In today’s briefing:
- [Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks
- Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer
- [Japan M&A] EQT TOB for Fujitec (6406 JP) Starts 10 Weeks Early – No Overbid, No Excitement
- Initiation – Lib Work (1431 JP) – November 11, 2025
- Harmonic Drive Systems (6324 JP): 1H FY03/26 flash update
- Ichiken Co Ltd (1847 JP): 1H FY03/26 flash update
- Ingersoll Rand’s Growth Blueprint: How Targeted Mergers Are Transforming Market Reach!
- MHH: Mastech Digital’s Restructuring Produces Increasing Profitability
- MasTec’s Clean Energy Playbook: How Solar & Storage Are Powering Robust Backlogs!
- Parker-Hannifin Just Dropped $9.25 Billion On Filtration Group—Here’s Why It Could Change Everything!
[Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks
- Today, logistics company SENKO Group Holdings Co., Ltd. (9069 JP) announced a bid for logistics company Maruwn Corp (9067 JP) with help from 35% holder JX Advanced Metals (5016 JP).
- The TOB only needs 11+% to get to 50.1%. There are three holders who Senko clearly regard as not necessarily agreeable to the deal. They hold 28.0% between them.
- If someone wanted to thwart this deal, there are a number of ways to do it. This could get interesting.
Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer
- Maruwn Corp (9067 JP) has recommended a preconditional tender offer from SENKO Group Holdings Co., Ltd. (9069 JP) at JPY949, a 34.6% premium to the last close price.
- The offer is attractive as it is above the midpoint of the IFA DCF valuation range, represents an all-time high and implies a P/B of 1.08x.
- The key pushback is that Senko has not set the lower limit to achieve two-thirds voting rights. However, tendering by the second-largest shareholder will meet the lower limit.
[Japan M&A] EQT TOB for Fujitec (6406 JP) Starts 10 Weeks Early – No Overbid, No Excitement
- 12mos ago the FT had an article suggesting PE might launch a bid foe Fujitec Co Ltd (6406 JP). 9mos later, EQT did at the same price as 9mos earlier.
- There were some suggestions the deal would see an overbid. That was quashed early. It never traded through terms early on.
- This looks like a done deal to me. I think this sails through by year-end.
Initiation – Lib Work (1431 JP) – November 11, 2025
- This report examines the strength and tenacity of the Lib Work growth business model, and widespread adoption of technology to execute its business strategies.
- The nationwide single family (detached) housing market, the sum of custom-built and pre-built for sale homes, has contracted by CAGR of -1.9% over the last ten years.
- Chikara Seguchi, the CEO of Lib Work (51), has every expectation that this declining trend will continue for the foreseeable future.
Harmonic Drive Systems (6324 JP): 1H FY03/26 flash update
- Consolidated sales for 1H FY03/26 increased 4.8% YoY to JPY27.8bn, with improved profitability and operating profit.
- Orders for industrial robots grew 11.1% YoY to JPY6.8bn, while automotive application sales declined 6.5% YoY.
- Sales rose 27.1% YoY in Japan, declined 24.2% YoY in China, 5.0% in North America, and 4.3% in Europe.
Ichiken Co Ltd (1847 JP): 1H FY03/26 flash update
- Ichiken’s 1H FY03/26 consolidated revenue reached JPY54.6bn, with operating profit at JPY3.7bn, exceeding initial forecasts.
- The Construction business, accounting for 99.8% of revenue, saw orders rise 4.9% YoY to JPY54.6bn.
- FY03/26 forecast revised upwards: revenue JPY101.0bn, operating profit JPY6.7bn, reflecting cost pass-throughs and project profitability.
Ingersoll Rand’s Growth Blueprint: How Targeted Mergers Are Transforming Market Reach!
- Ingersoll Rand’s third-quarter 2025 financial results present a mixed landscape influenced by varied market dynamics and strategic corporate actions.
- As the company navigates the complexities of a fluctuating macroeconomic environment, several critical aspects mark its performance and strategic outlook.
- Ingersoll Rand reported organic order growth of 2% year-to-date, with a book-to-bill ratio of 1.04x, indicating a modest yet steady increase in demand.
MHH: Mastech Digital’s Restructuring Produces Increasing Profitability
- Mastech Digital, based outside Pittsburgh, PA is an IT staffing business with a data and analytics, consulting, and project management service serving blue-chip customers in the US.
- The company trades below its peers and we expect stock price appreciation when the company returns to growth later this year.
- New management has implemented a new focus on AI and hopes to profit by aiding clients in its implementation.
MasTec’s Clean Energy Playbook: How Solar & Storage Are Powering Robust Backlogs!
- MasTec, Inc. delivered a robust financial performance in the third quarter of 2025, with substantial year-over-year revenue growth across several segments.
- Total revenue was slightly under $4 billion, marking a 22% increase compared to the prior year, while adjusted EBITDA improved by 20% to reach $374 million.
- This strong financial execution exceeded analyst expectations and was supported by a balance of scale and diversification across the company’s service offerings.
Parker-Hannifin Just Dropped $9.25 Billion On Filtration Group—Here’s Why It Could Change Everything!
- Parker-Hannifin Corporation is making headlines again with its latest strategic maneuver—entering into a definitive agreement to acquire Filtration Group Corporation from Madison Industries for $9.25 billion in cash.
- The announcement, made public during its Veterans Day earnings call, marks a pivotal step in Parker’s ongoing transformation into a higher-margin, more resilient industrial powerhouse.
- Filtration Group, known for its presence in life sciences, HVAC, and industrial filtration, is expected to contribute $2 billion in annual sales at a 23.5% adjusted EBITDA margin.
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