In today’s briefing:
- [Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share
- Tsuruha (3391 JP): Aeon (8267 JP) Bumps Its Partial Tender Offer to JPY2,900
- ANE Cayman (9956 HK): Q&A With The FA
- Hong Ra-Hee To Give 1.8 Million Shares of Samsung C&T to Her Son Lee Jae-Yong
- Predictive: Perseus Pitches Preferred Proposal
- Doosan Bobcat: To Acquire the Controlling Stake & Conduct Tender Offer of Wacker Neuson?
[Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share
- Tsuruha Holdings (3391 JP) had been planning to release a Medium Term Management Plan this month BUT stock prices are higher, goodwill effects changed, so they announced a “Vision” instead.
- Today post-close, Aeon Co Ltd (8267 JP) announced its Partial Tender Offer on TSURUHA (Japanese) at ¥2,900/share. Slightly lower than hoped. Much better than before.
- AEON obviously really did not want to bump, but they did, considering synergies and the desire to consummate the deal. The Tender Offer shrinks so minimum pro-ration is lower.
Tsuruha (3391 JP): Aeon (8267 JP) Bumps Its Partial Tender Offer to JPY2,900
- Tsuruha Holdings (3391 JP) announced a partial tender offer from Aeon Co Ltd (8267 JP) at JPY2,900, a 27.2% premium over the previously stated offer price of JPY2,280.
- Aeon will acquire a maximum (upper limit) of 43.2 million shares (9.52% ownership ratio) such that it attains a 50.90% ownership ratio. There is no lower limit.
- The offer is above the midpoint of the IFA DCF valuation range and marginally below the JPY3,100 price Aeon paid in 2024 to acquire Oasis’ stake.
ANE Cayman (9956 HK): Q&A With The FA
- On the 28th October, ANE Cayman Inc (9956 HK), a road freight transportation play, announced a Scheme from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
- The consortium offered HK$12.18/share, a 48.54% premium to undisturbed. A special dividend was bolted on. All pre-cons, including SAMR’s approval, have been satisfied. Scheme Doc dispatch expected on/before 31st December.
- I had a number of questions concerning the transaction, and yesterday pinned down a one-on-one with the FA to the Offeror.
Hong Ra-Hee To Give 1.8 Million Shares of Samsung C&T to Her Son Lee Jae-Yong
- It was reported that Hong Ra-Hee plans to give all of her 1,808,577 shares in Samsung C&T (1.06% stake) to her son Lee Jae-Yong on 2 January 2026.
- After this stake transfer, Lee Jae-Yong’s stake in Samsung C&T will rise to 20.82% and Hong Ra-Hee will no longer have any stake in Samsung C&T.
- Higher ownership of Samsung C&T by Lee Jae-Yong will likely place a bigger focus on Samsung C&T, especially on its importance as a quasi-holding company of the entire Samsung Group.
Predictive: Perseus Pitches Preferred Proposal
- On the 6th October, West African mid-tier gold play Predictive Discovery (PDI AU) announced scrip-merger with Robex Resources (RBX CN/RBX AU). Upon completion, PDI would hold 51% of shares out.
- Immediately, rumours circled in local media that Perseus Mining (PRU AU), PDI’s largest shareholder (17.8%), was poised to launch its own offer. That has now unfolded.
- Perseus is offering 0.1360 new Perseus share for every PDI share, or an indicative consideration of A$0.778/share. PDI deemed terms superior. Robex has matching rights under its definitive agreement.
Doosan Bobcat: To Acquire the Controlling Stake & Conduct Tender Offer of Wacker Neuson?
- According to numerous local media, Doosan Bobcat is pursuing the acquisition of a controlling stake in Wacker Neuson Se (WAC GR), a German based compact construction equipment company.
- Doosan Bobcat is apparently discussing a plan to acquire approximately 60% of Wacker Neuson. There are also discussions to secure the remaining shares of the company through a tender offer.
- Wacker Neuson has a market cap of 1.46 billion EUR (2.5 trillion won) and the acquisition value for a 100% stake is expected to be more than 5 trillion won.
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