11 Sep 2025 after the close, Hakuhodo Dy Holdings (2433 JP) announced a takeunder of Digital Holdings Inc (2389 JP) in MBO form. 
• Two major holders with 37% roll their stakes into new ownership in Hakuhodo Dy Holdings (2433 JP) and another 17+% probably just fall in line.
• Foreigners hold a lot. They may not like the takeunder. It is not clear who would buy this if Hakuhodo does not, or whether it is worth the hassle.

• In Evergrande Property Services (6666 HK): Offer Expected As Parent (Likely) Exits., I speculated on the outcome of Evergrande Property Services (6666 HK) (EPS)’s suspension due to the Takeovers Code. 
• EPS has now announced that the liquidators for Evergrande (3333 HK) have been fielding non-binding Offers for Evergrande’s 51.016% stake in EPS. Final proposals are expected to be submitted by November.
• With a view to maximizing proceeds, the liquidators will ideally seek a sole bidder, leading to a change of control. And an unconditional MGO.  Shares resume trading this morning.

• DB Hitek announced a detailed plan for its 4.16 million treasury shares utilization (9.4% of outstanding shares), including shares cancellation, issuance of exchangeable bonds, and equity compensation for its employees. 
• There will be 2.22 million treasury shares that will be used in the issuance of EBs. This represents 54% of the total treasury shares and 5% of outstanding shares.
• The company also plans to cancel 1.486 million treasury shares (representing 35.7% of treasury shares and 3.3% of outstanding shares). 

• Tega Industries has announced its intent to acquire a controlling stake in Molycop at a USD 1.48 billion enterprise value, in consortium with Apollo Funds.
• The deal is nearly 10x Tega’s size, and will redefine its global positioning across the mining consumables and equipment value chain.
• Integration risks loom large, but if executed well, this move transforms Tega from a niche Indian export champion into a global leader in mineral processing solutions.

• Asian Energy Services (AOS IN) has received board approval for the merger of  promoter entity Oilmax Energy, with share swap ratio: 117 shares of AESL for 10 shares of Oilmax.
• The merger is a strategic move to consolidate OEPL’s asset ownership, including producing oil and gas fields, with AESL’s execution and services capabilities.
• The valuation of the parent company is looking costlier, and a reduction in promoter stake makes things skeptical in transaction.

• After a protracted succession stoush, Rupert Murdoch’s son Lachlan is set to take control of News Corp (NWS US) and Fox (FOXA US).
• Preceding my comments on News Corp and 62%-held REA Group Ltd (REA AU) are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Mandom Corp (4917 JP) has recommended a CVC-sponsored preconditional MBO at JPY1,960, a 32.1% premium to the last close price.
• The offer is below the midpoint of the IFA DCF valuation range and the special committee’s requested price. It is unattractive compared to precedent transactions and peer multiples. 
• The offer is unequivocally light. The setup has the potential for a bump, particularly if an activist emerges as a substantial shareholder.  

• On the 29th August, Mixi (2121 JP) cleared 50% of the voting power in PointsBet (PBH AU). It’s Offer was automatically extended, and will now close on the 12th September.
• Mixi has 51.59%. betr Entertainment (BBT AU) said it holds 20.45%, plus 6.5% in the IAF, the instructions for which can be withdrawn. betr said it won’t accept Mixi’s Offer.
• Mixi adds betr will have no PBH board representation “either now or in the future”; and betr will continue to be a clear competitor. Additionally, PBH questions betr’s buyback funding,

• Kim Jun-nyun (chairman of Sammok S-Form (018310 KS)) is conducting a tender offer of 1.4 million shares (9.52% stake) in Sammok S-Form through affiliates of the company.
• We believe that this tender offer signals one step closer to Chairman Kim Jun-Nyun and related parties eventually taking the company private.
• The company’s net cash is nearly 73% of its market cap. The company is trading at dirt cheap valuation (EV/EBITDA of 0.6x).

• KRW 5T fund—the public-participation slice of the KRW 35T joint vehicle—is the main conduit for flows into local equities.
• The KRW 150T policy fund launches December, but pre-emptive flows could hit early, led by the KRW 5T ETF-heavy, retail-accessible Public Participation Fund.
• The KRW 5T Public Participation Fund, ETF-heavy and thematic in AI, semis, Mobility, and Biotech, could drive concentrated, short-term rallies; position early ahead of year-end flows.

• AT&T paid $22.7 billion for Spectrum from SATS, a third of their portfolio
• Yummy Century Stocks discusses the significance of the Spectrum sale and the value trapped in SATS and DISH
• Yummy Century Stocks estimated the value of the Spectrum to be around $8 billion, slightly higher than what AT&T paid

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• All regulatory approvals secured; Deliveroo’s 180p/share takeover by DoorDash now awaits only procedural court steps. Sanction hearing is scheduled for 30 September; scheme effective date is 2 October.
• With a 1p spread and 179p entry, the deal offers ~8.9% annualised return by early October. Early entrants at 170.8p continue to realise strong IRRs above 12%.
• Risk is minimal with near-unanimous shareholder backing and no regulatory obstacles remaining. Administrative timing is the only variable; monitoring court scheduling and filing is key to arbitrage efficiency.

• On 3 July, Jilin Jiutai Rural Comm Bank (6122 HK) disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70. IFA opines it is fair and reasonable. 
• The IFA analysis is flawed, and the offer is unattractive. Nevertheless, the offer represents the best-case scenario for minorities, as the timeline for resuming trading remains uncertain.
• While the 24 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares) poses a challenge.

• Forian received a $2.10/share go-private proposal from a consortium controlling 63% of the company; no premium offered.
• The company has a strong cash position, positive cash flow, and benefits from AI era tailwinds, suggesting limited downside.
• The two-step merger structure aims for 90% ownership, bypassing lengthy proxy processes and minimizing minority shareholder resistance.

• The Sony Financial Holdings (8729 JP) (now called Sony Financial Group Inc (“SFGI”)) spinoff approaches. It will start trading 20 days from now.
• Yesterday, the TSE confirmed approval (outline, Securities Report (J), Corporate Governance Report (J). The company provided details of a possible ToSTNeT-3 buyback on Day 2 pre-open. That complicates things.
• The introduction of that type of buyback flexibility indicates that supply overhang may be managed better than buyers would hope. Means other strategies may be necessary.

• On 5 September, Shenge increased its minimum scheme consideration for Peak Rare Earths (PEK AU) to A$0.443, a 23% premium to the previous minimum cash consideration.
• The IE considers the offer fair and reasonable. The key conditions are approval from the Fair Competition Commission of Tanzania and shareholder approval (vote scheduled for 16 September).
• This is a done deal, as Tanzania approval and the vote are low-risk. At the last close and for a 30 September payment, the gross/annualised spread is 5.5%/147%.  

• Back in April 2022, around six weeks after Russia’s invasion of Ukraine, I touched on the disruption to the uranium supply chain in Uranium: Fuelling Fears. 
• The war spurred renewed interest in nuclear energy as a source of domestic power. Uranium prices have tripled since the invasion. 
• A recent report from the World Nuclear Association forecast a significant step-up in demand for uranium for reactors, together with a material output drop from mines “as deposits are exhausted”.

• HHI–Mipo spread holds 3–4%; cancellation risk minimal. Market views HHI as the cleaner MASGA play vs. Mipo, keeping the spread sticky and unlikely to tighten soon.
• Potential kicker for widening comes from passive inflows when Mipo halts, as HHI gains weight in Global Standard vs. Mipo’s Small Cap.
• HHI may see ~4x DTV passive inflow as it absorbs Mipo; pre-announcement flows could start late October, potentially widening the swap spread ahead of the Nov 27 halt.

• Anglo and Teck agreed an at-market merger of equals, creating a copper-tilted major. Pro forma ownership about 62%/38%; HQ Vancouver, primary LSE listing. Anglo plans a sizeable pre-close special dividend.
• Scenario-Based synergy valuation indicates multi-billion upside, with recurring cost savings earlier and long-dated Chile adjacency optionality subject to partner alignment and permitting. This frames interloper incentives, break-price support, and re-rating.
• Approvals hinge on Canada’s net-benefit test and multi-jurisdictional antitrust; shareholder hurdles look manageable. I favor a hedged long-TECK/short-AAL pair capturing a double-digit spread, with dividend liabilities on the AAL short.

• BMPS has secured control of Mediobanca following improved terms; the offer will briefly reopen in mid-September. Market pricing has tightened the spread, reflecting convergence momentum into settlement and governance changes.
• Acceptance dynamics likely favor incremental tenders during the re-open window as control clarity rises and strategy signals firm. Catalysts cluster around board composition, formal results notices, and subsequent settlement milestones.
• For risk-arb, positioning now focuses on convergence mechanics and disciplined hedging around headlines; sensitivity to bidder shares remains material while post-offer pathways may include on-market top-ups and medium-term threshold considerations.

• Back on the 22nd August, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.
• The share price closed up 54% on the first day, ~15% adrift of the independently valued cash + scrip (into VOYAH) under the privatisation.  
• Shares have pared back 5% since. VOYAH’s peer basket has fallen ~15% on average. The market is implying a price-to-trailing-sales of 1x for VOYAH versus the basket average of 1.9x. 

• “Beautiful Skew” came back slightly. Not huge, but OK. On average, liquid Hs outperformed their As by 0.8%.
• Last week’s short reco on Remegen (9995 HK) gained 8.3% on the week in Hs and the H underperformed the A by 7% Friday to Friday, 4.5% if VWAPed Monday.
• AH premia are likely still in a widening phase but weakness in speculative A-shares may dampen overall moves even if pairs are volatile. New reco this week.

• Several local news outlets reported that Ecopro Co is pursuing a plan to raise about 700 billion won through a PRS agreement using its stake in Ecopro BM as collateral.
• Ecopro BM currently has a market cap of 11.4 trillion won. A PRS worth 700 billion won (assuming no change in share price), represents 6.1% of Ecopro BM’s market cap. 
• Although Ecopro has not officially announced this PRS deal, we believe that this is a high probability (70%-80%+) that this deal will get done in the next several weeks.

• Urgent Regulatory Deadline: Nidec faces a critical deadline of September 26, 2025. Meeting this deadline is crucial to avoid regulatory consequences, including potential “Security on Alert” designation or stock suspension.
• Underlying Strength Amidst Issues: Despite recent compliance issues that have impacted its stock, Nidec maintains a strong position as a global leader in electric motors with diversified revenue, projected growth.
• Potential for Rebound: The current low valuation, may present a buying opportunity for long-term investors if the company successfully addresses its governance issues and restores investor confidence.

• Deputy PM Koo guided the threshold decision by month-end, likely before Chuseok; historically, Seoul drops major policy prints on Thu/Fri, pointing to 25–26 as the high-prob window.
• Local intel points to ₩5bn; strong public pushback makes it politically locked. Traders are positioning ahead of the 25–26 window, balancing index longs with hedges.
• FSS break-up creates regulatory uncertainty, pressuring banks and brokers. Traders appear to be pairing index longs with financials shorts, riding policy momentum while hedging sector risk.

• The deal has moved into its closing stretch, with process milestones largely secured. From here, this feels more like a basis clean-up than a binary event, with execution discipline paramount.
• Value now leans on PHP shares rather than regulatory drama. Hedging the stock leg frames the opportunity; avoiding complexity and timing slippage likely matters more than squeezing every basis point.
• Squeeze-Out is advancing; settlement expected in October as delisting completes. I recommend treating CMA headlines as background noise and keeping sizing disciplined.

• Six names stood out with simultaneous volume spikes and sharp pops last Friday; all Semis and Autos additions with big passive impact, while all others showed no tape action.
• Results likely leaked early, prompting front-running on Semis and Autos adds—high passive impact names—causing Friday’s sharp volume and price spikes.
• Early movers are mostly priced in; Thursday momentum plays still work, but Monday–Thursday morning requires caution. Focus on volume-driven flows before loading positions, long-short basket viable for other passive-impact names.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Joy City Property (207 HK), Santos Ltd (STO AU). 
• Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Humm Group (HUM AU), Ainsworth Game Technology (AGI AU), Ashimori Industry (3526 JP), Toyota Industries (6201 JP).

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: Chery Automobile (CH3456 CH) and Tata Capital Limited (TATACAP IN) IPOs. Hesai Group (HSAI US) H Share listing. 
• Event-Driven developments: Pacific Industrial (7250 JP), Ashimori Industry (3526 JP), Shibaura Electronics (6957 JP), Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), Johns Lyng (JLG AU), RPMGlobal. 

• Activist-Ish-Y investor Effissimo reported Friday they had a 6.68% stake as of the end of August. 
• Their average price is ¥2,253 which is 10% through the price the family Bidco was bidding (¥2,050). 
• As this hasn’t traded below terms at any point since announcement, an extension was likely. This morning, we got one. We’ll get another one before it’s done, BUT…

• BBVA’s bid goes live on 8 Sept, but a –8.71% spread and poor optics keep tactical long SAB / short BBVA trades attractive.
• Sabadell continues to boost standalone appeal via dividends, TSB sale, and strategic capital returns, reducing shareholder incentive to tender at current terms.
• Legal overhang and merger restrictions extend into 2028, capping synergies and reinforcing the asymmetry in event-driven positioning ahead of potential bid adjustments.

• TaskUs is being privatized by Blackstone and founders at $16.50/share, opposed by activists and ISS, expecting improved offer.
• TaskUs projects $75-$120 million free cash flow in 2025, potentially funding the buyout with minimal additional investment.
• TaskUs specializes in premium BPO services, showing strong growth in Trust & Safety and AI Services segments, less vulnerable to automation.

• On September 2, 2025, Kraft Heinz (KHC) announced that it will be breaking up into two companies.
• The news comes a decade after the infamous merger of two of the biggest names in packaged foods that was orchestrated by Warren Buffett and Brazilian private equity firm 3G Capital Partners.
• North American Grocery Co would encompass many of the traditional Kraft products.

• ZEEKR (ZK US) traded wide to the scrip terms ahead of Geely Auto (175 HK)‘s EGM Vote. That was a buying opportunity. 
• A positive surprise as SAMR expediently signs off on the Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK) transaction. This could be wrapped up before Xmas.
• China Mobile (941 HK) comfortably clears the 50% conditional threshold into HKBN Ltd (1310 HK); however compulsory acquisition appears out of reach

• I tally 45 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• Two new deals were discussed on Smartkarma this week: Peak Rare Earths (PEK AU) and Yutaka Giken (7229 JP). 
• Key updates/news took place on Johns Lyng (JLG AU), Ainsworth Game Technology (AGI AU), Shibaura Electronics (6957 JP), Ashimori Industry (3526 JP), and Pacific Industrial (7250 JP).

• TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
• 216 new CGRs filed in Aug-2025 (after 783 in July, 1,389 in June). Our tools show every report, links to every document, and a diff-file tool. Input name, see changes.
• The JPX Council of Experts met on 2 Sep (and 9 July before that). The parent-sub changes are slow to come. 2 Sep docs may be worth reading in parts.

• On the 15th May, Peak Rare Earths (PEK AU) entered into a non-binding Offer, by way of a Scheme, with Shenghe Resources (600392 CH) @A$0.389/share, a punchy 199% to undisturbed.
• Shenghe holds 19.86% in Peak, and has offtake rights to 100% of the rare earth production from the 84%-held Ngualla project in Tanzania. 
• The Scheme Booklet was registered with ASIC on the 11th August with a 16th September Scheme Meeting. Shenghe has now bumped terms to A$0.443. Declared final. Scheme Meeting remains unchanged. 

• TaskUs privatization bid at $16.50/share faces opposition; market anticipates improved offer before September 10 shareholder vote.
• Apiam Animal Health receives A$0.88/share takeover offer; largest shareholder supports, board likely to recommend upon binding agreement.
• Banxa shareholders approve OSL Group acquisition; regulatory consents pending, closing expected Q4’25–Q1’26, spread at 21%.

• Hanwha Impact Partners sold 1.4 trillion won worth of Hanwha Ocean shares in a block deal sale. 
• Hanwha Ocean’s share price closed down at 5.4% to 112,500 won on the KRX exchange today but still 5% higher than block deal price of 107,100 won. 
• We believe that this block deal sale of 1.4 trillion won worth of Hanwha Ocean is likely to have a near-term negative impact on Hanwha Ocean’s stock price.

• The biggest potential M&A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).
• Overall, we believe there is a higher probability of POSCO backing out of this potential acquisition of HMM, rather than POSCO completing this M&A deal.
• Although POSCO claims that it spends about 3 trillion won annually on logistics, the actual synergies among these three businesses (steel, rechargeable battery, and logistics) remain murky.