In today’s briefing:
- JPH Launches “MBO” (LBO with SARs for Family/Execs) For Trucker Tonami Holdings (9070). Too Cheap.
- Premier Energies US$825m IPO Lockup – The Largest Seller in the IPO Is Sitting on 48x Gains
- Quiddity JPX-Nikkei 400 Rebal 2025: End-Feb 2025 Ranks
JPH Launches “MBO” (LBO with SARs for Family/Execs) For Trucker Tonami Holdings (9070). Too Cheap.
- Yesterday, Japan Post Holdings (6178 JP) announced an MBO for Tonami Holdings (9070 JP) whereby the family/execs will stay on. JPH will own 99.97%, the execs/family 0.03%.
- This deal is yet another in a line of logistics deals dating back the last 2+ years where the premium has been quite big. This time is +74%.
- But this is not overly expensive. Makes me go hmmmm…
Premier Energies US$825m IPO Lockup – The Largest Seller in the IPO Is Sitting on 48x Gains
- Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.
- Premier Energies is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&M) services
- In this note, we will talk about the lockup dynamics and possible placement.
Quiddity JPX-Nikkei 400 Rebal 2025: End-Feb 2025 Ranks
- JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
- The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
- Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-February 2025.
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