Daily Brief Event-Driven: Soft99 Corp (4464 JP): Precedent Set but Still a Fluid Outcome and more

In today’s briefing:

Soft99 Corp (4464 JP): Precedent Set but Still a Fluid Outcome
Last Week In Event SPACE: LG Chem, Pacific Industrial, Critical Minerals, First Pacific
Mostly) Asia-Pac M&A: Shibaura Elect., Larvotto, Minmetals Land, Lynch Group, Mandarin Oriental

Soft99 Corp (4464 JP): Precedent Set but Still a Fluid Outcome

KeePer Technical Laboratory (6036 JP) has switched its allegiance from the Soft99 Corp (4464 JP) MBO by agreeing to accept the higher Effissimo offer.
KeePer’s change of heart sets a huge precedent and signals that irrevocables are unenforceable and fiduciary duty outweighs a promise to tender.
Nevertheless, the outcome is still not set in stone. Effissimo’s chances of success have increased, but the MBO still retains a long-shot chance of success.

Palliser discloxes stake in LG Chem Ltd (051910 KS), and subsequently seeks to spill the board and undertake buybacks.
The family increased their bid for Pacific Industrial (7250 JP) by 42.4%, from ¥2,050 to ¥2,919/share. This now becomes a short-term rate of return trade. It will trade relatively tight.
First Pacific Co (142 HK) appears to have squeezed the most out its unlisted subsidiary MPIC, for now, with the forthcoming Maynilad IPO.

I tally 42 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Two new deal was discussed on Smartkarma this week: Larvotto Resources (LRV AU) and Minmetals Land (230 HK).
Key updates/news took place on: Apiam Animal Health (AHX AU), Lynch Group Holdings (LGL AU), Joy City Property (207 HK), Shibaura Electronics (6957 JP), and Mandarin Oriental International (MAND SP).

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