In today’s briefing:
- Aeon Tender Offer for Aeon Delight (9787) At ¥5,400/Share
- Aeon Delight (9787 JP): Aeon’s (8267 JP) JPY5,400 Tender Offer
- Monthly Air Cargo Tracker | January: Soft Demand, Low LFs | Ocean Growth > Air Growth (March 2025)
- (Mostly) Asia-Pac M&A: PointsBet, Tonami, CIC/China Galaxy, SG Fleet, Silk Logistics, Jamco, Makino
Aeon Tender Offer for Aeon Delight (9787) At ¥5,400/Share
- Bowing before bureaucratic, governmental, societal, and perhaps finally shareholder pressure, Aeon Co Ltd (8267 JP) Friday announced it is rolling up two big subsidiaries.
- Aeon Mall will be merged with Aeon in a share exchange and Aeon Delight (9787 JP) will be taken over via slightly long-dated Tender Offer which starts Monday.
- This is probably the wrong price, but it isn’t egregiously wrong I expect. And it would be difficult to block. I expect it gets done easily.
Aeon Delight (9787 JP): Aeon’s (8267 JP) JPY5,400 Tender Offer
- Aeon Delight (9787 JP) has recommended a tender offer from Aeon Co Ltd (8267 JP) at JPY5,400 per share, a 15.3% premium to the last close.
- Despite the skinny premium, the offer is reasonable compared to historical trading ranges and peer multiples. The offer represents an all-time high.
- The offer aligns with the midpoint of the special committee IFA’s DCF valuation range and is marginally below the Board’s requested price. The required minority acceptance rate is attainable.
Monthly Air Cargo Tracker | January: Soft Demand, Low LFs | Ocean Growth > Air Growth (March 2025)
- January air cargo activity moderated; timing of LNY holiday also made for tough comps
- January Int’l air cargo tons at US gateways grew far less than inbound (ocean) TEUs
- Data from Asian carriers & US gateways indicates low utilization, softening growth
(Mostly) Asia-Pac M&A: PointsBet, Tonami, CIC/China Galaxy, SG Fleet, Silk Logistics, Jamco, Makino
- I tally 56 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma.
- Two new deals discussed this week: Mixi Inc (2121 JP)‘s Offer for PointsBet Holdings (PBH AU), and Tonami Holdings (9070 JP)‘s MBO. CICC (3908 HK)/China Galaxy (6881 HK) merger rumoured.
- Key updates/news took place on: SG Fleet (SGF AU), Silk Logistics (SLH AU), Jamco Corp (7408 JP), and Makino Milling Machine Co (6135 JP).
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