Daily Brief Consumer: Pacific Industrial, Idt International, Nintendo, Lenskart Solutions, BYD, Just Eat Takeaway.com NV, Seiren Co Ltd, Genting Bhd, Clear Channel Outdoor Cl A and more

• When the Pacific Industrial (7250 JP) deal was announced in late July, I said it needed to be done 20-40% higher. I hadn’t expected someone to push so hard. 
• But Effissimo pushed. They bought 12.5% of shares out, and 13+% of votes at an average price of ¥2,365/share – 15% through terms.
• Three months later after multiple extensions, Bidco bid up. +42.4%, to 1.002x March 2025 BVPS. A raging win for activists and minority investors. I’m genuinely surprised by the quantum.

• Consumer electronics play IDT International (167 HK) is currently suspended pursuant to the Takeovers Code. But don’t expect your usual Offer to unfold. 
• On the 2nd October, IDT announced that Tiger Energy Technology, which holds 72.1% of share out, has been placed into receivership. Tiger Energy is 50% owned by Tiger Chen (ED).
• IDT was recently suspended for 581 days after failing to publish its annual results. Upon resumption of trading, predicated on a re-organisation, the major shareholder promptly exited. Without telling anyone. 

• The MBO price for Pacific Industrial (7250 JP) has increased by 42.4% from JPY2,050 to JPY2,919 per share. The revised offer represents a P/B of 1.01x.
• While Effissimo has publicly built a 13.25% ownership stake, behind the scenes, Murakami agitated for a bump by suggesting that he would help fund the increase in the consideration.
• The Ogawas rebuffed Murakami’s funding but secured his verbal agreement to tender. While Effissimo’s intentions remain unknown, it is likely to support the revised offer. 

• Nintendo is poised for a significant growth phase, driven by its new console and an expansive intellectual property ecosystem, promising sustained financial performance.
• Strategic capacity expansion and a robust balance sheet position Nintendo to capitalize on strong demand, mitigating risks and reinforcing its market leadership.
• Despite potential market volatility and competitive pressures, aggressive production targets and a strong financial foundation suggest a compelling investment opportunity.

• Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO.
• Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
• In this note, we talk about the not-so-positive aspects of the deal.

• Context:BYD (1211 HK) reports Q3 2025 results on 30 October after market close. 
• Options markets imply a ±4.7% move, notably larger than the historical ±3.0% average. The stock has shown asymmetric reactions, with fewer but stronger upside moves.
• Why Read: Understand how implied swings compare with history and how the earnings-linked volatility peak offers tactical opportunities around BYD’s 31 Oct weekly expiry.

• Prosus’s €4.1bn all-cash acquisition of Just Eat Takeaway.com is now unconditional, with 98.19% ownership secured. Shares will delist from Euronext Amsterdam on 17 November ahead of statutory squeeze-out.
• Early arbitrage entrants earned roughly 9.3% annualized return, late entrants about 3.6%. With settlement complete, the residual spread has closed, leaving no remaining event-driven opportunity.
• The transaction cements Prosus as Europe’s largest food delivery platform and the world’s fourth largest globally, following Meituan, DoorDash, and Uber, under CEO Fabricio Bloisi’s expansion strategy.

• Seiren is a global leader in high-performance textiles, with a dominant position in the automotive interior market, which constitutes the majority of its revenue. The company is poised to benefit from the growing demand for advanced, functional, and aesthetically pleasing materials in vehicles.
• The company’s proprietary ‘Viscotecs’ digital production system provides a significant competitive advantage, enabling mass customization, short delivery times, and inventory-free production. This technology is a key driver of efficiency and innovation, allowing expansion into non-textile applications.
• Financial performance has been robust, with a strong track record of revenue, net income, and dividend growth. High resilience and momentum scores, coupled with a solid balance sheet, position the company well for future investments and shareholder returns.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Softbank Group
• UST yields fell c. 1 bp across the curve yesterday, on the back of a strong auction of 20Y notes and amid little macro developments.
• The yields on the 2Y and 10Y UST dropped 1 bp to 3.45% and 3.95%, respectively. Equities retreated, with the S&P 500 and Nasdaq declining 0.5% and 0.9%, respectively.

• Clear Channel Outdoor Holdings surged 27% on October 17, 2025, following a Bloomberg report that Mubadala Capital, the asset management arm of Abu Dhabi’s Mubadala Investment Company, is exploring a potential acquisition of the billboard advertising company.
• This development comes amid mounting pressure from activist investor Anson Funds Management, which has been pushing for a sale to unlock shareholder value.
• Clear Channel, with a market capitalization of just over $700 million and approximately $6.4 billion in outstanding debt, has been aggressively restructuring its operations to focus solely on the U.S. market.