In today’s briefing:
- Roland DG (6789 JP): Taiyo Mulling Three Options or Is It?
- Investor Activism Update: Seven & I Sets the Path in Investor Activism Battle
- Japan Post Holdings Update (6178.JP)- Catalysts to Be Delivered
Roland DG (6789 JP): Taiyo Mulling Three Options or Is It?
- On 19 April, Taiyo Co-CEO Brian Heywood told Bloomberg and Reuters they were considering three options to Brother Industries (6448 JP)’s tender for Roland DG Corp (6789 JP).
- Taiyo’s options are bumping its offer, walking away or tendering into the Brother’s offer if it bumps and alleviates dis-synergies concerns.
- All three options are likely a ruse. Taiyo’s primary play is to frustrate and pressure Brother to withdraw its bid if it cannot get the Board’s recommendation.
Investor Activism Update: Seven & I Sets the Path in Investor Activism Battle
- Value Act’s recent statement might suggest that they have prevailed and Seven & I Holdings (3382 JP) has yielded to their demands. However, the reality might be less straightforward.
- Value Act sought new market expansion, but Seven & I is focused on reinforcing its presence in existing, well-established markets.
- Given Value Act’s impatience, their acceptance of Seven & I’s plan for a 2026 Super Stores IPO, contingent on a business transformation, is unexpected.
Japan Post Holdings Update (6178.JP)- Catalysts to Be Delivered
- Postal price hike approved swinging the Post business from a loss to a profit
- Cancellation of 7.36% of outstanding shares from the latest buyback
- Management Plan to be released in May will provide further details on improving ROE and PB
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