In today’s briefing:
- [Japan CorpGov] TSE “Mgmt Conscious” Reports (Sep25), TSE Presents Interesting Feedback
- Peak Rare Earths (PEK AU): Shenghe Bumps And Declares Terms Final
- Merger and Acquisition Updates: TaskUs, scPharmaceuticals, Apiam, Plymouth, Mayne Pharma, Banxa, and DallasNews
- A Block Deal Sale of 1.4 Trillion Won of Hanwha Ocean Shares by Hanwha Impact Partners
- POSCO: Reviewing a Potential M&A of HMM
[Japan CorpGov] TSE “Mgmt Conscious” Reports (Sep25), TSE Presents Interesting Feedback
- 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.
Peak Rare Earths (PEK AU): Shenghe Bumps And Declares Terms Final
- 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.
Merger and Acquisition Updates: TaskUs, scPharmaceuticals, Apiam, Plymouth, Mayne Pharma, Banxa, and DallasNews
- 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%.
A Block Deal Sale of 1.4 Trillion Won of Hanwha Ocean Shares by Hanwha Impact Partners
- 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.
POSCO: Reviewing a Potential M&A of HMM
- 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.
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