In today’s briefing:
- Kolmar Group Chairman Yoon: A Rare Case Of “I Want My Shares Back”
- [Japan Activism] Mitsui Matsushima (1518) Ups Buyback Tender to 35.8%, Murakami-San Group To Sell
- Mayne Pharma (MYX AU): Entering Uncharted Territory as the Scheme Vote Passes
- Mayne Pharma (MYX AU): The Vote Gets Up. Now What?
- Tencent to Acquire Kakao Mobility?
- Liquid Universe of European Ordinary and Preferred Shares: June ’25 Report
Kolmar Group Chairman Yoon: A Rare Case Of “I Want My Shares Back”
- Chairman Yoon Dong-han, founder of the Kolmar Group, has filed a lawsuit against his eldest son, Vice Chairman Yoon Sang-hyun of Kolmar Holdings, demanding the return of Kolmar Holdings shares.
- This is a rare case of a chairman demanding his shares back from his son.
- A key question is can there be an M&A fight for Kolmar Holdings even without the father getting his shares back? And the answer would be yes.
[Japan Activism] Mitsui Matsushima (1518) Ups Buyback Tender to 35.8%, Murakami-San Group To Sell
- Today after the close, Mitsui Matsushima (1518 JP) announced it would increase its buyback from 3.5mm shares to 4.0mm shares (31.3% to 35.8%). It also announced a Tender Offer Buyback.
- The tender offer starts tomorrow and goes til mid-July, paid 8 August. Murakami Group will tender a minimum of 3.3mm shares (more likely 4.2mm).
- This is not a huge immediate win, but it’s OK. And it changes the structure of the company’s balance sheet, ROE, effective ROE, and possibly its dividend.
Mayne Pharma (MYX AU): Entering Uncharted Territory as the Scheme Vote Passes
- To no one’s surprise, the Mayne Pharma (MYX AU) scheme vote comfortably passed. The scheme remains conditional on FIRB approval and no material adverse change (which Cosette alleges).
- The Mayne/Cosette court case wades into uncharted territory as it brings many firsts, such as the first MAC-related dispute to be heard in Australian courts with a qualified MAC threshold.
- While Western case law burdens the buyer with establishing a MAC breach, it is unclear whether Mayne will get a favourable ruling, as Cosette could have a case. Tread carefully.
Mayne Pharma (MYX AU): The Vote Gets Up. Now What?
- I have no clue. Given this is unchartered territory, in Australia, I don’t believe anyone has a perfect handle on the situation
- What do we know? The Second Court meeting has been pushed out to the 18th September from 20th June initially, to “enable the dispute with Cosette“.
- This date may be further delayed as a court hearing will commence on the 9th September to hear the validity of Cosette’s termination notice.
Tencent to Acquire Kakao Mobility?
- Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea’ leading ride hailing app Kakao T.
- Tencent’s investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors.
- The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).
Liquid Universe of European Ordinary and Preferred Shares: June ’25 Report
- Since mid-May, share price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening.
- The premium of non-voting, less liquid Handelsbanken B shares vs. A has tightened to 50.8%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal.).
- Recommended trades long preferred/short ords: Atlas Copco, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel, SSAB Svenska Stal.
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